1411 NAVARRE ROAD, CANTON, OH

Overview:

Stone Bridge invested in the acquisition of 1411 Navarre Road, a multi tenanted industrial property in Canton, Ohio. The property totals 195,000 rentable square feet, and is 100% leased to three tenants, including two Fortune 500 companies, Crown Cork & Seal (rated Ba1 by Moody’s and BB+ by S&P) and The Timken Company (rated Baa2 by Moody’s and BBB- by S&P.). Together those firm’s lease almost 70% of the property.  The other tenant is Helios Coatings, a supplier to Chrysler and other automotive companies. Helios recently invested $4 million into building improvements.  The tenants use the space for distribution, storage and light manufacturing.

The factors that made this an appealing investment include:  the credit strength of the larger tenants,  the health of the local industrial market, and a purchase price well below replacement cost.

This was the first and only property purchased for the investment fund, Five Twos Fund II, which targeted income oriented properties.