2801 RED DOG LANE, KNOXVILLE, TN

Overview:
Stone Bridge invested in 2801 Red Dog Lane, Knoxville, Tennessee, a 198,000 square foot industrial property that is 100% leased to three tenants. Fulton Bellows, the largest tenant, makes specialized parts for the aerospace and other industries. They are now owned by Smiths Group, a publicly traded multinational company which has a BBB rating. The second largest tenant is National Tire Warehouse, a tire retailer. The third tenant is Pioneer Industrial Supply, a seller of industrial supplies.

We were attracted to this property given its strong and committed tenancy, the health of the overall Knoxville industrial market and the functionality of the space for the tenants. We were able to buy this well below replacement cost, which should allow us to compete successfully for tenants when an existing tenant chooses to leave.