5 Locations For Sale

Northmarq is pleased to offer for sale to qualified investors the opportunity to purchase a five-building, fee-simple light manufacturing and warehouse campus located at 3352, 3249, and 3125 Maple City Drive, 2761 Firethorn Drive, and 2758 Elder Drive in Goshen, Indiana, leased to Patrick Industries, Inc. The Property consists of approximately 153,848 square feet situated on 16.88 acres across multiple land parcels in the heart of Elkhart County’s nationally recognized manufacturing corridor. The campus has been occupied by Patrick Industries since 2014 and has remained integrated within the company’s northern Indiana operating platform for more than a decade. Patrick has exercised both renewal options under the lease, most recently in June 2024, and retained all five buildings with no reduction in footprint, reinforcing the Property’s continued importance within the company’s regional operations.

The Property is leased on a net lease structure, with the tenant responsible for taxes, insurance, and utilities, while the landlord is responsible for roof and structure repair and replacement and a portion of certain capital items based on useful life beyond the lease term. The lease expires on June 26, 2029, and currently generates $499,044 in annual base rent, equating to just $3.24 per square foot. At the offering price, investors are acquiring the Property at an attractive basis of approximately $54.06 per square foot. Based on a market rent assumption of $5.22 per square foot, the offering supports an implied mark-to-market yield of approximately 9.66% at rollover. This upside is further supported by Elkhart’s constrained industrial supply, with no industrial space currently under construction, reinforcing demand for functional existing inventory and supporting long-term rental growth. The absence of contractual rental increases has allowed the in-place rent to remain well below prevailing market levels, with recent signed lease comps in the surrounding market averaging $5.68 per square foot and current active listings averaging $5.52 per square foot, reinforcing a compelling path to future income growth.