American Realty Capital Trust IV, Inc., a New York-based non-traded real estate investment trust, has acquired the fee-simple interest in the Newell Rubbermaid build-to-suit distribution facility in Kent, OH for $34.9 million.
The seller was Brimfield Township OH (Progress) LLC.
The 811,200 square foot property is fully leased to Rubbermaid Inc, a subsidiary of Newell Rubbermaid Inc. (NYSE: NWL), which is the guarantor of the lease.
Newell Rubbermaid Inc. closed its facility in Wooster in order to open the $25 million building, which will reportedly employ 175.
The annual rental income from the lease, which commenced in January 2013, is $2.6 million. The lease contains a 10 percent rental escalation in Year 6 and expires in December 2022. Newell Rubbermaid has two 2–5 year renewal options.