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Carhartt HQ Building, Design Facility Acquired by Syndicated Equities
Syndicated Equities has announced the acquisition of Carhartt’s Global Design and Corporate Headquarters. The property, which is located at 5750 Mercury Drive in Dearborn, Michigan, is a 58,722 square-foot, two-story, Class A building.
The site is utilized as Carhartt’s corporate headquarters and is also its state-of-the-art global design center. Syndicated acquired the property in a Delaware Statutory Trust (DST) ownership structure to accommodate investors completing Section 1031 exchanges and accredited individual investors.
The sale was part of a transaction in which Net Lease Office Properties (NLOP), a publicly traded real estate investment trust, sold four U.S. office properties for gross proceeds totaling approximately $43.1 million. The Carhartt headquarters building sold for $9.8 million as part of a three-property portfolio in that transaction.
“Now, more than ever, we believe that consistent cash flow from an investment-grade tenant on a long-term lease is an excellent position to take amidst current market volatility,” said Syndicated, Managing Partner, Matt McCulloch.
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