CBRE arranged the sale of a 142,914 square foot industrial property located at 833 Legner Street in Bremen, Indiana, for $5.3 million to a private, high-net-worth 1031 Exchange buyer from California.

CBRE’s Kevin Foley, Austin Wolitarsky and Anthony DeLorenzo, along with Terry Busch, represented the private seller in the transaction. The building was 100% leased with 6.25 years remaining on the lease to Patrick Industries, a leading manufacturer and supplier of interior and exterior component solutions for the RV, Marine, Powersport, and Housing markets. Situated on 9.68 acres, the building is immediately adjacent to US 6, which provides seamless access to routes connecting the greater Midwest.

“1031 Exchange capital is extremely active right now- especially coming out of California, and many of these buyers are looking for stabilized industrial deals in business-friendly states- and if there is a manufacturing component to the tenant’s operations, that typically makes the opportunity more attractive,” said Foley, first vice president at CBRE.