Northmarq Arranges Sale-Leaseback on Mount Vernon Mills Facility
Northmarq associate VP Robert Poirier, based in Northmarq’s Atlanta office, arranged the $9.5-million sale leaseback of a single-tenant industrial property fully leased to Mount Vernon Mills, Inc. The 270, 252-square-foot facility is located at 235 River Rd. in Rockingham, NC. Northmarq represented both the buyer and seller. The buyer was an institutional investor based in Arizona.
“Despite the current market, we were able to create a tremendous amount of interest from a very diverse group of investors, ultimately receiving 18 LOIs during the marketing process,” said Poirier. “At the end of the day, surety of close, and the strong reputation of the investor is what won the deal.
Built in 1973, the property is situated on 27.74 acres and serves as a mission-critical facility for Mount Vernon Mills, the country’s largest apparel fabric manufacturer. The tenant operates on a corporate guaranteed absolute triple net lease.