In this case, the DST offering seeks to raise $9.2 million in equity from accredited investors, according to an announcement from Capital Square.
“There is a strong demand for industrial properties leased on a long-term basis by strong manufacturing companies such as Creative Extruded Products,” Louis Rogers, founder and chief executive of Capital Square, said in his company’s release.
The land is located at 1414 and 1420 Commerce Park and 1455 West Main St., and the facility serves as a corporate headquarters for Creative Extruded Products, an original equipment manufacturer and aftermarket manufacturer of vehicle parts. The tenant company focuses on on windshield and back window moldings.
“This corporate headquarters and manufacturing facility was purchased on desirable economic terms, with annual rental increases and an absolute net lease where the tenant is responsible for all taxes, insurance, maintenance and repairs, thereby reducing future inflation risk,” said Whitson Huffman, Capital Square senior vice president and head of acquisitions.
Capital Square says that since its inception it has acquired 104 real estate assets for more than 2,000 investors seeking tax advantages under section 1031 of the Internal Revenue Code.
Privately held Creative Extruded Products was acquired by international equity investor Quilvest in February 2017.