The Net Lease Group Sells Boral Resources Distribution Facility in Adamsville, Alabama
Rick Ross, Senior Director of The Net Lease Group (NLG) arranged the sale of a new build to suit truck depot and dispatch facility NNN leased for 15 years to Boral Resources, LLC, a wholly owned subsidiary of Australian multi-national, Boral Limited (ASX: BLD). The property is located in Adamsville industrial Park in Adamsville, Alabama, a close-in Birmingham suburb. NLG represented the seller, a build to suit developer. An out-of-state investor acquired the property for $1.14 Million to complete a 1031 Exchange, closing only days after Term Commencement.
Mr. Ross secured acquisition financing for the buyer at very competitive terms which included fixed interest over a 15-year term, amortized over 25 years.
NLG put the property under contract less than 45 days after the commencement of marketing within several basis points of the asking price. The NNN 15-year Boral lease contained fixed annual rent escalations through the primary and option terms.
Boral Resources, LLC is the fly ash logistics and marketing division of Boral Limited (ASX: BLD), the multi-national building products manufacturer based in Australia. Boral Limited reported annual revenue of $4.4 billion in 2017. Fly-ash, an inert coal combustion by product, is used extensively as a concrete additive to increase structural strength and wear resistance, making it essential to highway and commercial construction.