EVANSVILLE, IN – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 75,378-square foot FedEx Ground facility (top left photo) in Evansville. The sales price of $6,395,000 represents $85 per square foot.Alvin Mansour (middle right photo), a senior vice president and senior director of Marcus & Millichap’s Net Leased Properties Group (NLPG) in San Diego, represented the seller, a Missouri-based vineyard and the San Diego-based all-cash buyer.
Joshua Caruana (lower left photo), regional manager of Marcus & Millichap’s Indianapolis office, also provided representation.
“FedEx Ground has signed a 10-year triple-net lease on the property with two five-year options,” says Mansour. “There is a 6 percent rent increase in year 2014 of the initial term and 7.5 percent rent increases between each of the option periods. The lease is signed by FedEx Ground Package System Inc., a subsidiary of FedEx Corp.,” adds Mansour.
“Our marketing campaign created a great deal of interest in the property; so much that it was under contract within the first week of marketing,” Mansour concludes.
The FedEx Ground facility is located at 14831 Foundation Ave. in Evansville, north of the city limits in Vanderburgh County, which is the hub of the Evansville metropolitan statistical area (MSA).
The Evansville MSA is in the southwestern corner of Indiana along the Ohio River, 175 miles southwest of Indianapolis. The MSA has more than 350,000 residents and the average household income is more than 40 percent greater than the national average.
The facility was built in 2005 on 11.6 acres.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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