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7/02/20
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A pension fund advisor purchased a two-property, industrial portfolio of defense manufacturing facilities leased by Elbit Systems Ltd, an international defense electronics company. The assets, located in Fort Worth, TX and Roanoke, VA, were sold by Elbit Systems of America. The price was not disclosed.
The properties are the U.S. headquarters and manufacturing facility of Elbit Systems of America in Fort Worth and its night vision products manufacturing site in Roanoke. The two-building, 215.7k sf corporate headquarters site was constructed in 1980 on 25 acres along Interstate 820 and is minutes from Fort Worth Meacham International Airport and Tarrant County College. Elbit Systems has occupied the property since 1993. Built in 1978 on 19.8 acres, the 162.9k sf Virginia site was acquired by Elbit Systems in 2019 through the acquisition of Harris Night Vision.
“The properties are mission-critical manufacturing facilities in markets where industrial assets experienced exceptional rent growth between 2014 and 2018,” said Adam Abushagur, senior vice president investments with TAG Industrial of Marcus & Millichap. “Both properties are on long-term absolute triple-net leases.”
Abushagur represented the seller and procured the buyer in the purchase of the Texas-based property. Timothy Speck, senior vice president and division manager is Marcus & Millichap’s broker of record in Texas and Dawson Rinder is the firm’s broker of record in Virginia.
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