Overview
Institutional Property Advisors (IPA) is pleased to offer the opportunity to acquire a high-quality single tenant industrial production and warehousing facility leased to Epredia (“Tenant”) with a parent company guarantee by PHC Holdings, a Japanese conglomerate with over $2 billion in revenue and $337 million in EBITDA. Epredia just executed 6-year lease extension. The lease is a NNN structure with Landlord only responsible for roof and structure.
4481 Campus Drive is a +/- 114,700 SF mission critical production and warehousing facility in Kalamazoo, Michigan. The Asset was a build-to-suit for the Tenant in 2001 and sits within the Western Michigan University Business Technology and Research Park. The site serves as a key U.S. distribution hub for Epredia’s precision cancer diagnostics products, and manufactures consumables used in tissue processing in pathology laboratories. There are approximately 200 employees at this location engaged in manufacturing, operations, and warehousing / distribution.
Epredia is a global leader in the anatomical pathology field by providing comprehensive solutions for precision cancer diagnostics and tissue diagnostics. Powered by key brands, including Erie Scientific, Menzel- Gläser, Microm, Shandon, and Richard-Allan Scientific, Epredia’s portfolio includes microscope slides, instruments, and consumables. Epredia has operations in the United States (2 locations), the United Kingdom, Germany, Switzerland, and China with a total of around 1,200 employees.
Epredia’s parent company and lease guarantor, PHC Holdings consists of 88 companies around the world with 9,245 global employees and products sold in over 125 countries. PHC is publicly traded on the Tokyo Stock Exchange ticker (6523.T) with revenues of $353.9 billion yen ($2.2 billion USD).
This industrial Asset totals +/-114,700 SF on a large 15.09-acre site. The production and warehousing space have a building height of 29’, with six drive-in doors, and two truck docks.
Investment Highlights
ATTRACTIVE LEASE TERMS
- NNN lease with landlord only responsible for roof and structure
- Recently executed 6 year term showing commitment to the Asset
- Annual rental rate escalations
- Long term operating history with 23 years at the Asset
- Tenant is a global leader in the anatomical pathology field, providing comprehensive solutions for precision cancer diagnostics and tissue diagnostics
- PHC Holdings Corporation, the lease guarantor, is a publicly traded Japanese medical conglomerate consisting of 88 cpmaines and over 9,000 employees
GLOBAL LEADER IN COMPREHENSIVE SOLUTIONS FOR PRECISION CANCER DIAGNOSTICS AND TISSUE DIAGNOSTICS
- Epredia has operations in the United States (2 locations), the United Kingdom, Germany, Switzerland and China with a total of around 1,200 employees
- Epredia has 48 products employed in the battle against cancer. Customers put their trust in Epredia over a billion times every year
MISSION CRITICAL DISTRIBUTION & PRODUCTION FACILITY
- The site serves as a key U.S. distribution hub for Epredia’s precision cancer diagnostics products, in addition to manufacturing consumables used in tissue processing in pathology laboratories
- There are approximately 200 employees at this location specifically engaged in manufacturing, operations, and warehousing
- The office portion of the Asset houses important operation functions including regulatory, finance, product development, purchasing, global sourcing, and commercial operations. Note that the office area is a small portion of the Asset
DESIRABLE BUILDING AND SITE FUNDAMENTALS
- Building height of 29’
- Six dock high doors and two drive-in doors
- Last 15-acre site with excess land providing the opportunity for future expansion on site
LOCATED IN WESTERN MICHIGAN UNIVERSITY'S BUSINESS TECHNOLOGY AND RESEARCH PARK
- Western Michigan University is one of the nation’s largest major research universities
- The Business Technology and Research (BTR) Park is located on WMU’s 265-acre Parkview Campus, which also is the home of WMU’s highly regarded College of Engineering and Applied Sciences
- The Parkview Campus is located along U.S. 131 just north of the I-94 interchange, about 3.5 miles from WMU’s main campus and approximately five miles from downtown Kalamazoo
- More than 40 private-sector businesses have been attracted to the BTR Park
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