- Location: 3600 Papermill Dr
- Size: 91,058
- Type of Project: Investment Property
Avison Young is pleased to offer qualified investors the opportunity to purchase a building leased to three tenants (“Offering”). The Offering is a two-building, multi-tenant industrial flex complex at 3600 Papermill Road located on 6.53-acre along I-40 in between two major interchanges.
ShoffnerKalthoff MES, Inc., a Comfort Systems USA company (NYSE: FIX), is headquartered at 3600 Papermill and has been in the building since 1990. Comfort Systems USA recently acquired ShoffnerKalthoff MES (https://skmes.com/), the largest mechanical, electrical contractor in East Tennessee with offices in Southwest Virginia and the Tri-State area. In addition to construction, SKMES provides manufacturing services, millwright, and service for HVACR, plumbing, electrical, refrigeration, building automation, and energy conservation.
Other tenants include Sherwin Williams (NYSE: SHW), which has been in the building since 2006 and has two more options to renew with 10% bumps every five years. There is one vacant space that is currently on the market for $6.75/sf, NNN. Please note: The Sherwin Williams lease is modified gross, and the landlord pays the real estate taxes and insurance for this space.
The offering does not include the cell tower lease or the two billboards on the east and west end of the property. The middle billboard is used by SKMES. Note: SKMES has a right of first refusal to purchase after receiving written notice from the landlord and must respond within 10 business days.