(HOUSTON, TX) – Rycore Capital sold a ~336,000 single tenant manufacturing facility in Walbridge, Ohio. Michael Navarro of Kane, Russell, Coleman, Logan PC represented the seller as legal counsel.
The property includes 15 grade‐level doors, 6 dock‐high doors, ceiling heights of 46‐55 ft throughout, multiple cranes and a rail spur with stacking capacity for up to 11 rail cars. The asset was purpose built in 1980 for the in‐place single tenant that still occupies 100% of the asset today.
Rycore acquired the property in 2019 and was the inaugural investment for Rycore investment platform. Rycore acquired the asset as a core-plus investment opportunity and immediately increased value through a re-structuring of the existing lease, creating a 15-year initial term with an additional 15-years of options periods, along with annual rent escalators.
“We are very pleased to have gone full cycle on our very first core-plus investment. After the lease re-structure, we were able to generate a solid double-digit cash yield to our investors as well as strong appreciation upon the sale”, said Ryan Urech, Founder and CEO.
About Rycore Capital LP
Rycore Capital LP (the “Firm”) is a Houston-based real estate investment manager with approximately $413 million AUM, focused on acquiring, leasing and managing income producing properties that deliver superior real estate solutions to our tenants while providing our investment partners with some of the most consistent value-add, core-plus and core returns. The Firm offers two investment platforms to investors: Fund Management and Direct Investment Advisory. The Firm aims to provide a solution with its institutional quality real estate investment management process to high net worth, family office and institutional investors. For more information regarding Rycore, visit the Company’s website at www.rycorecapital.com.