Marcus & Millichap (NYSE: MMI) announced June 30 the sale of a two-property industrial portfolio of defense manufacturing facilities leased by Elbit Systems Ltd. (NASDAQ: ESLT), an international defense electronics company. A pension fund advisor purchased the assets from Elbit Systems of America.
“Located in Fort Worth, Texas and Roanoke, Virginia, 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 in Marcus & Millichap’s Dallas office and leader of one of the firm’s largest industrial property investment teams, TAG Industrial of Marcus & Millichap. “Both properties are on long-term absolute triple-net leases.”
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, 215,729-square-foot 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 162,946-square-foot Virginia site was acquired by Elbit Systems in 2019 through the acquisition of Harris Night Vision. 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.