Thomas Company announces the sale of a free-standing research and development facility. This mission critical property is located on over 18 acres of land in Middletown, Ohio. It is fully leased to AK Steel Holding Corporation (NYSE:AKS). The property was sold with a new 18-year, triple-net lease in place, incorporating 2% annual rent increases and multiple renewal options.
The 135,433 square foot, built-to-suit asset features a modern office space, state of the art laboratories, steel manufacturing facilities, and a 10,000 square foot conference center built to enhance customer technical service and host symposiums.
AK Steel is a world leader in the production of flat‐rolled carbon, stainless and electrical steel products. AK Steel’s heritage spans more than one hundred years, and today, the company operates eight steel plants, two coke plants and two tube manufacturing plants across six states. They employ nearly eight thousand people.
Thomas Company is proud to have negotiated and closed this transaction. With more than $5.6 billion worth of single-tenant transactions executed successfully, we continue to deliver superior results for our clients.