Colliers represents FLANDERS in industrial portfolio sale

FLANDERS Inc., a technology innovator, custom manufacturer, and leader in motor reliability maintenance and repair, has sold a portfolio of 13 industrial buildings located in five states to a large national REIT based in the U.S. for an undisclosed price. The buildings, which are located in Indiana, Illinois, Wyoming, Florida and Texas, total 715,751 square feet on 80.8 acres.

The transaction was structured as a sale-leaseback. FLANDERS will continue to occupy all buildings as a tenant and has signed a 20-year lease allowing for multiple renewal options with the new owner.

Orlando-based Joe Rossi, CCIM, Executive Managing Director, and Nick Hanson, SIOR, Managing Director, of Colliers International represented FLANDERS in the transaction.

“The structure used in this transaction was a good fit for the buyer, due to the ability to retain cash flows as the new landlord/owner. And it presented a great opportunity for FLANDERS to return capital to the company and use it for investing back into their main business operations and growth instead of having this capital tied up in owning real estate.”

Joe Rossi, Executive Managing Director, Investment Services, Colliers

FLANDERS is a third-generation family owned and operated business based in Evansville, Indiana. The company designs, engineers, produces and services industrial power systems and control systems, specializing in electric rotating machinery for high-demand applications across mining, mills and heavy industry.

The property locations included in the portfolio and uses are:

• Evansville, Indiana: FLANDERS Headquarters, Plants and Support Buildings – 400,466 square feet
• Evansville, Indiana: Regional Service Center – 39,500 square feet
• Marion, Illinois: Regional Service Center – 53,860 square feet
• Casper, Wyoming: Regional Service Center – 55,882 square feet
• Lakeland, Florida: Regional Service Center – 44,280 square feet
• Longview, Texas: Regional Service Center – 121,763 square feet

During the early stages of the Covid-19 pandemic, FLANDERS was deemed an essential business and required to remain open at full operating capacity.

“Industrial transactions have been significantly more active than any other commercial real estate asset type throughout the pandemic,” Hanson said. “And FLANDERS has navigated the pandemic well, which made this a particularly great opportunity for the buyer.”

About Colliers International

Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.