STOW, Ohio — A New Jersey real estate company has acquired the recently completed structure in Stow, Ohio, that is to become the new headquarters for Mickey Thompson Performance Tires & Wheels, which will lease the building.
Freehold, N.J.-based Monmouth Real Estate Investment Corp. paid $19.5 million for the 219,765-sq.-ft. industrial structure in Stow. The property is net-leased for 10 years to Mickey Thompson and guaranteed by the firm's parent company, Cooper Tire & Rubber Co., the New Jersey company said.
The building — which replaces a 122,000-sq.-ft. building on the same street in Stow where the tire distributor has operated since 1995 — is situated on approximately 15.4 acres and is expandable by 50,000 square feet.
Monmouth President and CEO Michael Landy said the firm is looking forward to "long-term success with this outstanding organization."
Monmouth Real Estate said it specializes in single tenant, net-leased industrial properties, subject to long-term leases, primarily to investment-grade tenants.
Mickey Thompson disclosed plans for the larger headquarters last November. At that time it said plans call for a 20,000-sq.-ft. single-story office space within the structure, with the remainder devoted primarily to warehousing.