211 Province St
Franklin, IN 46131
Hovair Automotive · Industrial Property For Sale

Marcus & Millichap is pleased to present the Hovair Automotive Industrial Building in Franklin, Indiana. Hovair Automotive is situated on a roughly 4.20-acre parcel and occupies a 60,500 square-foot industrial building. The property features 4 dock doors, 3 Drive Ins and 22 Foot clear heights. The building currently occupies two tenants, Hovair Automotive on a 4.5-year NNN lease and Jimmy's Tarp Company. Jimmy's Tarp only occupies 5% of the property and Hovair will take over that space if Jimmys ever leaves. Hovair Automotive was recently acquired by Winco Private Equity Company and focuses on material handling equipment. The company’s services apply to all industries offering design, layout and simulation capabilities related to the material handling arena. Products consist of, but are not limited to, lift tables, tilt tables, turntables, automated conveyor systems and custom material handling machinery. The property sits within a smaller industrial area of Franklin, Indiana the county seat of Johnson County. Johnson County experienced a historic supply wave in 2018 due to its close proximity to the Airport submarket. As a result, industrial vacancies have fluctuated significantly but remain well below the submarket's historical average. Vacancies for distribution buildings, along with those for warehouse buildings under 100,000 SF, are among the tightest in the greater metro area, with close to 100% occupancy. According to CoStar, the area surveyed (Whiteland to Franklin) has a 1.1% industrial vacancy rate, with average rents of $5/SF. The Southside of Indianapolis and Johnson County is quickly becoming one of the preferred locations to lease Industrial space in the city due to its respectively low rental rates and its proximity to the major highway systems. The Southside also has one of the fastest growing populations in the Indianapolis MSA, likely due to the low cost of living, and affordable housing options. With a growing population and a booming local economy, this property should provide an investor with stable cash flow for years to come.