1609 Airport Rd
Monroe, NC 28110
Industrial Property For Sale

Recent Updates:
Akona/Spiroflow executed renewal option early, extending base term to 2034
Landlord installing HVAC system for office/warehouse (see specs in 3rd lease amendment)
3% escalations occurred June 2026
NOI increased to $735k (as of October 1st, 2026)
Tenant reimbursing for HVAC as additional rent
Positioned as a stabilized, income-producing industrial investment, this 111,500 SF asset is offered at $9,800,000 ($87.89/SF), delivering a 7.50% cap rate with durable cash flow and built-in growth.
The property is 100% leased, anchored by strong industrial users including 3M (Scott Technologies) occupying 16,000 SF, alongside Spiroflow/Akona Process Solutions, which leases the remaining 95,500 SF across three suites. This diversified rent roll provides stability while maintaining institutional-quality tenancy.
Lease terms offer mid-long term security, with expirations extending through May 2028 and April 2034. Additional upside is embedded through structured rent escalations and reimbursements on roof replacement and HVAC (beginning October 1st). Tenant options further enhance long-term flexibility, including a 3-year option for Scott Technologies and one remaining 5-year renewal options across the Spiroflow spaces.
From an ownership perspective, the asset is designed for ease and efficiency, with minimal landlord responsibilities and participation in the Brownfield Program, offering potential financial and regulatory advantages. A waived right of first offer is already in place, streamlining a future disposition, while a fair-market-value purchase option tied to Akona Process Solutions introduces an additional strategic consideration.
This is a rare opportunity to acquire a fully leased industrial asset with strong tenancy, contractual income growth, and long-term optionality in a proven industrial corridor.