Located less than 20 miles from downtown Syracuse NY, the building has been 100% leased for the last 30+ years. It is leased on a long-term NNN basis and serves as a central hub of manufacturing operations for our tenant, Paperworks, a full-service North American provider of 100% recycled paperboard and specialized packaging applications. Paperworks operates 3 shifts that run 24 hours a day, 360 days a year, and specializes in providing folding carton solutions for a wide variety of customers operating in the food, beverage, personal care, and pharmaceuticals sectors. Paperworks has invested over $25MM of its own capital into the facility, cementing its dedication to the space.
The location of this facility allows our tenant to maintain its dominant market position as a packaging provider to leading brands by giving it convenient access to nearby population hubs in Canada to the north, Albany NY to the east, and Buffalo NY to the west. This centrally located Syracuse submarket with a 3.1% vacancy rate is also home to a 3.8MM Amazon fulfillment center that opened in April 2022 and employs 1,500 individuals. Given historical and projected rent growth coupled with our tenant’s commitment to operating out of this facility, we expect this investment to provide highly attractive risk-adjusted returns to our investors for generations to come.