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15 Years remaining on a newly signed absolute net lease. |
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July 2, 2006 sales of $323 million and net income of over $16.8 million. |
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Amarr is a well respected and highly profitable garage door company. |
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Property is well located in Lawrence, Kansas, about 40 miles west of Kansas City. |
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The purpose of this Confidential 1031 Exchange Opportunity is to provide a summary of a possible property trade. This is not an offer to sell real estate and/or any type of security, partnership interest, public or otherwise.
The contemplated exchange, if made available formally, would provide investors with the opportunity to acquire a partial interest in a 409,360 square foot warehouse/distribution facility located in Lawrence, Kansas. The building is 100% net leased to Amarr Garage Door Company, a manufacturer of commercial and residential garage doors. Bradley Associates is purchasing this facility and Amarr has signed a new 15 year non-cancellable net lease (the “Lease”).
The property is being acquired for $22,862,567. Prudential Mortgage Company is providing first mortgage financing in the amount of $14,210,000. The 10-year mortgage is interest only at a rate of 5.91%.
 Amarr is one of the world’s leading designers, manufacturers and distributors of door access systems for residential garages, warehouses, shopping malls and other commercial applications. Established in 1951, Amarr has grown to more than 1,400 team members, operating four manufacturing plants, and 65 door distribution centers in the United States, Mexico, Canada, and Hungary.
More than 3,000 professional independent garage door dealers sell Amarr doors worldwide for the new construction and replacement markets. Amarr garage doors also are sold by America’s leading retailers, including Costco Warehouses, Sears, and, under private label, Lowe’s Home Improvement.
Amarr is the style and safety choice for door systems. They offer a wide selection of sectional overhead garage doors and LiftMaster opening systems for both residential and commercial uses. With 17 residential product lines, including carriage house style doors in steel, wood, and composite and a wide array of commercial doors such as sectional steel doors and rolling steel doors, Amarr has a door that is right for any need. Amarr also offers garage door designs inspired by some of America’s leading brands, including the heritage of the Biltmore Estate, the technology of JELD-WEN and the artistry of noted painter and furniture designer Bob Timberlake.
Amarr generated approximately $323 million in revenues for fiscal year 2006, which ended July 2, 2006 and had a net income of over $16.8 million. Additionally, as of July 2, 2006, Amarr had total assets of $125.5 million and shareholder’s equity of over $59.5 million. For the first 6 months of fiscal year 2007, ending December 31,2006, Amarr had revenues of over $176.7 million. More information regarding Amarr may be found by visiting www.amarr.com.
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