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10 Year newly signed net lease. |
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December 31, 2005 sales of $977 million and net income of over $126 million. |
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Cardinal Glass is a well respected and highly profitable residential glass company. |
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Property is well located in Hudson, Wisconsin, 10 miles east of St. Paul, Minnesota. |
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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 255,000 square foot distribution facility located in Hudson, Wisconsin. The building is 100% net leased to Cardinal Glass Industries, a creator of residential glass windows and doors. Bradley Associates is purchasing this facility and Cardinal Glass has signed a new 10 year non-cancellable net lease (the "Lease").
The property is being acquired for $12,900,000. Countrywide is providing first mortgage financing in the amount of $8,385,000. The 10-year mortgage is interest only at a rate of 5.79%.
 Cardinal Glass Industries is a management-owned S-Corporation leading the industry in the development of residential glass for windows and doors. They have grown to more than 5,500 employees located at 27 manufacturing locations around the United States.
 Cardinal tries to maintain a clear vision, which is to design and fabricate the most advanced residential glass products in the industry. They start with a heavy investment in research and development. Their twin R&D centers in Minnesota and Wisconsin provide the basis for new advances in glazing fenestration.
 They then turn around those fresh ideas into useful products that regular homeowners can use. They provide a turnkey solution to window manufacturers: whether it starts with insulating glass, coated, laminated, tempered or just plain float glass, it is all designed to provide the latest in applied glass science.
Cardinal Glass Industries generated approximately $977 million in revenues for fiscal year 2005, which ended December 31, 2005 and had a net income of over $126 million. For the first 10 months of 2006, ending October 31,2006, Cardinal Glass had revenues of over $842 million and shareholder's equity had increased to $489 million. More information regarding Cardinal Glass may be found by visiting www.cardinalcorp.com.
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