Metal fabricator Ferret was growing, and it needed more room.
Luckily, the Elkhart, Indiana-based company was already leasing a space it liked, but the property's then-owner was not prepared to kick off the nearly $4 million, 45,000-square-foot expansion Ferret had in mind. So, purchasing the industrial manufacturing property made sense, allowing the fabricator to invest in its home — and in the region's industrial market.
The former landlord sold the property directly to Ferret, structuring the sale through an expansion project with financing from the U.S. Small Business Administration, which allowed the company to invest in new industrial square footage, enhance its operational capacity and support anticipated job creation.
By securing Ferret's long‑term presence in the Elkhart market, the property sale supports continued utilization and reinvestment of a valuable industrial asset. It supports job retention, promotes reinvestment in the building and surrounding corridor and reinforces ongoing demand for well‑located, functional industrial facilities.
This investment in the community is one of the reasons it earned a CoStar Impact Award, as judged by local industry professionals.
About the project: The property at 2505 Laura Court dates to 1996 and sits on 4.44 acres. Ferret purchased the property for $6.65 million, or just about $89 per square foot, with plans to expand the 74,450-square-foot structure.
What the judges said: "I believe by selling this to an owner-occupant, this solidifies this property from becoming online available inventory and adding to the vacancy rate in the market for the near to long term," said Damien Yoder, managing director of investments with Marcus & Millichap. "This is too much square footage and located within town for anyone to want this property to become vacant in the future."
They made it happen: Matt Deahl, a broker with Imperium Realty & Investments, and John Box of Artha Associates secured the deal.