The King Nut Company – 31st Acquisition
Total Square Footage: 378,818 square feet
Date Acquired: August 30, 2019
Tenant Name: The King Nut Company
Royal Oak Realty Trust (“Royal Oak”) is pleased to announce the completion of our 31st acquisition. On August 30, 2019, we purchased a 3-building portfolio comprised of the headquarters, manufacturing, and distribution/warehousing facilities of The King Nut Company (“King Nut”) of Solon, OH, in a sale leaseback transaction. Solon is part of the Cleveland-Elyria Metropolitan Statistical Area (“MSA”), the 33rd largest MSA in the United States with over 2 million residents. Solon is located approximately 15 miles from downtown Cleveland and provides quick access to major interstates I-71, I-271, I-80 and I-480.
The three buildings total 378,818 square feet situated on 23.57 total acres, across the three distinct plots. The concrete block facilities were built from 1971 to 1985, with remodeling and capital improvements completed in each facility within the past 12 years. Additionally, a 20,000 square foot addition was added to the Davis Industrial Parkway location in 2018 to support additional packaging lines.
Founded in 1927, King Nut is a privately-held family business that supplies nuts, snacks and candy to retail, vending, airline, food service, and private label industries. The company serves half a billion consumers annually with 500+ products and has over 400 employees. King Nut is a leader in high-quality packaged nuts and snacks for over 10 major airlines and 7,000 retail and restaurant outlets in the US. Specialists in oil roasting, dry roasting, coating, mixing, and packaging, King Nut has the capability to provide private label packaging and contract manufacturing.