Total Square Footage: 81,893
Acquired: June 9, 2022
Tenant Name: Ohio Medical, LLC
On June 9, 2022, Royal Oak acquired the light manufacturing, warehouse, and office facility of Ohio Medical, LLC (“Ohio Medical”) located in Gurnee, IL. The property is in the Chicago metropolitan statistical area. There was approximately 11 years remaining on the absolute net lease at closing.
The property was built in 1993 on 2.84 acres and is 81,893 square feet with warehouse clear heights of 24-feet. This well-maintained facility serves as Ohio Medical’s global administrative and production/distribution headquarters and has direct access to major thoroughfares such as Route 132 and I-94. The facility is in the North Lake County submarket which is one of the largest industrial submarkets in the country by total square footage.
Founded in 2005, with company roots back to 1910, Ohio Medical is a global leader of medical air and vacuum pumping systems and medical suction and oxygen therapy devices. Ohio Medical provides Vacuum Regulators, Flowmeters, hoses, and other reliable respiratory products along with an extensive assortment of equipment rail system products, including mounting brackets, baskets, clips, and stands. In 2016, Ohio Medical was acquired by private equity firm, Tenex Capital Management. Tenex is an operationally focused private equity firm that invests in middle-market companies in various industries including healthcare, industrials, manufacturing, energy equipment, distribution, and business services.