Riddell Sports Group
Stats:
Total Square Footage: 101,877
Acquired: December 20, 2021
Tenant Name: Riddell Sports Group, Inc.
Subtenant: Research Products Corporation
Royal Oak Realty Trust (“Royal Oak”) is pleased to announce the completion of our latest acquisition.
On December 20, 2021, Royal Oak acquired the manufacturing, warehousing, and office facility leased by Riddell Sports Group, Inc. (“Riddell”) located in Sun Prairie, WI. The property was a built-to-suit for Kollege Town Sports, a division of Riddell’s apparel business. In April 2020, Riddell announced the sale of Kollege Town Sports to BSN Sports. As a result of the sale, Riddell vacated the facility and began looking for a subtenant to occupy the space. In August 2021 Research Products Corporation (“RP”), an investment grade ESOP headquartered in Madison, WI, executed a 10-year triple net sublease to accommodate their continued growth. RP is investing over $4 million of their own money into the facility to build out lab, testing, and R&D space. There are approximately 15-years remaining on Riddell’s absolute net lease at closing.
The property is located in the Madison, WI metropolitan statistical area. Madison is consistently named one of the top tech metros in the nation, beating more traditionally ranked tech cities, and has a strong presence in the healthcare and biotechnology industries. The Riddell property is a 101,877 square foot warehouse and office facility built in 2017 on 12.23 acres. The warehouse portion of the building has a clear height of 28’, five loading docks and two drive in doors. The property contains additional land to expand the building by 72,500 square feet.
Riddell, founded in 1928, is an American Company specializing in sports equipment for football. Riddell is a premier designer and developer of protective sports equipment and a recognized leader in helmet technology and innovation. Founded in 1938, RP has been serving the residential and light commercial HVAC markets with products designed and manufactured in the USA. Products include whole home humidification and dehumidification, air cleaners, commercial humidification, air filtration and evaporative cooling.