In December 2023, Nessel Development acquired a modern, 77,147-square-foot industrial facility located in Pulaski, Tennessee. This NNN-leased property is home to Luxit, an automotive lighting manufacturer providing small-scale lighting solutions for top car brands, including Ford, Toyota, and General Motors.
Pulaski sits along the I-65 corridor between Nashville and Huntsville—two thriving metro areas. As part of Tennessee’s rapidly expanding industrial hub, this submarket has experienced tremendous resilience and growth since the pandemic. Proximity to multiple automotive assembly plants (within a 300-mile radius) underlines the region’s strategic value for “just in time” manufacturing and distribution.
Early negotiations revealed the tenant’s desire to add a 40,000+ square foot storage facility onsite, opening the door to additional leasing opportunities and enhanced income streams. In parallel, the property itself was built with room for future expansion (up to 50,000 square feet), further bolstering its long-term investment appeal.
Not only is Luxit backed by private equity with a strong balance sheet, it has invested heavily in both specialized equipment and operational improvements. This capital infusion—along with Tier 1 and Tier 2 supplier relationships—signals ongoing tenant growth and commitment to the space.
Not only is Luxit backed by private equity with a strong balance sheet, it has invested heavily in both specialized equipment and operational improvements. This capital infusion—along with Tier 1 and Tier 2 supplier relationships—signals ongoing tenant growth and commitment to the space.
9+ Years Remaining on the base NNN term, plus two 5-year renewal options. Annual CPI-Based Escalations with a protective 2% minimum floor and capped increases. Minimal Landlord Responsibilities, thanks to a true NNN lease model.
The property features a solar power system that supplies energy back to the power grid, generating roughly $25,000 in annual supplemental income. This component not only offsets operating costs but also aligns with ESG-friendly investment objectives.