PRP acquired Corning’s mission-critical advanced manufacturing facility for their optical communications division with expansion options built in the lease.
- Opportunity to acquire the adjacent 32-acre land to accommodate Tenant’s potential 250,000 SF expansion, providing upside of increased overall yield and a blend and extend of the entire lease term to 15 years
- Corning has seen significant revenue growth in the optical division driven by increased demand for fiber optic cabling and communication infrastructure across the US
- Market leading tenant featuring a BBB+ credit rating and current bond yield of ~5.50%
- Tenant benefiting from increased data center demand provides long-term credit upside to in-place credit rating
