Mid-Atlantic I-81 Logistics Park

Inwood, WV, US, Americas

Portfolio description

Jones Lang LaSalle Americas, Inc ("JLL") has been retained as the exclusive sales representative for the Mid-Atlantic I-81 Logistics Park (the "Portfolio") – a two (2) building, 904,360 SF industrial warehouse portfolio situated directly alongside I-81 in Inwood, West Virginia. The 100% leased portfolio presents investors with an attractive acquisition opportunity with a secure rent roll, credit tenancy, a WALT of 5.7 years, and the optionality to expand the size of the Portfolio by up to 288,000 SF.

139 Development Drive is fully leased to The Clorox Company (NYSE: CLX | S&P: BBB+), a long-time leader in the cleaning products industry that has continuously expanded to own a host of subsidiary brands from Hidden Valley Ranch to Burt’s Bees. 264 Development Drive is fully leased to Trex Company Inc. (NYSE: TREX | S&P: BBB) which, since its founding in 1996, has become the world’s largest manufacturer of wood-alternative composite decking and railing. Given the tenants’ market renewal options, the Portfolio features robust future yield expansion via strong market annual escalations and an 18% mark-to-market.

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Attributes

Building area gross

84,018 m²

Number of buildings

Occupancy

100%

Year built

2022

WAULT

5.7 years

Mid-Atlantic I-81 Logistics Park (2 Properties)

Media

Investment Highlights

Institutional Quality Assets: The Portfolio boasts the highest standards for a modern industrial project, including 36' and 32' clear heights, ESFR, 190' and 180' truck court depth, and 93 dock doors across the Properties.

Investment Grade Tenancy and Growth Potential: The Clorox Company (NYSE: CLX | S&P: BBB+) and Trex Company Inc. (NYSE: Trex | S&P: BBB), provide bulletproof cash flow with strong escalations while featuring future yield expansion via the multiple fair market value renewal options, an 18% mark-to-market and the option for 288,000 SF of on-site expansion for 139 Development Drive.

Strategic Tenant Location: The Clorox Company has 3 facilities in West Virginia, including a recently built (2022), state-of-the-art cat litter manufacturing plant 3/4 of a mile down the street from 139 Development Drive. Trex's recent lease marks their 6th facility along I-81, reflecting the organic expansion by tenants throughout the I-81 south corridor. This premier location provides efficient access to the Mid-Atlantic as well as connectivity to a strong labor pool.

I-81's Robust Leasing Activity: Over the last 15 months, I-81 has leased approximately 7,000,000 SF, with this market being home to blue chip occupiers such as ConAir, Black+Decker, Amazon, and Proctor & Gamble at Tabler Station Plant.