2331 Mellon Ct
2331 Mellon Court, Decatur, GA, 30035, US
31 814 mètres carrés
Description de l'actif
Jones Lang LaSalle America, Inc. (“JLL”) has been exclusively retained by ownership as the sales representative for 955 Cobb Place, also known as “the Property” – a fully occupied
distribution center totaling 97,518 square feet located in Kennesaw, Georgia (Cobb County - Metro Atlanta). The tilt-up concrete facility features a 125’ truck court, 24′ clear height, 10 dock-high doors, 1 drive-in door and an above-market 1.2/1,000 SF parking ratio. The Property is located just 0.9 miles from I-75 and 1.7 miles from I-575, two of Atlanta’s major logistical thoroughfares, in the heart of Northwest Atlanta’s high-income and highly-educated workforce. This exceptional location and its connectivity to Atlanta’s other major roadways, including Hwy 41 and I-285, give users access to critical local and regional distribution arteries for seamless connectivity to the greater Atlanta area and its surrounding suburbs.
100% net leased to Southern Flooring Co. and Spirit Logistics with 7.7 years of WALT, the Property offers investors guaranteed stable cash flow. Current in-place rents average $8.32 per square, providing an 8.9% mark-to-market opportunity upon rollover. Southern Wholesale occupies 82% of the space with 4.00% annual escalations which provides a solid hedge against inflation for the remaining 8.8 years of lease term.
Positioned in the center of Kennesaw's most highly amentitized and densely developed location, with high barriers-to-entry and minimal competing product, the Property presents the
opportunity to acquire well-maintained, infill industrial product where increasing tenant demand and a shortage of supply are evident. When compared with bulk product, smaller-sized properties have seen favorable fundamentals, including robust leasing velocity and outsized rent growth. The infill portion of the Northwest submarket is one of Atlanta’s most sought-after pockets. The Kennesaw Marietta micro-market boasts a 4.30% vacancy rate and 10.22% rent growth year-to-date. With vacancy rates currently 390 bps lower than the Atlanta average, the Kennesaw Marietta micro-market has rents that are 74% higher.
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Attributs
Superficie du bâtiment nette
9 060 mètres carrés
Occupation
100 %
VALSE
7.7 années
Locataires
2
Média
Points forts de l'investissement
FINANCIAL HIGHLIGHTS
- Southern Wholesale Flooring Co. occupies 80,000 SF of warehouse for 8.8 years
- 4.00% annual escalations
- 7.6% below market rent
- Has occupied the space since 2003
- Spirit Logistics Network Co. occupies 17,518 SF of office for 2.5 years
- 3.00% annual escalations
- 12.9% below market rent
- Blended in-place rent of $8.32 PSF
- NNN leases with limited landlord responsibilities
KENNESAW AND MARIETTA MICRO-MARKET
- This Northwest Infill Micro-Market’s average asking rents are $9.17
- 10.22% rent growth YTD
- 36.66% over the last 5 Years
- Average vacancy rate of 4.30%
- 390 bps lower than average Atlanta market
- 5-year vacancy rate of 3.12%
- 276 bps lower than average Atlanta market
- 0 SF under construction
- 845k SF constructed over the last decade
- Absorption outpaced deliveries by over 1 MSF over the past decade
- 0 SF delivered YTD
- Total absorption of 1.8 MSF over the past decade
BUILDING SPECS
- Tilt-up concrete construction, built in 1991
- 24′ clear heights
- 125′ truck court
- 10 dock-high doors
- 1 drive-in door
- 121 auto parking spaces (1.2 /1,000 SF parking ratio)
STRATEGIC LOCATION
- The Property benefits from its proximity to major roadways by providing access to the Atlanta highway system and the greater Atlanta area:
- I-75 - 0.9 miles
- Hwy 41 – 1.2 miles
- I-575 – 1.6 miles
- I-285 - 11.5 miles
- Its location enables rapid access to dense population centers with over 3.3 million people located within a 45-minute drive from the facility
- Within a 30-minute drive, this infill location has:
- Over 1.4 million people, a 21.26% population increase since 2010
- Median household income of over $103k, 28.99% higher than the U.S. average
- 34% of population with a Bachelor’s degree or higher
- The Northwest submarket’s average asking rents are at $6.26 in Q2 2024 with:
- 17.67% increase over the last 24 months
- 38.50% increase over the last 36 months
- 1.9 miles from Kennesaw State University providing immediate proximity to a strong pool of talent, education, and economic stimulation
- Georgia’s 3rd largest university
- 45,000+ student enrollment
- 1,000+ instructional facility
- $2B+ impact on the region and state
- Among the top 30 employers in the Atlanta area
COBB COUNTY
- Highest educated residents in the state of Georgia - top ranked workforce
- 48.4% of residents have a bachelor’s degree
- 15% of residents have a graduate or professional degree
- Home to Kennesaw State University and Life University
- Headquarters of Fortune 500 companies such as The Home Depot, RaceTrac Petroleum, GE Energy Division, Genuine Parts Company and HD Supply Holdings Inc.
- Home to recognized sports organizations, such as the Atlanta Braves, Atlanta United FC, and the Atlanta Blaze
- Cobb County International Airport and Dobbins Air Reserve Base are located in Cobb County
- Large concentration of aerospace and advanced equipment manufacturing companies including Dobbins ARB, GE Energy, Georgia Tech Development Campus, Lockheed Martin, and The Weather Channel / Weather Company
Contactez les courtiers
955 Cobb Place (0 Propriétés)
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Dernière mise à jour
16 déc. 2024
