955 Cobb Place Boulevard Northwest, Kennesaw, GA, 30144, US

955 Cobb Place

Asset Description

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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Attributes

Building area net

9,060 m²

Occupancy

100%

WALT

7.7 years

Tenants

Media

Investment Highlights

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