Legacy Park East

2087 Williams Industrial Boulevard, Rock Hill, SC, 29730, US

Description

On behalf of Ownership, Jones Lang LaSalle Americas, Inc. ("JLL") has been retained as the exclusive sales representative for Legacy Park East ("the Property"), an 851,500 square foot Class A logistics facility positioned less than two (2) miles from I-77 in the high-performing York County submarket within the Charlotte MSA. The Property is 100% leased to two (2) tenants with 10.8 years of WALT, providing investors with secure, long-term cash flow and strong contractual yield expansion via 3.14% weighted average annual escalations. Delivered 2024, the 650’-deep cross-dock facility features an abundance of sought-after institutional-quality features including 40’ clear height, ESFR sprinklers, LED lighting with motion sensors and a 45mil TPO roof with a 15-year warranty (exp. 2038).

Approximately 81% of the building’s footprint is leased to two (2) divisions of Pratt Industries (“Pratt”), the world’s largest privately held producer of 100% recycled containerboard with more than $2 billion invested in domestic operations. Pratt’s new state-of-the-art manufacturing hub at Legacy Park East features a substantial capital investment of +$92 million in advanced production upgrades while creating approximately 116 new jobs for the local economy. Overall, Legacy Park East presents investors with the opportunity to acquire a 100% leased, Class A trophy-quality logistics asset in the premier Charlotte industrial market with long-term, stable cash flow backed by high-performing global tenancy.

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Attributes

Building area net

79,107 sm

Occupancy

100%

WALT

10.8 years

Clear height

12.19 m

Year built

2024

Media

Investment highlights

STABLE, LONG-TERM CASH FLOW WITH STRONG CONTRACTUAL RENT GROWTH

• 100% leased to two (2) diverse tenants with 10.8 years of WALT

• Strong contractual yield expansion via 3.14% weighted average annual escalations

• All Fair Market Value (FMV) renewal options, allowing investors to capitalize on the future rent growth in the fundamentally resilient Charlotte industrial market

HIGH-PERFORMING GLOBAL TENANCY FEATURING SUBSTANTIAL TENANT INVESTMENT

• Occupying approximately 81% of the rentable building area, Pratt Industries (“Pratt”) is the world's largest privately held producer of recycled containerboard offering packaging solutions for various industries, including food and beverage, automotive, agriculture, among others

• Pratt's Rock Hill Corrugating lease, one of two Pratt leases in this space, demonstrates significant long-term commitment with a 15-year term covering 531,000 square feet

• Investing approximately $92.5 million in the facility, the global packaging giant's new state-of-the art manufacturing hub serves as the company's latest corrugating packaging expansion and is set to create 116 new jobs for the local economy

TROPHY-QUALITY CONSTRUCTION DESIGN FROM WORLD-RENOWNED DEVELOPER

• The seventh building to deliver at Legacy Park, a master planned industrial park comprised of eleven (11) buildings totaling 3.2 MSF

• Concrete tilt-wall construction with even-toned paint schemes

• Efficient cross-dock loading configuration featuring 40' clear heights, ESFR sprinklers and LED lighting with motion sensors

• 45 mil TPO roof with R-30 insulation under manufacturer’s warranty (exp. 2038)

• Multi-tenant capability, supported by multiple storefronts, flexible circulation, expandable parking, and 8MW of additional electrical capacity, accommodates diverse users with varying sizes and operational needs

ROCK HILL & YORK COUNTY: GAME CHANGING ECONOMIC DEVELOPMENT & VALUABLE TAX INCENTIVES

• Rock Hill and York County have continued to experience rapid economic transformation driven by a low-cost business environment, highly competitive incentive programs, and an appealing quality of life, which continues to attract corporations and residents alike

• The Property features a 5-year special source credits incentive agreement issued by the County, substantially reducing Ownership’s tax burden by approximately $3.6 million ($4.22 PSF) throughout the duration of the agreement

• The combination of invaluable economic and tax incentives continue to attract world-class tenants including companies such as FedEx, Ross Stores, Stanley Black & Decker, UPS, US Foods, among many others

ADVANTAGEOUS LOGISTICS LOCATION

• Strategically positioned less than two (2) miles from I-77, Charlotte’s main North-South artery that provides direct connectivity to the major transportation thoroughfares of

I-485, I-85, US-74, and I-40

• Located approximately thirty (30) minutes from I-85, providing direct access to the high-growth Sunbelt markets of Atlanta, Greensboro-Winston-Salem, Greenville-Spartanburg, Raleigh-Durham, and Richmond

• Positioned less than thirty (30) miles from the market’s distribution networks of Norfolk Southern CLT Intermodal Terminal and Charlotte Douglas International Airport (CLT), the 6th busiest airport in the United States responsible for generating +$40 billion in annual economic impact for the region