Description de l'actif
On behalf of Ownership, Jones Lang LaSalle America, Inc. (“JLL”) in association with Hailey Realty Company (“Hailey”) jointly have been retained as the exclusive sales representative for the sale and leaseback of the Barco facility located at 3059 Premiere Parkway (or “The Property”). Barco NV, proposed lease guarantor, is traded on Euronext Brussels under the symbol “BAR” and reported $1.12B (USD equivalent) of revenue in 2023. The Property is a 169,252 SF infill warehouse and production facility located in NE Atlanta in the Duluth micro market, one of Atlanta’s most sought-after last-mile markets. The property backs up to Sugarloaf Country Club, is located just 1.5 miles from I-85, 2 miles from Highway-23, and features exceptional connectivity within it’s well occupied and densely developed submarket.
Offered to the market as a single-tenant sale-leaseback, the Property will be 100% leased to Barco under a proposed five (5) year triple net lease, with minimal landlord responsibilities. Barco wishes to fully control the space and will retain the right to lease space. Currently 56,290 SF is leased to IPA with a lease expiration of 6/30/2025 & 15,381 SF is leased to Connectivity Wireless with a lease expiration of 12/31/2026. Barco is a Belgian technology company with 90 years of experience that specializes in digital projection and imaging technology. The company has facilities in 29 countries with 3200 employees and has been granted over 500 unique patents. This offering provides an investor an exceptionally well-located asset in one of Atlanta’s most sought-after, high rent growth infill Atlanta locations with a long-term Net lease to a high quality tenant.
Caractéristiques de l'actif
Média
Points clés d'investissement
Sought After Infill Location
- Located in the most sought-after submarket in the Atlanta MSA, the Northeast submarket
- Largest submarket by total inventory, net absorption, and institutional ownership
- Extremely high barriers to entry: very limited land supply and development opportunities, fueling rent growth
- 1.5 miles from I-85 providing direct connectivity to Atlanta
- The Duluth/Suwanee/Buford micro market
- Vacancy sits at 4.00%, 3.60% below the Northeast Industrial submarket as a whole
- 21% YOY growth in rental rates recording $8.36 PSF in Q1 2024
- Well above the overall NE submarket’s rent of $6.67 PSF
- Home to a critical mass of institutional ownership and credit tenants that are drawn to the micro market’s accessibility to dense high-income population centers and high-quality labor
High Quality Tenancy
- Barco is a leading global provider of digital projection and imaging technology offering a wide range of solutions including advanced display systems, video walls, projectors, LED screens, and professional audio systems.
- 90 years of experience with 3,200 employees across 29 countries
- 500+ unique patents
- Traded on Euronext Brussels stock exchange under symbol BAR
- Recorded $1.12B (USD equivalent) for 2023
- Gross profit margin reached a record high of 41.8%
Highly Passive Net Lease With Limited Landlord Responsibilities
- The Tenant will commit to an initial lease term of five (5) years under a triple-net lease structure
- Barco has asked for a $10 PSF starting rent and three percent (3%) annual escalations
- With limited landlord responsibilities, the offering presents a passive long term stable cash flowing investment
- Barco will continue to allow the current subtenants to remain in-place for their remaining lease terms
- 56,290 SF leased to IPA with a lease expiration of 6/30/2025
- 15,381 SF leased to Connectivity Wireless with a lease expiration of 12/31/2026
Competitive Infill Property Specs
- In 2019 ownership invested $2,400,000 to renovate offices and other capital items
- 60 mil TPO with R-20 insulation installed in 2018 with a 20-year warranty on approximately 80,500 SF of the facility, 60-mil EPDM membrane with a 20-year warranty on 50,950 SF installed in 2022
- 34 new HVAC rooftop units were installed in 2020 at a cost of $620,000
- 7 dock high doors, 1 ramped drive-in and 1 non-ramped drive in door
- Front-load configuration
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