Airport Commerce Center_Property for Sale

North Charleston, SC, US, Americas

Airport Commerce Center

Description

Jones Lang LaSalle Americas, Inc. ("JLL") has been retained as the exclusive sales representative for Airport Commerce Center (the "Portfolio"), a 398,100 square foot Class A logistics and distribution portfolio located at a highly insulated location in the Charleston, South Carolina MSA. The offering is 100% leased to multiple tenants with 3.9 years of WALT, providing stable in-place cash flow with credit anchor in the largest tenant, Interwrap Corporation, a wholly-owned subsidiary of Owens Corning (NYSE: OC; S&P: BBB). Airport Commerce Center sports highly efficient design with 200-260'-deep front- and rear-load configurations with 28' minimum clear heights, ESFR and LED lighting, and a total of 305 auto parking spaces with multiple storefronts to support leasing optionality.

Airport Commerce Center is situated at a premier, highly infill location just one (1) mile from I-26, the backbone of the Charleston metro area. The Portfolio sits directly adjacent to Charleston International Airport (CHS) and Joint Base Charleston, two of the key demand drivers in the MSA, as well as benefits from access to the three (3) primary Port of Charleston Terminals less than 15 miles away.

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Attributes

Building area gross

398,100 sf

Occupancy

100%

WAULT

3.9 years

Airport Commerce Center (3 Properties)

Media

Investment Highlights

IMMEDIATE CASH FLOW STABILITY WITH FUTURE VALUE CREATION

• 100% leased with 3.9 years of WALT, Airport Commerce Center features strong existing cash flow with credit-anchored tenancy in Interwap Corporation, a wholly owned subsidiary of Owens Corning (NYSE: OC; S&P: BBB)

• Over 25% below market rents and an advantageous diversified rollover schedule presents the opportunity to significantly expand NOI with more than 95% of the current rent roll available within the first five (5) years

IRREPLACEABLE INFILL LOCATION AT EPICENTER OF THE MARKET

• The Portfolio is situated approximately one (1) mile from I-26, the backbone of the Charleston metro area that connects the urban core to I-95

• Immediate proximity to Charleston International Airport (CHS), Joint Base Charleston, and the Boeing South Carolina manufacturing plant – three of the core demand drivers of the economically robust Charleston metro

• Strong access via I-26 and I-526 to the three (3) major Port of Charleston terminals, all located within fifteen (15) miles from the Portfolio, that provides indelible connectivity to the global commercial infrastructure of the region

BELOW REPLACEMENT COST ACQUISITION

• Lack of available land – especially for developable infill land sites zoned for logistics – has contributed to dramatic upswings in duplication costs for small footprint multi-tenant industrial facilities

• Elevated construction pricing and labor wages continue to hamper cost-efficient production of shallow-bay infill assets at scale, increasing the rarity of acquiring multiple existing properties at an advantageous basis