Description

Jones Lang LaSalle Americas, Inc. (“JLL”), as exclusive advisor, has been retained to market the opportunity to acquire the fee simple interest in Upstate Trade Center – Building 2 (the "Project" or “Offering”), a 266,777 SF Class A logistics facility in Piedmont, South Carolina. Currently 100% leased to two (2) publicly traded tenants with 7.9 years of WALT, the Project provides investors with stable in-place cash flow supported by strong contractual yield expansion via 3.71% weighted average annual escalators.

Delivered in 2022, the Offering boasts an abundance of institutional-quality features including 32' clear heights, ESFR sprinklers, motion-activated LED lighting, among many others. Additionally, the Project is positioned less than three (3) miles from I-185 and approximately 4.2 miles from I-85, providing direct access to the entirety of the Southeast and Greenville-Spartanburg's major demand drivers including Inland Port Greer and the Greenville-Spartanburg International Airport (GSP).

Overall, Upstate Trade Center – Building 2 presents investors with an opportunity to acquire a 100% Class A logistics asset with 7.9 years of WALT, backed by publicly-traded, national tenancy in the high-growth Greenville-Spartanburg industrial market.

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Attributes

Building area net

266,777 sf

Occupancy

100%

WALT

7.9 years

Year built

2022

Media

Investment Highlights

NATIONALLY RECOGNIZED TENANCY WITH EMBEDDED YIELD EXPANSION

• 100% leased to two (2) tenants with 7.9 years of WALT

• 196,577 SF (74% of RBA) leased to BFS Operations LLC ("Builders FirstSource") with a full guaranty from the corporate entity Builders FirstSource, Inc. (NYSE: BLDR;

S&P: BB)

• 70,200 SF (26% of RBA) leased to Westinghouse Air Brake Technologies Corp (“Wabtec”) (NYSE: WAB; S&P: BBB)

• Robust contractual yield expansion via 3.71% weighted average annual escalators

VERSATILE INSTITUTIONAL-QUALITY CONSTRUCTION

• 260’-deep rear-load configuration with 185’-deep truck court

• 32’ clear heights, ESFR sprinkler and LED lighting with motion sensors

• Concrete tilt-wall construction

• Multiple store fronts offer flexible future leasing configurations

• Abundant auto and trailer parking positions

• 60 mil TPO roof membrane under manufacturer warranty (exp. 2042)

VALUABLE TAX INCENTIVES

• The Property holds a 30-year Fee in Lieu of Tax (FILOT) agreement that fixes the property tax obligations for the life of the incentive

• Issuance of new FILOT incentive agreements have recently been curtailed in Greenville County and the greater South Carolina region, making existing FILOT agreements exceptionally valuable for long-term ownership

ADVANTAGEOUS LOGISTICS LOCATION

• Access to the I-85 super corridor, the industrial backbone of the Southeast, located just four (4) miles from the Property, providing access to the major growth markets of Atlanta to the south and Charlotte, Greensboro-Winston-Salem, Raleigh-Durham and Richmond to the north

• Adjacent to the Donaldson Field Airport (GYH), home of the South Carolina Technology & Aviation Center (“SC-TAC”), most notable as the production hub for Lockheed Martin’s F-16V “Viper” jet

• Less than sixteen (16) miles from the Greenville-Spartanburg International Airport (GSP) and approximately twenty (20) miles from Inland Port Greer, providing one (1)-day straight-shot rail service to the Port of Charleston