Premiere Parkway 3059, Duluth, GA, 30097, US

Barco Sale-Leaseback

Asset Description

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.

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Attributes

Building area net

15,724 m²

Occupancy

100%

Investment strategy

Core Plus

Year renovated

2021

Media

Investment Highlights

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