Whitaker Park (2024)
4035 Reynolds Court, Winston-Salem, NC, 27105, US
7,640 sm
Asset description
CORNING HICKORY is a 265,000 square foot Class A advanced manufacturing facility located in Hickory, North Carolina. The Property is 100% leased on an absolute net basis to Corning, Incorporated (“Corning”) (NYSE: GLW; S&P: BBB+) with 12.8 years of term remaining, providing long-term, stable cash flow from best-in-class tenancy with zero landlord maintenance requirements.
Situated on a 30.42-acre parcel with an additional 83,000 square feet of expansion potential, Corning Hickory represents a state-of-the-art advanced production facility featuring all of the hallmarks of institutional-grade design. Originally developed as a build-to-suit for Corning in 2022, the asset features 32’ clear height, ESFR, LED and a fully-conditioned interior with two (2), 4,000-amp switch boards providing superior power capacity.
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Attributes
Building area net
24,619 sm
Occupancy
100%
Year built
2022
WAULT
12.8 years
Media
Investment highlights
STABLE, LONG-TERM CASH FLOW TO INVESTMENT GRADE TENANT
• 100% leased to Corning, Incorporated ("Corning") (NYSE: GLW; S&P: BBB+) with 12.8 years of term remaining
• Absolute Net Lease structure eliminates investors' exposure to capital projects over the life of the lease and renewal options
• Corning has two (2), five (5)-year renewal options at the greater of a) 95% of Fair Market Value and b) 2.00% increase over prior
GLOBAL TECHNOLOGY LEADER WITH STABLE FINANCIAL POSITION
• Corning, Inc (NYSE: GLW; S&P: BBB+) is a leading global innovator in optical communications and material sciences
• Ranked #323 on Fortune 500 (2024) and a component of S&P 500 index
• $12.6 billion net sales (FY 2023) - a 34% increase since 2016 - with a 33% average 5-year gross margin
• Markedly strong liquidity with a current ratio of 1.7 and a total D/E ratio of 0.63 (FY 2023)
STATE-OF-THE-ART, BUILD-TO-SUIT ADVANCED PRODUCTION FACILITY
• Highly advanced fiber optic manufacturing facility with substantial tenant investment
• 32' clear height with ESFR fire suppression and LED lighting
• Fully climate-controlled interior and two (2), 4,000-amp switch boards
• 83 auto parking spaces and 56 trailer parking spaces
EXPANSION UPSIDE
• Situated on a 30.42-acre parcel, the Property can accommodate an additional 83,000 SF which provides future value creation opportunity
• Accretive expansion option provides for a reset of the lease term to a full fifteen (15) years from commencement of the expansion space
Contact brokers
Corning Hickory (0 Properties)
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Last updated
Jan 29, 2025
