Pet Supplies Plus Distribution Center

122 Palmetto Commerce Parkway, Orangeburg, SC, 29115, US

形容

On behalf of Ownership, Jones Lang LaSalle Americas, Inc. (“JLL”) has been retained as the exclusive sales representative for Pet Supplies Plus Distribution Center (“the Property”), a 534,702 square foot Class A logistics and distribution facility located in Orangeburg, South Carolina. The Property is 100% leased to PSP Distribution Operations SPV, LLC (“PSP”) with 7.0 years of remaining term, providing durable long-term cash flow with 3.00% annual escalations and a future value creation opportunity via the mark-to-market of in-place rents +22% below market. The Property serves as one (1) of PSP’s two (2) distribution locations across the country, responsible for supporting over 750 retail locations throughout the United States.

Delivered 2023, the institutional-quality distribution facility features a sought-after cross-dock loading configuration, 36’ clear, ESFR sprinklers, LED lighting and ample auto parking and trailer storage positions. Pet Supplies Plus Distribution Center is located at the intersection of US-301 and I-26, South Carolina’s logistics and distribution backbone that connects the Port of Charleston to I-95, I-20, I-77 and I-85. The Property features remarkable access to some of the most productive seaports on the Eastern Seaboard, situated just 65 miles from the Port of Charleston via I-26 and 110 miles from the Port of Savannah via I-95 (just 15 miles away). Overall, Pet Supplies Plus Distribution Center presents investors with an opportunity to acquire a 100% leased, Class A logistics facility with strong tenant backed by secure, in place cash flow and future value creation upside.

...

特性

建物面積

49,675 ㎡

稼働率

100%

契約残存期間

7 年

竣工年

2023

クリアハイト

10.97 m

メディア

投資のハイライト

STABLE IN-PLACE CASH FLOW WITH FUTURE UPSIDE

• 100% leased to PSP Distribution Operations SPV, LLC with 7.0 years of remaining lease term

• Consistent yield expansion featuring 3.00% annual escalations

• Future value creation opportunity via the mark-to-market of in-place rents approximately 22.4% below market

ACCRETIVE ACQUISITION BASIS

The Property is being offered at an attractive acquisition basis relative to like-kind Class A product given the

significant increases in land and construction costs that have made new development increasingly capital intensive.

MISSION-CRITICAL FACILITY FEATURING HIGH-GROWTH ENTRENCHED TENANCY

• The facility serves as one (1) of PSP’s two (2) distribution centers across the country, making the Property mission-critical to the company’s operations

• America’s #1 pet supplies franchisor with more than 750 retail locations across the country, a footprint that has expanded by over 67% since 2018

• PSP has made substantial investment in the facility of $53 million which helped create 275 jobs as part of an incentives agreement with the local municipality

CLASS A DISTRIBUTION FACILITY

Delivered 2023, the Property presents a multitude of state-of-the-art design features perfectly suited to a high volume

logistics user:

• 520’-deep cross-dock loading configuration

• 114 dock-high doors and four (4) oversized drive-in doors

• Fully-fenced 185’-deep truck courts

• 36’ clear height, ESFR sprinklers, LED lighting

• 300 auto parking spaces & 147 trailer parking positions (+28 expansion spaces)

ADVANTAGEOUS LOGISTICS LOCATION

• Located at the intersection of US-301 and I-26, the Property features immediate access to the logistics backbone of South Carolina that connects the Port of Charleston to I-95, I-20, I-77 and the I-85 super corridor in Spartanburg

• The Property is situated less than fifteen (15) miles from I-95, the logistics mainstay of the Eastern Seaboard that unlocks the largest consumer base in the Western Hemisphere

• Exceptional connectivity to the Port of Charleston (±65 miles via I-26) and the Port of Savannah (±110 miles via I-95)