Springs Business Park

540-570 Pitts School Road Northwest, Concord, NC, 28027, US

形容

Jones Lang LaSalle Americas, Inc. (“JLL”) has been retained as the exclusive sales representative for Springs Business Park (the “Portfolio), a four (4) building, 119,642 square foot Class A light-industrial park in Concord, North Carolina. The Project is 100% leased to fifteen (15) tenants with 2.9 years of WALT, generating immediate and stable cash flow. The Portfolio also features strong contractual rent growth with 3.50% weighted average annual escalations and rents that are 11.4% below market. Sporting Class A shallow-bay construction design suited to maximize leasing optionality, the 85-150’-deep rear-load facilities include a range of suite sizes from 2,125-27,000 square feet (average of 7,976 square feet) and a strategic mix of grade level and dock-high loading.

Located less than two (2) miles from I-85, the Portfolio benefits from irreplaceable connectivity to the logistics mainstay of the Southeast that connects Charlotte to other metros including Greensboro, Raleigh-Durham, and Richmond via I-85 N and Greenville-Spartanburg and Atlanta via I-85 S. The positioning of Springs Business Park provides further locational advantage given the proximity to a variety of local commerce including restaurants, hotels and other amenities in Concord. Overall, Springs Business Park presents investors with the opportunity to acquire a 100% leased Class A shallow-bay industrial portfolio in the high-growth Charlotte market with near-term value-add potential.

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特性

賃貸可能面積

11,115 ㎡

稼働率

100%

WAULT

2.9 年

竣工年

2023

メディア

投資のハイライト

RARE, SHALLOW-BAY LOGISTICS OPPORTUNITY

• Comprising four (4) small-footprint logistics facilities totaling 119,642 SF, the 85-150’ deep assets represent a rare opportunity to acquire a collection of high-performing shallow-bay assets in Charlotte

• The Portfolio features a highly adaptable multi-tenant design including abundant auto parking and a diverse suite size range from 2,125-27,000 SF (average of 7,976 SF)

• Heightened replacement costs increase rarity factor – hard cost escalations combined with increasingly scarce developable land sites will continue to be a governor on competing future supply

NEAR-TERM VALUE CREATION SECURED BY IN-PLACE CASH FLOW

• The Portfolio is 100% leased to fifteen (15) diverse tenants with 2.9 years of WALT

• Constant value creation due to the consistently-low WALT nature of the product type and in-place rents 11.4% below market

• Strong contractual yield-expansion via 3.50% weighted average annual escalations

HIGH PERFORMING MULTI-TENANT SHALLOW-BAY INDUSTRIAL PRODUCT

• Since 2020, average asking rents for shallow-bay product between 15k-120k SF have grown by more than 76%

• Despite the sharp uptick in asking rents, average vacancy rates continue to decline, with ten (10)-year average occupancy rates sitting at a steady 96.3%

ADVANTAGEOUS LOGISTICS LOCATION

• Strategically positioned less than two (2) miles from I-85, the industrial backbone of the Southeast, providing direct access to the high-growth Sunbelt markets of Atlanta, Greensboro-Winston-Salem, Greenville-Spartanburg, Raleigh-Durham and Richmond

• Located approximately twenty (20) minutes from I-77, Charlotte’s main North-South artery that provides direct connectivity to the major transportation thoroughfares of I-485, I-85 and I-40

• Positioned twenty (20) miles from the market’s distribution networks of Norfolk Southern CLT Intermodal Terminal and Charlotte Douglass International Airport (CLT), the 7th busiest airport in the United States responsible for generating +$40 billion in annual economic impact for the region

ACCESS TO EXPLOSIVE CHARLOTTE MSA

• Currently the 14th largest city in the US and a top 10 fastest-growing major city in the country, Charlotte has emerged as a major logistics hub due to its centralized location along the Eastern Seaboard, robust economic fundamentals and the presence of one of the world’s busiest airports

• Charlotte continues its meteoric rise, boasting 69% population growth since 2000 with a further 6.2% projected growth between 2023 and 2028