319 Garlington Road, Greenville, SC, 29615, US

Garlington Park

Asset Description

GARLINGTON PARK is a four (4) building, 119,077 SF light industrial portfolio in the highly sought-after Greenville-Spartanburg market. Currently ±94% leased to thirty-four (34) tenants with 2.8 years WALT, the Portfolio presents investors with a unique opportunity to convert Modified Gross (MG) leases to Triple Net (NNN), mitigating future Landlord responsibilities. This unmatched opportunity, paired with the mark-to-market of in-place tenants and the immediate lease up of the remaining 4,539 SF vacancy, allows investors to expand the NOI by an approximate 40.5% in the first 3 years of analysis.

The Portfolio is situated less than (2) miles from the I-85 / I-385 interchange, offering connectivity to the Greenville-Spartanburg MSA and its primary demand drivers, including Greenville-Spartanburg International Airport (GSP) and Inland Port Greer. Garlington Park sits in proximity to nearly 600,000 U.S. residents in a thirty (30) minute drive, allowing seamless access to the consumer base of the MSA. Overall, Garlington Park presents investors with a unique opportunity to acquire a well-located light industrial portfolio with significant value-add potential in the high-growth Greenville-Spartanburg, South Carolina market.

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Attributes

Building area net

11,063 m²

Number of buildings

Occupancy

94%

WALT

2.8 years

Tenants

Media

Investment Highlights

STABLE IN-PLACE CASH FLOW FEATURING UNMATCHED VALUE CREATION OPPORTUNITY

• Currently ±94% leased, the Portfolio features 2.8 years of WALT leased to a diversified mix of thirty-four (34) tenants

• Opportunity to renew or re-tenant expirations under a triple net (NNN) lease structure, significantly mitigating future leakage costs and Landlord obligations

• Ability to expand NOI approximately 40.5% in the first 3 years of the analysis due to lease conversion, mark-to-market of in-place tenants, and the lease up of 4,539 square feet of vacancy

EXCEPTIONAL INFILL LOCATION

• Situated less than two (2) miles from both I-385 and I-85, connecting the Portfolio to every corner of the Greenville-Spartanburg MSA and the red-hot Sunbelt region

• Located just seven (7) miles from Greenville-Spartanburg Int’l Airport (GSP) and eleven (11) miles from Inland Port Greer, offering seamless access to two (2) of the biggest demand drivers in the Carolinas.

• Access to nearly 600,000 U.S. residents within a thirty (30) minute drive

HIGHLY FUNCTIONAL LIGHT-INDUSTRIAL PRODUCT

The construction of adaptable buildings with smaller footprints, easily divisible interior spaces, and a unique combination of dock-high and ground-level doors creates a scarce yet highly desirable property type that perfectly meets the needs of the growing small to medium-sized tenant demands seeking infill locations in the Upstate Carolinas.

DESIRABLE SMALL-FOOTPRINT INDUSTRIAL FUNDAMENTALS

• Comprising more than 267 MSF of industrial inventory, the Greenville-Spartanburg market has remained robust with occupancy rates averaging nearly 95% over the past ten (10) years while asking rents have increased more than 41% since 2020.

• Small-footprint industrial fundamentals remains sought-after, leading average NNN asking rents for suites less than 50,000 square feet to increase by more than 76% since 2020 with occupancy averaging 97.1% throughout that same period

BELOW REPLACEMENT COST ACQUISITION

Sustained increases in construction costs coupled with material price increases for scarce well-located land sites have led to an increase in replacement cost for well positioned, like-kind light industrial product.