1701 Old Grove Road, Piedmont, SC, 29673, US

Augusta Grove 10

Descrição

On behalf of Ownership, Jones Lang LaSalle Americas, Inc. ("JLL") has been retained as the exclusive sales representative for Augusta Grove 10 (the "Property"), a Class A, 336,850 SF multi-tenant distribution facility located in the 1,100-acre Augusta Grove Business Park in Piedmont, South Carolina. Currently 85% leased to two (2) tenants with 5.9 years of WALT, the Property provides investors with stable cash flow supported by strong 3.63% weighted average escalations while existing first-generation vacancy presents an immediate value-add opportunity. Comprised of tilt-up concrete, the institutional-quality rear-load facility has been thoughtfully designed to accommodate a diverse set of tenant uses.

Strategically positioned less than two (2) miles from I-185, the Property benefits from access to Greenville-Spartanburg's major industrial demand drivers including Inland Port Greer, the BMW U.S. manufacturing campus and Greenville-Spartanburg International Airport (GSP). Moreover, the Property benefits from immediate access to I-85, the industrial backbone of the Southeast.

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Atributos

Classe do edifício

Área de construção líquida

31.294 m²

Ocupação

85%

Ano de construção

2023

Mídia

Destaques do investimento

IMMEDIATE VALUE-ADD OPPORTUNITY

• 85% leased with immediate upside potential via lease-up of the move-in ready 48.750 SF vacancy

• Rapid leasing momentum underscores a deep desire to relocate business operations to the market - since the beginning of Q4 2024, the Greenville-Spartanburg industrial market has benefited from over eight (8) million square feet of newly signed Class A leases

STABLE EXISITING CASH FLOW

• Currently 85% leased to two (2) tenants with 5.9 years WALT

• Robust yield expansion via 3.63% weighted average annual escalations

• The property services as a prime distribution facility allowing both tenants to service their clients in the Upstate region of South Carolina, as well as along the East Coast

VERSATILE INSTITUTIONAL-QUALITY CONSTRUCTION

• Function design appeals to a broad tenant base

• Multiple storefronts for flexible leasing configurations

• Concrete tilt-wall construction with attractive accents

• 310'-deep rear-load configuration

• 32' clear heights, ESFR sprinkler and LED lighting with motion sensors

VALUABLE TAX INCENTIVES

• The Property holds a 30-year Fee in Lieu of Tax (FILOT) agreement that fixes the property tax obligations for the life of the incentive

• The FILOT substantially reduces the total tax burden for the Property, resulting in ±$10.0 million of estimated tax savings over the duration of the agreement

OUTSTANDING REGIONAL CONNECTIVITY

• Situated less than two (2) miles from the I-185/I-85 interchange offering direct access to the I-85 super corrido that connects the MSA to major markets including Richmond, Raleigh-Durham, Charlotte and Atlanta

• Adjacent to the Donaldson Field Airport (GYH), home of the South Carolina Technology & Aviation Center ("SC-TAC"), most notable as the production hub for Lockheed Martin's F-16V "Viper" jet

• Less than twenty (20) miles from the Greenville-Spartanburg International Airport and just over twenty (20) miles from Inland Port Greer, providing one (1)-day straight-shot rail service to the Port of Charleston