
Cincinnati Commerce Center
135 West 38th Street
13,564 m²
On behalf of Ownership, Jones Lang LaSalle Americas, Inc. (“JLL”) has been retained as the exclusive sales representative for Greenbrier Business Center (the “Portfolio”) – a three (3)-building, 92,503 square foot shallow-bay industrial park situated in the high-barrier-to-entry Hampton Roads industrial market. The Portfolio is currently ±93% leased to eighteen (18) tenants with 3.7 years WALT and an advantageous rollover schedule, presenting investors the opportunity to rapidly expand NOI via the mark-to-market of in-place rents approximately 14% below market.
Featuring a highly functional building design with an average suite size of 4,625 square feet, the Portfolio is well positioned to capture upon the continued leasing demand for well-located, multi-tenant logistics product in the Hampton Roads industrial market. This continued demand, paired with a rise in construction costs to replicate like-kind product, has put downward pressure on vacancy rates across buildings less than 50,000 square feet, averaging a sub-2% vacancy rate over the past five (5) years.
Overall, Greenbrier Business Center offers investors the opportunity to acquire three (3), highly sought-after shallow bay industrial assets with significant near-term yield expansion in the fundamentally robust Hampton Roads MSA.
STABLE IN-PLACE CASH FLOW WITH FUTURE VALUE-ADD UPSIDE
• Currently 93% leased to eighteen (18) diversified, entrenched tenants with an average tenure of approximately nine (9) years
• 3.7 years of WALT with the ability to access ±55% of the Portfolio’s rent roll within the first three (3) years of analysis
• Significant value creation via the mark-to-market of in-place rents approx. 14% below market
HIGHLY-FUNCTIONAL SHALLOW-BAY PRODUCT
• 18’ clear heights
• Thirty-one (31) grade-level loading positions
• Suite sizes ranging from 1,850-10,913 square feet with an average size of approximately 4,600 square feet
DESIRABLE LIGHT INDUSTRIAL FUNDAMENTALS
• Small-footprint industrial fundamentals continue to remain robust in the Hampton Roads market, posting a 5-year average occupancy rate of less two (2) percent on buildings less than 50,000 square feet
• Strong continued rental rate growth due to a substantial supply-demand imbalance with asking rates increasing +60% since 2020 (+8.2% CAGR) for like-kind product
HIGHLY INFILL LOCATION WITH EXCEPTIONAL CONSUMER PROXIMITY
• The Portfolio is strategically located less than two (2) miles of I-64 and three (3) miles from I-464, offering seamless access to every corner of the Hampton Roads MSA
• Access to over 200,000 U.S. consumers within a five (5) mile radius
• Highly trafficked retail corridor with exposure to approximately 43,500 vehicles per day via Greenbrier Parkway