Jones Lang LaSalle America, Inc. (“JLL”) is pleased to exclusively offer investors the opportunity to acquire an industrial distribution facility totaling 440,958 SF on 26.9 acres located at 770 Gateway Blvd in Coppell, TX (the “Property”). Situated in the core Dallas Fort-Worth (“DFW”) industrial market and proximate to DFW International Airport, this single-tenant property is 100% absolute NNN-leased to Haverty Furniture Companies, Inc. (“Havertys” or “Tenant”) with ±11.5 years of remaining primary term. The Property represents one of just three mission-critical regional distribution centers that Havertys occupies throughout the country. This offering not only provides investors secure, durable cash flow but also a highly attractive basis - one that is well below replacement cost - due to in-place rents that are more than 30% below market.
Havertys (NYSE: HVT) is a specialty retailer of residential furniture and accessories. Founded in 1885 in Atlanta, GA, with one store, Havertys has grown tremendously since its initial public offering in 1929. The Tenant has grown to 122 stores in 16 states across the Southern and Midwestern United States. All stores are corporate locations operating under the Havertys brand, which has a loyal customer base and is known for its high quality, fashionable, and value-oriented furniture products.
- Significantly below-market lease rate
- Mission-critical asset in a strategic location
- Highly coveted and institutional submarket
- Financially sound tenancy with a proven track record; shadow-rated investment grade
- Low coverage site with future development potential
- Modern, recently expanded distribution facility
- Long-term, attractive NNN lease structure