Richmond Airport Logistics Portfolio

Various locations

Portfolio description

Jones Lang LaSalle Americas, Inc. (“JLL”) has been retained as the exclusive sales representative for the Richmond Airport Logistics Portfolio (the “Portfolio”) just off the Richmond International Airport campus in Richmond, Virginia. This last-mile Portfolio, totaling 1,002,041 square feet in six (6) high-performing distribution facilities, represents a rare opportunity to immediately become one of the largest owners in one of the healthiest industrial markets in the U.S.

92% leased to 25 tenants (representing strong performing industry sectors including data center servicing, global distribution, building supply, records storage and supply chain/logistics, among others), the Portfolio provides investors an opportunity to acquire a well-diversified and entrenched tenant mix. Featuring 3.0 years of Weighted Average Lease Term (WALT) and in-place rents 21% below-market, the Portfolio presents an exceptional near-term mark-to-market opportunity.

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Attributes

Building area gross

1,002,041 sf

Buildings

Occupancy

92%

Tenants

WAULT

2.97 years

Richmond Airport Logistics Portfolio (6 Properties)

Media

Investment highlights

Rare Opportunity to Acquire Critical Mass: Unique opportunity to immediately establish a 1.0 MSF infill logistics footprint in the fundamentally strong, high-growth Richmond industrial market.

Near-Term Mark-To-Market Opportunity: With 3.0 years of WALT and in-place rental rates 21% below market, new ownership has the opportunity to mark 98% of the Portfolio’s square footage to then-market within a five-year investment period.

Richmond, Virginia Industrial Poised for Accelerated Rent Growth: Being located in one of the strongest industrial markets in the U.S., with a market-wide vacancy of 4.5% and boasting a 2.8% vacancy in the Portfolio’s East End / Airport submarket, has created a landlord-favorable environment which will empower investors to benefit from limited supply and realize sustained rent growth as new deliveries are leasing swiftly and the options for mid-size bay relocations diminish. The Richmond MSA has seen 12.2% population growth over the last decade and Richmond offers a deeper labor pool, relative to inventory size, compared to other major metros and peer markets.

Strategic Mid-Atlantic U.S. Logistics Location Along the I-95 Corridor: The Portfolio offers tenants unparalleled logistics efficiency and global connectivity being located adjacent to the intersection of I-295 (a downtown Richmond north/south bypass to Washington, D.C. via I-95 and Route 460 to the Port of Virginia) and I-64 (the main artery leading to the Port of Virginia), within 5 minutes of the Richmond International Airport and 15 minutes to I-95. Richmond provides users a supply-chain favorable location along I-95 with access to the stable Washington D.C. population center and the high population growth markets of Raleigh-Durham, Charlotte, Nashville, and Atlanta.

Institutionally Owned and Maintained: The institutionally owned and maintained Portfolio is the beneficiary of over $4,000,000 in recent capital improvements including: significant roof repairs and maintenance to extend useful life, parking lot/truck court repairs, various HVAC unit replacements, LED lighting upgrades, and exterior painting.