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Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

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Building Area

Property Description

Jones Lang LaSalle Americas, Inc. (“JLL”) has been retained as the exclusive sales

representative for 2800 Nazareth Road (the “Property”) – a 242,652 square foot

industrial facility located in Greenville-Spartanburg, South Carolina. The Property is

100% leased to PPA Industries, Inc. (“Protect Plus Air”) with 6.0 years of remaining lease

term and under a Guaranty by PPA Holdings, Inc. Protect Plus Air is a global leader in

the residential and commercial air filtration space that manufactures products for namebrands

such as Arm & Hammer, DuPont, Honeywell, and Yankee Candle, among others.

2800 Nazareth Road serves as a capable logistics complement to other firm operations,

including the Protect Plus Air headquarters in Hickory, North Carolina.

2800 Nazareth Road presents an opportunity to acquire a fully-leased industrial facility

featuring strong access characteristics and capabilities. The warehouse and distribution

facility is ideally positioned less than two (2) miles from US-29 and I-85, the industrial

backbone of the Southeast that provides access to nearly every significant metropolitan

area from Alabama to Virginia. This location gives the Property unparalleled access to

the largest population centers in the US and the international shipping and distribution

hubs at the Inland Port of Greer and Greenville-Spartanburg International Airport (GSP).

Moreover, due to the feverish rise of construction costs and land premiums, the Property

is being offered at a basis well below replacement cost in comparison to similar product

in the market.

Investment Highlights

STABLE, IN-PLACE CASH FLOWS

• 100% leased to PPA Industries, Inc. (“Protect Plus Air”) with 6.0 years

of remaining lease term

• Lease is fully guaranteed by PPA Holdings, Inc.


BELOW REPLACEMENT COST ACQUISITION

• The Property is being offered significantly below replacement cost,

given its small footprint and the meteoric rise of development costs


WELL-LOCATED LOGISTICS PRODUCT

• Advantageously positioned less than two (2) miles from I-85,

the backbone of the Southeast, the Property has access to the

Greenville-Spartanburg market and nearly all major MSA’s in the

region

• Close proximity to international distribution networks at the Inland

Port of Greer (within nine (9) miles) and the Greenville-Spartanburg

International Airport (GSP) (within three (3) miles)

INSTITUTIONAL-QUALITY, FUNCTIONAL BUILDING DESIGN

• Minimal office buildout, highly sought-after front load configuration,

and abundant trailer parking spaces

• Remaining warranty on roof (expires 10/7/2028) significantly reduces

potential capital requirements


ACCESS TO GREENVILLE-SPARTANBURG MARKET

• Cumulative population growth of 14.7% since 2010, with 8.00%

projected growth in the next three (3) years

• Strong industrial fundamentals with 8.6 million square feet of net

absorption in 2019-2020, over 34% rental rate growth since 2014, and

93% occupancy

• A leading market for foreign investment and large global logistics

presence anchored around the BMW manufacturing and distribution

infrastructure located less than eight (8) miles away

Last Updated Date: 19 Aug 2021
Pete Pittroff
Pete Pittroff
Senior Managing Director, Carolinas Office Co-Head
License details
NC-163984
Patrick Nally
Patrick Nally
Managing Director, Capital Markets
License details
NC-282053

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Last Updated Date: 19 Aug 2021

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