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ABB Holdings, Asheville, NC

ABB Holdings

Price $13,516,000
Cap Rate 5.75%
NOI $777,163
Lease Term 10+ Years
Lease Type Net, with Tenant Responsible for All Taxes, Insurance, and Maintenance, Excluding Structure and Parking Lot
Rental Increases Rental Increases are the Greater of: 115% of Base Rent or Fair Market Value
Year Built 2020 Remodel
Building Size 160,120 SF
Lot Size 23.84 Acres (1,038,470 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

10-YEAR NET LEASE WITH RENTAL INCREASES IN OPTION PERIODS
» Recent lease extension with 15% rental increases in option periods, providing a hedge against inflation
» Tenant pays all real estate taxes and insurance directly, minimizing landlord management
» Occupied by ABB Holdings since 1979, demonstrating a long-term commitment to the location
» 2020 capital improvements – HVAC replacements – total cost of approximately $748,000, further exemplifying Baldor’s dedication to the site
» ABB Holdings rents are 25% below market providing security and long-term rental growth upside

INVESTMENT-GRADE TENANT WITH STRONG FINANCIALS
» Baldor acquired by ABB in 2011 for $4.2 billion in an all-cash transaction (NYSE: “ABB”, $27.6 billion revenue)
» Long-term rating of “A3” from Moody’s and “A” from S&P for the parent company, ABB Ltd.
» 140,000+ employees in approximately 100 countries

HIGH-TRAFFIC LOCATION IN INDUSTRIAL AREA NEAR DOWNTOWN ASHEVILLE
» One mile from Interstate 26 (42,000 AADT), making the site easily accessible
» Central location between Knoxville, Tennessee and Charlotte, North Carolina (most populous city in North Carolina, $7.4 billion in visitor spending in 2018)
» Beneficial proximity to Downtown Asheville and highly trafficked thoroughfares, including Interstate 240, Interstate 40, and U.S. Highway 25 (combined 135,000 AADT)
» Projected 15 percent AHI increase within five miles of the site in the next five years, poising the area for explosive growth

CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY ATTRACTIONS
» Neighbored by Thermo Fisher Scientific ($24 billion in 2018 revenue) and other large-scale
industrial operations, including Sample Group NC, Comark International, and Stampco Metal Products
» Gateway to Mount Mitchell State Park, South Mountains State Park, and Chimney Rock State Park (19.4 million visitors to North Carolina State Parks in 2017), adding to the area’s attraction



Property Description

The property is located on Reems Creek Road, which is one mile from Interstate 26, a primary North Carolina east-west thoroughfare connecting Tennessee and South Carolina that experiences a traffic count of 42,000 vehicles per day. The average household income within five miles of the property is a robust $86,298, with a projected income increase of 15 percent in the next five years, poising the area for significant growth. The location serves as a gateway to Knoxville, Tennessee and Charlotte, the most populous city in North Carolina, which generated $7.4 billion in visitor spending in 2018. It is neighbored by Thermo Fisher Scientific, a U.S.- based provisioner of scientific instrumentation which generated $24 billion in 2018 revenue, and other largescale industrial operations, including Sample Group NC, Comark International, and Stampco Metal Products. The site also serves as a gateway to Mount Mitchell State Park, South Mountains State Park, and Chimney Rock State Park (19.4 million visitors to North Carolina State Parks in 2017), adding to the area’s attraction.

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