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ABB Holdings, Greenville, SC

ABB Holdings

Price $14,922,000
Cap Rate 5.75%
NOI $857,977
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 1977
Building Size 255,560 SF
Lot Size 20.40 Acres (888,624 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+ YEARS NET LEASE WITH RENTAL INCREASES IN OPTION PERIODS
» 15% rental increases in option periods, providing a hedge against inflation
» Tenant pays all real estate taxes and insurance directly, minimizing landlord management
» Property occupied by ABB Holdings since 1977, demonstrating long-term commitment to the location
» 2020 capital improvements – HVAC replacements (38 units) and minor repairs – total cost of approximately $1,690,000
» Well below market rent, providing security and long-term capital appreciation

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

LOCATED IN A DENSELY POPULATED AND AFFLUENT AREA
» 129,050 residents within a five-mile radius of the property
» Immediate access to Interstate 85 (120,700 AADT), increasing traffic to the site
» $112,480 average household income within three miles of the property

CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS IN A STRONG INDUSTRIAL REGION
» Five miles from Greenville-Spartanburg International Airport (services 2.5+ million annual passengers)
» Less than one mile from Michelin North America Headquarters (4,085 employees)
» 10 miles from Inland Port Greer, a major inland port that has seen double-digit increases in cargo each year since opening in 2013
» Strong industrial demand with annual rent growth near 4.0% annually and constrained supply of space above 100k SF



Property Description

The property is conveniently located and easily accessible from Pelham Road and Garlington Road along one of the fastest growing manufacturing markets in the U.S. The site is located less than one mile from Michelin North America Headquarters (4,085 employees) and is neighbored by Comfort Suites (82 rooms) and Top Golf. The location resides five miles from Greenville-Spartanburg International Airport (2.5+ million annual passengers) and 10 miles from Inland Port Greer, a major inland port that has seen double-digit increases in cargo each year since opening in 2013. The site also benefits from being within 1.5 miles of 14 hotels, including Comfort Suites, Courtyard by Marriott, and Hampton Inn & Suites (combined 341 rooms). And from being in a highly affluent area, with an average household income of $112,480 within three miles of the property.

Contact Us About This Property

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