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ABB Holdings, Kings Mountain, NC

ABB Holdings

Price $9,146,000
Cap Rate 5.75%
NOI $525,856
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 1981
Building Size 237,000 SF
Lot Size 23.77 Acres (1,035,378 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
» Occupied by ABB Holdings since 1981, demonstrating a long-term commitment to the location
» $2.33M in capital improvements, including wall repair and an office renovation project that was paid out of pocket by the tenant

INVESTMENT-GRADE TENANT WITH STRONG FINANCIALS
» ABB Holdings 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 KINGS MOUNTAIN
» Immediate access to U.S. Route 74 / East Dixon Boulevard (31,000 AADT), making the site easily accessible
» Beneficial proximity to the North/South Carolina border and highly trafficked thoroughfares, including Interstate 85 (84,000 AADT)
» Neighbored by multiple large-scale industrial operations including Greenheck (249 employees), Duke Energy, T5 Data Centers, AT&T, Owens & Minor, C3i Solutions, and Hanesbrands (499 employees)
» Projected 12 percent AHI increase within five miles of the site in the next five years, poising Kings Mountain for explosive growth
» Gateway to Charlotte (most populous city in North Carolina, $7.4 billion in visitor spending in 2018)

CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY ATTRACTIONS
» Minutes from Hampton Inn & Suites (86 rooms) and Country Inn & Suites (58 rooms)
» Within 15 miles of Crowders Mountain State Park, Kings Mountain State Park, and Kings Mountain National Military Park (19.4 million visitors to North Carolina State Parks in 2017), adding to the area’s attraction
» 3.5 miles from Atrium Health – Kings Mountain (67 beds, 1,200 employees)



Property Description

The property is conveniently located and easily accessible from Reliance Road, with immediate access to U.S. Route 74/East Dixon Boulevard, a primary Kings Mountain east-west thoroughfare connecting Tennessee and North Carolina, which experiences a high traffic count of 31,000 vehicles per day. The property benefits from its central location in King’s Mountain’s industrial area. It is also near the North/South Carolina border and highly trafficked thoroughfares, including Interstate 85 (84,000 AADT), adding to the site’s accessibility. The location serves as a gateway to Charlotte, the most populous city in North Carolina, which generated $7.4 billion in visitor spending in 2018. The site is primed to grow along with the surrounding area, with a projected 12 percent average annual household income increase within five miles of the site in the next five years. The property is neighbored by multiple large-scale industrial operations, including Greenheck (249 employees), Duke Energy, T5 Data Centers, AT&T, Owens & Minor, C3i Solutions, and Hanesbrands (499 employees). It is also minutes from Hampton Inn & Suites (86 rooms), Country Inn & Suites (58 rooms), and Downtown Kings Mountain and Downtown Shelby.

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