Property Information
5644 Hornaday Road, Greensboro, NC, a ±309,940 square foot all masonry exterior, industrial property, is conveniently and ideally located at the intersections of the prime distribution corridors of I-40, I-840/I-73, and Hwy 421. It offers quick and convenient access less than a 1/4 mile from the Guilford College Road interchange and exit. The subject property is located in the Greensboro Int. Airport submarket, which is the prime Industrial submarket in the Triad (Greensboro, Winston-Salem, High Point), which has a total industrial market consisting of 173 million square feet with a vacancy rate of 4%.
The property consists of approximately 31 acres, of which roughly 7.5 acres is vacant and could be used as a future lay down yard. There is vacant land on the back left of the property that would accommodate a ±75,000 SF building expansion. The property will be 100% leased to SV International, who will sign a 5-year absolute net lease before closing at $5.50 NNN per square foot, and 3% annual escalations.
This offering represents an opportunity to acquire, at well-below replacement cost, a rare ±309,940 square foot, single tenant, net leased (STNL), Industrial asset via a sale/leaseback to the seller’s company SV International Corporation, a local company who has occupied the property since 2015.
Ownership has spent approximately $1.25MM on capital improvements consisting of approximately $700,000 on the roof, $360,000 on roof solar panels, and $60,000 on new LED lighting throughout the warehouse The new owner of this incredibly located industrial asset will be able to realize stable, secure income for the duration of the lease term, plus the opportunity to capitalize on future upside via a mark-to-market future lease strategy. Lastly, this investment is a great hedge against inflation due to the annual rental escalations of 3%, the renewal option being at fair market value (FMV), and the large value appreciation that has occurred in the industrial asset class in North Carolina.
