Portfolio

PNK Park Southern Gateway at Lambert Farms

Highway 42 S McDonough, United States 30252
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Attributes

Year Built 2021
Building Area
Number of units 1

Property Description

On behalf of PNK Group as Owner and Developer, Jones Lang LaSalle America, Inc. (“JLL”) has been retained as the exclusive sales representative for PNK Park Southern Gateway at Lambert Farms Buildings B & C (the “Property”, “Properties”, or “Portfolio”) – two (2) 100% leased class A distribution assets totaling 1,529,980 square feet. Situated in McDonough, GA less than 2.2 miles from the major logistical thoroughfare of I-75, the Properties are one of Atlanta’s most highly amenitized bulk industrial developments, with assets built to state-of the-art standards.

100% leased to three (3) heavily embedded tenants, the newly-constructed Portfolio consists of two core assets with a weighted average lease term of almost eleven (11) years. Building C is a single tenant asset with a long-term lease to an investment grade (S&P A-) tenant. Building B is a two (2) tenant bulk asset also on long term leases. This offering provides a buyer scale and diversity in one of Atlanta’s best industrial

submarkets.

Investment Highlights

Core Atlanta industrial portfolio


• The offering provides an investor with the opportunity to establish immediate scale in one of the country’s top performing markets with a 1.5 MSF industrial footprint.

• This core portfolio consists of one 425,660 SF single tenant asset (Building C) and one two-tenant 1,104,320 SF building (Building B) providing a buyer diversity in one of Atlanta’s top industrial submarkets.

• The tenants, Ecolab, Purple Innovation and Incora have all recently executed highly passive, long-term NNN leases giving the portfolio a weighted average lease term of 10.7 years.


Committed tenancy with an exceptional credit mix and long-term leases


Building C : Ecolab, Inc. (NYSE: ECL, S&P: A-): newly-executed twelve (12) year lease

  • Ecolab has invested heavily in the mission critical space with a specialized build-out that includes a flame retardant materials handling storage room and an oxidizer area with in-rack sprinklers.
  • The company has experienced a surge in demand for cleaning solutions from COVID-19, including hand sanitizer and other commercial sanitation products.

Building B : Purple Innovation (NASDAQ: PRPL) and Incora: new ten (10) year leases

  • This facility will serve as Purple Innovation’s third US manufacturing and distribution hub and the first on the east coast, making this operation critical to their high-growth business plan.
  • Purple has invested over $21 million and will create 360 new jobs at this location. Their space is built out well beyond typical distribution operations and features three proprietary pit installed production machines.
  • Wesco Aircraft and Pattonair merged in 2020 to become Incora, a $2.4 billion business and a world leader in comprehensive supply chain management services for the global aerospace and defense industries.
  • This location serves a critical role in Incora’s burgeoning distribution and supply chain network and features an out-sized special materials storage room that Incora could only obtain in a building of this scale.

Institutional-quality, dynamic assets


• The Portfolio consists of newly-built assets with Building B fitouts completed in Q2 2021 while Building C is to be completed by September 2021.

• The two buildings feature 40′ (Building B) and 36′ (Building C) clear heights, 60′-70′ speed bays, ample auto and trailer parking, 60-mil TPO roofs with 15-year warranties, LED lighting, ESFR sprinklers, tilt-up construction with 7″ slab with 4,000 PSI, full concrete tuck courts & more.


McDonough and the South I-75 corridor


• The South I-75 submarket saw 6.6 MSF of leases signed in 2020, nearly reaching 2018 and 2019 combined volumes, which pushed the submarket’s vacancy to fall 640 basis points year over year.

• The Portfolio is situated in the heart of one of the most desirable locations in the South I-75 corridor – the area between Bethlehem Rd and Exit 218 in McDonough, Georgia.

  • This area makes up over 64% of the entire submarket’s inventory and is the driver of net absorption in the corridor.
  • Since 2019, this micromarket has absorbed 11.1% of its inventory versus the greater South I-75 submarket’s 8.6%.
  • This location has multiple access points to I-75, high-quality labor, tax incentives to attract businesses and one of the shortest distances to the Port of Savannah in the Atlanta MSA.
  • The property is surrounded by institutional ownership and robust credit tenancy, including Wayfair, Scott’s, Home Depot, Phillips Van Heusen, Ghirardelli, Georgia-Pacific, Goodyear, Kimberly-Clark and Tory Burch, among others.

Limited landlord responsibilities and market lease escalations


• All leases come with escalations ranging from 2% to 2.5%, providing continual appreciating income as well as a hedge against inflation.

• The landlord responsibilities are limited to maintaining the foundations, structural walls and building frames across all leases.




Last Updated Date: 05 May 2021
Britton Burdette
Britton Burdette
Managing Director, Capital Markets
Mitchell Townsend
Associate, Production Support

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Last Updated Date: 05 May 2021

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