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On behalf of The Beach Company and Samet Corporation, Jones Lang LaSalle Americas, Inc. (“JLL”) has been retained as the exclusive sales representative for 7770 Palmetto Commerce Parkway (the “Property”) – a 196,540 square foot Class A industrial facility located in the rapidly-expanding Charleston, South Carolina market. The Property is 57.1% leased to Cummins, Inc. (“Cummins”; NYSE: CMI; S&P: A+) featuring over 10 years of remaining lease term with 2.00%-3.00% annual escalations. Cummins is an industry-leading provider and servicer of technologically-innovative engines, power generation and fuel systems, with a 30-year history in the Charleston market. The remaining vacancy presents an immediate value creation opportunity, allowing future ownership to capitalize on the rapid rent growth in the Airport/Palmetto Commerce Parkway submarket.
Strategically positioned on the highly-coveted Palmetto Commerce Parkway, the Property enjoys seamless connectivity to Charleston’s world-class logistics infrastructure, including Charleston International Airport (CHS) and all three (3) of the Port of Charleston’s terminals. Moreover, the building is situated adjacent to I-26 which provides immediate access to a network of major transportation thoroughfares such as I-526 and I-95 - the primary north/south artery of the East Coast. The institutional-quality facility features multiple store fronts with abundant dock high doors and trailer storage, providing flexibility and highly desired characteristics within the market. Overall, 7770 Palmetto Commerce Parkway presents investors with the opportunity to acquire an infill asset in the explosive Charleston industrial market with an in place credit tenancy and a rare
value creation opportunity.
IMMEDIATE VALUE-ADD OPPORTUNITY
• 84,220 SF of brand-new, first-generation space for lease
• Opportunity to push rates due to rent growth in the Aiport/Palmetto Commerce Parkway submarket - over 18% in the past 24months
EXCELLENT CREDIT TENANT IN CUMMINS, INC.
57% leased to (“Cummins”; NYSE: CMI; S&P: A+) with approximately 10.3 years of remaining term and 2.00%-3.00% escalations
• Leading manufacturer of transportation hardware such as engines and power generation to the global transportation industry
• $19.8 billion in sales in 2020 and over $6 billion in Q1 2021
MISSION-CRITICAL FACILITY WITH INGRAINED OPERATIONS
• The Property will be integrated into Cummins’ extensive presence throughout the Charleston market
• Supplements Cummins’ main Turbo Technologies manufacturing plant at 9051 Palmetto Commerce Parkway, less than five (5) miles away
• Cummins has utilized Charleston as the heart of its Southeast operations for the past 30 years
EXTREMELY CONNECTED LOCATION
• Highly infill location on Palmetto Commerce Parkway at the center of the Charleston market
• Strategic location adjacent to I-26 provides seamless access to I-526 and I-95 - the primary north/south artery of the East Coast
• Superior regional accessibility via I-26 provides direct access to Charleston International Airport (CHS), the Port of Charleston and large regional manufacturers such as Mercedes-Benz (Daimler), Boeing, and Volvo, among many others
VALUABLE TAX INCENTIVES
A Fee in Lieu of Tax (FILOT) agreement is in progress that will fix the property tax obligations for the life of the 20-year incentive, significantly reducing the tax burden on future ownership.
HIGHLY FUNCTIONAL, VERSATILE BUILDING DESIGN
• 44 dock-high doors and ample on-site trailer storage
• ESFR fire suppression and life safety
• Motion-sensored energy-efficient LED lighting
• Multiple storefronts allow for flexible leasing configurations