Asking Price Contact for pricing
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Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 2006
Building Area
Land Area ()

Property Description

On behalf of The Keith Corporation, Jones Lang LaSalle, Inc. (“JLL”) has been

retained as the exclusive sales representative for Summit Corporate Center

(“the Properties”), a two-building, 214,494 square foot industrial offering located

directly off I-85 in Salisbury, North Carolina. The Properties are 100% leased to

Schneider Electric ( “Schneider”; S&P: A-) and New York Air Brake (“NYAB”) – with

a full guarantee from its parent company Knorr-Bremse AG (S&P: A) – giving the

Properties a stable, investment grade tenant base with nearly eleven (11) years of

WALT.



Ideally positioned off I-85, the industrial backbone of the Southeast, the

Properties possess premier logistical benefits and provide seamless connectivity

to the surrounding metros. Its strategic location rests at the midpoint between

Charlotte and the Greensboro-Winston-Salem (“Triad”) market, placing the

facilities between the two largest industrial markets in the Carolinas. Both

buildings were developed by The Keith Corporation and possess numerous

institutional-quality features that set the assets apart from competing product

such as attractive tilt-up concrete construction, signature glass-lined storefronts,

and abundant employee parking. Additionally, the Properties are both fully

climate controlled - a very rare and desirable feature. Overall, Summit Corporate

Center presents investors an opportunity to acquire two (2) mission-critical

facilities with a premier tenant base, strategically positioned along the I-85 super

corridor.

Investment Highlights

INVESTMENT GRADE TENANTS WITH TERM AND STABLE CASH FLOWS

100% leased to Schneider Electric (S&P: A-) and New York Air Brake

(“NYAB”) (a subsidiary of Knorr Bremse; S&P: A) on a NNN basis

• Schneider Electric is a multinational company in the Fortune Global

500 with over 135,000 employees

• Knorr Bremse serves as a full Guarantor for the 15-year New York Air

Brake lease

• New York Air Brake’s Electronic Brake Valve is in over 95% of heavyhaul

locomotives and facilitates the transportation of over 1 billion

people every day

• The two (2) mission-critical operations have a combined 10.8 years of

WALT and stable cash flows


HIGHLY SOUGHT AFTER LOCATION DIRECTLY ALONG I-85 CORRIDOR

• Conveniently located along I-85 – the industrial backbone of the

Southeast

• Connects Raleigh to Atlanta and passes through other regional

industrial hubs such as Charlotte and Greenville-Spartanburg

• Provides access to the top three catalysts of the region’s economic

boom – Charlotte, Raleigh-Durham, and Greensboro-Winston-Salem

(“Triad”)

• The I-85 corridor between Charlotte and Greensboro is currently 98.1%

occupied and is a beacon of Southeast industrial strength


CLASS-A CONSTRUCTION WITH HEAVY TENANT INVESTMENT

• Both tenants have invested millions of their own capital to make

the spaces as efficient as possible, showing their dedication to the

Properties

• Tenant specific features include year-round climate control, air

circulation, interior cranes, and highly customized production areas


EXTENSION OF THE CHARLOTTE MARKET

• The rapidly growing and saturated Charlotte industrial market is

causing tenants without immediate infill needs to look for close

alternatives with similar logistical benefits

• Salisbury is an extension of the Charlotte market and is poised to be

the next industrial hub on the I-85 corridor

• The rapid influx of residents to North Carolina and continued growth

on the horizon creates further demand for centrally-located distribution

and manufacturing facilities along major interstates

• The area can source high-quality labor from both the Charlotte and

Greensboro MSAs

Last Updated Date: 08 Sep 2021
Pete Pittroff
Pete Pittroff
Senior Managing Director, Carolinas Office Co-Head
License details
NC-163984
Patrick Nally
Patrick Nally
Managing Director, Capital Markets
License details
NC-282053

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Last Updated Date: 08 Sep 2021

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