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Kernersville, North Carolina 2 the Offering

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Kernersville, North Carolina 2 the Offering 230 PERRY ROAD KERNERSVILLE, NORTH CAROLINA 2 THE OFFERING CBRE|Raleigh, LLC and CBRE|Triad, LLC are pleased to offer for sale 230 Perry Road, a 38,000 square foot industrial building extremely well located in rapidly growing Kernersville, Part of the CBRE affiliate network the heart of the Triad. The institutional quality asset allows for a prime opportunity for an Part of the CBRE affiliate network investor to acquire a highly adaptable building that is 100% NN leased to a highly credit- worthy tenant that is a household name in the tool and equipment industry. Part of the CBRE affiliate network Part of the CBRE affiliate network PROPERTY OVERVIEW 3 Stable, long term credit worthy tenant in place who is a PROPERTY INFORMATION household name in the tool and equipment industry. Functional and well maintained facility located in a highly strategic location in central North Carolina. Located in rapidly growing Kernersville in the heart of the Triad where there is a vacancy rate of less than 1.0%. 230 Perry Road can be acquired well below replacement cost. The property features ample and hard to find outside ASSET PROFILE storage. Address 230 Perry Road, Kernersville, NC 27284 Highly strategic location for tenant given long term business Total Size 38,176 SF relations with adjacent Deere-Hitachi. Site Acreage 7.13 Acres Ceiling 18’ - 20’ Zoning GI Year Built 1973 Occupancy Single Tenant Lighting T-5 Dock Doors 38 Dock-High/Loading Sprinkler Ordinary Hazard Wet System FINANCIAL INFORMATION Terms All Cash Asking Rate $1,750,000 Year 1 NOI $138,000 Occupancy 100% Lease Expiration November 30, 2023 Lease Type NN 4 AERIAL OVERVIEW 5 COMPARABLE SALES SUBJECT PROPERTY PROPERTY #1 PROPERTY #2 PROPERTY #3 PROPERTY #4 230 Perry Road Pope Properties Portfolio 415 Westcliff Road 4160 Mendenhall Oaks Pwky. 3920 Westpoint Blvd BUILDING Kernersville, North Carolina Kernersville, North Carolina Greensboro, North Carolina High Point, North Carolina Winston Salem, North Carolina TENANT JRB Attachments Multiple PBM Graphics Inc. Ryan Scott, Inc. Fairchild Industrial Products Airport/West Guilford South Forsyth SUBMARKET Kernersville Submarket Kernersville Submarket Airport Submarket County Submarket County Submarket TOTAL SF 39,514 SF 1,270,000 SF 128,287 SF 107,480 SF 89,000 SF SALE DATE NA January 2019 October 2018 April 2018 February 2016 PRICE NA $ 52,350,000 $8,327,000 $6,700,000 $3,650,000 PRICE/SF NA $41.01 $64.91/SF $62.34/SF $41.01/SF CAP RATE NA 7.2% 6.90% 7.50% 8.00% COMPARABLE SALES 6 Kernersville Winston Salem 1 Piedmont Triad International Airport 2 Greensboro 3 4 7 TENANT OVERVIEW TENANT INFORMATION PALADIN ATTACHMENTS Paladin Attachments is a manufacturer of coupler systems and attachment tools. The company has 11 brands under its umbrella, including Bradco, CP, CustomWorks, CWS,FFC, Harley, Jewell, JRB, Kodiak, McMillen and Sweepster. Paladin Attachments serves many customers ranging from strategic OEM partners and rental companies, to end users through their extensive dealer network. In addition to the extensive independent Paladin dealer network, Paladin manufactures construction equipment attachments for companies such as Caterpillar, Komatsu and John Deere to sell under their respective trademarks. STANLEY INFRASTRUCTURE In March of 2018, KPS Capital Partners sold Paladin to Stanley Infrastructures. The deal included all brands and operations within the Paladin and Pengo companies, which were a part of KPS’s International Equipment Solutions (IES). Paladin Attachments and Pengo Attachments joined the Stanley Infrastructure division of Stanley Black & Decker, which includes Stanley, LaBounty and Dubois. Stanley Infrastructure is the world’s largest hand-held hydraulic tool manufacturer and a worldwide market leader, offering over 150 hand-held hydraulic tools and over 30 mounted impact tools. DESIGNED TO PERFORM BUILT TO LAST TENANT OVERVIEW 8 DEERE-HITACHI 230 PERRY ROAD Deere-Hitachi Construction Machinery Corporation is a mid-size excavator manufacturing facility located in Kernersville, NC. The 1 million square foot Deere-Hitachi manufacturing facility in Kernersville brings together the latest in technological innovation and a skilled workforce of over 800 employees to produce best-in-class 13- to 47-metric ton excavator models. The state-of-the-art facility uses high quality materials, advanced welding robotics, CNC machining centers, plasma plate-cutting machines and cranes capable of transporting as much as 25 tons. A lean manufacturing system combined with a thorough quality assurance process enables the facility to produce made-to-order machines with a quick time to market. The facility neighbors 230 Perry Road. 9 MARKET OVERVIEW MARKET OVERVIEW THE PIEDMONT TRIAD The Piedmont Triad contains approximately 80,766,575 square feet of industrial warehouse and flex product. The industrial market, which largely consists only of investor owned for-lease buildings, covers Forsyth, Guilford and Alamance Counties. The Triad industrial market benefits from an enviable location along multiple interstate highways I-85, I-40, I-73, I-74 and I-77. Further, the area is home to major package sorting hubs operated by both FedEx and UPS, as well as a FedEx ground hub. Because of the attractive transportation infrastructure, the Triad is home to numerous logistics and distribution related operations. Employers such as Honda Aero, Proctor & Gamble, Hanesbrands, NFI Logistics, WestRock, TE Connectivity and Polo Ralph Lauren, among others, have significant operations in the Triad. As of the first quarter 2019, the overall vacancy rate in the Triad industrial market was a very tight 5.2%, reflecting single digit vacancy rates which have been in place for the past several quarters. Developers in the Triad are bullish on the continued strength of the industrial market, and speculative construction is underway throughout the market. Over 1 million square feet of product is currently under construction with square footages ranging from 105,000 sf – 350,000 sf. Tenant/user activity continues to be robust with roughly 250,000 sf of average quarterly absorption since 2015 within the market. KERNERSVILLE, NORTH CAROLINA Kernersville is rich with history and tradition but filled with innovative ideas, spirit, and civic pride. It is a EVOLUTION OF SUPPLY CHAIN progressive full-service community providing well-equipped and highly trained public safety services, The rise in ecommerce has forced distribution centers to community development and more. Kernersville has been a growing community experiencing restructure how they use their facilities. The modern supply consistent change since the 1700’s and is now home to major corporations such as Deere Hitachi, chain has evolved into a network of facilities that optimizes speed Caterpillar, Amazon, FedEx and more. Residents, business owners, and visitors continue to be to the consumer while maximizing total capacity. The rise of e-commerce and the importance of distribution has propelled attracted to emerging land use patterns and high quality design in the Town. Kernersville’s planning industrial product as an extremely important asset. This has efforts are credited with successes for mixed-used developments, a strong regional shopping node, resulted in a shipping boom along corridors that offer immediate and a thriving downtown with vibrant storefronts, restaurants and personal service offerings. access to the Southeast. Under the old model, a small number of locations were sufficient The Kernersville submarket is an extremely well-located submarket in the center of the Triad, which to provide two to three-day customers access. The current “on- has remained historically well-leased and has outperformed the larger industrial market. The demand” model requires greater coverage for a shorter delivery time. Nationally, nearly 50% of the country is accessible within a combined Kernersville flex and warehouse market consists of 3,589,000 square feet, and is virtually 12-hour drive from the Properties. Regionally, the largest metro 100% occupied, with only 19,500 square feet of reported product available. The submarket benefits regions in the Southeast can be accessed in a matter of hours. from a strategic location between Greensboro and Winston-Salem, just west of the Airport, and situated between the Interstate 40 bypass and business district. Kernersville is directly contiguous to the Airport Submarket, which is the largest in the Triad at over 14 million square feet, and benefits from Airport submarket spillover. The town is also home to a major FedEx Ground hub, and a reportedly soon to be built 1.2 million SF Amazon distribution center. The town of Kernersville, and the industrial submarket, is extremely well-positioned to benefit from the continued industrial demand and overall transportation and logistics drivers of the region. MARKET OVERVIEW 10 AMAZON’S INTEREST IN THE KERNERSVILLE DEMOGRAPHICS 2018 As of Q2 2018, Amazon advanced their commitment to Kernersville with an affiliate signing a lease agreement memo for up to 40 years. Given its new business growth RADIUS FROM SITE LOCATION 3 MILES 15 MILES strategy, Amazon is making swift moves to grow its distribution center footprint in North Carolina. Amazon’s POPULATION 31,870 618,777 plans for three sites that total over 94 acres feature a 1.2 million-SF fulfillment center that could employ nearly 1,000 AVERAGE HOUSEHOLD INCOME $73,824 $74,369 workers, located within 10 miles of the FedEx sorting hub at Piedmont Triad International Airport. The
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