Investment Property - Credit A Fully Occupied

Industrial for Sale
Sale Pending/Contingent
Catylist Listing ID: 30484802
Property Subtypes: Flex Space, Free-Standing, Industrial-Business Park, Light Industrial, Net Leased, Office Showroom, Truck Terminal, Warehouse/Distribution, Other
Status: Pending/Contingent
Building Size (RSF): 51,484 SF
Gross Land Area: 2.18 Acres
Sale Price: $3,999,950
Unit Price: $77.69 PSF
Ceiling: 25 ft. / 15 ft. Clear
Docks/Doors: 3 Docks, 5 Doors
Office SF: 2,500 SF
Drive In Bays: 2 Bays
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Ott Distributors Building
Usable Size (USF): 51,484 SF
Sale Terms: Cash to Seller
Cap Rate: 6.35%
Average Occupancy Rate: 100
Last Updated: 10/7/2019

Overview / Comments

A fully occupied investment property with four years remaining on the initial term of a lease. Leased to Morsco Supply, a subsidiary of Reece, an Australian Company. Morsco was recently purchased for $1.44 Billion in cash by Reece. Morsco has a lease until August 31, 2023. The lease has 3% annual escalations. Morsco Supply purchased the former occupant and now the owners have decided to sell this property. The property is a 51,484 square foot property consisting of offices, showroom, conference room and warehouse space. The property has 2.18 acres and is located in the Spruill Avenue section of North Charleston very close to Park Circle. The tenant has two, five year options that also include 3% escalations. This is a solid opportunity for a 1031 exchange and a long term hold even for adaptive reuse potential options in the future.

Current Tenants

Tenant Business Name Morsco Supply, LLC
Contact Name David Seay
Contact Title Agent for Seller
Phone Number 843-364-6720
Is Renting? Yes
SF of Space Occupied 51,484 SF
Current Rent $259,560 PSF (Annual)
Escalations 3%
Options Two, Five Year Options.
Tenant Notes About the Tenant: Parent Company: Reece Limited. Reece purchased MORSCO, Inc. last year for $1.44 Billion in Cash. About Morsco, Inc.

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 31 - N.Charleston Area inside I-526
Taxing Authority: Charleston County
Tax ID/APN: 4701600079
Zoning: OTHER
Highway Access: Right off Spruill Avenue, very close to I-526 via N. Rhett or Virginia Avenue.
Airports: CHS
Site Description: Level.
Area Description: This part of Park Circle is under revitalization. The City of N. Charleston has overlay districts in the area to support development.
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 15
Typical SF / Floor: 51,484 SF
Property Condition: Good
Year Built: 1970
Roof Type: Arched
Construction/Siding: Metal Siding
Exterior Description: A video exists to show you the exterior. Metal siding.
Parking Ratio: 0.2 (per 1000 SF)
Parking Type: Structure
Parking Description: Level and shared on property.
Total Parking Spaces: 10
Eave Height: 25
Sprinklers: Wet
Heat Source: Central, Other
Air Conditioning: Other
Interior Description: A video exists. General Office and Showroom and Warehouse.
Zoning Description: Please verify Zoning Letter. A request is in as of 9/1/19 with the City of N. Charleston.
Lot Frontage: 612
Lot Depth: 201
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee Simple
Legal Description: Block 227 TR C District 4 Ward 3.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,273 40,780 113,449
Median Age: 34.95 34.3 34.72
Households: 3,457 15,134 45,639


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