Overview

Highlights

• Passive Lease – Novozymes of North America, Inc. is operating on a NNN lease with landlord responsible for roof, HVAC and structural elements of the property. They have been in operation at this location for over 20 years, and just signed a 7-year lease extension with 3% annual rent increases. Novozymes is responsible for all CAM expenses, taxes, insurance, and remaining maintenance of the property, making this a great opportunity for a low-maintenance investment.
• Strong Market Fundamentals – The property is positioned strategically in the Franklin County submarket, with trailing 12-month rent growth coming in at 7.6%, and a low vacancy rate of 3.0%
• Excellent Demographics – Within the surrounding 5-miles, the population is projected to grow steadily over the next 5 years and boasts over $96.7M in consumer spending.
• Irreplaceable Location – The property is located near the heavily trafficked Louisburg Road/US 401 and is only 30 miles away from Raleigh
• Established, Industry-Leading Tenant – Novozymes was founded in 1952 as the world’s largest provider of enzyme and microbial technologies and has grown to over 6,700 employees with over $24B in assets. Additionally, they recently announced their merger with Chr. Hansen, further securing their handhold in the market. This location of Novozymes services their HQ in Franklinton, NC.
• High Quality Facility – This single-story industrial building has been professionally maintained and features ±90,000 SF of cold storage space, ±105,000 SF of warehouse and office space, 6 grade-level doors, 15 dock doors, 25’x 50’ column spacing, and ±14’- 20’ clear height. Many improvements have been made to the property; most recently in 2022 which included adding/replacing insulation, improving exterior walls, expanding the cold storage space, installing new sprinkler systems, and roof renovations.

Documents

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