Shallow Bay Industrial

Highlights:

• SHALLOW BAY VALUE ADD OPPORTUNITY – Tenants are operating on short-term leases with below market rents, giving an investor room to improve and increase the NOI shortly after acquisition. Roughly 60% of the rent roll is MTM or coming up for renewal in the next 12 months. There is a strong near term mark to market opportunity.
• HIGH-QUALITY FACILITIES – The subject property features two buildings, totaling ±58,481 square-feet. The buildings feature 16-foot clear heights, and sit on a spacious 4.83-acre lot. The extensive land area not only supports existing operations but also offers significant potential for future development or outdoor storage.
• ROBUST DEMOGRAPHICS – The population of Smithfield, NC is expected to grow to approximately 14% over the next over the next few years. Additionally, within a five-mile radius of the property, the population is projected to increase over 37%. These dynamics position the market for sustained tenant demand and increasing property values.
• EXCELLENT LOCATION – Ideally positioned in Smithfield, NC, the property lies along the I-95 corridor, granting direct access to major Southeastern U.S. markets. The location offers convenient proximity to Raleigh, NC—just 30 miles away—and benefits from inclusion in the Johnston County Economic Development zone, which fosters strong demand and business-friendly incentives.
• MARKET FUNDAMENTALS – The submarket has experienced limited new industrial supply over the past 18 months, leading to tighter vacancies and upward pressure on rental rates. This trend underscores the value of well-located assets like this property, which can capitalize on rising market demand.

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