Single Tenant Office Buildings For Sale Date December 7, 2016
The Boulder Group is pleased to exclusively market for sale four single tenant office buildings located within the Augusta, Georgia metropolitan area. Three of the buildings are leased on a single tenant basis to national and international companies; United Parcel Service, Inc. (S&P: A+), AECOM (S&P: BB) and SCANA Corporation (S&P: BBB+). The investment allows an investor to add value by leasing the one vacant building.
The subject offering is located within the Centennial Corporate Center, which features four single tenant office buildings, three of which are 100% leased to national tenants. The property is positioned strategically in a centralized location benefitted by a lack of competing office properties in the immediate area. The submarket office vacancy rate (5.5%) is the third lowest in the Augusta MSA which is significantly lower than that of the entire market (7.9%). The UPS Supply Chain Solutions, Inc. lease expires April 30, 2021, the AECOM lease expires September 30, 2018 and the SCANA Energy Marketing, Inc. lease expires March 31, 2020 featuring annual rental escalations of 2.5%.
Centennial Corporate Center offers an investor value-add opportunity based on the lease-up of one currently vacant building. All four buildings are identical, 51,250 square feet single story office buildings are constructed of a steel frame and reinforced concrete foundation with stucco and glass exterior finishes. There are a total of 1,540 parking spaces on the premises.
Centennial Corporate Center is located in the immediate proximity to the significant signalized intersection of East Pine Log Road and Whiskey Road. This heavily trafficked signalized intersection of two main thoroughfares experiences traffic counts in excess of 60,000 vehicles per day. Whiskey Road features the Aiken Mall, which is anchored by Belk and Dillard’s, as well as numerous national retailers including Walmart Supercenter, Lowe’s, Target, Home Depot, Publix, Kroger, ALDI, Hobby Lobby, Staples, Walgreens, CVS Pharmacy, TJ Maxx, Ross Dress For Less, Academy Sports and many more. There is a limited supply of office properties in the immediate trade area which contributes to the strength of the offering. There are approximately 30,000 people living within a three mile radius of the property earning average annual household incomes in excess of $92,000.
There are over four years remaining on the UPS Supply Chain Solutions, Inc. lease which expires April 30, 2021. UPS Supply Chain Solutions, Inc. is a wholly owned subsidiary of United Parcel Services, Inc. United Parcel Service, Inc. is a publicly traded company (NYSE: UPS) with a market capitalization in excess of $95 billion and is an investment grade rated company (S&P: A+).
There are two years remaining on the AECOM lease which expires September 30, 2018. AECOM is a publically traded company (NYSE: ACM) with a market capitalization in excess of $4.25 billion and is an investment grade rated company (S&P: BB).
There are over three years remaining on the SCANA Energy Marketing, Inc. lease which expires March 31, 2020. The lease features annual rental escalations of 2.5%. SCANA Energy Marketing, Inc. is a wholly owned subsidiary of SCANA Corporation. SCANA Corporation is a publicly traded company (NYSE: SCG) with a market capitalization in excess of $8.5 billion and is an investment grade rated company (S&P: BBB+).Back