Jones Lang LaSalle (“JLL”), is pleased to offer for sale the Martin Brower Distribution Center (“Property”), a Class A dry/cold storage industrial facility in Garner, NC, a premier industrial submarket of Raleigh/Durham. The Property totals 133,500 SF and features 1,400 linear feet of rail service, a rare attribute in the market. The mission-critical facility is 100% leased, on an absolute triple net basis, to The Martin-Brower Company (“Martin Brower” or “MBC”), a wholly owned subsidiary of Reyes Holdings, LLC. Reyes is an American foodservice wholesaler and distributor that ranked in 2019 as the 9th largest private company in the US, with annual revenue of $30.0 billion. The building comprises one of Martin Brower’s largest distribution centers in the southeast housing nearly 250 employees and servicing the rapidly growing tri-state region from this location.
This opportunity not only offers income stability with creditworthy tenancy, but also boasts attractive underlying real estate fundamentals in a preferred industrial location. The Property is approximately 12 miles southeast of the Raleigh CBD, directly east of I-40, directly south of the Norfolk & Southern rail line, and is located within the mixed-use, master-planned, Class A, Greenfield Business Park.
Long-Term Net Lease Offering Secure Income Stream
The absolute net-leased offering has a remaining lease term of 13.8 years as of October 1, 2020, and presents a passive income opportunity with no landlord responsibilities.
Industry-Leading, Creditworthy Tenant
Martin Brower is an innovative Global Supply Chain Solutions leader providing end-to-end solutions for more than 25,000 restaurant chains across 19 countries worldwide. MBC is a wholly owned subsidiary of Reyes Holdings which ranked #9 on the 2019 largest private companies list in the US.
Top Growth Market in the Nation
The Raleigh-Durham industrial market has experienced seven straight years of positive absorption, including 2.2 million SF in the last 24 months. Raleigh remains one of nation’s fastest growing economies, with payrolls rising at a more than 3% annual pace—well ahead of the national and statewide rates
Strengthening Institutional Acceptance
As the cold storage real estate sector has continued outperform the overall “dry” space, there has been a deepened institutional acceptance of the asset class, which has led to increases in liquidity and debt financing options.
Outstanding East Coast Distribution Location
The Property has unparalleled access and visibility, positioned at the interchange of two major transportation thoroughfares, Interstate 40 and US Highway 70, allowing distributors to reach 60% of the US population within one day’s drive. Additionally, it is located within the only rail-served industrial park in the Raleigh area with 1,400 linear feet of dedicated rail line.