Piedmont Industrial

Piedmont Industrial is a 62,472 square foot industrial property located in Greensboro, North Carolina. The property was constructed in 1989 and offers tenants a blend of functional warehouse and office floorplans.

The building is currently 100% occupied by the seller, who is fully vacating the building to downsize their office and warehouse space. During the due diligence period, the management team executed a
lease with a new tenant to occupy 100% of the building upon closing. The agreed upon lease terms result in an 8.65% cap rate inclusive of all tenant improvement work and property deferred maintenance.

The property is located in Greensboro’s desirable Airport/West Guilford Country Industrial Submarket. The submarket boasts 34.3 million square feet of industrial space while maintaining a submarket vacancy rate of 2.4%. Due to the strong demand and occupancy, rents have grown by 13.2% over the past 12 months and 5.5% per year over the last decade.