Cargill uses the buildings for distribution and cold storage.
The 233,000-sf Hazelton property on nearly 40 acres is being offered at $34.5 million, which represents an 8.1% capitalization rate, according to. The Boulder Group. Cargill has a lease through 2021 calling for escalations after 10 years as well as three potential five-year options on the building constructed last year. The building is mortgaged for nearly $30 million, with the 20-year loan carrying a 7.86% interest rate.
The 110,000-sf Newnan property is for sale at $11 million. Cargill's lease there runs through September 2018, with similar rent escalations and five-year options. Built in 1998 on 12.5 acres, the Georgia property is being offered at a 6.7% capitalization rate. Income is expected to cover payments on the 20-year, $9.65-million mortgage on the property.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
