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Office Warehouse

210 Automation Way

210 Automation Way, Irondale, AL 35210

Listing Price: $5,100,000

Cap Rate
8.06%
Gross SF
90,000
Price/Gross SF
$56.67
Lot Size
9.57 acres
Year Built
1974
Rentable SF
90,000

Investment Overview

Marcus & Millichap is pleased to present the sale offering of 210 Automation Way, a fully occupied multi-tenant industrial warehouse/flex investment offering located in the Birmingham suburb of Irondale, AL. The property resides just off the I-20 Atlanta corridor, with close proximity to I-459, allowing further access to I-65. Within a 3-mile radius of the subject property, there are currently 133 industrial properties that contain an overall vacancy rate of 0.4%. The subject property consists of 90,000 square feet of industrial space, sits on 9.57 acres, and was constructed in 1974. The property is currently 100% occupied and comprised of a synergistic mix of three tenants. Benchmark Imports, a Fiat, Mazerati and Alfa Romera dealer leases 40,000 SF to warehouse parts from the dealership just five miles away. Overnight Parts Alliance (48k SF) is tasked with distributing the parts 24/7 to a seven state network of dealers. All tenants have agreed to sign new NNN leases at closing, showing commitment to the site. The property contains ten 12’ overhead doors and 15’ clear heights thr oughout the warehouses. The purchase of this offering presents an investor with the opportunity to acquire a fully occupied industrial asset in a well-positioned location in the Birmingham MSA with interstate access and below-market rents within a strong leasing market. At the current list price of $5,100,000, the investment generates an in-place net operating income of $410,892, which equates to a 8.07% CAP rate.

Investment Highlights

  • NNN Sale-Leaseback - Current Owner and Existing Tenants Will Sign Three-Year NNN Lease At Closing.
  • Low Vacancy Sub Market - Current Vacancy of 1.6%, With A 0.4% Vacancy Within A Three-Mile Radius.
  • Below Market Rents - Rents Substantially Below Market, Offering Opportunity For Upside At Lease Maturity.
  • Location - Located Immediately Off I-20 Within the Crestwood Boulevard Industrial Corridor, Ten Minutes East of Downtown Birmingham.
  • Site - 90,000 Total RSF Consisting of Two Buildings on 9.57 Acres. Buildings Are Sprinklered with Ample Loading and Flexible Floorplans.

Exclusively Listed By

Office Warehouse

210 Automation Way

Listing Price: $5,100,000

Cap Rate
8.06%
Gross SF
90,000
Price/Gross SF
$56.67
Lot Size
9.57 acres
Year Built
1974
Rentable SF
90,000

Investment Highlights

  • NNN Sale-Leaseback - Current Owner and Existing Tenants Will Sign Three-Year NNN Lease At Closing.
  • Low Vacancy Sub Market - Current Vacancy of 1.6%, With A 0.4% Vacancy Within A Three-Mile Radius.
  • Below Market Rents - Rents Substantially Below Market, Offering Opportunity For Upside At Lease Maturity.
  • Location - Located Immediately Off I-20 Within the Crestwood Boulevard Industrial Corridor, Ten Minutes East of Downtown Birmingham.
  • Site - 90,000 Total RSF Consisting of Two Buildings on 9.57 Acres. Buildings Are Sprinklered with Ample Loading and Flexible Floorplans.

Investment Overview

Marcus & Millichap is pleased to present the sale offering of 210 Automation Way, a fully occupied multi-tenant industrial warehouse/flex investment offering located in the Birmingham suburb of Irondale, AL. The property resides just off the I-20 Atlanta corridor, with close proximity to I-459, allowing further access to I-65. Within a 3-mile radius of the subject property, there are currently 133 industrial properties that contain an overall vacancy rate of 0.4%. The subject property consists of 90,000 square feet of industrial space, sits on 9.57 acres, and was constructed in 1974. The property is currently 100% occupied and comprised of a synergistic mix of three tenants. Benchmark Imports, a Fiat, Mazerati and Alfa Romera dealer leases 40,000 SF to warehouse parts from the dealership just five miles away. Overnight Parts Alliance (48k SF) is tasked with distributing the parts 24/7 to a seven state network of dealers. All tenants have agreed to sign new NNN leases at closing, showing commitment to the site. The property contains ten 12’ overhead doors and 15’ clear heights thr oughout the warehouses. The purchase of this offering presents an investor with the opportunity to acquire a fully occupied industrial asset in a well-positioned location in the Birmingham MSA with interstate access and below-market rents within a strong leasing market. At the current list price of $5,100,000, the investment generates an in-place net operating income of $410,892, which equates to a 8.07% CAP rate.

Exclusively Listed By

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