Rob JamesPhone:212.686.0072Fax: [email protected] www.exp1031.com
Meritor Distribution Center: Price $2,371,428 | NNN Rent: $166,000 | CAP: 7.0% | Rent PSF $1.09 | $15.66 PSF
▪ Low NN rent of $1.09 PSF in a 151,380 SF building on 10 acres and building is expandable
▪ 0.7 miles from the Meritor Commercial Vehicle Systems and Aftermarket Facility which is owned by Meritor
▪ Fortune 500 company (NYSE MTOR) with 3.3 Billion in sales in 2017 and BB- S&P credit rating
▪ Approximately 4+ years of remaining lease term with 2% annual escalations
▪ 18.4 acres of excess land available for an additional$250,000
▪ Vacancy rate of 1.9% with average rents of $2.00 PSF in the Laurinburg Industrial sub-market comprised of 43 bldgs.
▪ Excellent historical occupancy by DuPont Pioneer Seed (dupont.com) and WePack (wepack.com)
▪ Built in 1986 with 17’ clear ceiling heights on 10 acres with 7 loading docks and another 18.4 acres availableThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
MAXTON WAREHOUSE - Maxton, NC 28364
Investment Overview
INVESTMENT OVERVIEW: EXP Realty Advisors presents for sale the Meritor Distribution Center located Maxton NC. The property is one of two facilities Meritor operates in Maxton, NC. Located in the Laurinburg-Maxton industrial park, which is situated around the Laurinburg-Maxton municipal airport, this industrial market has a vacancy factor of only 1.9% and has an average industrial rent of $2.00 PSF. The property was leased when there was high vacancy in the market and now the market is tight and market rents are 2x what they are paying. This distribution center has 17 foot clear ceiling heights throughout the building and is paying only $1.09 PSF with 2% annual escalations. The facility serves as the companies distribution center and is only 0.7 miles from the Meritor Commercial Vehicle Systems and Aftermarket Facility which is owned by Meritor(see aerial). The property is approximately 16 miles from Interstate 95, just off NC Highway 74. It is a pre-engineered metal building built on slab with a pitched metal roof. Column spacing is 30'x50’. The metal roof has been well maintained but is not new. The property is a 151,380 square foot warehouse and distribution building located on 10 acres and the building is expandable. There is an additional 18.4 acres behind the building which is available for an additional $250,000. The site is level with approximately 3 acres of parking and an additional 3 acres for expansion. The building is a very well maintained with 7 loading dock doors (all with dock levelers). The building is fully sprinklered. 60,000 square feet are heated and cooled, and the remainder of the space is heated. There is 4,500 sq. ft. of office/conference area.
LOCATION OVERVIEW: Maxton is part of the Robeson and Scotland municipal area with a population of 36,157 as of the 2010 census. The countyseat is Laurinburg which is 6.3 miles from the property. FCC North America, a manufacturer of automotive components recently invested $57million to expand its Laurinburg manufacturing facility bring it’s workforce to 200 people. Meritor is also in the vehicle business.
TENANT: MERITOR https://www.meritor.com a Fortune 500 Company (NYSE: MTOR)Meritor, Inc. is a leading global supplier of drivetrain, mobility, braking and aftermarket solutions for commercial vehicle and industrial markets.With more than a 100-year legacy of providing innovative products that offer superior performance, efficiency and reliability, the company servescommercial truck, trailer, off-highway, defense, specialty and aftermarket customers around the world. Meritor is based in Troy, Mich., UnitedStates, and is made up of approximately 8,200 diverse employees who apply their knowledge and skills in manufacturing facilities, engineeringcenters, joint ventures, distribution centers and global offices in 19 countries. Meritor common stock is traded on the New York Stock Exchangeunder the ticker symbol MTOR.
Commercial Truck & Industrial • Supplies drivetrain systems and components, including axles, drivelines, brakes and suspension systems, formedium- and heavy-duty trucks, off-highway, military, construction, bus and coach, and emergency and other applications in North America, SouthAmerica, Europe and Asia Pacifc. This segment also includes the company’s aftermarket businesses in Asia Pacifc and South America.
Aftermarket & Trailer • Supplies axles, brakes and braking systems, drivelines, suspension parts and other replacement and remanufactured partsto commercial vehicle aftermarket customers in North America and Europe. This segment also supplies a wide variety of undercarriage products.
This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
MAXTON WAREHOUSE - Maxton, NC 28364
Aerial Showing Warehouse and Excess Land
MERITOR WAREHOUSE
Railroad Friction Products
We Pack Logistics
Charles Craft
This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
MAXTON WAREHOUSE - Maxton, NC 28364
Investment Overview
Building SF:
No. of Dock High Doors:
No. of Doors with Levelers:
LandAcres:
Column Spacing:
Market:
Year Built:
ZoningType:
Percent Office Space:
Percent Air Conditioned:
No. Of Stories:
WaterAccess:
Clear Height:
Roof Type:
No. Of Buildings:
HVAC:
Freeway Access:
Airport Access:
Ceiling Height:
Drive ThruAccess:
Sprinkler Type:
151,380 SF
7
7
10.00
40
Eastern North Carolina
1986
Industrial
5%
35%
1
Yes
17
Metal Pitched
1
Yes
Yes
No
20
No
Yes
PROPERTY OVERVIEW
This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
MAXTON WAREHOUSE - Maxton, NC 28364
Investment Overview
Tenants in the surrounding area are:
Meritor, Inc. designs, develops, manufactures, markets, distributes, sells, services, and supports integrated systems,
modules, and components to original equipment manufacturers (OEMs) and the aftermarket for the commercial vehicle,
transportation, and industrial sectors. It operates through two segments, Commercial Truck & Industrial; and Aftermarket &
Trailer. The Commercial Truck & Industrial segment supplies drivetrain systems and components, including axles, drivelines,
and braking and suspension systems primarily for medium-and heavy-duty trucks, off-highway, military, construction, bus and
coach, fire and emergency, and other applications. This segment also engages in aftermarket business. The Aftermarket &
Trailer segment supplies axles, brakes, drivelines, suspension parts, and other replacement and remanufactured parts to
commercial vehicle aftermarket customers. This segment also offers various undercarriage products and systems for trailer
applications. The company sells its products under the Meritor, Euclid, Trucktechnic, Meritor Green, Mach, and Meritor AllFit
brands primarily to OEMs and its parts marketing operations, and dealers, as well as for other independent distributors and
service garages in the aftermarket industry in North America, South America, Europe, and the Asia Pacific. The company was
formerly known as ArvinMeritor, Inc. and changed its name to Meritor, Inc. in March 2011. Meritor, Inc. was founded in 1921
and is headquartered in Troy, Michigan.
This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
MAXTON WAREHOUSE - Maxton, NC 28364
Property Photos
This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
MAXTON WAREHOUSE - Maxton, NC 28364
Area Industrial Facilities Including Two Meritor Facilities
Owned by Meritor
This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
MAXTON WAREHOUSE - Maxton, NC 28364
Area Industrial Facilities Including Two Meritor Facilities
Owned by Meritor
This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
MAXTON WAREHOUSE - Maxton, NC 28364
Tenant Financials
Net
500,000 239,000 172,000
Revenue 9/30/2017 9/30/2016 9/30/2015
Total Revenue 3,347,000 3,199,000 3,505,000
Cost of Revenue 2,863,000 2,763,000 3,043,000
Gross Profit 484,000 436,000 462,000
Operating Expenses
Research Development - - -
Selling General and Administrative
271,000 216,000 303,000
Non Recurring 6,000 16,000 31,000
Others - - -
Total Operating Expenses - - -
Operating Income or Loss 207,000 204,000 128,000
Income from Continuing Operations
Total Other Income/Expenses245,000 -1,000 5,000
Earnings Before Interest andTaxes
Interest Expense 119,000 84,000 105,000
Income Before Tax 381,000 155,000 67,000
Income Tax Expense 52,000 -424,000 1,000
Minority Interest 27,000 25,000 25,000
Net Income From Continuing Ops
329,000 579,000 66,000
Non-recurring Events
Discontinued Operations -1,000 -4,000 -1,000
Extraordinary Items - - -
Effect Of Accounting Changes - - -
Other Items - - -
Net Income
Net Income 324,000 573,000 64,000
Preferred Stock And Other Adjustments
- - -
Net Income Applicable To Common Shares
324,000 573,000 64,000
Income StatementAll numbers in thousands
Period Ending 9/30/2017 9/30/2016 9/30/2015
Current Assets
Balance SheetAll numbers in thousands
Cash And Cash Equivalents
88,000 160,000 193,000
Short TermInvestments
- - -
Net Receivables 789,000 396,000 461,000
Inventory 378,000 316,000 338,000
Other Current Assets 43,000 33,000 50,000
Total Current Assets 1,298,000 905,000 1,042,000
Long Term Investments
- - -
Property Plant and Equipment
474,000 439,000 419,000
Goodwill 414,000 390,000 402,000
Intangible Assets - - -
Accumulated Amortization
- - -
Other Assets 596,000 760,000 332,000
Deferred Long Term Asset Charges
- - -
Total Assets 2,782,000 2,494,000 2,195,000
This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
MAXTON WAREHOUSE - Maxton, NC 28364
Site Plan
This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
MAXTON WAREHOUSE - Maxton, NC 28364
Site Plan Showing Additional Land #2 ($250,000)
This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
MAXTON WAREHOUSE - Maxton, NC 28364
Aerial Showing Additional Land
This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
MAXTON WAREHOUSE - Maxton, NC 28364
Location Map
MAXTON WAREHOUSE
This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Contact Us
EXP Realty Advisors52 Vanderbilt Ave
Suite 2014 New York, NY 10017 www.exp1031.com
Our Team
Robert JamesPresident
Phone: (212) 686-0072E-mail: [email protected]
Dan De Sa’Director of Sales
Phone: (212) 972-3947E-mail: [email protected]
MAXTON WAREHOUSE - Maxton, NC 28364
Demographics
2017 Summary 1 Mile 3 Miles 5 Miles
Population 55 3,199 16,039
Households 24 1,258 5,440
Families 17 846 3,719
Average Household Size 1.00 2.20 2.59
Owner Occupied Housing Units 18 653 2,990
Renter Occupied Housing Units 6 605 2,451
Median Age 39.1 36.9 36.2
Median Household Income $50,000 $21,785 $23,409
Average Household Income $62,536 $36,008 $36,723
2022 Summary 1 Mile 3 Miles 5 Miles
Population 54 3,157 15,763
Households 23 1,236 5,324
Families 16 826 3,625
Average Household Size 1.00 2.21 2.60
Owner Occupied Housing Units 17 631 2,919
Renter Occupied Housing Units 6 605 2,405
Median Age 39.4 38.1 37.4
Median Household Income $56,524 $21,694 $23,841
Average Household Income $71,386 $39,695 $41,097
This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
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