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The Home Depot (Last-Mile Distribution Facility), Frankfort, NY

The Home Depot (Last-Mile Distribution Facility), Frankfort, NY


Investment Summary

Price $9,856,015
Cap Rate
NOI
Lease Term 12 years
Lease Type NN lease, with tenant responsible for all taxes, insurance, and maintenance, excluding roof, slab and structure
Rental Increases 2% annual rental increases
Year Built 2023
Building Size Total: 52,500 SF | Warehouse: 49,105 SF | Office: 3,395 SF
Lot Size 11.041 acres (480,979 SF)
Status Under Contract
Lead Brokers Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

NEW 12-YEAR NN LEASE TO THE LARGEST HOME IMPROVEMENT RETAILER IN THE U.S.
» New 12-year corporate NN lease to The Home Depot, the largest home improvement retailer in the U.S. (2,324 locations, 500,000 employees)
» Investment-grade tenant, rated “A” by S&P and Fitch and “A2” by Moody’s
» New high-quality 2023 build-to-suit construction of last-mile distribution facility featuring expansion capabilities for the building and the parking lot
» Rare annual rental increases in initial term and Fair Market Value in option periods
» Annual revenue increased over 19% from $132.1B in 2020 to $157.4B in 2022
» Ranked #17 on the 2022 Fortune 500 and is the sixth largest U.S. based employer globally
» The Home Depot operated over 400 warehouses and distribution centers at the end of fiscal 2022 as distribution and fulfillment centers are continuously crucial to the company’s business operations

PRIME NEW YORK LOCATION WITH A WIDE SERVICE AREA
» Prominent location in Schuyler Business Park with easy access to Interstate 90, the longest interstate Highway in the U.S. (24,186 AADT) and a major East-West transportation corridor
» Immediate access to 185,044 residents within fifteen miles, providing access to a populous and large service area
» Herkimer County location provides an ideal central location in the heart of New York, giving easy access to all major markets in the Northeastern United States and Southeastern Canada, with 25% of the U.S. population within a 300-mile radius
» Part of the Utica-Rome metropolitan area (297,000 population) and centrally located between Syracuse (662,000 metro population), and Albany (881,000 metro population), allowing the site to serve multiple markets

PART OF AN EXPANDING NETWORK OF MARKET DELIVERY OPERATIONS WITH SUBSTANTIAL INVESTMENT
» Situated in a commercial corridor zoned to accommodate industrial tenants with the access road to State Route 5 supporting semi-truck and delivery vehicle traffic from several major distribution centers for Walmart, Amazon, Tractor Supply Company, Dollar General, and more
» Last-mile distribution facility is well-positioned to streamline logistics for an increasingly complex delivery environment and will serve as a transportation hub, for trucks to pick up and deliver online-ordered products to area residents
» The Home Depot is significantly investing in new fulfillment facilities with a goal of reaching 90% of the U.S. population with same or next day delivery
» New location represents a larger corporate strategy to deploy more last-mile facilities or Market Delivery Operations (MDOs) across the U.S. to meet the growing demand and supply-chain shift
» Home Depot has +/-80 MDOs currently open nationwide

Property Description

SOLD

» This new Home Depot last-mile distribution center is strategically located to facilitate the region’s online Home Depot orders as the e-commerce market continues to grow nationwide
» This new location is part of a larger corporate strategy to deploy more last-mile facilities, known as Market Delivery Operations (MDOs), across the U.S. to meet the growing demand of the e-commerce market and supply-chain shift. This network is designed to create a competitive advantage with unique, industry-leading capabilities for home improvement needs for both professionals and consumers
» This Home Depot last-mile distribution facility has a prime location with easy access to Interstate 90, the longest interstate Highway in the U.S. (24,186 AADT), and a major East-West transportation corridor
» This commercial corridor site in Herkimer County is zoned for industrial tenants and features major distribution centers for Walmart, Amazon, Tractor Supply Company, Dollar General, and more, with an access road to State Route 5 supporting semi-truck and delivery vehicles
» Located in the heart of New York, the site provides easy access to major markets in Northeastern United States and Southeastern Canada, with 25% of the U.S. population within a 300-mile radius and an immediate service area of 187,021 residents within 15 miles
» The facility is situated in the Utica-Rome metropolitan area with a population of 297,000, this centrally located site in Herkimer County provides immediate access to multiple markets, including Syracuse with a metro population of 662,000, and Albany with a metro population of 881,000

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