FedEx Express | Virginia Beach, VA
Industrial
Investment Grade Credit – Fortune 50 – Publicly Traded Company
FedEx Corporation (NYSE: FDX) is a global logistics provider founded in 1971 and is headquartered in Memphis, Tennessee with 447,000 employees. The company is the parent to several service lines, including: FedEx Express, FedEx Freight, FedEx Ground and FedEx Services. FDX holds an investment grade credit rating of BBB with Standard & Poor’s and currently resides at #45 on the Fortune 500 list. As of May 2021, FedEx has annual revenues of $84BB, a net income of $5.2BB and a tangible net worth of $24BB.
Original Build-to-Suit Construction | Over 30 Years Occupancy | Recent Lease Extension with 3% Annual Bumps | Tenant Paying Market Rents
The Property was constructed in 1987 as a build-to-suit for FedEx Express. The 25,620 SF facility offers 21,636 SF of warehouse and 3,984 of office space. In February 2022, the tenant signed a new 5-year lease extension at market rents, with 3% annual rent increases with an additional two (2), five (5) year options to extend.
Resilient Industrial Market with Great Fundamentals, Low Vacancy, and Rising Rents
Virginia Beach is the most populous city in the state of Virginia and the 43rd largest city in the United States with a population of 459,470. The city is approximately 15 miles to the Norfolk International Airport which is the largest airport in the region and provides more commercial air service than any other airport in the region. The entire region’s industrial market is thriving with rise of e-commerce, but particularly the Virginia Beach submarket. Average asking rents have risen 7.8% over the past 12 months to $10.29 PSF and vacancies are at 1.4%.
Port of Virginia – Strategic Interstates – 100MM Population Within One-Day Drive
Virginia Beach is part of the Hampton Roads Region which consists of over 1.8 million people and 17 different diverse localities. Six of the ten largest population centers in the United States are located within 750 miles of the region. The region is most notable for the Port of Virginia, which is the main economic driver. It shelters the world’s largest naval base, the largest shipbuilding and repair industrial base, a thriving export coal and bulk trade, and the sixth-largest containerized operation in the United States. In just two days or less, goods can reach Chicago or Columbus via rail, and 2/3rds of the United States population via truck.
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The information contained herein has been obtained from sources deemed reliable or implied, is made with respect to such information. Terms of sale or lease and availability are subject to change or withdrawal without notice.