FedEx Freight | Buffalo NY

Industrial

1930 Military Road Buffalo NY
Price:
$ 4,578,000
Property Size:
34,499 sqft
Cap Rate:
6
NOI:
$ 274,726
Lot Size:
7.05 acres
Year Built:
1965
Status:
Sale

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.

20+ YEAR OCCUPANCY – LOW RENT PER DOCK DOOR PER MONTH – RECENT LEASE EXTENSION – BRAND NEW ROOF WITH WARRANTY
FedEx Freight has occupied the subject property for over 20 years and recently extended the lease for another five years showing commitment to this terminal. There is currently 6.25 years remaining on the lease term with a 5% rental increase in the option period. The 34,499 SF cross-dock terminal has 68 dock doors in total which produce $336.67 in monthly rent per dock door, well below the market. The lease is a passive lease with landlord responsibilities limited to roof, structure, and parking lot.

BUFFALO, NEW YORK – STRONG INDUSTRIAL MARKET – 8.7% YOY RENT GROWTH
Buffalo is the second largest city in the state of New York with a population of over 278,000 people, and an MSA of over 1.1M people. The industrial market in Buffalo boasts an inventory of 102M SF and only a 3.6% vacancy rate. Industrial market rents in Buffalo are rising at their fastest rate ever, 8.7% year over year growth. Buffalo’s industrial market is as competitive as ever, as tenants seize on its strategic location and multi-modal transportation offerings.

CANADA/UNITED STATES LOGISTICS HUB – MULTI-MODAL TRANSPORTATION OFFERINGS
Strategically located with multi-modal transportation offerings make Buffalo a logistics hub between the United States and Canada. Buffalo sits at the head of the Niagara river right across from the Canadian border and has access to the deep water Port of Buffalo, an important shipping center for manufactured goods from the East Coast. The Welland Canal links the region to the St. Lawrence Seaway that permits oceangoing vessels to travel from the Atlantic Ocean to the Great Lakes of North America. In terms of rail service, Buffalo is one of the nation’s largest railroad centers with access to major U.S. and Canadian lines.

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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.

Exclusive Listing

Jerry Hopkins
Executive Managing Director
918.878.9536
Ken Hedrick
Executive Managing Director
918.878.9540
D. Andrew Ragsdale, Esq.
Senior Managing Director
918.878.9535
Ken Zakin
Senior Managing Director
212-374-2025

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