Overview
Marcus & Millichap is pleased to present the opportunity to acquire a ±39,223-square-foot, mission-critical R&D facility and business unit HQ located at 410 Gregson Drive in Cary, North Carolina (“Property” or “Asset”).
Arkema, Inc. (“Tenant” or “Arkema”) has occupied the Property since 1984 and has expanded it through major additions in 1999 and 2017. The Tenant executed a 15-year lease extension in 2017—its fifth extension—demonstrating its long-term commitment to this location. As part of this extension, a 7,500 SF expansion of the R&D space was completed as a total cost of $2.1 million.
The ±10.9-acre, low-coverage site features secured and screened yard areas, including a gravel testing area used for drying and curing panels/materials. This excess outdoor space is critical for the Tenant’s operation and highly valuable in the supply-constrained Raleigh market, making it increasingly difficult to replicate.
Investment Highlights
HIGH CALIBER TENANT
- The Asset is 100% leased to Arkema Inc., the North American subsidiary of Arkema S.A. and the entity responsible for all U.S. operations
- Arkema is a global leader in specialty materials, delivering innovative and sustainable solutions across high-performance polymers, adhesives, coatings, and advanced materials
LONG-TERM R&D AND BUSINESS UNIT HEADQUARTERS
- Arkema has renewed its lease five times, with the last one being a 15-year extension in 2017 extending the lease till June 2032
- Current rent of $15.45/ SF NNN is well below the asking rent of $24.41/SF NNN for similar product within a 5-mile radius of this Asset
- Headquarter location is host to over 100 employees, comprised of representatives from all business functions
FLEXIBLE INDUSTRIAL SITE WITH STRONG LONG-TERM VALUE
- Large, screened yard areas provide secure outdoor testing where formulated coatings (resins) can be applied to panels or substrates and exposed to real environmental conditions
- Low site coverage (<10% FAR) allows future expansion or redevelopment
- Zoned I - Industrial on a ±10.9-acre site, offering potential for industrial or mixed-use redevelopment
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