This property is Off-Market

475 Quality Circle NW
Huntsville, AL 35806 ·

152,166 SF · Office For Sale

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Verizon Wireless Alabama Headquarters

Price N/A Cap Rate 8.15%
Building Size 152,166 SF Occupancy 100%
Property Type Office Tenancy Single
Property Sub-type Institutional/Governmental Year Built 2007
Property Use Type Net Lease Investment with 8 years left on lease Lot Size 25 AC
Listing ID: 16755890 Date Created: 07/12/2010 Last Updated: 10/19/2011

Description

The subject property is a 152,166 square foot customer service and operations center for Verizon Wireless, serving as their headquarters for the state of Alabama. The property is located in Huntsville, which is widely regarded as a very desirable market and attractive place to do business. This state-of-the-art facility was built-to-suit for Verizon Wireless in 2007, with over $44 million invested in the location between the tenant and the developer. The property is leased under an original 11 year term, with over 8 years still remaining. In addition, there is a penalty of $1.72 million if the lease is not renewed upon expiration. This is a rare lease structure for Verizon Wireless, and exhibits their committment to this location and the importance of this facility to their operations. It also effectively adds another 7 months to the lease term, based on the monthly rent at the time of lease expiration.

The lease guarantor is Cellco Partnership, which does business as Verizon Wireless. The tenant has an 'A' credit rating from Standard & Poor's. Cellco Partnership is the #1 US wireless phone operator.

*Listed in cooperation with Eddie Greenhalgh, Alabama Broker of Record

Huntsville is a city centrally located in the northernmost part of the U.S. state of Alabama. It is located in Madison County and extends west into neighboring Limestone county. Huntsville is the county seat of Madison County, and is now the second largest city in Alabama. The 2000 census estimated Huntsville's population at 158,216, while in 2008, the estimated population grew to 176,645. The Huntsville Metropolitan Area's population was estimated at 395,645.

Forty two Fortune 500 companies have operations in Huntsville, which is home to a uniquely focused alliance of business, government, and academic research initiatives. The subject Verizon facility is located in the Thornton Research Park. Aviation and aerospace giants such as Boeing, Northrop Grumman, Lockheed Martin and Sikorsky all have corporate campus facilities in the adjacent Cummins Reasearch Park. General Dynamics, Siemens, and United Technologies are other corporations with key operations in this market.

Highlights

  • S&P 'A' Rated Tenant
  • Long Term Lease with Verizon Wireless
  • Critical Location in National Service Network
  • Over 8 Years Remaining on Lease
  • $1.72 Million Penalty if Lease is Not Renewed
  • Over $44 Million in Total Project Costs

Research

475 Quality Circle NW, Huntsville, AL 35806 (Madison County)

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