Cummins Tampa Bay is located at 5910 East Hillsborough Avenue and consists of three industrial buildings containing 39,749 net SF in Tampa, FL approximately nine miles NE of the Tampa CBD. This Property presents investors with the opportunity to acquire an absolute NNN lease investment with minimal landlord/environmental risk and responsibilities for passive investors.
Constructed between 1962 and 2001, the Property is a single-tenant industrial building situated on ñ4.87 AC of land. The improvements include a vehicle service and repair facility consisting of ñ26,690 SF of warehouse space, ñ13,059 SF. of office space, and ñ936 SF of mezzanine storage space. All buildings include clear height ceilings that range from 16' to 21', 19 service bays, a chassis dyno bay, 26 overhead doors, and a dock high loading bay. The entire site is secured with barbed wire.
Cummins Inc. is a Fortune 500 corporation that designs, manufactures, and distributes engines, filtration, and power generation products. Cummins also services engines and related equipment, including fuel systems, controls, air handling, filtration, emission control and electrical power generation systems. In the post WWII U.S
In the post WWII U.S. road building boom Cummins, with their N Series engines, became the leader in heavy duty truck engines. From 1952 to 1959, they had more than half the market. In the 1960s, the company opened an assembly plant in Shotts, Scotland and by 2013, they had operations in 197 countries and territories. Cummins is a national credit tenant and high growth company with recent credit upgrade from S&P whom raised Cummins corporate credit rating from A to A+ for its operational success, geographic diversity, market share of 40% of the heavy duty product line and 60% of the medium duty product line for truck engines. The Property is 100% leased to Cummins, Inc, whose lease commenced in 2006 and is operating on the first (current) option term which began on 1/1/2016, expires 12/31/2020, and has 3% annual increases. The second (future) option term for each lease would begin on 1/1/2021, expires 12/31/2025, and has 2% annual increases. These solid annual rent increases with an attractive 3% annual rent increases for the first 5 years and 2% for the last 5 years, provides a hedge against inflation.
The Property is located along the northeast corner of East Hillsborough Avenue
