FedEx Corporation (NYSE: FDX) – Globally Recognized Tenant ($4.47B Net Worth) – Corporate Lease Guaranty – The lease is guaranteed by Federal Express Corporation (Standard & Poor’s “BBB” Bond Credit Rating), the world’s largest express transportation company providing a broad portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively under the FedEx brand. Headquartered in Memphis, TN, FedEx ships to more than 200 countries and territories using air, ground and sea networks to link more than 99% of the world’s GDP. In 2019, FedEx reported revenues of over $69.7 billion and an approximate net worth of $4.47B.
Build to Suit Construction – Extensive Loading Capacity & Parking – Built in 2002 as a build to suit for FedEx, the Property consists of a 57,016-square-foot building that sits on an approximately 7.2-acre parcel. The building features (4) dockwells and (6) overhead doors, expansive parking, and a vehicle maintenance shop with (3) drive-in bays.
Real Estate Advantage – Less than 2 Miles from On/Off Ramp to Interstate 20 – Quick Access to Downtown Birmingham, Birmingham-Shuttlesworth International Airport – Situated on a large 7.20-acre parcel, the Tenant’s distribution process benefits from the securely gated full-circulation design, which provides trucks an excellent in/out flow around the site. The property is located less than 2 miles from Interstate 20 for quick access to downtown Birmingham 8 miles away. Additionally, the property is strategically located just 8 miles from the Birmingham-Shuttlesworth International Airport, and is adjacent to a 110,000-square-foot FedEx Ground facility, providing outstanding support of the greater Birmingham MSA area.
Successful 18 Year Operating History – Recent 10-Year Lease Extension – Commitment to Site – FedEx has been operating at this location for 18 years and extended their lease in 2016 for an additional 10 years, demonstrating their commitment to the site. Additionally, the double-net lease features (1) 5-year renewal option.
Located in the City of Birmingham, Alabama – Most Populous City in Alabama – Diverse Economy – Home to 140,000-SF Innovation Depot: Largest Office Lab Project in the Southeast – The subject property is located in Birmingham in the north central region of the state of Alabama. With an estimated 2018 population of 209,880, it is the most populous city in Alabama. Birmingham is the seat of Jefferson County, Alabama’s most populous and fifth largest county. Birmingham is home to world-class medical research, a celebrated food and arts scene, and is the recipient of numerous accolades. Birmingham was named as one of the most affordable cities for first-time home buyers in the nation (Lending Tree, 2019), 1 of the 10 most affordable markets for renters (Zillow, 2019), and the #1 Best City for Millennial Entrepreneurs (Thumbtack, 2015) based on friendliness of local tax laws, licensing rules, and the regulatory environment. The city’s economy is diverse, spanning steel production, biotech, banking, and technology innovation. Steel products manufacturers American Cast Iron Pipe Company (ACIPCO) and McWane are based in the city. The city is home to Innovation Depot, in which 112 startups are located throughout a sprawling 140,000-square-foot complex — the largest office lab and coworking space in the Southeast.