1228 Commerce St SW
Conover, NC 28613

TENANT: Founded in 1971, FedEx Corporation (S&P: BBB; NYSE: FDX) provides transportation, e-commerce, and business services in the United States and worldwide. The company operates in four major segments: FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services. The company produces annual revenue in excess of $69.2 billion, has a current net worth of more than $17.8 billion, and employs 425,000 people. RECENTLY EXTENDED NET LEASE WITH ANNUAL RENT ESCALATIONS: FedEx’s recently extended net lease features ±11 years of primary term remaining with 2% annual rent escalations. NEW PROPERTY IMPROVEMENTS: Originally constructed as a built-to-suit for FedEx in 1995, the property has undergone significant improvements in 2019, which include painting the interiors, replacing all office doors and renovating the bathrooms. The current landlord also replaced the interior floors and repaired/resealed/restriped the parking lot in 2015 and installed a new roof in 2013 (warranty runs through 4/10/2028). PROXIMITY TO FEDEX FREIGHT & GROUND TRUCKING CENTERS: The FedEx shipping center & office benefits from its proximity to a FedEx Freight truck center (specializing in priority speed critical services) and FedEx Ground truck center (specializing in small package day-certain deliveries), which are both 1 mile to the south. This further solidifies FedEx’s commitment to this site, as the next closest FedEx Freight and FedEx Ground truck centers are 48 and 41 miles away respectively. EXCELLENT POSITION NEAR INTERSTATE 40: The property is well located directly off Fairgrove Church Road Southeast (25,000 VPD), which leads onto Interstate 40 (71,000 VPD) just 0.5 miles north of the site. Interstate 40 allows for direct access to Greensboro (100 miles east) and Asheville (85 miles west).