The former home of the Augusta Greenjackets is getting a second life. Last week Augusta leaders agreed on a deal to bring more entertainment to the Augusta area. A 10-year master lease agreement to bring big acts and events to the Lake Olmstead Stadium will have us seeing the area around Lake Olmstead transformed starting this April. The Augusta Commission voted and approved for the Augusta Development Authority’s “stadium master lease” of the facilities. C4 Live, the subtenant, will be spending hundreds of thousands of dollars to make upgrades to the structure and in addition to Masters Week, we can expect other entertainment events through out the year. This is great news for Augusta and this piece of land getting a second life!
What’s a master lease, you may ask? Here’s Bigger Pocket’s summary, but in short, it’s when an owner leases a space to a tenant who then has the right to sublease to another tenant. The city of Augusta will lease to the EDA, who in turn will lease to C4 Live. This is generally good when the landlord trusts the master tenant, but has no relationship to the subtenant–the master tenant is guaranteeing the performance of the lease.
What are the economic implications of Topgolf and Dave & Buster’s coming to Village at Riverwatch? According to projections from Augusta Economic Development Authority reported by Damon Cline, these two projects are expected to add $15 million to the local tax base, and add 200 jobs and generate $1M in sales tax revenue. Hats off to the Economic Development Authority, who was able to help attract these developments without tax incentives, and the only expense is a $250K commitment to construct the public road that will give these sites access.
What do you think will be the impact of these new developments? Comment below:
Hi! Today we’re going to be discussing the Industrial Market Update. There’s been a few notable sales, the Keebler building sold on 7/28 for 7.4M, $16 per foot, and 1431 Marvin Griffin sold on 6/27 for 2.7M (Jay Willingham handled that one). On the leasing side a few large leases have been done, the largest is at 4301 Evans To Locks, leased over 400K SF to start in Feb, Acoustic Insulation Techniques leased 75,000 SF in Augusta Forward Drive in June of 2019,and 48KSF leased in April at 1595 Columbia Hwy N in Aiken. Overall demand for flex is strong, and with the Hock family putting some of their portfolio on the market there is availability of good multi-tenant industrial buildings. See below for more resources, including details on notable sales and leases, and a link to an overall industrial market report.
Recent Notable Industrial Transactions:
- 2.7M, $32.58/SF, 75,200 SF, sold on 6/27/19 — Electrical Equipment Bldg–1431 Marvin Griffing Rd Marvin Griffin Comp
- 3M, $47/SF, 64,256 SF, Sold on 5/14/19, Advanced building Advanced Autoparts
- 7.4M, $16/SF, 453,708SF, Sold on 7/28/19, Keebler Facility – Marvin Griffin rd: 1550 Marvin Griffin Comp
- 650K, 11,800SF, $55/SF, Sold on 8/1/2019, 3715 Benchmark Warehouse Benchmark
- 4301 Evans To Locks, 409K SF Leased @ 3.5/SF NNN – 4301 Evans To Locks Rd Lease Comp
- 2044 Forward Augusta Dr. – 75K SF Leased at $4.00/SF – 2044 Forward Augusta Dr Lease Comp
- 1595 Columbia Hwy N- 48K Leased @ 3.30/SF/NNN 1595 Columbia Hwy N Lease Comp
- 1811Wilkinson Rd – 20K SF Leased at $1.80/SF 1811 Wilkinson Lease Comp
- 4304 Sudan Dr – 18,200SF leased to Crossfit – Sudan Dr Crossfit Comp