HUNTER GOLDBERG Director hunter.goldberg@jll.com 216.973.4055
BRITTON BURDETTE
Senior Managing Director
britton.burdette@jll.com
404.995.2302
DENNIS MITCHELL
Senior Managing Director
dennis.mitchell@jll.com
404.797.4004
PAIGE MARLOW Vice President - Market Operations
paige.marlow@jll.com
404.942.2211
EXECUTIVE SUMMARY
THE OFFERING
Jones Lang LaSalle (“JLL”) has been exclusively retained by ownership as the sales representative for 5070 Phillip Lee Drive (“the Property”) – a 400,800 square foot distribution center strategically located in Atlanta’s infill I-20 West submarket along the Fulton Industrial Corridor, one of Atlanta’s most established and accessible industrial locations. Just 2.0 miles from I-20 and 4.0 miles from I-285, the Property offers critical access to major thoroughfares, enabling efficient last-mile delivery to consumers across the Atlanta metro and facilitating broad national distribution via its proximity to Hartsfield-Jackson International Airport.
The Property is 100% leased to Kittrich Corporation with inplace rent at $5.10 PSF (~7% below market) and 5.0 years of term remaining following a recently executed renewal. For over 46 years, Kittrich has maintained market leadership manufacturing diverse consumer products across multiple categories, including household brands such as Con-Tact® Brand – an innovative leader in decorative and self-adhesive coverings for home décor. Kittrich has maintained its tenancy for over a decade at the Property, demonstrating their commitment and underscoring the location's strategic importance to their operations.
Exceptionally positioned along the Fulton Industrial Corridor, one of Metro Atlanta's most vital industrial hubs and recognized as one of the largest concentrations of industrial and aviation activity in the Southeast, the Property provides unparalleled logistical advantages crucial for distribution, manufacturing, and supply chain operations. Furthermore, 5070 Phillip Lee Drive benefits from strong supply and demand pressures due to a shrinking supply of existing industrial space and rising tenant demand within the Atlanta MSA, presenting a rare opportunity to acquire an urban infill distribution center with substantial upside at a significant discount to replacement cost.
ADDRESS 5070 Phillip Lee Drive | Atlanta, GA RBA 400,800 SF YEAR BUILT 1965
OCCUPANCY 100%
TENANCY Kittrich, LLC WALT (AS OF 11/1/25) 5.0 Years YEAR 1 NOI (AS OF 11/1/25) $2,044,080 ($5.10 PSF)
I-20 WEST SUBMARKET
2 MILES FROM I-20
POTENTIAL TO SUBDIVIDE & MULTI-TENANT WELL BELOW REPLACEMENT COST
400,800 TOTAL SQUARE FEET IN-PLACE TERM5.0 YEARS LONG-TERM TENANCY10 YRS+ AT THE PROPERTY
DESIGN & CONSTRUCTION
• Brick on block construction
• Front-load configuration
» 48 dock-high doors (9’ x 10’)
» 2 ramped drive-in doors (26’ x 20’)
• 19’ clear height in production area and 22’ – 23’ clear height in warehouse
• 160’ – 180’ truck court
• Mechanically attached 45-mil TPO roof (227,000k SF) installed in 2015 & built-up roofing (BUR) system with aggregate surface (173,800 SF) installed in 2000
• 1,395.2’ x 320.9’ building depth (at widest point)
» column spacing varies
• Wet sprinkler system
• LED lights
• 187 auto spaces
• Ability to be rail-served (currently not in use)
TENANCY
• 100% leased to Kittrich Corporation
» 5.0 years of term remaining
» In-place rent 7.3% below market
» Long-term tenure with 10+ years at the Property
» A leading manufacturer of merchandise across a variety of consumer products
◊ Privately held corporation with over 46 years of experience
◊ 1M SF of production and warehouse space across 3 distribution facilities in the U.S.
• Infill location with exceptional accessibility to Atlanta’s interstates and the greater Atlanta metro area
» Access to high quality, growing labor force via Atlanta MSA
» 6th largest metropolitan area in the U.S.
• Access to major throughfares
» 2.0 miles to I-20
» 2.9 miles to I-75/I-85
» 4.0 miles to I-285
• Atlanta serves as a pivotal logistics hub for the Southeast and U.S.
» 2 Class A railroads – CSX and Norfolk Southern
» Products in Georgia can reach 80% of Americans within a 2-day drive
» 13.3 miles from Hartsfield Jackson International Airport – the world’s busiest airport
◊ Serves 275,000 passengers daily
» Access to the Port of Savannah (~220 miles)
» Connectivity to dense population centers of the Florida Markets
FULTON INDUSTRIAL CORRIDOR
• The Fulton Industrial Corridor is a cornerstone of Atlanta's industrial landscape
» Encompasses over 55M SF of industrial space, representing one of the largest concentrations in the Southeast and a third of all industrial space in Fulton County
» Home to over 1,000 businesses and a significant employer base in manufacturing, wholesale trade, and transportation/warehousing
» Strategically located near Hartsfield-Jackson Atlanta International Airport and intermodal rail facilities CSX and Norfolk Southern
» Fortune 100 companies like Amazon, UPS, Coca-Cola, and Pepsi have operations within the corridor
PHILLIP LEE DRIVE
SIGNIFICANT DISCOUNT TO REPLACEMENT COST
Rising construction costs, soaring land values and increasing demand for adaptive reuse are driving up replacement costs for urban infill industrial properties, while land scarcity further discourages new construction.
DIMINISHING COMPLETING PRODUCT
Elimination and movement to higher and better use of obsolete products has increased demand for the functional industrial supply that remains near the urban core, such as 5070 Phillip Lee Drive. Additionally, upward pressure on rental rates continues within the Perimeter as industrial product further diminishes, which pushes users further out to bordering infill areas such as I-20 West’s infill submarket where the Property is located.
ATLANTA
BUCKHEAD
DOWNTOWN
MIDTOWN
HARTSFIELD-JACKSON
ATLANTA INT'L AIRPORT
PHILLIP LEE DRIVE
THE TENANT
COMPANY KITTRICH CORPORATION
FOUNDED 1978
HEADQUARTERS PAMONA, CA
WEBSITE KITTRICH.COM
Kittrich Corporation has established a global presence in products for the home including housewares, yard goods, stationery, and writing instruments, window fashions, organic bath products and pest control.
Significant investments in high tech, high speed-manufacturing equipment and complementary strategic long term relationships with overseas partners allows Kittrich to be a reliable, quality, prime manufacturer that leads the industry in several product categories.
• 1M+ SF of production and warehousing across three U.S. facilities, including 5070 Phillip Lee, enabling large-scale operations and efficient distribution
• Operating for over 46 years with consistent growth and a strong financial profile (
• Annual revenue estimated at $75M–$88M
• Extensive portfolio across multiple consumer categories, from housewares to eco-friendly cleaning products
• Holds 37 patents and earned Green Seal certifications for household cleaning products, including first-ever certifications for dish soap and wood cleaner
THE OPERATION
TENANT KITTRICH, LLC
FEET 400,800
EXPIRATION OCt-30
Vantage Industries, a brand of Kittrich Corporation, manufactures PVC coated polyester substrates which is used in a variety of commercial and residential applications. Vantage is the largest American manufacturer of high tech non-slip underlay products.
Vantage is the largest American-based manufacturer of high tech non-slip products including rug pads, Industrial liners, house wares, automotive, laminate underlayment, landscape, bath mats, shower mats, health & fitness mats and much more.
• Kittrich, LLC has leased the Property for over 10 years and recently signed a 5-year extension
PROPERTY OVERVIEW
PROPERTY SPECIFICATONS
ADDRESS 5070 Phillip Lee Drive | Atlanta | Georgia
- TPO 45 mil roof with 40 new skylights (227,000 SF)
ROOF
- Built-up roofing (BUR) system with aggregate surface (173,800 SF)
DOCK-HIGH DOORS 48
RAMPED DRIVE-IN DOORS 2
DOCK EQUIPMENT XXXX
BUILDING DIMENSIONS
1,395.2’ x 320.9’ building depth (at widest point)
TRUCK COURT DEPTH 160' and 180'
AUTO PARKING 187
COLUMN SPACING Varies
SLAB
ELECTRICAL
Concrete slab-on-grade with perimeter and interior footings under load bearing structures
Three services include (1) 300 amp 480Y/277 volt & (2) 2,000 amp 480Y/277 volt
FIRE PREVENTION Wet sprinkler system
LIGHTING LED
MARKET OVERVIEW
ATLANTA INDUSTRIAL MARKET
Market Overview | Q2 2025 2024 - 2025 National Rankings
• Average asking rents increased to $7.05 PSF in Q2 2025, reflecting 51% growth from 2019 ($4.64), while our underwriting assumption of $6.65 PSF remains conservative relative to current market rates
» 10.7% increase on average since 2021
• Robust leasing activity with 8.9 MSF signed in Q2 and 19.4 MSF YTD
» 71.2 % representing new leases, signaling continued strong market interest
• Average vacancy of 6.5% since 2021
• Under construction volumes have decreased 48.6% YoY to just 9.7M SF (down from Atlanta’s 5-year average of 28.2M SF), reducing potential competitive inventory and positioning existing buildings for premium value
Annual Leasing Volume Reach 3rd Largest Volume on Record
I-20 WEST SUBMARKET
MARKET OVERVIEW | Q2 2025
• Positive absorption of 837,138 SF in Q2
» Strongest quarter since Q3 2023 – driven by large occupancies and minimal move-outs
• The submarket continues to draw demand
» Popular with logistics providers due to its immediate access to Atlanta’s major transportation arteries
• Vacancy rates have stabilized and are expected to decline
» Construction has dropped significantly, with less than 1M SF underway for the first time since 2015
532,526
s.f. (millions) Under
5070
PHILLIP LEE DRIVE
WHY ATLANTA: EPICENTER OF THE SOUTHEAST
DEMOGRAPHICS
Atlanta has consistently grown by roughly 80,000 people per year. With no signs of slowing, the metro is expected to exceed 8.6 million people by 2050.
Best Place to Live in the U.S. 2022-2023
Source: Money Magazine
Best State for Doing Business, eight consecutive years
Source: Site Selection Magazine
Busiest Airport in the World, both number of passengers and number of flights
1000 headquarters Source: Metro Atlanta Chamber
Source: Money Magazine Metro in the nation for the most net migration
Source: Metro Atlanta Chamber
POPULATION GROWTH
Not only is Atlanta in the top 10 markets for absolute net migration, the pace of growth is the 4th highest in the nation, and we expect to keep up that momentum. the
THE NEXT 30 YEARS
ALL ROADS LEAD TO ATLANTA
Interstate connectivity: Atlanta sits at the intersection of three major interstates, serving as a major logistics hub for the Southeast and U.S.
• Georgia’s six U.S. interstates include two major transcontinental interstates (I-95 and I-75) and provide 1,200 miles of interstate highway
• 20,000+ miles of state and federal highway
• Georgia products can reach 80% of Americans within a 2-day drive
• $14 billion of approved funding for new roadways on trucking routes
ATLANTA’S
First airport worldwide to hit 100M passengers in one year
of U.S. population within a 2-hour flight The airport generates almost $35B for the metro Atlanta economy World’s most efficient airport for 17 consecutive years by
INTERNATIONAL AIRPORT Serving an average of 275,000 passengers daily World’s busiest airport in passengers, 22 of 23 years since 1998
and the
FINANCIAL OVERVIEW
FINANCIAL ASSUMPTIONS
CASH FLOW
EXISTING RENT AND ROLLOVER SCHEDULE
LEASE ABSTRACT
Tenant Kittrich, LLC
Commencement Date
Expiration
April 1st, 2015
October 31st, 2030
LANDLORD RESPONSIBILITIES
Landlord shall, at its sole cost and expense (except as otherwise provided herein), maintain, repair, and replace the following components of the Project, keeping them in good repair, reasonable wear and tear and casualty losses excepted: Landlord shall be responsible for maintaining the foundation, roof structure, roof membrane (excluding preventive and routine maintenance, exterior and interior load-bearing walls, and under-slab utilities and drains. The term "walls" as used herein shall not include windows, glass or plate glass, doors or overhead doors, storefronts, dock bumpers, dock doors, dock plates or levelers, or office entries. Landlord shall also be responsible for the replacement (but not repair or routine maintenance) of major components of the mechanical and utility systems serving the Premises up to the point of connection to the Premises, unless such replacement is necessitated by Tenant’s negligence, misuse, or failure to maintain the systems in accordance with industry standards. This includes, but is not limited to, heating, ventilation, and air conditioning ("HVAC"), lighting, electrical, plumbing, gas, water supply, sanitary and storm sewer systems, sprinkler systems, exterior telephone and communication lines, and underground or overhead electrical supply. Landlord shall be responsible for replacement only of parking lot and fencing and shall not be responsible for the maintenance and repair of same.
TENANT RESPONSIBILITIES
Throughout the remainder of the Lease Term and the Extended Period, Tenant, at its sole cost and expense, shall be responsible for the maintenance, repair, and replacement of all portions of the Premises not expressly stated herein as the Landlord’s responsibility including but not limited to the parking lot and fencing. Tenant shall keep the Premises in a clean, safe, and orderly condition and shall maintain all interior and exterior non-structural elements, including but not limited to: Tenant shall be responsible for the maintenance, repair, and replacement of windows, glass, plate glass, doors and overhead doors, door hardware, dock doors, dock bumpers, dock plates and levelers, flooring, fencing, sidewalks, loading areas, parking areas, and interior walls and partitions. Tenant shall also be responsible for all repairs, maintenance, and replacements of lighting, electrical, plumbing lines, fixtures, equipment, and other utility systems located within the Premises. This includes, but is not limited to, replacing light bulbs, ballasts, furnace filters, belts, A/C refrigerant, fuses, and circuit breakers.
HVAC MAINTENANCE
Tenant shall, at its sole cost, enter into and maintain a maintenance service contract, reasonably acceptable to Landlord, with a contractor reasonably approved by Landlord for the regular servicing, maintenance, and repair of the HVAC system. If Tenant fails to provide such contract, Landlord may obtain such service at Tenant’s expense.
Landlord shall be responsible for any repairs or replacement of the HVAC systems above $500 per unit, per year, except that if Landlord installs a new unit either pursuant to this paragraph or the Construction Rider, Landlord shall have no further responsibility for the repair of such unit. In the event that an HVAC unit installed by the Landlord pursuant to this paragraph or the Construction Rider requires replacement during the Term, the Tenant shall bear the cost of replacement unless Tenant evidences that it has maintained annual HVAC contracts as required herein.
OPERATING EXPENSES
All costs of operating, servicing, administering, repairing and maintaining the Project (excluding costs paid directly by Tenant and other Tenants in the Project or otherwise reimbursable to Landlord), the landscaping of Common Areas of the Project and the parking lot contiguous to the Project if Tenant is not paying any parking fees. All costs of operating, servicing, administering, repairing and maintaining the Project include any reasonable and necessary costs of operation, maintenance and repair.
Tenant shall pay Tenant's Percentage Share of the Operating Expenses paid or incurred by Landlord in such year and Tenant's Percentage Share of the Taxes and Insurance paid or incurred by Landlord in such year ("Operating Expenses Rent"). In addition to Operating Expenses Rent, Tenant shall also pay to Landlord an administrative charge equal to 10% of the Operating Expenses Rent which is included in the Calculation of Operating Expense as provided.
CAP ON CONTROLLABLE EXPENSES
Operating Expenses, including but not in any way limited to the costs of painting and fencing, (except for Uncontrollable Costs, as hereinafter defined) shall be deemed not to increase by more than five percent (5%) from one calendar year to the next calendar year, regardless of any actual increase in Operating Expenses.
The foregoing provisions of this Paragraph notwithstanding, all utility costs and expenses, including, without limitation, those for real estate taxes and any other taxes levied against the Premises, insurance premiums, utilities, security, snow and ice removal, parking lot repairs and any other Operating Expense that is not under the reasonable control of Landlord, (all of the foregoing herein collectively referred to as “Uncontrollable Costs”) shall not be subject to any limitation or cap.
RENEWAL OPTIONS
Tenant shall have the option (the ”Renewal Option”) to extend the Term of this Lease for one (1) additional term of three (3) Lease Years (the "Renewal Term"), upon the same terms and conditions as set forth in the Lease except that Base Rent during the Renewal Term shall be the lesser of a three percent (3%) increase above the Base Rent for the month immediately preceding the Renewal Term or then-prevailing Fair Market Value Rent as such term “Fair Market Value Rent” is further defined herein.
Tenant shall exercise the foregoing option to extend this Lease for the Renewal Term by providing written notice to Landlord (the "Tenant Renewal Notice") no later than twelve (12) months prior to the expiration of the Extended Period, as applicable, time being of the essence.
JIM FREEMAN
Managing Director jim.freeman@jll.com 404.995.2399
PRIMARY CONTACTS DENNIS MITCHELL Senior Managing Director dennis.mitchell@jll.com 404.797.4004
MAGGIE DOMINGUEZ Managing Director maggie.dominguez@jll.com 678.378.4593
DEBT + STRUCTURED FINANCE
BOBBY NORWOOD
Managing Director bobby.norwood@jll.com
404.460.1652
DEAL SUPPORT
HANNAH L. PENNINGTON
Assocaite hannah.pennington@jll.com 470.367.6370
HUNTER GOLDBERG Director hunter.goldberg@jll.com 216.973.4055
PAIGE MARLOW Vice President - Market Operations paige.marlow@jll.com 404.942.2211
LEASING CONTACTS
BRAD POPE Executive Managing Director brad.pope@jll.com 404.995.2261
