4221 Faber Place Drive is a 56,400 SF single tenant FDA validated sterile clean drug manufacturing facility. The Tenant is Alcami Carolinas Corporation. They provide small batch drug manufacturing and testing for drug developments. The FDA approval is extremely hard and expensive to obtain. The lease is NNN at a current in place rent of $960,000 per year ($80,000 per month). The cap rate is 5.0% for an offering price of $19,200,000. The tenant has been in the building since 1999 and has expanded twice, just completing its last 2,400 SF expansion in 2021. The current lease term commenced April 1, 2021 for a 20 year term that will expire March 31, 2041. The tenant has one five year option to renew. The rents increase every two years by the lesser of the cumulative increase in the CPI every two years or 5.5%. The next rent increase will occur on April 1, 2023.
N.Chas./Summerville outside I-526
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