OFFERING MEMORANDUM Value Add Opportunity

Transcription

1 OFFERING MEMORANDUM Value Add Opportunity Fauntleroy Square 6413 Fauntleroy Way Seattle, Washington Independently Owned and Operated A Member of the Cushman & Wakefield Alliance GREG MILLERD Director (206) greg.millerd@comre.com

2 Sale Process Cushman & Wakefield Commerce and Ten-X will conduct an online sale process for the Property on in accordance with the Participation Terms (available for review in the Property s Ten-X online due diligence vault). This is not an online auction for the Property, but rather part of Ten-X s recently launched Offer Select platform, which allows buyers and sellers to negotiate purchase and sale terms for the Property (such as having a due diligence inspection period and refundable deposit). Due Diligence Materials Due diligence materials are available to prospective buyers via an online due diligence vault hosted by Prospective buyers will be required to: 1) set up a Ten-X.com account (at no-cost) and 2) execute an online confidentiality agreement to gain access to the online due diligence vault of information. also reserves the right to reject any and all offers. The Property is offered in an as-is condition without representation or warranties, expressed or implied, as to physical condition, expenses of operation, future net income, zoning or other matters affecting the value or use of the Property. For property questions please contact: For Ten-x questions please contact: Greg Millerd Thatcher Milholland Cushman & Wakefield Commerce Ten-X (206) (206) greg.millerd@comre.com tmilholland@ten-x.com Online Call for Offers Date During the marketing period for the Property, Cushman & Wakefield Commerce may set a Call for Offers Date that you will be notified about via . On or before this to-be-determined date, please submit an offer for the Property on the Property s web page via the Create Offer button. Your offer to the Seller via Ten-X may consist of the following terms: 1) Purchase Price 2) Due Diligence Period 3) Closing Period 4) Deposit Amount 5) Financing Contingency 6) Due Diligence Contingency After receipt of the above terms, the Seller will have the option of accepting your offer, providing further guidance on any of the above terms, or rejecting your offer. If guidance is provided by the Seller, you will have the option of accepting those terms, providing further guidance back to the Seller, or declining the newly suggested terms. This process may continue until you, or another buyer, and the Seller agree to terms. Seller reserves the right to negotiate with any party on an exclusive basis at any time. Seller TEN-X IMPORTANT DATES Call for Offers December 15, 2016 Tour Dates: Tour Date #1 December 6, 2016 Tour Date #2 December 13, 2016 Offering Memorandum 2

3 TABLE OF CONTENTS EXECUTIVE SUMMARY FINANCIALS MARKET OVERVIEW EXHIBITS Property Summary...5 Rent Roll...10 Puget Sound Overview...12 Tenant Descriptions...16 Property Description...6 Lease Assumptions...10 Medical Office Overview...13 Local Demographics...17 Retail Map...8 Financial Model...11 Comparable Property Sales...14 Property Photos...9 Comparable Property Leased Space...15 Comparable Property Avilable Space Offering Memorandum 3

4 EXECUTIVE SUMMARY Cushman & Wakefield Commerce, as exclusive agent, is pleased to offer for sale Fauntleroy Square, 6413 Fauntleroy Way ( Property ), as a well-established 12,016 square foot retail/office building located within the vibrant West Seattle neighborhood of Seattle, Washington. The property provides an investor with a compelling opportunity to acquire a stabilized asset with substantial rent growth opportunity on re-tenanting. In addition to the benefits of owning in the dynamic Puget Sound region, Fauntleroy Square offers: Well Configured Core Fauntleroy Square was built to take advantage of the need for local retail and office/professional space. Suites range in size from 720 to 2,400 square feet allowing for a diverse mix of professional service providers and retail operators. The building suites could be further demised or aggregated, depending on the investor s preferences and market demand. The mix of short and longer term leases allow an investor the stability of cash flow while devising a repositioning strategy. bus, water taxi, and other means. The neighborhood, located approximately 15 minutes west of downtown Seattle, has been a magnet for young urban tech professionals migrating in pursuit of opportunities present at Amazon, Facebook, Google and other tech firms expanding in the region, Value Add Opportunity Currently fully leased, the Property offers an opportunistic investor the opportunity to reposition the building and significantly increase NNN rental rates. Current ownership has maintained the building structure commensurate with market standards, but has chosen to manage for cash flow and defer capital investments, such as cohesive signage, repainting and tenant improvements. The property s average gross rent is $17.50 per square foot, while comparable available spaces in the area are $ Given the location, market rental rates, and dynamic growth of the Puget Sound area, there is a near and long term opportunity for substantial value creation. Central Location, Vibrant Community - Fauntleroy Square is located within the City of Seattle s Morgan Junction Urban Village, a subarea of West Seattle. Seattle s urban villages are part of the City s plan to address and accommodate population growth in the region. This property is walking distance for a significant population, many of who commute to Seattle via Offering Memorandum 4

5 Property Summary Fauntleroy Square is located within West Seattle, a vibrant incity neighborhood approximately 15 minutes by car from downtown Seattle. A neighborhood valued for walkable streets, local amenities, and easy access to the vibrancy of Seattle, West Seattle has become one of the in-demand submarkets for the region s burgeoning tech community. The building is located on Fauntleroy Way (a major arterial connecting the neighborhood to Seattle) at California nue (a major North-South community connector). Built in 1949 and renovated in 1986, the 12,016 square foot building sites on a lot of approximately 13, 277 square feet. The building has been well maintained, but offers upside for new architectural treatment. The mix of tenants has been extremely stable over the current ownership s tenure. Property Name Fauntleroy Square Property Address 6413 Fauntleroy Way, Seattle, Washington Property Type Two-story class B retail/office building Zoning NC3-30, Urban Village Designation Rentable Area 12,016 SF Year Built 1949; renovated 1986 Structure Wood framing with wood siding Number of Suites 9 total suites Lot Size 13,277 SF Parking 20 on site parking spaces plus street parking Occupancy 100% Expected 2016 NOI $171,010 Offering Memorandum 5

6 EXECUTIVE SUMMARY Property Description Jurisdiction Seattle County King Parcel Number Site Area 13,277 SF Zoning NC3-30 Foundation / Substructure Concrete slab-on-grade with perimeter and interior footings under load bearing structures Superstructure Conventional wood-framing Façade Wood siding S. 348th St Roof Type - Windows Aluminum frame dual glaze Number of Suites 9 Parking Space Count 20 ADA-Designated Parking Count 2 Fire Suppression Wet-pipe sprinkler system Fire Alarm Central system with outside dialer Flood Zone Zone 2 Seismic Zone Zone 3 Offering Memorandum 6

7 @ Keyport Naval 303 East Park Naval 4 Naval Supply Center Fort Lawton Military Reserve Shoreline?@ 99 Seattle Kenmore Kingsgate Inglewood-Finn Hill Kirkland Bellevue Sammamish Mercer SITE Island White Center Burien 5?@ 509?@ 518?@ 599 SeaTac?@ 520?@ East Renton Renton Highlands Cottage Lake Redmond Union Hill-Novelty Hill 90?@ 16 Vashon Puget Sound ?@ 509?@ 99 Des Moines 5 Kent?@ 167 Lakeland North Federal Way Lakeland South East Hill-Meridian Covington Lea Hill Auburn?@ 18 Maple Valley?@ 169 Offering Memorandum 7

8 50th EXECUTIVE SUMMARY Retail Map Juneau St Ken 46th 45th 44th Raymond St Atlas Pl 49th 47th 42nd 39th 32nd Grah Beach Dr Morgan St Graham St Eddy St Marshall Beveridge Pl Holly Pl Beveridge Pl California Graham St SITE 41st Fauntleroy Way 40th 37th Morgan St 36th 35th 31st M t d Holly Ct Lincoln 48th Murray Seaview Ter 47th Pl Maple Way Holly St Mills St Frontenac St Gatewood Elementary Parshall Pl He ights 38th Warsaw St Willow St 34th Holly St High Point Elementary Park W Offering Memorandum 8 Myrtle St W

9 Property Photos Offering Memorandum 9

10 FINANCIALS RENT ROLL & LEASE ASSUMPTIONS Tenant Name Suite Tenant Size (SF) Term Lease Expiration Date Start 2017 Monthly Rent Starting Amount 2017 Annual Rent Amount NNN Monthly Escalation Provision 2017 NNN (PSF) 2017 Gross Rent (PSF) Options Notes Sound Association ,150 5 Yr. 12/31/2016 $1, $18, $ Scheduled $16.41 $21.45 $1, on Jan Conscious Choice Chiropractor ,340 5 Yr. 4/30/2020 $1, $17, $ Scheduled $12.99 $13.45 Two for 3 yrs. $1, May 2017 Alki Tours 6417A 2,402 M-to-M Owner $2, $33, $1, CPI $14.00 $19.56 Part owner of the real estate, willing to sign lease upon closing (2 yrs. at $14/SF) Puget Sound Driving School 6417B Yr. 10/31/2020 $ $9, $ Scheduled $12.77 $17.72 One for 2 yrs. $ on 11/1/2016 Allstate Insurance 6417C Yr. 11/30/2017 $ $11, $ Scheduled $12.80 $18.63 One for 3 yrs. then one for 2 yrs. $999 on 12/1/2016 Hiit Lab 6417D 1,742 6 Yr. 12/31/2021 $ $11, $ Scheduled $6.38 $12.32 $927 on 1/1/2017 Cuddle Club 6417F Yr. Ext. 2/28/2018 $ $8, $ Scheduled $11.91 $18.02 See Lease Extension $695 on 3/1/2017 Bolsa Nails ,745 5 Yr. 9/30/2018 $2, $28, $ Scheduled $16.09 $21.42 Two for 3 yrs. $2, on 10/1/2017 Merry Maids ,900 5 Yr. 6/30/2020 $1, $18, $ Scheduled $9.56 $14.63 One for 5 yrs. $1, on 7/1/2017 Total 12,635 rage per SqFt $12.55 $17.47 New Renewal Base Rent NNN $20.00 $17.00 TIs $12.00 $6.00 Commissions 6% 4% Abatement 3 mos. 0 mos. Renewal Probability 30% 70% Lease Terms 5 years 5 years Downtime 6 mos. 0 mos. Rent Bumps 3% 3% OPEX NNN NNN General Inflation 3% 3% Offering Credit/Vacancy Memorandum Loss 10 5% 5%

11 Financial Model Current Occupancy: 100.0% FAUNTLEROY SQUARE rage Occupancy: 99.4% 96.2% 96.8% 93.3% 100.0% 97.7% 96.7% 95.7% 94.2% 99.1% 97.7% Rent (Blended NNN): $13.78 PSF $15.67 PSF $16.44 PSF $18.49 PSF $18.31 PSF $21.56 PSF $22.43 PSF $23.42 PSF $24.47 PSF $23.94 PSF $24.99 PSF Annual Rent Growth: % 4.9% 12.5% -1.0% 17.7% 4.0% 4.4% 4.5% -2.2% 4.4% Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Fiscal Year Ending Yr. 1 PSF Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Dec-2025 Dec-2026 Dec-2027 Income: Minimum Rent $13.70 PSF $173,059 $190,389 $201,151 $217,909 $231,380 $266,192 $273,976 $283,146 $291,236 $299,550 $308,445 Lag Vacancy $0.12 PSF ($1,560) ($10,001) ($8,494) ($14,807) ($6,732) ($9,984) ($13,424) ($14,124) ($3,131) ($7,804) Free Rent $0.00 PSF ($11,421) ($18,732) ($18,275) ($4,052) ($10,097) ($9,767) ($25,502) ($19,381) ($6,502) ($11,706) Total Minimum Rent $13.57 PSF $171,499 $168,967 $173,925 $184,827 $227,328 $249,363 $254,225 $244,220 $257,731 $289,917 $288,935 Expense Reimbursement Revenue $0.00 PSF $78,960 $78,232 $81,094 $80,696 $90,108 $91,344 $93,089 $94,373 $95,874 $104,438 $105,888 Total Potential Gross Revenue $19.82 PSF $250,459 $247,199 $255,019 $265,523 $317,436 $340,707 $347,314 $338,593 $353,605 $394,355 $394,823 General Vacancy $0.00 PSF $0 ($2,859) ($4,682) ($15,872) ($10,640) ($7,881) ($4,177) ($4,262) ($16,743) ($12,327) Effective Gross Revenue $19.82 PSF $250,459 $244,340 $250,337 $265,523 $301,564 $330,067 $339,433 $334,416 $349,343 $377,612 $382,496 Operating Expenses: Management Fee $0.69 PSF $8,766 $8,552 $8,762 $9,293 $10,555 $11,552 $11,880 $11,705 $12,227 $13,216 $13,387 Insurance $0.58 PSF $7,319 $7,539 $7,765 $7,998 $8,238 $8,485 $8,740 $9,002 $9,272 $9,550 $9,837 Property Taxes $1.57 PSF $19,889 $20,485 $21,100 $21,733 $22,385 $23,056 $23,748 $24,461 $25,194 $25,950 $26,729 Repairs & Maintenance $2.25 PSF $28,447 $29,300 $30,179 $31,084 $32,017 $32,977 $33,967 $34,986 $36,035 $37,116 $38,230 Utilities $1.19 PSF $15,028 $15,478 $15,943 $16,421 $16,914 $17,421 $17,944 $18,482 $19,036 $19,608 $20,196 Total Operating Expenses $6.29 PSF $79,449 $81,354 $83,749 $86,529 $90,109 $93,491 $96,279 $98,636 $101,764 $105,440 $108,379 Net Operating Income $13.53 PSF $171,010 $162,986 $166,588 $178,994 $211,455 $236,576 $243,154 $235,780 $247,579 $272,172 $274,117 Cap Rate 5.34% 5.09% 5.21% 5.59% 6.61% 7.39% 7.60% 7.37% 7.74% 8.51% 8.57% Capital Expenditures: Tenant Improvements $0.00 PSF $27,163 $19,877 $21,223 $6,321 $15,752 $15,238 $39,782 $24,603 $7,328 Leasing Commissions $0.00 PSF $16,209 $11,861 $17,013 $3,772 $9,399 $9,092 $23,739 $19,722 $4,373 Capital Items/Reserve ($0.15) PSF $1,895 $1,952 $2,011 $2,071 $2,133 $2,197 $2,263 $2,331 $2,401 $2,473 Total Capital Expenditures ($0.15) PSF $1,895 $45,324 $33,749 $40,307 $12,226 $27,348 $26,593 $65,852 $46,726 $14,174 Cash Flow Before Debt $13.38 PSF $169,115 $117,662 $132,839 $138,687 $199,229 $209,228 $216,561 $169,928 $200,853 $257,998 CFBD / Purchase Price 5.28% 3.68% 4.15% 4.33% 6.23% 6.54% 6.77% 5.31% 6.28% 8.06% Annual Debt Service ($156,018) ($135,218) ($135,218) ($135,218) ($135,218) ($135,218) ($135,218) ($135,218) ($135,218) ($135,218) Cash Flow After Debt $13,097 ($17,556) ($2,379) $3,469 $64,011 $74,010 $81,343 $34,710 $65,635 $122,780 CFAD / Equity 0.00% 1.17% -1.57% -0.21% 0.31% 5.72% 6.61% 7.26% 3.10% 5.86% 10.96% All Cash IRR: - 3 Year 2.36% Residual Value: 3rd Year Residual Value: 5th Year Acquisition Price: $3,200,000 $253 PSF Leveraged IRR: - 3 Year -1.69% Cap 4th Year's 5.84% $3,062,835 Cap 6th Year's 5.84% $4,048,143 Capital Improvements: $0 $0 PSF All Cash IRR: - 5 Year 8.72% Less Selling 2.00% ($61,257) Less Selling 2.00% ($80,963) Year 1-2 TI's, LC's & Res: $0 $0 PSF Leveraged IRR: - 5 Year 14.55% Residual In Year 3: $238 PSF $3,001,578 Residual In Year 5: $314 PSF $3,967,180 Total Acquisition Costs: $3,200,000 $253 PSF All Cash IRR: - 7 Year 7.81% Ending Loan Balance: ($2,032,259) Ending Loan Balance: ($1,930,481) Loan Amount: $2,080,000 65% LTV Leveraged IRR: - 7 Year 12.13% Net Residual In Year 3: $77 PSF $969,319 Net Residual In Year 5: $161 PSF $2,036,699 Initial Equity: $1,120,000 35% LTV All Cash IRR: - 10 Year 8.40% Interest Rate: 4.25% Leveraged IRR: - 10 Year 12.65% Residual Value: 7th Year Residual Value: 10th Year Amortization: 25 Years Cap 8th Year's 5.84% $4,034,522 Cap 11th Year's 5.84% $4,690,521 Loan Fee 1.00% Cash-on-Cash - 3 Yr. Avg % Less Selling 2.00% ($80,690) Less Selling 2.00% ($93,810) Monthly Payment: $11,268 Cash-on-Cash - 5 Yr. Avg. 1.08% Residual In Year 7: $313 PSF $3,953,832 Residual In Year 10: $364 PSF $4,596,711 Annual Payment: $135,218 Cash-on-Cash - 7 Yr. Avg. 2.76% Ending Loan Balance: ($1,819,691) Ending Loan Balance: ($1,634,841) Net Rentable Area: 12,635 SF Cash-on-Cash - 10 Yr. Avg. 3.92% Net Residual In Year 7: $169 PSF $2,134,141 Net Residual In Year 10: $234 PSF $2,961,870 Pricing Matrix (all IRR's include Yr. 1-2 TI's and LC's) Price Price PSF Year 1 Cap Rate Year 2 Cap Rate Year 3 Cap Rate 3 Year Avg. Cash-on-Cash 5 Year Avg. Cash-on-Cash 5 Year All Cash IRR 5 Year Leveraged IRR 7 Year All Cash IRR 7 Year Leveraged IRR 10 Year All Cash IRR 10 Year Leveraged IRR $3,100,000 $ % 5.26% 5.37% 0.20% 1.52% 9.48% 16.17% 8.37% 13.28% 8.81% 13.43% $3,150,000 $ % 5.17% 5.29% -0.01% 1.30% 9.10% 15.35% 8.09% 12.70% 8.60% 13.04% $3,200,000 $ % 5.09% 5.21% -0.20% 1.08% 8.72% 14.55% 7.81% 12.13% 8.40% 12.65% $3,250,000 $ % 5.01% 5.13% -0.40% 0.87% 8.36% 13.74% 7.54% 11.56% 8.20% 12.27% $3,300,000 $ % 4.94% 5.05% -0.58% 0.67% 8.00% 12.95% 7.28% 11.00% 8.00% 11.89% Offering Memorandum 11

12 MARKET OVERVIEW Puget Sound Overview Located in Washington State between Puget Sound and the Cascade Mountain Range, the Seattle-Tacoma- Bellevue Metropolitan Statistical Area (Seattle MSA) is the 15th largest MSA in the United States with an estimated 2013 population of approximately 3.6 million. Comprised of King, Snohomish and Pierce Counties, the Seattle MSA is the primary economic and cultural center of the Pacific Northwest. The Seattle MSA is known for its natural beauty and abundant recreational opportunities. Elevation ranges from sea-level along Puget Sound to more than 6,000 feet along the eastern border of the Cascades. Mount Rainier, the highest point in Washington State at 14,411 feet, is located approximately 50 miles to the Southeast of Seattle and provides an iconic backdrop to the Seattle and Tacoma skylines. Set amidst the stunning beauty of the Pacific Northwest, the Greater Seattle area is a world-class business location. It is an international center for manufacturing, high technology industries, aerospace services, international trade and tourism, and many more companies at the cutting edge of innovation. Many large companies choose to locate their headquarters in Seattle because of its international reputation for business quality. The Seattle area is known for its strong business climate and skilled workforce. Expansion Management magazine named Seattle the third-best place in America to expand or relocate a business. Several factors contribute to the region s thriving business community, from its entrepreneurial spirit to the education levels and skill sets of its workforce. The region accommodates every major industry, making its workforce one of the most qualified and diverse in the country. Many of today s business leaders center their businesses in the Seattle region. Offering Memorandum 12

13 MARKET OVERVIEW Comparable Property Sales Property Address Square Feet Date of Sale Sale Price Price per SF 2516 Alki Seattle, WA 6,812 SF 1/14/2015 $3,397,650 $ California Seattle, WA 3,656 SF 5/30/2014 $960,000 $ Alki California Seattle, WA 7,627 1/6/2015 $1,750,000 $ Fauntleroy Way Seattle, WA 7,000 12/4/2013 $2,560,000 $ California 4441 Fauntleroy Way SE Seattle, WA 6,848 6/17/2014 $2,135,000 $ SUBJECT: 6413 Fauntleroy Way Seattle, WA 12,016 - $3,195,000 $ Fauntleroy Way Offering Memorandum 13

14 Comparable Property Leased Space Property Name & Address Date Size Term NNN Rate Increases TI s 3426 California 7/2/2016 2,332 SF N/A $19.80 NNN 3% N/A 4130 California 3/4/2016 1,432 SF N/A $22.33 NNN 3% N/A th 10/ N/A $22.00 NNN 3% N/A Comparable Property Available Space Property Name & Address Property Size Available Space Asking Rate 3511 Alaska St 8,000 SF 1,000 SF $26.34 NNN 3280 California 5,644 SF 1,000 SF $26.00 NNN 5432 California 4,742 SF 2,473 SF $33.00 FS 6521 California 28,463 SF 1,066 SF $24.00 NNN Offering Memorandum 14

15 EXHIBITS Tenant Descriptions Sound Associates offers personalized hearing care that includes diagnostic evaluations, education and rehabilitation tools to ensure the right hearing solutions are provided. Conscious Choice Chiropractic has made the decision to be a leader in educating our community members on the benefits of chiropractic care, and leading a healthy lifestyle. Alki Tours is a travel agency that serves area residents and professional organizations. Puget Sound Driving Academy provides beginning drivers of all ages with the skills and technique s to become safe defensive drivers. Preferred Orthotic and Prosthetic Services, Inc. has provided innovative and intuitive orthotic and prosthetic care to Puget Sound communities. All-State Insurance- Phillip Plenkovich works as a personal financial representative at this West Seattle location. HIIT Lab is a Seattle are gym that provides clients with high intensity interval training. Cuddle Club offers massages, reiki and other related services. Bolsa Nail Salon offers manicures, pedicures and other personal esthetician services. Merry Maids is a locally owned and operated business with 29 years of experience, with a team consists of 17 highly trained staff members who are dedicated to creating clean indoor environments that meet their clients high standards. Offering Memorandum 15

16 39th 28th ane St 12th Fairview N Broadway 23rd 30th 1st N 16th 42nd S 5th N 9th 1st S Eastlake E 8th S Broadway E ess Rd 50th S Southcent Local Demographics 1 Mile 2 Mile 3 Mile 15 Min. Drive Time Population Summary 2016 Total Population 22,977 60,329 95, , Group Quarters Total Ppoulation 25,378 65, , ,522 Household Summary 2016 Families 5,236 13,915 22,020 67, rage Family Families 5,741 15,037 23,787 39, rage Family Housing Unit Summary 2016 Housing Units 10,726 28,115 44,457 73,287 Owner Occupied 52.2% 55.1% 54.2% 50.4% Renter Occupied 47.2% 39.3% 39.2% 42.3% 2021 Housing Units 11,659 30,229 47,762 78,414 Owner Occupied 52.0% 54.8% 53.9% 50.2% Renter Occupied 43.3% 39.9% 39.8% 42.8% Median Houshold Income 2016 $68,993 $72,759 $71,296 $62, $79,452 $82,255 $80,764 $72,192 Median Home Value 2016 $457,872 $418,549 $421,680 $387, $463,578 $426,269 $430,242 $396,822 Median Age Population by Sex Males 10,861 28,988 45,948 82,714 Females 12,116 31,341 49,199 82, Population by Sex Males 12,046 31,604 50,014 89,172 Females 13,332 34,010 53,329 89, Population 25+ by Educational Attainment Total 16,620 43,967 69, ,513 High School Graduate 12.60% 12.00% 12.20% 14.30% Associate Degree 9.5% 9.7% 9.6% 9.0% Bachelor's Degree 32.3% 32.6% 31.8% 27.1% Graduate/Professional 17.7% 16.2% 16.0% 13.3% Offering Memorandum 16 3 mi. Seattle to Bainbridge Island 2 mi. Puget Sound Fauntleroy to Southworth Fauntleroy to Vashon Seattle to Vashon Alki Beach Dr Ad miral W ay Miles 1 mi. Kingston to Downtown Seattle Seattle to Bremerton Dakota St Genesee St 48 th Fauntleroy Way Marine View Dr California Findlay St Downtown Seattle to West Seattle A 35th v alon Way Elliott W Sylva n W ay S W Thistle St Trenton St Barton St 106th St Maplewild A v e Spok WMarginal Way Delridge Way Roxbury St Western 107th St Burien Holden St Roy St Sounder Everett/Seattle 21st Henderson St 152nd St Wall St 2nd 8th 4th 1st State Hwy 51 S Spokane St Highland Park Way Union St 9 102nd St 108th St Ambaum Westlake N 116th St 128th St 136th St 139th St 148th St Fauntleroy Way Blvd Sylvester Rd 99 1st S Olive Way Unive Madison St 4th S L rsity ink Seattle S Michigan St Ellis S S Cloverdale St rs Way S James St Yesler Way 5th S S Lucile St State Hwy My e S 116th St E OliveWay 5th S E Denny Way Boren S 96th St S 136th St S 156th St Ambaum Blvd S Corson S E Union St E Jefferson St 12th S 112th St S S 140th St S Albro Pl Des Moines Memorial Dr E Cherry St E Yesler Way 16th S 14th S S 128th St S 146th St S 160th St 5 S 1 15th S 20th S S Columbi a n Way Glendale Way S S 124th St 56th Way 19th 23rd E 23rd S Swift S E Marginal Way S 518 W Marginal Pl S 24th S SeaTac E Madison St E John St S 31st S S McClellan St Alaska St S Myrtle St S 102ndSt Military Rd S Airport Expy Beacon Airport Way S 99 International Blvd La ke Washington Blvd Lakeside S Lake Washingt Centra Tukwila l onblv ds S Genesee St S Orcas St Martin Luther King Jr Way S S Tukwila Inte rnational Blvd arkeek Dr S C Boeing Acc S Henderson St Link R ainier S S Othello St S Rya n Way 51st S Medina 15 Min Drive Time Lake Washington Wilson S S Seward Park Renton S S Bangor St Sounder Tacoma/Seattle Interurban S 5 Southcenter B lvd Mercer Island W Merc er W ay State H wy 900 er Pkwy Wate rs S Renton 405 Fifth nue, Suite 2600, Seattle, WA (206)

17 Presented By: GREG MILLERD Director (206) Fifth nue Suite 2600 Seattle, Washington T F