900 Dayton Street. Antioch University. Request for Proposals Yellow Springs, Ohio. April Jones Lang LaSalle IP, Inc. All rights reserved.

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1 900 Dayton Street Antioch University Request for Proposals Yellow Springs, Ohio April

2 Request for Proposals 900 Dayton Street 2

3 Summary 91,970 SF Building for Sale ` Antioch University ( Antioch or the University ) through Jones Lang LaSalle Americas, Inc. is seeking offers for the purchase of property owned by Antioch at 900 Dayton Street in Yellow Springs, Ohio, known as the Antioch University Midwest Building (the Property ). Antioch is marketing the asset to allow for relocation and growth in the greater Dayton region. Offers are due no later than May 30, The Property consists of acres of land improved with a two story, 91,970 square foot building constructed in The Property is currently 100% occupied by Antioch University and is used as an academic facility. The building is made up of academic spaces including classrooms, meeting rooms, faculty offices, administrative offices, and an auditorium. The Property is located within the Dayton metropolitan area, the fourth largest metropolitan area in Ohio. More than 950,000 people reside within a 40-minute drive of the Property. The Property is located approximately: One mile from downtown Yellow Springs, which is home to many restaurants, boutiques, galleries, and nature trails. 11 miles from Wright-Patterson Air Force Base, the largest single site employer in the state of Ohio. 11 miles from Springfield, Ohio. 15 miles from Beavercreek, Ohio. 18 miles from Downton Dayton. 25 miles from Dayton International Airport. 56 miles from Downtown Columbus. 62 miles from John Glenn Columbus International Airport (CMH). 69 miles from Downtown Cincinnati. 81 miles from Cincinnati/Northern Kentucky International Airport (CVG). In structuring a sales transaction, Antioch will consider a sale/leaseback structure in which the University will lease a portion of the Property upon the Property s sale. Antioch would like to reduce its space within the Property and would lease up to one entire floor of the building. Offers to purchase the Property should indicate whether the respondent is interested in leasing back a portion of the Property to Antioch. Offers are due no later than May 30, PROPERTY DETAILS Address Submarket Square Footage Site Size Tax Information PID Year Constructed Construction 900 Dayton Street Yellow Springs, OH Dayton 91,970 square feet, twostories acres Greene County F Structural steel and masonry Parking 287 surface spaces and 15 handicapped spaces Fiber-Optic Internet Three dedicated fiber-optic internet lines to the building 900 Dayton Street consists of acres of land improved with a two story, 91,970 square foot building constructed in Antioch University is marketing the asset to allow for relocation and growth in the greater Dayton region. The University's preference is the sale of the asset, but it will consider a sale with a partial leaseback scenario under the right terms and conditions. 3

4 Property overview 900 Dayton Street 4

5 Property overview Description of the Site The Property consists of acres of land improved with a two story, 91,970 square foot building constructed in The Property is currently 100% occupied by Antioch University and is used as an academic facility. The building is made up of academic spaces including classrooms, meeting rooms, faculty offices, administrative offices, and an auditorium. All public utilities including water, sanitary sewer, gas, and electric are immediately available and capable of supporting usage as permitted by the effective zoning classification. The Property is zoned E-1, Educational District. This district type is established to support the needs of the postsecondary educational institutions within the Village of Yellow Springs. It accommodates the integration of classroom, administrative, residential, and support facilities within a cohesive campus setting. The portion of the Property nearest to Dayton Street is part of the Gateway Overlay District, which is intended to establish and protect the character of the Village at key entry points. The Property is also subject to the covenants and restrictions of the Center for Business Education, which allows for a variety of uses including office, commercial, light industrial, warehousing, medical, and distribution. Antioch has not conducted environmental assessments on the Property. Antioch makes no representations or warranties about the environmental conditions of the Property. To the best of Antioch s knowledge, the Property is free of hazardous materials. PROPERTY DESCRIPTION Address 900 Dayton Street, Yellow Springs, OH Submarket Square Footage Site Size Tax Information PID Dayton 91,970 square feet, two-stories acres Greene County F Year Constructed 2007 Construction Parking Additional Parking Fiber-Optic Internet Elevator Clear Height Power Lighting Emergency Power Structural steel and masonry 287 surface spaces and 15 handicapped spaces Land available for additional parking or other use Three dedicated fiber-optic internet lines to the building Two (2) 3500 lb. capacity 14 from floor to deck 488 KV 277 KV Koehler Generator, 41 hour 5

6 Property overview 6

7 Property overview 7

8 Property overview 8

9 Property overview Property location 9

10 Property overview Site plan Development of nearby properties Yellow Springs is a thriving place for business. The village offers a business environment rich in creativity, camaraderie, and engagement. With a focus on health and wellness, alternative energy, local food, education and water technology, Yellow Springs has a tradition of fostering and nurturing small start-up businesses of all types. 900 Dayton Street is adjacent to several new business development properties, including two owned by the Village of Yellow Springs (number 1 & number 3) and a future development owned by Cresco Labs (number 2). 10

11 Property overview Floorplans 11

12 Location overview 900 Dayton Street 12

13 Location overview Market Overview The property is located east of Dayton, Ohio, and is within a 40-minute drive of all of Dayton. An estimated 982,000 people live within a 40-minute drive of the property, up 0.6% since The median age within a 40-minute drive of the property is 40.3 years old, with 61.0% of the population of working age, defined as between the ages of 18 and 65. The Property is located approximately 11 miles from Wright-Patterson Air Force Base, which generates an estimated $4.2 billion in annual economic impact. With over 27,000 military, civilian, and contracted employees, Wright-Patterson is the largest single site employer in the state of Ohio. Educational attainment near the property is higher than educational attainment statewide. Within 40 minutes of the property, 37.3% of the population has an Associate degree or higher, and 27.6% of the population has a Bachelor s degree or higher. The Dayton metropolitan area s $40.6 billion GDP in 2016 was the fourth largest in Ohio. The largest sectors of the economy within the Dayton metropolitan area are healthcare and social assistance (76,000 jobs; 17.6% of all jobs), retail trade (59,000 jobs; 13.7% of all jobs), and manufacturing (50,000 jobs; 11.6% of all jobs). The Dayton office market overview Historically, Dayton has been a market for modest activity. In 2017, the market saw healthy activity in all aspects, boosting confidence heading into Several large leasing transactions anchored absorption numbers for the year, while also inducing a decline in vacancy numbers. In addition to leasing activity, capital markets activity was rather active in While the market has performed well in all other sectors, speculative construction remains quiet, with build-to-suit projects as the only new developments going on in the Dayton market. Outlook Heading into 2018, fundamentals within the Dayton office market look strong. With few proposed developments in the pipeline, speculative construction will remain quiet, allowing tenants in the market to fill the existing inventory therefore further decreasing vacancy. As vacancy slowly decreases, rental rates will begin to see a gradual increase. In 2018, we can look to the North and South submarkets to keep driving activity within the market. 13

14 Transaction Guidelines 900 Dayton Street 14

15 Transaction guidelines 900 Dayton Street transaction guidelines Antioch University through Jones Lang LaSalle Americas, Inc. is seeking offers for the purchase of property owned by Antioch at 900 Dayton Street in Yellow Springs, Ohio, known as the Antioch University Midwest Building. Offers are due no later than May 30, In structuring a sales transaction, Antioch will consider a sale/leaseback structure in which the University will lease a portion of the Property upon the Property s sale. Antioch would like to reduce its space within the Property and would lease up to one entire floor of the building. Offers to purchase the Property should indicate whether the respondent is interested in leasing back a portion of the Property to Antioch. Offers for purchase of the Property should be made in writing to Josh Gerth (Josh.Gerth@am.jll.com). Offers should include the following: Respondent. Name of the respondent seeking to purchase the property. Transaction Structure. Please indicate whether the proposed transaction structure is a fee simple sale or a sale/leaseback, or if Respondent does not have a preferred transaction structure. Purchase Price. Please propose a purchase price. If Respondent is willing to accept either a fee simple sale or a sale/leaseback of the Property, please indicate the purchase price being offered for each transaction structure. Respondent Conditions of Purchase. Please indicate any proposed conditions that must be met in order for Respondent to obtain ownership of the Property. Leaseback. If proposing a sale/leaseback, please indicate the proposed gross rental rate, lease term, and space (location within the building and square footage) to be occupied by Antioch. Antioch reserves the right to reject any and all responses or terminate the solicitation or sale of the Property if, in its opinion, it is in the best interest of the University to take these actions. Antioch reserves the right to seek clarification or additional information or evidence from individual respondents. 15

16 Transaction guidelines Contact Information Josh Gerth Vice President Susan Sullivan Vice President Todd Pease Vice President Michael Hoffstrom Senior Analyst Walnut Street, Suite 3030 Cincinnati, Ohio Copyright Jones Lang LaSalle IP, Inc This publication is the sole property of Jones Lang LaSalle and must not be copied, reproduced or transmitted in any form or by any means, either in whole or in part, without the prior written consent of Jones Lang LaSalle. The information contained in this publication has been obtained from sources generally regarded to be reliable. However, no representation is made, or warranty given, in respect of the accuracy of this information. We would like to be informed of any inaccuracies so that we may correct them. Jones Lang LaSalle does not accept any liability in negligence or otherwise for any loss or damage suffered by any party resulting from reliance on this publication. Jones Lang LaSalle Americas, Inc. 16

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