MULTI-STORY PORTFOLIO

Transcription

1 4050 PIEDMONT PARKWAY 4100 MENDENHALL OAKS PARKWAY GREENSBORO-WINSTON-SALEM-HIGH POINT, NORTH CAROLINA MSA B U S I N E S S P A R K MULTI-STORY PORTFOLIO MENDENHALL MULTI-STORY PORTFOLIO 1

2 4050 PIEDMONT PARKWAY 6 EXECUTIVE SUMMARY

3 EXECUTIVE SUMMARY MENDENHALL BUSINESS PARK MULTI-STORY PORTFOLIO investment opportunity / on-site & natural amenities / exceptional tenant roster / flexibility for organic growth / disposition optionality / proximity to nearby amenities / unparalleled access MENDENHALL MULTI-STORY PORTFOLIO 7

4 4100 MENDENHALL 8 EXECUTIVE SUMMARY OAKS PARKWAY - NORTH STATE COMMUNICATIONS

5 EXECUTIVE SUMMARY MENDENHALL MULTI-STORY PORTFOLIO Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp. a North Carolina licensed real estate broker ( HFF ) has been retained as the exclusive sales representative for Mendenhall Multi-Story Portfolio (the Portfolio ), a 275,812 square foot, Class A office portfolio located in the fast growing Greensboro-Winston-Salem-High Point (the Triad ), North Carolina Market. This strategically located portfolio is approximately 66% leased to a diverse tenant roster anchored by longstanding, credit worthy tenants and a well-balanced rollover schedule with approximately four years of remaining lease term. The Portfolio provides investors with a rare opportunity to acquire two premier office assets located in one of the region s renowned master planned business parks featuring an attractive tenant roster, market leading natural and on-site amenities, unprecedented regional connectivity, and disposition optionality. Address Square Feet Percent Occupied 4050 Piedmont Parkway High Point, NC , % 4100 Mendenhall Oaks Parkway High Point, NC , % Portfolio Total 275, % 5 YEAR AVG NOI (PROJECTED): $2,741, YEAR AVG NOI (PROJECTED): $3,095,151 5 YEAR AVG CASH FLOW (PROJECTED): $1,680, YEAR AVG CASH FLOW (PROJECTED): $2,056,746 INVESTMENT HIGHLIGHTS Market Leading On-Site and Natural Amenities Diverse, Investment Grade Tenant Roster Flexibility to Accommodate Organic Growth Immediate Development Potential Disposition Optionality Proximity to Nearby Amenities Unparalleled Access MENDENHALL MULTI-STORY PORTFOLIO 9

6 4050 PIEDMONT PARKWAY MENDENHALL MULTI-STORY PORTFOLIO MARKET LEADING NATURAL & ON-SITE AMENITIES 4050 PIEDMONT PARKWAY & 4100 MENDENHALL OAKS PARKWAY ON-SITE/NATURAL AMENITIES The Mendenhall Multi-Story Portfolio is located in one of the Triad s premier mixed-use business parks and gives users a desirable array of both natural and on-site amenities. Mendenhall Business Park is home to numerous natural amenities including multiple lakes, scenic walking trails, and access to the Bicentennial Greenway. The park also offers a community bike sharing program, gym, and access to conference rooms. Wildlife and Industry Together (WAIT) Certified Community The park is home to native wildlife, plants, and flowers that enable nature to flourish throughout the community Eight on-site water features surrounded by beautiful landscaping and impressive views Davis Lake Mendenhall Business Park s 16-acre centerpiece accompanied by walking trails and a covered, lakeside gazebo that offers scenic views Bicentennial Greenway 20-mile biking and walking path connecting Greensboro and High Point Free and convenient bike sharing program available to all tenants Walking trails - High Point/ Greensboro Bicentennial Greenway Gym, amenities opportunity to add additional equipment and showers Conference Room Bicycle sharing 10 EXECUTIVE SUMMARY

7 4100 MENDENHALL OAKS PARKWAY TENANT MAKEUP EXCEPTIONAL TENANT ROSTER WITH SECURE LONG-TERM CASH FLOW STREAM The Mendenhall Multi-Story Portfolio offers approximately four years of weighted average lease term and an attractive, diversified tenant roster representing local, regional, national, and international companies from various industries. The top industries within the assets include Insurance, Telecommunications, and Financial Services. TENANT MAKEUP BY INDUSTRY Furniture & Textiles Other Technology Financial Services Notable companies in the offering include Aetna Life Insurance Company (NYSE: AET; S&P: AA-), Sharp Electronics Corporation (Publicly Traded: Tokyo Stock Exchange; S&P: B+), and North State Communications (Headquartered in High Point). The Portfolio is anchored by one of the nation s leading diversified health care benefits companies Aetna Life Insurance Company. Aetna alone accounts for over 55% of 4050 Piedmont Parkway s current leased space and 67% of the Portfolio s total leased space, making it the largest tenant in the offering. Aetna is also the longest tenanted in the portfolio, having first moved to the park in 1998, and with two additional options to renew their lease for five years each, they are able to continue as the portfolio s anchor tenant. With nearly 20 years as a long-standing tenant in the Mendenhall Business Park, Aetna brings exceptional stability and security to the overall portfolio. Telecommunications Insurance MENDENHALL MULTI-STORY PORTFOLIO 11

8 FLEXIBILITY TO ACCOMMODATE ORGANIC GROWTH 4010 MENDENHALL OAKS PARKWAY Current and future tenants of the Mendenhall Multi-Story Portfolio benefit from the park s ability to accommodate organic growth and movement within the buildings. As tenants businesses continue to grow over time, their needs change and expansion is often necessary. Several of the leases within the Portfolio currently contain relocation options, allowing the landlord to reposition tenants in order to make accommodations for other expanding tenants in the future. For example, North State Communications recently expanded by 1,618 SF as their need for additional space in 4100 Mendenhall increased. This flexibility gives growing tenants the convenient ability to remain within the Mendenhall Business Park, leading to increased long-term tenancy and further adding to the Portfolio s overall stability. IMMEDIATE DEVELOPMENT POTENTIAL The Mendenhall Multi-Story Portfolio provides potential investors with the opportunity to develop three additional land inside of Mendenhall Business Park*. These land parcels offer potential office and/or retail use and have immediate access to paved, dedicated roadways inside the park. DEVELOPMENT POTENTIAL Address Parcel ID Acreage 4005 Meeting Way Mendenhall Oaks Parkway Mendenhall Oaks Parkway Total Acreage 4.42 Acres *The three land parcels are separate from the current office offering. Please submit a separate offer for the land MEETING WAY 4012 MENDENHALL OAKS PARKWAY EXECUTIVE SUMMARY

9 4100 MENDENHALL OAKS PARKWAY DISPOSITION OPTIONALITY The Mendenhall Multi-Story Portfolio sits on two separate tax parcels. While these assets have historically been packaged and sold as a portfolio, the individual tax parcels provide prospective investors the option to sell and/or finance the individual properties on a one-off basis. EXIT STRATEGY OPTIONALITY Sell as a portfolio Provides an investor the ability to more effectively manage their basis by splitting the assets and selling as two separate offerings, which allows future investors the ability to target a different range of investors Affords the ability to finance both assets separately Asset Parcel ID PIN Acres 4050 Piedmont Parkway Mendenhall Oaks Parkway MENDENHALL MULTI-STORY PORTFOLIO 13

10 PROXIMITY TO NEARBY AMENITIES Mendenhall Business Park s appeal to tenants is largely driven by its convenient access to retail amenities including shopping, restaurants, and entertainment offerings. Because the park is positioned just minutes away from I-40, I-73, I-74, and Route 68, tenants have quick access to the over 100 restaurants and shops within a 3-mile radius. The park s location, coupled with its focus on user friendly walking paths and bike share program also present tenants with the convenience being able to walk or ride to many of the area s surrounding amenities. SHOPPING RESTAURANTS OTHER UNPARALLELED ACCESS Mendenhall Multi-Story Portfolio is centrally located within the fast growing Greensboro-Winston-Salem-High Point region known as the Triad, home to more than million residents. The properties are just two miles away from a network of major transportation thoroughfares including I-40 (s mi.), I-73 (3 mi.), and I-85 (8 mi.), giving tenants quick access to all three cities within the Triad. Users are only 10 minutes 158(3mi.) away from Greensboro and 25 minutes (20 mi.) away from downtown Winston-Salem, allowing employers to pull from the entire surrounding 12 county labor pool. The park is also a mid-way point between both Raleigh and Charlotte, allowing easy access to North Carolina s two largest cities. Centrally located within the Airport/West Guilford submarket, tenants also enjoy the close proximity to the Piedmont Triad International Airport, which can be reached in just 10 minutes (4 mi.) WINSTON-SALEM HIGH POINT PIEDMONT TRIAD INTERNATIONAL AIRPORT 40 MENDENHALL GREENSBORO EXECUTIVE SUMMARY

11 FOOD LION BURGER KING OFFICE DEPOT WALGREENS WALMART REGAL CINEMAS PALLADIUM 14 & IMAX OLIVE GARDEN BUFFALO WILD WINGS HAM S BELK 68 HARRIS TEETER STEIN MART PANERA BREAD HERON VILLAGE - Dominos - Duck Donuts TRULIANT FEDERAL CREDIT UNION 4100 MENDENHALL CHICK-FIL-A STARBUCKS MOE S SOUTHWEST GRILL PENN STATION FIRST CITIZENS BANK CONE HEALTH MEDCENTER HIGH POINT MENDENHALL 4015 MEETING WAY MENDENHALL 4050 PIEDMONT PARKWAY MENDENHALL BUSINESS PARK MENDENHALL PIEDMONT PARKWAY CURRENTLY MENDENHALL OFFERED IN SEPARATE MULTI-STORY SINGLE-STORY PORTFOLIO PORTFOLIO 15

12 INVESTMENT ADVISORS RYAN CLUTTER Senior Managing Director SCOT HUMPHREY Senior Director CHRIS LINGERFELT Director CHRIS NORVELL, SIOR Senior Managing Director ANALYTICAL SUPPORT RYAN EKLUND Associate WILLIAM MANN Analyst DEBT + STRUCTURED FINANCE BRENT BOWMAN Director bbowman@hfflp.com LEASING CONTACT LAWRENCE COX Somerset Properties lcox@somprop.com 201 NORTH TRYON STREET SUITE 1400 CHARLOTTE, NORTH CAROLINA SIX FORKS ROAD SUITE 876 RALEIGH, NORTH CAROLINA JENNIFER WIERMAN Somerset Properties jwierman@somprop.com