2218 North Molter Road

Transcription

1 2218 North Molter Road Owner/User/Investor Opportunity Offering Memorandum 47,000 SF Class A Office Building Liberty Lake, WA

2 CONFIDENTIAL OFFERING MEMORANDUM The Miller Land & Timber ( Company or Miller ) has engaged CenturyPacific, LLLP as real estate advisor and agent on an exclusive basis in connection with a proposed sale of the 2218 N Molter Road Property (the Property ) located in Liberty Lake, Washington. CenturyPacific LLLP has engaged NAI Black of Spokane as co-agent. This Confidential Offering Memorandum ( Memorandum ) is being delivered to a limited number of parties who may be interested in the Property. By acceptance hereof, each recipient agrees not to reproduce or use in whole or in part the information contained herein, or any other information that is not already public, and to use this Memorandum only for the purpose of evaluating the offering made hereby. This Memorandum has been prepared based partly upon information furnished by the Company which has reviewed it and authorized its use for the purpose and in the manner described above. Neither the Company, its shareholders, partners nor affiliates, makes any representations or warranties with regard to the accuracy or completeness of the information contained herein. CenturyPacific, LLLP has conducted a limited review of the information contained in this Memorandum, but has not independently verified the accuracy or completeness thereof. CenturyPacific, LLLP does not represent or warrant the accuracy or completeness of the information contained in this Memorandum. Nothing contained in this Memorandum should be construed as a representation by any person as to the future possibilities or performance of the Property. EACH POTENTIAL PURCHASER IS EXPECTED TO CONDUCT ITS OWN DUE DILIGENCE. CenturyPacific, LLLP

3 CenturyPacific, LLLP 1201 Third Avenue, Suite 1680 Seattle, Washington Campbell Mathewson Executive Vice President T M cmathewson@centurypacificlp.com Steven L. Wood Managing Director Katherine K. Laird Executive Vice President Michael E. Finch Vice President CenturyPacific, LLLP NAI Black 107 South Howard Street, Suite 500 Spokane, WA Jeff K. Johnson President T jjohnson@naiblack.com Jeff McGougan Senior Leasing & Sales Associate T jmcgougan@naiblack.com

4 Interstate 90 Industrial Way Orchard Way Interstate 90 N N Molter Road Terminal Way E Appleway Avenue

5 Table of Contents I. Investment Summary 1 II. Additional Property Information 4 III. Maps & Photos 5 IV. Transaction Details 12

6 I. Investment Summary THE INVESTMENT Miller Land & Timber ( Company or Miller ) is offering for sale the 2218 North Molter Road building (the Property ), located in Liberty Lake, Washington. TERMS & PRICE $4,500,000, all cash at closing TIMING FOR PROPOSALS Letters of intent may be submitted to CenturyPacific, LLLP at any time. DUE DILIGENCE & CLOSING Miller Land & Timber envisions a due diligence and closing period totaling no more than sixty (60) days. Property The 2218 North Molter Road building (the Property ) is a two-story class A commercial property originally constructed in 2001, with significant interior renovations completed in 2003 & 2004 which included the addition of a loading area. The Property is approximately 47,000 gross square feet and is bounded by East Knox Avenue to the north, East Appleway Avenue to the south, North Swing Lane to the east and North Molter Road to the west. The building is located on a parcel totaling approximately 87,556 SF (Spokane County parcel number ). The Property is currently 50% leased to Parker Hannifin, a global leader in motion and control technologies. The building currently generates over $181,000 in net operating income, with significant upside potential as the second floor is currently vacant and available for lease. The Company is seeking a fee simple sale of the building. the building The 2218 N Molter building is a 47,000 SF office building located in Liberty Lake, Washington. The building was constructed on a concrete slab-on-grade, with spread footings supporting steel columns and concrete block (CMU) piers. Interior framing consists of engineered wood joists and laminated beams framed into the steel columns. 1

7 The building is a class A office/manufacturing structure with glass interior and exterior columns supporting a canopy. The building contains two floors. The large entrance lobby ceiling extends to the second floor with two open stairways from the ground to the second floor. There is a large, open manufacturing area at the rear with access to the loading area. Asphalt paved parking areas surround the building on the right, front and left sides. The parking areas are separated by landscaped retention ponds. Owner: Miller Land & Timber LLC Parcel Size: 87,556 SF Building Size: 47,000 SF Number of Stories: 2 Number of Tenant Spaces: 1 Percent Occupied: 50%, the entire first floor Year Built: 2001 with modifications in 2003 & 2004 Parking: 160 spaces Parcel No.: Site Address: 2218 N Molter Road, Liberty Lake, Washington. Assessed Value: $6,094,720 (i.e., $69.61 per square foot) 2010 Taxes: $74, Jurisdiction: Spokane County Utilities: All available Zoning: I-2 Light Industrial tenants The Property has one tenant, Parker Hannifin ( which occupies the entire first floor of the building. See the attached rent roll for additional information. Power Power to the Property is accomplished through two 400-ampere mains disconnects which feed power to several other dry transformers and disconnect panels and breakers throughout the building. ZONING The Property is zoned I-2 Light Industrial under the Spokane County Zoning Code. Permitted uses are broad and include office which is the current use. Security Systems The building has key locks and contact alarms on the exterior doors. Ultrasonic sensors monitor hallways and the common areas. Entry to the building is controlled by card readers at most exterior doors and the entry behind the lobby. 2

8 ACCESS The Property is located at 2218 N Molter Road in Liberty Lake, Washington. From Spokane, head east on Interstate 90 and take Exit 296 towards Liberty Lake/Ortis Orchard and merge onto East Appleway Road. Continue on E Appleway for 1.1 miles. Turn left on N Molter Road. The area is well served by transportation routes, including I-90, Liberty Lake/Harvard Road, Appleway Avenue, County Vista Drive and Mission Avenue. Title Stewart Title Company has prepared a preliminary title report which is available upon request AREA INFORMATION The Property is located within a growing area at the eastern edge of Spokane County, approximately 17 miles east of the Central Business district, 2 miles west of the Idaho state line and 15 miles west of Coeur d Alene, Idaho. The market area is generally described as the Liberty Lake, which reflects the recreation-oriented body of water 1.5 miles south of I-90. Liberty Lake is also a focal point for a number of homes, some of which border the lake. Liberty Lake is within easy commuting distance of both Spokane s Central Business District and Coeur d Alene, Idaho and is within 4 to 6 miles of the most heavily developed areas of the Spokane Valley, between Pines and Sullivan Roads. The area has many amenities, available land, and is anchored by a number of hightech businesses. 3

9 II. Additional Property Information Building Gross SF 47,900 Rentable SF 46,165 First Floor 22,665 Second Floor 23,500 Tenant Parker Hannifin Term Lease ends August 15, 2015 Rent Schedule August 15, 2010 to August 15, 2015 $15,110/mth Expenses Tenant is responsible for all costs associated with the property EXCEPT maintenance and repairs of the roof. Current NOI 50% Leased $181,320/yr Proforma NOI $369,320/yr 8% Cap Rate on Proforma $4,615,500 $98/SF 4

10 III. Maps & Photos Property Photo 5

11 6 Property Photos

12 7

13 8

14 Ashton Harvard Lynden Malvern Holl Kenney Stevenson Arden Corrigan Molter Caufield Willamette Carson Range Holl Molter Nora Cirque aldwin Nora Samantha Ormond Henry Eagle Dove Chief Della Hillview Colonial Sinto Fairway Desmet Ashton Malvern Cloverdale Melkapsi River I 90 Rocky Hill Village Hawkstone Pine Point Bergamot Forest Ridge Winrock Ludlow Winchester Wolfe Penn Autumn Crossing Lancashire Terrace Winchester Murray King James Boone Lancashire Dunbarton Oaks Lancashire King James Colony West Starr Timberfield Blue Skies Bella Lago Lindeblad Gage Neyland Sandy Beach Lakeside Neyland Knox Osprey Country Vista Eagle Blue Ridge Reston Oakland Oakland Thorton Salishan Sperling Marti Sharp Desmet Cataldo Pinehurst Eagle Olive Valleyway Sprague Gage Overlook Lakeridge Lee View 3rd Fairway Swing Ward 3rd I 90 Knox Madson Appleway Colt Drury Oakmont Tanglewood Settler Knudson Homestead Mocha Inlet Clearwater Shoreline Alpine Signal Meadowwood Liberty Lake Stimson Holiday Hills Indiana I 90 E296 ON I90 W296 OFF Stanford Legend Tree Bennett I 90 W296 ON Whitman Mullan Pepper I 90 E296 OFF Mill River Bitterroot Rockrose Sedge George Gee Legacy Ridge Pack Trail Euclid Mission I 90 W294 OFF Country Vista Jesse 1st Billy Jack I 90 E294 On Campbell Kari Marne Micaview 6th Colonial Club House Stevenson Fairway 2nd McKenzie Oldenburg Mission Remington Sinto Sharp Etta Homestead Madson Knudson Doral Broadway Main Colleen Riverside Kelsea McKinzie Beach 8th Liberty Heights I90 W296 ON Glover Baneberry Corrigan Meriwether Kennewick Grace Sharp Cataldo Broadway Alki Village Stevenson 1st Boone Ormond Swing Colony Madson Liberty hell 4th Buckeye 1st Colonial Indiana Liberty Lake Aerial Baldwin Camelot Buckeye rwalk Knox Shannon Meadows 9 Colyar Aladdin taldo yway ixon Main Cecilia 3rd Lone Tree th

15 McMillan Holiday Holiday Henry Dove Willamette Caufield Holl Cirque Ashton Kenney Corrigan Harvard Arden Lynden Ormond Della Club House Stevenson Eagle Hillview Colonial Samantha Malvern Carson Range Overlook Caufield Holl Ashton Molter Malvern Fairway Windsong Rocky Hill City Map Campbell River Euclid I 90 Grace Kari Marietta Buckeye Buckeye Spokane River I 90 Knox McMillan Montgomery Fairway Eagle Riverwalk Indiana Knox Swing Rio Grande Knox Colonial McKenzie Blue Ridge Snake River Baldwin Flat Rock River Baldwin Shannon Indiana I90 W296 OFF Madson Reston Pine Point Salmon River Cataldo roadway Laberry Aladdin Nora I 90 E294 OFF I 90 E294 On Country Vista Legacy Ridge Bitterroot Bergamot lan way m Rio Grande Cane Colyar Valleyway Meadows Nora Marne Baldwin Pack Trail Corrigan Kennewick George Gee Meriwether Mill River Pepper Whitman Mullan I 90 W296 ON I90 W296 ON I 90 E296 OFF Stanford Liberty Heights Holiday Hills Meadowwood Stimson Liberty Lake Signal Appleway City Hall Trailhead Golf Course Oakmont Tanglewood Oldenburg Remington Homestead Colt Homestead Madson Broadway Doral Madson Sinto Knudson Knudson Drury Etta Settler Colony Sharp Desmet Pavillion Park Molter Mission Liberty Lake Elem. Swing Boone Ormond Sinto Stevenson Fairway Stevenson Eagle Broadway Alki Olive Valleyway Desmet Cataldo Sharp Cataldo Sperling Village Marti Meadowwood Golf Course Thorton Pinehurst Oakland Salishan Sharp Wolfe Penn Murray Winchester Winrock Autumn Crossing Boone Winchester King James Lancashire Ludlow King James Terrace Lancashire Dunbarton Oaks Timberfield Lancashire Forest Ridge McMillan Riverside Michigan 7th 8th Holiday Holiday Nixon 6th Main Lone Tree Camelot Colonial Myers 1st 6th Micaview 4th 1st Jesse Chief Inlet 1st 3rd Liberty Lake Gage Neyland Lakeside th McKinzie Billy Jack Cloverdale Glover Legend Tree Bennett Kelsea Clearwater McKinzie Mocha 8th Riverside Colleen Liberty Beach Alpine Melkapsi Main Shoreline Ward 2nd Sprague View Liberty Lake Golf Course Lakeridge 3rd Lee Gage Sandy Beach Lindeblad Neyland 11th Becht Clarke Mahko Starr McKenzie Bay end Parcels Water Bodies Parks, Rec., & Open Space City of Liberty Lake / Miles Due to map scale, s streets may not be la This map is for informationa only and is not a legal do City of Liberty L Boundary Ma Map Updated - Decembe For information please The City of Liberty L Community Development D

16 Holiday Aladdin Caufield Colonial Holl Willamette Cirque Henry Campbell Ashton Kenney Corrigan Harvard Arden Lynden Molter Stevenson Karen Darin Eva Genoa Drury Ormond Club House Eagle View Hillview Billy Jack Ashton Samantha Malvern Carson Range Lee Overlook Caufield McKinzie Molter Ormond Fairway Murray Starr Canal Stevenson Malvern Malvern Windsong Martinson Malta Canal Haye Trent Kari Darin Snow Owl Arden Eva Wabash Broad Wabash Broad Wellesley Oakland Kildea Ante Kildea Wabash Broad Olympic Malta Haye Ladd Heroy Railroad Railroad Longfellow Rich Malta River Garland I 90 Euclid Spokane River Grace Kari Buckeye Buckeye Knox Village Rocky Hill Fairway Eagle Hawkstone Swainson SAP Riverwalk Indiana Knox Swing Knox Shannon Colonial McKenzie Blue Ridge Boone Baldwin Meadows Augusta Colyar Nora Cataldo Indiana Marne Baldwin Nora SAP Mission I 90 W294 OFF I 90 Sedge Baneberry Corrigan Rockrose Bitterroot George Gee I 90 E296 OFF Pepper I 90 W296 ON Whitman I90 W296 OFF I90 W296 ON I 90 E296 ON Stanford Liberty Heights Appleway Madson Boone Country Vista Legacy Ridge Mullan Holiday Hills Meadowwood Signal Mission Oldenburg Remington Colt Homestead Madson Knudson Drury Sinto Desmet Ormond Sharp Sinto Stevenson Desmet Cataldo Sperling Marti Sharp Oakland Reston Thorton Oakland Salishan Pinehurst Bergamot Wolfe Penn Sharp Murray Boone Winchester Winrock Pine Point Bergamot Ludlow Terrace King James Lancashire Lancashire Forest Ridge Broadway Appleway Laberry Dove Valleyway I 90 E294 On Pack Trail Kennewick Meriwether Mill River Liberty Lake Stimson Oakmont Tanglewood Broadway Homestead Doral Madson Knudson Colony Broadway Eagle Valleyway Alki Olive Dunbarton Oaks Bella Lago Green Ridge Nixon Main Cecilia 3rd 4th Lone Tree Camelot 8th Colonial Molter Swing Ormond Village 6th Sprague 1st Micaview Cloverdale 6th Billy Jack 1st 4th Cloverdale Jesse Glover Legend Tree Chief Bennett Settler Kelsea Mocha Clearwater McKinzie 8th Colleen Riverside Inlet Alpine Melkapsi Liberty Main Shoreline Ward 2nd 3rd 1st Sprague Lakeridge 3rd Gage Gage Sandy Beach Lindeblad Neyland Lakeside Neyland Becht Clarke 11th McKinzie Frontage Liberty Lake Starr McKenzie Bay McHenry Taft Colby Lilac Zephyr 21st Tum Tum Legend Due to map scale, some streets may not be labeled. This map is for informational purposes only and is not a legal document. Zoning Map Amended Map Adopted - December 19, 2006 (Updated 10/20/09) For information please contact The City of Liberty Lake Community Development Department City of Liberty Lake UGA Boundary Parcels Streets Water Bodies SAP SAP R-1 R-2 R-3 M-1 M-2 M-3 C-1 C-2 I P O Map Location Map area is contained within T 25 N, R 45 E, W.M. Zoning Map / Feet

17 IV. Transaction Details The offering of the 2218 N Molter property is being distributed exclusively by CenturyPacific, LLLP and co-brokerage with NAI Black of Spokane, WA (the Investment Team ) to a select group of pre-qualified investors. The prospective investor will be selected by the Seller in its sole and absolute discretion based on a variety of factors including, but not limited to, offer price, financial strength and ability to close in a timely fashion. The Investment Team will be available to assist prospective investors to arrange site inspections and to answer any questions related to information contained in this Offering Memorandum. All inquiries should be directed to: CenturyPacific, LLLP 1201 Third Avenue, Suite 1680 Seattle, Washington Steven L. Wood Managing Director Katherine K. Laird Executive Vice President Campbell Mathewson Executive Vice President T M cmathewson@centurypacificlp.com Michael E. Finch Vice President NAI Black 107 South Howard Street, Suite 500 Spokane, WA Jeff K. Johnson Jeff McGougan President Senior Leasing & Sales Associate T T jjohnson@naiblack.com jmcgougan@naiblack.com 12

18 DISCLAIMER Materials contained in this Investment Offering are confidential, furnished solely for the purpose of considering the purchase of the 2218 N Molter property (the Property ) located in Liberty Lake, Washington; described herein and are not to be used for any other purpose or to be made available to any other person without the express written consent of CenturyPacific, LLLP or NAI Black (the Investment Team ) and Miller Land & Timber LLC (the Seller ). The material is based, in part, upon information supplied by Seller and, in part, upon information obtained by the Investment Team from sources they deem to be reliable. Summaries contained herein of any legal documents are not intended to be comprehensive statements of the terms of such documents, but rather are outlines of some of the principal provisions contained therein. No warranty or representation, expressed or implied, is made by Seller, the Investment Team or any of their related entities as to the accuracy or completeness of the information contained herein. Prospective investors should make their own investigations, projections and conclusions. Interested buyers should be aware that the Seller is selling the Property in AS IS CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE. It is expected that prospective investors will conduct their own independent due diligence concerning the Property, including such engineering and environmental inspections as they deem necessary to determine the condition of the Property and the existence or absence of any potentially hazardous materials used in the construction or maintenance of the Property. No representations, expressed or implied, are made as to the foregoing matters by Seller, the Investment Team or any of their officers, employees, affiliates and/or agent. Information contained in this Offering Memorandum is further governed by the Confidentiality Agreement. CenturyPacific, LLLP