Single Tenant Fedex Property For Sale
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Single Tenant Fedex Property For Sale

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single tenant net leased FedEx property for sale

single tenant net leased FedEx property for sale

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Single Tenant Fedex Property For Sale Document Transcript

  • 1. NET LEASED INVESTMENT OFFERING FedEx 8273 Garfield Road Freeland, MI 48623CONFIDENTIAL OFFERING MEMORANDUM www.bouldergroup.com
  • 2. TABLE OF CONTENTS NET LEASED INVESTMENT OFFERING TABLE OF CONTENTS1) Confidentiality & Disclaimer2) Executive Summary3) Property Overview4) Aerial5) Site Plan6) Maps7) Demographic Comparison Report8) Tenant Profile9) Location Overview10) Contact Information www.bouldergroup.com
  • 3. CONFIDENTIALITY & DISCLAIMER NET LEASED INVESTMENT OFFERING CONFIDENTIALITY & DISCLAIMER CONFIDENTIALITYThe information contained in the following Offering Memorandum is proprietary and strictly confidential. It isintended to be reviewed only by the party receiving it from The Boulder Group and should not be made available toany other person or entity without the written consent of The Boulder Group. This Offering Memorandum has beenprepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminarylevel of interest in the subject property. The information contained herein is not a substitute for a thorough duediligence investigation. The Boulder Group has not made any investigation, and makes no warranty orrepresentation, with respect to the income or expenses for the subject property, the future projected financialperformance of the property, the size and square footage of the property and improvements, the presence orabsence of contaminating substances, PCBs or asbestos, the compliance with State and Federal regulations, thephysical condition of the improvements thereon, or the financial condition or business prospects of any tenant, orany tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in thisOffering Memorandum has been obtained from sources we believe to be reliable; however, The Boulder Group hasnot verified, and will not verify, any of the information contained herein, nor has The Boulder Group conducted anyinvestigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracyor completeness of the information provided. All potential buyers must take appropriate measures to verify all of theinformation set forth herein. www.bouldergroup.com
  • 4. EXECUTIVE SUMMARY NET LEASED INVESTMENT OFFERING EXECUTIVE SUMMARYThe Boulder Group is pleased to exclusively market for sale a single tenant net leased FedEx property located in Freeland,Michigan. FedEx has been at this location since its construction in 1991 and benefits from its strategic location adjacentto the MBS International Airport. The MBS International Airport is serviced by United Airlines and Northwest Airlines andprovides air travel services for over 260,000 passengers annually, in addition to the 124,000 pounds of air cargotransported each year. The MBS International Airport is currently undergoing a $48 million expansion for a brand newterminal. A prior economic impact study found the MBS International Airport to have a $100 million economic benefitannually to the surrounding area. The same study found that the direct impact of the airport through jobs and property-related revenues was estimated at more than $50 million annually.The 27,000 square foot FedEx was built in 1991 and is benefitted by its location near the MBS International Airport.FedEx is located along Garfield Road, the main thoroughfare between the MBS Airport Terminal and US-10. The propertyhas 4,000 square feet of office space and 23,000 square feet of warehouse/distribution space with 16 foot clear heightceilings. The property is located less than ten miles from the headquarters of Dow Chemical Corporation. Dow Chemicaland Dow Corning each have their own private hanger at the MBS International Airport that were renovated prior to theconstruction of the new MBS terminal.FedEx has been at this property since 1991 and its current lease extension expires in June 2016. There are two 5-yearrenewal options remaining. The rent escalates by 20% in each remaining option period. FedEx is a publicly tradedcompany on the New York Stock Exchange (FDX), with a market capitalization of $27 Billion. FedEx is an investmentgrade company with a Standard & Poor’s rating of BBB.INVESTMENT HIGHLIGHTS• Standard & Poor’s investment grade rating of BBB• 20% rental escalation in each of the two remaining options• Strategic location adjacent to MBS International Airport which transports over 120,000 pounds of air cargo annually• Longstanding tenant with over twenty years of operating history at the site www.bouldergroup.com
  • 5. PROPERTY OVERVIEW NET LEASED INVESTMENT OFFERING PROPERTY OVERVIEWPrice: $1,908,620Cap Rate: 8.70%Net Operating Income: NOI Escalation Date $166,050 $199,260 7/1/2016 (Option 1) $239,220 7/1/2021 (Option 2)Renewal Options: Two 5-year optionsLease Commencement Date: February 1, 1991Lease Expiration Date: June 30, 2016Tenant: FedExYear Built 1991Lease Type: NN (Roof, Structure & HVAC Replacement)Rentable Square Feet: 27,000 SFLand Size: 3.56 acres www.bouldergroup.com
  • 6. AERIALNET LEASED INVESTMENT OFFERING AERIALwww.bouldergroup.com
  • 7. SITE PLANNET LEASED INVESTMENT OFFERING SITE PLANwww.bouldergroup.com
  • 8. MAPSNET LEASED INVESTMENT OFFERING MAPSwww.bouldergroup.com
  • 9. DEMOGRAPHIC COMPARISON REPORT NET LEASED INVESTMENT OFFERING DEMOGRAPHIC COMPARISON REPORTPopulation 5-mi. 7-mi. 10- 10-miTotal Population 16,002 42,559 148,596Total Households 5,554 15,767 59,813IncomeMedian Household Income $62,806 $58,012 $52,995Average Household Income $72,432 $70,119 $62,672 www.bouldergroup.com
  • 10. TENANT PROFILE NET LEASED INVESTMENT OFFERING TENANT PROFILEFedEx Corporation (NYSE: FDX) is a logistics services company, based in the United States with headquarters inMemphis, Tennessee. FedEx provides customers and businesses worldwide with a broad portfolio of transportation,e-commerce and business services. FedEx offers integrated business applications through operating companiesunder the respected FedEx brand. FedEx provides delivery for more than 9 million shipments each business day.FedEx has over 688 aircrafts that serve more than 375 airports worldwide in to the ground fleet of over 90,000motorized vehicles for express, ground, freight and expedited delivery service.FedEx Express is a subsidiary of FedEx Corporation that is responsible for overnight courier services, providing nextday air service within the United States and time-definite international service. FedEx Express operates one of thelargest civil aircraft fleet in the world and the largest fleet of wide bodied civil aircraft; it also carries more freight thanany other airline. FedEx Express provides delivery services to over 220 countries and territories. FedEx Express is theworld’s largest express transportation company and provides delivery for more than 3.6 million shipments eachbusiness day.Websites: www.fedex.comStock Symbol: FDX : NYSEStandard & Poor’s Rating: BBBMarket Capitalization: $27 BillionEmployees: 290,0002011 Revenue: $39 Billion www.bouldergroup.com
  • 11. LOCATION OVERVIEW NET LEASED INVESTMENT OFFERING LOCATION OVERVIEWFreeland is an unincorporated community in Saginaw County, Michigan. Freeland is thehome to the MBS International Airport, which serves three major nearby cities: Saginaw,Bay City and Midland. Saginaw County is part of the Flint/Tri-Cities area and at the timeof the 2010 U.S. Census had a population over 200,000. The Tri-Cities area has apopulation of over 400,000 and includes the counties of Saginaw, Bay City and Midland.Major employers in the Tri-Cities include The Michigan Sugar Company (a 1,250 famercooperative), three General Motors Powertrain plants, The Dow Chemical Company,Delphi Corporation and S.C. Johnson and Son. The world headquarters of The DowChemical Company is located in Midland. Dow Chemical is the second largest producerof chemical in the world. The area is also home to the world headquarters of NexteerAutomotive, an automotive parts supplier.http://www.saginawcounty.com/ www.bouldergroup.com
  • 12. CONTACT INFORMATION NET LEASED INVESTMENT OFFERING CONTACT INFORMATION 666 Dundee Road Suite 1801 Northbrook, IL 60062Randy Blankstein Jimmy GoodmanPresident Partner847.562.0003 847.562.8500rblank@bouldergroup.com jimmy@bouldergroup.com www.bouldergroup.com