265 INDUSTRIAL PARK DRIVE · Foods warehouse expansion, and a new steel fabricating and...

51 ACREDEVELOPMENT

SITE

BINGHAMTON, NEW YORK

I-81, Exits 2 & 3

265

INDUSTRIAL PARK DRIVE

TABLE OF

CONTENTS1. EXECUTIVE SUMMARY

2. PROPERTY DESCRIPTION

• SITE PLAN

• LOCAL HIGHWAY ACCESS AERIAL

• LOCAL RAILROAD NETWORK

• ADJACENT BUSINESSES, VENDORS, TRANSPORTATION

• ZONING INFORMATION

3. MARKET OVERVIEW

• BROOME COUNTY & INDUSTRIAL OVERVIEW

• INDUSTRIAL DEVELOPMENT IN BINGHAMTON

• RIGHT SIZE, RIGHT TIME, RIGHT PLACE

• REGIONAL LOCATION & TRAFFIC OVERVIEW

• AREA LOGISTICS & DISTRIBUTION

• DEMOGRAPHICS

4. CONSTRUCTION BUDGET

5. PRICING CONCLUSIONS

6. ECONOMIC INCENTIVES

Cushman and Wakefield has been retained on an exclusive basis by Brandywine Realty Trust (“Owner”) to sell Turnpike Industrial North, a proposed

138,000 square foot building situated on 14.35 acres of industrial zoned land in Horsham, PA. Located within the Southeastern PA Industrial

Market, Turnpike Industrial North is within 3 miles of the Pennsylvania Turnpike

Interchange and offers strategic access to the surrounding Philadelphia MSA. With increased

distribution buildings and an aging inventory, presents the rare opportunity to

PA market. We anticipate strong

market demand

build on spec

interest in this

Willow Grove

for functional

and deliver a

offering g iven

this offering

Class A infill industrial building in the proven Southeastern the

surg ing market fundamentals and limited availability of industrial zoned land sites throughout Suburban

Philadelphia, and look forward to discussing the opportunity with you in more detail.

EXECUTIVE SUMMARY

EXECUTIVE SUMMARY

Cushman & Wakefield Pyramid Brokerage Company has been engaged as the exclusive agent for the disposition of a 51 acre industrial site

at the convergence of I-81 and I-86/Route 17 in the Southern Tier of New York, 4.5 miles south of Binghamton, New York, and 6 miles north

of the Pennsylvania border. This highway oriented site can accommodate two high bay distribution buildings-300,000 and 350,000 square

feet respectively-a total of 650,000 square feet of Class A industrial space. The site is strategically located for access by road or by rail to the

entire Northeastern corridor. With the exception of a few developable parcels that have been recently occupied by Dick’s Sporting Goods and

by Crown Cork & Seal, there have been no sizable industrial sites in the Binghamton Metro area-a market that offers distribution connectivity

that is competitive with the rapidly developing Northeastern Pennsylvania region. This is a singular opportunity to develop state of the art

distribution facilities and lead the resurgence of a market where there is no competitive product. We anticipate strong interest in this offering

and would welcome the opportunity to discuss specifics.

CUSHMAN &WAKEFIELD / PYRAMID BROKERAGE COMPANY

KEY INVESTMENT DRIVERS

LIMITED COMPETITIVE AVAILABILITIES AND GROWING DEMAND

Warehouse vacancy in Binghamton Metro market has plunged to 4%

No existing Class A availabilities in the entire Southern Tier

Only two existing second generation warehouse facilities offering 80,000sf and 40,000sf respectively at 32’ to 40’

ceiling height

LIMITED DEVELOPMENT OPPORTUNITY IN THE MARKET

Recent developments have occupied the competitive sites in Broome and Tioga counties

This site opportunity is propelled by a shift in market demand from traditional industrial product to modern, flexible,

high bay design

REGIONAL INFRASTRUCTURE UPGRADES SUPPORT DISTRIBUTION AND TRANSPORTATION

GROWTH

I-86/Route 17 upgrades through Binghamton complete seamless integration with I-81 and I-88 and the local

highway network

Binghamton is the railroad hub of the Southern Tier, served by Norfolk Southern, and New York Susquehanna &

Western, and offering transloading points for freight transfer

EXECUTIVE SUMMARY


CUSHMAN &WAKEFIELD 5

PRO PERTY DESCRI PT I ON

SITE PLAN

PROPERTY DESCRIPTION


LOCAL HIGHWAY ACCESS AERIAL



LOCAL RAILROAD NETWORK



ADJACENT BUSINESSES AND VENDORS

SERVING TRANSPORTATION



KIRKWOOD ZONING INFORMATION






Section 301.3 Industrial Development Districts

A. Establishment.

1. The industrial district is listed below. When this Zoning Ordinance refers to industrial, manufacturing, or I-D zoning

districts, it is referring to the following:

Industrial Districts -Table 1

District Name Map Symbol

Industrial Development I-D

Industrial Development Recycling ID-R

Industrial Development Power Plant Facility ID-PPF

2. The district name and map symbol are intended to provide a general indication of what is

allowed in the district, with the “I-D" denoting the industrial or manufacturing uses.

B. District Purposes.

The purpose of the Industrial Development District is to encourage a wide range of industrial, manufacturing, and distribution

activities in order to support the goals and objectives contained in the Town of Kirkwood Comprehensive Plan. Developments in

this district shall employ techniques to minimize negative impacts (including traffic, parking, glare, noise, etc.) on adjacent non

industrial uses, especially established industrial districts and environmentally sensitive areas.

C. Uses.

Uses allowed in Industrial Development or I-D zoning districts are set forth in Table 2.

1. Uses identified with a "P" in Table 2 are permitted as-of-right in the subject zoning district, subject to compliance with all other

applicable standards of this Zoning Ordinance.

2. Uses identified with a "SP" in Table 2 may be allowed if reviewed and approved in accordance with the special permit

procedures in Article V, Section 503.

3. Uses not listed and those identified with a “--" are expressly prohibited.

P = Permitted

SP = Specially Permitted

-- = Prohibited




Permitted and Specially Permitted Uses - Table 2

Land Use I-D ID-R ID-PPF

Manufacturing, research and development facilities, pilot

plants, processing, or fabricating(1) P P P

Offices, support services, and administration centers. P P P

Warehouse P P P

Truck Terminal P P P

Construction Equipment(5) P P P

Child Day Care Centers (3) P P P

Restaurants, cafes, and delicatessen P P P

Scrap Metal Processing, Recyclables handling and recovery facilities — SP —

Electrical Distribution Stations and other Public Utility Structures SP SP SP

Hotels and Motels P P P

Power Plant Facility — — P

D. Lot, area, and setback requirements.

The following lot, area, and setback requirements shall apply to the Industrial districts within the Town:

Industrial Development Lot, Area, and Setback Requirements - Table 3


Minimum lot size

Industrial Use (Square feet) 15,000 15,000 15,000

Minimum lot width (with no public sewer)

Industrial Use (feet) 150 150 150

Accessory Use (Feet) — — —

Minimum lot width (with public sewer)


Accessory Use (Feet) — — —

Minimum front setback


Accessory Use (Feet) (2) (2) (2)




Industrial Development Lot, Area, and Setback Requirements - Table 3


Minimum side setback


Accessory Use (feet) 20 20 20

Minimum rear setback


Accessory Use (Feet) 20 20 20

E. Bulk requirements.

The following bulk requirements shall apply to the industrial districts within the Town:

1. Maximum density permitted per lot may be more than one (1) principal building after Site Plan Review per Article V,

Section 502.

2. Maximum building height is 50 feet for industrial buildings, and 62 feet for office buildings.

3. Maximum lot coverage by buildings is 40%.

F. Additional Use Requirements.

Site Plan Review is required for all non-residential uses and buildings as described in Article V, Section 502. Sign requirements are

described in Article V, Section 504 and Off-street Parking and Loading requirements are described in Article V, Section 505.

G. Accessory Uses.

The following accessory uses are permitted in industrial districts:

1. Accessory building and uses related to the principal use of the property.

2. Outdoor storage suitably screened.

3. Flea Market/Farmer’s Market by Special Permit that meets the requirements of Article V,

Section 503.9.

NOTES:

1) Such use shall operate within the limits specified in Article V, Section 501.

2) Not permitted in Front Yard.

3) Licensed by the State of New York.

4) No surface water should flow to any adjacent properties.

5) See Article XIII


M ARKET O VERVI EW

MARKET OVERVIEW

BROOME COUNTY & INDUSTRIAL INVENTORY OVERVIEW

BUILDING SUBUSEINVENTORY

(SF)OVERALL VACANT (SF)

OVERALL VACANCY RATE

Warehouse / Distribution 5,789,321 228,725 4.0%

Manufacturing 9,510,304 809,346 8.5%

Office Service / Flex 2,140,678 611,756 28.6%


METRO MARKET TURNS ON DEMAND FOR

WAREHOUSING & DISTRIBUTION

As the manufacturing base that once sustained prosperity in the

Binghamton metropolitan market has eroded, the transportation, logistics

and distribution industry has emerged as the potential growth segment for

the market. Binghamton has long been recognized as a hub for road and

rail traffic but the lack of large, strategic development sites has hampered

growth and, on a competitive basis, the Southern Tier of New York has

been eclipsed by attractive benefits offered across the Pennsylvania

border. Recent development deals in the region incentivized by state and

local benefits have turned the tide as major corporations including Dick’s

Sporting Goods and Crown Cork & Seal Corporation have been attracted

into the market.

The warehousing and storage industry has grown so rapidly in the past

five years - a 65.2% increase in jobs - that it has been recognized by New

York State Department of Labor as a Significant Industry in the Southern

Tier. Vacancy in this sector has fallen to 4%, taking into account recent

leases and discounting the square footage available at 265 Industrial Park

Drive, slated for demolition upon the purchase of the 51 acre site for state

of the art, high bay industrial development. The availability of this site for

new development is a watershed moment in the industrial development of

the region, providing the opportunity for Class A industrial product to

supplant industrial product built for the demand factors of the mid-

twentieth century.

Multi-million dollar improvements in the interstate highway system in

Binghamton and the development of rail transloading facilities are timely

developments improving the infrastructure to support the region’s

transportation network.

Industr ia l Development in Binghamton

MARKET OVERVIEW


RIGHT SIZE, RIGHT TIME, RIGHT PLACE

MARKET OVERVIEW

GROWING TENANT DEMAND

• Dick’s Sporting Goods Distribution Center, Crown Cork & Seal manufacturing and warehousing facilities, Willow Run

Foods warehouse expansion, and a new steel fabricating and distribution business have absorbed over 1.5 million

square feet of new construction and existing warehousing space

• Removal of the vacant, mid-twentieth century improvements from the subject development site will reduce warehouse

vacancy in the Binghamton Metro market to 4%

LIMITED INVENTORY OF HIGH BAY INDUSTRIAL PRODUCT

• Only two older buildings offer competitive high bay space between 32’ and 40’ - a total of 120,000 square feet, that cannot

be modularized

• No Class A industrial product designed for multi-tenant occupancy and offering 32’ ceilings and ESFR sprinklers available

in the market

COMPETITIVE ECONOMIC INCENTIVES & WAGE RATES

• The combination of Empire State Development Incentives; Regional Economic Development Council funding; and

Payment in Lieu of Taxes programs have established a new pattern of incentivized industrial development in the

Southern Tier

• Infrastructure is in place to support successful distribution development at the subject site, including upgraded roads,

immediate highway access, a full complement of transportation services and vendors, and on site utilities

• Competitive wage rates in the warehousing and storage industry


MARKET OVERVIEW

REGIONAL LOCATION & TRAFFIC OVERVIEW

LOCATION HIGHLIGHTS

• Three hours driving time to major northeast cities

• Fueling and servicing for trucks at adjacent locations

• Convenient to workforce, retail, and services in New York’s

Southern Tier

• On Established Bus Route

• Property Unaffected by Flooding

TRAFFIC: High visibility from interstate highways and

immediate access. 65,000+ vehicles passing through

Binghamton.


MARKET OVERVIEW


AREA LOGISTICS & DISTRIBUTION

MARKET OVERVIEW

Team World

265 Industrial Park Dr

MARKET OVERVIEW

DEMOGRAPHICS

1 Mile 5 Miles3 Miles



C O N S T R U C TION BUDGE T

CONSTRUCTION BUDGET

265 Industrial Park Drive Warehouse A- 292,608 SF

Binghamton, New York 13904

Schematic Design Budget Summary Cost per SF

General Conditions $1,587,222.70 $5.43

Concrete $6,556,000.00 $22.41

Masonry $50,000.00 $0.18

Metals $3,970,000.00 $13.57

Wood & Plastics

Thermal & Moisture $1,810,000.00 $6.19

Openings $460,000.00 $1.58

Finishes $365,000.00 $0.05

Specialties $12,000.00 $0.05

Equipment $920,000.00 $3.15

Fire Suppression $550,000.00 $1.88

Plumbing $410,000.00 $1.41

HVAC $2,333,000.00 $7.98

Electric $2,443,000.00 $8.35

Site $2,795,610.00 $9.56

$24,261,832.70 $82.92

Profit & OH $2,426,183.27 $8.30

Total Schematic Design Budget $26,688,015.97 $91.21

10% Contingency $2,668,801.60

Building Permit $14,530.40


General Requirements

1. Project Coordination and Oversight

2. Insurance-Workmen’s Comp and Liability

3. Scheduling and Documentation

4. Temporary Utilities

5. Temporary Fencing (as required)

6. Construction Layout and Controls

7. General Cleaning and Rubbish Removal

8. Commissioning

9. Exclusions: Design Fees, Building Permits, Construction Management, Builder Risk Insurance, Performance & Surety Bonds, Professional Liability Insurance, Errors and

Omissions Insurance, Pollution Liability Insurance, Materials and Special Inspections, and Winter Protection and Heat

Concrete

1. Strip Footings- 24”w x 12”h, (3) rows #5 rebar, 3000# concrete.

2. Spread Footings- 54” sq. exterior and 66” sq. interior, 12” o.c. 5 rebar, 3000# concrete mix.

3. Foundation Walls- 12” w, 24” o.c. vertical #5 rebar, 12” o.c. horizontal #5 rebar, 3000# concrete mix.

4. Concrete Slab- 7” deep, 4000# concrete mix, reinforce wire mesh 6 x 6 x W2.9 x 2.9, 6 mil vapor barrier, spray applied sealer and densifier

(Liqui-Hard by W.R. Meadows), 8” Compacted Item 4 sub-base, steel trowel finish.

5. Pre-Cast Concrete Wall Panels- 8” x 38’h insulated panels.

Masonry

1. Allowance provided for non-structural interior CMU wall partitions as required.

Metals

1. Open Girder and Joist Roof Structure with minimum 48’ column spacing, 60# combined load.

2. Center Slope Roof – ¼” per ft.

CONSTRUCTION BUDGET

Building Dimensions and Assumptions

1016’ L x 376’ W 292,608 SF Minimum 32’ Clear Height

Minimum 48’ Column Grid Open Girder and Bar Joist Super Structure with Lateral

and Seismic Bracing

Single Side Loading Docks (78) Positions

CONSTRUCTION BUDGET

3. 1 ½” x 22 ga. roof deck.

4. Lateral and seismic bracing, as required

5. (35) Equipment and penetration support framing.

6. (11) Galvanized open grate landings and stairs

7. (1) Galvanized exterior roof access ladder.

Thermal and Moisture

1. .060 reinforced black EPDM mechanically attached single ply roof membrane.

2. R-30 Polyiso rigid insulation.

3. 6”- .050 Painted aluminum roof edge.

4. (31) Curb flashings.

5. (11) Roof Drain Flashings.

6. (11) Over flow Flashings.

7. (4) Pipe Vents.

8. Perimeter and equipment wood blocking.

9. 1 ½” Rigid perimeter below grade foundation insulation.

10. Vertical and horizontal sealants as required.

Openings

1. (24) Exterior steel frames, doors and hardware.

2. 150 sf of aluminum storefront framing with glazing and door assembly.

3. (78) 8’ x 8’ Overhead doors with electric operators.

Finishes

1. Exterior pre-cast wall panel (1) coat sealer, (2) coats paint.

2. Interior pre-cast wall panel (1) coat sealer, (1) coat paint.

3. Fit up allowance for 1800 sf office space.

Metals Cont’d

Specialties

1. (5) Stall floor mounted steel bathroom partition group.

2. (2) Recessed wall waste receptacles

3. (6) Mirrors

4. (3) Sets of ADA compliant grab bar groups

5. Labor to install owner provided; soap, paper towel and tissue paper dispensers.

Equipment

1. (78) Dock levelers, seals and bumpers

Fire Suppression

1. ESFR Wet-Pipe System, pump not included

Plumbing

1. 1 ½” CPVC domestic water service with RPZ backflow preventer and meter prep, overhead feeder to mechanical and bathrooms. CPVC

branch piping for domestic hot and cold water to plumbing fixtures and water heaters.

2. 6” Schedule 40 PVC below grade sanitary waste piping to mechanical and bathrooms, schedule 40 PVC above grade waste piping to

plumbing fixtures.

3. Back to back (5) fixture men’s and women’s bathroom with (1) semi-circular lavatory.

4. (1) Single occupant ADA compliant bathroom in office area.

5. (2) Electric water heaters.

6. (2) ADA compliant water coolers.

7. (11) Roof drains and overflows with Schedule 40 PVC horizontal and vertical piping to exterior.

8. Schedule 40 black iron horizontal and vertical gas piping to (29) gas fired RTU’s and (1) generator.

HVAC

1. (29) Gas fired-25 ton RTU’s with straight ducted supply- side outlet diffusers and open plenum return, economizer, power vented and

enthalpy.

2. (4) 3 kW ceiling mounted unit heaters-men’s/ women’s room.

3. (1) 2 kW ceiling mounted unit heater- vestibule

CONSTRUCTION BUDGET

CONSTRUCTION BUDGET

1. (1) 1 kW suspended unit heater-mechanical room

2. (1) 2000 CFM direct drive roof mounted down-blast exhaust fan with duct work to men’s/women’s room.

3. (1) 500 CFM direct drive roof mounted down-blast exhaust fan in mechanical room with temperature actuating switch

4. (1) 75CFM ceiling mounted bathroom exhaust fan in single occupant bathroom.

Electric

1. (1) 2000 Amp service entrance with switch gear and (4) 400 amp 480/277 distribution panels and (4) 208/120 transformers and distribution

panels.

2. (4) Receptacles and branch wiring per 1000 sf.

3. (1) High bay LED light fixture with motion sensor at 50 foot candles per 1000 sf.

4. (100) Exterior LED wall pack light fixtures with branch wiring and photocell controlled circuit.

5. (29) RTU equipment connections with branch wiring.

6. (6) Electric unit heater equipment connections with branch wiring.

7. (3) Exhaust fan equipment connections with branch wiring.

8. (78) Dock leveler and door opener equipment connections with branch wiring.

9. (1) 50 kW natural gas fired emergency back-up generator with transfer switch.

10. Fire Alarm- 12 Zone FACP with command center, (100) visual/addressable devices, (30) pull stations, (60) smoke detectors and (4) heat

detectors.

Site Work

1. (4) 4” Schedule 40 PVC electric conduit to building.

2. (2) 4” Schedule 40 PVC communication conduit to building.

3. 8” Dura Blue C900 fire service to building.

4. 1 ½” HDPE domestic water service to building.

5. 6” SDR 35 sanitary waste to building.

6. 6” Dura Blue C900 hydrant loop to rear of property

7. (2) Fire hydrants with valves.

8. (16) Concrete catch basins with 18” corrugated HDPE laterals.

9. 59,400 sf of light duty paving- 8” compacted gravel sub-base with soil stabilization fabric, 2 ½” type 3 dense binder and 1 ½” type 6 wear

course.

HVAC Cont’d

CONSTRUCTION BUDGET

10. 220,400 sf of heavy duty paving- 12” compacted gravel sub-base with soil stabilization fabric, 3 ½” type 1 base binder, 2 ½” type 3 dense

binder and 2” type 6 wear course.

11. 7,500 lf of asphalt markings and symbols as required.

12. 4,700 lf of slip formed 8” x 18” concrete curb.

13. 3,000 sf of 5” concrete sidewalk.

14. 10,000 sf of top soil, seed and mulch.

15. 90,000 sf of slope grading, stabilizing seed and mulch.

16. $15,000 landscape allowance.

17. (5) 30’h, 3 arm, LED fixtures with concrete base, conduit and branch wiring.

18. (10) 6” Concrete filled steel bollards with concrete base 4’ below grade.

Site Work Cont’d

CONSTRUCTION BUDGET

265 Industrial Park Drive Warehouse B- 354,944 SF

Binghamton, New York 13904

Schematic Design Budget Summary Cost per SF

General Conditions $1,886,846.50 $5.32

Concrete $7,394,000.00 $20.84

Masonry $50,000.00 $0.15

Metals $4,771,600.00 $13.45

Wood & Plastics

Thermal & Moisture $2,133,250.00 $6.02

Openings $406,500.00 $1.15

Finishes $380,000.00 $1.08

Specialties $16,000.00 $0.05

Equipment $802,000.00 $2.26

Fire Suppression $639,000.00 $1.81

Plumbing $522,600.00 $1.48

HVAC $2,892,000.00 $8.15

Electric $2,841,000.00 $8.01

Site $4,107,000.00 $11.58

$28,841,796.50 $81.26

Profit & OH $2,884,179.65 $8.13

Total Schematic Design Budget $31,725,976.15 $89.39

10% Contingency $3,172,597.62

Building Permit $17,747.00


CONSTRUCTION BUDGET

General Requirements

1. Project Coordination and Oversight

2. Insurance-Workmen’s Comp and Liability

3. Scheduling and Documentation

4. Temporary Utilities

5. Temporary Fencing (as required)

6. Construction Layout and Controls

7. General Cleaning and Rubbish Removal

8. Commissioning

9. Exclusions: Design Fees, Building Permits, Construction Management, Builder Risk Insurance, Performance & Surety Bonds, Professional Liability Insurance, Errors

and Omissions Insurance, Pollution Liability Insurance, Materials and Special Inspections, and Winter Protection and Heat

Concrete

1. Strip Footings- 24”w x 12”h, (3) rows #5 rebar, 3000# concrete.

2. Spread Footings- 54” sq. exterior and 66” sq. interior, 12” o.c. 5 rebar, 3000# concrete mix.

3. Foundation Walls- 12” w, 24” o.c. vertical #5 rebar, 12” o.c. horizontal #5 rebar, 3000# concrete mix.

4. Concrete Slab- 7” deep, 4000# concrete mix, reinforce wire mesh 6 x 6 x W2.9 x 2.9, 6 mil vapor barrier, spray applied sealer and densifier

(Liqui-Hard by W.R. Meadows), 8” Compacted Item 4 sub-base, steel trowel finish.

5. Pre-Cast Concrete Wall Panels- 8” x 38’h insulated panels.

Masonry

1. Allowance provided for non-structural interior CMU wall partitions as required.

Metals

1. Open Girder and Joist Roof Structure with minimum 48’ column spacing, 60# combined load.

2. Center Slope Roof – ¼” per ft.

3. 1 ½” x 22 ga. roof deck.

Building Dimensions and Assumptions

1016’ L x 376’ W 354,944 SF Minimum 32’ Clear Height

Minimum 48’ Column Grid Open Girder and Bar Joist Super Structure with Lateral and Seismic

Bracing

Single Side Loading Docks (68) Positions

CONSTRUCTION BUDGET

1. Lateral and seismic bracing, as required

2. (38) Equipment and penetration support framing.

3. (11) Galvanized open grate landings and stairs

4. (1) Galvanized exterior roof access ladder.

Thermal and Moisture

1. .060 reinforced black EPDM mechanically attached single ply roof membrane.

2. R-30 Polyiso rigid insulation.

3. 6”- .050 Painted aluminum roof edge.

4. (38) Curb flashings.

5. (9) Roof Drain Flashings.

6. (9) Over flow Flashings.

7. (4) Pipe Vents.

8. Perimeter and equipment wood blocking.

9. 1 ½” Rigid perimeter below grade foundation insulation.

10. Vertical and horizontal sealants as required.

Openings

1. (24) Exterior steel frames, doors and hardware.

2. 150 sf of aluminum storefront framing with glazing and door assembly.

3. (68) 8’ x 8’ Overhead doors with electric operators.

Finishes

1. Exterior pre-cast wall panel (1) coat sealer, (2) coats paint.

2. Interior pre-cast wall panel (1) coat sealer, (1) coat paint.

3. Fit up allowance for 1800 sf office space.

Metals Cont’d

CONSTRUCTION BUDGET

Specialties

1. (5) Stall floor mounted steel bathroom partition group.

2. (2) Recessed wall waste receptacles

3. (6) Mirrors

4. (3) Sets of ADA compliant grab bar groups

5. Labor to install owner provided; soap, paper towel and tissue paper dispensers.

Equipment

1. (68) Dock levelers, seals and bumpers

Fire Suppression

1. ESFR Wet-Pipe System, pump not included

Plumbing

1. 1 ½” CPVC domestic water service with RPZ backflow preventer and meter prep, overhead feeder to mechanical and bathrooms. CPVC branch

piping for domestic hot and cold water to plumbing fixtures and water heaters.

2. 6” Schedule 40 PVC below grade sanitary waste piping to mechanical and bathrooms, schedule 40 PVC above grade waste piping to plumbing

fixtures.

3. Back to back (5) fixture men’s and women’s bathroom with (1) semi-circular lavatory.

4. (1) Single occupant ADA compliant bathroom in office area.

5. (2) Electric water heaters.

6. (2) ADA compliant water coolers.

7. (9) Roof drains and overflows with Schedule 40 PVC horizontal and vertical piping to exterior.

8. Schedule 40 black iron horizontal and vertical gas piping to (29) gas fired RTU’s and (1) generator.

HVAC

1. (36) Gas fired-25 ton RTU’s with straight ducted supply- side outlet diffusers and open plenum return, economizer, power vented and enthalpy.

2. (4) 3 kW ceiling mounted unit heaters-men’s/ women’s room.

3. (1) 2 kW ceiling mounted unit heater- vestibule

CONSTRUCTION BUDGET

4. (1) 1 kW suspended unit heater-mechanical room

5. (1) 2000 CFM direct drive roof mounted down-blast exhaust fan with duct work to men’s/women’s room.

6. (1) 500 CFM direct drive roof mounted down-blast exhaust fan in mechanical room with temperature actuating switch

7. (1) 75CFM ceiling mounted bathroom exhaust fan in single occupant bathroom.

Electric

1. (1) 2000 Amp service entrance with switch gear and (4) 400 amp 480/277 distribution panels and (4) 208/120 transformers and distribution

panels.

2. (4) Receptacles and branch wiring per 1000 sf.

3. (1) High bay LED light fixture with motion sensor at 50 foot candles per 1000 sf.

4. (60) Exterior LED wall pack light fixtures with branch wiring and photocell controlled circuit.

5. (36) RTU equipment connections with branch wiring.

6. (6) Electric unit heater equipment connections with branch wiring.

7. (3) Exhaust fan equipment connections with branch wiring.

8. (68) Dock leveler and door opener equipment connections with branch wiring.

9. (1) 50 kW natural gas fired emergency back-up generator with transfer switch.

10. (2) Electric Water Heaters

11. Fire Alarm- 12 Zone FACP with command center, (120) visual/addressable devices, (30) pull stations, (90) smoke detectors and (4) heat

detectors.

HVAC Cont’d

Site Work

1. (4) 4” Schedule 40 PVC electric conduit to building.

2. (2) 4” Schedule 40 PVC communication conduit to building.

3. 8” Dura Blue C900 fire service to building.

4. 1 ½” HDPE domestic water service to building.

5. 6” SDR 35 sanitary waste to building.

CONSTRUCTION BUDGET

6. 6” Dura Blue C900 hydrant loop to rear of property

7. (2) Fire hydrants with valves.

8. (18) Concrete catch basins with 18” corrugated HDPE laterals.

9. 101,300 sf of light duty paving- 8” compacted gravel sub-base with soil stabilization fabric, 2 ½” type 3 dense binder and 1 ½” type 6 wear

course.

10. 417,100 sf of heavy duty paving- 12” compacted gravel sub-base with soil stabilization fabric, 3 ½” type 1 base binder, 2 ½” type 3 dense

binder and 2” type 6 wear course.

11. 13,000 lf of asphalt markings and symbols as required.

12. 6,400 lf of slip formed 8” x 18” concrete curb.

13. 3,000 sf of 5” concrete sidewalk.

14. 85,000 sf of top soil, seed and mulch.

15. 60,000 sf of slope grading, stabilizing seed and mulch.

16. $15,000 landscape allowance.

17. (11) 30’h, 3 arm, LED fixtures with concrete base, conduit and branch wiring.

18. (10) 6” Concrete filled steel bollards with concrete base 4’ below grade.

Site Work Cont’d


PRI C I NG C O N C L U S I O N S

PRICING CONCLUSIONS

The property is priced at $7,500,000 and this number is used to calculate the acquisition cost per square foot in the analysis

below.

Utilizing the following leasing assumptions, development budget included herein and conservative exit metrics, this opportunity

provides investors with core product opportunity to deploy development capital and significant upside.

LEASING

ASSUMPTIONS

$6.75 NNN

2% Annual Increases

5 Year Lease Term

BASICS (cost PSF)

$11.58 Land Acquisition

$90.21 Site Work

&Building Construction

All In: $101.79 PSF

EXIT ASSUMPTIONS

647,552 SF

Rent: $6.75 NNN

Cap Rate 6%

Sale Price of $72,850,000 (rounded) or $112.50

PRICING CONCLUSIONS



ECO NO M IC I NCENTI VES

WIDE RANGE OF NYS ECONOMIC INCENTIVE PROGRAMS ;

EXCELSIOR PROGRAM

• Job tax credits for net job creation

• Investment tax credits

• R&D tax credits

• Real property (improvement) tax credits

EMPIRE STATE DEVELOPMENT GRANTS

• Funding is for economic development initiatives and projects that create or retain jobs, generate increased economic activity and

improve the economic and social viability and vitality of local communities

START-UP NY PROGRAM

• Tax free zone for business partnering with public universities and colleges (Binghamton University and SUNY Broome College)

THE SOUTHERN TIER REGIONAL ECONOMIC DEVELOPMENT: URI PLAN

• Allocates state dollars to projects leveraged by private sector investment

UNIFORM TAX EXEMPTION POLICY (PILOT PROGRAM)

• A fifteen year (or longer) payment in lieu of taxes program, through the Broome County Industrial Development Agency

NYSEG/AVANGRID ECONOMIC DEVELOPMENT PROGRAMS


ECONOMIC INCENTIVES

http://www.nysedc.org/economic-incentive/excelsior-program/

https://esd.ny.gov/businessprograms/econdevpurposesgrants.html

http://www.nysedc.org/economic-incentive/start-up-ny-program/

https://regionalcouncils.ny.gov/southern-tier

https://theagency-ny.com/

https://www.lookupstateny.com/wps/portal/lookupny/developmentprograms

CONTACT:

MAUREEN WILSON, CCIM, SIOR

President – Binghamton

Real Estate Broker

O (607) 754 5990 x323

M (607) 427 5999

[email protected]

BRUCE “ETHAN” COOK

Real Estate Salesperson

O (607) 754 5990 x311

M (607) 725 9118

[email protected] 84 Court Street; Suite 300

Binghamton, NY 13901

pyramidbrokerage.com

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