INVESTMENT PROPERTY FOR SALE FORT WAYNE, INDIANA · 2017-11-16 · OVERVIEW : Airport North...

OVERVIEW : Airport North Business Park

$3,825,000

9.05% Cap Rate

51,000 SF - 5 Buildings

2017 Projected NOI: $346,000

90.7% Occupancy: Upside Potential

Year Built: 1991-1995

Multi-Tenant Flex Office/Warehouse Buildings

INVESTMENT PROPERTY FOR SALE

FORT WAYNE, INDIANA

1021 S. Calhoun Street | Suite One Fort Wayne, IN 46802 (260) 407-0900 | www.bndcommercial.com

O. Karl Behrens, CCIM, SIOR Direct: (260) 407-7115 Cell: (260) 410-3627 [email protected]


FORT WAYNE, INDIANA



The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from BND Commercial and should not be made available to any other person or entity without the written consent of BND Commercial. This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. BND Commercial has not made any investigation, and makes no warranty or representation. The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, BND Commercial has not verified, and will not verify, any of the information contained herein, nor has BND Commercial conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

Investment Overview:

BND Commercial, on behalf of Ownership, is pleased to exclusively present an outstanding opportunity to purchase the fee-simple interest, 10,200 SF (each) five building multi-tenant flex property totaling 51,000 SF in Fort Wayne, Indiana. The buildings are being offered as a package. The property consist of five identically designed flex office-warehouse buildings built in 1995. They have been well-maintained with high occupancy, mostly regional tenants. The property is located in the northwest area of Fort Wayne, one mile from I-69 and close to restaurants, retail, offices and Smith Field Airport. The tenants are a range of regional/national and local companies, such as offices for engineering, technology, and healthcare. Most tenants have occupied their spaces for more than five years. The suites have a high percentage of office space with a little warehouse or are entirely office space. Some of the spaces have drive-in doors in the rear of the building. These buildings are currently designed for 13 tenants, but space can be combined or sub-divided. Fort Wayne is the second largest city in Indiana with a city of 260,000 people, county of 363,000 and MSA of more than 541,000. The region has a strong employment of manufacturing with a lot of diversity of employers. The NE Indiana industrial market consists of 104,000,000 SF with vacancy at 5.25%. The office market is 13,000,000 SF with vacancy of 14.4%. The flex and office/warehouse market has vacancy under 5%.


FORT WAYNE, INDIANA



Building 1300 - 10,200 SF

Suites A, B, C - 6,330 SF - 90% Office - LEASED

Suite D - 3,870 SF - 2/3 Office; 1/3 Warehouse - LEASED

47+ Parking Spaces for Building


Suites A/B - 4,000 SF - 80% Office - LEASED

Suites C/D - 6,200 SF - 90% Office - LEASED

Extensively Remodeled in 2015


Suites A - 3,060 SF - 90% Office - LEASED

Suite B/C - 3,540 SF - All Office - LEASED

Suite D - 3,600 SF - 90% Office - LEASED

Long Term Tenants


Suite A - 2,550 SF - 80% Office - LEASED

Suite B - 2,550 SF - 1/2 Office - VACANT

Suite C/D - 5,100 SF - 80% Office - LEASED


Cook Road Frontage

Suite A - 2,550 SF - 2/3 Office; 1/3 Warehouse - LEASED

Suite B - 2,185 SF - 2/3 Office; 1/3 Warehouse - VACANT

Suite C/D - 5,465 SF - 2/3 Office; 1/3 Warehouse - LEASED


FORT WAYNE, INDIANA



Co

ok R

oad

Lima Road / US Hwy 3

Smith Field Airport


FORT WAYNE, INDIANA



Property Highlights

Address 1000, 1100, 1200, 1300, 1400 Airport North Office Park

City/State/Zip Fort Wayne, Indiana 46825

Sale Price $3,825,000

Cap Rate 9.05% (based upon 2017 budget)

Estimate NOI $346,000 - 2017 Budget

Lease Length(s) Varies - 11 Tenants and 2 Vacant

Occupancy 90.7% - 4,735 SF Vacant (2,185 SF and 2,550 SF)

Building Information

Total Building Size 51,000 SF (Five 10,200 SF Buildings)

Land Area 5.25 acres

Construction Type Steel Frame - Concrete front and side with steel

Construction Year 1991-1995

Number of Floors One

Roof Metal standing seam

Foundation Slab (6” reinforced concrete)

Heating/Air System Rooftop gas-forced units; most units are 100% central air conditioned

Electric Varies per unit; most are 200 to 400 amp single phase

Sprinkler System No

Ceiling Height Rear clear height: 10’

O/H Doors 12 Total - varies per building

Parking Lot/Drives 40+ avg/building: 140+ spaces front and 66+ spaces rear plus unloading area

Building Dimensions Each building is 120’ wide by 85’ deep

Other Adjacent to Smith Field Airport


FORT WAYNE, INDIANA



Smith Field Airport

Cook Road

SITE


FORT WAYNE, INDIANA



1000 Airport North RENT

Suite Tenant SF Annual $/SF Base Term

Expiration Option Opt $/SF/

Comments Tenant Since

A Kokosing Industrial 2,550 $13,388 $5.25 NNN 9/30/19 1-3 Years $5.25 9/01/16

B AVAILABLE 2,185 $14,200 $6.50 NNN

C&D Patriot Engineering 5,465 $27,325 $5.00 NNN 12/31/19 1/1/10

10,200 $54,913 $5.38


A Wildcat Association 2,550 $14,025 $5.50 NNN 12/31/21 1-5 Years $6.00 11/01/16

B AVAILABLE 2,550 $15,300 $6.00 NNN

C&D Cardinal Health 5,100 $47,277 $9.27 NNN 12/31/20 1-5 Years $9.55 11/1/92

10,200 $76,602 $7.64


A&B Manitowac

FoodService 4,000 $24,600 $5.00 NNN 4/30/17 5/01/13

C&D Keysight

Technologies 6,200 $97,030 $15.65*

Modified Gross

6/30/20 2-3 Years

*modified gross= base + TI + CAM Base $5.70; TI

$7.30; CAM $2.65

7/01/15

10,200 $121,630 $11.92


A,B,C Hoosier Automotive

dba Jiffy Lube 6,330 $53,139.12 $8.39 NNN 9/30/26 2-5 Years

Yrs 6-10 $45,259.50

9/01/16

D National Recreation

Systems 3,870 $30,960 $8.00 NNN 5/31/18 1-2 Years $8.50 6/01/16

10,200 $81,099.12 $7.09


A Tradesmen

International 3,060 $16.575 $6.50 NNN 4/30/18 1-3 Years NNN $2.50 5/1/15

B&C Summit Engineering 3,540 $23,895 $6.75 NNN 10/31/17 1-5 Years $7.50 11/1/12

D Advanced Imaging

Solutions 3,600 $20,400 $5.67 NNN

Renewal In Process

8/1/07

10,200 $60,870 $5.97


FORT WAYNE, INDIANA



Financials

Income 2017 - Based Upon

Actual Leases 2017 Proforma

Base Rent

-Occupied Spaces $366,000 $375,500

-Vacancy % 9.3% 5%

-CAM, NNN $116,000 $130,000

-Gross Potential Income $490,000 $505,500

Expenses

-Real Estate Taxes $48,000 $48,000

-Association Dues $8,000 $8,000

-Building Insurance $3,000 $3,000

-Utilities $6,000 $5,000

-Repairs & Maintenance $15,000 $15,000

-Lawn/Snow $26,000 $26,000

-Other $10,000 $10,250

-Management / Professional Fees $20,000 $21,000

Total Expenses $136,000 ($2.67SF) $136,250 ($2.75/SF)

Net Operating Income $346,000 $369,250

Cap Rate on $3,825,000 9.05% 9.65%

Investment Highlights

Strong North Fort Wayne Location

Less than 1 mile from I-69

Close to retail, restaurants, offices, Smith Field airport

Flexible buildings: well suited for office and/or office-warehouse

Upside potential


FORT WAYNE, INDIANA



1400 1000 1300 1200 1100

Suite A: Kokosing Industrial Suite B: AVAILABLE Suite C/D: Patriot Engineering

Suite A: Tradesmen International Suite B/C: Summit Engineering Suite D: Advanced Imaging Solutions

Suite A: Wildcat Assn. Suite B: AVAILABLE Suite C/D: Cardinal Health

Suite A/B/C: Hoosier Automotive Suite D: National Recreation Systems

Suite A/B: Manitowac Food Service Suite C/D: Keysight Technologies

Parking: Approximately 25-30 spaces in front of each building

with additional parking in back.

INVESTMENT PROPERTY FOR SALE FORT WAYNE, INDIANA · 2017-11-16 · OVERVIEW : Airport North...

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