TRUE VALUE SINGLE TENANT 150,598 RSF LEHIGH VALLEY I-78 / US ROUTE 100 INTERCHANGE Tilghman Street, Allentown, PA INVESTMENT SUMMARY

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1 78 TRUE VALUE 6736 Tilghman Street, Allentown, PA INVESTMENT SUMMARY SINGLE TENANT 150,598 RSF LEHIGH VALLEY I-78 / US ROUTE 100 INTERCHANGE POTENTIAL EXPANSION A CBRE National Partners Investment Opportunity

2 6736 Tilghman Street Allentown, PA THE OFFERING CBRE, Inc. ( CBRE ) has been retained by Ownership to arrange for the disposition of 6736 Tilghman Street located at the I-78 / US Route 100 Interchange in Allentown, Lehigh County, Pennsylvania (the Property ). Positioned within the in-fill Iron Run Corporate Center in one of the Lehigh Valley s most well leased warehouse/distribution locations, the Property affords optimal east-west and north-south accessibility via I-78 and I-476 respectively, each within three miles Tilghman is 100% leased by True Value Company, which has occupied the Property since True Value owns and operates an adjacent 530,000 square foot regional distribution center, and has benefited from operating efficiencies, renewing its lease at the subject Property twice, continuing utilization as seasonal storage for bulk items. Currently leased significantly below market rents achieved in comparable single-tenant bulk distribution buildings at this strategic interchange, 6736 Tilghman provides unique exposure to potential yield upside. A 15.4-acre site distinguishes the Property from its competitive set, providing potential for future building expansion or expansion of its already above-standard trailer storage capacity Tilghman represents a rare opportunity to acquire a fully-leased, institutionallymaintained, functional, bulk warehouse/distribution facility in one of the I-78 / I- Industrial Corridor s most desirable submarkets, complemented by unique layout flexibility and yield upside. PHYSICAL SUMMARY Address: 6736 Tilghman Street, Allentown, PA 106 Land Area: 15.4 acres Building Size: 150,598 SF, potential expansion of ±55,000 SF Year Built: 1975 Construction: Concrete masonry unit (CMU), steel panel and stone veneer exterior finishes Building Dimensions: Depth: Width: 324 Loading Configuration: Front loading Side rail loading (Inactive) Clear Height: 21 Loading: 16 Dock Doors / 1 Drive-In Door / 6 Rail Doors Truck Court: ± Trailer Parking: +/- 40 trailer positions (with potential expansion) Car Parking: 17 spaces FINANCIAL SUMMARY Occupancy: 100% Tenants: Year 1 NOI: Market Rent: Projected Rental Rate Growth: True Value Company (2013 Revenue $1.4 Billion) $640,299 ($4.25 PSF) +/- $4.50 NNN 17.6% cumulative growth projected over the next five years (per CBRE Econometric Advisors)

3 Executive Summary INVESTMENT HIGHLIGHTS CREDIT WORTHY TENANCY The True Value cooperative represents independent retailer locations worldwide with 2013 revenue of $1.4 billion As one of the world s largest retailer-owned hardware cooperatives, True Value represents independent retailer locations in over 60 countries with more than 2,500 associates OPERATING EFFICIENCY CONTINUED RENEWAL True Value has renewed its lease at the Property twice, with the latest renewal in December Tilghman is immediately adjacent to one of the company s 13 regional distribution centers and fulfills the DC s need for additional out-of-season bulk storage for product ranging from large gas grills to bulk rock salt packages YIELD UPSIDE Current Net Operating Income of approximately $4.25/SF is significantly below market rent, presenting a unique opportunity to capitalize on the Lehigh Valley s surging leasing market Over a ten year span, asking rents at the I-78 / US Route 100 Interchange have averaged $4.56/SF NNN FLEXIBLE DESIGN - EXPANSION CAPACITY 15.4-acre site could accommodate building expansion of approximately 55,000 square feet, along with approximately 63 car parking spaces Current impervious coverage below maximum ratio could also present an opportunity to expand the Property s already above-standard trailer parking capacity FUNCTIONAL BULK WAREHOUSE DISTRIBUTION Ample loading with 8,850 rentable square feet per door T-5 / T-8 Lighting installed in 2011, with increased concentration in speed bay EPDM Roof installed 2005, minimizing near-term capital exposure Mechanical dock levelers, dock locks, lights, bumpers, and seals ACCESSIBILITY Within three miles of I-78 and I miles from the Ports of New York/ New Jersey Within 200 miles of New York City, Philadelphia, Washington, DC, and Baltimore EXCEPTIONAL LEASING FUNDAMENTALS Direct Vacancy at the I-78 / US Route 100 Interchange of 1.6% as of year-end 2014 outpaces the overall Lehigh Valley (6.6%) Average asking rents at this 28.8 million square foot concentration of industrial/flex buildings have exceeded the overall Lehigh Valley market by 5.6% over the past 10 years IRON RUN CORPORATE CENTER The Property is positioned within one of the Lehigh Valley s most established, mature bulk warehouse/distribution and shallow bay parks which totals approximately 6.5 million square feet in 69 buildings 80% of inventory in the park features minimum clear heights of 24 or lower, and 70% of the park was built out in the 1970 s/ 1980 s There are virtually no in-fill development pads with comparable proximity to the I-78 / US Route 100 Interchange, and the vast majority of lots are fully built out without expansion capability LEHIGH VALLEY DEMAND Total Bulk Net Absorption of 5 million square feet from (represents 7.6% of total bulk inventory) One of the East Coast s most active development locations, with 5.8 million square feet delivered in 2014/2015 and 6.0 million square feet under construction - many current projects are either pre-leased or build-to-suit Over the past five years, absorption in the Lehigh Valley has totaled 10.1 million square feet, while only 6.7 million square feet of new bulk product has been delivered

4 6736 Tilghman Street Allentown, PA 79 Lake Erie Erie LOCATION HIGHLIGHTS Buffalo KEY DISTANCES Ports of NY/ NJ 90 Philadelphia, PA New York City, NY Baltimore, MD Washington, DC Boston, MA Altoona miles 60 miles 95 miles 150 miles 185 miles 310 miles Corning 15 Binghamton P E N N S Y L V A N I A 15 DISTANCES TO : N E W Y O R K Scranton Wilkes-Barre 380 Allentown 2.4 MILES N.J. Newark 2.6 MILES 87 Yonkers Albany New York New Haven 495 Springfield PORT OF NEW YORK/ NEW JERSEY MASS. Worcester 84 Hartford CONN Providence Boston A T L A N T I C O C E A N 6 79 Pittsburgh Morgantown W E S T V I R G I N I A 99 Bedford Harpers Ferry Carlisle Arlington York Gettysburg Harrisburg 83 MARYLAND Lancaster Baltimore 301 Annapolis Washington, DC Reading PORT OF BALTIMORE Dover Trenton Wilmington DEL. 195 Philadelphia PORT OF PHILADELPHIA Atlantic City LOCATION HIGHLIGHTS Lehigh Valley location affords unrivaled access to the New York City Metropolitan Population of 19.8 million 300 Mile radius includes 38 million people 600 Mile radius includes 40% of US population $1.1 Trillion in consumer expenditures within 600 Miles - projected to grow 9.1% over the next five years FedEx & UPS Regional Distribution Hubs within close proximity Two class 1 railroads (Norfolk Southern and Canadian Pacific) interchange at Bethlehem Intermodal

5 Executive Summary SUBMARKET AERIAL - IRON RUN CORPORATE CENTER INSTITUTIONAL OWNERSHIP Cohen Asset Management Liberty Property Trust DCT Industrial Trust Oaktree Capital Management DRA Advisors EIP Exeter Property Group VALV-TECH, INC. High Street Equity Advisors H.T. LYONS Industrial Income Trust (IIT) PennCap Properties Prologis AMERICOLD Seagis Property Group Indcor Welsh Property Trust AMERICOLD CARPENTER CO. ALLENTOWN CANDY KNOLL NEOVIA LOGISTICS INTERNATIONAL BATTERY WAREHOUSE SPECIALIST SIGMA-ALDRICH CO. YOURWAY TRANSPORTATION CONTINENTAL ATAS INT L SAPPI FINE PAPER ANDESA RODALE CENTRAL ADMIXTURE/ FLEXLINK PHOEBE SERVICES VITRA LUTRON SYKES ENTERPRISES WINHOLT/ LOGISTICS & DISTRIBUTION INC. MILL ROAD CELLULAR CONCRETE SNOWDRIFT ROAD O BRIEN S MOVING & STORAGE TILGHMAN STREET WACKER CHEMICAL CORP BLUELINX LEHIGH VALLEY EXPRESS ENERSYS SANBOR / PMD J. R. PETERS ALLENTECH ABC SUPPLY/ HERR S 6736 TILGHMAN STREET TRUE VALUE RUPPSVILLE ROAD N

6 CAPITAL MARKET CONTACTS NORTHEAST Michael D. Hines Executive Vice President Licensed: PA Licensed Salesperson: NJ DEBT & EQUITY FINANCE James Gunning Executive Vice President Brian Fiumara Senior Vice President Licensed: PA Licensed Salesperson: NJ Brad A. Ruppel Senior Associate Licensed: PA, DE Licensed Salesperson: NJ For more information, please visit our website at N NORTHEAST Michael D. Hines Brian Fiumara Brad A. Ruppel SOUTHEAST Chris Riley Frank Fallon Brian Budnick Jennifer Klingler SOUTH CENTRAL Jack Fraker Josh McArtor Jonathan Bryan Heather Venegoni NORTH CENTRAL Mike Caprile Ted Staszak Stephanie Park DEBT & EQUITY FINANCE Steven Roth Steven Kundert WEST Darla Longo Barbara Emmons Rebecca Finkel DEBT & EQUITY FINANCE Val Achtemeier Brett Green Offering integrated real estate capital markets solutions from strategy to execution delivered by a seamless national partnership 2015 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.