Offering Memorandum Alorica Business Solutions · 2017-05-01 · Alorica Business Solutions •...

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Alorica Business Solutions 5031 Commerce Park Circle | Pensacola, FL 32505 Offering Memorandum Subject Property Passive NN Lease | +/- $2.4 Billion Revenue Parent | Parking Ratio of 11.75:1,000 ft2

Transcript of Offering Memorandum Alorica Business Solutions · 2017-05-01 · Alorica Business Solutions •...

Page 1: Offering Memorandum Alorica Business Solutions · 2017-05-01 · Alorica Business Solutions • Pensacola, FL 3 Stan Johnson Company is pleased to offer for sale to qualified investors

Alorica Business Solutions5031 Commerce Park Circle | Pensacola, FL 32505

Offering Memorandum

Subject Property

Passive NN Lease | +/- $2.4 Billion Revenue Parent | Parking Ratio of 11.75:1,000 ft2

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Britton Burdette | [email protected]

Colin Couch | [email protected]

Brent Bono | [email protected]

Crosby Taylor | [email protected]

In Association with: Jason M. Long FL Broker #BK3302956

Offered Exclusively by

Stan Johnson Company3340 Peachtree Rd NE Suite 650Atlanta, GA 30326P: +1 404.823.6360stanjohnsonco.com

Confidentiality and Restricted Use Agreement

This Confidential Offering Memorandum (“COM”) is provided by Stan Johnson Company (“SJC”), solely for your consideration of the opportunity to acquire the commercial property described herein (the “Property”). This COM may be used only as stated herein and shall not be used for any other purpose, or in any other manner, without prior written authorization and consent of SJC.

This COM does not constitute or pertain to an offer of a security or an offer of any investment contract. This COM contains descriptive materials, financial information and other data compiled by SJC for the convenience of parties who may be interested in the Property. Such information is not all inclusive and is not represented to include all information that may be material to an evaluation of the acquisition opportunity presented. SJC has not independently verified any of the information contained herein and makes no representations or warranties of any kind concerning the accuracy or completeness thereof. All summaries and discussions of documentation and/or financial information contained herein are qualified in their entirety by reference to the actual documents and/or financial statements, which upon request may be made available. An interested party must conduct its own independent investigation and verification of any information the party deems material to consideration of the opportunity, or otherwise appropriate, without reliance upon SJC.

The Property may be financed or withdrawn from the market without notice, and its owner(s) reserve(s) the right to negotiate with any number of interested parties at any time. The Property is offered and sold by its owner(s) as is, where is, and with all faults, without representation or warranty of any kind except for any customary warranties of title.

BY ACCEPTING THIS COM, YOU AGREE THAT: (1) all information contained herein, and all other information you have received or may hereafter receive from SJC relating to the Property, whether oral, written or in any other form (collectively, the “Information”), is strictly confidential; (2) you will not copy or reproduce, and claim as your own without attribution to SJC, all or any part of this COM or the Information; (3) upon request by SJC at any time, you will return and/or certify your complete destruction of all copies of this COM and the Information; (4) for yourself and all your affiliates, officers, employees, representatives, agents and principals, you hereby release and agree to indemnify and hold harmless SJC all of its affiliates, officers, employees, representatives, agents and principals, from and with respect to any and all claims and liabilities arising from or related to the receipt or use of this COM and/or any other Information concerning the Property; (5) you will not provide this COM or any of the Information to any other party unless you first obtain such party’s acceptance and approval of all terms, conditions, limitations and agreements set forth herein, as being applicable to such party as well as to you; and (6) monetary damages alone will not be an adequate remedy for a violation of these terms and that SJC shall be entitled to equitable relief, including, but not limited to, injunctive relief and specific performance, in connection with such a violation and shall not be required to post a bond when obtaining such relief.

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Table of Contents

Section One - Investment Summary

Investment Summary..................................................................................................................................3

Lease Abstract.............................................................................................................................................4

Proforma Cash Flow...................................................................................................................................5

Section Two - Tenant & Property Overview

Alorica’s Global Presence.................................................................................................................................7

Tenant Overview...................................................................................................................................................8

Property Summary.............................................................................................................................................10

Floor Plan.................................................................................................................................................................11

Market Snapshot..................................................................................................................................................12

Section Three - Location Overview

Location Overview.............................................................................................................................................14

Demographics......................................................................................................................................................16

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Investment SummarySection One

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Alorica Business Solutions • Pensacola, FL 3

Stan Johnson Company is pleased to offer for sale to qualified investors this +/-57,000 square-foot office and call center facility located at 5031 Commerce Park Drive in Pensacola, Florida (the “Property”), leased to Alorica Business Solutions, LLC (the “Tenant”) - a wholly owned subsidiary of Alorica, Inc. (the “Parent”). Internal performance measures rank this operation in the top 20th percentile (20%) out of nearly 147 operations worldwide, of which, Alorica has a lease retention rate of over 90%. The Property’s operation employs over 1,100 employees and has been at this location since 1995.

The Building & Lease: Constructed in 1994, the Property is 100% leased to Alorica Business Solutions, LLC under a highly passive double net (NN) lease with five (5) years remaining with two percent (2%) annual escalations and one (1), five (5) year option to extend. Sitting on over 13 acres of land, the Property has room for expansion and boasts 11.75 parking spots per 1,000 square-feet: the highest parking ratio of any office property in the Pensacola market over 15,000 square-feet*, and is ideally equipped to meet the demanding parking needs of the Tenant.

The Market: The Pensacola Metropolitan Statistical Area (MSA) encompasses a population base of more than 480,000 residents. With more than 201,000 employed workers, this area holds strategic advantages associated with its network of domestic and international trade. The greater Pensacola Region is known for its exceptional higher education system and favorable business climate, which includes an outstanding, highly skilled workforce, available buildings and industrial parks and sites, and progressive pro-business public and private leadership. Most notably, Northwest Florida is home to a significant concentration of Air Force and Navy installations, including Naval Air Station Pensacola, Naval Air Station Whiting Field, Naval Support Activity Panama City, Eglin Air Force Base, Hurlburt Field, and Tyndall Air Force Base. It is estimated that Department of Defense spending accounts for 178,000 jobs in Northwest Florida, with 43,000 military and 19,000 personnel employed at the region’s military installations. Additionally, the Pensacola Region has a robust healthcare industry presence, with physician’s offices, hospitals, and nursing and residential facilities employing roughly 22,000 people in the Pensacola metro area.

The Tenant: Formed in 1999 and headquartered in Irvine, California, Alorica is the largest customer experience business process outsourcer servicing the U.S., and third largest globally with solutions spanning the entire customer life cycle across both the Business-to-Consumer (B2C) and Business-to-Business (B2B) sectors for Fortune 1000 companies. These relationships, with clients including Citibank, HBO and DirecTV, have historically lasted on average 13 years. Over the past two (2) years, Alorica has increased its prominence among contact center outsourcing vendors in North America through both organic market share growth and strategic acquisitions, including the 2015 acquisition of West Business Solutions, and the 2016 acquisition of Expert Global Solutions (EGS), amounting to 91,000+ employees and proforma revenue estimates of over +/- $2.4 billion.

Investment Summary

• 90% lease Retention Rate Worldwide

• Top 20% Best Performing Tenant Location

• Massive 13.7 Acre Site With Expansion Capabilities

• +/- $2.4 Billion Revenue Parent

• Highest Parking Ratio in MSA (11.75:1,000 SF)

• Passive Double Net (NN) Lease

• 2% Annual Escalations

• Brand New TPO Roof

• Sub-5% Vacant Market

• Largest Customer Experience Business Process Outsourcer in U.S., and Third Worldwide

• Average Client Relationship of +/-13 Years

Highlights

Offering Price: $8,280,000Cap Rate: 9.75%

*Source: CoStar Analytics

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Lease AbstractTenant Alorica Business Solutions, LLC

Parent & Implied Guarantor Alorica, Inc.

Use Office/Call Center

Square Feet +/- 57,000 SF

Rent Commencement March 3, 2015

Expiration March 31, 2022

Lease Type Double Net (NN)

Lease Term 7 years

Term Remaining +/- 5 years

Annual Rent (as of Mar. ‘17) $800,588

Annual Escalations 2.00%

Renewal Options One (1), Five (5) year w/ 9 mo. notice

Renewal Rent Fair Market Value

Parent & Implied Guarantor Financials Twice annually

NN StructureLANDLORD RESPONSIBILITIES

» Roof & Structure up to $50,000 per occurrence

» Paved Area Capital Maintenance

» HVAC

TENANT RESPONSIBILITIESDirect

» Roof & Structure in excess of $50,000 per occurrence (amortized)

» Paved Area Non-Capital Maintenance (except sealing & slurry)

» CAM & Building Systems

» Utilities

Reimburse » Taxes & Insurance

Rent Schedule

Year (Starting Mar. 3rd)

Monthly Amount Annual Amount Annual Increases

2017 $66,716 $800,588 2.00%

2018 $68,050 $816,600 2.00%

2019 $69,411 $832,932 2.00%

2020 $70,799 $849,590 2.00%

2021 $72,215 $866,582 2.00%

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Alorica Business Solutions • Pensacola, FL 5

YEAR ENDING 7/31/2018 7/31/2019 7/31/2020 7/31/2021 7/31/2022Fiscal Year 1 2 3 4 5Base Rent $807,259 $823,405 $839,873 $856,670 $873,803

Rent Increase - 2.00% 2.00% 2.00% 2.00%

Expense Recovery $22,324 $22,771 $23,226 $23,691 $24,165

Effective Gross Income $829,584 $846,175 $863,099 $880,361 $897,968

Expense ($22,324) ($22,771) ($23,226) ($23,691) ($24,165)

Net Operating Income $807,259 $823,405 $839,873 $856,670 $873,803

NOI Increases - 2.00% 2.00% 2.00% 2.00%

NOI Growth From Year 1 - 2.00% 4.04% 6.12% 8.24%

Capitalization Rate 9.75% 9.94% 10.14% 10.35% 10.55%

Average Capitalization Rate 9.75% 9.85% 9.95% 10.05% 10.15%

Cumulative Return on Investment 9.75% 19.69% 29.84% 40.18% 50.74%

KeyIndicates increase in rent & NOI Indicates increase in return Indicates increase in average return Indicates escalation

Proforma Cash Flow

PURCHASE ASSUMPTIONS

Purchase Date 8/1/2017

Lease Expiration 3/31/2022

Annual Rent as of 3/1/17 $800,588

Annual Rent as of 3/1/18 $816,600

Rent Increases 2.00% annually

Square Feet 57,000

Est. Annual Insurance $22,324

Expense/Reserve Growth Rate 2.00%

Purchase Cap Rate 9.75%Purchase Price $8,280,000

9.75%

9.94%

10.14%

10.35%

10.55%

9.20%

9.40%

9.60%

9.80%

10.00%

10.20%

10.40%

10.60%

10.80%

1 2 3 4 5

Lease Year

Capitalization Rate

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Tenant & Property OverviewSection Two

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Alorica Business Solutions • Pensacola, FL 7

Alorica Global Presence

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Alorica Business Solutions • Pensacola, FL 8

Tenant OverviewAlorica, Inc. is the largest customer experience business process outsourcer servicing the U.S., and third largest globally with solutions spanning the entire customer life cycle with projected 2016 revenues of +/- $2.4 billion. The Company offers customer experience management solutions, such as customer care and technical support; supply chain management solutions, which include back office, fulfillment, and reverse logistics solutions; and B2B inbound and outbound sales solutions, including lead generation, customer acquisition, and account development.

From acquisition and sales, to customer care and support, Alorica provides a host of world class services, including logistics and fulfillment. Clients are primarily served in nine main verticals including the automotive, consumer products, energy and utilities, financial services, healthcare, media and entertainment, technology, telecom, travel and tourism industries, with many of the companies therein featured in the Fortune 1000.

Headquartered in Irvine, CA, with more than 91,000 employees in 147 locations across the globe, the Company utilizes customer experience consultants in conjunction with data scientists to create customized solutions from inception to execution. Additionally, the Company maintains an impressive 90% lease retention rate among all 147 locations.

ALORICA'S ABILITIES

Customer Relationship Management Back Office Support Receivables Management

Customer Care First Party - Early Stage

Verifications, billing and claims through mediums including phone, social media, web and video chat. Solutions designed to make it

easier for customers to continue to do business:

Billing, Fraud Monitoring, Collections, Activity Validation and Overdraft Recovery

Technical Support

Customized pre-sales technical, warranty and out-of-warranty support complex solutions.

Revenue Generation

Pushing sales performance 10-20% higher via analytics, cold call training & B2B sales personnel.

Third Party - Debt Collection

Direct Response Primary, Secondary, and Tertiary Collections

Develop marketing programs with live-agent sales consultants and patented upsell technology.

Pre-Legal/Debt Settlement

Dynamic Scoring & Analytics

ALORICA SNAPSHOTFounded in 1999

Headquartered in Irvine, California

1,000,000+ Interactions Managed Daily

91,000+ Employees in 16 Countries

5,000+ Work-at-Home Agents

147 Contact Centers Worldwide

+/- $2.4 Billion in Revenues

90% Lease Retention Rate Across Facilities

Average Client Relationships of +/-13 Years

ALORICA AWARDSIAOP Global Outsourcing 100 (2016)

Gartner: Magic Quadrant Leader for Customer Management Contact Center BPO (2015)

IAOP Global Outsourcing 100 (2015)

Frost & Sullivan Best Practices Awards (2015 & 2014)

Call Center Week Best Outsourced Provider (2014)

Gartner: Magic Quadrant Leader for Customer Management Contact Center BPO (2014)

TMC CRM Excellence (2014)

2x TMC Customer Product of the Year (2014)

TMC Customer MVP Quality (2014)

Document Processing;

Data & Content Processing;

Transaction Processing

Print & Fulfillment;

Reverse Logistics,

Warehousing & Returns

Verticals Served

*Additional information at www.Alorica.com

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Tenant Overview (Continued)The increased volume that comes with global success has required the rapid growth of Alorica. Over the past two years, Alorica has increased its prominence among contact center outsourcing vendors in North America through both organic market share growth and strategic acquisitions.

West Business SolutionsWEST Corporation (NASDAQ: WSTC) sold its Business Solutions operations to Alorica in January of 2015 for $275 million; a business which, in 2014, yielded approximately $580 million in revenue. The acquisition broadened Alorica’s product offerings and market reach, enhanced the Company’s delivery capabilities, allowed Alorica to scale its sustained, aggressive growth on a global scale, and made it one of the largest U.S.-based Business Process Outsourcing (BPO) providers. This increased Alorica’s scope to 50,000+ employees in eight countries.

Expert Global SolutionsThe acquisition of Expert Global Solutions (EGS) in June of 2016 nearly doubled Alorica’s size, resulting in a grand total of 91,000+ professionals speaking 30 languages across 16 countries and is expected to push the Company to a projected $2.4 billion in proforma revenues. The acquisition opens doors for growth as there is minimal client overlap and lots of cross-selling possibilities.

Most importantly, however, is the expansion of Alorica’s service offerings in the healthcare industry beyond traditional customer service to include full life cycle revenue management and patient support delivered by registered nurses, licensed pharmacists and pharmacy technicians. This has made Alorica the #1 provider to the healthcare industry.

In sheer magnitude, these acquisitions have positioned Alorica with a clear advantage over U.S. vendors such as TeleTech, Sykes, and Sitel, and will serve Alorica well when bidding for global business among enterprises seeking vendors with solid revenues behind their name.

WEST BUSINESS SOLUTIONSWEST was established in 1999 and, at acquisition, had more than 20,000 employees.

WEST's agent services bulks up Alorica’s delivery platform in the Philippines and the American nearshore.

Included onboarding of 5,000 home-based agents (about 27% of the total WEST US workforce).

The United States accounts for more than 90% of the global home agent market and is forecasted to grow in excess of 15% annually.

Global Footprint Markets Services

Increased Alorica's geographical presence in the U.S., Latin America and the Philippines, while adding a market-leading work-at-home capability.

Entered Alorica into new markets, including healthcare, utilities and government, while strengthening Alorica’s position in communications, retail, travel, financial services and consumer products.

Expands current services offerings in customer care, technical support and sales, and adds receivables management and direct response capabilities.

- Andy Lee; Chairman & CEO“ ”To help more people, we needed more great

people. That’s why we’re doing this.

EXPERT GLOBAL SOLUTIONS (EGS)EGS employed over 40,000 employees in more than 70 locations in 11 countries, pre-acquisition.

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Alorica Business Solutions • Pensacola, FL 10

THE OFFERINGProperty Alorica Business Solutions, LLC

Address 5031 Commerce Park Dr.

City, State Pensacola, Florida

Property Type Office/Call Center

Submarket Ensley/N. Brent

CONSTRUCTIONType Steel Fame w/ EIFS Exterior

Year Built 1994

Parking Asphalt

Roof New 45-mil TPO (installed 2015)

Roof Warranty 15 year

Padmounted Transformer 1,600-amp, 480/277-volt, 3-phase

Backup Generator 750-kW diesel

Sprinklered Wet Pipe Sprinkler

SITE DESCRIPTIONSquare Feet +/- 57,000 SF

Parcel Size +/- 13.74 acres

Floor Area Ratio 0.10

Interest Fee Simple

Parcel ID(s) 39-1S-30-0200-001-001

Zoning Heavy Commercial/Light Industrial (HC/LI)

Ingress/EgressFour (4) Points of Access: Two (2) Points on each NW and SE section of Commerce Park Circle

Parking 670 surface

Parking Ratio 11.75 per 1,000 SF

Property Summary

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Floor Plan

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Market Snapshot

AVAILABILITY PENSACOLA

Vacancy Rate 4.5%

Vacant SF 611,218

INVENTORY PENSACOLA

Existing Buildings 2,008

Existing SF 14,543,675

12 Mo. Const. Starts 460,450

Under Const. 254,450

12 Mo. Deliveries 263,550

Pensacola MSA

Source: CoStar Analytics

7.30%

6.80%6.60%6.70%

7.20%7.40%7.40%7.30%7.20%

6.80%6.60%

6.10%

6.40%

6.70%6.80%

6.30%

5.80%

5.30%5.10%

4.20%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

Vacancy Rate

Considering the recent absorption trends and indications of increasing demand levels in the greater office market, the local market should begin to see increasing occupancy levels over the next several quarters. Rental rates have been generally trending upward over the past three years, and are showing signs of strengthening over the past three quarters. Furthermore, given the proximity to the Naval Air Station, as well as major regional medical centers and other regional transportation linkages, the long-term projection for the Property’s submarket is continued stability.

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Location OverviewSection Three

1 mile

3 mile

5 mile

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Alorica Business Solutions • Pensacola, FL 14

The Pensacola Metropolitan Statistical Area (MSA) is made up of Escambia and Santa Rosa counties and encompasses a population base of more than 480,000 residents. With more than 201,000 employed workers, this area holds strategic advantages associated with its network of domestic and international trade. The greater Pensacola Region is known for its exceptional higher education system and favorable business climate, which includes an outstanding, highly skilled workforce, available buildings and industrial parks and sites, and progressive pro-business public and private leadership.

Competitive Cost of Doing Business

Since the 1700s, the Pensacola Region has boasted one of the best business climates in the Southeast due to the significance of its trade and commerce. Major industries such as aerospace & defense and advanced manufacturing are benefiting from the stable economy and low cost of doing business in Pensacola, with Pensacola recently being ranked in the Forbes’ Top 100 cities for cost of doing business (5.80% lower costs than the U.S. average according to Sperling’s Best Places).

The Pensacola Region has a successful track record and is home to more than 500 companies, a strong manufacturing workforce, and many entrepreneurs.

The Pensacola region offers a cost-efficient alternative to many other competitive business locations, with land, labor, and capital being more affordable than in many other regions of the U.S. In addition, for businesses in certain targeted industries or specialized locations, the region offers additional financial incentives for relocation. Businesses looking for workforce training, road infrastructure or specialized locations may also qualify for specific incentive programs.

Pensacola’s progressive legislation ensures that the region will remain a magnet for existing and expanding businesses. Florida ranks 5th in the Tax Foundation’s 2013 State Business Tax Climate Index, which compares the states in five areas of taxation that impact business: corporate taxes, individual income taxes, sales taxes, unemployment insurance taxes, and taxes on property (residential and commercial).

COMPANY EMPLOYEES INDUSTRY HEADQUARTERS

Baptist Health Care 5571 Healthcare Pensacola, FL

Navy Federal Credit Union 5240 Financial Service Center Vienna, VA

Sacred Heart Health Systems 4820 Healthcare St. Louis, MO 

Gulf Power Company 1774 Electric Provider Pensacola, FL

West Florida Healthcare 1200 Healthcare Nashville, TN

Ascend Performance

Materials830 Manufacturing Houston, TX

Alorica 800 BPO Irivine, CA

Innisfree Hotels 750 Hospitality  Gulf Breeze, FL

Santa Rosa Medical Center 521 Healthcare Milton, FL

Medical Center Clinic 500 Healthcare Pensacola, FL

*Florida Economic Alliance: Dec. 2015

Pensacola’s Top 10 Private EmployersLocation Overview

MSA ACCOLADES#1 Least-Congested Commuter City (TX A&M Transportation Institute; 2013)

Top 5% for Job Growth (Moody's; 2011)

Top 20 "Biggest Economic Gainers" (Milken; 2011)

Forbes' Top 100 Cities for Cost of Doing Business

MSA STATISTICSOffice Vacancy Rate: 7.0%

Office Rental Rate Growth (Gross) : 6.7% YoY

MSA Residents: 480,000+

Unemployment Rate (Dec. '15): 4.7%

Projected Population Increase (2012-2020): 12%

Cost of Living: 6% Below National Average*

Jobs Created (2010-2015): 8,900+Source: Florida Economic Development Alliance

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Location Overview (Continued)Regional Military ConnectionThe Department of Defense (DoD) is the largest economic engine in Greater Pensacola, with more than $7.81 billion of total economic impact. The Greater Pensacola Region is home to Naval Air Station (NAS) Pensacola, Saufley Field, Corry Station, Naval Hospital Pensacola and Whiting Field. NAS Pensacola provides support to 89 DoD and 30 non-DoD commands, most of which are primarily dedicated to the training of Navy, Marine Corps, Air Force and Coast Guard personnel. NAS Pensacola is also home to the National Naval Aviation Museum, the National Flight Academy, and the Blue Angels.

The sizable military economic impact in the Pensacola Region includes not only those employed directly with the military, but also the civilian and defense industry workforce. Employment in the defense industry and non-uniformed workforce contributes to more than 80,000 jobs in the Pensacola MSA. The commands and school houses aboard NAS Pensacola create a large alumni network of highly qualified and skilled employees in aerospace, healthcare, cyber security and information technology. The regional military presence accounts for roughly $7.8 billion in annual economic impact to the region.

Strong Regional Higher Education BaseLocal colleges and universities offer a myriad of academic and technical degree programs that form a solid foundation of higher education opportunities. With a current enrollment of 74,000, these institutions provide a sharpened and vast labor pool for local economies to draw from.

REGIONAL MILITARY ECONOMICS27,631 uniformed & civilian jobs

330,000 veterans living in Northwest Florida

$7.8 billion annual economic impact

$409 million annually in defense procurement spending

$82,890 average wage for military/defense related jobs

STATE & REGIONAL PENSACOLA TAX INCENTIVESNO corporate income tax on limited partnerships

NO corporate income tax on subchapter S-corporations

NO state personal income tax guaranteed by constitutional provision

NO corporate franchise tax on capital stock

NO state-level property tax assessed

NO property tax on business inventories

NO property tax on goods-in-transit for up to 180 days

NO sales and use tax on goods manufactured or produced in Florida for export outside the state

NO sales tax on purchases of raw materials incorporated in a final product for resale, including non-reusable containers or packaging

NO sales/use tax on co-generation of electricity

Sources: Florida Defense Industry Economic Impact Analysis, January 2013; Veteran Population 2011, County Level Population by State, 2010-2040

GREATER PENSACOLA DEFENSE COALITION MAP REGIONAL HIGHER EDUCATION BASE

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DEMOGRAPHICS5031 COMMERCE PARK CIR. | PENSACOLA, FL 0-1 Mile 0-3 Miles 0-5 Miles

Population

2010 Population 4,972 56,118 152,817

2016 Population 5,043 59,172 160,130

2021 Population 5,178 61,672 167,184

2010-2016 Annual Growth Rate 0.23% 0.85% 0.75%

2016-2021 Annual Growth Rate 0.53% 0.83% 0.87%

Households

2010 Households 2,026 20,428 61,004

2016 Households 2,027 21,024 62,751

2021 Households 2,065 21,843 65,234

2010-2016 Annual Growth Rate 0.01% 0.46% 0.45%

2016-2021 Annual Growth Rate 0.37% 0.77% 0.78%

Race and Ethnicity

2016 White Alone 51.1% 52.9% 58.5%

2016 Black Alone 39.6% 36.9% 31.8%

2016 American Indian/Alaska Native Alone 0.7% 0.8% 0.8%

2016 Asian Alone 3.7% 3.9% 3.4%

2016 Pacific Islander Alone 0.2% 0.3% 0.2%

2016 Other Race 1.2% 1.6% 1.6%

2016 Two or More Races 3.6% 3.7% 3.7%

2016 Hispanic Origin (Any Race) 4.2% 5.8% 5.8%

Average Household Income

2016 Average Household Income $50,818 $48,982 $50,636

2016-2021 Annual Growth Rate 1.55% 1.67% 1.71%

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going beyond

The information contained herein was obtained from sources believed reliable, however, Stan Johnson Company makes no guaranties, warranties or representations as to the completeness thereof. The presentation of this property for sale, rent or exchange is submitted subject to errors, omissions, change of price or conditions, or withdrawal without notices.

Stan Johnson Company3340 Peachtree Rd NE | Suite 650Atlanta, GA 30326P: +1 404.823.6360

stanjohnsonco.com

Britton [email protected]

Colin [email protected]

Brent [email protected]

Crosby [email protected]

In Association with: Jason M. Long FL Broker #BK3302956

Offered Exclusively by