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PHILIP MATTHEWS COMPANY...PHILIP MATTHEWS COMPANY EXECUTIVE SUMMARY Kwekel Companies is pleased to...
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PHILIP MATTHEWS COMPANYINDUSTRIAL INVESTMENT SALE | ELKHART, IN | 10 YEAR TERM | 7.0% CAP | NN
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EXECUTIVE SUMMARY 3
ABOUT PHILIP MATTEWS 4
PROPERTY DESCRIPTION 5
INTERIOR PHOTOS 6
EXTERIOR PHOTOS 7
AERIALS 8
PARCEL BOUNDARY 10
REGIONAL MAP 11
ELKHART, IN 12
DEMOGRAPHICS 13
LEASE COMPARABLES 14
SALE COMPARABLES 15
DISCLAIMER | CONFIDENTIALITY 16
SITE PLAN 9
CONTENTS
ONE STOP SHOP | Specializing in custom plastic
profi le extrusions for various industries, Philip
Matthews Company offers an effi cient, all-inclusive
process, enabling them to meet all of their customers’
unique needs.
10 YEAR TERM
$.10/SF PER YEAR RENTAL INCREASE
MARKET BASED RENT | $4.95 PSF
INDUSTRY LEADER | Through outstanding customer
service and state-of-the-art technologies, PMC has
one of the premier tooling design and fabrication
departments in the industry.
ENVIRONMENTAL STEWARDS | PMC goes above
and beyond as an environmental leader by reusing
their own scrap multiple times while even purchasing
others’ scrap off the market to use in their production.
STELLAR FINANCIALS | PMC has strong revenues
boasting sizable profi t margins over the past 3 years,
with sales continuing on a positive trajectory.
STRATEGIC LOCATION | Centrally located in the
heart of northern Indiana, PMC lies just south of
I-80/90 providing direct access through neighboring
South Bend and into Chicago.
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PHILIP MATTHEWS COMPANYEXECUTIVE SUMMARYKwekel Companies is pleased to offer the Investment Sale of the Philip Matthews
Company industrial headquarters facility located in Elkhart, IN. The facility is
83,400 SF.
This is an opportunity to acquire a newly expanded, well located facility occupied
by an award winning company who maintains an exceptional track record of steady
growth and profi tability.
Price: $5,900,000 | Cap Rate: 7.0%
PHILIP MATTHEWS COMPANY (PMC)Philip Matthews Company (PMC) specializes in custom plastic profi le extrusions for
various industries and products such as garage doors, swimming pools, and recreational
vehicles. PMC strives to demonstrate the highest levels of customer service to their clients
and to deliver the highest quality parts available in each marketplace, all while offering the
best possible value to their customers.
PMC operates out of their 83,400 SF facility in Elkhart, IN with a workforce of 60
employees. Having an engineering team with over 50 years of experience, PMC can handle
every step of the customization process from the initial sketch to the fi nished product.
As one of the premier tooling, design, and fabrication departments in the industry, PMC
has built its reputation over the years on proven success and an outstanding portfolio of
clients.
Philip Matthews Company is aware of the environmental footprint it can leave on the earth.
All of their products are designed with conservation in mind. In a controlled environment,
PMC recycles their 1st generation of scrap and off-cuts back in to their various product
lines where applicable. Their 2nd generation of scrap gets used in products where the
surface is not seen, such as in the walls of RV’s where wires need to be managed and
hidden. The benefi t of serving many markets is that it allows PMC to fi nd a home for all of
their scrap, instead of it ending up in a landfi ll.
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ADDRESS
CITY, STATE
TOTAL SF
WAREHOUSE SF
OFFICE SF
ACRES
YEAR BUILT
ZONING
PPN’S
HIGHLIGHT
1000 SAKO COURT
ELKHART, IN 46516
83,400
79,072
4,328
5.28
1992 | 2016 ADDITION | 2020 ADDITION
M-1 | LIMITED MANUFACTURING
20-06-11-202-015.000-011
20-06-11-202-018.000-011
STATE OF THE ART CHILLER SYSTEM
PROPERTY DESCRIPTIONFOUNDATION
FLOOR STRUCTURE
FRAME
FIRE PROTECTION
WALL HEIGHT
DOCK DOORS
OVERHEAD DOORS
ROOF
POWER
HVAC
REINFORCED CONCRETE FOOTINGS & FOUNDATION
5”-6” REINFORCED CONCRETE SLAB ON GRADE
PRE-ENGINEERED STEEL BEAMS W/STEEL COLUMN SUPPORTS
SPRINKLER SYSTEM
24’
4 | WITH LEVELERS & BUMPERS
3
STEEL PURLINS SUPPORTING A METAL ROOF
2 PANELS W/1200 AMP & 600 AMP, 480 VOLT, 3-PHASE POWER
WAREHOUSE | GAS FIRED THERMOCYCLER UNITS
OFFICE| GAS FIRED FORCED AIR + AC THROUGHOUT
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PMC | INTERIOR PHOTOS
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PMC | EXTERIOR PHOTOS
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PMC | AERIALS
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SITE PLAN
PMC | PARCEL BOUNDARY
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2020
EXPANSION
2020
EXPANSION
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PMC | REGIONAL MAP
ELKHART
FORT WAYNE
SOUTH BEND
MICHIGAN CITY
CHICAGO
GARY
KALAMZOO
INDUSTRIAL OVERVIEW:
At about 74 million SF of industrial inventory, Elkhart
is currently witnessing an uptick in construction with
over 300,000 SF completed in 2018. The bulk of new
completions have been in the form of build-to-suit
construction, keeping vacancies in check. As a result
of such low vacancies, cumulative annual rent growth
was about 3% in each year from 2016 to 2018. This
year is on pace to achieve similar gains by year end.
ELKHART, IN 12
ECONOMY:
Elkhart relies heavily on its manufacturing sector for
employment gains, so much so that Elkhart is known
as the RV Capitol of the World with firms such as
Jayco and Heartland Recreational Vehicle standing
among the metro’s largest employers. The conditions
in Elkhart have improved tremendously since the
manufacturing sector was left hurting after the
recession with population and employment continuing
on their upward trajectory.
LOCATION:
Located in the middle of Northern Indiana just below
the state boarder lies Elkhart, IN, a strong industrial city
with roots dating back to the mid-1800’s. Elkhart sits
directly adjacent to its neighbor South Bend (population
102,000+) and is 110 miles east of Chicago and 150
miles north of Indianapolis. Elkhart is just 60 miles
northwest of Indiana’s second largest city, Fort Wayne
(population 266,000).The coast-to-coast I-80/90 runs
directly through Elkhart providing ideal access to
strategic distribution channels across the country.
DEMOGRAPHICSPOPULATION SUMMARY
2010 CENSUS
2019 ESTIMATE
2024 PROJECTION
2019-2024 GROWTH
1 MILE 5 MILES 10 MILES
4,250
4,449
4,556
2.41%
85,794
89,055
91,063
2.25%
185,952
191,567
195,427
2.01%
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$67,543AVERAGE HH INCOME
185,952TOTAL POPULATION
69,387TOTAL HOUSHOLDS
$139,533MEDIAN HOME VALUE
10-MILE RADIUS
HOUSEHOLDS
AVERAGE HH INCOME
MEDIAN HOME VALUE
2019 TOTAL HOUSEHOLDS
2024 TOTAL HH ESTIMATE
2010-2019 HH GROWTH
2019-2024 HH GROWTH
1 MILEE 5 MILES 10 MILES
$75,272
$156,920
1,669
1,711
4.90%
2.52%
$62,691
$123,215
33,066
33,817
3.73%
2.27%
$67,543
$139,533
69,387
70,796
2.98%
2.03%
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PMC | LEASE COMPARABLES
AUG 2015
SIGN DATEADDRESS
62,993
SF LEASED/AVAILABLE
$7.50
NNN RENT
C
CLASS
31977 US 20 E
NEW CARLISLE, IN 46552
1974
YEAR BUILT
LEASED
STATUS
MAR 2018 90,900 $6.95 B6677 BEATRICE DRIVE
KALAMAZOO, MI 49009
1991LEASED
JUL 2018 99,820 $6.45 C6805 BEATRICE DRIVE
KALAMAZOO, MI 49009
1989LEASED
APR 2016 40,000 $5.25 B4729 E 400 S
LAFAYETTE, IN 47905
2015LEASED
- 138,613 $4.90 C1405 E 200 S
LAFAYETTE, IN 47905
2005FOR LEASE
- 47,400 $5.00 B4321 GOSHEN ROAD
FORT WAYNE, IN 46818
1987FOR LEASE
- 83,400 $4.95 B1000 SAKO COURT
ELKHART, IN 46516
1992, 2016 & 2020
-
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PMC | SALE COMPARABLES
OCT 2017
SALE DATEADDRESS
$13,125,000
SALE PRICE
$82.03
PSF
B
CLASS
1451 VETERANS MEMORIAL PKWY
LAFAYETTE, IN 47905
1999
YEAR BUILT
160,000
SIZE (SF)
APR 2016 $17,000,000 $81.59 B5115 DYLAN DRIVE
SOUTH BEND, IN 46628
2015208,361
SEPT 2019 $5,526,120 $77.83 B4105 HAGGERTY LANE
WEST LAFAYETTE, IN 47906
200571,000
NOV 2018 $7,510,906 $76.16 B9403 AVIONICS DRIVE
FORT WAYNE, IN 46809
199698,618
DEC 2018 $3,000,000 $65.32 C4050 RALPH JONES DRIVE
SOUTH BEND, IN 46628
199545,927
FOR SALE $5,525,000 $81.85 B78277 COUNTY ROAD 378
COVERT, MI 49043
201867,500
- $5,900,000 $70.74 B1000 SAKO COURT
ELKHART, IN 46516
1992, 2016 & 2020
83,400
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The information contained in the following Investment Prospectus is proprietary and strictly confi dential. It is intended to be reviewed only by the party receiving it from Kwekel Companies, and should not be made available to any other person or entity without the written consent of Kwekel Companies. This off ering memorandum has been prepared to provide summary, unverifi ed information to prospective purchasers, and to establish only a preliminary level of interest in the subject property(s). The information contained herein is not a substitute for a thorough due diligence investigation. Kwekel Companies has not made any investigation, and makes no warranty or representation, with respect to the size and square footage of the property(s) and improvements, the compliance with State and Federal regulations, the physical condition of the improvements thereon. The information contained in this overview has been obtained from sources we believe to be reliable; Kwekel Companies 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.
DISCLAIMER
TIM KWEKEL | PRESIDENT
Direct (616) 328-5222
Mobile (616) 293-6924
E-Mail [email protected]
DAMON ROOT | VICE PRESIDENT
Direct (616) 328-5116
Mobile (616) 723-1027
E-Mail [email protected]
IN ASSOCIATION WITH
AARON MCDERMOTT
IN LICENSE # RB14031217