SUBJECT PROPERTY INVESTMENT OFFERING -...
Transcript of SUBJECT PROPERTY INVESTMENT OFFERING -...
INVESTMENT OFFERING | $5,514,000 / 8.25% cap
Noah’s
720 Currency Circle, Lake Mary, FL (Orlando)
Property. Brand new construction. 10,300+ SF building on 1.96+ acre site.
Tenant. Noah Corporation develops and operates innovative multi-use facilities for all life’s events to include conference center space for business, corporate,
and community events as well as weddings, parties, and other social gatherings. Today you can find Noah’s operating in Texas, Colorado, Utah & Arizona. Each
location hosts an average of 30,000 plus visitors at over 300 events annually. There are currently 28 Noah’s underway in 20 states.
Lease Structure. 20-year, NNN lease beginning December 2014 with 10% rent increases in year 6 and 2% every year after in base term & options.
Location. Noah’s is strategically located along Currency Circle, north of W Lake Mary Blvd (63,670 Cars / Day) and directly east of Interstate 4 (138,468 Cars /
Day). Retail and commercial growth in the immediate trade area have benefited from the accessibility and traffic provided by these routes. This site is neighbors
with a vast constituency of retailers as well as corporate offices. To the south of Noah’s, Target, Publix, Cato, and Chipotle anchor the Shoppes of Lake Mary, a
280,000 square foot shopping center. Gander Mountain, LA Fitness, The Home Depot, Longhorn Steakhouse, and Firehouse Subs are other notable tenants
close to Noah’s. The property is surrounded by Homewood Suites by Hilton, Hilton Garden Inn, HNTB Corporation offices, and Metric Engineering offices.
Convergys, one of Lake Mary’s largest employers has their corporate offices on the west side of Interstate 4. Other top employers within close proximity to the
subject property include Seminole State College (1350+ Employees), Priority Healthcare Distribution (1200+ Employees), and JPMorgan Chase & Co. (1000+
Employees. The Orlando Sanford International Airport is 8-miles east of the subject property. Lake Mary is a suburb of Orlando, FL.
SUBJECT PROPERTY
214.915.8890
BOB MOORHEAD
JOE CAPUTO
RUSSELL SMITH
Table of contentsNoah’s
720 Currency Circle, Lake Mary, FL (Orlando)
Trivanta (“Agent”) has been engaged as an agent for the sale of the property located at 720
Currency Circle, Lake Mary, FL by the owner of the Property (“Seller”). The Property is
being offered for sale in an “as-is, where-is” condition and Seller and Agent make no
representations or warranties as to the accuracy of the information contained in this
Offering Memorandum. The enclosed materials include highly confidential information and
are being furnished solely for the purpose of review by prospective purchasers of the
interest described herein. The enclosed materials are being provided solely to facilitate the
prospective investor’s own due diligence for which it shall be fully and solely responsible.
The material contained herein is based on information and sources deemed to be reliable,
but no representation or warranty, express or implied, is being made by Agent or Seller or
any of their respective representatives, affiliates, officers, employees, shareholders,
partners and directors, as to the accuracy or completeness of the information contained
herein. Summaries contained herein of any legal or other documents are not intended to be
comprehensive statements of the terms of such documents, but rather only outlines of
some of the principal provisions contained therein. Neither the Agent nor the Seller shall
have any liability whatsoever for the accuracy or completeness of the information contained
herein or any other written or oral communication or information transmitted or made
available or any action taken or decision made by the recipient with respect to the Property.
Interested parties are to make their own investigations, projections and conclusions without
reliance upon the material contained herein. Seller reserves the right, at its sole and
absolute discretion, to withdraw the Property from being marketed for sale at any time and
for any reason. Seller and Agent each expressly reserves the right, at their sole and
absolute discretion, to reject any and all expressions of interest or offers regarding the
Property and/or to terminate discussions with any entity at any time, with or without notice.
This offering is made subject to omissions, correction of errors, change of price or other
terms, prior sale or withdrawal from the market without notice. Agent is not authorized to
make any representations or agreements on behalf of Seller. Seller shall have no legal
commitment or obligation to any interested party reviewing the enclosed materials,
performing additional investigation and/or making an offer to purchase the Property unless
and until a binding written agreement for the purchase of the Property has been fully
executed, delivered, and approved by Seller and any conditions to Seller’s obligations
hereunder have been satisfied or waived. By taking possession of and reviewing the
information contained herein, the recipient agrees that (a) the enclosed materials and their
contents are of a highly confidential nature and will be held and treated in the strictest
confidence and shall be returned to Agent or Seller promptly upon request; and (b) the
recipient shall not contact employees or tenants of the Property directly or indirectly
regarding any aspect of the enclosed materials or the Property without the prior written
approval of the Seller or Agent; and (c) no portion of the enclosed materials may be copied
or otherwise reproduced without the prior written authorization of Seller and Agent.
Disclaimer
PAGE 3: INVESTMENT OVERVIEW
PAGE 1: COVER
PAGE 2: TABLE OF CONTENTS | DISCLAIMER
PAGE 13-14: LOCATION MAPS
PAGE 15: DEMOGRAPHICS
PAGE 5-6: AERIAL PHOTOS
PAGE 11: LOCATION OVERVIEW
PAGE 12: SITE PLAN
PAGE 4: CORPORATE CLIENT LIST & TESTIMONIALS
PAGE 10: ECONOMIC DRIVERS
Florida Broker of Record:
Turner Net Properties , Inc. | License # 565084
PAGE 7-9: PROPERTY PHOTOS
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PRICE: $5,514,000
CAP RATE: 8.25%
NET OPERATING INCOME: $454,843
BUILDING AREA: 10,300+ Square Feet
LAND AREA: 1.96+ Acres
YEAR BUILT: 2015
LANDLORD RESPONSIBILITY: None
OWNERSHIP: Fee Simple Interest
OCCUPANCY: 100%
Investment overviewNoah’s
720 Currency Circle, Lake Mary, FL (Orlando)
Lease Expiration: December 2034
Rent Commencement: December 2014
Initial Lease Term: 20-Years, Plus 4, 5-Year Options to Renew
Rent Increases: 10% In Year 6, 2% Every Year Thereafter
Lease Type: NNN
Lease overview
Annual Rent (Year 1-5): $454,843 Annual Rent Year 13: $574,718
Annual Rent Year 14: $586,213
Annual Rent Year 15: $597,937
Annual Rent Year 16: $609,896
Annual Rent Year 17: $622,094
Annual Rent Year 18: $634,536
Annual Rent Year 19: $647,226
Annual Rent Year 20: $660,171
Annual Rent Year 6: $500,327
Annual Rent Year 7: $510,333
Annual Rent Year 8: $520,540
Annual Rent Year 9: $530,951
Annual Rent Year 10: $541,570
Annual Rent Year 11: $552,401
Annual Rent Year 12: $563,449
Option Terms: Continued 2% Annual Rent Increases Tenant overviewLESSEE: NOAH OPERATIONS LAKE MARY FL, LLC, a Utah limited liability company
CORPORATE GUARANTY: NOAH CORPORATION, a Utah corporation
Noah’s | www.mynoahs.com
Noah Corporation develops and operates innovative multi-use facilities for all life’s events to include conference center space for business, corporate, and
community events as well as weddings, parties, and other social gatherings. Automated features and “state of the art” technology and functionality make each
room customizable. Noah’s offers boardrooms, conference rooms, game rooms, and a beautiful reception area that can accommodate upwards of 350 people.
At no additional charge, the customer has the freedom to bring in whatever food, decorations, or other services that will assist in making the event a success.
Noah’s booking fees are approximately 25% less on average than its competition and each location hosts an average of 30,000 plus visitors at over 300 events
annually.
Noah Corporation is a national brand, with active expansion in several markets. Today you can find Noah’s operating in Texas, Colorado, Utah & Arizona. As of
February 2014, there were 28 projects in various phases of site acquisition and development in 20 states, mostly in the Midwest and Southeast.
The condition of the Event and Conference Center Industry, as it exists today, is largely without product consistency. Though consumers have come to expect
consistency within the retail/restaurant experience it is curiously absent from the conference center marketplace. This Multi-Billion Dollar industry remains in
"Status Quo Condition” and consumers continue to be frustrated by various elements of service, including high cost, lack of control and flexibility, inconsistent
quality, and lack of available facilities. This sleeping, unchanging attitude in the industry has provided an opportunity for Noah Corporation to alleviate frustration
for consumers. To do this Noah’s has standardized the experience with their facilities, creating a national brand that provides four to five star space and an ease of
doing business with Noah’s.
*Rent is based on a formula that includes a % of total improvement costs and will be adjusted accordingly upon building
completion. Annual Rent shown above are estimates. Purchase Price may change but the agreed upon CAP rate will not.
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Corporate Client List & TestimonialsNoah’s
720 Currency Circle, Lake Mary, FL (Orlando)
Intel
Apple
Wells Fargo
Verizon Wireless
InfusionSoft
eBay
Option1 Nutrition
Cardinal Health
McDonalds
C.R. England
1-800 Contacts
Aflac
American Express
Apple
DirecTV
Discover Card
Frito Lay
GE
Home Depot
Mary Kay
Pfizer
Sherwin Williams
US Bank
Chase Bank
Edward Jones
Verizon
Centura Health
Farmers Insurance
Sashco
Taco Bell
Taco Bueno
Hurst Review
Pure Barre
ACN
Ameriprise
Pinnacle Mortgage
Texas Instruments
Verizon
Pepsico
CEO Netweavers
Juniper
Genband
Arch Fellow
CEO Space DFW
Ziosk
Nestle
LSG Sky Chefs
Mountain Range Dentistry
Jolliffe Capitol, INC
Denver Metro Realtors
Safeco
Century 21
Lte
Chick-fil-a
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Aerial photoNoah’s
720 Currency Circle, Lake Mary, FL (Orlando)
Heathrow Country
Club
Homewood Suites by
Hilton
Hilton Garden
Inn Orlando
Courtyard
Hyatt Place
Convergys Corporation
Metric Engineering
HNTB Corporation
W Lake Mary Blvd (63,760 Cars / Day)
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Aerial photoNoah’s
720 Currency Circle, Lake Mary, FL (Orlando)
Homewood Suites by
Hilton
Hilton Garden Inn Orlando
Convergys Corporation
Metric Engineering
HNTB Corporation
Florida Retina
Institute
W Lake Mary Blvd (63,760 Cars / Day)
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ECONOMIC DRIVERSNoah’s
720 Currency Circle, Lake Mary, FL (Orlando)
SEMINOLE STATE COLLEGE LIBRARY, LAKE MARY, FL
Map # Economic Driver Employees Location Type
1 Seminole State College of Florida 1350 Headquarters
2 Priority Healthcare Distribution, Inc. 1200 Headquarters
3 County of Seminole 1200 Branch
4 JPmorgan Chase & Co. 1000 Branch
5 County of Seminole 800 Branch
6 The American Automobile Association, INC. 800 Headquarters
7 American K-9 Detection Services, LLC 750 Single
8 County of Seminole 678 Branch
9 Collis Roofing, Inc. 635 Headquarters
10 AT&T Corp. 600 Branch
11 Central Florida Regional Hospital 600 Single
12 Wal-Mart Stores, INC. 500 Branch
13 Lockheed Martin Corporation 473 Branch
14 Infastructure Services Holdings, Inc 450 Single
15 Orlando Health, INC. 450 Branch
16 Hartford Fire Insurance Company 430 Branch
17 United States Postal Service 400 Branch
18 Florida Extruders International, Inc. 400 Single
19 County of Seminole 400 Branch
20 Sungard Public Sector Inc. 400 Headquarters
21 Sears Home Improvement products, INC. 400 Headquarters
22 The School Board of Seminole County 350 Branch
23 Ford Motor Credit Company LLC 343 Branch
24 Blue Cross and Blue Shield of Florida, INC. 318 Branch
25 Watson Realty Corp. 310 Branch
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Location overviewNoah’s
720 Currency Circle, Lake Mary, FL (Orlando)
IMMEDIATE TRADE AREA
Noah’s is strategically located along Currency Circle, north of W Lake Mary
Blvd (63,670 Cars / Day) and directly east of Interstate 4 (138,468 Cars / Day).
Interstate 4 is a prime commercial corridor that serves the Orlando metro area
while also connecting Tampa, FL to Daytona Beach, FL, and W Lake Mary
Blvd serves as a primary east-west thoroughfare for north Orlando. Retail and
commercial growth in the immediate trade area have benefited from the
accessibility and traffic provided by these routes. Lake Mary, an affluent suburb
of the Orlando CSA, has a growing commercial, office, and industrial base.
Primarily a suburban single-family residential community, Lake Mary is a
sought after location for young families and professionals
Economic Drivers
This site is neighbors with a vast constituency of retailers as well as corporate
offices. To the south of Noah’s, Target, Publix, Cato, and Chipotle anchor the
Shoppes of Lake Mary, a 280,000 square foot shopping center. Gander
Mountain, LA Fitness, The Home Depot, LongHorn Steakhouse, and Firehouse
Subs are other notable tenants close to Noah’s.
The property is surrounded by HNTB Corporation offices, and Metric
Engineering offices. Convergys, one of Lake Mary’s largest employers has their
corporate offices on the west side of Interstate 4. Other top employers within
close proximity to the subject property include Seminole State College (1350+
Employees), Priority Healthcare Distribution (1200+ Employees), JPmorgan
Chase & Co. (1000+ Employees), and American Automobile Association (800+
Employees).
In Seminole County, the average number of guests per wedding is estimated
between 147 and 167. Couples that live in or travel to Seminole County spend
between $20,888 and $34,814 on average for their wedding compared to
Noah’s typical wedding cost of $18,000-20,000.
There are 7 hotels within a short 2-mile drive of the subject property. These
hotels primary cater to business travel, Hilton Garden Inn, Homewood Suites,
Courtyard, Hyatt Place, Extended Stay America, La Quinta Inn & Suites, and
Candlewood Suites.
Seminole State College, Lake Mary Elementary, Crystal Lake Elementary,
Lake Mary High School, Greenwood Lakes Middle School, Lake Montessori
Academy, and Live Oak Montessori School are all located within 5-miles of the
site.
The Orlando Sanford International Airport is 8-miles east of the subject
property and is 15-miles away from Orlando’s central business district
ORLANDO AREA
Orlando, FL is a city in central Florida with a population of 238,300. The city
has experienced unabated robust growth for the duration of the 20th century as
well as through the present day. The city’s population grew by 28.2% between
2000 and 2010. The tourism industry play a significant role in the local
economy. Orlando attracts over 51 million tourists a year. The Walt Disney
World resort is the area's largest attraction; SeaWorld Orlando is a large park
that features zoological displays, marine animals, and an amusement park;
Universal Orlando, like Walt Disney World, is a multi-faceted resort comprising
Universal Studios Florida, CityWalk, and Islands of Adventure. Orlando has the
most hotels, and the 2nd largest number of hotel rooms in the country (after
Las Vegas, Nevada), and is one of the busiest American cities for conferences
and conventions. The Orange County Convention Center, expanded in 2004 to
over 2 million square feet of exhibition space, is now the second-largest
convention complex in terms of space in the United States, trailing only
McCormick Place in Chicago.
Also, Orlando is a major industrial and hi-tech center. The area has a $13.4
billion technology industry employing 53,000 people and is a nationally
recognized cluster of innovation in digital media, agricultural technology,
aviation, aerospace, and software design. More than 150 international
companies, representing approximately 20 countries, have facilities in the
Greater Orlando Area. Orlando has the 7th largest research park in the
country, Central Florida Research Park, with over 1,025 acres. It is home to
over 120 companies, employs more than 8,500 people, and is the hub of the
nation’s military simulation and training programs. Orlando is also home to the
Darden Restaurants corporate headquarters, the parent company of Red
Lobster and Olive Garden and the largest operator of restaurants in the world
by revenue. Orlando is home to the University of Central Florida (59,767
Students), which is the 2nd largest university campus in the U.S.
The Orlando–Deltona–Daytona Beach, Florida Combined Statistical Area
(CSA) is an area that includes 7 counties in central and east Florida with
2,818,120 residents making it the 17th most populated combined statistical
area in the country. Metro Orlando has served as a major military defense and
aerospace center since the World War II. The most prominent defense
contractor in the area is Lockheed Martin, which operates both a laboratory and
a manufacturing facility in Orlando. Military presence began in the 1940s, with
the opening of McCoy Air Force Base and the Orlando Naval Training Center.
McCoy AFB was a major hub of B-52 Stratofortress operations. McCoy AFB
was split between the city and NTC Orlando in 1974. Daytona Beach provides
another essential plank to the area’s tourism industries bringing over 8 million
visitors annually.
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Location mapNoah’s
720 Currency Circle, Lake Mary, FL (Orlando)
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DemographicsNoah’s
720 Currency Circle, Lake Mary, FL (Orlando)
2014 Estimated Population 6,406 50,228 122,497
2019 Projected Population 6,753 52,949 129,110
2010 Census Population 6,237 48,897 119,250
2000 Census Population 5,175 39,060 95,109
Projected Annual Growth 2014 to 2019 1.1% 1.1% 1.1%
Historical Annual Growth 2000 to 2014 1.7% 2.0% 2.1%
2014 Estimated Households 2,678 19,900 48,064
2019 Projected Households 2,823 20,974 50,662
2010 Census Households 2,562 19,041 45,987
2000 Census Households 2,049 14,495 35,329
Projected Annual Growth 2014 to 2019 1.1% 1.1% 1.1%
Historical Annual Growth 2000 to 2014 2.2% 2.7% 2.6%
2014 Est. Population Under 10 Years 11.2% 11.1% 11.6%
2014 Est. Population 10 to 19 Years 13.0% 13.2% 12.9%
2014 Est. Population 20 to 29 Years 12.8% 11.5% 12.5%
2014 Est. Population 30 to 44 Years 20.9% 20.3% 20.6%
2014 Est. Population 45 to 59 Years 21.5% 23.9% 22.4%
2014 Est. Population 60 to 74 Years 14.2% 14.6% 14.2%
2014 Est. Population 75 Years or Over 6.4% 5.3% 5.7%
2014 Est. Median Age 38.8 40.1 39.1
2014 Est. Male Population 47.0% 48.2% 48.4%
2014 Est. Female Population 53.0% 51.8% 51.6%
2014 Est. Never Married 29.2% 28.1% 30.0%
2014 Est. Now Married 45.9% 51.0% 47.1%
2014 Est. Separated or Divorced 20.4% 16.4% 17.2%
2014 Est. Widowed 4.5% 4.5% 5.7%
2014 Est. HH Income $200,000 or More 7.1% 10.6% 8.0%
2014 Est. HH Income $150,000 to $199,999 8.8% 8.6% 6.7%
2014 Est. HH Income $100,000 to $149,999 14.0% 15.9% 14.0%
2014 Est. HH Income $75,000 to $99,999 15.4% 14.2% 13.8%
2014 Est. HH Income $50,000 to $74,999 17.5% 18.3% 20.3%
2014 Est. HH Income $35,000 to $49,999 14.2% 11.8% 13.2%
2014 Est. HH Income $25,000 to $34,999 8.9% 8.3% 9.4%
2014 Est. HH Income $15,000 to $24,999 10.0% 7.4% 8.2%
2014 Est. HH Income Under $15,000 4.2% 5.0% 6.3%
2014 Est. Average Household Income $89,099 $105,888 $91,294
2014 Est. Median Household Income $71,165 $83,296 $72,888
2014 Est. Per Capita Income $37,296 $42,011 $35,936
2014 Est. Total Businesses 681 2,858 6,871
2014 Est. Total Employees 9,511 33,069 72,720
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2014 Est. Labor Population Age 16 Years or Over 5,130 40,215 97,349
2014 Est. Civilian Employed 65.7% 65.2% 64.1%
2014 Est. Civilian Unemployed 3.2% 3.1% 3.7%
2014 Est. in Armed Forces - - -
2014 Est. not in Labor Force 31.1% 31.7% 32.2%
2014 Labor Force Males 46.7% 47.6% 47.6%
2014 Labor Force Females 53.3% 52.4% 52.4%
2010 Occupation: Population Age 16 Years or Over 3,254 24,023 57,116
2010 Mgmt, Business, & Financial Operations 16.5% 20.4% 18.6%
2010 Professional, Related 23.2% 22.9% 23.1%
2010 Service 14.0% 13.1% 13.8%
2010 Sales, Office 34.0% 31.7% 30.8%
2010 Farming, Fishing, Forestry 1.3% 0.4% 0.5%
2010 Construction, Extraction, Maintenance 4.9% 6.2% 6.9%
2010 Production, Transport, Material Moving 6.1% 5.3% 6.3%
2010 White Collar Workers 73.7% 75.1% 72.6%
2010 Blue Collar Workers 26.3% 24.9% 27.4%
2010 Drive to Work Alone 82.6% 82.8% 82.9%
2010 Drive to Work in Carpool 6.6% 6.8% 6.9%
2010 Travel to Work by Public Transportation 0.1% 0.3% 0.4%
2010 Drive to Work on Motorcycle - 0.1% 0.2%
2010 Walk or Bicycle to Work 3.9% 1.7% 1.4%
2010 Other Means 0.3% 0.6% 0.9%
2010 Work at Home 6.4% 7.8% 7.3%
2010 Travel to Work in 14 Minutes or Less 30.4% 29.0% 26.8%
2010 Travel to Work in 15 to 29 Minutes 39.4% 37.9% 37.9%
2010 Travel to Work in 30 to 59 Minutes 26.8% 28.8% 30.7%
2010 Travel to Work in 60 Minutes or More 3.5% 4.3% 4.6%
2010 Average Travel Time to Work 19.9 20.4 21.4
2014 Est. Total Household Expenditure $174 M $1.46 B $3.15 B
2014 Est. Apparel $8.41 M $70.6 M $152 M
2014 Est. Contributions, Gifts $12.1 M $106 M $221 M
2014 Est. Education, Reading $5.15 M $44.8 M $93.3 M
2014 Est. Entertainment $9.82 M $82.6 M $178 M
2014 Est. Food, Beverages, Tobacco $27.1 M $223 M $490 M
2014 Est. Furnishings, Equipment $7.85 M $66.4 M $142 M
2014 Est. Health Care, Insurance $12.1 M $100 M $219 M
2014 Est. Household Operations, Shelter, Utilities $52.1 M $437 M $944 M
2014 Est. Miscellaneous Expenses $2.84 M $23.4 M $51.2 M
2014 Est. Personal Care $2.50 M $20.8 M $45.3 M
2014 Est. Transportation $34.2 M $282 M $618 M
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