Red Gate Partners Offering Memorandum 1
24 & 28 North High St.
Offering Memorandum
Red Gate Partners199 S. High St. Suite 100
Columbus, OH 43215
24 & 28 North High St.Dublin, OH 43017
Exclusively Listed By:
Kevin James, [email protected]
614 358.2082
24 & 28 North High St.
Red Gate Partners Offering Memorandum 2
24 & 28 North High St.
Confidentiality & Disclaimer Statement
This Offering Memorandum contains select information pertaining to the business and affairs of the Property at 24 & 28 N. High St. has been prepared by Red Gate Partners.
This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Red Gate Partners. The material is based in part upon information supplied by the Seller and in part upon financial information obtained by Red Gate Partners from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.
By acknowledging your receipt of this Offering Memorandum from Red Gate Partners you agree:
1) The Offering Memorandum and its contents are confidential; 2) You will hold it and treat it in the strictest of confidence; and 3) You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.
Owner expressly reserves the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.
If you wish not to pursue negotiations leading to the acquisition of 24 & 28 N. High St. or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Owner or Red Gate Partners or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.
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24 & 28 North High St.
Table of Contents
Executive SummaryOffering SummaryInvestment HighlightsMarket SummaryTerms
Property OverviewSite Plan
Property Photos
Coming Attractions
Aerial Map
Financial OverviewRent Roll
Market OverviewDemographics
Demographic Lifestyles
Dublin, OH MSA
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Exclusively Listed By:
Kevin James ccim
Principal614 [email protected]
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24 & 28 North High St.
4Executive Summary
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24 & 28 North High St.
Red Gate Partners, on behalf of ownership as its exclusive advisor, is pleased to bring to market 0.25 Acres with 7,608 SF free standing property, located on North High Street in Dublin, OH. The area is zoned commercial and has on it 2 commercial office/retail spaces along with 2 utility shops in the back. The property’s 2 leasable spaces make up 3,498 SF in an affluent part of Old Dublin. Strong property values, increasing rental rates, high daytime traffic, and construction of the Bridge Park West Apartment/Retail complex makes any property on North High Street in Dublin very desirable.
The Offering Executive Summary
OverviewAddress: 24 & 28 N. High St. Dublin, OH 43017Land Area: Approximately 0.25 acresAccess: Off of N. High St.Occupancy: 51%Vacancy: 49%Year Built: 1960/1962Remodeled: 2001Zoning: CommercialParcels: 273-000071-00 273-000016-00Annual Taxes: $11,203.48 (parcel 273-0000071-00) $9,369.74 (parcel 273-0000016-00)Traffic Count: N. High St. - 17,280 VPD E. Bridge St. - 25,089 VPD
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24 & 28 North High St.
Investment Highlights Executive Summary
Great LocationThe average household income of a 1-mile radius is $92,690. Daytime population is at 14,382. Walking distance from Bridge Park West Development and West Bridge Street intersection.
Property Use Flexibility2 leasable spaces already built on-site but only half of the SF of the entire site is in-use. The property features 2 utility shops that make up another 3,992 SF that can be redeveloped.
VisibilityProperty is walkable distance from popular restaurants, local shops and visible from E. Bridge Street that sees over 25,000 VPD.
Opportunity for UpsideThe property’s rent is $8.03/SF, well below market average of $31.50/SF in 1-mile radius. Great upside potential with low vacancy rates in Dublin. This market reflects tenants willingness to pay premium rental rates for location. Price: $775,000 ($101.87/SF)
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24 & 28 North High St.
Market Summary Executive Summary
Demographic Overview 1 Mile 3 Mile 5 Mile
2017 Population: 5,481 87,599 198,128
2017 Housholds: 2,314 36,578 80,415
2017 Average HH Income: $92,690 $105,375 $116,828
Annual Growth: 0.92% 1.23% 1.34%
2017 Daytime Population: 14,382 103,052 198,449
Traffic Count Vehicles Per Day
N. High St. 17,280 VPD
E. Bridge St. 25,089 VPD
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All investors willing to make an offer are invited to participate.
All letters of intent are to be submitted to:
Kevin James ccim
Principal614 [email protected]
Terms of Sale Process Executive Summary
The Owner has authorized Red Gate Partners (“Red Gate”) to exclusively market 24 & 28 North High Street for sale. The Owner makes no representation or warranties. This is an “as is” sale.
Sale Process24 & 28 North High Street are being offered to qualified investors according to the schedule below:
Distribution of Initial Offering Materials ...............3/19/2018Offers Accepted ...............Anytime
Following receipt of an offer, Owners will negotiate with the prospective purchaser(s), which in the Owner’s sole judgment, represents the best combination of price, terms and ability to perform. The Owner reserves the right to reject any offer for any reason.
Cooperating Brokers24 & 28 North High Street are being marketed to principals. Red Gate will cooperate with other licensed brokers to ensure the highest sale price is generated for the Owner, provided:
Red Gate accepts the cooperating broker’s written registration of a specific prospect
The cooperating broker and the party they represent sign a confidentiality agreement
The cooperating broker agrees to a 2% co-op fee
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Property Overview
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24 & 28 North High St.
Site Plan Property Overview
Tenant SF
28 Dublin Toy Emporium LLC 1,848 SF
28B Utility Shop 2,256 SF
24 Vacant 1,768 SF
24B Utility Shop 1,736 SF
Total +/- 7,608 SF
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24 & 28 North High St.
Property Photos Property Overview
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24 & 28 North High St.
Aerial Map Property Overview
E. Bridge St.
N. High St.
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24 & 28 North High St.
Coming Attractions Property Overview
Pedestrian Bridge- $22.6 M project
- connecting future Riverside Crossing Park on
east side of Scioto to west side
- 760 ft. long by 14 ft. wide iconic unique spire design
Bridge Park East- 25 acres along east side of Riverside Dr.
- space: 388,000 SF office, 115,000 SF restaurant, 48,000 SF retail,
76,000 SF grocery, 740 apartment units, 111 condos for sale
- 150 room AC Hotel by Marriott
Bridge Park West- opposing west side of Scioto River
- space: 15,000 SF office, 15,000 SF retail/food & beverage, 41 condos for sale
- Condos ranging from $300,000 - $1,700,000
visit www.crawfordhoying.com/projects/bridge-park for more information
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Comming Attractions Site Plan Property Overview
Pedestrian Bridge
Bridge Park East
Bridge Park West
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24 & 28 North High St.
Aerial Map Property Overview
ProjectDevelopmentArea
Corporate
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Financial Overview
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Rent Roll Financial Overview
Tenant Start Date End Date Sq. Ft. % Of GLA $/SF Monthly Rent Annual Rent Increases Options Option Terms
28 Dublin Toy Eporium LLC 1/31/2019 1,848 51.11% $8.03 $1,235.90 $14,830.80 $9,169.20 None None
24 Vacant 1,768 48.89%
Totals 1/31/2019 3,616 $8.03 $1,235.90 $14,830.80 $9,169.20
Reimbursements
Overview
SF % GLA Revenue
Occupancy 1,848 51.11% $14,830.80
Vacancy* 1,768 48.89% $14,188.77
Total 3,616 100% $29,019.57
*Note: Vacancy Revenue calculated based on occupied avg $/SF: $ 8.03
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Market Overview
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2017 Demographics Market Overview
Population
5,481 87,599 198,1281 Mile 3 Mile 5 Mile
Median Age
36.2 35.1 37.21 Mile 3 Mile 5 Mile
Number of Housing Units
2,314 36,578 80,4151 Mile 3 Mile 5 Mile
Per Capita Income
$39,200 $43,758 $47,5661 Mile 3 Mile 5 Mile
Average Household Income
$103,341 $118,826 $130,3231 Mile 3 Mile 5 Mile
Total Businesses
662 4,032 8,1191 Mile 3 Mile 5 Mile
Total Employees
13,719 70,579 117,6731 Mile 3 Mile 5 Mile
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Nearby Major Attractions Market Overview
The Ohio State University Airport9 minutes (3.9 miles) away
Columbus Zoo and Aquarium11 minutes (5.9 miles) away
OhioHealth Dublin Hospital7 minutes (3.0 miles) away
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24 & 28 North High St.
Dublin, OH Market Overview
Dublin, OH in Franklin County, with a population of over 42,000, is a suburb of Columbus. Cluttered with golf courses, each year the city hosts the Memorial Tournament, a PGA Tour stop. The city consists of many other well known courses that hold their own history. Not only does Dublin host well known golf tournaments, but also hosts the largest 3-day Irish Festival in the world - Dublin Irish Festival.
The thriving Dublin economy is due to its large retail corridors, land for redevelopment, and multiple company headquarters such as: Cardinal Health, IGS Energy, Stanley Steemer, Wendy’s and Nationwide Insurance. Dublin also features over 1,000 Acres of parks, including 77 miles of scenic bike trails and 39 developed parks with natural wooded areas and river frontage (Scioto River). Named the Best Small City in the U.S. to Start a Business by Fox Business News, Dublin economy is thriving and the city has a projected 1.34% annual population growth over the next 5 years.
Key Facts
Total economic activity is in excess of $7.8 billion per year, representing 8.7% of the $90 billion gross metropolitan product in the Columbus MSA
Home to over 57,000 jobs = 6.2% of jobs in Columbus MSA
Best Small City in the U.S. to Start a Business - Fox Business News
National Citizen Survery ranked Dublin as the best place to live (40,000+)
25 Places to Move in America - Forbes.com
Top Dublin Employers Approximate #
Cardinal Health Inc. 3,600
Nationwide Insurance Enterprises 3,400
OhioHealth 1,680
Dublin City Schools 1,530
CareWorks 865
Express Scripts 760
Dublin, OH
Offering Memorandum
24 & 28 North High St.24 & 28 North High St.Dublin, OH 43017
Kevin James ccim
Principal
614 374.8072 Mobile614 358.2082 [email protected]
Red Gate Partners199 S. High St. Suite 100Columbus, OH 43212
