ONE-OF-A-KIND, INDUSTRIAL BREWERY TOTALING 77,269 SF | 95% LEASED TO LONG-TERM TENANT, ANHEUSER-BUSCH, LLC | RARE INVESTOR OPPORTUNITY IN SEATTLE CLOSE-IN
A CBRE NATIONAL PARTNERS INDUSTRIAL INVESTMENT OPPORTUNITY
B r e w e r y
Seattle, WA
ElysianAn Anheuser-Busch Company
5410, 5400, 5510 Airport Way S, Seattle, WA 98108
1 E l y s i a n B r e w e r y
T H E O F F E R I N G CBRE, Inc. is offering an excellent opportunity to acquire two warehouse structures built in 1998 and 2015/16, which total 77,269 SF and include office and caretaker spaces. The Elysian Brewery buildings are 100% leased, with 95% leased to a single tenant, Anheuser-Busch, LLC for 20 years on a NNN basis. This building is comprised of two separate parcels that are owned by related entities.
This property is located in the hottest market in the country. Due to the extraordinary economics and market dynamics of the Puget Sound Region, the Seattle Close-in submarket is highly sought-after by both users and investors. The Pacific Northwest continues to demonstrate exceptionally strong market dynamics with a vacancy rate of only 4.0%. This low vacancy rate is a product of extremely strong market demand and substantial barriers for new development, providing very strong rent growth moving forward.
The Elysian Brewery property benefits from it’s excellent access and proximity to I-5, the Kent Valley, SeaTac Airport, Port of Seattle, Downtown Seattle, and Eastside markets. The Elysian Brewery property offers a very unique opportunity to acquire a property in the, highly sought after, Seattle Close-in submarket.
INVESTMENT THESISExtraordinary opportunity to acquire two warehouse structures in the strategic regional logistic hub of Seattle, WA. This is the only opportunity to acquire a 77,269 SF building in the Seattle Close-in Submarket. The property is built to the highest institutional standards with excellent access along Interstate-5 to distribute to Seattle and Portland.
Address 5410, 5400, 5510 Airport Way S, Seattle, WA 98108
Square Feet 77,269 SF
Acreage 2.75
Office SF / % 11,601 SF (1,500 SF caretaker unit)
# Buildings / # of Tenants 2/1
Dock High Doors 7
Drive-In Grade Doors 4
Clear Height 24’
Year Built 1998 & 2015/2016
Year 1 NOI $1,096,089
2e x e c u t i v e s u m m a r y
PROPERT Y HIGHLIGH TS• Two improved parcels each with a steel warehouse structure and a total site area of
120,025 SF of land (or 2.75 acres) with 77,269 SF of rentable area• 64,168 SF warehouse space across the two buildings• 11,601 SF of office and a 1,500 SF caretaker unit in the 2015 building• 7 dock-height doors • 4 Grade doors Buildings have additional at-grade door facing each other to allow
transportation between buildings• 24’ Clear Height• 60 current parking spaces with room for an additional 20 more spaces• Office suite featuring full high windows with views of Seattle skyline, large kitchen,
sliding glass partition, concrete balcony, bathrooms with showers and lobby with elevator access.
• Older building to the south of the property includes 33,580 SF of warehouse space, currently used for beer brewing and packaging
• High quality lab and office space• Brand new tasting room to open 7/15/2017
PRODUCT ION FACIL IT Y F E AT URES • 35,000 SF• 60-barrel brewhouse• 20 quadruple-sized 240-barel fermenters• 2 foeders from Heitz Cellar’s Winery• 14,000 SF of capacity for the wood-aged beer program
FINANCIAL OPPORT UNIT Y• The best location possible providing tremendous security and long term value• 95% leased to a long term tenant for 20 years on a NNN basis• Leases co-terminate at the end of 2035• Lease escalations, ranging from 4.55% to 10% are to occur after 5-years and an at-market
rate is to be set after 10-years• No projects in the Seattle Close-in submarket can compete with the Elysian Brewery in
terms of location and project flexibility
3 E l y s i a n B r e w e r y
LOCAT ION HIGHLIGH TS• A+ Seattle Close-in submarket location• Strategic access to I-5, I-90, 505, 99, and I-405
• 13 minutes from Seattle-Tacoma International Airport • 5 miles from the Port of Seattle, 29 miles from the Port of Tacoma• 14 minutes to Downtown Seattle
• Given this buildings Seattle Close-in location, it has unparalleled access to the population base• Access to over 3.7M households in the Seattle-Tacoma-Bellevue MSA within a half
hour drive
MARKE T HIGHLIGH TS• Strong Seattle Close-in Submarket dynamics with a very low vacancy rate of 2.2 % as of
Q1 of 2017• The 77,269 SF size range of this building in the Seattle Close-in submarket, is in high demand• Given the divisibility of this building, this is a tremendous opportunity for investors, and
really the only product for sale of its kind • The strongest industrial market in the US with steady tenant demand regardless of the
macroeconomic environment
ST RONG AND STABLE MARKE T DYNAMICS• The Puget Sound industrial market has an industrial base of 265 million square feet, and is
one of the most highly desired and resilient industrial markets in the nation. • The Pacific Northwest is considered by many to be the nation’s top industrial market with
heavy demand by users and institutional capital investors. • Total industrial vacancy has remained well-below the 15-year historic average at 4.0%,
with 1,282,272 SF of year to date positive net absorption through Q1 2017.• The vacancy rate of the North Kent Valley is even lower than the total rate at 3.6%, this
shows that the 450,000 SF size range will be highly sought after• Lack of Class A industrial product in the North Kent Valley and South Seattle submarkets,
with substantial barriers to entry for new competition in the region.• Corporate tenants, such as Amazon.com, Boeing, Microsoft, Paccar and Expedia are
fueling the area’s growth.• There are limited opportunities to acquire industrial warehouse product in the Pacific
Northwest market.
4e x e c u t i v e s u m m a r y
R E G I O N A L M A P
5 E l y s i a n B r e w e r y
L O C A L M A P
B r e w e r yElysian
6e x e c u t i v e s u m m a r y
S I T E P L A N
AIRPORT WAY SAIRPORT WAY S AIRPORT WAY SAIRPORT WAY S
8TH AVE S8TH AVE S
TASTING ROOM
STAIRS
STAIRS
ELEVATORELECTRICAL/ SPRINKLER ROOM
CARETAKERUNIT
1,500 SF
NEW CORE2,690 TOTAL SF
1,500 SF OFF - 1,190 WAREHOUSE(FIRST FLOOR)
ELYSIAN BREWING(BREWING AND HOLDING TANKS)
5410 BUILDING39,499 SF
214’
230’
185’
109’
146’
S LUC
ILE ST
LEGEND
GRADE LEVEL DOORS
DOCK HIGH DOORS
CISTERNS
S LUCILE ST
2ND STORY OFFICE8,911 SF
ELYSIAN BREWING5510 BUILDING
30,580 SF
2ND STORY OFFICE IS SET BACK15FT FROM BACK OF BUILDING
214’185’
109’
2ND STORY OFFICE IS SET BACK15FT FROM BACK OF BUILDING
CARETAKER PATIO
CARETAKER PATIO
DECKDECK
DECKDECKNEW CORE2,690 TOTAL SF
1,500 SF OFF - 1,190 WAREHOUSE(FIRST FLOOR)
7 E l y s i a n B r e w e r y
S I T E P L A N - O F F I C E B U I L D O U T
3'-0
"21 2"
48'-2
"
17161514131211
STORAGE/JANITOR222
MICRO221
SENSORY220
QA224
STORAGE226
DATA225
MEN'S LOCKER ROOM209
WOMEN'S LOCKER ROOM206
MEN'S RESTROOM208
WOMEN'S RESTROOM207
OFFICE 1211
OFFICE 2212
OFFICE 3213
OFFICE 4214
OFFICE 5215
OFFICE 6216
OFFICE 7217
OFFICE 8218
RECEPTION201
CONFERENCE202
TASTING/TRAINING203
BREAK ROOM204
WORK STATIONS219LAB
223
T.O.W. = 11'-2" TYP
CORRIDOR227
CORRIDOR228
CORRIDOR229
CORRIDOR230
T.O.W. = 7'-0"
T.O.W. = 7'-0"
T.O.W. TO U.O. ROOF
T.O.W. = 11'-2" TYP
T.O.W. TO U.O. ROOF
T.O.W. = 11'-2" TYP
T.O.W. = 11'-2" TYP
T.O.W. TO U.O. ROOF
T.O.W. = 11'-2"
218.
13'
-0"X
7'-0
"
217.
13'
-0"X
7'-0
"
216.
13'
-0"X
7'-0
"
215.
13'
-0"X
7'-0
"
214.13'-0"X7'-0"
213.13'-0"X7'-0"
212.13'-0"X7'-0"
211.13'-0"X7'-0"
224.13'-0"X7'-0"
223.13'-0"X7'-0"
222.
13'
-0"X
7'-0
"
221.
13'
-0"X
7'-0
"
220.
13'
-0"X
7'-0
"
225.12'-6"X7'-0"
226.
13'
-0"X
7'-0
"
208.
13'
-0"X
7'-0
"
210.13'-0"X7'-0"
207.
13'
-0"X
7'-0
"
205.13'-0"X7'-0"
202.
13'
-0"X
7'-0
"20
3.1
3'-0
"X7'
-0"
A / VCLOSET
A
F
B
D
PVL
CPT-1
CPT-1
SVL
SVL SVL
CPT-1
CPT-1CPT-1CPT-1CPT-1
CPT-1
CPT-1
CPT-1
CPT-1
PVL
CPT-1
WOMEN'S SHOWER205
MEN'S SHOWER210
FLOORDRAIN
FLOORDRAIN
FLOORDRAIN
FLOORDRAIN
FLOORDRAIN
FLOORDRAIN
REF DWSINK
CONC
CONC
PVL
PVL
PVL
PVL
MICRO MICRO
3/16"=1'-0"ENLARGED SECOND LEVEL PLAN1 N
A650
ENLARGED SECOND LEVELPLAN
5400 AIRPORT WAY S
5400 AIRPORT WAY SOUTHSEATTLE, WA 98108
LAND USE # 3017823DPD # 6407657
911 Western Avenue | Suite 215Seattle, WA 98104
t 206.903.5414 f 206.903.5412
www.workshopad.com
wor kshopA R C H I T E C T U R E | D E S I G N
Copyright 2015 Workshop AD, LLC
Sheet Information
Title
Sheet
Checked
Drawn
Job Number
Date
SB
DB
1317-02
JANUARY 11, 2016
COORDINATION SETJANUARY 11, 2016
© 2017 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. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.
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ElysianCAPITAL MARKE TS EXPERTS
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DEBT & STRUCTURED FINANCE
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