MAURICES 6600 MERLE HAY ROAD|jOHnstOn, iOwA (subuRbAn DEs MOinEs, iOwA)
:: EXCLUSIVE OFFERING MEMORANDUM
:: 363,736 SQUARE FOOT DISTRIBUTION CENTER ON 26 ACRES WITH AN ADDITIONAL 13.52 ACRES AVAILABLE FOR EXPANSION IN JOHNSTON, IOWA (SUBURBAN DES MOINES, IOWA)
Capital Markets | Private Capital Group
DISTRIBUTION CENTER
FOR MORE INFORMATION PlEASE CONTACT:
CBRE|Hubbell Commercial6900 Westown ParkwayWest Des Moines, Iowawww.cbre.com/desmoines
Morey Knutsen, SIOR Vice President515.221.6673 [email protected]
Timothy J. Sharpe, CCIM, SIOR Senior Vice President 515.440.2902 [email protected]
linda M. Gibbs,CCIM,SIOR Senior Vice President 515.440.2900 [email protected]
TABLE OF CONTENTS
SALE PRICE AND PROPERTy INFORMATION..............................1
AERIAL PhOTOgRAPh AND LOCATION MAP.............................3
FLOOR PLAN............................................................................5
PROPERTy PhOTOgRAPhS.......................................................6
DES MOINES MSA MARkET OVERVIEW.....................................13
DISCLOSuRE...........................................................................16
More information on the Maurices Distribution Centercan be found online at: www.cbre.com/pcgiowa
© 2014 Hubbell Commercial Brokers, L.C., d/b/a CBRE|Hubbell Commercial. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdraw without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.
PROPERTy INFORMATION
SAlE PRICE: $15,227,000
ADDRESS: 6600 Merle hay RoadJohnston, Iowa 50131
SQUARE FEET: 363,736
MEZZANNINE: Approx. 50,000 split between 2 separate mezzanines
CEIlING ClEAR HEIGHT: 24’
DOCK DOORS: 35 (all with levelers)
DRIVE-IN DOORS: No
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ROOF: Carlisle rubber membrane with rock ballastEast section replaced 1998 - warranty expiration 2019Middle section replaced 2010 - warranty expiration 2025West section original to 1991 - no warrantyServiced by Wood Roofing
HVAC: Air conditioned throughout18 Lennox 30-ton LGC 300 H4BS unitsAll replaced within last 4 years9 low speed, high volume fansSeveral smaller units for specific areas, i.e. front entry, bunker
ENERGY MANAGEMENT SYSTEM:
Johnson controls metasys
FIRE SUPPRESSION: Entire building Sprinklered - wet system hydraulic calculatedAll sprinkler heads replaced 2012Served by Iowa Fire Equipment Company
DATA CENTER 600 sq. ft. data center with separate HVAC and Fike FM 200 fire suppression system
lISTING: T8 Throughout
PARKING STAllS: Approx. 200 carsApprox. 100 trailers
WINDOW INSTAllATION: Insulated – thermal pane
RESTROOMS: 6 Men’s6 Women’s3 trucker entrance restrooms1 single stall showerLockers
TAX PARCEl ID’S: Lots 1 & 2 Maurices (Building on 25.79 Acres)
-EX E 50F- N 1/2 NE 1/4 NE 1/4 SE 1/4 SEC 1-79-25 (4.65 Acre Lot)
-EX E 17F- LT 3 MAuRICES (8.93 Acre Lot)
PROPERTy INFORMATION
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OFFICE/MEETING SPACE: 22 offices totaling 3,400 sq. ft. (renovated 2010)6 conference rooms of varying size Totaling 5,500 sq. ft. (renovated 2010)Lunch room Totaling 3,300 sq. ft. (renovated 2008)
lAND: 39.37 acres totalBuilding and parking lots occupy 26 acres13.58 acres to the south for expansion
WATER SOURCE: Des Moines Water Works
ElECTRIC AND GAS SUPPlIER: Mid-American Energy
ElECTRIC SERVICES TO BUIlDING:
Total – 6,000 amps, 480 V, 3-phase4,000 into East side of building2,000 into West side of building
DISTANCE TO INTERSTATE 35/80:
2 1/2 Miles
ORIGINAl BUIlDING & EX-PANSIONS:
Original building was built in 1981 and was 60, 480 sq. ft. plus 6,240 sq. ft. of office space totaling 66,720 sq. ft. Maurices acquired the building in 1986 and ex-panded it to 172,800 sq. ft. plus 6,240 sq. ft. of office space totaling 179,040 sq. ft. Maurices expanded the building in 1990 to 357,496 sq. ft. plus 6,240 sq. ft. of office space totaling 363,736 sq. ft.
MAURICES DISTRIBUTION CENTER
4.65 Acres
8.930 Acres
6600 Merle Hay Rd, Johnston, IA 50131Total Acreage: 39.37Open land to South (Acres): 13.58Building (Sq. Ft.): 363,000Building Dimensions: 827’ (North side)
563’5” (West side)HR Dimensions: 122’l x 52’ w
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© 2013 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified byeither CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such stepsas the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.
Layout ID:L02 MapId:1708996
MAP
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357,496 SF
6,240 SF
562
325
240
543
322
868
1205252
120
FLOOR PLAN
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EXTERIOR PhOTOS
MAIN OFFICE ENTRY, SOUTH VIEW OFFICE, SOUTHEAST VIEW
WEST TRAIlER COURT OFFICE, NORTHEAST VIEW
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EXTERIOR PhOTOS
EAST FACING DOCKS SOUTH WAREHOUSE WAll COMPACTORS AND DOCKS
SOUTH TRAIlER COURT WEST DOCKS
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INTERIOR PhOTOS
INTERIOR OFFICE DATA ROOM
CONFERENCE ROOM
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WAREhOuSE/DISTRIBuTION PhOTOS
WAREHOUSE OFFICES
EAST MEZZANINE FACING WEST EAST MEZZANINE FACING EAST
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INTERIOR PhOTOS
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INTERIOR PhOTOS
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INTERIOR PhOTOS
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MARkET OVERVIEWAREA DESCRIPTIONDes Moines is the largest city and the largest metropolitan area in the state of Iowa. It is located at the
confluence of the Des Moines and Raccoon Rivers in the south central portion of the state. Des Moines
is the capitol of Iowa, and is located at the intersection of Interstates 80 and 35. The city is located
approximately 350 miles west of Chicago, 250 miles south of Minneapolis, 175 miles north of kansas
City, 135 miles east of Omaha, and 350 miles northwest of St. Louis. Forbes Magazine has just ranked
the greater Des Moines Area third on the list of “America’s Most Livable Cities.” Forbes developed this
list by using quality of life measures such as unemployment, crime rate and cost of living.
Most recently, Marketwatch named Des Moines No. 1 on its list of best u.S. cities for business. The
publication wrote in announcing the results of its third annual survey, “The city has grown over the past 20
years, built up its downtown region and lured a number of businesses to the area. All the while, it remains
a smaller city with manageable commutes and better air quality,” the report said.
Des Moines’ strongest performance was in the unemployment metric, where it had the third-best ranking
of all 101 cities, with a 2013 unemployment rate of 5 percent. Iowa ranks 4th for employment in the
country.
POPUlATIONThe 2010 estimated population for the Des Moines Metro Area, which includes Polk, Warren, Madison,
guthrie and Dallas Counties, is 580,255; reflecting steady growth since 1970 when the number was
approximately 340,000. There are approximately 800,000 people within a 1-hour drive of Des Moines.
ECONOMYTop 15 cities’ emerging downtown Des Moines has recently experienced sweeping development that has
changed the face of the community. The Des Moines MSA has a diversified economic base. The metro
has an uneployment rate of 5%.
The insurance and financial sectors are very important to the local economy. There are 70 home offices
and more than 100 branch offices of life, health, and casualty insurance firms that are headquartered
in the greater Des Moines area. Des Moines is the world’s third largest insurance center after London,
England and hartford, Connecticut. Downtown is home to many major corporations including the
Principal Financial group, Wellmark/Blue Cross-Blue Shield, Employers Mutual, Wells Fargo Financial,
Nationwide/Allied Insurance and INg.
Major investments have been made across the community in industrial, commercial, residential and
retail development. Over $1.56 billion in private and public construction projects were completed. This
continuous growth is fueling the Des Moines economy, and strengthening its tax base.
The rapidly changing skyline of downtown Des Moines is a sign of the health of the city’s economy and
growth.
Des Moines’ vitality and growth can be seen in every quadrant of the city. This is evidenced by the recent
completion of the new Science Center of Iowa and Imax theater, the new Des Moines Public Library, and
Wells Fargo Financials’ new corporate home office tower. Principal Financial is taking the lead in the
development of the Riverwalk project that will connect the east and west sides of downtown Des Moines
through a series of lighted and landscaped walking paths and bridges. The project will be highlighted by
an ice-skating plaza, gardens and other unique attractions.
In addition the new 17,000-seat Wells Fargo Arena and Events Center gives Des Moines a world-class
entertainment venue unlike any other in the Midwest, attracting top-named performers and sporting
events. Adjacent to the Wells Fargo Arena is the new hy-Vee hall for trade shows, conventions, and
upscale balls and banquets offering 150,000 square feet of contiguous exposition space.
Downtown Des Moines is truly evolving with a significant amount of residential being developed through
the redevelopment of existing buildings and new ground-up construction. Combine this with a number
of new dining and entertainment venues, and it is readily apparent that the downtown area is developing
an increasing sense of community.
A number of infrastructure improvements and additions make the entire Metro area easier to travel to
and easier to navigate through. The I-235 expansion project, a $435,000,000 reconstruction project
has greatly improved traffic flow east and west through the center of the Metro. The highway 5 Bypass
south which links I-35 to highway 65/69 and I-80 opened four years ago. More than $130,000,000
has been invested in the Des Moines International Airport in recent years including a $75,000,000
runway extension project.
The largest employers in the great Des Moines metro area are as follows:
Company Employees
Wells Fargo & Co. 13,000
Principal Financial group 6,131
unity Point health 5,505
Mercy Medical Center 7,100
Nationwide/Allied Insurance 4,438
John Deere 3,100
Pioneer, a DuPont Company 2,849
hy-Vee, Inc. 2,100
Marsh 1,800
uPS 1,600
Bridgestone Firestone 1,600
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0 :: 28
WHY DES MOINES?NATIONAL RANKINGS FOR MAJOR INVESTMENT MARKETS
17th Strongest U.S.
Metro Economy
Business Week2009
Highest-Rated Midwest City for Small Market
Vitality
America City Business Journals, Inc.2009
14th Strongest Economy in the Nation
Brookings Institution First Quarter 2009
Best City for Business
MarketWatch2009Fertile Ground for
New Jobs
#7 Best City in U.S.
Kiplinger’sJuly 2010
Best Place for Business and Careers
Forbes2010
Top 15 Cities EmergingDowntown
Forbes2013
#2 Strongest LocalEconony
Policom 2013
1 mile 3 miles 5 miles
Population Summary
2000 Total Population 3,593 20,075 83,262
2010 Total Population 5,257 28,480 102,146
2013 Total Population 5,389 29,992 107,130
2018 Total Population 5,833 32,594 115,330
2013-2018 Annual Rate 1.60% 1.68% 1.49%
Household Summary
2000 Households 1,428 7,591 33,933
2010 Households 2,145 10,822 41,170
2013 Households 2,220 11,391 43,133
2018 Households 2,417 12,372 46,338
2013-2018 Annual Rate 1.71% 1.67% 1.44%
Median Household Income
2013 $72,262 $86,067 $67,090
2018 $89,271 $100,286 $83,579
Median Home Value
2013 $236,761 $222,875 $183,780
2018 $261,103 $245,196 $212,015
Per Capita Income
2013 $39,372 $40,954
2018 $46,613 $47,473
2013 Households by Income
<$15,000 6.1% 3.5% 5.8%
$15,000 - $24,999 4.9% 5.0% 7.4%
$25,000 - $34,999 4.4% 5.3% 8.3%
$35,000 - $49,999 19.0% 11.4% 13.2%
$50,000 - $74,999 16.9% 16.0% 20.3%
$75,000 - $99,999 13.3% 16.9% 15.7%
$100,000 - $149,999 21.0% 24.1% 19.6%
$150,000 - $199,999 8.7% 10.6% 6.0%
$200,000+ 5.6% 7.2% 3.9%
Average Household Income $95,504 $107,722 $86,020
subjECt PROPERtY
DEMOgRAPhICS
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PROPERTy:
Maurices Distribution Center 6600 Merle hay Road, Des Moines, Iowa
Hubbell Commercial Brokers, L.C., d/b/a CBRE|Hubbell Commercial is part of the CBRE affiliate network.
This Memorandum is intended solely for your use and benefit in determining whether you desire to express further interest in the acquisition of the Property. This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All information is provided for general reference purposes only. Therefore, all information provided and made herein is subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including warranties and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. Neither the Owner or CBRE|Hubbell Commercial, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible
purchase of the real property.
The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived. By receipt of this Memorandum, you agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE|Hubbell Commercial
DISCLOSuRE
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