18
664 BLANDING BOULEVARD | ORANGE PARK, FLORIDA OFFERING MEMORANDUM Capital Markets | Net Lease Properties REPRESENTATIVE PHOTO
664 BLANDING BOULEVARD | ORANGE PARK, FLORIDA
OFFERING MEMORANDUM Capital Markets | Net Lease Properties
REPRESENTATIVE PHOTO
MARK DRAZEKSenior Vice President Capital MarketsNet Lease Properties
+1 407 404 [email protected]
CBRE, Inc. Licensed Real Estate Broker
RAY ROMANOFirst Vice President Capital MarketsNet Lease Properties
EXCLUSIVELY MARKETED BY:© 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.
N
Blanding Blvd (63,000 AADT)
STARBUCKS
Moody Ave
Constitution Dr
1INVESTMENT SUMMARY
Investment HighlightsProperty Description
2PROPERTY DESCRIPTION
Property PhotosAerial Photos
Site Plan
5AREA OVERVIEW
Market OverviewLocal & Regional Maps
Drive=Time Map
Tenant Description
10TENANT SUMMARY
N
Blan
ding
Blv
d (
63,0
00 A
ADT
)
Filmore St
1
WAWA | ORANGE PARK
investment highlights• One of the first Wawa locations to open in the Jacksonville market
• Brand new 20 year ground lease
• Investment grade credit – Shadow rating: BBB
• Fixed rental increases throughout entire lease starting at year 11
• No landlord management obligations
• Located at a signalized intersection
• High traffic location, 63,000 AADT per FDOT
• Above average household incomes within 1, 3 and 5 miles
• Large efficient parcel
• No debt to assume – Able to pay all cash
• Florida has no state income tax
INVESTMENT SUMMARY
investment summary
PRICE: $4,600,000
ANNUAL RENT: $207,000
CAP RATE: 4.5%
TENANT: Wawa Florida, LLC
GUARANTOR: Wawa, Inc.
RENTAL INCREASES: 7% every 5 years starting at year 11 including options
INITIAL LEASE TERM: 20 years
OPTIONS: (6) 5-year options
RENT COMMENCEMENT: November 30, 2017
LANDLORD OBLIGATIONS: None – Absolute NNN ground lease
EXISTING FINANCING: No debt to assume
BUILDING SIZE: 6,119± SF
LAND SIZE: 1.9± acres
PARKING SPACES: 50 spaces (8.17:1,000 SF)
YEAR BUILT: 2017
CBRE is pleased to present this brand new 20 year absolute NNN Wawa ground lease located in Orange Park, FL (Jacksonville MSA). The brand new 6,119±
SF building is located on 1.9 acres in a heavily trafficked retail corridor in a densely populated, upper-income area of the Jacksonville MSA. The lease is absolute NNN with no landlord management obligations and offers higher than normal fixed rental increases. The store is scheduled to open on November 30, 2017. Wawa is a highly sought after investment grade national tenant ranked #40 in Forbes top private companies with $9B in revenue.
REPRESENTATIVE PHOTO
2PROPERTY DESCRIPTION
property descriptionLOCATION
664 Blanding Boulevard Orange Park, FL 32073
BUILDING AREA
The subject consists of one (1) retail building totaling approximately 6,119 SF of net rentable area.
2016 FDOT TRAFFIC COUNTS
Blanding Blvd 63,000 AADT
SITE
The subject is located at the signalized intersection of Blanding Boulevard and Filmore Street in Orange Park, Florida.
LAND AREA
The Property consists of one (1) parcel totaling approximately 1.9 acres or ±82,764 SF of land area.
PARKING
The Property provides 50 parking stalls which equates to 8.17:1,000 SF parking ratio.
REPRESENTATIVE PHOTO
3
WAWA | ORANGE PARK
N
Blanding Blvd (63,000 AA
DT)
STARBUCKS
Filmore St
ORANGE PARK HIGH SCHOOL
LAKESIDE JUNIOR HIGH SCHOOL
LAKESIDE ELEMENTARY
SCHOOL
LIFE STORAGE
4
WAWA | ORANGE PARK
N
Blanding Blvd (63,000 AADT)
STARBUCKS
Filmore St
LAKESIDE JUNIOR HIGH SCHOOL
LAKESIDE ELEMENTARY
SCHOOL
ST. JOHNS COUNTRY DAY
SCHOOL
5
WAWA | ORANGE PARK
Blandin
g Blv
d (63,0
00 AADT)
WALMART SUPERCENTER
N
6
WAWA | ORANGE PARK
N
Blanding Blvd (63,000 AADT)
Filmore St
LIFE STORAGE
7
WAWA | ORANGE PARK
SITE PLAN
N
63,000 A
ADT
8
WAWA | ORANGE PARK
AREA OVERVIEW
Jacksonville 2017 Retail OutlookLike much of Florida, the Jacksonville retail market is being fueled by strong population and wage growth. The market has experienced population growth around 2% annually over the past two years, a pace that is expected to continue for the next several years. Wage growth was 10% over the past year, the highest among metros with more than 1 million residents. Jacksonville has low unemployment rates and consumer spending has increased over the past year nationwide. These factors are coming together to support retail development.
Construction deliveries in 2016 surpassed last year’s total and reflects the strongest recovery in over five years. However, both supply and demand is well below the peak witnessed in 2006 indicating that the market has room for continued expansion. Two large projects that are under construction, The Strand and The Crossings, in the Southside submarket are adjacent to the St. Johns Town Center, a prominent retail destination. The two mixed-use suburban developments are expected to bring with it up to 500,000 sq. ft. of retail space.
New retail concepts are also about to call the market home. Furniture retailer IKEA has a 294,000 sq. ft. facility ready to break ground along Gate Parkway, a prominent retail corridor just south of the St. Johns Town Center. Top Golf, a year-around driving range with restaurant recently opened its doors, bringing their second location to the state. A proposed project, Pavilion at Durban Park has the potential to create a prominent retail node in the southern end of the Jacksonville market. Phase One is nearing construction start and will include 700,000 sq. ft. of commercial space including retail.
Investor interest in Jacksonville is strong, largely due to the strong market fundamentals and long-term potential of the market. Cap rates, which have been compressing, are expected to moderate although investor interest in quality assets in prime locations should remain very strong.
Strong net absorption has resulted in demand for additional space. This is the fourth year of strengthening net absorption and 2016 will finish ahead of the previous year. Demand is expected be stable in the most sought after submarkets. Vacancy has also trended down below 6% this year; however the rate may increase market wide over the next two years as demand is expected to cool.
© 2017 CBRE, Inc. | Disclaimer: Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE.
To learn more about CBRE
Research, or to access additional
research reports, please visit the
Global Research Gateway at
www.cbre.com/research.
Shanna Drwiega
Senior Research Analyst
+1 813 273 8433
@shannadrwiega
Figure 1: Total Market Absorption and Deliveries
2017 SOUTHEAST U.S. REAL ESTATE MARKET OUTLOOK
JACKSONVILLE
Source: CBRE Research, Q4 2016; CBRE Econometric Advisors (EA), Q4 2016.
Figure 2: Asking Rates and Total Market Availability
Source: CBRE Research, Q4 2016; CBRE Econometric Advisors (EA), Q4 2016.
Like much of Florida, the Jacksonville retail market is being
fueled by strong population and wage growth. The market has
experienced population growth around 2% annually over the past
two years, a pace that is expected to continue for the next several
years. Wage growth was 10% over the past year, the highest among
metros with more than 1 million residents. Jacksonville has low
unemployment rates and consumer spending has increased over
the past year nationwide. These factors are coming together to
support retail development.
Construction deliveries in 2016 surpassed last year’s total and
reflects the strongest recovery in over five years. However, both
supply and demand is well below the peak witnessed in 2006
indicating that the market has room for continued expansion.
Two large projects that are under construction, The Strand and
The Crossings, in the Southside submarket are adjacent to the St.
Johns Town Center, a prominent retail destination. The two
mixed-use suburban developments are expected to bring with it
up to 500,000 sq. ft. of retail space.
New retail concepts are also about to call the market home.
Furniture retailer IKEA has a 294,000 sq. ft. facility ready to break
ground along Gate Parkway, a prominent retail corridor just south
of the St. Johns Town Center. Top Golf, a year-around driving
range with restaurant recently opened its doors, bringing their
second location to the state. A proposed project, Pavilion at
Durban Park has the potential to create a prominent retail node
in the southern end of the Jacksonville market. Phase One is
nearing construction start and will include 700,000 sq. ft. of
commercial space including retail.
Investor interest in Jacksonville is strong, largely due to the strong
market fundamentals and long-term potential of the market. Cap
rates, which have been compressing, are expected to moderate
although investor interest in quality assets in prime locations
should remain very strong.
Strong net absorption has resulted in demand for additional
space. This is the fourth year of strengthening net absorption and
2016 will finish ahead of the previous year. Demand is expected be
stable in the most sought after submarkets. Vacancy has also
trended down below 6% this year; however the rate may increase
market wide over the next two years as demand is expected to cool.
Strong demographic growth prompting additional retail development in Jacksonville
RETAIL
Net AbsorptionDeliveries EA Forecast
Local Market Forecast
Net Absorption (MSF)
0.0
0.5
1.0
1.5
2.0
2013 2014 2015 2016 2017 2018
Asking Rate (L)Availability (R) EA Forecast
Local Market Forecast
Asking Rate ($ PSF NNN) Availability Rate (%)
5
7
9
11
11
12
13
14
2013 2014 2015 2016 2017 2018
Figure 1: Total Market Absorption and Deliveries
© 2017 CBRE, Inc. | Disclaimer: Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE.
To learn more about CBRE
Research, or to access additional
research reports, please visit the
Global Research Gateway at
www.cbre.com/research.
Shanna Drwiega
Senior Research Analyst
+1 813 273 8433
@shannadrwiega
Figure 1: Total Market Absorption and Deliveries
2017 SOUTHEAST U.S. REAL ESTATE MARKET OUTLOOK
JACKSONVILLE
Source: CBRE Research, Q4 2016; CBRE Econometric Advisors (EA), Q4 2016.
Figure 2: Asking Rates and Total Market Availability
Source: CBRE Research, Q4 2016; CBRE Econometric Advisors (EA), Q4 2016.
Like much of Florida, the Jacksonville retail market is being
fueled by strong population and wage growth. The market has
experienced population growth around 2% annually over the past
two years, a pace that is expected to continue for the next several
years. Wage growth was 10% over the past year, the highest among
metros with more than 1 million residents. Jacksonville has low
unemployment rates and consumer spending has increased over
the past year nationwide. These factors are coming together to
support retail development.
Construction deliveries in 2016 surpassed last year’s total and
reflects the strongest recovery in over five years. However, both
supply and demand is well below the peak witnessed in 2006
indicating that the market has room for continued expansion.
Two large projects that are under construction, The Strand and
The Crossings, in the Southside submarket are adjacent to the St.
Johns Town Center, a prominent retail destination. The two
mixed-use suburban developments are expected to bring with it
up to 500,000 sq. ft. of retail space.
New retail concepts are also about to call the market home.
Furniture retailer IKEA has a 294,000 sq. ft. facility ready to break
ground along Gate Parkway, a prominent retail corridor just south
of the St. Johns Town Center. Top Golf, a year-around driving
range with restaurant recently opened its doors, bringing their
second location to the state. A proposed project, Pavilion at
Durban Park has the potential to create a prominent retail node
in the southern end of the Jacksonville market. Phase One is
nearing construction start and will include 700,000 sq. ft. of
commercial space including retail.
Investor interest in Jacksonville is strong, largely due to the strong
market fundamentals and long-term potential of the market. Cap
rates, which have been compressing, are expected to moderate
although investor interest in quality assets in prime locations
should remain very strong.
Strong net absorption has resulted in demand for additional
space. This is the fourth year of strengthening net absorption and
2016 will finish ahead of the previous year. Demand is expected be
stable in the most sought after submarkets. Vacancy has also
trended down below 6% this year; however the rate may increase
market wide over the next two years as demand is expected to cool.
Strong demographic growth prompting additional retail development in Jacksonville
RETAIL
Net AbsorptionDeliveries EA Forecast
Local Market Forecast
Net Absorption (MSF)
0.0
0.5
1.0
1.5
2.0
2013 2014 2015 2016 2017 2018
Asking Rate (L)Availability (R) EA Forecast
Local Market Forecast
Asking Rate ($ PSF NNN) Availability Rate (%)
5
7
9
11
11
12
13
14
2013 2014 2015 2016 2017 2018
Figure 2: Asking Rates and Total Market Availability
Source: CBRE Research, Q4 2016; CBRE Econometric Advisors (EA), Q4 2016.
9
WAWA | ORANGE PARK
Orange ParkOrange Park sits just below the I-295 belt surrounding the city of Jacksonville. It was founded in 1877 by the Florida Winter Home and Improvement Company, with owners and trustees predominantly from Boston, Massachusetts for the purpose of creating a southern retreat and small farming community. Two years later the Town was incorporated by a Special Act of the Florida Legislature. A large hotel was built at the foot of Kingsley Avenue, along with a 1200 foot wooden pier which extended well into the river and could accommodate steamboats which attracted the northern tourist trade. Since those early days, Orange Park has grown dramatically and has developed as the northeastern gateway to Clay County. Commerce and business has flourished.
Orange Park is a suburb of the large northeastern Florida city of Jacksonville, where the St. John’s river meets the Atlantic ocean. Jacksonville, the largest city in area in the continental United States, is a rapidly growing metropolitan city in Northeast Florida, with approximately 850,000 residents. Due to its convenient location, mild climate, reasonable cost of living, high quality of life and a business-friendly government, Jacksonville is a popular location for corporate expansions and relocations. Its status as an intermodal transportation hub is another incentive, and the city is also a leading distribution center, with a transportation network embracing port and air cargo facilities, rail and trucking routes. Millions of tons of raw materials and manufactured goods move through the city annually.
As a rapidly growing municipality, Jacksonville is recognized as a national leader in managing development. A growth management task force in 2005 formed a vision for the next 25 years: The overall strategy involves balancing commercial and residential development with transit and infrastructure capacity and the preservation of green space.
AREA OVERVIEW
distance to
14Jacksonville
miles31St. Augustine
miles 48Gainesville
miles
110Orlando
miles
155Tampa
miles
154Tallahassee
miles
One of Jacksonville’s many natural assets is one of the largest urban park systems in the country. The active and passive parks and preservation lands are a key part of Jacksonville’s quality of life. So are the miles of beaches and waterways, a major symphony orchestra, a sports and entertainment complex downtown and a myriad of special events that this sports-loving city hosts each year. The home of the NFL’s Jacksonville Jaguars, the city welcomed its first Super Bowl in 2005. Harbor improvements since the late 19th century have made Jacksonville a major military and civilian deep-water port. Its riverine location facilitates two United States Navy bases and the Port of Jacksonville, Florida’s third largest seaport. The two US Navy bases, Blount Island Command and the nearby Naval Submarine Base Kings Bay form the third largest military presence in the United States With a growing population, a strong economy, diverse cultural and recreational opportunities and abundant natural resources, Jacksonville continues to distinguish itself as one of the nation’s most dynamic and progressive cities.
10
WAWA | ORANGE PARK
DEMOGRAPHIC BRIEF
680 BLANDING BLVD
1 MILE 3 MILES 5 MILES
2016 Population - Current Year Estimate 8,567 50,411 134,785
2021 Population - Five Year Projection 8,871 52,479 141,559
2010 Population - Census 8,458 49,621 129,843
2000 Population - Census 8,346 48,162 102,771
2010-2016 Annual Population Growth Rate 0.21% 0.25% 0.60%
2016-2021 Annual Population Growth Rate 0.70% 0.81% 0.99%
2016 Households - Current Year Estimate 3,217 18,567 49,184
2021 Households - Five Year Projection 3,330 19,305 51,568
2010 Households - Census 3,173 18,276 47,500
2000 Households - Census 2,865 17,011 36,798
2010-2016 Annual Household Growth Rate 0.22% 0.25% 0.56%
2016-2021 Annual Household Growth Rate 0.69% 0.78% 0.95%
2016 Average Household Size 2.66 2.70 2.73
2016 Average Household Income $74,925 $79,520 $75,966
2021 Average Household Income $82,779 $86,662 $83,469
2016 Median Household Income $59,738 $59,414 $60,074
2021 Median Household Income $67,308 $67,211 $69,267
2016 Per Capita Income $28,079 $29,601 $27,824
2021 Per Capita Income $31,004 $32,200 $30,487
2016 Housing Units 3 ,513 20 ,159 53 ,393
2016 Vacant Housing Units 296 8.4% 1,592 7.9% 4,209 7.9%
2016 Occupied Housing Units 3,217 91.6% 18,567 92.1% 49,184 92.1%
2016 Owner Occupied Housing Units 2,240 63.8% 13,048 64.7% 32,921 61.7%
2016 Renter Occupied Housing Units 977 27.8% 5,519 27.4% 16,263 30.5%
2016 Population 25 and Over 6 ,159 35 ,216 89 ,626
HS and Associates Degrees 4,109 66.7% 23,483 66.7% 60,428 67.4%
Bachelor's Degree or Higher 1,712 27.8% 9,231 26.2% 22,758 25.4%
2016 Businesses 302 2,195 4,609
2016 Employees 2,426 19,072 43,763
©2017 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are forexample only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the propertyfor your needs. Source: Esri Page 1 ProjectID:178141
POPULAT ION
HOUSEHOLDS
HOUSEHOLD INCOME
HOUS ING UN ITS
EDUCAT ION
PLACE OF WORK
DEMOGRAPHIC BRIEF
680 BLANDING BLVD
NAME LATITUDE LONGITUDE
680 BLANDING BLVD 30.148597 -81.756271
©2017 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are forexample only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the propertyfor your needs. Source: Esri ProjectID:178141
AREA OVERVIEW
11
WAWA | ORANGE PARK
AREA OVERVIEW
12
WAWA | ORANGE PARK
AREA OVERVIEW
13
WAWA | ORANGE PARK
Founded in 1803 by the Wood family and incorporated in 1865, Wawa, Inc. (the “Company” or “Wawa”) has roots in the manufacturing and textile businesses. The first Wawa Food Market opened on April 16, 1964. Today, the Company operates approximately 570 convenience stores, approximately 270 of which include a fuel offering, in Pennsylvania, New Jersey, Delaware, Maryland and Virginia. Wawa is a privately held company, with a majority of the Company stock still owned by the Wood family. Company associates who participate in the Employee Stock Ownership Plan have a nearly 30% ownership stake.
Wawa offers a large fresh foodservice selection, including freshly brewed coffee, a wide selection of delicatessen and dairy products, fresh produce, hot foods, built-to-order sandwiches and Wawa brands such as juices, teas, water and bakery products. The Company’s revenue principally consists of fuel and merchandise sales. The Company operates a dairy manufacturing facility, producing Wawa branded beverages and dairy products for distribution to, and sale in, its stores and to wholesale customers. The Company has a committed fuel storage terminal for the purpose of both storing fuel for distribution to, and sale in, its stores and for holding and selling fuel in wholesale markets.
Wawa has differentiated itself from its competitors by focusing on several key strategic areas:• Delivering fast and friendly customer service in a safe and clean shopping
environment;• Promoting and developing Wawa-branded food, beverage and fresh food items;• Maintaining world-class facilities by systematically opening new stores, closing
marginal stores and remodeling older stores; and• Maximizing operating efficiency by making significant investments in operations
programs and technology.
Wawa exceeds industry norms in virtually every measurable category (Source: NACS State of the Industry Report of 2009 Data – most recent industry data available)• Wawa merchandise sales per store averaged $4.9 million for the year ended 2009
versus an industry average of $1.5 million for 2009• Gasoline sales totaled 1.4 billion gallons for the year 2009, an average of 101,000
gallons per fuel store week or just under four times the industry average of approximately 28,000 gallons per fuel store week in 2009
• Incorporated in 1865• #40 in Forbes Ranking of America’s Largest Private
Companies• Shadow Rated: BBB• 570 locations in the United States – All Company Owned
and Operated• Exceeds industry norms in virtually every measurable
category
REPRESENTATIVE PHOTO
WAWA, INC.www.wawa.com
TENANT DESCRIPTION
14
WAWA | ORANGE PARK
AFFILIATED BUSINESS DISCLOSURE
CBRE operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum.
CONFIDENTIALITY AGREEMENT
This is a confidential Memorandum intended solely for your limited 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 all Property (the”Owner”), to be all-inclusive or to contain all or part of the information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors being the control of the Owner and CBRE,Inc. Therefore, all projections, assumptions and other information provided and made herein are 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 leases 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, Inc., nor any of their respectful directors, officers, Affiliates or representatives make an representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any 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 this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also 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, Inc.
If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.
DISCLAIMER
2017 CBRE, Inc. The information containing in this document has been obtained for 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.
Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.
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.
CONFIDENTIAL MEMORANDUM & DISCLAIMER
MARK DRAZEKSenior Vice President Capital Markets | Net Lease Properties
+1 407 404 [email protected]
CBRE, Inc. | Licensed Real Estate Broker
RAY ROMANOFirst Vice President Capital Markets | Net Lease Properties
© 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.
EXCLUSIVELY MARKETED BY
REPRESENTATIVE PHOTO
