Embed Size (px)
Citation preview
1051 MILITARY CUTOFF ROAD | STE. 200 | WILMINGTON, NC 28405
p. 910.344.1000 | f. 910.344.1020 | www.capefearcommercial.com
INVESTMENT OFFERING WILMINGTON, NC (UPDATED SEPTEMBER 2018) 2033 CORPORATE DRIVE
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Cape Fear Commercial and should not be made available to any other person or entity without the written consent of Cape Fear Commercial. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Cape Fear Commercial has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or the business prospects of any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Cape Fear Commercial has not verified, and will not verify, any of the information contained herein, nor has Cape Fear Commercial conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the Information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
PATRICK RILEY
Vice President
p. 910.344.1018 | m. 910.264-2153 [email protected]
DISCLAIMER
PAUL S. LOUKAS, CCIM
Senior Vice President
p. 910.344.1008 | m. 910.540.5045 [email protected]
2033 CORPORATE DR | WILMINGTON, NC 3
INVESTMENT SUMMARY
ADDRESS: 2033 Corporate Drive Wilmington, NC 28405| New Hanover County
PARCEL ID: R02620-003-024-000
LAND: +/- 2.19 Acres
ZONING: PD - Planned Development District
BUILDING: +/- 22,880 Rentable Sq. Ft.
YEAR BUILT: 2008
OCCUPANCY: 74.3%
KEY TENANTS: - UC Synergetic, LLC - Mediware Information Systems, Inc.
PROFORMA NOI: $246,478
PROFORMA CAP RATE:
9.39%
PURCHASE PRICE: $2,625,000 ($115 PSF)
SELLER: Cerulean, LLC
Located in the Northchase Industrial Park, this two-story +/-22,880 SF flex-office building is 74% leased with two of the four suites being occupied. With the two unoccupied suites, one is a cold, dark shell, and the other was recently fully upfitted in the summer 2018. The building has an elevator, dedicated fiber optic line, 3-phase power, ample parking & one dock high with double doors.
2033 CORPORATE DR | WILMINGTON, NC 4
As of July 2018
Tenant Suite Sq. Ft. Initial Start Current End Term (Mos)
Remaining Extensions Lease Type Base Rent Per Sq. Ft. Escalation & Notes
UC Synergetic, LLC A 8,500 12/1/2017 12/31/2022 61 One, 5-year option
Full Service, Net of Janitorial $127,500 $15.00 2.50% annual escalation,
continuing through Option Period
Vacant - Cold Dark Shell A-1 2,903 Suite is a cold, dark shell
Mediware Information Systems B 8,500 4/16/2017 4/30/2020 36 One, 2-year option
Full Service, Net of Janitorial $135,703 $15.97 3.00% annual escalation,
continuing through Option Period
Vacant - Upfitted (July 2018) B-1 2,977 Fully upfitted (Summer 2018). Ask-ing $16 PSF
Subtotal 22,880 $263,203
RENT ROLL
2033 CORPORATE DR | WILMINGTON, NC 5
FINANCIAL INFORMATION
NOTES:
Income is based on in‐place 2018 rents, and assumes a new tenant for Suite B‐1 in Jan 2019 at $16 PSF.
Current leases are both full service, net janitorial, phone, internet, etc..
POA and Taxes are actuals.
U li es are es mated based off recent year.
$0.60 is assumed for repairs & maintenance.
Expenses are escalated for 2109, which is detailed in the financial worksheet that is available.
Sq. Ft. Expira on 2018 Proforma Per SF 2019 Proforma Per SF UC Synergetic, LLC 8,500 12/31/2022 $127,766 $133,955 Vacant - Cold Dark Shell 2,903 N/A $0 $0 Mediware Information Systems 8,500 4/30/2020 $134,550 $137,908 Vacant - Upfitted (2018) 2,977 N/A $0 $47,632
Effective Gross Income 22,880 $262,315 $11.46 $319,494 $13.96
Utilities (Electric, Gas, Trash, Phone & Water) $22,132 $0.97 $25,915 $1.13
Repairs and Maintenance $13,728 $0.60 $14,414 $0.63
Landscaping $4,350 $0.19 $4,568 $0.20
Retention Pond $2,640 $0.12 $2,693 $0.12
Management Fee $10,493 $0.46 $10,702 $0.47
POA $650 $0.03 $663 $0.03
Real Estate Taxes $9,488 $0.41 $9,677 $0.42 Insurance $4,298 $0.19 $5,000 $0.22
Total Operating Expenses $67,778 $2.96 $73,016 $3.19
Net Operating Income $194,537 $8.50 $246,478 $10.77
2033 CORPORATE DR | WILMINGTON, NC 6
1ST FLOOR
- Suite A (8,550 SF) - UC Synergetic
- Suite A-1 (2,903 SF) - Vacant (Cold, Dark Shell)
2033 CORPORATE DR | WILMINGTON, NC 7
2ND FLOOR
- Suite A (8,550 SF) - Mediware
- Suite B-1 (2,977 SF) - Upfitted (Summer 2018)
2033 CORPORATE DR | WILMINGTON, NC 8
PROPERTY PHOTOS
2033 CORPORATE DR | WILMINGTON, NC 9
PROPERTY PHOTOS
Newly Upfi ed Suite B‐1
Remaining Shell Space, Suite A‐1
2033 CORPORATE DR | WILMINGTON, NC 10
GIS AERIAL
2033 CORPORATE DR | WILMINGTON, NC 11
LOCATION MAP
Cape Fear Commercial is a boutique commercial real estate firm based in Wilmington, North Carolina. We specialize in providing targeted brokerage, property & facilities management, and development services.
For over 15 years, our team of elite professionals has helped owners, users, developers and investors successfully navigate the real estate market. We are consistently recognized as an industry leader for the unique perspective we bring to every project.
1051 MILITARY CUTOFF ROAD | STE. 200 | WILMINGTON, NC 28405 p. 910.344.1000 | f. 910.344.1020 www.capefearcommercial.com
