GE Transportation - LoopNet...Global Signaling, LLC and operates as a mission critical facility for the GE ... industry with software-deﬁned machines and solutions that are connected,

GE Transportation1990 West NASA Boulevard | Melbourne, FL 32904

Offering Memorandum

Investment-Grade Guaranty | 2% Annual Increases | Mission Critical Facility

Subject Property

In association with:

In Association With: James Ullrich FL license #BK3073947

Table of Contents

Stan Johnson Company180 Madison Ave | Suite 1500 New York, NY 10016 P: +1 646.778.5560 | F: +1 646.778.5561

stanjohnsonco.com

Offered Exclusively by

Confidentiality and Restricted Use AgreementThis Confidential Offering Memorandum (“COM”) is provided by Stan Johnson Company (“SJC”) & Sperry Van Ness/First Guardian Group (“FGG”), solely for your consideration of the opportunity to acquire the commercial property described herein (the “Property”). This COM may be used only as stated herein and shall not be used for any other purpose, or in any other manner, without prior written authorization and consent of SJC.

This COM does not constitute or pertain to an offer of a security or an offer of any investment contract. This COM contains descriptive materials, financial information and other data compiled by SJC for the convenience of parties who may be interested in the Property. Such information is not all inclusive and is not represented to include all information that may be material to an evaluation of the acquisition opportunity presented. SJC has not independently verified any of the information contained herein and makes no representations or warranties of any kind concerning the accuracy or completeness thereof. All summaries and discussions of documentation and/or financial information contained herein are qualified in their entirety by reference to the actual documents and/or financial statements, which upon request may be made available. An interested party must conduct its own independent investigation and verification of any information the party deems material to consideration of the opportunity, or otherwise appropriate, without reliance upon SJC.

The Property may be financed or withdrawn from the market without notice, and its owner(s) reserve(s) the right to negotiate with any number of interested parties at any time. The Property is offered and sold by its owner(s) as is, where is, and with all faults, without representation or warranty of any kind except for any customary warranties of title.

BY ACCEPTING THIS COM, YOU AGREE THAT: (1) all information contained herein, and all other information you have received or may hereafter receive from SJC relating to the Property, whether oral, written or in any other form (collectively, the “Information”), is strictly confidential; (2) you will not copy or reproduce, and claim as your own without attribution to SJC, all or any part of this COM or the Information; (3) upon request by SJC at any time, you will return and/or certify your complete destruction of all copies of this COM and the Information; (4) for yourself and all your affiliates, officers, employees, representatives, agents and principals, you hereby release and agree to indemnify and hold harmless SJC all of its affiliates, officers, employees, representatives, agents and principals, from and with respect to any and all claims and liabilities arising from or related to the receipt or use of this COM and/or any other Information concerning the Property; (5) you will not provide this COM or any of the Information to any other party unless you first obtain such party’s acceptance and approval of all terms, conditions, limitations and agreements set forth herein, as being applicable to such party as well as to you; and (6) monetary damages alone will not be an adequate remedy for a violation of these terms and that SJC shall be entitled to equitable relief, including, but not limited to, injunctive relief and specific performance, in connection with such a violation and shall not be required to post a bond when obtaining such relief.

The Offering..……..……………………………………………3

Investment Highlights…..…………..……………….....4

Subject Property Photos......................…..…5 - 6

Area Map….……..….………................…………………….7

Strip Map..……….…...........…..…………….... …………..…8

Site Plan..........................................….…………..……9

Property Description....................….….………..…10

Full Tenant Renovation.....................................11

Lease Abstract & Rent Schedule…..….....……...12

Ground Lease & Rent Schedule................ .....13

Location Overview………..........................……14-15

Demographics......................................…......…..16

Tenant Overview……….............................…...17-19

David Bailey Associate [email protected]

SVN/First Guardian Group 777 1st Street | Suite 720 San Jose, CA 95112 P: +1 866.398.1031 svnfgg.com

Erik Carlson Vice [email protected]

In Association With:

GE Transportation • Melbourne, FL • 3

The OfferingStan Johnson Company is pleased to offer for sale to qualified

investors, the opportunity to purchase the leasehold interest in

the commercial property located at 1990 West NASA Boulevard

in Melbourne, Florida (the “Property”). The Property consists

of two office buildings (182,000 SF and 9,500 SF) situated on a 19.46-acre

parcel of land. The Property is leased to GE Transportation Systems (GETS)

Global Signaling, LLC and operates as a mission critical facility for the GE

Transportation division of General Electric, the parent company and guarantor

of the lease. GETS Global Signaling recently extended its current base lease

term for an additional ten (10) years through October 2027, and features two

percent (2%) annual increases. The Property is subject to a ground lease that

expires in April 2057, with lease payments being paid directly by Tenant.

The Property is strategically located in the Melbourne International Airport

Industrial Business Park market, a premier operating area home to various high

tech companies including DRS, Northrup Grumman, Harris, and many more.

This location provides easy access to surrounding businesses, shopping and

residential areas via NASA Blvd., Highway US 1, Wickham Road, Eau Gallie &

Melbourne Causeway and Interstate 95. The Property is in the heart of the

world renowned “Space Coast” of Florida and is only two miles west of Orlando

Melbourne International Airport.

GETS Global Signaling, LLC is a subsidiary of the General Electric Company

(NYSE: GE), a world-leading digital industrial company that transforms the

industry with software-defined machines and solutions that are connected,

responsive and predictive. As of December 2016, GE reported revenue of

$119.7+ billion (3.29% YOY growth) and a net worth of $75.8 billion.

Price: $27,500,000

Cap Rate: 7.14%


17-YEAROperating History

Investment HighlightsUnique Property Attributes

Global Digital Industry-Leading Company GETS Global Signaling, LLC is a subsidiary of the General Electric Company (NYSE: GE), a world leading digital industrial company that transforms the industry with software-defined machines and solutions that are connected, responsive and predictive. As of December 2016, GE reported revenue of $119.7+ billion (3.29% YOY growth) and a net worth of $75.8 billion. GE currently holds an AA- credit rating with S&P.

Mission Critical Facility The Property has served GE Transportation as a service site since 2007, and is a vital component of its worldwide network.

Recent 10-Year Lease Extension With seventeen (17) years of successful operation at this site, GETS Global Signaling recently committed to extend the current base lease term for an additional ten (10) years through October 2027. Additionally, there are still two (2), five (5) year renewal options remaining.

Annual Rental Escalations Lease features two percent (2%) annual rental increases during the extension term, providing a significant hedge against inflation for investors.

Melbourne International Airport Industrial Business Park The Property lies on a spacious, 19.46-acre lot in the heart of the Melbourne International Airport Industrial Business Park, a premier operating area home to various high tech companies including DRS, Northrup Grumman, Harris, and many more. The location provides easy access to surrounding businesses, shopping and residential areas via NASA Blvd., Highway US 1, Wickham Road, Eau Gallie & Melbourne Causeway and Interstate 95.

276,000+Population within 10 Miles

10-YEARLease Extension

Investment Grade Credit Guaranty (S&P: AA-)

2%

Annual Increases

Business ParkPREMIER


Subject Property Photos


Subject Property Photos


Orlando

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Area Map

The Space Coast is a region in Brevard County, Florida around Kennedy Space Center (KSC) and Cape Canaveral Air Force Station. Known as the birthplace of space exploration, all of NASA-launched manned space flights have departed from either KSC or Cape Canaveral. It is a place where both Fortune 500 companies and high-tech startups coexist. Businesses on the Space Coast enjoy a stable tax structure, access to local and state incentives, a large skilled labor force, and a robust transportation infrastructure.

Florida Space Coast

Continue to page 14 for more information on the Space Coast.


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Demographic Overview

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2016 Population: 52,000 125,386 276,735

2016 Avg. HH Income: $56,212 $59,699 $67,134

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Site Plan

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Property DescriptionLOCATIONThe Property is located in the heart of Melbourne International Airport Industrial Business Park in Melbourne (Brevard County), Florida

PROPERTY TYPEFree-standing, Single Tenant

PROPERTY PARCEL ID27-37-32-00-00254

YEAR BUILT2000

TOTAL BUILDING AREA191,500 SF

LAND AREA19.456 Acres

IMPROVEMENTSThe Property consists of two buildings, one three-story, the other single-story, totaling 191,500 SF

OWNERSHIP INTEREST & LEASE TYPE Leasehold/NN

PARKING610 (3 per 1,000)

TENANT & OCCUPANCYThe Property is 100% leased to GE Transportation Systems Global Signaling, LLC

SPACE ALLOCATIONOffice – 65% R&D – 25% Data / Server Rooms – 10%


The Property is currently undergoing a complete, internal modernization of the office space. The estimated $4 Million renovation will include furniture, new office layouts, and the latest technology. This shows the Tenant’s strong commitment to its employees and the success of this location for years to come. Please see below for renderings of the office space renovations.

Full Tenant Renovation


Lease AbstractTenant: GE Transportation Systems Global Signaling, LLC

Parent & Guarantor: General Electric (NYSE: GE)

Address: 1990 West NASA Boulevard | Melbourne, FL 32904-2309

Building Size (SF):Total: Building 1: Building 2:

+/- 191,500 SF+/- 182,000 SF +/- 9,500 SF

Lot Size (Acres): 19.456 Acres

Year Built: 2000

Rent Commencement: 10/4/2007

Lease Expiration: 10/31/2027

Base Lease Term: 10 years

Extension Lease Term: 10 years

Lease Term Remaining: 10 years

NOI: $1,962,875

Rent Increases: 2% annually

Renewal Options: Two (2), Five (5) year options

Renewal Notice: 12 months

Option Increases: Agreed upon fair market value

Lease Type: NN, Roof & Structure

Landlord Responsibilities:

Maintenance, repair and replacement of roof and structural components of Premises. Landlord must replace electrical, plumbing, and HVAC systems if it is considered a "capital replacement"*

Insurance: Tenant is responsible

Taxes: Tenant pays directly

CAM: Tenant is responsible

Utilities: Tenant pays directly

Estoppel: 20 days

Parking: +/- 540 spaces

Property ID: Brevard County: 27-37-32-00-00254

Ownership Interest: Leasehold; Property is subject to ground lease that expires 4/30/2057

*The parties agree that the term “capital replacement” means the replacement of any component the material costs of which exceed $50,000. If Landlord is required to make any capital replacement and the Useful Life of such capital replacement exceeds the Remaining Useful Life, then Tenant shall reimburse Landlord, as Additional Rent in equal monthly installment for the remainder of the lease term.

Years Dates Annual Rent

Monthly Rent

Rent PSF Increase

1 11/1/2017 - 10/31/2018 $1,962,875 $163,573 $10.25 -

2 11/1/2018 - 10/31/2019 $2,002,133 $166,844 $10.46 2.00%

3 11/1/2019 - 10/31/2020 $2,042,175 $170,181 $10.66 2.00%

4 11/1/2020 - 10/31/2021 $2,083,019 $173,585 $10.88 2.00%

5 11/1/2021 - 10/31/2022 $2,124,679 $177,057 $11.09 2.00%

6 11/1/2022 - 10/31/2023 $2,167,173 $180,598 $11.32 2.00%

7 11/1/2023 - 10/31/2024 $2,210,516 $184,210 $11.54 2.00%

8 11/1/2024 - 10/31/2025 $2,254,726 $187,894 $11.77 2.00%

9 11/1/2025 - 10/31/2026 $2,299,821 $191,652 $12.01 2.00%

10 11/1/2026 - 10/31/2027 $2,345,817 $195,485 $12.25 2.00%

11-15 (Option 1) 11/1/2027 - 10/31/2032 FMV - - -

16-20 (Option 2) 11/1/2032 - 10/31/2037 FMV - - -

*Years 11-20 represent the newly extended term per Lease amendment dated January 24, 2017

Rent Schedule


Ground Lease AbstractLandlord: City of Melbourne Airport Authority

Tenant: TIC NASA Boulevard, LLC

Address: 1990 West NASA Blvd | Melbourne, FL 32901

Lot Size (Acres): 19.456 Acres

Rent Commencement: 4/19/2000

Lease/Rent Expiration: 4/30/2057

Base Lease Term: 57 years

Lease Term Remaining: 40 years, 2 months

Annual Base Rent: N/A

Rent Increases: 12% of fair market value of the real property excluding the improvements

Renewal Options: One (1), Five (5) year option

Renewal Notice: 120 days

Option Increases: 12% of fair market value of the real property excluding the improvements

ROFR: Tenant shall have 30 days after notice to elect to lease the property after expiration of lease term

Lease Type: Absolute NNN Ground Lease

Landlord Responsibilities: None

Insurance:Tenant shall maintain commercial general liability and property damage insurance with respect to the Property and Improvements

Taxes: Tenant pays directly

CAM: Tenant is responsible

Utilities: Tenant pays directly

Property ID: Brevard County: 27-37-32-00-00254

Years Dates Annual Rent

1-5 4/19/2015 - 4/18/2020 $306,000

6-10 4/19/2020 - 4/18/2025 FMV*

11-15 4/19/2025 - 4/18/2030 FMV*

16-20 4/19/2030 - 4/18/2035 FMV*

21-25 4/19/2035 - 4/18/2040 FMV*

26-30 4/19/2040 - 4/18/2045 FMV*

31-35 4/19/2045 - 4/18/2050 FMV*

36-40 4/19/2050 - 4/18/2055 FMV*

41-45 4/19/2055 - 4/30/2057 FMV*

*Base rent is adjusted every 5 years to be equal to 12% of the fair market value of the real property excluding the improvements thereon. Base rent shall not increase by more than 25% every 5 years and can never be less than base rent paid in the first 10 years

* +/- 17 years of operating history at this location

Rent Schedule (paid directly by tenant)


Melbourne, Florida is located approximately 60 miles southeast of Orlando on Central Florida’s East Coast in Brevard County. As of the 2010 census, the population

of Melbourne was 76,068. Melbourne is a principal city of the Palm Bay – Melbourne – Titusville, Florida Metropolitan Statistical Area, which has a population of

approximately 570,000 residents. The city also serves as the business center of the South Brevard County urban area.

Melbourne is located in the heart of Florida’s famed “Space Coast”, which features major draws such as the Kennedy Space Center, pristine Atlantic beaches, and

excellent transportation and access to Orlando, Jacksonville, and the Palm Beaches. The Space Coast region is known as a high-tech center of the Southeast, boasting

48 engineers per 1,000 workers which is more than any other Florida metro. Known as the World’s only “Quadramodal Transportation Hub”, the Space Coast can boast

the ability to accommodate trade via Land, Sea, Air, and Space, and additionally is located in Foreign Trade Zone 136, offering significant customs advantages. Major

employers in Melbourne include DRS Technologies, GE Transportation Systems, Holmes Regional Medical Center, Northrop-Grumman Corporation, Embraer, Rockwell

Collins, and the world headquarters of Harris Corporation. Brevard County is also a leader in education in the state. It is home to nine colleges and universities including

the renowned Florida Institute of Technology, Brevard Community College, Embry-Riddle Aeronautical University, as well as satellite campuses of the University of

Central Florida.

The Property is strategically located in the heart of the Melbourne International Airport Industrial Business Park market, a premier operating area home to various high

tech companies including DRS, Northrup Grumman, Harris, and many more. The location provides easy access to surrounding businesses, shopping and residential

areas via NASA Blvd., Highway US 1, Wickham Road, Eau Gallie & Melbourne Causeway and Interstate 95. Melbourne International Airport is only two miles east of the

Property.

Location Overview

Melbourne, FL


Location Overview (continued)The Space Coast is a region in Brevard County, Florida around Kennedy Space Center (KSC) and Cape Canaveral Air Force Station. Known as the birthplace of

space exploration, all of NASA-launched manned spaceflights (running from Project Mercury in 1961 to the end of the Space Shuttle program in 2011) have departed

from either KSC or Cape Canaveral. The Air Force Station has also launched unmanned military and civilian rockets. Visitors enjoy several small museums in the area

dedicated to the history, heroes and science of the United States’ space program.

Centrally located 45 minutes east of Orlando, Florida’s Space Coast has over 75 miles of incredibly diverse coastline that offers a vast amount of Florida wildlife and

activities for everyone of all ages. The north end of Florida’s Space Coast is home to the Canaveral National Seashore and pristine natural habitats, while the south is

home to Sebastian Inlet State Park and Vero Beach. The west is bordered by the St. Johns River and the east stops at world renowned Florida beaches on the Atlantic

Ocean. Cities that make up the Space Coast include Cocoa Beach (major launching point for cruise ships), Melbourne & The Beaches, Port Canaveral, Titusville, Palm

Bay and Viera.

The Space Coast anchors the eastern end of Florida’s High Tech Corridor, yet the economy itself is driven by a variety of clusters keeping the area healthy and balanced.

Aerospace, Advanced Security, Communications, Electronics, and Emerging Technologies strengthen and sustain the area’s overall quality of life. It is a place where

both Fortune 500 companies and high-tech startups coexist. Businesses on the Space Coast enjoy a stable tax structure, access to local and state incentives, a large

skilled labor force, and a robust transportation infrastructure. The combination of entrepreneurial spirit and the beauty and climate of the area creates a truly first-class

atmosphere for business. The area boasts 48 engineers per 1,000 workers; more than any other Florida metro area, or even any of the 25 most populated metros in the

country. It also has the most concentrated high-tech economy in the state of Florida and the 16th most concentrated in the nation.

Kennedy Space Center

Top Employers in the Space Coast:

Harris Corporation (6,800+ employees)

Health First, Inc. (6,500+ employees)

United Space Alliance, LLC (5,800+ employees)

Wuesthoff Health Systems, Inc. (2,400+ employees)

Northrop Grumman (1,800+ employees)

The Boeing Company (1,200+ employees)

DRS (950+ employees)

MC Assembly (890+ employees)

Lockheed Martin (800+ employees)

United Launch Alliance (800+ employees)


Demographics

1990 W Nasa Blvd, Melbourne, Florida, 32904 0 - 3 mi. 0 - 5 mi. 0 - 10 mi.

Population

2010 Population 50,102 118,436 263,970

2016 Population 52,000 125,386 276,735

2021 Population 54,476 132,120 290,039

2010-2016 Annual Rate 0.60% 0.92% 0.76%

Households

2010 Total Households 21,634 52,585 111,458



2010-2016 Annual Rate 0.53% 0.87% 0.68%

2016 Average Household Income $56,212 $59,699 $67,134

N


Tenant OverviewGeneral Electric Company (NYSE: GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the “GE Store,” through which each business shares and accesses the same technology, markets, structure and intellect. The company’s products and services range from aircraft engines, power generation and oil and gas production equipment to medical imaging, financing and industrial products. GE operates through the following segments: Power & Water, Oil and Gas, Aviation, Healthcare, Transportation and Capital. As of December 2016, GE had over 333,000 employees operating in more than 170 countries.

GE Transportation Systems (GETS) Global Signaling, LLC is a leading provider of on-board & wayside signaling and communications systems, train inspection systems, crossing warning systems, switch machines, services, and information technology solutions for the global railroad and transit industry. The company was formerly known as Harmon Industries, Inc. and changed its name to GE Transportation Systems Global Signaling, LLC when it was acquired and merged with GE Harris Railway Electronics, LLC in September 2000. The company was incorporated in 1995 and is based in Grain Valley, Missouri. GETS Global Signaling, LLC is a wholly owned subsidiary of the General Electric Company. GETS Global Signaling, LLC operates under the Transportation segment of General Electric.

Formerly known as GE Rail, GE Transportation began over a century ago as a pioneer in passenger and freight locomotives. Today, GE Transportation is the largest producer of diesel-electric locomotives for both freight and passenger applications in North America, believed to hold up to a 70% market share. GE Transportation is made up of six businesses: Drilling, Locomotives & Services, Marine, Mining, RailConnect 360 and Stationary Power. The GE Transportation division is headquartered in Chicago, Illinois and operates over 65 service sites worldwide.

GE Transportation Businesses

Drilling: GE Transportation is the leading manufacturer of motors for onshore and offshore applications for the oil and gas industry.

Locomotives & Services: GE Transportation is a leader in the rail industry, providing freight and passenger locomotives as well as rail services to help solve the world’s toughest rail challenges.

Marine: GE’s Marine Solutions is at the forefront of emissions reductions with its breakthrough technology that achieves optimal operational and emissions compliance in medium-speed diesel engines.

Mining: GE’s Mining Solutions can carry your business through every step of the mining process from delivery of reliable power and water supply to maximizing the output of equipment, safety and energy efficiency.

RailConnect 360: RailConnect 360 is a connected suite of solutions, leveraging GE’s Predix platform, which provides railroads with data-driven insights to address key customer pain points like velocity, fuel, reliability, productivity and dwell.

Stationary Power: GE Transportation’s stationary power applications set the industry standard and deliver on the promise of lower costs, lower emissions and higher fuel efficiency.

Mission Critical FacilityThe Subject Property is the site of GE Transportation’s Movement Planner System, the railroad equivalent of the air-traffic control system

Benefits of the Movement Planner System:

• More locomotives are able to run on the same railroad at faster speeds and with greater efficiency - without laying new track

• Increased velocity

• Savings of millions of dollars; Each mph faster saves millions/year in capital and expenses

• Improvement of railroad crew management availability


Tenant Overview (continued)GE Transportation is a global technology leader that manufactures passenger and freight diesel-electric and electric locomotives to railroad, mining, marine, stationary power, drilling, and energy storage industries. The company offers electric motors for the onshore and offshore applications in the oil and gas industry; intelligent transportation solutions that include signaling and train control, and train optimization; freight and passenger diesel-electric locomotives, signaling, and communications systems, as well as rail services; and medium-speed diesel engines. It also provides propulsion systems and mining equipment, as well as power, productivity, and water mining solutions; RailConnect 360, a connected suite of solutions that provides railroads and their customers with data-driven insights to address key customer pain points, such as velocity, fuel, asset utilization, productivity, and dwell; and stationary power diesel engines. The company is headquartered in Chicago, Illinois. It has service sites and operations worldwide. GE Transportation operates as a subsidiary of General Electric Company. As a division of General Electric Company, GE Transportation is not publicly traded.

Mission: Being a global technology leader & supplier to the railroad, mining, marine, stationary power & drilling industries.

Major products: Locomotives, rail services, digital solutions, mining equipment, diesel engines

Headquarters & Operations:

Transportation:

• 4% of segment revenues

• 4% of industrial segment revenues

• 6% of industrial segment profit

• Headquarters: Chicago, IL

• Serving customers in 60+ countries

• Employees: +/- 10,000

Representative Photo

General Electric Company Segmented Revenue

General Electric Company and consolidated affiliates

(In millions) 2016 2015 2014 2013 2012

Revenues

Power $ 26,827 $ 21,490 $ 20,580 $ 19,315 $ 20,364

Renewable Energy 9,033 6,273 6,399 4,824 7,373

Oil & Gas 12,898 16,450 19,085 17,341 15,539

Aviation 26,261 24,660 23,990 21,911 19,994

Healthcare 18,291 17,639 18,299 18,200 18,290

Transportation 4,713 5,933 5,650 5,885 5,608

Energy Connections & Lighting 15,133 16,351 15,724 15,907 15,379

Total industrial segment revenues 113,156 108,796 109,727 103,383 102,548

Capital 10,905 10,801 11,320 11,267 11,268

Total segment revenues 124,061 119,597 121,047 114,650 113,816

Corporate items and eliminations (368) (2,211) (3,863) (1,405) (1,228)

Consolidated revenues $ 123,693 $ 117,386 $ 117,184 $ 113,245 $ 112,588


GE Transportation RailConnect 360

Click to watch video or visit http://bit.ly/railconnect360

going beyond

The information contained herein was obtained from sources believed reliable, however, Stan Johnson Company & Sperry Van Ness/First Guardian Group makes no guaranties, warranties or representations as to the completeness thereof. The presentation of this property for sale, rent or exchange is submitted subject to errors, omissions, change of price or conditions, or withdrawal without notices.

Stan Johnson Company180 Madison Ave | Suite 1500 New York, NY 10016 P: +1 646.778.5560 | F: +1 646.778.5561

stanjohnsonco.com

David BaileyAssociate [email protected]+1 646.841.0632

In association with:James UllrichFL #BK3073947

In association with:

SVN/First Guardian Group777 1st Street | Suite 720 San Jose, CA 95112 P: +1 866.398.1031 svnfgg.com

Erik Carlson Vice [email protected]+1 866.398.1031

Documents

GE Transportation - LoopNet...Global Signaling, LLC and operates as a mission critical facility for the GE ... industry with software-deﬁned machines and solutions that are connected,