Offering Memorandum · 2018. 12. 20. · Halifax’s Stanfield International Airport, built in 1960, is the principal full-service airport for Atlantic Canada, with over 4 million

COLLIERS INTERNATIONAL P. 1BLUESTONE RIDGE | OFFERING MEMORANDUM

Offering Memorandum

PRESENTED BY:

Aaron Ferguson Commercial Real Estate Sales & Leasing Representative DIRECT +1 902 442 8707 EMAIL [email protected]

Mitch O’Neill Commercial Real Estate Sales & Leasing Representative DIRECT +1 902 442 8718 EMAIL [email protected]

130 BLUEWATER ROAD

BEDFORD, NS

COLLIERS INTERNATIONAL P. 2130 Bluewater Road, Bedford, NS | OFFERING MEMORANDUM

Table of Contents

> INVESTMENT SUMMARYOpportunity Highlights .............................................................................................................. 3Property Photographs .............................................................................................................. 4Property Aerial .......................................................................................................................... 7Area Map ................................................................................................................................... 8

> PROPERTY INFORMATIONPhysical Description ................................................................................................................. 9Zoning ......................................................................................................................................... 10Site Plan .................................................................................................................................... 12

> MARKET OVERVIEWHalifax Regional Municipality .................................................................................................... 14 Bedford ...................................................................................................................................... 17

COLLIERS INTERNATIONAL P. 3 COLLIERS INTERNATIONAL P. 3

INVESTMENT SUMMARY

130 Bluewater Road, Bedford, NS | OFFERING MEMORANDUM

Opportunity HighlightsColliers International is pleased to present this industrial opportunity located at 130 Bluewater Road in the town of Bedford, NS. 130 Bluewater Road is a single tenant 3,904 square foot light industrial building on a 58,000 square foot lot. Vacant possession will be provided to the purchaser for owner occupied use.

Quick Facts

• Single tenant 3,904 SF light industrial building on a 58,000 SF lot• Structure is steel-frame construction on a poured concrete, slab-on-grade foundation• Fully fenced gravel yard• (1) 14’ Grade level loading door• 16’ clear ceiling height in the warehouse area• Large double size lot allows for subdivision and further development• Vendor financing available

Atlantic Acres Business Park

• The Park consists of over 400,000 square feet of industrial inventory with a significantly lower vacancy rate vs other industrial parks in HRM.• Close proximity to Highways 101, 102, and 103• Quick access to Downtown Halifax, Port facilities, and Halifax Stanfield International Airport FOR SALE $895,000

FOR LEASE$10.00 Net PSF, $4.50 CAM/taxes

Aaron Ferguson Mitch O’Neill Commercial Real Estate Commercial Real EstateSales & Leasing Representative Sales & Leasing Representative+1 902 442 8707 +1 902 442 [email protected] [email protected]


INVESTMENT SUMMARY


Property Photographs


INVESTMENT SUMMARY



FROM TOP, LEFT TO RIGHT:

› Showroom › Office

› Bullpen/Common area › Washroom


INVESTMENT SUMMARY



CLOCKWISE FROM TOP:

› Outside looking at out building › Yard › Outside entrance and loading door (14’) › Inside main warehouse


INVESTMENT SUMMARY


Property Aerial

Hammonds Plains Road

130 Bluewater Road

Bluewater Road

Gary Martin Drive


INVESTMENT SUMMARY


Area Map

130 BLUEWATER RD

Driving Distances from 217 Bluewater Road:• Halifax CBD | 20 min (17 km)• Stanfield International Airport | 23 min (28 km)• Port Facilities | 14 min (11 km)


PROPERTY INFORMATION


The building can offer a layout that can be adapted to various industrial uses and currently offers a mix of warehouse and office area. The lot is generally level with ample room for parking and truck/trailer storage or possible building expansion.

> TOTAL BUILDING AREA 3,904 SF

> TOTAL SITE AREA 58,000 SF

> SITE COVERAGE 6% coverage

> YEAR BUILT 1976

> PARKING Gravel parking lot Large rear fenced yard

> ZONING ILI (Light Industrial)

> BUILDING EXTERIOR Steel frame and brick/metal exterior

> LOADING DOORS 1 - 14’ high grade level door

> TENANCY Single (Building to be sold vacant)

> TELECOMMUNICATIONS Direct fiber connections in the building.

> HVAC SYSTEM - Electric baseboard heat in office - Mini split heat pumps in office - Suspended natural gas forced air heater in main warehouse

> PLUMBINGDomestic water provided from municipal water supply.

> ROOF Pitched metal roof on expansion section.

> ELECTRICAL200 Amp Service

> CLEAR HEIGHT16’ ceiling height in the warehouse areas

> TOPOGRAPHYAbove grade with Bluewater Road and generally level throughout.

> PROPERTY TAXES$19,964 annually (2018)

> SALE PRICE$895,000

> LEASE PRICE $10.00 Net PSF, $4.50 CAM/taxes

Physical DescriptionPhysical Description




LIGHT INDUSTRIAL (ILI) ZONENo development permit shall be issued in a Light Industrial (ILI) Zone except for one or more ofthe following uses:a) warehouses and storage and distribution centresb) manufacturing, processing, assembly, recycling, or warehousing operations which are notobjectionable uses;c) parking and or storage of industrial or heavy commercial vehicles, equipment and similargoods;d) trade centrese) building supplies salesf) auto service and supplies centres/outletsg) uses permitted in the Shopping Centre Zone (CSC);h) wholesalersi) full service and take-out restaurantsj) furniture storesk) uses permitted in the CGB Zone, except office buildings, subject to CGB Zone provisionsl) day care facilities; (RC-Mar 3/09;E-Mar 21/09)m) dry cleaning depotn) recycling depoto) uses permitted in the SU Zonep) bingo hallsq) billiard/snooker clubqa) Auto body repair shops on properties identified on Schedules C-1 and C-2(NWCC-Mar 21/16; E-Apr 2/16)r) any uses accessory to the foregoing uses.ZONE REQUIREMENTS ILIIn any Light Industrial (ILI) Zone no development permit shall be issued except in conformity withthe following requirements:Minimum Lot Area ……………………………………………………………………5,000 sq. ft.Minimum Lot Frontage............................................................................................................. 50 ft.Minimum Front Yard................................................................................................... 30 ft. setbackMinimum Rear Yard........................................ 0 ft. except 40 ft. where abutting a residential zoneMinimum Side Yard ........................................ 0 ft. except 40 ft. where abutting a residential zoneMaximum Height of Building................................................................................................... 52 ft.Maximum Lot Coverage ............................................................................................................ 70%SPECIAL REQUIREMENTS: LANDSCAPING/ OUTDOOR DISPLAY AND STORAGEa) There shall be a landscaped area of at least 15 feet in depth running the length of and directlyabutting the front lot line. This landscaped area shall extend the length of the front lot lineand of the flankage lot line for a corner lot. Landscaping shall consist of existing vegetationand/or plantings as per Part 5, Section 32.b) A buffer 40 feet wide, beginning at the property line, shall be required for the for side or rearyards in an Industrial Zone which abut an existing residential use, vacant land zoned for Bedford Land Use By-law Page 68residential use, or a Park or Institutional Zone.c) No outdoor storage shall be located:i) within any required yard; norii) within any yard which abuts lands fronting on an arterial road; except where a fence orother visual barrier is provided to completely screen the use.d) Outdoor display may be permitted provided it does not occur on the required 15 Ft.landscaped area described above and required abutting yards as per Part 5, Section 24 b).e) External fuel storage tanks shall be screened unless located at the rear of the building.

Zoning




Site Plan


MARKET OVERVIEW


Halifax Market Overview

Halifax is the capital of Nova Scotia and the largest urban area in Atlantic Canada, having a population of approximately 430,000 people, accounting for nearly 45% of the province’s total population. On 1 April 1996 Halifax was amalgamated with neighbouring communities to form the Halifax Regional Municipality. Halifax Regional Municipality occupies a strategic and central location on the province’s east coast and is home to one of the world’s largest harbours.

Halifax is the principal port in the Maritimes, handling over 1,500 vessels per year. Halifax’s port infrastructure includes two large container terminals, which are currently being upgraded and expanded. Many containers unloaded at the port travel over the Canadian National Railway’s lines.

Halifax’s Stanfield International Airport, built in 1960, is the principal full-service airport for Atlantic Canada, with over 4 million passengers travelling through it per year. In 2004 the Halifax Gateway Council was established to improve the efficiency and competitiveness of the city’s air, rail, sea and truck transportation.

Halifax had its second straight year of strong population growth, growing by 1.6% from 424,950 to 431,701. This was greater than the national growth rate of 1.2% and third among our benchmark cities: Kitchener-Cambridge-Waterloo (KCW), St. John’s, Québec City, Regina, and Victoria.

Highlights• Significant increase in income per capita forecasted for Halifax over the next 5 years• Steady population growth expected for Halifax, outpacing both the provincial and national averages• Halifax’s GDP grew by 2.0% in 2017• Job growth is expected to climb, with 4,000 new jobs over two years curbing unemployment to 6.5% in 2018

Halifax Nova Scotia CanadaReal GDP (2016) (million)

$18,388 $33,066 $1,801,368

Real GDP (2017)(million)

$18,543 $33,258 $1,854,959

Percent Change 0.8% 0.6% 3.0%

Population (2016) 425,000 948,000 36,205,000

Population (2017) 432,000 954,000 36,641,000


Income Per Capita (2016)

$43,317 $41,867 $46,046

Income Per Capita (2017)

$44,187 $43,167 $47,195


Unemployment Rate (2016)

6.2% 8.4% 7.0%

Unemployment Rate (2017)

7.0% 8.4% 6.3%

Source: The Conference Board of Canada


MARKET OVERVIEW


HALIFAX’S LONG TERM VISION

The Halifax Economic Growth plan has set a long term vision to grow Halifax’s population to 550,000 and a gross domestic product (GDP) of $30 billion by 2031. In the nearer term, the forecast for 2021 includes a population of 455,000, a labour force of 271,000, and a GDP of $19.8 billion. • Halifax’s population climbed to 432,000 in 2017, growing by 1.6% compared to 2016. This rate of growth is higher then the national average of 1.2%.• Immigration was the key driver of this growth with Halifax welcoming over 4,500 international migrants. The past two years have been the best for immigration growth since amalgamation in 1996.• CBoC expects another strong year in 2018, projecting GDP growth of 1.9%, led by continued strength in manufacturing and construction, as well as steady growth in the service sector.

CANADA’S OCEAN CITY Halifax is home to Canada’s East Coast navy, world-class deep-water port, research facilities including the Bedford Institute of Oceanography, and the to be built Centre for Ocean Ventures and Entrepreneurship (COVE), a multitude of firms working in ocean technology, defence, seafood, ocean-based pharmaceuticals and nutraceuticals, advanced manufacturing, and transportation and logistics.

STRONG EDUCATION BASE

Halifax boasts six degree-granting institutions and has over 35,000 post-secondary students, including 6,000 international students. The universities and colleges support knowledge-based industries such as financial services, information and communications technology (ICT), life sciences, and ocean technology. Halifax is also the healthcare hub for Atlantic Canada via facilities like the IWK Health Centre and the Queen Elizabeth II Health Sciences Centre.

LOGISTICS EFFICIENCIESIn addition to an International Airport and CN Rail Intermodal, Halifax is strategically located between major North American, European and Asian markets. Halifax is 1,500 nautical miles closer to India via the Suez Canal than any other North American west coast port, and one full day closer to Southeast Asia than any other North American east coast container port.

• Flights from Halifax to New York, Boston and Montreal are less than two hours• Two hours faster by air to Europe than any other North American destination• New York and Boston are one day away by sea• Chicago can be reached by rail in three days

Sources: The Conference Board of Canada, Halifax Economic Growth Plan 2016-21


MARKET OVERVIEW


MULTI-MODEL TRANSPORTATION

HALIFAX STANFIELD INTERNATIONAL AIRPORT• Largest airport in Atlantic Canada• US pre-clearance• 40,000 square foot air cargo facility with airside access• Two runways: 10,500 ft x 200 ft ; 7,700 ft x 200 ft

PORT OF HALIFAX• Only Port on the Canadian East Coast capable of handling Super Post-Panamax Ships• Two container terminals (with total of five Post-Panamax cranes; six grain elevators)• Halifax Seaport full-service cruise terminal

ATLANTIC GATEWAY-HALIFAX LOGISTICS PARK• New logistics park in the largest industrial park north of Boston and east of Montreal• Next to five 100-series highways and 10-15 minutes from the airport, the port and downtown Halifax

CN RAIL• CN Main Line and CN Intermodal Facility with on dock rail at both container terminals in the Port of Halifax• CN owned Autoport in Halifax is their largest in North America, moving approximately 185,000 vehicles per year

ROAD INFRASTRUCTURE• Double-lane highway network linking Halifax to the rest of North America

STRONG GROWTHConstruction is the major driver of business investmentin Halifax. The construction sector saw a significantincrease in activity in 2017 compared to 2016 andperformed well above the 10-year average.Annual major project spending in the city, as measuredby the Atlantic Provinces Economic Council’s MajorProjects Inventory, was $1.9 billion in 2017 and isforecasted to remain the same in 2018. Among thesemajor projects are several residential and non-residentialconstruction developments. The teardown of the Cogswell Interchange will begin in 2019. This infrastructure project will include three kilometres of new bike lanes and paths for active transportation (walking, cycling, skateboarding, etc.), six acres of land for development, and four acres of parks and open spaces. This phase of the project will be complete by 2020. In2022, the complementary $650 million redevelopmentof Cogswell Street will begin, which will include thedevelopment of 2.5 million sq. ft. of mixed-use space andup to 2,000 rental and condominium units.

Work at Irving Shipbuilding remains Halifax’s largestmajor project. There are currently over 1,800 shipbuildersemployed. Steel cutting commenced for the third Arcticand Offshore Patrol Ship (AOPS), and the first AOPS isscheduled to be delivered to the Royal Canadian Navy this year. Irving Shipbuilding has committed to over $580 million in contracts in Nova Scotia as part of the National Shipbuilding Strategy. These contracts are estimated to support 9,500 full-time equivalent person-years of employment and generate $460 million in income and $340 million in consumer spending within the province.


MARKET OVERVIEW


Halifax Industrial Market Report | Q3 2018

Bedford / SackvilleThe Bedford/Sackville Industrial area had a positive quarter as overall vacancy decreased in conjunction with quality warehouse space being leased. Nevertheless, with sub-markets so small, a single transaction can create substantial changes in the vacancy rate. Thus, one must be cautioned as to not overlook the other statistics and focus solely on the vacancy.

Trends > The vacancy rate declined 110 basis points to 2.1% with a positive absorption of 5,941 square feet this quarter.

> Several smaller transactions caused leasing activity to remain steady in the Bedford industrial market.

> Rental rates and additional rents have increased in the third quarter as the total vacant space in this sub-market declined to just over 10,000 square feet.

Notable Lease Notable Sale

Notable Sale TransactionsPURCHASER - ADDRESS PRICE APPROXIMATE

SIZE (SF)

There were no significant sale transactions this quarter in the Bedford/Sackville sub-market.

Source: Colliers International

Historical Performance and Forecast

Summary Statistics Q3 2018 Industrial Market Bedford/Sackville 2018 Q2 2018 Q3 Trend

Industrial Inventory 502,089 502,089

Net Absorption 11,576 5,941

Vacancy Rate 3.2% 2.1%

Average Asking Net Rent $8.84 $10.06

Average Additional Rent $4.83 $5.33

Notable Lease TransactionsTENANT NAME - ADDRESS TYPE APPROXIMATE

SIZE (SF)

There were no significant lease transactions this quarter in the Bedford/Sackville sub-market.

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Forecast

Based on information contained in this CIM, information contained in the Data Room, and other informationthat may be made available by Colliers upon request, interested parties are invited to submit an offer at anytime.

Neither the Vendor nor Colliers make any representation or warranty, or any agreement whatsoever, that the Vendor willaccept any of the offers or any agreements of purchase and sale, before or after negotiations, which may be extensive.Neither the Vendor nor Colliers shall compensate any participant for any costs incurred in its participation in the process.

All inquires regarding the Property or any information contained in this CIM should be directed to Colliers as the Exclusive Agent for the Vendor:

Aaron Ferguson Mitch O’Neill Sales & Leasing Representative Sales & Leasing Representative +1 902 442 8707 +1 902 442 8718 [email protected] [email protected]

CONFIDENTIALITY & DISCLAIMER STATEMENT

This Offering Memorandum contains select information pertaining to the business and affairs of the Property at 130 Bluewater Road, Bedford, NS. It has been prepared by Colliers International. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Colliers International. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.

By acknowledging your receipt of this Offering Memorandum you agree:

1) The Offering Memorandum and its contents are confidential;

2) You will hold it and treat it in the strictest of confidence; and

3) You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.

Owner and Colliers International expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.

If you wish not to pursue negotiations leading to the acquisition of 130 Bluewater Road, Bedford, NS or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.

A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Colliers International or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.

This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum. © 2018. All rights reserved. Colliers International (Nova Scotia) Inc., Brokerage.

Thank you for your interest

Documents

Offering Memorandum · 2018. 12. 20. · Halifax’s Stanfield International Airport, built in 1960, is the principal full-service airport for Atlantic Canada, with over 4 million