excellent location with great hard corner at high …...exp realty advisors exclusively presents for...
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Phone: 212.686.0072 Fax: [email protected]
Excellent Location with Great Hard Corner at High Traffic Intersection in
Downtown Green Bay, WI533 E. Walnut St. Green Bay, Wisconsin 54301
Re-Priced: $1,570,105 | Cap: 9.5% | NOI: $149,160 | Rent: $12.00 PSF NNN
This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
• Passive Investment for Two Years• Leased to GSA for US 2020 Census• Opportunity to get newly renovated property• Secure passive income for two years via NNN Master Lease escrowed at closing• High profile art deco building• Significant investment in capital and tenant improvements• Strong potential for future Office, Retail, Restaurant and/or Service Zoning Uses• August 1, 2019 rent commencement date
GSA Building Downtown Green Bay, WI
Investment Overview
PROPERTY OVERVIEW:
EXP Realty Advisors exclusively presents for sale a 12,430 sf building with a newly executed lease to the GSA. GSA rent commences on August 1st, 2019. Tenant and capital improvement investment is approximately $600,000 and the GSA will occupy the building in the Summer of 2019 for the upcoming US Census. The GSA lease is gross but seller will master lease the entire property on an absolute triple net basis for 24 months at closing. Buyer will have no landlord responsibilities during this time.
The seller is completing the building renovation now. This investment opportunity offers a buyer the chance to acquire an iconic downtown Green Bay property. Seller will escrow with title company two (2) years of base triple net rent and operating cost at closing and will manage the property on a triple net basis. The investor will receive a highly improved building in a terrific location in downtown Green Bay on a corner with high visibility and close to major employers like City Hall, the Courthouse and the Green Bay Press-Gazette Regional headquarters (also for sale separately). The GSA pays a management fee in connection with the TI costs and pays for salaries in connection with the ongoing management of the property.
MASTER LEASE SUMMARYLease Term: 24 MonthsAbsolute triple net rent: $149,160 Options: NoneLease Type: Triple Net (NNN)Seller will escrow two (2) years of rent and operating costs at closing
GSA LEASE SUMMARYRent Commencement: Target date of June 3, 2019Lease Expiration Date: 19 months from commencement date, 11 months firm without cancellationRent: $102,200 for 7,300 square feet of the 12,430 square foot buildingOptions: NoneLease Type: Modified GrossSeller will collect GSA rent and management fees and will manage the property in all respects for two years
INVESTMENT SUMMARY
Price: $1,570,165
Price Per SF: $126
Cap Rate: 9.5%
NOI: $149,160
Lease: Absolute Triple Net
Lease Term: Two Years
Bld. Sq. Ft.: 12,430 S.F.
Clear Height Space: 20.7 Feet
Lease Type: Triple Net
Land: .3712 Acres
Grade Level Doors: 9
Built: 1986
Zoning: D1 Downtown
INVESTMENTOVERVIEWThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
GSA Building Downtown Green Bay, WI
Conceptual Space Plan for GSA
This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. CONCEPTUAL FLOOR PLAN
GSA Building Downtown Green Bay, WI
NOI
NOI AND RENT ROLLThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Master Lease 12,430 S.F.
Tenant Seller
Lease Term 24 Months
Lease Rate $12.00 S.F. NNN
Annual Base Absolute Triple Net Rent $149,160
Capital Improvements by Seller and/or GSA $600,000
(1) Footnote: Seller will Credit or Escrow two (2) years of Base Triple Net Rent, projected Operating Cost, and Real Estate Taxes at closing
GSA Building Downtown Green Bay, WI
NOI
NOI AND RENT ROLLThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
GSA Lease 7,300 S.F.
Sub Tenant GSA
Lease Term 19 Months (11 Months Firm)
Lease Rate $14.00 S.F.
Numbers are Annualized
11 Month Firm Term 19 Month Term
Annual Shell Rent $102,200 $102,200
Operating Cost $28,616 $28,616
Tenant Improvements Rent $364,306 $0.00
Total $495,122 $130,816
(2) Footnote: Seller receives all GSA Base Rent, Tenant Improvement Rent and Reimbursables
GSA Building Downtown Green Bay, WI
Local Employers
LOCAL EMPLOYERSThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
WBAY Action 2 News Station
Green Bay City Hall
Superior Resource Group Inc
Brown County Offices
Brown County Offices
Brown County Court House
Green Bay Press Gazette(not included in this offering
memorandum)
St. Francis Xavier Catholic Cathedral
Note all lot lines are approximate. See survey for details
GSA Building Downtown Green Bay, WI
Aerial View
AERIAL VIEWThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
GSA
GSA Building Downtown Green Bay, WI
Street View
MARKET OVERVIEWThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
GSA Building Downtown Green Bay, WI
Property Photos
PROPERTY PHOTOSThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.
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GSA Building Downtown Green Bay, WI
Area Map
AREA MAPThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.
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Green Bay City Hall
Brown County Offices
Brown County Offices
State of Wisconsin District Office Building
WPS Resources Corporation
Clinic
Green Bay
Ferguson Family
GSA Building Downtown Green Bay, WI
Tenant Improvement Allowance
NOI AND RENT ROLLThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Capital and Tenant Improvement Breakdown
Architect Engineer Fees 11%
CM Project Management 5%
Total Capital and Tenant Improvement $ 600,00.00
Total Tenant Improvement to be paid by Tenant to Landlord $ 324,141.90
Interest Rate 6%
Tenant Improvement Rent Paid by Tenant to Landlord over the Firm Term $ 364,305.80
Conceptual Render Conceptual Render is not deemed accurate or a guarantee of finished TI
GSA Building Downtown Green Bay, WI
Market Overview
MARKET OVERVIEWThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Moderate job growth has helped to increase occupancy in Green Bay over the last few years, which has seen the vacancyrate cut nearly in half between 2012 and mid-2018. This also has been the result of restrained construction—deliveriesbarely eclipsed 50,000 SF in 2017—and strong absorption. The unemployment rate in the metro is well below the nationalaverage and population growth is roughly on par with the nation. Miller Electric Manufacturing and National Envelope aretwo of the largest office-using employers in the metro, occupying 355,000 SF and 311,000 SF respectively. While this metro isassociated mostly with football—the Packers certainly do help drive the economy here—the manufacturing industry thatinspired their name still maintains a presence. There is a much higher concentration of manufacturing jobs in Green Bay thanin many other areas across the country. Much of that stems from companies with paper plants in the area, such as Georgia-Pacific, Procter & Gamble, and the local Green Bay Packaging company. Foxconn announced in June, 2018 its plans forcreating an Innovation Center in the Watermark Building downtown and to employ 200 high-tech workers. The headquartersfor Nicolet National Bank and Associated Bank give the market an above-average presence of financial institutions, andSchneider National, Inc., a national trucking company, calls the metro home as well. All this leads to a fairly diverse andhealthy economy. The unemployment rate in Green Bay has generally stayed below the national average. Likely a result ofthe metro’s healthy employment, net migration recently returned to positive territory. However, employment in office-usingindustries remains below prerecession peaks. The manufacturing sector has experienced strong growth, as has theconstruction sector. In fact, construction had the highest growth of all sectors in the past year. Over a dozen companies innortheastern Wisconsin signed an agreement with the Wisconsin Economic Development Corporation to expand and addjobs, including La Force, Inc. and Schwabe North America in Green Bay. Incentives from Governor's Scott Walker's taxamendment bills may further spur the state's overall economy, along with metros like Green Bay.
According to CoStar, Green Bay’s office market has seen a five-year string of positiveabsorption and vacancies have compressed significantly over the last several years. Inaddition to the solid absorption, vacancy compression has been further aided by a lackof construction. Sales volume has surpassed the market's historical average for the lastthree years, though that momentum has slowed through mid-2018. Strong sales for thecycle from 2013-17 were bolstered by numerous smaller sales in the GreenBay submarket where office market rents are averaging $14.69 psf, vacancy is 6.2% anddeclining and the average market sales price $104 psf. (The subject property is leased at$4.88 psf NNN and is for sale at $66.28 psf.)
Market Lease Comps (subject property is leased at $14 psf. NNN and is for sale at $61 psf.)
MARKET LEASE COMPSThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
GSA Building Downtown Green Bay, WI
Market Overview
MARKET OVERVIEWThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Green Bay is the flagship city and economic hub of north Wisconsin. The population continues to increase, along with the percentage of residents with a college degree. Companies with headquarters here include logistics and trucking company Schneider National (www.schneider.com) which hauls 19,318 loads per day, with 11,650 company drivers, 10,120 company trucks and 33,830 trailers on the road. The company has 166 facilities worldwide and customers include more than two-thirds of FORTUNE 500 companies. Also headquartered in Green Bay is Schreiber Foods Inc. (www.schreiberfoods.com), an employee-owned company with more than $5 Billion in annual sales, Forbes ranked Schreiber Foods as the 81st largest private employer in 2016. The city has a strategic location on Lake Michigan and four large paper mills, three pulp mills and four paper-converting companies are located in the county and their products are used throughout the nation. Green Bay is also the largest cheese processing, concentrating and shipping center in the U.S. The Port of Green Bay is an international port for domestic and foreign trade. Ocean vessels also call at the Port of Green Bay on a regular basis. The marine tonnage entering the harbor has annually averaged more than 143 ships and 1,637,776 tons per year.
GSA Building Downtown Green Bay, WI
Market Overview
MARKET OVERVIEWThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
• Downtown Green Bay on the rise, and commercial lenders deserve plenty of the credit. January 4, 2018 RE Journals (Dan Rafter.) (https://www.rejournals.com/articles/2018/01/04/downtown-green-bay-on-the-rise,-and-commercial-len)
• Marcus & Millichap: Apartment demand, supply rising in Green Bay. August 17, 2018 RE Journals (Dan Rafter).
(https://www.rejournals.com/marcus-millichap-apartment-demand,-supply-rising-in-green-bay-20180817)
• Stage Equity Partners Acquires MOB in Green Bay in $7 million deal. April 25, 2018 RE Journals (Staff Writer).
(https://www.rejournals.com/stage-equity-partners-acquires-mob-in-green-bay-in-$7-million-deal-20180425)
• Starbucks leases 2100 SF in downtown Green Bay. June 8, 2018 RE Journals (Staff Writer)
(https://www.rejournals.com/mid-america-closes-several-retail-leases-in-wisconsin-20180608)
• Plans for second phase of Green Bay Packers’ Titletown unveiled. October 4, 2018 RE Journals (Staff Writer).
(https://www.rejournals.com/plans-for-second-phase-of-green-bay-packers-titletown-unveiled-20181004)
“Downtown Green Bay on the rise…”January 2018
“Apartment demand, supply rising in Green Bay”August 2018
“Titletown Development….130,000 square feet of Class-A, premium
office space”October 2018
GSA Building Downtown Green Bay, WI
Survey Parcel 5: Note the survey may includes other parcels not included in the sale.
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It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. SURVEY
GSA Building Downtown Green Bay, WI
Floor Plan: 1st Floor
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GSA Building Downtown Green Bay, WI
Floor Plan: 2nd Floor Mezzanine
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GSA Building Downtown Green Bay, WI
Floor Plan: Basement
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GSA Building Downtown Green Bay, WI
Conceptual Adaptive Reuse for GSA
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GSA Building Downtown Green Bay, WI
Conceptual Adaptive Reuse – Restaurant Concept
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GSA Building Downtown Green Bay, WI
Green Bay Packers
GREEN BAY PACKERSThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.
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GSA Building Downtown Green Bay, WI
Green Bay Packers
GREEN BAY PACKERSThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.
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The Green Bay Packers compete in the National Football League (NFL) as a member club of the league's National Football Conference (NFC) North division. It is the third-oldest franchise in the NFL, dating back to 1919, and is the only non-profit, community-owned major league professional sports team based in the United States. Home games have been played at Lambeau Field since 1957.Forbes ranked the Packers as the world's 26th most valuable sports franchise in 2016, with a value of $2.35 billion. The Packers have won 13 league championships, the most in NFL history, with nine pre-Super Bowl NFL titles in addition to four Super Bowl victories. The Packers won the first two Super Bowls in 1967 and 1968 and were the only NFL team to defeat the American Football League (AFL) prior to the AFL–NFL merger. The Vince Lombardi Trophy is named after the Packers' coach Lombardi, who guided them to their first two Super Bowls. Their two additional Super Bowl wins came in the 1996 and 2010 seasons.
Expanded seven times before the end of the 1990s, Lambeau Field capacity reached 60,890. In 2003, it was extensively renovated to expand seating, modernize stadium facilities, and add an atrium area. Even with a current seating capacity of 72,928, ticket demand far outpaces supply, as all Packers games have been sold out since 1960. About 86,000 names are on the waiting list for season tickets.
GSA Building Downtown Green Bay, WI
Aerial Photos of the Surrounding Area
PROPERTY PHOTOSThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.
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GSA Building Downtown Green Bay, WI
Demographic Data
This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. DEMOGRAPHICDATA
Contact Us
EXP Realty Advisors52 Vanderbilt Ave
Suite #2014New York, NY 10017www.exp1031.com
Our Team
Robert P. JamesPresident
Phone: 212-686-0072 Email: [email protected]
Daniel de Sa‘Director of Sales
Phone: (212) 972-3947E-mail: [email protected]
2018 Summary 1 Mile 3 Miles 5 Miles
Population 14,355 80,787 151,120
Households 5,743 34,329 63,133
Families 2,675 18,450 36,290
Average Household Size 2.42 2.32 2.33
Owner Occupied Housing Units 1,921 18,332 35,783
Renter Occupied Housing Units 3,822 15,997 27,350
Median Age 31.9 35.5 36.7
Median Household Income $33,534 $41,610 $48,924
Average Household Income $49,361 $55,549 $65,695
2023 Summary 1 Mile 3 Miles 5 Miles
Population 14,733 82,882 155,420
Households 5,930 35,266 65,073
Families 2,713 18,753 37,067
Average Household Size 2.41 2.32 2.32
Owner Occupied Housing Units 2,049 19,235 37,661
Renter Occupied Housing Units 3,881 16,030 27,412
Median Age 32.3 36.2 37.3
Median Household Income $35,392 $44,075 $51,797
Average Household Income $54,421 $61,606 $73,328
Trends: 2018-2023 Annual Rate 1 Mile 3 Miles 5 Miles
Population 0.52% 0.51% 0.56%
Households 0.64% 0.54% 0.61%
Families 0.28% 0.33% 0.42%
Owner Households 1.30% 0.97% 1.03%
Median Household Income 1.08% 1.16% 1.15%