offering memorandum hajoca - loopnet...stan johnson company makes no guaranties, warranties or...

Offering Memorandum

National Tenant | Rare Outdoor Storage | 0.13 FAR

Hajoca941 Chipley Street, Tallahassee, Florida 32304

Subject Property

Confidentiality and Restricted Use AgreementThis Confidential Offering Memorandum (“COM”) is provided by Stan Johnson Company (“SJC”), 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The Property may be financed or withdrawn from the market without notice, and its owner(s) reserve(s) the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.

Offered Exclusively by

Stan Johnson Company180 Madison Ave, Suite 1500 New York, NY 10016 P: +1 646.778.5560 stanjohnsonco.com

James Ullrich Associate [email protected] FL License # BK3073947

In collaboration with:

J.R. Long Broker [email protected]

Proctor & Long, LLC825 Thomasville Road Tallahassee, FL 32303 P: +1 850.509.2137 stanjohnsonco.com

Section One

Executive Summary

Investment HighlightsStrong Credit Tenant

• Founded in 1858

• 360 Locations

• $2.6 Billion revenue (per Hoovers)

Lease Structure

• LEX: March 31, 2021 (3.5+/- Years remaining)

• NN (minimal landlord responsibilities)

• Below market rent / No renewal options

Real Estate

• Rare outside storage

• $88,000 Rent per annum

• $2,600 Per AC per month

• $5.50 Per building SF

• 0.13 FAR

• Recently built (2009), Butler building

• Tallahassee, FL. Insulated by State Capital and 70,000 +/- college students

• Florida State University (FSU)

• FAMU

• TCC

Investment SummaryThe property was built to suit Hajoca in 2009. It includes rare outside

storage and boasts a 0.13 FAR.

The lease includes 3.5+/- years remaining with minimal landlord

responsibilities.

Hajoca, founded in 1858, is a national plumbing supply company with 360

sites, producing $2.6 B +/- in revenue.

Offering Price: $1,257,000

Cap Rate: 7.00%

Subject Property

Property Summary

Address: 941 Chipley Street, Tallahassee, Florida 32304

Building Size: 16,000 SF

Land Area: 2.81 AC / 0.13 FAR

NOI: $88,000

Hajoca • Tallahassee, FL 4

Section Two

Tenant Overview

Tenant Overview

Representative Photo

Hajoca Corporation operates as a wholesale

distribution company that offers plumbing, heating,

and industrial supplies in the United States. Hajoca

wholesales plumbing, HVAC, swimming pool, and

industrial supplies for commercial and residential

customers. It offers residential plumbing products

for homeowners; commercial plumbing for football

stadiums, airports, hospitals, observatories, office

parks, malls, schools, concert halls, and museums; and

heating, ventilating, and air conditioning products.

The company also provides plastic, steel, copper, and

iron pipes, as well as an array of connective fittings

and regulating valves for the construction and repair

of the infrastructure of manufacturing facilities; and

pool supplies, such as pipes, filters, chemicals, heaters

and pumps, tiles, and more. In addition, it provides

waterworks solutions ranging from concept studies,

through design and installation of water and waste

water needs; and products and services in the areas

of storm water management, irrigation, and septic

systems.

As part of its strategy, Hajoca buys distributors that

serve its niche industry and retains the company’s

original brand names to create a seamless experience

for customers. Such names include McDonald Supply,

Easter & Sons, Bud’s Plumbing, Gorman, Apex Supply,

Lee L. Dopkin, Richards Plumbing and Heating Supply,

and Weinstein Supply. The company greatly expanded

its footprint by purchasing HD Supply’s Plumbing and

HVAC Division in 2011. At the time, HD Supply HVAC

distributed wholesale plumbing and HVAC products

through a network of more than 90 branches in 15

states. The move gives Hajoca one of the top 40

industrial distributors in the US.

Hajoca Corporation has reported annual sales in

excess of $2.60 billion (Hoovers) with over 3,500

employees.

Tenant Quick Facts

Founded 1858

Number of Locations 360

Revenue (Hoovers) $2.6 B


Section Three

Lease Structure Overview

Lease Abstract

Basic Information

Tenant: Hajoca Corporation d/b/a Gorman Supply

Guarantor: N/A, Hajoca is the Parent entity

Property Address: 941 Chipley St., Tallahassee, FL 32304

Rentable SF 16,000

Land AC / SF 2.81 AC / 122,404 SF

Term Commencement 3/31/2009

Term Expiration 3/31/2021

Term Remaining 3.5 Years +/-

Rent Per Annum $88,000

Per AC per month $2,600

Per Building SF per year $5.50

Rental Increases None

Renewal Options None

Notice N/A

Option Rent N/A

Expenses (lease type) NN

Landlord ResponsibilityLL responsible for roof, structure, exterior walls, paving, fencing, sidewalks and replacement of systems (HVAC, electrical, plumbing, etc.)

Tenant ResponsibilityTT responsible for real estate tax, insurance, utilities, general maintenance and repair and maintenance of building systems (HVAC, electrical, plumbing, etc.)

N


Section Four

Real Estate Overview

Property Overview

Basic Information

Address 941 Chipley St., Tallahassee, FL 32304

Property Type Industrial

UseIndustrial / distribution / outside storage / sales office and customer counter

Occupancy 100%

Year Built 2009

Building SF 16,000 SF

Office 2,000 SF (13%)

Warehouse 14,000 SF (88%)

Lot Size 2.81 AC

FAR 0.13

Construction Type Freespan (Butler Building System)

Structure Steel Frame

Exterior Walls Corrugated metal panels

Roof Standing seam metal

Clear Height 16 at eves and 18 at centerline arch

Sprinklers None

Lighting T-5 office & High Bay in warehouse

Loading4 Overhead doors (1 : 4,000 SF); 2 at grade, 2 dock high in a well

Yard Fenced, paved and milled outside storage areas.

Parking 19 Spaces (9.5:1,000 SF Office, 1.2:1,000 SF Total)


Location OverviewLocated in the Florida Panhandle, Tallahassee is

a place where college town meets cultural center,

politics meets performing arts and history meets

nature, a place where the vibrancy of what to do is

matched only by the city’s inviting hospitality.

Tallahassee is the capital of the U.S. state of

Florida. It is the county seat and only incorporated

municipality in Leon County.

Tallahassee is home to Florida State University,

ranked the nation's thirty-eighth best public

university by U.S. News & World Report. It is also

home to the Florida A&M University, one of the

country's largest historically black universities by

total enrollment. Tallahassee Community College is

a large community college which serves mainly as

a feeder school to both Florida State and Florida

A&M. Tallahassee qualifies as a significant college

town with a student population exceeding 70,000.

Tallahassee is currently ranked as the 18th best

college town in the nation by Best College Reviews.

Tallahassee is home to the Florida State Capitol,

Supreme Court of Florida, Florida Governor's

Mansion, and nearly 30 state agency headquarters.

The city is also known for its large number of law

firms, lobbying organizations, trade associations

and professional associations, including the Florida

Bar and the Florida Chamber of Commerce. It is

also a recognized regional center for scientific

research, and home to the National High Magnetic

Field Laboratory. In 2015, Tallahassee was awarded

the All-American City Award by the National Civic

League for the second time.

Tallahassee, FL


1 mile

3 miles

5 miles

Demographics 941 Chipley St, Tallahassee, FL, 32304 0 - 1 mi. 0 - 3 mi. 0 - 5 mi.

Population

2017 Population 10,635 71,484 131,646

2022 Population 11,151 74,066 135,986

2010-2017 Annual Rate 1.06% 0.69% 0.58%

2017-2022 Annual Rate 0.95% 0.71% 0.65%

Households

2017 Total Households 3,876 27,047 51,715

2022 Total Households 4,069 28,026 53,334

2010-2017 Annual Rate 0.95% 0.57% 0.43%

2017-2022 Annual Rate 0.98% 0.71% 0.62%

Income

2017 Average Household Income $32,407 $33,586 $45,789

2017 Per Capita Income $13,280 $13,764 $18,954

Avg. HH Income within 5 miles

Population within 5 miles

$45,789

131,600+ N


N

The Property is located approximately 2.5 miles from Florida State University.


JAMES MESSER SPORTS COMPLEX

SAIL HIGH SCHOOL

BELLE VUE MIDDLE SCHOOL

NATIONAL HIGH MAGNETIC FIELD

LABORATORY

FORUM AT TALLAHASSEE STUDENT

APARTMENTS

UNIVERSITY GREEN

UNIVERSITY TRAILS TALLAHASSEE

MCDONALD'S

HWY 90 / W TENNESSEE ST (+/- 52,270 VPD)

AP

PLE

YAR

D D

R (

+/-

20,1

21 V

PD

)

W PENSACOLA ST (+/- 34,000 VPD)

TALLAHASSEE COMMUNITY COLLEGE

38,017 STUDENTS

FLORIDA STATE UNIVERSITY 41,867 STUDENTS

FSU BIOLOGICAL SCIENCE RESEARCH

FACILITY

MCDONALD'SMCDONALD'S

DUNKIN DONUTS

N


APPLEYARD DR (+/- 20,121 VPD)

W PENSACOLA ST (+/- 34,000 VPD)

ROSE PRINTING COMPNAY

TALLAHASSEE CITY ELECTRIC

KEARNEY CENTER

VILLA DEL LAGO APARTMENTS

THE BOULEVARD AT TALLAHASSEE

BELLE VUE MIDDLE SCHOOL

LEON COUNTY JAIL

FOLSOM

WHITE'S ORIENTAL RUG SERVICES

STARMETRO

CEMEX

EESCO TALLAHASSEE

BROWNING MOVING & STORAGE, INC

YELLOW CAB OF TALLAHASSEE HD SUPPLY POWER

SOLUTIONS

PIVOTAL POINT ENTERPRISES

TALLAHASSEE COMMUNITY COLLEGE

CAPITAL RUBBER & INDUSTRIAL SUPPLY

BARRON'S WHOLESALE TIRE

LEON COUNTY HEALTH DEPARTMENT

LEON COUNTY SCHOOLS

TALLAHASSEE CITY FLEET MANAGEMENT

N

JAMES MESSER SPORTS COMPLEX


Subject Property Photos

going beyond

The information contained herein was obtained from sources believed reliable, however, Stan Johnson Company 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 stanjohnsonco.com

James Ullrich Associate [email protected] FL License # BK3073947

In collaboration with:

J.R. Long Broker [email protected]

Proctor & Long, LLC825 Thomasville Road Tallahassee, FL 32303 P: +1 850.509.2137 stanjohnsonco.com

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