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Tampa, Fl Distribution Center Distribution Center Distribution Macy’S DISTRIBUTION CENTER TAMPA, FL 4130 W. GANDY BLVD. 670,000 SF SELMON EXPRESSWAY S DALE MABRY HWY MACY’S DISTRIBUTION CENTER GANDY BLVD / BRIDGE CONFIDENTIAL OFFERING MEMORANDUM The National Industrial Advisory Group of Cushman & Wakefield has been retained by the Owner as the exclusive agent for the sale of Macy’s Distribution Center (the “Property”), located at 4130 W. Gandy Boulevard in Tampa, Florida a 670,000 SF industrial warehouse in the heart of South Tampa. With a location ½ mile from Dale Mabry Hwy and Gandy Boulevard, a major intersection centered around the expansion of the Selmon Expressway and Gandy Bridge, two of Tampa’s most important transportation arteries, the Property has potential as a strong last mile distribution option. With ease of access to Tampa’s CBD, St. Petersburg’s CBD, and South Tampa, the Property is optimally positioned to leverage its multiple ingress/ egress access points and cross loading to maximize its distribution capacity. Since the Property includes over 39 acres, it also presents a strong mixed-used redevelopment opportunity with potential Office, Retail & Multi-Family components. Concept plans account for over 900+/- Multi-family units, 5 acres of outparcel retail, and approximately 9.5 acres for a mixed-use Retail, Office and Residential development. The redevelopment would create an opportunity to fulfill a gap in the submarket for Class-A, mixed use space. TABLE OF CONTENTS Investment Highlights 5 Property Description 6 Market Overview 8 Demographics & Transportation 10 FOR MORE INFORMATION, PLEASE CONTACT: LOCAL INDUSTRIAL CAPITAL MARKETS MIKE DAVIS RICK BRUGGE Vice Chairman Executive Managing Director [email protected] [email protected] 813 204 5331 813 204 5365 RICK COLON DOMINIC MONTAZEMI Director Managing Director [email protected] [email protected] 407 541 4422 305 533 2850 REDEVELOPMENT CONTACTS JEANNETTE JASON PATRICK BERMAN Director Senior Director [email protected] [email protected] 813 204 5320 813 204 5363 LEASING LISA ROSS TREY CARSWELL Senior Director Senior Director [email protected] [email protected] 813 424 3211 813 230 6131 NATIONAL CAPITAL MARKETS ADAM SPIES ANTHONY PASQUAL Chairman Director 212 841 5903 212 841 7679 [email protected] [email protected] 670,000 SF TAMPA, FL TAMPA INTERNATIONAL AIRPORT TAMPA ST PETE-CLEARWATER BRANDON INTERNATIONAL AIRPORT MACY’S DISTRIBUTION CENTER GANDY BRIDGE MACDILL AIR FORCE BASE ST PETERSBURG Excellent opportunity to acquire a well located industrial asset with strong redevelopment potential. 4 | MACY’S DISTRIBUTION CENTER - TAMPA INVESTMENT HIGHLIGHTS POTENTIAL REDEVELOPMENT PLAN STRATEGICALLY LOCATED FOR EASY TRANSPORT AND HIGHWAY ACCESS Located ½ mile from Dale Mabry Highway and Gandy Boulevard, a major intersection centered around the expansion of the Selmon Expressway and Gandy Bridge, two of Tampa’s most important transportation arteries Through ease of access to multiple highway networks including the Selmon Expressway, I-275 and I-75, the Property is centrally located in a geographic center of Tampa Bay, allowing eCommerce last-mile delivery to reach 90% of the MSA’s population within 45 minutes The Property’s strategic location in bustling South Tampa, creates strategic access to all centralized urban areas in the Tampa Bay area including Tampa’s CBD within 5 miles and St. Petersburg’s CBD in 16 miles OPPORTUNITY TO ACQUIRE A LAST-MILE 670,000 SF SINGLE- TENANT INDUSTRIAL WAREHOUSE/ DISTRIBUTION CENTER Ability to leverage the Property’s multiple ingress/ egress access points, cross loading, and excessive parking, to maximize distribution capacity to the greater Tampa Bay area Approximately 23 acres of abundant vehicle and trailer parking space, with the capacity to store, maintain, and fuel trailer fleet on-site Strong opportunity for brand name—single tenant last mile eCommerce distribution center to leverage close proximity of residential neighborhoods STRONG UPSIDE POTENTIAL IN REDEVELOPMENT Substantial total Property area of 39 acres drives significant potential for a mixed-used redevelopment opportunity with Office, Retail & Multi-Family components Redevelopment of the Property would fulfill a gap in the submarket for Class-A, mixed use space, by satisfying a need for multi-family units in a growing renter market The Property creates strong potential of risk adjusted returns by offering new multi-family, retail and office spaces in a market with few deliverables for the surrounding 10-mile radius household population of 183,260 CUSHMAN & WAKEFIELD | 5 BUILDING SPECIFICATIONS PROPERTY DESCRIPTION Address 4130 W Gandy Blvd, Tampa, FL 33611 Location Property location is one mile from Selmon Expressway access point Two ingress/egress points to access Gandy Blvd. 1 ingress/egress point on Pearl Ave for Ingress/Egress distribution vehicles Total Size 670,000 SF (Includes 38,000 SF of office/ show room space) Land Size 39.16 Acres Year Built 1954 Number of Floors 1 floors Zoning CI - Commercial Intenstive Parking 225 spaces. The parking lot was recently repaved in 2017 Flood Zone Zone AE Exterior Finishes Masonry Construction and concrete with cross-dock loading Structure 1-story concrete floor Windows and Doors 108 48’ dock-high doors and 1 drive-in door Ceilings 25’ clear height, with vinyl tiled tiled ceilings in good condition HVAC Age of HVAC is approximately 17 years old and is in fair condition Air Compressors All 3 air compressors are in good condition, with 2/3 at 2 years in age and 1 new The Property has 3 aboveground diesel storage, including 8,000-gallon tank used for Storage Tanks refueling trucks, and 2 smaller tanks with 700 and 800 gallons that store fuel for the emergency generator. Sprinklers Sprinklers are in good condition Roofs Age of roof is 12 years and is in good condition Lightning Interior and exterior LED lightning 6 | MACY’S DISTRIBUTION CENTER - TAMPA SITE PLAN GANDY BLVD 4130 W GANDY BLVD 4130 W GANDY PEARL AVE CUSHMAN & WAKEFIELD | 7 INDUSTRIAL MARKET OVERVIEW ECONOMY As of March 2020, the unemployment rate in Tampa/Hillsborough County increased by 100 basis points (bps) over the past twelve months to 4.2%. Despite near-term job losses due to Covid-19, Tampa Bay’s economy added 27,200 jobs for an annual growth rate of 2.2% in the past year. Transportation, warehousing, and utilities experienced the bulk of job gains, adding 3,100 jobs for a growth rate of 8.1%. MARKET OVERVIEW The direct vacancy rate ended the quarter at 5.8%, marking the 19th consecutive quarter the direct vacancy rate has remained at or below 7.0%. The Near Eastside submarket recorded a vacancy rate of 1.1%. The Near Eastside and Airport submarkets continued to have some of the lowest vacancy rates in Tampa Bay as tenants sought out desirable infill and last mile locations. Direct triple net (NNN) asking rent closed the first quarter at $6.56 per square foot (psf). Warehouse/distribution assets increased 3.0% YOY to $5.70 psf, marking the 11th consecutive quarter where the asking rate was greater than $5.00 psf. The most notable warehouse/distribution growth was in the East Side Central/South submarket where rents increased 12.2% YOY to $5.74 psf. Direct absorption year-to-date was approximately +327,000, nearly four-times the amount when compared to 2019 figures. Warehouse/distribution assets led all product types with +337,364 sf of absorption. Leasing activity end the first quarter with over 677,000 leased. Warehouse/distribution assets accounted for approximately 575,000 sf leased, over double figures from this time last year. 8 | MACY’S DISTRIBUTION CENTER - TAMPA SALE COMPS SALE SALE BUILDING NAME RSF CLASS $ /SF CAP RATE % OCC BUYER SELLER DATE PRICE GCP (Graham Davidoff of Geneva Feb-19 131,800 B $14.8M $112 6.21% 100% Gramercy (Blackstone) Commercial) ASB Capital 8800 Adamo Jun-19 368,664 B $26.3M $71 6.00% 100% TriGate Capital Management Tampa Distribution Link Industrial High Street Realty Jul-19 B $69.3M $73 5.20% 94% Center 955,000 Properties Company Bryan Dairy East Oct-19 281,214 B $29.4M $105 5.00% 87% GID Industrial Starwood Capital Hanna Distribution Jan-20 145,303 B $12.0M $83 5.64% 88% Dogwood/TPG Kennedy Investments Center I & II 5300 Adamo Feb-20 201,873 B $15.9M $79 5.78% 100% KKR Keating Resources Averages $87 5.65% 95% LEASE COMPS TENANT BUILDING SF LEASE TERM RATE TI ESC Rj Schinner Madison Industrial Park 100,000 60 $4.95 $0.35/psf TI 3.0% Fanatics Licensed Sports Oak Creek 222,000 36 $3.60 $0.00 2.0% Group Amazon.com 13133 34th St N. Clearwater, FL 106,000 120 $9.83 $2.00 3.0% ID Logistics 2007 Gandy Blvd. 158,836 72 $7.25 Confidential 3.0% 1201Old Hopewell Rd. Tampa, FL IEH Auto Parts 184,794 60 $4.25 $0.05 psf 3.0% 33619 5060 Great Oak Dr. Lakeland, FL Star Distribution 200,000 36 $4.35 $0.00 3.0% 33801 Hardware Resources, Inc. County Line Logistics - Blg 3 119,567 62 $4.85 $0.00 3.0% Fanatics License Sporting 4408 W Linebaugh Ave 126,270 36 $3.84 n/a CPI Group, LLC Averages 60 $5.35 $0.35 2.8% CUSHMAN & WAKEFIELD | 9 DEMOGRAPHICS: POPULATION & WORKFORCE DEMOGRAPHICS Population 3 miles 5 miles 10 miles Hillsborough County Florida 2010 Total Population 64,252 110,002 437,440 1,229,229 18,801,295 2019 Total Population 70,547 123,721 482,394 1,416,617 20,967,202 2024 Total Population 73,534 130,752 503,846 1,526,449 21,938,831 Renter Occupied Housing Units 2010 Renter Occupied Units 11,555 20,915 83,163 185,210 2,421,821 2019 Renter Occupied Units 13,575 25,490 98,835 228,667 2,901,851 2024 Renter Occupied Units 14,321 27,515 104,524 246,580 3,055,107 KEY TRANSPORTATION & LOGISTICS ADVANTAGES INTERSTATE 275 (6 miles from the Property) is an auxiliary Interstate Highway starting in Palmetto, curving west towards the Skyway Bridge, crossing over Tampa Bay and continuing into Lutz, where it ends in Wesley Chapel.
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