254-260 Branford Road, North Branford, CT | Offering Price: $5,950,000
56,085± SF Single Tenanted Long-term Leased Industrial Buildings on 4.42± acres
CONFIDENTIAL OFFERING MEMORANDUM
Sentry Commercial | 190 Trumbull Street, Hartford, CT 06103 www.sentrycommercial.com O,R&L Commercial, LLC | 2 Summit Place, Branford, CT 06405 | 203-488-1555 | www.orlcommercial.com
Table of Contents
1.0 ...... Executive Summary OFFERING PRICE: $5,950,000 2.0 ...... Financial Overview
For more information contact: 2.1 ...... Tenant Profile 2.2 ...... Tenant Financials 2.3 ...... Lease Abstract Mark Duclos, SIOR, CRE 860-528-0884 3.0 ...... Property Overview [email protected] 3.1 ...... Property Description 160 Trumbull Street, 4th Floor, Hartford, CT 06103 Tel: (860) 528-0884 3.2 ...... Property Photos 3.3 ...... Building Description 3.4 ...... Site Plan 3.5 ...... Floor Plan 3.6 ...... Assessor Map 3.7………………………………………………………………………….. .. ………………………………………………Aerial Maps 3.8………………………………………………...... ………………………………………………Location Map 3.9……………………………………………………………………………………………………………………….…Environmental Frank Hird, SIOR 203-643-1033 4.0 ...... Market Overview [email protected] 4.1 ...... Town Profile 2 Summit Place, Branford, CT 06405 4.2 ...... County Demographics Tel: (203) 488-1555
PAGE 2 – 254-260 Branford Rd, North Branford, CT 06471 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.sentrycommercial.com www.orlcommercial.com
Executive Summary 254-260 Branford Rd, North Branford
Sentry Commercial and O,R&L Commercial are pleased to submit for your consideration the following Offering Memorandum for a 2 building investment portfolio:
ASSET DESCRIPTION- The Net leased property includes two connected buildings totaling 56,085+- Square Feet on 4.42+- acres in North Branford, CT.
The property is Net leased to Brook & Whittle Limited, the leading Sustainable Labeling Solutions provider in North America. Providing pressure sensitive, shrink sleeve and heat transfer labels to the premium beverage, home care, personal care, food, nutraceutical, wine, spirits, and craft beer markets with production facilities across North America.
As the leading provider of sustainable labels in the United States, Brook & Whittle is at the forefront of carbon footprint reduction. We incorporate responsibly sourced and recyclable materials, alternate package decoration technologies, APR-approved adhesives, and the world’s thinnest papers and films to enable packaging of all types to be recycled and reused.
INVESTMENT PROFILE
RENTABLE SQ FT: 56,085± SF ACREAGE: 4.42± acres OCCUPANCY LEVEL: 100% Leased NET OPERATING INCOME (NOI): $434,658.75
PAGE 3 – 254-260 Branford Rd, North Branford, CT 06471 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.sentrycommercial.com www.orlcommercial.com
Financial Overview Tenant Profile
Brook & Whittle is a leading technically-oriented North American manufacturer of premium prime label solutions with highly differentiated capabilities, entrusted by some of the largest global brands. The company provides pressure-sensitive labels, shrink labels, and medical packaging, with a focus on unique product configurations and decorative effects requiring significant technical expertise. With a heritage rooted in product development and comprehensive in-house manufacturing operations, the company draws on its wide variety of specialized printing expertise, including UV flexographic, rotogravure, and digital, to create unique decorated labels across a range of substrates. Brook & Whittle operates three production facilities in North Branford, Guilford, CT, and Amherst, NY. To learn more about Brook & Whittle, visit brookandwhittle.com
Prime Package and Label is a producer of pressure-sensitive, shrink sleeve and heat transfer labels serving the personal care, household, lawn and garden, food, beverage, wine, beer, spirits, automotive, pet care, and pharmaceutical end markets, among others. Prime is headquartered in St. Louis, MO with an additional facility in Nashville, TN.
Snow Phipps Group is a private equity firm focused on lower middle-market control investments with $2.4 billion of total capital commitments raised since its founding in 2005. The firm generally focuses on companies in attractive sub-sectors across the Industrials, Services, and Consumer industries and targets platform investments with enterprise values ranging from $100 million to $500 million. The Snow Phipps investment team collaborates with its operating partners and portfolio management teams to create value through an operationally focused strategy often led by organic or acquisition-driven growth. Headquartered in New York, Snow Phipps has overseen the deployment of over $2.8 billion of private equity capital and co-investments. To learn more about Snow Phipps, visit www.snowphipps.com
Since the founding of the firm in 2005, Snow Phipps has completed 24 platform investments and over 50 add-on acquisitions:
PAGE 4 – 254-260 Branford Rd, North Branford, CT 06471 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.sentrycommercial.com www.orlcommercial.com
Financial Overview Tenant Financials
Tenant financials will be shared with the purchaser upon full execution of a Purchase and Sale Agreement and a Non-Disclosure Agreement.
PAGE 5 – 254-260 Branford Rd, North Branford, CT 06471 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.sentrycommercial.com www.orlcommercial.com
Financial Overview Lease Abstract
Click Here to View Full Lease LEASE ABSTRACT
TENANT: BROOK & WHITTLE LIMITED
SPACE: 56,085 sq. ft. – (Building 1 #254 and Building 2 #260)
TERM: 10 Years June 1, 2019 – May 31, 2029
BASE RENT: Year Per Sq.Ft. Monthly Rent Annual Rent 1 $7.75 $36,221.56 $434,658.75 2 $7.75 $36,221.56 $434,658.75 3 $7.75 $36,221.56 $434,658.75 4 $7.75 $36,221.56 $434,658.75 5 $7.75 $36,221.56 $434,658.75 6 $9.00 $42,063.75 $504,765.00 7 $9.25 $43,232.18 $518,786.25 8 $9.50 $44,400.62 $532,807.50 9 $9.75 $45,569.06 $546,828.75 10 $10.00 $46,737.50 $560,850.00
Average NOI over the remainder of the term (8.5 years as of January 1, 2021): $492,961.34
OPTION: Three (3), five (5) year options to renew. Three percent (3%) annual increases.
TAXES: Tenant shall pay Real Property Taxes semi-annually directly to the Town of North Branford. ADDITIONAL RENT: Tenant is responsible for building fire and liability insurance, maintenance, repairs, snow plowing, landscaping, refuse, and all utilities. The landlord is responsible for any single repair that exceeds $75,000.
PAGE 6 – 254-260 Branford Rd, North Branford, CT 06471 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.sentrycommercial.com www.orlcommercial.com
Property Overview Property Description | 254-260 Branford Rd, North Branford CT 06471
#254 – 2.25 acres NET RENTABLE AREA 56,085± SF SITE AREA #260 – 2.17 acres Total – 4.42+-acres LOADING DOCKS 3 ZONING I-2
DRIVE-IN DOORS 1 PARKING 116+-
NUMBER OF FLOORS 1 SIGNAGE Monument
CONSTRUCTION Steel /Metal/ Stucco / Masonry FRONTAGE 371.72′ - total
ROOF TYPE Metal / Tin VISIBILITY Excellent
YEAR BUILT #254 – 2005 / #260 – 1978 HIGHWAY ACCESS I-95
CEILING HEIGHT Max 20’ FLOOD ZONE X- Minimal Flood Risk
AIR CONDITIONING Central Air
TYPE OF HEAT Gas, Forced Hot Air UTILITIES SEWER Public Connected
SPRINKLERED Yes-Wet WATER Public Connected 1-2,500 amps 480/277V ELECTRIC SERVICE GAS Connected 1-2,000 amps 480/277V OCCUPANCY LEVEL 100% - Single Tenant (both buildings) TAXES ASSESSMENT #254 - $1,411,000 / #260 - $774,900
NOI $434,658.75 (2020) $492,961.34 (average) MILL RATE 33.58 mills #254 - $47,381 ($1.48/SF) 2 Industrial buildings totaling 56,085± SF Leased long-term #260 - $26,021 ($1.09/SF) COMMENTS TAXES to a single tenant with NN Lease. Total: $73,402 ($1.32/SF) (Paid directly to town by tenant)
DIRECTIONS / LOCATION I-95 to Exit 55 to Route 1 (East Main St) to Route 139 (North Branford Rd), the property is on the left.
PAGE 7 – 254-260 Branford Rd, North Branford, CT 06471 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.sentrycommercial.com www.orlcommercial.com
Property Overview Property Photos - Exterior
PAGE 8 – 254-260 Branford Rd, North Branford, CT 06471 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.sentrycommercial.com www.orlcommercial.com
Property Overview Property Photos - Exterior
PAGE 9 – 254-260 Branford Rd, North Branford, CT 06471 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.sentrycommercial.com www.orlcommercial.com
Property Overview Property Photos - Interior
PAGE 10 – 254-260 Branford Rd, North Branford, CT 06471 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.sentrycommercial.com www.orlcommercial.com
Property Overview Property Photos - Interior
PAGE 11 – 254-260 Branford Rd, North Branford, CT 06471 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.sentrycommercial.com www.orlcommercial.com
Property Overview Building Descriptions
Property Descriptions
254 Branford Road, North Branford is a 32,006+- square foot 1-story industrial building built in 2006 on 2.25 acres. The column-free steel frame building is finished to a higher level than most industrial buildings. It is served by natural gas heat, central air, a wet sprinkler system, epoxy concrete floors, a cafeteria, and is connected to public utilities for water and sewer. Zoned I-2 for warehousing, wholesale business, commercial storage, lumber and contractor yards, manufacturing, research, printing, fuel retail, and distribution. The building has two loading docks, a 2,000amp electric service, and is directly connected to 260 Branford Rd. by an enclosed 15’ wide walkway.
260 Branford Road, North Branford is a 23,771+- square foot 1-story steel frame industrial building built in 1978 on 2.17 acres. Renovated in 2000, the building is located directly adjacent to Building #254 and is connected by the enclosed walkway. This building has 6” thick epoxy finished concrete floors, is heated by natural gas, has 100% central air, a wet sprinkler system, and is connected to public utilities for water and sewer. Also Zoned I-2. The building has one loading dock and one drive-in door. The electric service is 2,500amps and has nicely appointed corporate offices and is professionally landscaped.
Alarm system- Napco Gemini X255 Fire monitoring system- Honeywell Firelite
PAGE 12 – 254-260 Branford Rd, North Branford, CT 06471 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.sentrycommercial.com www.orlcommercial.com
Property Overview Site Plan
PAGE 13 – 254-260 Branford Rd, North Branford, CT 06471 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.sentrycommercial.com www.orlcommercial.com
Property Overview Floor Plan
PAGE 14 – 254-260 Branford Rd, North Branford, CT 06471 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.sentrycommercial.com www.orlcommercial.com
Property Overview Assessor Map
PAGE 15 – 254-260 Branford Rd, North Branford, CT 06471 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.sentrycommercial.com www.orlcommercial.com
Property Overview Aerial Map
PAGE 16 – 254-260 Branford Rd, North Branford, CT 06471 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.sentrycommercial.com www.orlcommercial.com
Property Overview Area Map Foxon Road 19,800 ADT
22
139 Branford Road 12,000 ADT
PAGE 17 – 254-260 Branford Rd, North Branford, CT 06471 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.sentrycommercial.com www.orlcommercial.com
Property Overview Location Map
PAGE 18 – 254-260 Branford Rd, North Branford, CT 06471 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.sentrycommercial.com www.orlcommercial.com
Property Overview Environmental
The most recent environmental report available on the property was completed by Loureiro Engineering Associates, Inc. in August 2016. This was a Phase I Environmental Site Assessment. Subsequent to the inspection, on September 25, 2017, the property received a Letter of No Audit from the Connecticut Department of Energy & Environmental Protection.
The tenant is responsible for any requirements subject to the Connecticut Transfer Act. Tenant will sign as the Certifying Party upon the sale if the property is deemed to be subject to the Connecticut Transfer Act at that time.
All environmental reports in the seller’s possession will be provided to the buyer.
PAGE 19 – 254-260 Branford Rd, North Branford, CT 06471 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.sentrycommercial.com www.orlcommercial.com
Market Overview Town Profile
Town of North Branford The town of North Branford, including the Village of Northford, is a lovely community strategically located in the suburbs of New Haven County, CT. Wallingford, Durham, and North Haven border it to the north, East Haven to the west, Guilford to the east, and Branford to the south. The town has the neighborhoods of Totoket, Wood Chase, Northford, Sea Hill, Twin Lakes, Ashley Park, and Doral Farms. North Branford has a total area of 26.6 square miles of which 24.9 square miles is land and 1.7 square miles is water. Much of the town’s acreage is dominated by Totoket Mountain, part of the Metacomet Ridge, a mountainous trap rock ridgeline that stretches from Long Island Sound almost to the Vermont border. The north side of Saltonstall Mountain is also located in North Branford. Totoket Mountain contains Lake Gaillard, a reservoir formed in 1926, managed by the South Central Connecticut Regional Water Authority (SCCRWA). The SCCRWA maintains a network of hiking trails on Totoket Mountain in the Big Gulph area of Northford. The SCCRWA is said to own one-third of the town’s area. Totoket Mountain, 720 feet high, is the highest point of the town in the Northford neighborhood.
North Branford is within just 10 miles of the region's greatest attractions, ranging from the urban downtown of New Haven with its rich history, culture, and landmarks, to the beaches of the Connecticut shoreline. Also within reach are world-renowned Yale University and Yale-New Haven Hospital, along with other fine colleges and universities contributing to an ever-growing expanse of academia and research that continue to drive the regional economy. Recreation and quality of life can be found in equal measure in North Branford. Open space, parks, hiking, breathtaking rural and farming landscapes, the historical district, and many other unique aspects to North Branford all contribute to the overall quality of life here.
Industrial companies that call North Branford home:
PAGE 20 – 254-260 Branford Rd, North Branford, CT 06471 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.sentrycommercial.com www.orlcommercial.com
Market Overview New Haven County Demographics
PAGE 21 – 254-260 Branford Rd, North Branford, CT 06471 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.sentrycommercial.com www.orlcommercial.com