4855 Interstate 55
Total Page:16
File Type:pdf, Size:1020Kb
OFFERING MEMORANDUM INTERSTATE 55 4855 JACKSON, MS 39206 www.4855Interstate55.com AFFILIATED BUSINESS DISCLOSURE review all such summaries and other documents of whatever nature independently and not rely on the contents of this CBRE, Inc. operates within a global family of companies Memorandum in any manner. with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real Neither the Owner or CBRE, Inc, nor any of their respective estate businesses including, but not limited to, brokerage directors, officers, Affiliates or representatives make any services, property and facilities management, valuation, representation or warranty, expressed or implied, as to the investment fund management and development. At times accuracy or completeness of this Memorandum or any of its 4855 INTERSTATE 55 TABLE OF CONTENTS different Affiliates may represent various clients with contents, and no legal commitment or obligation shall arise competing interests in the same transaction. For example, by reason of your receipt of this Memorandum or use of its this Memorandum may be received by our Affiliates, contents; and you are to rely solely on your investigations and including CBRE Investors, Inc. or Trammell Crow Company. inspections of the Property in evaluating a possible purchase Those, or other, Affiliates may express an interest in the of the real property. property described in this Memorandum (the “Property”) The Owner expressly reserved the right, at its sole discretion, may submit an offer to purchase the Property and may be the to reject any or all expressions of interest or offers to purchase successful bidder for the Property. You hereby acknowledge the Property, and/or to terminate discussions with any entity that possibility and agree that neither CBRE, Inc. nor any at any time with or without notice which may arise as a result EXECUTIVE SUMMARY 04 involved Affiliate will have any obligation to disclose to of review of this Memorandum. The Owner shall have no you the involvement of any Affiliate in the sale or purchase legal commitment or obligation to any entity reviewing this of the Property. In all instances, however, CBRE, Inc. will Memorandum or making an offer to purchase the Property act in the best interest of the client(s) it represents in the unless and until written agreement(s) for the purchase of the transaction described in this Memorandum and will not act in Property have been fully executed, delivered and approved PROPERTY OVERVIEW concert with or otherwise conduct its business in a way that by the Owner and any conditions to the Owner’s obligations 10 benefits any Affiliate to the detriment of any other offeror or therein have been satisfied or waived. prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed By receipt of this Memorandum, you agree that this to the client(s) it represents in the transaction described in Memorandum and its contents are of a confidential nature, this Memorandum. that you will hold and treat it in the strictest confidence MARKET OVERVIEW and that you will not disclose this Memorandum or any of 22 CONFIDENTIALITY AGREEMENT its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that This is a confidential Memorandum intended solely for your you will not use this Memorandum or any of its contents in any limited use and benefit in determining whether you desire to manner detrimental to the interest of the Owner or CBRE, Inc. express further interest in the acquisition of the Property. FINANCIALS If after reviewing this Memorandum, you have no further 28 This Memorandum contains selected information pertaining interest in purchasing the Property, kindly return this to the Property and does not purport to be a representation of Memorandum to CBRE, Inc. the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of DISCLAIMER the information which prospective investors may require to evaluate a purchase of real property. All financial projections © 2018 CBRE, Inc. The information contained in this document and information are provided for general reference purposes has been obtained from sources believed reliable. While CBRE, only and are based on assumptions relating to the general Inc. does not doubt its accuracy, CBRE, Inc. has not verified it economy, market conditions, competition and other factors and makes no guarantee, warranty or representation about it. beyond the control of the Owner and CBRE, Inc. Therefore, all It is your responsibility to independently confirm its accuracy projections, assumptions and other information provided and and completeness. Any projections, opinions, assumptions or made herein are subject to material variation. All references estimates used are for example only and do not represent the to acreages, square footages, and other measurements are current or future performance of the property. The value of approximations. Additional information and an opportunity this transaction to you depends on tax and other factors which to inspect the Property will be made available to interested should be evaluated by your tax, financial and legal advisors. and qualified prospective purchasers. In this Memorandum, You and your advisors should conduct a careful, independent certain documents, including leases and other materials, are investigation of the property to determine to your satisfaction described in summary form. These summaries do not purport the suitability of the property for your needs. to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to EXECUTIVE SUMMARY Advisory and Transaction Services at CBRE is pleased to offer for sale 4855 4855 INTERSTATE 55 Interstate 55 North located in Jackson, Mississippi, minutes away from the Mississippi State Capitol. This single-story building provides 56,900 rentable square feet of Class B office space and is well-positioned adjacent to Interstate 55, with direct frontage and branding off of the interstate and its EXECUTIVE SUMMARY frontage road, allowing ease of access from a wide area of the surrounding Jackson market and MSA. Designed and occupied by Regions Bank as its former area operations center, 4855 I-55 North is equipped with flexible floor plans and above-standard infrastructure, consistent with the requirements of sophisticated corporate occupiers. Fiber enabled, fully-fenced and gated, full building redundant backup generator, redundant HVAC capacity, UPS system, secure storage, raised floor, training & auditorium facilities, and a 240-space parking capacity, allow a corporate user the ability to purchase an incomparable asset at a fraction of the current replacement cost. PROPERTY SUMMARY LOCATION 4855 Interstate 55 North, Jackson, MS 39206 SIZE 56,900 RSF SITE SIZE ± 5.72 AC NUMBER OF FLOORS One (1) 240 total spaces; includes 9 handicap PARKING (ability to expand and optimize) YEAR BUILT 1967; Full Renovation in 2007 OCCUPANCY 0% (at closing) PRICE $4,750,000.00 PRICE PER SF $83.48 PRSF ZONING C-2 Commercial 5 INVESTMENT HIGHLIGHTS AERIAL • PRESTIGIOUS LOCATION AND ACCESS 4855 I-55 North is situated on 5.72 acres with direct frontage visibility 4855 from Interstate 55, freeway-facing building signage, and additional INTERSTATE 55 signage/branding opportunities. The property offers exceptional access throughout the Jackson MSA via Interstate 55. 55 • PREMIUM INFRASTRUCTURE 4855 I-55 North was built for use as a banking operations center and is equipped with an incredible array of above-standard building systems, such as an 800 kW back-up generator, HVAC with full building redundancy, UPS system, raised floor computer and data facility, secure storage area, security camera and monitoring system, security access system, loading docks, training facilities, and conferences rooms. • DISCOUNT TO REPLACEMENT COST With replacement cost for suburban office assets exceeding $175.00 PRSF on a conservative basis, the asking price is significantly below replacement cost and further positions the property as a sound purchase opportunity. • ADAPTIVE RE-USE With its flexible design and premium building systems, 4855 I-55 has great potential for adaptive re-use opportunities such as an educational facility, church, data center, automobile dealership and a variety of single and multi-tenant office configurations. PURCHASE PRICE 55 THE PROPERTY IS BEING MARKETED AT AN ASKING PRICE OF $5,299,000.00 ($93.13 PRSF) 6 7 4855 INTERSTATE 55 OFFERING PROCEDURE ADDRESS OFFERS AS FOLLOWS: Owner and Broker will assess the qualifications of any party submitting a non-binding letter Sim A. Wilson III, Senior Vice President of intent in accordance with Owner's objectives. In making this assessment, Owner will CBRE, Inc. | Advisory & Transaction Services consider a number of factors, including, but not limited to, price, timing of closing and the 1100 Market Street, Suite 802 perceived ability of Purchaser to complete the transaction. Offers should be submitted in Chattanooga, TN 37402 the form of a non-binding letter of intent and should specify at least the following: • Price Main: (423) 498 2800 Fax: (423) 755-6091 • Inspection Period Email: [email protected] • Closing Period • Earnest Money GUIDED PROPERTY INSPECTIONS • Contingencies (if any) Property inspections will be made by appointment only. Representatives will