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Offering Memorandum 1421 S Sheridan Rd., Tulsa, Ok

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Offering Memorandum 1421 S Sheridan Rd., Tulsa, Ok OFFERING MEMORANDUM 1421 S SHERIDAN RD., TULSA, OK BRETT PRICE, CCIM, SIOR Senior Vice President T 405.606.7153 C 405.613.8380 [email protected] COLLIER IMGRUND BRETT PRICE, CCIM, SIOR KRIS DAVIS, SIOR Industrial Associate Senior Vice President Senior Vice President C 214.392.7828 C 405.613.8380 C 405.202.9525 [email protected] [email protected] [email protected] OFFERING MEMORANDUM 1421 S SHERIDAN RD., TULSA, OK CONFIDENTIALITY/DISCLAIMER All materials and information received or derived from Newmark Grubb Levy Strange Beffort its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental require- ments, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters. Neither Newmark Grubb Levy Strange Beffort its directors, officers, agents, advisors, or affiliates makes any representa- tion or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. Newmark Grubb Levy Strange Beffort will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their owninspections and investigations including through appropriate third party independent professionals selected by such party. All financialdata should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriateindependent professionals. Newmark Grubb Levy Strange Beffort makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Newmark Grubb Levy Strange Beffort does not serve as a financial advisor to any party regarding any proposed transaction.All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable con- tractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attor- ney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Newmark Grubb Levy Strange Beffort in compliance with all applicable fair housing and equal opportunity laws. COLLIER IMGRUND BRETT PRICE, CCIM, SIOR KRIS DAVIS, SIOR Industrial Associate Senior Vice President Senior Vice President C 214.392.7828 C 405.613.8380 C 405.202.9525 [email protected] [email protected] [email protected] OKLAHOMA CITY TULSA OFFICE 204 N Robinson, Suite 700 110 W 7th St., Suite 2600 Oklahoma City, OK Tulsa, OK 74119 www.newmarklsb.com 405-840-1500 TABLEPROPOSAL OF CONTENTS FOR COMMERCIAL SERVICES 1421 S SHERIDAN RD., TULSA, OK 1. PROPERTY INFORMATION 4 Executive Summary 5 2. LOCATION INFORMATION 6 Regional Map 7 Location Maps 8 Aerial Maps 9 3. MARKET OVERVIEW 11 4. ADVISOR BIOS 23 OKLAHOMA CITY TULSA OFFICE 204 N. Robinson, Suite 700 110 W. 7th Street, Suite 2600 Oklahoma City, OK 73102 Tulsa, OK 74119 www.newmarklsb.com 405-840-1500 OFFERING MEMORANDUM 1421 S SHERIDAN RD., TULSA, OK SECTION 1 PROPERTY INFORMATION SECTION 1. PROPERTY INFORMATION 1421 S SHERIDAN RD., TULSA, OK OFFERING SUMMARY PROPERTY OVERVIEW Sale Price: $2,200,000 Originally constructed in 1956, this flex warehouse space maintains arterial frontage along 15th and Sheridan. The building is within 2 miles of Highways 64, 44, and 244. Price/SF: $18.77 The property's location between Broken Arrow and Tulsa makes it ideally situated to service both markets. Building Size: 117,204 SF PROPERTY HIGHLIGHTS Office Size: 92,204 SF • (4) 8' x 10' dock high doors • (1) 12' x 14' grade level door Warehouse Size: 25,000 SF • (4) 10' x 10' loading bays • 384 parking spaces Lot Size: 10.02 Acres • Secure & lit parking • Security cameras Year Built: 1956 • Exterior signage • Central plant HVAC Zoning: IM • 480Y/277V, 3-Phase, 4-Wire Submarket: North Central Tulsa Cross Streets: E 15th & S Sheridan Page 5 5 OFFERING MEMORANDUM 1421 S SHERIDAN RD., TULSA, OK SECTION 2 LOCATION INFORMATION SECTION 2. LOCATION INFORMATION 1421 S SHERIDAN RD., TULSA, OK Page 7 7 SECTION 2. LOCATION INFORMATION 1421 S SHERIDAN RD., TULSA, OK Page 8 8 SECTION 2. LOCATION INFORMATION 1421 S SHERIDAN RD., TULSA, OK Page 9 9 SECTION 2. LOCATION INFORMATION 1421 S SHERIDAN RD., TULSA, OK Page 1010 OFFERING MEMORANDUM 1421 S SHERIDAN RD., TULSA, OK SECTION 3 MARKET OVERVIEW SECTION 3. MARKET OVERVIEW 1421 S SHERIDAN RD., TULSA, OK Market Overview The Tulsa MSA — Creek, Okmulgee, In 2003, Tulsa County approved a one- average despite declines in energy-based Osage, Pawnee, Rogers, Tulsa and penny, 13-year increase in the Tulsa employment. Tulsa boasts a business Wagoner counties — had a 2015 popula- County Sales Tax, called Vision 2025. base with aerospace, health care, energy, tion of 981,005, one quarter of Oklahoma’s This package has generated more than transportation, distribution, logistics and total population, and an estimated $33.6 $651 million in economic development manufacturing. Sound infrastructure, low billion GDP, 30 percent of the Oklahoma and capital improvements, including the cost of doing business, and strong eco- economy. Centrally located in the United BOK Center, which itself has brought nomic fundamentals continue to attract States, Tulsa’s highway and port access an estimated $300 million in economic new companies. connect it to the rest of the world. impact. On April 5, 2016 every city in In October 2013, the Creek Nation broke Tulsa County voted to extend the original Tulsa was classified as one of “America’s ground on River Spirit Casino Phase II Vision 2025 sales tax, including upgrades Most Livable Communities” by Forbes at their casino on the Arkansas River. to public safety, transportation, education and is well known for its art collection. The $365 million expansion will include and infrastructure. It also means a 15- Art deco architecture is prevalent in a 27-story glass resort hotel tower, year tax to fund a $510 million economic many downtown buildings and churches. 2,600-seat showroom theater, 1,500-car development program that includes two The Philbrook Museum of Art is highly parking structure, and Jimmy Buffett’s low-water dams on the Arkansas River, a regarded and the Gilcrease Museum Margaritaville restaurant and bar with an $65 million addition to Gilcrease Museum, houses the world’s largest and most com- adjacent casino. “This is a game-changer a $55 million renovation of Cox Business prehensive collection of art and artifacts not only for River Spirit Casino, but the Center, $30 million for Expo Square of the American West. The Tulsa MSA entire Tulsa region,” said Pat Crofts, CEO improvements, $27.5 million for Tulsa is home to ten higher education facilities of Muscogee (Creek) Nation Casinos. International Airport and $25 million for including The University of Tulsa, Oral “Not only will we be adding this incredible the Tulsa Zoo. Roberts University, and branches of destination resort, but the entire region both Oklahoma State University and the In March 2016, Tulsa’s unemployment will benefit from the added jobs and boost University of Oklahoma. rate was 4.7%, lower than the national to the local economy.” TULSA ACCOLADES Tulsa has earned a number of recent accolades for its economic strength and quality of life, including: No. 1 city among top 100 U.S. metros on growth and inclusion (Brookings Institute 2016) No. 2 best city nationally for starting a business (WalletHub.com 2015) No. 3 nationally for new and expanded facilities among tier II cities (Site Selection 2016) No. 4 best north American city for aerospace (The World’s Most Competitive Cities 2015) No. 5 most affordable big city in the U.S. (Yahoo Finance/Kiplinger 2014) Page 1212 SECTION 3. MARKET OVERVIEW 1421 S SHERIDAN RD., TULSA, OK Population Cost of Living Index The Tulsa MSA popu- Tulsa population Growth City Cost of Living Index lation grew 1.1% in 1,000,000 2015 to 981,005. 980,000 Memphis 84.5 960,000 It was the largest 940,000 Tulsa 86.0 one-year increase in 920,000 Tucson 92.8 population this decade 900,000 880,000 Wichita 93.1 for the metro area. 860,000 Tulsa will likely hit 840,000 Little Rock 95.2 820,000 the million-population 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Detroit 95.3 mark between 2017 Charlotte 96.4 and 2018. Tulsa metro’s population is expected to slightly outpace the projected national growth in the next 5 years. Tulsa’s median Pittsburgh 98.6 age is 36.7, with 30% minority ethnicity.
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