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First Pacific Corporate Bldg FIRST PACIFIC CORPORATE BLDG. Class A Offi ce Investment Salem, Oregon FIRST PACIFIC CORP. BUILDING | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 1 5121 SKYLINE VILLAGE LOOP S | SALEM, OREGON TABLE OF CONTENTS EXECUTIVEEXECUTIVE PROPERTYPROPERTY SUMMARYSUMMARY DESCRIPTIONDESCRIPTION PAGEPAGE 4 PAGEPAGE 6 LOCATIONLOCATION MARKETMARKET OVERVIEWOVERVIEW COMPSCOMPS PAGEPAGE 1212 PAGEPAGE 1414 CONTACTS: CHRIS JOHNSON 503 542 5884 [email protected] BRAD CHRISTIANSEN 503 499 0054 [email protected] NORTH 2.2 Miles to I-5 KKuebleruebler BBlvdlvd Kaiser Permanente Skyline The Doctors’ Clinic Building Country Financial Building S d R e n li y k SSkyline Rd S First Pacifi c Corp. Bldg. EXECUTIVE SUMMARY Colliers International is off ering the uniquely attractive owner/user opportunity to purchase the First Pacifi c Corporation Building, located in Salem, Oregon with easy access to I-5. Built in 2003, the four-story building is 52,993 rentable square feet on 2.23 acres. The property is located in South Salem, approximately ten minutes south of the Central Business District, the Oregon State Capital building and Willamette University. Primary access to the Skyline neighborhood is via I-5, which extends north/south just west of the property. Kaiser Permanente Skyline Medical Offi ce is located directly across Skyline Road from the property and The Doctors Clinic Building is located directly North of the property. Major east-west arterials are Kuebler Boulevard and Mission Street Southeast/Highway 22. The property has excellent freeway access and linkages to the rest of the Salem metro area. NAME: First Pacifi c Corporate Building ADDRESS: 5121 Skyline Village Loop S Salem, Oregon 97306 PARCEL NUMBER: R91047 RENTABLE AREA: 52,933 SF (plus 14,218 SF below grade parking garage) NUMBER OF FLOORS: 4 stories ZONING: CO (Commercial Offi ce) YEAR BUILT: 2003 PARKING: 3.5/1,000 FIRST PACIFIC CORP. BUILDING | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 4 INVESTMENT HIGHLIGHTS Exceptional visibility on the corner of Skyline Harris Computing occupies 52,933 SF Rd S and Kuebler approximately 21,000 RSF. Harris is offi ce building Blvd. Across on 2.23 from Kaiser a wholly owned subsidary of acres (97,139 Permanente Constellation Software, Inc., a publicly SF) zoned adjacent to traded company on the Toronto Stock Commercial The Doctors Exchange (CSU) with a revenue of Offi ce with a Clinic,and near $3.1 billion (USD). parking ratio of Sprague High 3.5/1,000. School. Located just 2.2 miles from I-5, the First Pacifi c Corp. Building is well- 2.2 miles to I-5 and 4 miles positioned amongst complimentary south of the Central Business surrounding properties such as the District Kaiser Permanente Skyline Medical Offi ce and The Doctors’ Clinic, schools and signifi cant high-quality residential $233,381 development. Median owner occupied housing value within a 3-mile radius The neighborhood has superior demographics for the Salem metro Demographics region, including over 23,355 56,507 households earning a median income 2016 population within a 3-mile radius of $59,095 within a 3 mile radius. FIRST PACIFIC CORP. BUILDING | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 5 BUILDING PHOTOS Exterior building and parking Parking garage entrance Tenant lobby Shared lunchroom FIRST PACIFIC CORP. BUILDING | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 6 BUILDING PHOTOS Bookbyte Entry Common hallway Tenant lobby Shared outdoor deck FIRST PACIFIC CORP. BUILDING | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 7 PROPERTY DESCRIPTION CONSTRUCTION Concrete foundation. Brick veneer exterior walls with a steel frame construction. Main entrance has storefront glass double doors encased in metal, with a vestibule and second set of double doors EXTERIOR beyond. Two roll-up dock-high doors (approx. 9’ clear height). Additional employee entrances, which are a combination DOORS of storefront glass in a metal frame and metal in a metal frame. Access to upper level terraces via storefront glass doors in metal frames. Below-grade parking garage has electronic fence rolling doors. Original fl at roof with rolled rubber membrane. Estimated 25-year lifespan. Fiberglass skylight panels allow additional ROOF light and provide a decorative architectural detail. Trane-brand heat pump with supplemental boiler system. Two self-contained units with a voltage regulator. Open HVAC plenum return system and supplemental water-based cooling system. Ceramic tiles with a ceramic base in the main reception area, restrooms, and elevator hallways. Vinyl squares with rubber base in the mail room, employee cafeteria, 4th fl oor break room, and janitorial closets. Commercial carpet with FLOOR wood/rubber base in remaining areas. COVERINGS First fl oor tenant suite is in shell condition with concrete fl ooring. Loading room with dock-high doors has concrete fl ooring. Exterior terraces have four-inch poured concrete decks with corrugated panels underneath. Suspended t-drop acoustic panels. Painted and textured drywall soffi t details in the lobby, with fi berglass skylights on CEILING the 4th fl oor. FIRST PACIFIC CORP. BUILDING | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 8 PROPERTY DESCRIPTION INTERIOR Fluorescent box fi xtures, with ceiling-mounted suspended fl uorescent tube fi xtures in some areas. Recessed can and LIGHTING hanging pendant fi xtures in the lobby and around the ocular balcony on the 4th fl oor. Two restrooms on each fl oor. Gym has two restrooms, each with a shower. Two drinking fountains in the elevator PLUMBING hallways of each fl oor and another set of drinking fountains in the gym. Employee cafeteria is equipped with one sink and one dishwasher; employee breakrooms on the 2nd and 4th fl oors also each have sinks. ELEVATOR Three, ThyssenKrupp brand, fi ve-stop hydraulic elevators. LIFE SAFETY Fully equipped with fi re sprinkler protection. Security system with cameras installed at the 1st fl oor entrance points. Asphalt-paved parking lot, concrete curbing, small monument sign, and parking lot pole lighting. Several evergreen and LANDSCAPING deciduous trees, native shrubbery, grass, and bark dusting. Fenced enclosure included as part of the cell tower lease on the north side of the site. Parking lot is striped to accommodate 136 vehicles, and the parking garage is striped to accommodate 30 vehicles, for a PARKING total of 165 vehicles. Parking ratio of 3.35/1,000 SF. FIRST PACIFIC CORP. BUILDING | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 9 FLOOR PLANS SUITE 190 2,773 RSF Mentor Oregon STORAGE 2,000 RSF Site Services, Inc. SPACE 4 652 RSF EuroDry LLC 5,470 RSF Available TOTAL 10,895 RSF 1ST FLOOR Storage Fitness Area FIRST PACIFIC CORP. BUILDING | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 10 FLOOR PLANS SUITE 220 8,293 RSF BookByte SUITE 250 4,522 RSF Site Services, Inc. TOTAL 12,815 RSF 2ND FLOOR Common Conference Room FIRST PACIFIC CORP. BUILDING | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 11 FLOOR PLANS 3RD FLOOR 10,383 RSF Harris Computing Shared Building Breakroom FIRST PACIFIC CORP. BUILDING | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 12 FLOOR PLANS 4TH FLOOR 10,563 RSF Harris Computing FIRST PACIFIC CORP. BUILDING | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 13 RENT ROLL General Tenant Information Rent Details Tenant Name Lease Term Rentable SF Rate/Year Rent Changes Rent Changes Lease Exp. Suite Number Amount/Year Date $/SF New Cingular Wireless 11/30/05 - 11/30/20 - 11/30/2020 Cell Tower $16,970 Site Services 2/1/20 - 1/31/25 2,000 RSF $0.00 1/31/2025 Storage Space EuroDry 11/17/17 - 11/16/20 652 RSF $20.40 11/16/2020 Suite 160 $13,301 Mentor Oregon 10/1/16 - 10/31/21 2,625 RSF $24.23 Oct-2020 $24.96 10/31/2021 Suite 190 $63,604 Bookbyte 3/1/17 - 2/28/21 8,293 RSF $20.14 2/28/2021 Suite 220 *Tenant is paying on $178,080 8,840 SF per Lease Site Services 2/1/20 - 1/31/25 4,522 RSF $23.73 Aug-2020 $27.39 1/31/2025 Suite 250 $107,314 Feb-2021 $28.21 Feb-2022 $29.05 Feb-2023 $29.92 Feb-2024 $30.82 Harris Computing 4/16/20 - 10/16/26 20,946 RSF $14.27 May-2020 $22.50 10/16/2026 3rd & 4th Floors $434,928 Oct-2020 $23.06 Oct-2021 $23.64 Oct-2022 $24.23 Oct-2023 $24.84 Oct-2024 $25.46 Oct-2025 $26.10 TOTAL ANNUAL RENT $814,197 FIRST PACIFIC CORP. BUILDING | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 14 OPERATING EXPENSES Expense 2020 Budget $ PSF Interior & Exterior Maintenance $65,133 $1.23 Janitorial $25,000 $0.47 Landscape $9,000 $0.17 Parking Lot Maintenance $4,068 $0.08 Utilities 101,430 $1.92 Insurance $8,352 $0.16 Management Fee $18,109 $0.34 Property Taxes $158,652 $3.00 TOTAL OPERATING EXPENSES $347,313 $6.56 FIRST PACIFIC CORP. BUILDING | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 15 LOCATION OVERVIEW MID-WILLAMETTE VALLEY Salem is the third largest city in Oregon and is the state capital. It is located in the center of the Willamette Valley alongside the Willamette River, which runs north through the city. The river forms the boundary between Marion and Polk counties. The city is home to Willamette University, Corban University, and Chemeketa Community College. The State of Oregon is the largest public employer in the city, and Salem Health is the largest private employer. Transportation includes public transit from Salem-Keizer Transit, Amtrak service, and non-commercial air travel at McNary Field. Major roads include Interstate 5, Oregon Route 99E, and Oregon Route 22, which connects West Salem across the Willamette River via the Marion Street and Center Street bridges. Private Businesses: 11,137 Private Sector Employment: 123,684 OREGON STATE CAPITAL BUILDING Total Population: 390,738 City of Salem Population: 160,690 The Salem MSA growth rate, at Median Home Price: $201,300 1.96% annually, is signifi cantly Avg.
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