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PRA Center I NORFOLK,VA

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PRA Center I NORFOLK,VA INVESTMENT OPPORTUNITY PRA Center I NORFOLK,VA SINGLE-TENANT LEASED OFFICE BUILDING PART OF CORPORATE HEADQUARTERS CAMPUS MAY 2019 SUBJECT ASSET Downtown Norfolk 120 Corporate Boulevard (“PRA I”) 100% leased to PRA ADJACENT ASSET KEY A 130 Corporate Boulevard (“PRA III”) - 100% leased to PRA B 140 Corporate Boulevard (“PRA II”) - 100% leased to PRA C 150 Corporate Boulevard (“PRA V”) - 100% leased to PRA ELIZABETH RIVER D 240 Corporate Boulevard PRA Center I - 100% leased to Beacon Health E 241 Corporate Boulevard - 100% leased to Virginia Eye HEADQUARTERS CAMPUS E CURLEW DRIVE CORPORATE BOULEVARD D C PRA WAY B A MILITARY HIGHWAY 2 PRA Center I ~ Norfolk, VA PRA Center I ~ Norfolk, VA 2 EXECUTIVE SUMMARY Colliers International is pleased to announce its exclusive sale representation The subject building features abundant on-site parking with approximately of PRA Center I in Norfolk, Virginia. The Class A office offering represents 422 spaces (approximately 6.0 spaces per 1,000 square feet). Other a rare opportunity to acquire a single-tenant asset within PRA’s corporate beneficial asset features include attractive building design, an emergency headquarters campus. The building is 100% leased by PRA Group (“PRA”), generator, prominent tenant signage, outdoor seating areas, and walkability an international publicly-traded company with over 5,400 employees and to light rail transportation. over $908 million in 2018 revenues. PRA Center I is located within the 100% occupied Riverside Corporate PRA uses the subject building for critical corporate functions including data Center which is part of the Central Norfolk submarket offering adjacency center, network operations center, finance, and bankruptcy litigation support. to Interstate 264 and South Military Highway as well as a light rail station The one-story building is built out with Class A interior finishes including stop. Access to the site is via both PRA Way and Corporate Boulevard. The several attractive entry lobbies. The subject building is adjacent to three property is within 3 minutes of the Military Highway retail corridor and other office buildings also fully leased to PRA for use as its headquarters, 10 minutes of additional deep amenity and commercial density of both general counsel, human resources, cafeteria, information technology, Downtown Norfolk and Virginia Beach’s Town Center. PRA Group occupies litigation support, and call center functions. All 4 buildings have connected 100% of 3 other buildings within the park (an additional 118,431 square technology infrastructure, and PRA also maintains a beneficial perpetual feet) and 2 other buildings within the park are 100% occupied by single parking easement for an additional 38 spaces nearby that was a result tenants as well (Virginia Eye and Beacon Health). of a negotiated reconfiguration agreement with the Virginia Department of Transportation related to the installation of the nearby Tide Light Rail station. INVESTMENT SUMMARY The subject asset provides staggered lease-term expirations for a reduction in owner risk as it relates to the typical rollover nature of single tenancy. Offering Price: $13,200,000 PRA’s current lease term by space within the building is as follows: Rentable Square Feet: 70,609 CURRENT Occupancy: 100% LOCATION SQUARE FEET % OF TOTAL EXPIRATION Suite 100 39,682 56.2% December 31, 2025 Year 1 NOI: $1,050,020 Suite 400 30,927 43.8% August 31, 2021 Cap Rate: 8.0% TOTAL: 70,609 3 PRA Center I ~ Norfolk, VA 2 LOCATION IN STABLE ECONOMIC AREA WITH GROWTH MOMENTUM OPPORTUNITY TO CAPITALIZE ON CENTRAL NORFOLK SUBMARKET Norfolk is part of the Hampton Roads region which is the second largest Central Norfolk features a vacancy rate of 2.6% which is approximately 1/3 metropolitan (“metro”) area between Washington, DC and Atlanta and among lower than the overall South Hampton Roads vacancy rate of 8.2%. Major the 40 largest metro areas in the country. The Norfolk area is a $100 billion corporate users in the submarket outside of the subject portfolio include Alion, economy and has an unemployment rate of 3.1% which is well below the American Funds, Amerigroup, Beacon Health Options, CMA CGM, Maersk, national average. While great strides have been made in recent years to diversify PRA Group, U.S. Government (Social Security Administration), Virginia Eye, the economy including in the port and tourism sectors, the area is expecting and Zim American. New drivers for the submarket include retail developments accelerated growth in the defense sector with the 2018 budget over $717 billion (IKEA, Simon Premium Outlets, and a new mixed-use development within Lake and including plans to increase the US Navy from 275 to 355 ships. The area Wright), major road improvements, and continued leasing successes for all has also become widely recognized as one of the state’s most dynamic hubs for property types in the Military Highway corridor. entrepreneurship and innovation which will help stimulate job growth. ACCELERATED HIGHEST CLASS A GROWTH MILITARY CORPORATE CONCENTRATION CAMPUS 4 PRA Center I ~ Norfolk, VA PRA Center I ~ Norfolk, VA 4 PRA CENTER I 4 5 PRA Center I ~ Norfolk, VA PRA Center I NORFOLK,VA SINGLE-TENANT LEASED OFFICE PORTFOLIO PART OF CORPORATE HEADQUARTERS CAMPUS.
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