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Fedex Ground Distribution Building OFFERING MEMORANDUM Lafayette, Indiana

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Fedex Ground Distribution Building OFFERING MEMORANDUM Lafayette, Indiana FedEx Ground Distribution Building OFFERING MEMORANDUM Lafayette, Indiana In association with: Douglas Longyear Andrew Bogardus Christopher Sheldon Bryan Poynter 415-677-0458 415-677-0421 415-677-0441 317-670-4171 [email protected] [email protected] [email protected] [email protected] Lic #00829911 Lic #00913825 Lic #01806345 IN Lic # AB 297 00326 Aerial Location The property is located at the northwest corner of Geary Blvd and 19th Ave in the Richmond District, a neighborhood in the northwest corner of San Francisco. Geary Blvd is the City’s primary east-west from downtown to the Richmond District. VETERANS MEMORIAL HIGHWAY Investment Highlights The Offering • A new 54,881 sq. ft. FedEx Ground distribution building to be completed in May 2014 • $4,795,000 Price – 6.65% Cap Rate Lease / Tenant • New 10 year net lease • FedEx Ground’s parent, FedEx Corporation, has an S&P bond rating of “BBB” • FedEx Ground pays for the package handling system • The property’s rent is low compared with similar FedEx distribution facilities Real Estate • Site has convenient access to the Veterans Memorial Parkway and U.S. 52 • Large site area • Low price per sq. ft. for a FedEx Ground facility Area Strengths • Purdue University, one of the nation’s premier engineering and research universities, is located in West Lafayette. • Lafayette has advanced manufacturers such as Subaru of Indiana Automotive Inc., Caterpillar, Wabash National and Alcoa. • Lafayette is part of the Indiana Technology Corridor, a nine county region in central Indiana that is attracting and promoting advanced manufacturing, value-added agriculture, bio-medical research, and renewable energy. • Atlantic Magazine ranked Lafayette No. 2 on its list of America’s Brainiest Cities. FedExSKF USA, Ground Inc. 2 i FedEx Ground Distribution Building Table of Contents Aerial i Investment Highlights ii Investment Offering Overview 1 Possible Financing 2 Area Map 3 Local Map 4 Site Plan 5 Floor Plan 6 FedEx Ground 8 Lafayette 9 Higher Education / Purdue 10 Other Major Employers 12 Indiana Technology Corridor 12 Demographics 14 Disclaimer 15 In association with: Douglas Longyear Andrew Bogardus Christopher Sheldon Bryan Poynter 415-677-0458 415-677-0421 415-677-0441 317-670-4171 [email protected] [email protected] [email protected] [email protected] Lic #00829911 Lic #00913825 Lic #01806345 IN Lic # AB 297 00326 Investment Offering Location Annual Rent 3815 David Howarth Drive, Lafayette, Tippecanoe County, Indiana Years Annual Rent Return 1 – 10 $318,876 6.65% Lot Size 11 – 15 (Option 1) $350,763 7.32% Approximately 12.6 acres – 548,856+/– square feet 16 – 20 (Option 2) $368,301 7.68% Improvements To be completed May 1, 2014 a new 54,881+/– sq. ft FEDEX GROUND Price: $4,795,000 – 6.65% Cap Rate distribution building. The construction type is steel frame with a metal seam roof and metal exterior. The building has eight dock-high and seventeen double drive-in truck doors. The building is fully sprinklered. Price Per Sq. Ft Lease $86.71 Leased to FEDEX GROUND PACKAGE SYSTEM, INC., for 10 years from May 2014 until May 2024 at the annual net rent of $318,876. FedEx Ground is a Rent Per Sq. Ft. subsidiary of FEDEX CORPORATION (NYSE: FDX), which does not guarantee $5.81 per year; $0.48 per month the lease. The tenant is responsible for all property real estate taxes, property insurance, tenant’s liability insurance, and maintenance of the yard, parking, drive and hard surfaced areas. The landlord is responsible for maintenance of the structural portions of the building including the foundation, roof, exterior walls and floor slabs. There are two five year renewal options; the first with a 10% rental increase and the second with a 5% rental increase. FedEx Ground 1 Possible Financing BANK LOAN TERMS CAPITALIZATION CASH FLOW 5 YEAR TERM Amortization (Yrs) 30 Price $4,795,000 Rent $318,876 30 YEAR AMORTIZATION LTV 60% Loan <2,877,000> Debt Service <164,823> 60% LTV Interest 4.00% Equity $1,918,000 Cash Flow $154,053 Constant 5.73% Cash on Cash 8.03% BANK LOAN TERMS CAPITALIZATION CASH FLOW 5 YEAR TERM Amortization (Yrs) 25 Price $4,795,000 Rent $318,876 25 YEAR AMORTIZATION LTV 75% Loan <3,596,250> Debt Service <233,787> 75% LTV Interest 4.25% Equity $1,198,750 Cash Flow $ 85,089 Constant 6.50% Cash on Cash 7.10% BANK LOAN TERMS CAPITALIZATION CASH FLOW 7 YEAR TERM Amortization (Yrs) 25 Price $4,795,000 Rent $318,876 25 YEAR AMORTIZATION LTV 60% Loan <2,877,000> Debt Service <191,896> 60% LTV Interest 4.50% Equity $1,918,000 Cash Flow $126,980 Constant 6.67% Cash on Cash 6.62% BANK LOAN TERMS CAPITALIZATION CASH FLOW 10 YEAR TERM Amortization (Yrs) 25 Price $4,795,000 Rent $318,876 25 YEAR AMORTIZATION LTV 60% Loan <2,877,000> Debt Service <196,827> 60% LTV Interest 4.75% Equity $1,918,000 Cash Flow $122,049 Constant 6.84% Cash on Cash 6.36% FedEx Ground 2 Location 65 The property is located in Park 350, which 25 situated231 approximately four miles southeast of downtown52 Lafayette in an industrial area. The property has good access to U.S. 52 and 43 Interstate 65. I-65 connects Lafayette with Indianapolis, 58 miles to the southeast and Chicago, 131 miles to the north, after connecting with I-90. Other noteworthy companies located231 within a two mile radius of the property include Subaru (only U.S. manufacturing plant), TRW, 26 52 Nanshan America, Heartland Automotive and Wabash. 25 The closest major airport is Indianapolis26 International, which is located 65 miles to the Purdue 65 southeast. University WEST LAFAYETTE 26 26 26 Caterpillar, LAFAYETTE Inc. Alcoa, Inc. 231 65 52 Caterpillar, Inc. 38 Subaru of Indiana 25 25 Automotive, Inc. 38 WabashWabashWabash 52 TRWTRWTRW Heartland Nanshan Automotive America 25 65 231 52 FedEx Ground 3 SEQUOYA DR CATERPILLAR E 200 S E 200 S COM Local Map R VETERANS MEMORIAL PARKWAY E 65 T D MAPLE POIN M A 25 N IVY C TECH H E Location T R SUBARU L BRADY LN OF INDIANA SAGAMORE PKWY S 38 AUTOMOTIVE INC. CONCORD RD 25 65 38 25 52 WABASH NATIONAL VETERANS MEMORIAL PARKWAY S SAGAMORE PKWYTRW S NANSHAN AMERICA S 250 E HEARTLAND AUTOMOTIVE DAVID HOWARTH DR S 450 E E 450 S 52 E 450 S FedEx Ground 4 Site Plan Location FedEx Ground 5 Floor Plan Location FedEx Ground pays for the fully automated package sort and handling conveyer system. FedEx Ground • FedEx Ground and its subsidiary FedEx SmartPost shipped an average of FEDEX CORPORATION (NYSE: FDX), the tenant’s parent, provides customers and 6,280,000 packages per day in fiscal year 2013. businesses worldwide with the broadest portfolio of transportation, logistics and e-commerce services. FedEx Corporation does not guarantee the tenant’s lease FEDEX GROUND PACKAGE SYSTEM, INC., the Property’s tenant, is one of North obligations. America’s two largest providers of business-to-business and busines-to-consumer ground small-package delivery service and FedEx Corporation’s second-largest busi- For the fiscal year ended May 31, 2013, FedEx reported record revenue of $44.28 ness segment. FedEx Ground is FedEx Corporation’s most profitable division. FedEx billion, net income of $1.56 billion and total stockholder’s equity of $17.39 billion. Ground has a network of more than 500 distribution hubs and local pickup-and- delivery terminals located throughout the United States and Canada. As of this offering’s publication, FedEx Corporation had an investment grade S&P bond rating of “BBB.” The FedEx 2013 annual report indicates that the FedEx Ground segment had revenues Website: www.fedex.com over $10.57 billion and operating income of $1.78 billion. For the second quarter, the FedEx Ground segment reported: • Revenue of $2.73 billion, up 11% from last year’s $2.46 billion • Operating income of $468 million, up 5% from $445 million a year ago • Operating margin of 17.1% FedEx Ground average daily volume grew 11% in the first quarter due to continued growth in both FedEx Home Delivery and commercial business services. Revenue per package increased 1% due to increased rates and higher residential surcharge revenue, partially offset by lower fuel surcharges. FedEx SmartPost average daily volume increased 26% primarily due to growth in e-commerce. FedEx Ground 9 Lafayette • Fortune Magazine ranked Lafayette No. 1 in Indiana and No. 8 nationally on its list of “Best Places for Small Business,” based on cost of business, job growth, and educational achievements. • New Geography ranked Lafayette No. 17 on its list of the “200 Best Cities for Manufacturing.” • USA Today included Indiana in its list of the Top 100 metropolitan areas, for its 45% increase in percent of population and number of people with bachelor’s degrees from 2006 to 2011. • The Atlantic Magazine ranked Lafayette No. 2 on its list of “America’s Brainiest Cities, “based on number of college graduates, percent working in knowledge and creative work and other performance data. • Indiana was ranked the best place to do business in the Midwest and the fifth best nationwide in a survey of more than 500 chief executives by Chief Executive Magazine. The magazine’s ninth annual “Best & Worst States” survey asks CEOs to evaluate states based on business tax policies, regulation, workforce quality and livability factors. Indiana’s ranking in the survey has moved up eleven places since 2010. Lafayette is the county seat of Tippecanoe County in central Indiana. Lafayette is located 63 miles northwest of Indianapolis and 108 miles southeast of Chicago.
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