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4460 Highway 225, Deer Park, Tx 77536 82% Leased To DEERWOOD DOW CENTER 4460 HIGHWAY 225, DEER PARK, TX 77536 82% LEASED TO INVESTMENT GRADE EXECUTIVE SUMMARY EXECUTIVE SUMMARY DEERWOOD DOW CENTER HFF, on behalf of Clay Development & Construction, Inc. (the “Owner”), is pleased to exclusively present the opportunity to acquire the fee simple interest in the Deerwood Dow Center (Deerwood Glen III), a 98,230 SF office building in Southeast Houston near the Port of Houston. Delivered in 2016, the Property is 87.3% leased overall, with 82.1% of the space being occupied by investment grade tenant Dow Chemical Company. The Property boasts a stable, reliable NOI with a 9.0 year weighted average lease term, while also presenting to opportunity to add value through leasing more than 12,500 SF. Located in Southeast Houston, Deerwood Dow Center offers a convenient location for tenants with operations along the Houston Ship Channel servicing the $50 billion gulf coast petrochemical boom. ADDRESS 4460 Highway 225, Deer Park, TX 77536 NET RENTABLE AREA 98,230 SF LAND AREA 8.6359 Acres % LEASED 87.3% DEVELOPER Clay Development & Construction, Inc. YEAR BUILT 2016 # FLOORS 2 TYPICAL FLOOR SIZE 49,115 SF PARKING RATIO 4.0 / 1,000 SF 2 | EXECUTIVE SUMMARY DEERWOOD DOW CENTER | 3 INVESTMENT HIGHLIGHTS INVESTMENT GRADE TENANCY Deerwood Dow Center is 87.3% leased to two tenants, Dow Chemical Company and International Cooling Towers USA. With 82% of the NRA, Dow Chemical’s lease runs through November 2027. With strong recent performance and an investment grade BBB S&P credit rating, Dow expects to continue fueling their growth and expansion after a recent merger with DuPont to make DowDuPont. The second tenant, International Cooling Towers USA, which accounts for just over 5% of the NRA, also has strong supporting fundamentals including operating since 1958 and a recent expansion into Mexico in 2015. Between the two tenants, the weighted average lease term remaining is 9.0 years. 4 | EXECUTIVE SUMMARY DOW EXPERIMENTAL SPACE VALUE-ADD OPPORTUNITY Currently 87.3% leased, the Deerwood Dow Center presents the opportunity to add value through the lease up of the remaining 12,517 SF of first generation space in a micro-market that is currently 95% leased. While leasing the space and building out for the new tenant, new ownership will benefit from long-term, contractual rent growth providing coveted in- place yield. DEERWOODDEERWOOD DOW DOW CENTER CENTER | | 5 INVESTMENT HIGHLIGHTS NEW CONSTRUCTION IN SHALE GAS & THE EXPANDING IRREPLACEABLE LOCATION PETROCHEMICAL MARKET The Deerwood Dow Center is the third phase of a successful Houston is home to the largest petrochemical complex in the nation and the second-largest in three-building Class-A office development within Clay the world. The Houston petrochemical complex represents 25% of U.S. refining capacity and Development’s 150-acre, deed-restricted Deerwood Glen 40% of U.S. petrochemical capacity, and is located along the 25-mile Houston Ship Channel at Business Park. The efficient design of large rectangular floor the Port of Houston. plates has proven a major draw for engineering/construction companies that require density and a significant parking ratio. In the Texas Gulf Coast region, more than 20 Polyethylene projects worth more than $50 billion With the Property delivery in 2016, new ownership will have are under construction and are scheduled to open within the coming years, as companies invest nearly full term on all warranties and no near-term capital upgrade in new ethylene crackers, propylene production units, refineries and other expansion projects. requirements. The primary driver of this activity is that petrochemical enterprises benefit directly from lower oil and natural gas prices, as this reduces their cost to purchase their primary feed stocks for producing/refining plastics, resins, and other petrochemical products, and transporting oil and natural gas across geographies. SUPERIOR REGIONAL This flurry of petrochemical construction – as firms continue to take advantage of a low cost feed stock environment – is expected to create tens of thousands of construction jobs in the CONNECTIVITY & VISIBILITY short-term and the need for thousands of blue collar jobs in the longer-term. Deerwood Glen has Adjacent to the interchange of Beltway 8 & State Highway 225, become the premier office park to support these refinery operations and construction projects. the Property is afforded unmatched connectivity to the rest of Houston as well as the nearby Port of Houston and Houston Ship Channel. With direct frontage on State Highway 225, the property boasts exceptional visibility to 88,500 vehicles per day. PORT OF HOUSTON – A MAJOR GATEWAY DEMAND DRIVER The Port of Houston is ranked the largest port in the U.S. by foreign waterborne tonnage (20+ consecutive years), import tonnage (25+ consecutive years), U.S. export tonnage, as well as the nation’s leading break-bulk port (GHP). It is the second-busiest port in the Western Hemisphere after the nearby Port of Louisiana in terms of total cargo volume, and #16 in the world. These fundamentals have made the port the 2nd largest petrochemical complex in the world, behind Rotterdam, and has driven Houston to manufacture 25% of the nation’s plastics. The port continues to grow as container volumes increased 14% in 2017 over the prior year. Overall, the Houston-Galveston Customs District handled $157.3 billion in trade through October 2017, an 18.6% increase over the comparable period in 2016. There are currently ten major rail companies that connect the Port of Houston to the largest markets in the Continental U.S., Canada, and Mexico, fueling current expansion. The Port of Houston is currently undergoing a $333 million investment through 2018 in Post-Panamax cranes, construction of Bayport Wharf No. 4, and the reconstruction of the Barbours Cut Wharf No. 2. This investment is a direct response to prepare and serve the Panama Canal expansion. 6 | EXECUTIVE SUMMARY TEXAS MEDICAL CENTER HOUSTON’S CBD HOUSTON ECONOMIC ENGINE 45.8 MILLION SF Texas Medical Center, the largest medical complex in the world HOUSTON ADDED 64,400 JOBS IN THE TRAILING 12 MONTHS ENDED JANUARY 2018, RANKING THE CITY 3RD #2 AMONGST ALL MAJOR METROPOLITAN AREAS IN THE US in theatre seats nationally, trailing only BroadwayASSET (JUST BEHIND NYC AND DFW) AND ADDED NEARLY 15,000 MORE JOBS THAN ITS 25-YEAR HISTORICAL AVERAGE 50,000 ACRES of parks offer more greenspace than any other top 10 metro Every business sector (except “Information”) posted positive job growth, a testament to the city’s diversification. Additionally, MOST FAVORABLE 125,000 new residents migrated to Houston from July 2015 – July metro for Science, Technology, Engineering, and Mathematics workers (STEM) 2016 (2nd in the nation) and the Houston Business Cycle Index has LEADING EXPORTER grown at an annualized 2.2%, suggesting growth in the economy in the nation due to the Port of Houston has returned to historic norms. 20+ museums, galleries, and cultural centers in the Houston Museum District HOUSTON EMPLOYMENT CHANGES (ALL SECTORS GROWING) 10-YEAR POPULATION & EMPLOYMENT % GROWTH FORCAST | MAJOR U.S. METROS T-12 JANUARY 2017 - JANUARY 2018 14% Professional Business Services 21,400 Dallas-Fort Worth 12% Seattle HOUSTON Trade, Transportation, & Utilities 9,300 Construction 9,200 10% Washington DC San Francisco Atlanta Leisure and Hospitality 6,400 Boston 8% New York City Government 5,000 NATIONAL AVERAGE Manufacturing 4,600 6% Los Angeles Financial Activity 3,100 4% Mining and Logging 2,700 Chicago Other Services 2,200 2% Education and Health Services 1,100 Employment 0% Population Information (600) % % % % % % % % % % % 0 2 8 6 4 0 2 8 6 4 0 1 1 1 1 1 (10,000) 0 10,000 20,000 30,000 2 Sources: Oxford Economics, Real Capital Analytics, HFF Research, *dots represent the 10 most liquid CRE oce markets over the past five years, according to RCA DEERWOOD DOW CENTER | 7 OILTANKING / STOLTHAVEN HOUSTON SHIP CHANNEL SHELL DEER PARK REFINERY DEERWOOD GLEN DRIVE SAYBOLT PASADENA FREEWAY | SH 225 BROCK HOLDINGS CODE RED ALLTECH HAGEMEYER MUSTANG WOOD GROUP DEERWOOD GLEN PFTBUSINESS PARK ABRASIVE SHELL HASTIK BAYMONT GE BURROW GLOBAL PERFORMANCE CONTRACT GROUP GAYESCO FLOWSERVE SERVITEC 8 | EXECUTIVE SUMMARY OILTANKING / STOLTHAVEN PETRO-CHEMICAL OVERVIEW A booming plastics industry that has benefited from an abundant supply of cheap HOUSTON SHIP CHANNEL natural gas – thanks to the Fracking Boom – has spurred over $50 billion in new petrochemical plants and expansions. Southeast Texas has been, and will continue to be the benefactor of this significant investment in polyethylene projects. With most deliveries occurring prior to 2020, millions of tons of polyethylene pellets will be added over the next couple of years. With an ideal location in Southeast Houston, the SHELL DEER PARK REFINERY Property is positioned to benefit from this expansion and investment. # Company City State When Online 1 Total Bayport TX Q4 2017 2 Ineos Sasol Deer Park TX Q4 2017 11 3 Braskem LaPorte TX Q4 2017 4 ExxonMobil Mont Belvieu TX Q4 2017 DEERWOOD GLEN DRIVE 5 ExxonMobil Mont Belvieu TX Q1 2018 6 Chevron Phillips Sweeny TX Q2 2018 7 Enterprise Mont Belvieu TX Q3 2018 8 Chevron Phillips Cedar Bayou TX Q3 2018 SAYBOLT 9 Dow Freeport TX Q4 2018 10 Formosa Point Comfort TX Q4 2018 4, 5, 7 PASADENA FREEWAY | SH 225 BROCK HOLDINGS 11 Eastman Longview TX Q4 2018 1915 CODE RED 12 ExxonMobil Baytown TX Q4 2018 20 8 ALLTECH 13 Ingleside/Occident. Ingleside TX Q4 2018 2 14 INEOS Chocolate Bayou TX Q4 2018 12 HAGEMEYER MUSTANG WOOD GROUP DEERWOOD GLEN PFTBUSINESS PARK ABRASIVE 1 10,17 14 3, 16, 18 SHELL HASTIK BAYMONT 15 Dupont Orange TX Q1 2019 6 13 BURROW GLOBAL 16 LyondellBasell LaPorte TX Q4 2019 GE 17 Formosa Point Comfort TX Q3 2019 18 Equistar LaPorte TX Q4 2019 19 ExxonMobil Beaumont TX Q4 2019 PERFORMANCE CONTRACT 20 Total Port Arthur TX Q2 2021 9 GROUP 21 ExxonMobil/Sabic Corpus Christi TX Q3 2022 21 GAYESCO FLOWSERVE SERVITEC DEERWOOD DOW CENTER | 9 DEERWOOD DOW CENTER SITE PLAN S t a t e H i g h w a y 2 2 5 ± 15.6 ACRES DEERWOOD GLEN BUSINESS PARK Dow Chemical Deerwood Glen is a multi-use, 150-acre business park developed by Clay Ofce #3 KEY 78,000 SF Development & Construction Inc.
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