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View Property Drone Video OFFERING MEMORANDUM VIEW PROPERTY DRONE VIDEO 3004 TOWER BOULEVARD | DURHAM, NC 27707 Net Leased, Class A Medical Office Investment Opportunity with Regional Healthcare Provider enancyT EXCLUSIVE ADVISOR Joe Graham, CCIM 555 Fayetteville Street Executive Vice President Suite 800 +1 919 831 8196 Raleigh, NC 27601 [email protected] cbre.us/raleigh AFFILIATED BUSINESS DISCLOSURE CBRE, Inc. operates within a global family of companies with many subsidiaries and/ Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or related entities (each an “Affiliate”) engaging in a broad range of commercial real or representatives make any representation or warranty, expressed or implied, as to estate businesses including, but not limited to, brokerage services, property and facilities the accuracy or completeness of this Memorandum or any of its contents, and no legal management, valuation, investment fund management and development. At times different commitment or obligation shall arise by reason of your receipt of this Memorandum or Affiliates may represent various clients with competing interests in the same transaction. For use of its contents; and you are to rely solely on your investigations and inspections of the example, this Memorandum may be received by our Affiliates, including CBRE Investors, Property in evaluating a possible purchase of the real property. Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions the Property and may be the successful bidder for the Property. You hereby acknowledge of interest or offers to purchase the Property, and/or to terminate discussions with any that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any entity at any time with or without notice which may arise as a result of review of this obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Memorandum. The Owner shall have no legal commitment or obligation to any entity Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it reviewing this Memorandum or making an offer to purchase the Property unless and until represents in the transaction described in this Memorandum and will not act in concert written agreement(s) for the purchase of the Property have been fully executed, delivered with or otherwise conduct its business in a way that benefits any Affiliate to the detriment and approved by the Owner and any conditions to the Owner’s obligations therein have of any other offeror or prospective offeror, but rather will conduct its business in a manner been satisfied or waived. consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum. By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you CONFIDENTIALITY AGREEMENT will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this This is a confidential Memorandum intended solely for your limited use and benefit in Memorandum or any of its contents in any manner detrimental to the interest of the Owner determining whether you desire to express further interest in the acquisition of the Property. or CBRE, Inc. This Memorandum contains selected information pertaining to the Property and does not If after reviewing this Memorandum, you have no further interest in purchasing the Property, purport to be a representation of the state of affairs of the Property or the owner of the kindly return this Memorandum to CBRE, Inc. Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial DISCLAIMER projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and © 2019 CBRE, Inc. The information contained in this document has been obtained from other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has assumptions and other information provided and made herein are subject to material not verified it and makes no guarantee, warranty or representation about it. It is your variation. All references to acreages, square footages, and other measurements are responsibility to independently confirm its accuracy and completeness. Any projections, approximations. Additional information and an opportunity to inspect the Property will be opinions, assumptions or estimates used are for example only and do not represent the made available to interested and qualified prospective purchasers. In this Memorandum, current or future performance of the property. The value of this transaction to you depends certain documents, including leases and other materials, are described in summary form. on tax and other factors which should be evaluated by your tax, financial and legal advisors. These summaries do not purport to be complete nor necessarily accurate descriptions of the You and your advisors should conduct a careful, independent investigation of the property full agreements referenced. Interested parties are expected to review all such summaries to determine to your satisfaction the suitability of the property for your needs. and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. Duke Health | Class A Medical Office Investment Opportunity 2 EXECUTIVE SUMMARY EXECUTIVE SUMMARY CBRE|Raleigh has been retained as the exclusive marketing advisor The property is situated along Tower Boulevard in Southwest Durham, in for the disposition of the Duke Health Medical Office Building located close proximity to Highway 15-501 and South Square shopping center. at 3004 Tower Boulevard in Durham, North Carolina. The offering Only 2.25 miles from Duke University and just under 3.5 miles from consists of one parcel totaling 1.843 acres and a single tenant building Downtown Durham, the property is ideally located in the rapidly growing containing 14,723 square feet, leased to Duke University Health System, Durham market. Inc. on a 15 year NNN lease. PROPERTY Duke Health | Class A Medical Office Investment Opportunity 4 THE PROPERTY THE OFFERING 3004 Tower Boulevard ADDRESS Durham, NC 27707 SIZE 14,723 SF 15 Years TERM Commencing December 1, 2018 $19.48/SF NNN RENT All expenses passed through, but management required and additional 3% management fee passed through to the tenant BASE RENT $286,730.43 ASKING PRICE $5,734,609 CAP RATE 5.0% LAND SIZE 1.843 Acres RENT ESCALATIONS 2.5% Annually TENANT Duke University Health System, Inc. Duke Health | Class A Medical Office Investment Opportunity 6 INVESTMENT HIGHLIGHTS LONG TERM, TRIPLE NET LEASE The property is leased through 11/30/2033 on a triple net basis with annual increases fixed at 2.5%. The WITH ATTRACTIVE RENT net lease nature of the lease dramatically reduces expense exposure to the Landlord and the cash flow ESCALATION STRUCTURE produced by the property provides an investor with long term stability and income growth. Originally built in 2003, the building has been retrofitted in 2018-2019 to accommodate DUHS, with a NEWLY REFINISHED BRICK new roof, new HVAC, and new windows and exterior finishes. In addition the Tenant was responsible for CONSTRUCTION the interior upfit for their new space. 100% LEASED TO LEADING The property is 100% leased to Duke University Health System, Inc. which is S&P rated AA-. More NATIONAL MEDICAL PROVIDER information regarding DUHS financials can be found here. This premier medical office investment will be delivered free and clear of debt, allowing investors to DELIVERED FREE AND CLEAR OF benefit from the current low interest rate environment. Lenders see this asset class and this type of credit EXISTING DEBT as highly favorable. Because of the aging population related to the baby boomer generation, as well as increased life RECESSION-RESISTANT expectancies, more and more people will seek medical services, which in turn will drive demand for PROPERTY TYPE medical office space. Medical properties also cater to long-term tenants who have established practices and where the expense to move equipment or re-establish is very cost-prohibitive. Duke Health | Class A Medical Office Investment Opportunity 7 RENT SCHEDULE NNN BASE LEASE YEAR MONTHLY RENT AGGREGATE RENT RENTAL RATE (/RSF) 12/1/2018 - 11/30/2019 $19.00 $23.311.42 $279,797.00 12/1/2019 - 11/30/2020 $19.48 $23,894.20 $286,730.43 12/1/2020 - 11/30/2021 $19.96 $24,491.56 $293,898.69 12/1/2021 - 11/30/2022 $20.46 $25,103.85 $301,246.15 12/1/2022 - 11/30/2023 $20.97 $25,731.44 $308,777.31 12/1/2023 - 11/30/2024 $21.50 $26,374.73 $316,496.74 12/1/2024 - 11/30/2025 $22.03 $27,034.10 $324,409.16 12/1/2025 - 11/30/2026 $22.59 $27,709.95 $332,519.39 12/1/2026 - 11/30/2027 $23.15 $28,402.70 $340,832.37 12/1/2027 - 11/30/2028 $23.73 $29,112.77 $349,353.18 12/1/2028 - 11/30/2029 $24.32 $29,840.58 $358,087.01 12/1/2029
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