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Fedex Ground Distribution Facility Evansville, Indiana

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Fedex Ground Distribution Facility Evansville, Indiana OFFERING MEMORANDUM FEDEX GROUND DISTRIBUTION FACILITY EVANSVILLE, INDIANA • Low price and rent per square foot for a FedEx Ground distribution building • 7.0% to 8.5% cash on cash available, depending upon financing NET LEASE GROUP CAPITAL MARKETS GROUP Cushman & Wakefield / FedEx Ground Evansville / A OFFERING MEMORANDUM FEDEX GROUND DISTRIBUTION FACILITY EVANSVILLE, INDIANA 1 Investment Offering & Highlights 12 Evansville, Indiana 2 Property Description, Lease Summary & Returns Diversified Economy 3 Cash Flow Analysis Higher Education 5 Site Plan / Floor Plan Transportation & Demographics 8 FedEx Ground Package System, Inc. 16 Confidentiality & Disclaimer 9 Location / Aerial / Area Maps DOUGLAS LONGYEAR JEFF CASTELL, SIOR, CCIM CHRISTINA CAMPANELLA CHRISTOPHER SHELDON +1 415 677 0458 +1 317 639 0436 +1 415 677 0456 +1 415 677 0441 [email protected] [email protected] [email protected] [email protected] CA Lic #00829911 IN Lic #RB14017444 NY Lic #10401243503 CA Lic #01806345 Cushman & Wakefield / FedEx Ground Evansville / B Investment Offering & Highlights The Offering • A new 253,956 ± sq. ft. FEDEX GROUND distribution building situated on 36.15± acres located in Evansville, Indiana to be completed for rent commencement October 1, 2016. • Price: $22,653,300 – 6.25% Return • Cash on cash return available between 7.0% and 8.5%, depending upon financing. • Low price and rent per square foot for a FedEx Ground building - $89 and $5.58, respectively. Tenant / Lease • E-Commerce: FedEx Ground is a leading ground shipper of small packages. • Credit: FedEx Ground’s parent, FedEx Corporation has an S&P BBB bond rating. • Commitment: New 10 year net lease. Real Estate • New construction designed to accommodate future growth. • FedEx will initially utilize 62% of the building’s interior operating capacity. FedEx will be able to grow its operations significantly. • High parking capacity for cars, trucks and trailers. High ratio of dock high truck doors to the building square footage, 24’ (eave) -28’ (peak) clear height and ESFR fire protection. • Convenient access to I-64 and new I-69 extension, designed to ultimately connect from Canada through the U.S. to the Mexican border. Evansville Economy • Diversified economy with different manufacturers including Toyota and SABIC. • Multiple highways, railroads and ports indicate Evansville is a strategic logistics location. • The University of Southern Indiana (10,800 students) is the fastest growing public university in Indiana. • Central location (30 miles south of the median center of U.S. population) serving three state (IN, KY, IL) trade area. Representative Photograph Cushman & Wakefield / FedEx Ground Evansville / 1 Property Description, Lease Summary & Returns PROPERTY DESCRIPTION LEASE SUMMARY Address Norm Wagner Drive Premises Site & Building Evansville, Indiana Tenant FedEx Ground Package System, Inc. Lot Size 36.15± acres Term 10 Years Building Commencement Completion (Scheduled to be October 1, 2016) Completion Scheduled to be completed for rent commencement on October 1, 2016 Expiration September 30, 2026 Size 253,956± square feet Rent Commencement Completion (Scheduled to be October 1, 2016) Building Site Coverage 16.13% Annual Rent $1,415,833 Construction Metal Expenses NN* Office Area 7,644± square feet Renewal Options Two Five-Year Terms with the following rents: 1st Renewal - $1,557,416 Clear Height 24’ (eave) - 28’ (peak) 2nd Renewal - $1,635,287 Dock High Doors 64 * 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 Drive-In Doors 7 surfaced areas. The landlord is responsible for maintenance of the structural Parking Stalls portions of the building including the foundation, roof, exterior walls and floor slabs. Long Trailers 179 28’ Trailers 149 Tractors 20 Price: $22,653,300 - 6.25% Return Dollies 21 Vans 34 ANNUAL RENT Cars 513 (2.02 car stalls / 1,000 sq. ft. of bldg. area) Investment Years Annual Rent Return 1 - 10 $1,415,833 6.25% Other Features • Secured Fence 11 - 15 (Option 1) $1,557,416 6.88% • Tenant’s package handling system (±$10 Million investment by tenant) 16 - 20 (Option 2) $1,635,287 7.22% Cushman & Wakefield / FedEx Ground Evansville / 2 Cash Flow Analysis 10 Year Loan Term; 50% LTV Loan; 3.60% Interest Rate; 30 Year Amortization; Bank or Life Company Interest 3.60% Price 22,653,300 Rent 1,415,833 Amortization (Yrs) 30 Loan 50% (11,326,650) Debt Service (617,953) Loan Constant 5.46% Equity 11,326,650 Cash Flow 797,880 Cash on Cash Return 7.04% 10 Year Loan Term; 50% LTV Loan; 4.00% Interest Rate; Interest Only Payments; Conduit Interest 4.00% Price 22,653,300 Rent 1,415,833 Amortization (Yrs) I/O Loan 50% (11,326,650) Debt Service (453,066) Loan Constant 4.00% Equity 11,326,650 Cash Flow 962,767 Cash on Cash Return 8.50% 10 Year Loan Term; 65% LTV Loan; 3.75% Interest Rate; 25 Year Amortization; Life Company Interest 3.75% Price 22,653,300 Rent 1,415,833 Amortization (Yrs) 25 Loan 65% (14,724,645) Debt Service (908,448) Loan Constant 6.17% Equity 7,928,655 Cash Flow 507,385 Cash on Cash Return 6.40% Cushman & Wakefield / FedEx Ground Evansville / 3 Cash Flow Analysis (cont) 10 Year Loan Term; 65% LTV Loan; 4.00% Interest Rate; 30 Year Amortization; Conduit Interest 4.00% Price 22,653,300 Rent 1,415,833 Amortization (Yrs) 30 Loan 65% (14,724,645) Debt Service (843,572) Loan Constant 5.73% Equity 7,928,655 Cash Flow 572,261 Cash on Cash Return 7.22% 10 Year Loan Term; 70% LTV Loan; 4.00% Interest Rate; 30 Year Amortization; Conduit Interest 4.00% Price 22,653,300 Rent 1,415,833 Amortization (Yrs) 30 Loan 70% (15,857,310) Debt Service (908,463) Loan Constant 5.73% Equity 6,795,990 Cash Flow 507,370 Cash on Cash Return 7.47% 5 Year Loan Term; 70% LTV Loan; 3.10% Interest Rate; 25 Year Amortization; Bank Interest 3.10% Price 22,653,300 Rent 1,415,833 Amortization (Yrs) 25 Loan 70% (15,857,310) Debt Service (912,294) Loan Constant 5.75% Equity 6,795,990 Cash Flow 503,539 Cash on Cash Return 7.41% Cushman & Wakefield / FedEx Ground Evansville / 4 OH-E FM OH-E OH-E FM OH-E OH-E T N FM OH-E Site Plan OH-E FM OH-E T OH-E NOT TO SCALE STORMWATER DETENTION AREA FM U.S. HIGHWAY 41 OH-E OH-E SECURUITY BUILDING FM ADMIN OFFICE OH-E OH-E BILL M. HADLOCK, P.E. IN - REGISTRATION #10000133 EXP. DATE 07/31/2016 NORM WAGNER DRIVE WAGNER NORM FM 41 OH-E OH-E FM OH-E OH-E FM T 44 DOCK DOORS DOCK 44 CSX TRANSPORTATION RAILROAD TRANSPORTATION CSX ±253,956 SQ. FT. T TOPSOIL BERM TOPSOIL SHEET INDEX 7 DRIVE-IN DOORS NO. TITLE C-101 OVERALL SITE PLAN OH-E FM C-102 EXISTING CONDITIONS & DEMOLITION PLAN OH-E C-103 SITE PLAN (NORTH) CSX TRANSPORTATION RAILROAD (FORMER L. & N. RAILROAD) N. & L. (FORMER RAILROAD TRANSPORTATION CSX C-104 SITE PLAN (SOUTH) C-105 FIRE ACCESS PLAN C-106 UTILITY PLAN (NORTH) C-107 UTILITY PLAN (SOUTH) C-108 GRADING PLAN (NORTH) OH-E FM OH-E C-109 GRADING PLAN (SOUTH) C-110 SESC PLAN C-501 SITE DETAILS 41 C-502 SITE DETAILS C-503 DETENTION POND PROFILES C-504 SWALE PROFILES D-1 FEDEX DETAILS FM L-101 LANDSCAPE PLAN (NORTH) 20 DOCK DOORS OH-E L-102 LANDSCAPE PLAN (SOUTH) OH-E FM OH-E OH-E NORM WAGNER DRIVE (PUBLIC) STORMWATER DETENTION AREA FM OH-E Cushman & Wakefield / FedEx Ground Evansville / 5 OH-E OH-E N OVERALL SITE PLAN 0 100' 200' Floor Plan OFFICE 253,956± SQ. FT. FUTURE OPERATIONS EXPANSION USAGE LEGEND = PACKAGE HANDLING SYSTEM = DELIVERY TRUCK = DELIVERY VAN Cushman & Wakefield / FedEx Ground Evansville / 6 FedEx Ground pays for the package sorting and handling conveyor system. RepresentativeRepresentativeCushmanRepresentative & PhotographPhotographWakefield Photograph / FedEx Ground Evansville / 7 Cushman & Wakefield / FedEx Ground Evansville / 7 FedEx Ground Package System, Inc. y FedEx Ground is one of North America’s two largest small-package Operating Subsidiary Business Revenues* ground delivery services for E-Commerce. Profit* FedEx Express Overnight air delivery $26,451 $2,519 y FedEx Ground is the most profitable of FedEx Corporation’s four subsidiaries. FedEx Ground Small package ground $16,574 $2,276 delivery y FedEx Ground and its subsidiary FedEx SmartPost shipped an average of FedEx Freight LTL, large items, intermodal, $6,200 $426 7,526,000 packages per day in fiscal year 2016. & custom critical FedEx Services Retail package drop off $1,593 Not FEDEX GROUND PACKAGE SYSTEMS, INC., the Property’s tenant, is one of stores reported North America’s leading providers of business-to-business and business-to- consumer ground small-package delivery service FedEx Ground is FedEx * (in millions) Corporation’s most profitable division. FedEx Ground has a network of more For the fiscal year ended May 31, 2016, FedEx reported record revenues of than 575 distribution hubs and local pickup-and-delivery terminals located $50.365 billion and net income of $1.820 billion. throughout the United States and Canada. On May 25, 2016, FedEx acquired TNT Express for approximately $4.9 billion. The FedEx 2016 annual report (May 31, 2016 yearend) indicates that the The acquisition combines the strengths of the companies – the world’s FedEx Ground segment had revenues of $16.574 billion, which was 27.6% largest air express network and an unparalleled European road network, above the 2015 level, and operating income of $2.276 billion, which reflected which will expand the existing FedEx portfolio and reshape the global a 4.8% year over year increase.
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