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THE COPLEY 610 NW 23RD STREET, OKLAHOMA CITY, OK OFFERING MEMORANDUM PROPERTY OVERVIEW 3 OFFERED Investment Highlights EXCLUSIVELY by Offering Summary Aerials

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THE COPLEY 610 NW 23RD STREET, OKLAHOMA CITY, OK OFFERING MEMORANDUM PROPERTY OVERVIEW 3 OFFERED Investment Highlights EXCLUSIVELY by Offering Summary Aerials THE COPLEY 610 NW 23RD STREET, OKLAHOMA CITY, OK OFFERING MEMORANDUM PROPERTY OVERVIEW 3 OFFERED Investment Highlights EXCLUSIVELY BY Offering Summary Aerials MICHAEL RAPELLA [email protected] FINANCIAL REVIEW 8 O: 405.600.6342 Rent and Renewal Options Rent Roll DANNY OJEDA Tenant Overview [email protected] O: 405.602.3046 JAY COHLMIA MARKET OVERVIEW 12 [email protected] Uptown 23rd Submarket Snapshot O: 405.602.2989 Oklahoma City Market MARKETING TEAM 18 PROPERTY OVERVIEW PROPERTY OVERVIEW INVESTMENT HIGHLIGHTS Newmark Grubb Levy Strange Beffort is pleased to present the opportunity to acquire 610 NW 23rd Street (“Property”), which is a 3,285-square-foot freestanding restaurant building Leased exclusively by The Copley. It is a restaurant and event space for food and coffee lovers with indoor and outdoor seating, private areas for parties, events, and a children’s play area. 27,000 VPD $65,696 Estimated Vehicles/Day Avg. Household Income Uptown 23rd in Oklahoma City NW 23rd Street from 3-mi Radius • 610 NW 23rd Street, OKC, OK is in the Uptown 23rd District, one of five Business Broadway to Pennsylvania Improvement Districts in Oklahoma City. Established in 2019, property owners along 23rd work with the City on revitalization and beautification projects. Owners pay an annual assessment that is invested back into the district. • Revitalization projects in recent years brought back the long-shuttered Tower Theatre. Numerous blighted properties have become viable businesses that house 128,394 0.86% many popular restaurants and bars. Daytime Business Population Population Increase 3-mi Radius 2010-2020 NEARBY RETAILERS 4 | The Copley: 610 NW 23rd Street, Oklahoma City, OK PROPERTY OVERVIEW OFFERING SUMMARY 610 NW 23RD STREET $788,400 7.5% 1983 Price Cap Rate Year Built 100% 3,285 SF 0.32 ACRES Percent Leased Building Size Land Area 5 | The Copley: 610 NW 23rd Street, Oklahoma City, OK PROPERTY OVERVIEW SITE AERIAL 6 | BuildingThe Copley: Name 610 (if NW applicable), 23rd Street, Address Oklahoma City, OK PROPERTY OVERVIEW MARKET AERIAL 7 | The Copley: 610 NW 23rd Street, Oklahoma City, OK FINANCIAL REVIEW FINANCIAL REVIEW RENT AND RENEWAL OPTIONS LOCATION 610 NW 23rd Street, Oklahoma City, OK RENT LEASE COMMENCEMENT EXPIRATION December 3, 2019 December 31, 2024 RENEWAL REMAINING OPTIONS TERM One (1) Five (5) Year Four (4) Years Renewal Option LEASE L ANDLORD TYPE RESPONSIBILITY NNN Roof and Structure 9 | The Copley: 610 NW 23rd Street, Oklahoma City, OK FINANCIAL REVIEW RENT ROLL RENT ROLL Tenant SF Rent Term Base Rent Lease Type Renewal Options + Comments Start End Annual Monthly The Copley 3,285 12.03.2019 12.31.2024 $59,130 $4,928 NNN 01.01.2025 12.31.2030 $65,043 $5,420 NNN Option 1: Years 6-10, 10% increase 10 | The Copley: 610 NW 23rd Street, Oklahoma City, OK FINANCIAL REVIEW TENANT OVERVIEW THE COPLEY Ownership The Copley Locations/Headquarters 1: Oklahoma City Public/Private Private Line of Business Restaurant and Event Space 11 | The Copley: 610 NW 23rd Street, Oklahoma City, OK MARKET OVERVIEW REVITALIZING SUB 23RD STREET UPTOWN MARKET Cheever’s and Big Truck Tacos SNAPSHOT inhabited Uptown 23rd when it 23RD STREET was less than desirable, but in recent years experienced its potential with the return of the Embracing a stretch of historic Route national retailers line the strip of road, long-shuttered Tower Theatre, 66, Uptown 23rd is one of OKC’s five offering everything from fine dining to and The Rise, a former hotel Business Improvement Districts. In doughnuts and nearly everything else liquidation store converted into decline for decades, a revitalization in-between. While there has been new in recent years created a lively construction, many have embraced a multi-tenant retail center. entertainment and retail corridor and renovated existing buildings for bordering historic neighborhoods and restaurants and shops. Oklahoma City University. Local and SURROUNDING AREA OUTLOOK Several neighborhoods border Uptown 23rd, While development thrives including Heritage Hills and Mesta Park. NW 23rd Street in in much of Uptown 23rd, Both historic areas include a mix of opulent Uptown includes AS OF 2020 mansions, Craftsman-style homes, and cozy a strip of historic possibilities are still available for bungalows, many that date back to the early retail and office space. Two sites 20th century. Route 66. that could provide opportunities OKLAHOMA CITY UNIVERSITY are the Gold Dome – historic but long in decline – and the HERITAGE HILLS former Mutt’s restaurant, which 2,100 1904 was irreparably damaged by $217,742 Students Established a tornado in 2019. A long- shuttered record store on the Avg. Household Income • Private, Methodist University on 104 acres 173% Higher than OKC MSA • Notable alumni include award-winning and renowned NW corner of 23rd and Classen performers Kristin Chenoweth and Kelli O’Hara, and also requires a teardown or OKC Mayor David Holt redevelopment on one of the MESTA PARK • OCU is consistently ranked as a top-tier master’s degree-level university by U.S. News & World Report city’s busiest intersections. $105,240 CONTACT US TODAY Avg. Household Income Traffic counts along NW 23rd from Penn Ave. 32% Higher than OKC MSA NEWMARK GRUBB LEVY STRANGE BEFFORT to Broadway Ave. average 19,000-27,000 204 N. Robinson, Ste 700 OKC, OK, 73102 vehicles-per-day. 110 W. 7th, Ste 2600 Tulsa, OK, 74119 newmarklsb.com | 405.840.1500 13 | The Copley: 610 NW 23rd Street, Oklahoma City, OK Oklahoma City continues to be a leader in the region with its diverse economy, skilled workforce, and a cost of living that is 14.6% below the U.S. standard. The metro area is home to several higher education institutions, major company headquarters and is the seat of state government. Oklahoma City also has launched civic projects that have transformed the city and downtown. STATE CAPITAL One of the main economic drivers over the past few decades has been the OF OKLAHOMA MAPS projects. The first taxpayer-funded projects included a sports arena, the Bricktown Canal, a library, and other downtown projects. Oklahoma City’s unemployment rate started 2019 at 3.5%, and then began 624 dropping to hover around 3% for the year. The Half SQ MI Source: Flix Uncertainty in global markets and a pullback in oil and gas production have taken a toll, yet despite a gradual slowdown, OKC fared well in 2019 and positive CITY OF OKC job growth is expected in the metro in 2020. While not as dependent on oil and ARE A SIZE gas as other areas of the state, the metro still feels the drag when oil prices are low and energy companies shed jobs. OKC is poised for another year of positive growth, but the local market will no 1.42M doubt feel the effects of global conditions, and economic uncertainty in the United States as often is seen in a presidential election year. Other concerns that could put a drag on the economy include global health issues. OKC METRO POPULATION OKC DEVELOPMENTS First National Center Source: Cornerstone Development • The Half | 55 Acres Flix Brewhouse is opening its theater and brewhouse AAA alongside Dolese’s 77,773 square foot headquarters on this 55 acre Moody’s development. There is potential for additional retail, office, and multifamily developments as well. TOP CREDIT RATING • First National Center | 1 Million Square Feet Developer Gary Brooks is 10 YEARS RUNNING renovating the 1931 art deco tower into a 146-room Autograph by Marriott hotel and 193 upscale apartments. The Great Banking Hall and arcade space will house restaurants and bars, including Ruth’s Chris Steak House. • BancFirst Tower | 512,000 Square Feet BancFirst purchased the 36-story tower for $21 million in September, 2018. Now dubbed BancFirst Tower, it will house the bank and additional tenants. A renovation of the entire tower is underway. The bank plans to consolidate its operations around the city, and SYSTEM OF GOVERNMENT BancFirst Tower City Manager Source: Bockus Payne increase its downtown employment count to 450. Elected Mayor & City Council 14 | The Copley: 610 NW 23rd Street, Oklahoma City, OK ECONOMIC DRIVERS AVIATION AND AEROSPACE HEALTH CARE ENERGY INTEGRIS, SSM Health, Mercy, and Tinker Air Force Base Will Rogers World Airport Long known as an energy state, the OKC others employ 82,000 workers in the metro is home to several major oil and gas • 36 nonstop destinations to 25 cities (some seasonal) • 31,295 employees region with 36 general medicine and companies, and accounts for 3% of metro 6,944 military | 4,631 military dependents | 19,720 civilians • 85 average daily departures surgical hospitals and specialty clinics. employment and 10% of total compensation. • Annual Federal Payroll: $1.82 billion • Passengers enplaned and deplaned in 2019: 4,419,119 • Economic impact: $4.83 billion An increase of 1.79% over the previous year Recent News PROFESSIONAL, BUSINESS, WHOLESALE AND RETAIL TRADE AND FINANCIAL SERVICES At the intersection of major interstates, OKC In November 2018, the U.S. Air Force announced Tinker would coordinate maintenance and More than 125,000 employees, or 18% is a trade center with total taxable retail sustainment of the B-21 Raider — the next generation long-range strike bomber. The first of 14 of the local workforce, provide business sales in 2018 of $23.8 billion. maintenance hangers for Boeing’s KC-46 Pegasus is near completion. When all of the hangers are and financial services nationwide. completed, it will lead to the creation of an estimated 1,300 jobs. More than 4 million passengers passed through Will Rogers World Airport in 2018. It is undergoing an BIOSCIENCE MANUFACTURING $89.3 million expansion to bring the gate total from 17 to 21, estimated for completion in early 2021.
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