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Kaiser Permanente Campus Phase I (The “Property”) Located in Renton, Washington

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Kaiser Permanente Campus Phase I (The “Property”) Located in Renton, Washington CAPITAL MARKETS PACIFIC NORTHWEST EXECUTIVE SUMMARY KAISERCAMPUS PERMANENTE RENTON, WASHINGTON THE OFFERING Colliers International, as Exclusive Advisor, is pleased to present the opportunity to acquire the Kaiser Permanente Campus Phase I (the “Property”) located in Renton, Washington. The project is a recently completed state-of-the-art Class A facility consisting of two office/lab/pharmacy buildings totaling 244,465 square feet and situated on an 11.8 acre parcel. The Property is currently 100% leased to Kaiser Permanente until 2031, providing strong immediate cash flow from an investment-grade tenant. The Kaiser Permanente Campus is located in the submarket of South King County region of Puget Sound. The Renton submarket is thriving with more than 700,000 square feet of new office development underway and steadily increasing rents; Renton currently has a Class A rental rate of $38.55 per square foot FS. The Property features excellent access to major freeways and public transportation, and is conveniently located less than 30 minutes from one of the nation’s strongest economies— Seattle. The offering presents investors the unique opportunity to acquire a strategically-located core investment property in an increasingly strong market with in-place income from a best- in-class single tenant. PROPERTY SUMMARY Project Address Building A: 2715 Naches Avenue SW Building B: 2921 Naches Avenue SW City, State Renton, WA, 98057 APN 088670027007 Zoning CO (Commercial Office) Property Type Class A Office # Buildings 2 Year Built 2016 % Leased 100 % Square Feet Building A: 141,919 Building B: 102,546 Total: 244,465 FINANCIAL HIGHLIGHTS Year 1 NOI $3,765,904 Year 2 NOI $3,841,222 KAISER PERMANETE CAMPUS 2 3 EXECUTIVE SUMMARY EXECUTIVE INVESTMENT HIGHLIGHTS INVESTMENT GRADE CREDIT TENANT The Property is 100% leased to Kaiser Permanente, a privately held investment-grade tenant rated AA- by S&P, and A+ by Fitch. Kaiser Permanente is one of the nation’s leading healthcare companies with operating revenues totaling over $64.6 Billion in 2016, a community of almost 12 million members, and more than 200,000 employees. Forbes currently lists Kaiser Permanente as #96 on America’s Best Employers list. In addition, Kaiser contributed a significant amount of their own funds towards the completion of the project, further reflecting their long-term commitment to the property. This allows for an investor to purchase the asset at a substantial discount to replacement cost. LEASE OVERVIEW Tenant Lease Expiration 12/31/2031 Lease Type NNN BRAND NEW STATE-OF-THE-ART CLASS A FACILITY The site once known as the Longacres Racetrack is now home to Kaiser Permanente’s new 11.8 acre multi-use facility. This brand new state-of-the-art campus includes office space, lab, pharmacy fulfillment, and warehouse operations. The Property incorporates a number of sustainable features, including energy saving HVAC and lighting systems, materials high in recycled content, and locally-sourced building materials. The project also includes a living room / meeting area between the two buildings and nearby access to public transportation. Kaiser is currently using the Property as a call center, warehouse, lab, pharmacy fulfillment center, and as an office for administrative functions. SUPERIOR TRANSPORTATION ACCESS Renton sits at the intersection of Interstates I-405 and I-5, and State Routes 167, 169, 515, and 900, bringing more than 350,000 vehicles a day through the city. Renton also participates in King County Metro Transit’s Bellevue suburban, hub-based transit system. This hub-based Seattle transit system provides greater service and connections King Street Station that are more frequent to Seattle, Bellevue, South King County and beyond. The Property is located just 10 minutes away from the Seattle-Tacoma Airport 19 MINUTE TRAVEL TIME TO SEATTLE (Sea-Tac), which provides national and international ON SOUNDER TRAIN services. The Property is a 6 minute walk from Tukwila train station, which provides transportation north to Seattle and south to Tacoma & Lakewood. SUBJECT PROPERTY KING COUNTY RENTON, WASHINGTON INTERNATIONAL AIRPORT TUKWILA STATION Renton 6 Minute Walk to Subject Property Tukwila 5 405 SEATTLE-TACOMA INTERNATIONAL AIRPORT 10 minute drive from Subject Property Kent Station Des Moines Kent Auburn Auburn Station 45 MINUTE TRAVEL TIME TO TACOMA ON SOUNDER TRAIN Tacoma Tacoma Dome Station Sumner Station South Tacoma Station Puyallup Station KAISER PERMANETE CAMPUS Lakewood Station Lakewood 4 5 DYNAMIC ECONOMIC DATA SUMMARY EXECUTIVE Fueled by technology, aerospace, and fulfillment companies, the Seattle- Renton region is quickly becoming one of the strongest economies in the U.S. Notable companies include Amazon, Microsoft, and Boeing. Unemployment continues to decline in the cities with Seattle reporting 2.7%, and Renton standing at 3.3%, both well below the national unemployment rate of 4.6% (March, 2017). The high-tech, manufacturing, and medical sectors in Renton provide excellent employment opportunities and continue to drive the increasing demand for housing. Some of the most recognizable employers in Renton include the Federal Aviation Administration, Paccar, Providence Health & Services, Valley Medical Center, and Wizards of the Coast. With its constant economic activity, Renton continues to thrive with new developments underway and the revitalization of new and established communities. SEATTLE MARKET 7.7% TOTAL VACANCY PUGET SOUND 8.2% TOTAL VACANCY SEATTLE AVERAGE $37.49 RENTAL RATES PUGET SOUND AVERAGE $29.28 RENTAL RATES SEATTLE 2.7% UNEMPLOYMENT PUGET SOUND 3.8% UNEMPLOYMENT RENTON’S NEIGHBORING CITY OF SEATTLE CONTINUES TO THRIVE AS THE NEW CRANE CAPITAL OF THE U.S. The combination of Seattle’s technology boom, the surge in the housing market, over 5 million square feet of new construction, and the record high population growth is driving Seattle among the ranks of top tier markets in the U.S. As rents are soaring and building values appreciate rapidly, developers are seeing record high profits and better returns on Seattle high-rises than what could be found in stocks or more traditional assets. The expansion of the Link light-rail will also be a significant game changer for the region, allowing commutes within Puget Sound/Seattle to be enhanced and more efficient as major companies continue to expand in the area and ridership increases. WASHINGTON STATE ECONOMIC OVERVIEW & FORECAST The Washington State economy is rapidly expanding. As employment rates are growing faster than expected, personal income also continues to steadily incline. The housing market continues to improve at a steady pace and oil prices have remained low, freeing up other consumer resources. Real GDP rose 2.1% (SAAR) in the fourth quarter pushing 2016 growth to 1.6%. Revenue collections have come in $163 million over the November forecasted amount. The unemployment rate has remained around 4.7%, and personal income grew 4.3% (SAAR) in February from 5.6% (SAAR) the month before. Going forward, the economic outlook for Washington is slightly stronger than the fourth quarter forecast. A GDP growth of 2.3% is expected in 2017, up from 2.2% in November. GDP is expected to increase to 2.4% by 2018. Major U.S. trading partners are also expected to grow this year. The March forecast called for GDP of U.S. trading partners to grow 2.5% in 2018 and 2.6% in 2019. Net exports are expected to reduce GDP growth by 0.3 percentage points on average through 2021. Source: Washington State Economic and Revenue Forecast Council March 2017 Report KAISER PERMANETE CAMPUS 6 7 GREATER SEATTLE AREA SNAPSHOT SUMMARY EXECUTIVE 4 MILLION 45% #2 RESIDENTS COLLEGE BEST AREA FOR TECH EDUCATION JOBS (FORBES 2017) $ $79,000 3.6% 3.1% MEDIAN HOUSEHOLD UNEMPLOYMENT JOB GROWTH INCOME ANNUALLY HIGHEST ANNUAL MEAN WAGE FOR PROGRAMMERS IN THE US EXCEPTIONAL TALENT AND DEMOGRAPHIC PROFILE As a main business location, the greatest advantage for the Greater Seattle area and Puget Sound Region is its diverse, highly educated and skilled population. Washington Puget King Renton State Sound County Population 7,288,000 103,527 2,100,000 98,404 Expected Population Growth by 2021 7.0%% 11.7% 13.7% 11.0% % With College Degree 32.9% 45% 70% 31.4% Median Income $61,062 $73,175 $120,025 $78,764 Average Household Size 2 1.7 2.9 2.7 PUGET SOUND OVERVIEW The Puget Sound region is located along the northwestern coast of the State of Washington. Major cities on the sound include Seattle, Tacoma, Olympia, and Everett. As of April 2017, the Puget Sound employment rate slowed down as regional jobs increased 2.8%, which was less than the 3.6% year-over-year gain last May. In the latest three-month period, employment grew at a 2.5% annual rate leaving the unemployment rate at 3.8% as of February YTD. The Puget Sound housing index rose at a 0.9% annual rate in the third quarter of 2016 and 1.5% over the year. The ten-year forecast for Puget Sound predicts a population growth of 4,518.4 and an employment increase of 1.5% by 2027. Source: The Puget Sound Economic Forecaster February & March 2017 KAISERCAMPUS PERMANENTE RENTON, WASHINGTON CAPITAL MARKETS EXPERTS BOB GILLEY KEVIN MOUL, SIOR JOE HIGGINS Executive Vice President Senior Vice President Senior Analyst 415 288 7887 408 282 3873 415 288 7811 [email protected] [email protected] [email protected] CA. Lic. 01084869 CA. Lic. 01836970 CA Lic. 01976521 LOCAL MARKET ADVISORS LAURA FORD GREG INGLIN Executive Vice President Executive Vice President 206 223 1423 206 515 4491 [email protected] [email protected] WA Lic. 5081 WA Lic. 80524 DEBT & EQUITY FINANCE JEREMY THORNTON Executive Vice President 415 288 7840 [email protected] CA. Lic. 01724542.
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