Atlanta Chicago New York Houston Offering Memorandum Los Angeles Phoenix San Francisco Citibank Condo Tulsa 15 Broad Street | Stamford, CT 06901 Confidential Disclaimer This Confidential Memorandum has been prepared by Stan Johnson Company (“SJC”) and is being furnished to you solely for the purpose of your review of the commercial property located at 15 Broad Street, Stamford, CT 06901 (the “Property”). The material contained in this Offering Memorandum shall be used for the purposes of evaluating the Property for acquisition and shall not be used for any purpose or made available to any other person without the express written consent of Stan Johnson Company (“Broker”).
By accepting the Confidential Memorandum, you acknowledge and agree that: (1) all of the information contained herein and any other information you will be receiving in connection with this transaction, whether oral, written or in any other form (collectively, the “Materials”), is confidential; (2) you will not reproduce the Confidential Memorandum in whole or in part; (3) if you do not wish to pursue this matter, you will return this Confidential Memorandum to SJC as soon as practicable together with all other materials relating to the Property which you may have received from SJC; and (4) any proposed actions by you which are inconsistent in any manner with the foregoing agreements will require the prior written consent of SJC.
This Confidential Memorandum has been prepared by SJC, based upon certain information pertaining to the Property and any information obtained from SJC to assist interested parties in making their own evaluation of the Property is offered on a no representation or warranty provision other than customary warranties of title and is sold on an “as-is, where-is” basis and with all faults. The material and transaction does not purport to be all inclusive. This Confidential Memorandum contains descriptive materials, financial information and other data compiled for the convenience of parties interested in the Property. The Materials are being delivered by SJC to prospective investors with the understanding that it is not all inclusive and that it is qualified in its entirety by independent investigation by prospective investors of those matters which they deem appropriate in evaluating this offering without reliance upon SJC, the Broker or any of their respective affiliates or any of the information set out in the Materials. Neither SJC, the Broker, nor any of their respective affiliates have independently verified any of the information contained herein or in any of the Materials, and no representations or warranties as to the accuracy or completeness thereof or of any other kind whatsoever are made or intended and none should be inferred. Offered Exclusively By SJC, for itself and its affiliates of the Property, expressly disclaim any and all liability for statements or representations, express or implied, contained herein or for omissions from the Materials or for any other written, oral or other format Adam Jennings | Associate of communication transmitted to a prospective investor in the course of its evaluation of the proposed transaction. All [email protected] summaries and discussions of documentation and/or financial information contained herein are qualified in their entirety by reference to the actual documents and/or financial statements, which upon request may be made available. The terms and Jason Long | Associate Director conditions described herein are subject to change without notice. [email protected] In Association With This Confidential Memorandum does not constitute an offer to accept any investment proposal but is merely a solicitation Joseph P. Odom CT Lic#:REB.0790686 of interest with respect to the investment described herein. The Confidential Memorandum does not constitute an offer of security. The investment described herein may be financed or withdrawn from the market, without prior notice. By accepting Atlanta Office this Confidential Memorandum you agree to release SJC and hold it harmless from any kind of claim, expense, or liability 3340 Peachtree Rd NE | Suite 650 arising out of your discovery or purchase of the Property. SJC reserves the right to request the return of the Materials at any Atlanta, GA 30326 time. Ownership of the Property reserves the right to negotiate with one or more prospective investors at any time. P: 404.823.6360
Page 2 Citibank | Stamford, CT Price: $4,131,000 Cap: 5.50% Investment Summary
Stan Johnson Company is pleased to offer for sale to qualified investors a 4,545 square-foot retail condo leased to Citibank (S&P A credit rating). The property is located in the highly affluent and densely populated downtown Stamford, Connecticut. The property is one mile north of Stamford’s Harbor Point mixed-use community. Harbor Point features over 2,300 Class A apartments, exciting retail offerings, and over 1.5 million square feet of office space. The completed community will include 4,100 residential units, 2.3 million square feet of office, 250,000 SF of retail, four full service marinas and more than 13 acres of parks and open space. Investment Highlights
Extremely High Deposits – Deposits at this location are over $685 million.
Strong Investment Grade Corporate Credit – Citibank (NYSE:C) has an S&P credit rating of A/Stable, with over $904 billion in deposits across 3,280 branches in Q4 2015.
Major Employment Hub – Stamford is home to an impressive and diverse set of employers including Charter Communications (global headquarters), Design Within Reach (headquarters), GE Capital Aviation Services, GE Energy Financial Services, Kayak (headquarters), Navigator’s Group, and NBC Sports among others.
Impressive Demographics – The highly affluent and dense population of Stamford features average household income of over $132,000 and over 162,000 people within a five-mile radius of the subject property.
Incredible Accessibility – Citibank is less than one mile from I-95 (+/-139,000 VPD) and the Stamford train station, offering quick commuting time to New York City and Manhattan with an average drive time of 45 minutes.
Proximity to Harbor Point – The Property is just one mile north of Stamford’s Harbor Point mixed-use community. Harbor Point features over 2,300 Class A apartments, exciting retail offerings, and over 1.5M SF of office space. The full development plans for the “Live, Work, Play” community include over 4,100 residential units, 2.3M SF of office, 250,000 SF of retail, four full- service marinas and more than 13 acres of parks and open space. Harbor Point is LEED ND Gold certified. Subject Property
Page 3 Citibank | Stamford, CT Lease Abstract
Property Address 15 Broad Street, Stamford, CT 06901 Property Type Retail Tenant Citibank Guarantor Citibank Building Size +/- 4,545 SF Land Size +/- 1.68 Acres Year Constructed 2004 Annual Rent $227,250 Subject Property Remaining Term Five (5) years Term Commencement March 7, 2006 Term Expiration March 31, 2021 Options Two (2), Five (5) year options Lease Type NNN Rent Schedule
Lease Years Annual Rent Rent/SF Years 1 - 5 $181,800 $40.00 Years 6 - 10 $204,525 $45.00 Years 11 - 15 $227,250 $50.00 Option 1 $249,975 $55.00 Option 2 $272,700 $60.00
Deposit Market Share Report
Market Institution Address Deposits ($000) Share Citibank 15 Broad St Stamford, CT $301,589 20.78% N JPMorgan Chase Bank 45 Prospect St Stamford CT $267,904 17.02% Patriot National Bank 900 Bedford St Stamford, CT $142,628 9.83% Peoples United Bank 350 Bedford St Stamford, CT $135,397 9.32% Bank of America One Atlantic St, Stamford, CT $122,790 8.45%
Page 4 Citibank | Stamford, CT Tenant Overview
Citibank is the consumer division of financial services approximately 16,000 offices worldwide and holds over multinational Citigroup. Citibank was founded in 1812 as 200 million customer accounts. As of June 2012, the year the City Bank of New York, later First National City Bank of of Citi’s 200th anniversary, Citigroup had built up an New York. The United States is the largest single market enormous cash reserve in the wake of the financial crisis with approximately 26% of branches, generating 51% with $420 billion in surplus liquid cash and government of revenues. Citibank’s 983 North American branches securities. are concentrated in major metropolitan areas including New York City, Chicago, Los Angeles, San Francisco, As of FY2014 Citigroup Inc. had total revenues of $71.0B, Washington, D.C., Miami, Boston, Houston, and Dallas. net income of $7.31B, and net worth of $210.5B. The Latin America markets make up 25% of revenues, Asia company currently has an S&P rating of A/Stable. 20%, and Europe / Middle East / Africa 4%. In the fastest- growing cities around the world, Citibank serves a full range of consumer banking needs, including checking and savings accounts, loans, wealth management advice and small business services.
In addition to standard banking transactions, Citibank markets insurance, credit cards, and investment Representative Photo products. Their online services division is among the most successful in the field, claiming about 15 million users.
Citigroup Inc. or Citi is an American multinational banking and financial services corporation headquartered in Manhattan, New York City. Citigroup was formed from one of the world’s largest mergers in history by combining the banking giant Citicorp and financial conglomerate Travelers Group in October 1998 (announced on April 7, 1998). As of January 2015, it is the third largest bank holding company in the US by assets. Its largest shareholders include funds from the Middle East and Singapore. At its height until the global financial crisis of 2008 Citigroup was the largest company and bank in the world by total assets with 357,000 employees. In 2007, Citigroup was one of the primary dealers in US Treasury securities. Citigroup had the world’s largest financial services network, spanning 140 countries with
Representative Photo
Page 5 Citibank | Stamford, CT Location Overview
Stamford is a city in Fairfield County, Connecticut. According to the 2010 census, the population of the city is 122,643. As of July 1, 2014, according to the Census Bureau, the population of Stamford had risen to 128,278, making it the third largest city in the state and the seventh largest city in New England. Approximately 30 miles from Manhattan, Stamford is in the Bridgeport-Stamford-Norwalk Metro area which is a part of the Greater New York metropolitan area. Stamford is home to four Fortune 500 Companies, nine Fortune 1000 Companies, and 13 Courant 100 Companies, as well as numerous Stamford Concourse divisions of large corporations. This gives Stamford the largest financial district in New York Metro outside New York City itself and one of the largest concentrations of corporations in the nation. Stamford is situated near the southwestern point of Connecticut. Among the larger companies with headquarters in Stamford are WWE, Tasty Bite, Pitney Bowes, Gen Re, Frontier Communications, Starwood Hotels and Resorts Worldwide, Crane Co. and Charter Communications. The Royal Bank of Scotland moved its North American operations into Stamford in 2009, including its RBS Greenwich Capital subsidiary. Business In recent years, Stamford has experienced impressive economic growth, establishing itself as the undisputed economic engine of the State of Connecticut. Stamford boasts a strong and diverse economy with global leaders in finance, pharmaceuticals, insurance, hospitality, media, and consumer products. Stamford has an extensive network of small and medium sized businesses that serve these global leaders as well as providing a vast array of products and services throughout the region. With more than 217,000 jobs in Stamford, the city maintains the largest labor force in the State of Connecticut, and boasts unemployment levels that consistently trend lower than the State and Federal unemployment rates. Downtown Stamford Transportation Accessibility is a major reason why many companies have recently relocated to Stamford. The Stamford Transportation Center is a major transportation hub and the busiest train station between New York City and Boston, with over 55,000 commuters accessing Metro- North, Amtrak, and Greyhound lines every day. Stamford is also located within 30-40 minutes of four major airports, including LaGuardia, Kennedy, Newark, and Westchester, and is easily accessible from both Interstate 95 and the Merritt Parkway. Downtown Stamford has a vibrant 24/7 downtown with 80+ restaurants offering almost every cuisine, great retail shopping and a wide variety of entertainment, from the Stamford Symphony, concerts at the Palace Theater, and eighteen movie screens to choose from throughout the city. With over 1.7 million square feet of retail space, 4 major hotels, and almost 20,000 residential units, Stamford is truly the place to be.
Harbor Point Just to the south of the Stamford Downtown area exists one of the most extensive waterfront and transit oriented developments in the nation known as Harbor Point, which has extended the boundaries of the CBD to Long Island Sound and transformed Stamford’s under-utilized industrial waterfront into a dynamic 24/7 lifestyle-oriented neighborhood. Anchored by the N.Y.-based supermarket chain Fairway Market, Harbor Point is home to numerous restaurants and retail establishments that hold a cache among young professionals. Harbor Point also boasts several marinas, a waterfront boardwalk, and acres of public parks. At completion, this transit-oriented mixed-use development will grow to over 8.4 million SF with over 4,100 residential units, 2.3 million SF of office, 250,000 SF of retail, four full-service marinas and more than 13 acres of parks and open space. Harbor Point is LEED-ND Gold certified and is becoming the gold standard for transit oriented development and smart growth.
Stamford, CT
Page 6 Citibank | Stamford, CT Greenwich - 6.5 Miles PARCGROVE APARTMENTS New York City - 33 Miles
UCONN - W BROAD ST STAMFORD BROAD ST (+/- 17,600 VPD)
STAMFORD TOWN CENTER
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Page 7 Citibank | Stamford, CT STAMFORD LANDMARK BLT HOSPITAL SQUARE FINANCIAL CENTER
NBC SPORTS GROUP STAMFORD TOWN EXIT 7 CENTER MALL CHELSEA PIERS CONNECTICUT
FRED & BARRY’S JULISKA EXIT 7 COVE EAST SIDE LILLIAN GREENWICH AUGUST ANTIQUES
THE KEY VAULT METRO AT YALE EXIT 7 CENTER APTS 111 METRO HARBOR LOCKWORKS 100 -300 FIRST GREEN EXIT 6 POINT APARTMENTS STAMFORD APARTMENTS APTS. PLACE THE LOFTS AT YALE & TOWNE
TWO POSTMARK HARBOR APARTMENTS POINT ONE INFINITY HARBOR APARTMENTS POINT THE BEACON LEGEND
STAMFORD LANDING ONE ELMCROFT Office ROAD
Future Development
Residential
Retail/Mixed Use
Hotel
Hospital N
SHIPPAN POINT
Page 8 Citibank | Stamford, CT Greenwich - 6.5 Miles New York City - 33 Miles
BEACON HARBOR POINT APTS 240-UNITS
STAR GAS PARTNERS, L.P
101 PARK PLACE 336-UNITS
INFINITY HARBOR POINT 240-UNITS POSTMARK APARTMENTS SUBJECT PROPERTY 403-UNITS 1/4 MILE NORTH 111 HARBOR POINT APARTMENTS 228-UNITS 121 TOWNE APARTMENTS 329-UNITS STAMFORD TRAIN STATION THE KEY @ YALE & TOWNE THE LOFTS @ YALE & TOWNE 107-UNITS 255-UNITS
VAULT APARTMENTS HQ 252-UNITS I-95 (+/- 139,299I-95 VPD) STAMFORD TOWN CENTER
MULTI-TENANT OFFICE RENOVATED IN 2011 Now Open
+/- 100 Stores
W
Page 9 Citibank | Stamford, CT Broad St 5 6 7
Harbor Point Mill River St 8 HARBOR POINT SuburbanAve Transportation Clark St 4 9 Main St TRANSPORTATION Main St Atlantic St Exit 8 The Harbor Point Trolley provides complimentary shuttle serviceThe between Harbor both Point residential Trolley and provides office complimentarybuildings, connecting Harborshuttle Point withservice downtown between Stamford—a both quick residential and convenient and Bell St serviceoffice that stops buildings, at manyconnecting popular Harborlocations Pointincluding with the 10 3 1 11 Stamforddowntown Transportation Stamford—a Center, Stamfordquick andTown convenient Center Mall, Greenwich Ave N State St Corporateservice Centers, that Fairway stops atMarket many and popularUCONN, locationsas well as 137 S State St numerousincluding dining theand nightlife Stamford locations Transportation (www.hptrolley.com). Center, Stamford Town Center Mall, Corporate Centers, Jefferson St In addition,Fnightlifeairw aay locationsWaterMarke tTaxi (www.hptrolley.com).an dprovides UCON Ncomplimentary, as w ell as n boatume roshuttleus ClintonAve serviced ifromning Mayand through September between the Harbor Point Governor John Davis Lodge Tpk Waterfront and Stamford Landing. Patrons are able to visit popular 95 12 In addition, a Water Taxi provides complimentary boat John St Harborshuttle Point Waterfront service from locations May through such as September World of Beer, between Sign the of the STAMFORD TRAIN TROLLEY STOPS Whale Harborand Paloma, Point and Waterfront then hop and on Stamfordthe water Landing.taxi to visit Patrons The Crab 2 STAMFORDSTATION 1 Harbor Point Square Shell andare Dolceable to Cubano visit popular without Harbor the hasslePoint Waterfrontof driving. locations 2 Stamford Transportation such as World of Beer, Sign of the Whale and Paloma, and Market St Center then hop on the water taxi to visit The Crab Shell and Dolce The Harbor Point Gateway Garage (www.thegatewaygarage.com) 3 Government Center Cubano without the hassle of driving. View Harbor is a new 1,755 space indoor parking facility located adjacent to the 4 Columbus Park Garden St Stamford Transportation Center just off exit 7 of Interstate 95 at Washington Blvd 13 at Washington Boulevard The Harbor Point Gateway Garage (www.thegatewaygarage. Atlantic St the intersection of Washington Boulevard and West Henry Street. Pulaski St 5 Broad Street com) is a new 1,755 space indoor parking facility located Henry St at UConn The garage has the option of monthly commuter packages or daily Woodland Ave adjacent to the Stamford Transportation Center just off 6 Landmark Square rates and features a juice bar and an E.V. charging station as well as exit 7 of Interstate 95 at the intersection of Washington at Broad/Atlantic/Bedford Magee Ave a car wash/detail service. Boulevard and West Henry Street. The garage has the option E Walnut St 7 Stamford Town Center of monthly commuter packages or daily rates and features a Broad Street Entrance juice bar and an E.V. charging station as well as a car wash/ 8 Grove Street detail service. 1 9 Tresser Boulevard at Elm Street 14 10 Stamford Town Center Harbor Point offers commuter parking, Tresser Blvd. Entrance complimentary trolley service to 11 Atlantic Street Harbor Point offers commuter parking, Pacific St at Tresser Boulevard downtown, and even a water taxi to STAMFORD 12 Urban Transit Way complimentary trolley service to Harbor St 13 Yale & Towne Area shuttle residents across the harbor. Fairway Market downtown, and even a water taxi to 14 Waterside School at Belden Street shuttle residents across the harbor. N Elmcroft Rd
Page 10 Citibank | Stamford, CT Location Overview | 27 Demographics
15 Broad Street, Stamford, CT 06901 0 - 1 mi. 0 - 3 mi. 0 - 5 mi. Population 2010 Population 39,917 125,898 168,967 2015 Population 43,296 131,889 176,141 2020 Population 46,089 137,793 183,466 2010-2015 Annual Rate 1.56% 0.89% 0.80% 2015-2020 Annual Rate 1.26% 0.88% 0.82%
Households 2010 Households 16,848 48,103 63,992 2015 Total Households 18,308 50,360 66,638 2020 Total Households 19,540 52,658 69,451 2010-2015 Annual Rate 1.60% 0.88% 0.77% 2015-2020 Annual Rate 1.31% 0.90% 0.83%
Race and Ethnicity 2015 White Alone 44.5% 62.7% 68.8% 2015 Black Alone 21.9% 13.8% 11.0% 2015 American Indian/Alaska Native Alone 0.6% 0.4% 0.3% 2015 Asian Alone 12.8% 8.9% 8.4% 2015 Pacific Islander Alone 0.1% 0.1% 0.1% 2015 Other Race 15.7% 10.7% 8.4% 2015 Two or More Races 4.4% 3.5% 3.1% 2015 Hispanic Origin (Any Race) 35.8% 26.3% 21.8%
2015 Median Household Income $57,656 $75,020 $82,486
2015 Average Household Income $76,243 $116,565 $135,201
Page 11 Citibank | Stamford, CT
Offered Exclusively by going beyond
Adam Jennings | Associate [email protected]
Jason Long | Associate Director [email protected]
In Association With: Joseph P. Odom CT Lic#:REB.0790686
Jason Long | Associate Director [email protected]
Adam Jennings | Associate [email protected] Stan Johnson Company 3340 Peachtree Road NE | Suite 650 Atlanta, Georgia 30326 In Association With 404.823.6360 Joseph P. Odom CT Lic#:REB.0790686 stanjohnsonco.com
3340 Peachtree Rd NE | Suite 650 Atlanta, GAThe 30326 information contained herein was obtained from sources believed reliable, however, Stan Johnson Company makes no guaranties, warranties or representations as to the 404.823.6360completeness thereof. The presentation of this property for sale, rent or exchange is submitted subject to errors, omissions, change of price or conditions, or withdrawal without notices.