LAKEVILLE, MINNESOTA
▪ This 29,362 square foot corporate headquarters facility features a flexible design utilizing extensive brick and glass. It has been the corporate home to Hearth and Home technologies, the world leader in hearth production and installation, since 2008.
EXCLUSIVE OFFERING MEMORANDUM STEVE LYSEN First Vice President +1 952 924 4620 [email protected] TABLE OF CONTENTS
INVESTMENT HIGHLIGHTS...... 4 PROPERTY INFORMATION...... 5 AERIALS...... 6 SITE PLAN...... 8 FLOOR PLAN...... 9 TENANT & LEASE SUMMARY...... 11 CASH FLOW...... 12 AREA SUMMARY...... 13 MARKET OVERVIEW...... 14 INVESTMENT HIGHLIGHTS
MINNEAPOLIS/ST. PAUL MSA NATIONAL RANKINGS
CBRE has been retained as the exclusive marketing advisor for the disposition MINNEAPOLIS/ST. PAUL, MN NATIONAL RANK of the Hearth & Home Technologies headquarters building, located in GDP per Capita 10 Lakeville, Minnesota. This 29,362 square foot corporate headquarters facility Per Capita Personal Income 10 was built in 2007 and is 100% occupied. Fortune 500 Companies 5 Employment in Medical Device Ind. 2 HIGHLIGHTS Labor Force Partic. Rate 1 Functional Design Pop. with Bachelor’s Deg. or Higher 5 This industrial flex property was built to accommodate single or multi tenancy Poverty Rate 2 and is easily divisible to 3,760 square foot bays. 18’ clear height, dock and Note: Rankings are out of the top 30 most populous metropolitan areas. drive in access, multiple storefronts, extensive glass and flexible bay sizes make this outstanding property attractive to a wide variety of tenants. Diverse Minneapolis Economy & Job Growth Highway Access and Visibility Home to 18 Fortune 500 companies, the Minneapolis metropolitan area Located on the Corner of Highway 70 and Cedar Avenue, the property benefits from a diverse economy and an unemployment rate of 3.9%, enjoys excellent access to Interstate 35W and visibility to 12,900 cars per significantly lower than the national rate of 4.9%. day on Cedar Avenue. Strong South Central Market 100% Occupied The Hearth & Home Headquarters is located in the city of Lakeville, Hearth & Home Technologies has recently renewed their commitment to the Minnesota which is part of the South Central Industrial submarket, comprised property for an additional five years through the year 2025. They are the of 70 million sq. ft. of space. South Central led all submarkets in Q4 2020 original tenant in the building. leasing with 31% of the total, and finished 2020 with 422,520 sq. ft. of net absorption. Stable Minneapolis/St. Paul Industrial Market With 340 million square feet, the Minneapolis/St. Paul Industrial market FINANCIAL TERMS closed 2020 with significant momentum and nearly 2.9 million sq. ft of net The Hearth and Home building is being offered without a formal asking absorption for the year. As of Q4 2020, the market is 95.3% occupied and price. The current in-place net operating income is $293,897. posted with 1.5 million sq. ft. under construction and nearly 2.4 million sq. ft. of speculative development that could break ground in 2021. The market continues to attract new investment capital due to low vacancy and a diverse OFFERING PROCESS economy. CBRE will review offers on a first come, first serve basis as they are received. The owner may set a formal offering deadline at a later date.
4 |Hearth & Home PROPERTY INFORMATION
7571 W 215th St ADDRESS: Lakeville, MN 55044 COUNTY: Dakota
TOTAL RENTABLE AREA: 29,362
OCCUPANCY: 100%
BUILDING USE: Corporate Headquarters
OFFICE: 26,196 SF
WAREHOUSE/LAB: 3,129 SF
EXTERIOR: Brick, decorative block, glass
SITE SIZE: 3.1 Acres
YEAR BUILT: 2007
CLEAR HEIGHT: 18’ Clear
5 drive in doors (4 currently glassed in) LOADING: 2 dock high doors (1 currently glassed in)
COLUMN SPACING: 40’-48’ X 96’-98’
HVAC: Rooftop package units
FIRE SAFETY: Wet sprinkler system
CAR PARKING: 50+
ZONING: Industrial
TAX PARCEL ID: 22-11175-01-011 SITE AERIAL
215TH STREET W
CEDAR AVENUE
N 6 |Hearth & Home SITE AERIAL
CEDAR AVENUE
215TH STREET W
N SITE PLAN
8 |Hearth & Home FLOOR PLAN 10 |Hearth & Home TENANT SUMMARY
HEARTH & HOME TECHNOLOGIES Size: 29,362 RSF Commencement: July 2008 Expiration: December 31, 2025 www.hearthnhome.com Hearth & Home Technologies (HHT) is an operating division of HNI Corporation. Hearth & Home Technologies™ is the world’s leading producer and installer HNI is dedicated to delivering long-term value to its shareholders, exceeding of hearth products, including a full array of gas, electric and wood burning customer expectations and being a responsible corporate citizen. Today, HNI fireplaces, inserts, stoves, grills, mantels and more. remains strong, stable and publicly traded (NYSE: HNI). Forbes magazine named HNI one of the 400 Best Big Companies in America, and Fortune It sells its products through dealers in the United States, Canada, Australia, magazine voted it one of America’s Most Admired Companies. Europe, New Zealand, and South Africa. Hearth & Home Technologies LLC was formerly known as Hearth Technologies, Inc. and changed its name to Hearth & Home Technologies LLC in 2003. The company was founded in 1927 and is headquartered in Lakeville, Minnesota.
LEASE SUMMARY
Real Size % of Comm. Term. Extension Annual Annual Base Rent Estate Renewal Option Tenant (SF) Occupancy Office % Date Date Term Rent Rent PSF OpEx Taxes Options Rent Hearth & Home 29,362 100.% 90.% 6/1/08 12/31/25 5 years 1/1/20 - 12/31/25 $293,914 $10.01 Net Net (1) 5 year Market or Technologies notice to 3% annual LLC be given increases one year in (at advance Landlord’s option) CASH FLOW
Schedule of Prospective Cash Flow* In Inflated Dollars for the Fiscal Year Beginning 1/1/2021 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 For the Years Ending Dec-2021 Dec-2022 Dec-2023 Dec-2024 Dec-2025 Dec-2026
Potential Gross Revenue
Base Rental Revenue $293,987 $293,987 $293,987 $293,987 $293,987 $293,987
Scheduled Base Rental Revenue $293,987 $293,987 $293,987 $293,987 $293,987 $293,987
CPI & Other Adjustment Revenue
Expense Reimbursement Revenue
Tax $78,392 $79,960 $81,559 $83,190 $84,854 $86,551
CAM $17,617 $17,970 $18,329 $18,696 $19,069 $19,451
Total Reimbursement Revenue $96,009 $97,93 0 $99,888 $101,886 $103,923 $106,002
Total Potential Gross Revenue $389,996 $391,917 $393,875 $395,873 $397,910 $399,989
Collection Loss -$3,900 -$3,919 -$3,939 -$3,959 -$3,979 -$4,000
Effective Gross Revenue $386,096 $3 87,9 98 $389,936 $391,914 $393,931 $395,989
Operating Expenses
Tax $78,392 $79,960 $81,559 $83,190 $84,854 $86,551
CAM $17,617 $17,970 $18,329 $18,696 $19,069 $19,451
Total Operating Expenses $96,009 $97,93 0 $99,888 $101,886 $103,923 $106,002
Net Operating Income $290,087 $290,068 $290,048 $290,028 $290,008 $289,987
Leasing & Capital Costs
Cap Ex $4,404 $4,492 $4,582 $4,674 $4,767 $4,863
Total Leasing & Capital Costs $4,404 $4,492 $4,582 $4,674 $4,767 $4,863
Cash Flow Before Debt Service & Taxes $285,683 $285,576 $285,466 $285,354 $285,241 $285,124
**Assumes 2% credit loss and 2% annual inflation 12 |Hearth & Home AREACBRE SUMMARY - 3 MILE RADIUS 7571 215TH ST W AREA SUMMARY 3 MILES
POPULATION POPULATION BY YEAR % ANNUAL POPULATION GROWTH 2.5 2025 2.0
Study Area 1.5 2020 US 1.0
0.5 2010 0.0 0 5,000 10,000 15,000 20,000 25,000 2010-2020 2020-2025
RACE & ETHNICITY INCOME White - 85.9% $102,584 Black/African American - 4.0% MEDIAN HOUSEHOLD INCOME American Indian - 0.5% Asian - 4.2% $44,021 Native Hawaiian/Other Pacific Islander - 0.1% PER CAPITA INCOME Other Race - 1.8% HOME OWNERSHIP Two or More Races - 3.6% 84.4% 4.8% HISPANIC/LATINO POPULATION (ALL RACES) OWNER-OCCUPIED UNITS
EDUCATION EMPLOYMENT Master's/Professional/Doctorate - 12.9% 9,199 EMPLOYEES Bachelor's - 33.8% Other - 53.3% 574 BUSINESSES
13.3% RESIDENTIAL UNEMPLOYMENT RATE
©2021 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Source: Esri ProjectID:706773 MINNEAPOLIS / ST. PAUL INDUSTRIAL MARKET
Minneapolis/St. Paul Industrial Market
The Minneapolis/St. Paul Industrial market is comprised of 340 million sq. ft. of industrial product and is divided into eight submarkets. The market had 1.15 million sq. ft. of absorption in Q4 2020 to finish the year on a high note. Overall vacancy is 4.7%, and Q4 2020 transaction activity was 69% greater than the previous quarter. Pent up demand could result in nearly 2.4 million sq. ft. of speculative development in 2021, in addition to several new built-to-suits.
Minneapolis/St. Paul Q4 2020 Industrial Market Sumamary South Central Industrial Submarket The Hearth & Home Headquarters is located in the city of Lakeville, Minnesota which is part of the RENTABLE TOTAL SUBMARKET South Central Industrial submarket, comprised of 70 million sq. ft. of space. The South Central AREA (SF) VACANCY submarket benefits from access to Interstate 35 and broader freeway network as well as proximity to Northwest 73,192,779 8.1% the MSP International Airport. South Central led all submarkets in Q4 2020 leasing with 31% of the total, and finished 2020 with 422,520 sq. ft. of net absorption. Southwest 70,098,257 7.9%
South Central 51,876,425 6.9% Lakeville
St. Paul 16,501,056 3.5% The city of Lakeville is well located in the growing South Central submarket. Located near Interstate 35 and Highway 77, the city’s industrial areas have excellent access to the Minneapolis/St. Paul Minneapolis 26,057,788 3.2% freeway system. As well, Lakeville has significant developable land allowing for future industrial growth, capitalizing on existing momentum that includes recent and under construction projects North Central 52,260,634 5.9% exceeding 1 million sq. ft.
East 19,385,147 5.0%
Midway 31,079,601 5.1%
TOTAL 340,451,687 6.5%
14 |Hearth & Home THE TWIN CITIES
Minneapolis-St. Paul, collectively referred to as the Twin Cities, is the nation’s 16th largest MSA with approximately 3.6 million residents in a 13-county area (American Community Survey Estimates 2017). Approximately 62% of Minnesota residents live within this 13-county area — evidence of its importance as an economic engine and the cultural center of the State of Minnesota. The region grew 7% between2010 and March 2018, according to the U.S. Census Bureau. Additionally, the Metropolitan Council projects that the Minneapolis-St. Paul metropolitan population will grow 30% between 2010 and 2050. MINNEAPOLIS / ST. PAUL INDUSTRIAL MARKET
Economic Overview
19 Fortune 500 public companies are headquartered in Minnesota. Target, Best Buy, 3M, General Mills, Ameriprise Financial and UnitedHealthGroup are part of the diverse powerhouse of the state’s 4% #6 business base. Fortune named Target and 3M among the “World’s Personal Income Increase Best State to do Business Most Admired Companies” in 2018 with 3M in the Top 25. The stability From 2016 to 2017 Source: America’s Top States for Business and growth of large corporate employers has been complemented by a Source: American Community Survey Estimates 2017 2018, CNBC dynamic small business sector.
After a review of 10 business competitiveness factors including #2 #9 Highest Labor Force In Exports Per Capita workforce, quality of life, and education, CNBC ranked Minnesota Participation in the Nation Nationally #6 in their 2018 Top State for Business. Minnesota’s workforce is Source: U.S. Department of Commerce Source: Minnesota Employment and highly educated with a strong labor force participation rate of 71%, Economic Development and worker-training programs to help ensure future placement in jobs. Minnesota also ranked high for quality of life, noting a low crime rate, MINNESOTA IS #9 clean air and water, accessibility, and access to quality health care. In Total Number of Fortune 500 Companies Source: MN Department of Employment and Economic Development
#1 In Fortune 500 Companies Per One Million People Among 13 COUNTY MSA Largest Metropolitan Areas Nationwide Source: MN Department of Employment and Economic Development FORTUNE Isanti 500 Chisago Sherburne Superstar +30% Anoka PROJECTED Washington MINNEAPOLIS/ST. PAUL Wright POPULATION INCREASE St. Croix from 2010-2050 Hennepin Ramsey
Carver Pierce 3.6M POPULATION OF THE Scott Dakota 13- COUNTY MSA
16 |Hearth & Home
MINNEAPOLIS / ST. PAUL OVERVIEW CONTINUED
13 19 FORTUNE 500 COMPANIES
6 ECONOMIC SECTOR KEY Headquartered in Minnesota 12 15 2 11 19 Medical Technology Company Rank Financial/Insurance 1 UnitedHealth Group (UNH) 5
Food and Water 26 2 Target (TGT) 39 16 Retail Other 3 Best Buy (BBY) 72 22 4 CHS (CHSCP) 96 21 8 MINNEAPOLIS CBD 5 3M (MMM) 97 ST. PAUL CBD 5 17 10 6 U.S. Bancorp (USB) 122
20 7 Supervalu (SVU) 180 © 2018 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced. Layout ID: L16 MapId: 5896437 8 General Mills (GIS) 182 1 27 9 C.H. Robinson Worldwide (CHRW) 193 7 3 18 4 10 Ecolab (ECL) 215 25 23 11 Land O’Lakes 216
24 14 12 Ameriprise Financial (AMP) 252 9 13 Xcel Energy (XEL) 266
14 Hormel Foods (HRL) 323
15 Thrivent Financial 342
16 Mosaic (MOS) 382
8 FORBES LARGEST PRIVATE COMPANIES 17 Securian Financial Group 462 Headquartered in Minnesota 18 Patterson (PDCO) 490
© 2018 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps Company Rank as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced. Layout ID: L16 MapId: 5906634 19 Polaris Industries (PII) 496 20 Cargill 1
21 Carlson Companies 91
22 M.A. Mortenson 110
23 Holiday Companies 130
24 Rosen’s Diversified 145
25 Schwan’s Company 154
26 Andersen Windows & Doors 179 27 Taylor 218 $542.6B Revenue of Minnesota Fortune 500 Companies MAJOR ECONOMIC SECTORS
FOOD SOLUTIONS AND WATER
Minneapolis/St. Paul is home to some of the most renowned food manufacturing companies in the nation with companies including Cargill, General Mills, Hormel Foods, Land O’ Lakes and Schwan Foods. Minnesota’s agricultural sector is the backbone to its strong food processing industries. Companies such as Ecolab and Pentair work in a wide range of water technology areas including hydrofracking, desalination, agriculture, water reuse, water security, filtration, conservation, and waste water treatment, placing Minneapolis-St. Paul ninth in the nation for water-technology related exports.
NATIONAL RETAILERS
Target and Best Buy, two major national retailers, call the Minneapolis-St. Paul metropolitan area employer in the state with 8,578 employees and has an home. Coming in at number 36 in the Fortune 500 annual revenue of $17 billion. and producing $73 billion in annual revenue, Target employs 30,500 people in Minnesota and is the state’s fourth largest employer. Best Buy, a multi- national retailer of technology and entertainment products which generates $44 billion in annual revenue, employs 7,527 Minnesotans and ranks 72 on the Fortune 500 list. Supervalu is another national retailer headquartered in Minneapolis/St. Paul. The MINNESOTA’S #4 grocery retailer, known for chains such as Save-A-Lot, Largest Employer Cub, Jewel-Osco and Shoppers, is the 18th largest
18 |Hearth & Home MAJOR ECONOMIC SECTORS
MEDICAL TECHNOLOGY
Minneapolis/St. Paul ranks second nationally in medical device industry employment with 319 establishments throughout the metro. Medical 319 28K+ #1 research is fueled by institutions like the Mayo Clinic Medical Device Establishments in People Employed in the In Medical Device Patents Out of 30 and the University of Minnesota who have formed a Minneapolis-St. Paul Medical Device Industry Largest Metro Areas in the Country biotechnology and medical genomics partnership.
FINANCIAL SERVICES AND INSURANCE
Over 147,700 employees in the Minneapolis metropolitan area have occupations in financial #9 services, according to the 2018 Bureau of Labor Largest MSA Concentration of Finance 106K+ Employees in 5K+ Establishments Statistics. Companies such as US Bancorp, Ameriprise, and Insurace Employers Travelers, Thrivent Financial, Wells Fargo Home Mortgage and UnitedHealthGroup are headquartered or have a significant employee base in Minnesota, offering services in areas including banking, insurance, securities and financial investment. Work Force Quality and Education
Minneapolis has one of the most educated workforces in the country with 52% of people 25 and older with an associate degree or higher and 94% with a high school degree according to CBRE data, making Minneapolis/Saint Paul one of the most educated region in the country. Minneapolis and St. Paul both ranked in the top 10 in the “America’s Most Literate Cities” study performed by Central Connecticut State University in 2017, ranking third and seventh respectively. The state’s legendarywork ethic — a product of its hardscrabble, pioneer roots — contributes to one of the lowest workplace absenteeism rates in the country.
4-Year Colleges and Universities 52% #27 IN THE WORLD In the Twin Cities Metro Of the Population Over the Age of 25 University of Minnesota System’s Ranking Hold an Associates Degree or Higher Source: Thomson and Reuters, 2018
47,568 University of Minnesota-Twin Cities Campus 2017 Student Enrollment #2 Source: University of Minnesota, 2018 Highest Labor Force Participation in the Nation #7 FOR PRE-K TO 12 Source: U.S. Department of Commerce Minnesota’s National Education Rating Source: U.S. News, 2018
#3 MOST LITERATE CITY Minneapolis’ Ranking 709 credit score Source: Central Connecticut State University, 2017 Highest Average in the Nation Source: U.S. Experian, 2018
20 |Hearth & Home BEST-RUN STATE Minnesota’s Ranking Based on MINNESOTA Unemployment Rate, Credit Rating & Gets It Done Outlook, Pension Ratio & Poverty % Source: 24/7 WallSt, 2017
#1 VOTER TURNOUT Among All States Over the Past Two General Election Source: United States Election Project, 2018 BEST PARK SYSTEM In the Nation Source: CNBC, 2018
HIGHEST INCOME Minneapolis-St. Paul’s Median Household Income Ranking Among Midwestern Metropolitan Areas Source: Statisticalatlas.com and U.S. Census Bureau, September 2018
#1 IN VOLUNTEERING & SERVICE Minnesota’s Rank Among All States Source: Wallet Hub, 2018 Transportation & Infrastructure The main metropolitan area is encircled by BEST AIRPORT the Interstate 694/494 loop which is bisected In North America in its Size Category, Based on Traveler Feedback by Interstate 94/394 running East/West and Source: Airports Council International Interstates 35W and 35E running North/ South. It is served by the Minneapolis/St. Paul International Airport (MSP), which has been 74,800 $9.9 BILLION $253 MILLION 38 MILLION recognized for a second year in a row as the Best Jobs In Economic Activity In State and Local Taxes Passengers in 2017 Airport in North America by Airports Council International (ACI 2018). Source: Metropolitan Council’s 2040 Transportation Policy Plan
The State of Minnesota has 21 railroad companies: Four large (Class I) companies — BNSF, Canadian National, Canadian Pacific and Union Pacific — one (Class II) company — Rapid City, Pierre & Eastern — 14 smaller (Class III) companies and two private companies. The Metropolitan Council’s “2040 Transportation Policy Plan” includes an integrated transportation #2 largest hub system that will interface multiple forms of For Delta Airlines at MSP transportation including Light Rail Transit (LRT), Commuter Rail, and Bus Transit.
#6 best infrastructure SYSTEM OF THE YEAR Minnesota’s Ranking For 2016 Source: CNBC, 2018 According to the American Public Transportation Association, 2016
22 |Hearth & Home EXISTING AND PLANNED TRANSITWAYS
MINNEAPOLIS-ST. PAUL MASS TRANSIT
Big Lake Elk River Line Connections 2016 Ridership Ramsey
Anoka Bus Metro-wide 58M
Coon Rapids/Riverdale Blue Line Minneapolis CBD, MSP Airport and Mall of America 10.3M
MISSISSIPPI RIVER Green Line Minneapolis CBD, University of Minnesota and St. Paul CBD 12.7M
Northstar Minneapolis CBD to Northwest suburbs .7M Oak Grove Pkwy Existing and Planned 93rd Ave BROOKLYN PARK Southwest Corridor Minneapolis CBD to Southwest suburbs 2023 Completion 85th Ave Transitways
Brooklyn Blvd Fridley
63rd Ave TWIN LAKE Brooklyn Center Transit Center
Bass Lake Rd CRYSTAL LAKE
Robbinsdale C D Van Golden Valley Rd Penn White Ave Blvd Rosedale Transit Center Plymouth Avenue/Theodore Wirth Park Target Field
Warehouse District/Hennepin Ave Royalston Ave/Farmers Market Nicollet Mall A 3rd St Bassett Creek Valley 5th St Downtown Government Plaza Bryn Mawr Minneapolis 7th St U.S. Bank Stadium
11th St West BankEast BankStadium Village #6 West 21st St Prospect Park
West Lake St Westgate BEST INFRASTRUCTURE Cedar-Riverside Raymond Ave Beltline Blvd LAKE CALHOUN Franklin Ave Fairview Ave Minnesota’s Ranking Snelling AveHamline AveLexingtonVictoria Pkwy StDale St Western Capitol/RiceAve St Wooddale Ave Source:CNBC, 2018 Lake St Lake St/Midtown Downtown Robert St St. Paul Louisiana Ave LAKE HARRIET 38th St Mounds BlvdEarl St Etna St White BearSun Ave Ray MaplewoodGreenwayHelmo Ave Ave 10th St Blake Rd ST. PAUL 46th St MISSISSIPPI RIVER Tamarack 46th St Central Downtown Hopkins MINNEAPOLIS Union 50th St/Minnehaha Park Depot Woodbury Theatre Shady Oak D VA Medical Center WOODBURY
Opus Fort Snelling 66th St
City West Terminal 1–Lindbergh Minneapolis-St. Paul International Airport SouthWest Golden Triangle 76th St Terminal 2–Humphrey Station Mall of American Blvd American Blvd America Eden Prairie Town Center Existing Transitways and Stations 28th Bloomington Ave Central METRO Blue Line (LRT) EDEN PRARIE 98th St METRO Green Line (LRT) METRO Red Line (BRT) MINNESOTA RIVER Shared Station Cedar Grove Rapid Bus Line Northstar Line Cliff Rd Burnsville Heart of the City
Burnsville Pkwy Palomino Dr Planned Transitways and Stations Burnsville Center 140th St METRO Orange Line (BRT): 2020 147th St METRO Orange Line extension (BRT): 2021 METRO Green Line extension (LRT): 2023 Apple Valley Transit Station METRO Blue Line extension (LRT): TBD Lakeville Kenrick 161st St METRO Gold Line (BRT): 2024 METRO Red Line extension (BRT): TBD Glacier Way Rapid Bus Lines
Lakeville Cedar
LAKEVILLE 195th St updated 6/1/18
215th St MAJOR ATTRACTIONS IN THE MINNEAPOLIS/ST. PAUL METRO AREA
MALL OF AMERICA MUSEUMS
520+ Stores
5.6M Square
40M Visitors Each Year MUSIC/THEATER VENUES
$2B Economic Impact for the State
400+ Events Hosted Each Year
24 |Hearth & Home MAJOR ATTRACTIONS IN THE MINNEAPOLIS/ST. PAUL METRO AREA
SPORTS
ALLIANZ FIELD Completion expected
66,655 CAPACITY 20,000+ CAPACITY 39,504 CAPACITY 20,554 CAPACITY 19,400 CAPACITY
MINNEAPOLIS IS HOME TO:
2018 2017 2017 2018 2019 2028 2018 2020 A f f i l i a t e d B u s i n e s s D i s c l o s u r e & C o n f i d e n t i a l i t y A g r e e m e n t
CBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgment of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s). Your receipt of this Memorandum constitutes your acknowledgment that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc. © 2019 CBRE, Inc. All rights reserved. This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners. All marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.
STEVE LYSEN First Vice President +1 952 924 4620 [email protected] STEVE LYSEN First Vice President +1 952 924 4620 [email protected]