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Lakeville, Minnesota

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Lakeville, Minnesota 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.
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