The Fresno Bee, 1626 E St. ±219,864 Sf / 14.8 Prime Acres Near Downtown Fresno
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The Fresno Bee, 1626 E St. ±219,864 sf / 14.8 prime acres near Downtown Fresno Fresno Chandler Executive Airport N 180 High Speed Rail Right of Way Downtown Fresno Capital Markets | Investment Properties The Fresno Bee, 1626 E Street 2 INVESTMENT CONTACT LOCAL MARKET CONTACT EXECUTIVE SUMMARY ............... 03 Randy Getz Tony Cortopassi Executive Vice President Director +1 916 446 8287 +1 559 433 3549 PROPERTY OVERVIEW ............... 08 Lic. 00828903 Lic. 01413706 [email protected] [email protected] AREA OVERVIEW ....................... 11 500 Capitol Mall 9 River Park Place East Suite 2400 Suite 101 Sacramento, CA 95814 Fresno, CA 93720 MARKET DATA ........................... 13 The Fresno Bee, 1626 E Street 3 EXECUTIVE SUMMARY THE OFFERING N CBRE, Inc. is pleased to offer an Fresno Chandler Executive Airport opportunity to acquire fee simple interest in the 219,864 square foot multi-function building in Fresno, 180 California where for decades The 1626 E STREET McClatchy Company created and published the Fresno Bee newspaper. The property occupies ±14.8 prime acres on the western edge of Fresno’s CBD near Highway 99, one of two major freeways connecting northern High Speed Rail Right of Way and southern California. The California High Speed Rail right-of-way is across G Street from the property and the proposed Fresno HSR station is within easy walking distance. Downtown Fresno The asset is offered without a fixed asking price. Interested parties may gain access to the due diligence website after executing a standard Non-Disclosure Agreement. Expressions of interest should be submitted to Randy Getz whose contact information is included herein. (continued on next page) The Fresno Bee, 1626 E Street 4 THE OFFERING (continued) The McClatchy Company publishes 30 newspapers in 29 markets nationwide and has for some time been consolidating its operations to maximize efficiency and reduce operating costs. The Modesto Bee and The Fresno Bee are now produced at the Sacramento Bee printing plant. Fresno personnel occupy and use only ±15,000 square feet so the current facility is an asset that can be sold and the resources deployed elsewhere. Remaining employees will be relocated at COE or shortly thereafter. The Fresno metro area, including Clovis, has a population in excess of 600,000 people. It is the economic and cultural hub of a region that ranks as one of the United States’ most important agricultural centers, responsible for producing more than half the nation’s fresh fruits and vegetables. The Fresno Bee, 1626 E Street 5 OFFERING SUMMARY INVESTMENT HIGHLIGHTS • ±219,864 sq. ft. of office/industrial space PROPERTY TYPE Industrial and office • ±14.8 prime acres on the western edge of Fresno’s CBD PROPERTY NAME Fresno Bee Building • ½ block from Highway 99 1626 E Street ADDRESS • Across G Street from the proposed Fresno bullet-train station Fresno, California 93786 • Ideal location for one or multiple government agencies to Gross: 295,227 ESTIMATED SQ. FT. construct new offices Rentable: 219,864 • Potential redevelopment as industrial, warehouse, food or CURRENT OCCUPANCY ±15,000 square foot agricultural processing/manufacturing • Large development sites near downtown are seldom available YEAR BUILT In two phases - 1977 / 1991 SITE 14.8 acres; 644,688 sf ZONING IL – light industrial PARKING 577 spaces None. Prospective bidders are encouraged to familiarize themselves with the property and due diligence materials prior to submitting OFFERING PRICE offers. Access to the property and due diligence will be available following execution of a routine Non-Disclosure Agreement. The Fresno Bee, 1626 E Street 6 1626 E STREET Source: California High-Speed Rail Authority The Fresno Bee, 1626 E Street 7 AREA OVERVIEW The City of Fresno is the county seat of Fresno County. It is the sixth-largest city in California, the second largest inland city in California after Sacramento, and the 34th-largest city in the United States. Fresno is in the center of California’s San Joaquin Valley, a region that produces FRESNO the majority of the country’s fresh produce. It is estimated that one out of three jobs in the Fresno area is related to agriculture, and more than 500 trucking and warehousing firms are located in the area due to agricultural production and the City’s strategic centralized location. Fresno is approximately 220 miles northwest of Los Angeles, 170 miles southeast of Sacramento, and 185 miles southeast of San Francisco. This centralized locale makes it an excellent choice for manufacturing and distribution, due to its location within one day's drive of more than 40 million people. This is made possible by Fresno’s proximity to Highway 99 as well as Interstate N 5 which runs the length of the state and connects with multiple east/west routes. MAP NOT TO SCALE Fresno Chandler Executive Airport 1626 E STREET E ST G ST High Speed Rail Right of Way H ST Downtown Fresno The Fresno Bee, 1626 E Street 8 PROPERTY OVERVIEW The Fresno Bee property was built in two phases in 1977 and 1991 and totals just under 300,000 sf gross (±220,000 sf rentable) on ±14.8 acres. Purpose- built for the creation, production, and distribution of a daily newspaper, the improvements consist of office, warehouse, printing and loading/distribution facilities. The property is located on the edge of Fresno’s downtown in an area surrounded by industrial and flex-type properties. The U.S. Post Office is adjacent. The site is zoned IL for light industrial and manufacturing. Because of the multiple functions historically carried out here, the property is not laid out like a typical office or industrial property. Some of the office space has been updated over the years but some has not. The warehouse areas used for storage of raw materials and finished production do not feature large, uniform clear heights like conventional warehouses. And the printing plant portions of the property are highly specialized. All printing equipment will be removed prior to delivery. Bock & Clark Environmental completed a phase 1 environmental site assessment in January 2016 which will be included in the available due diligence materials. The Fresno Bee, 1626 E Street 9 PROPERTY SUMMARY1 NAME Commercial polyurethane [details Fresno Bee building ROOF pending] 1626 E Street ADDRESS Varies by location. Max. 18’ at north Fresno, California 93706-2006 CEILING HEIGHT loading area COUNTY Fresno LOADING FACILITIES 15 dock-height doors; 10 drive-in doors ASSESSED VALUE (2019/2020) $12,085,679 ELEVATORS Three freight; one passenger PARCEL NUMBER 465-084-30 HVAC [details pending] LAND AREA 14.8 acres (644,688 sf) FIRE Fire sprinklers throughout PARKING TOTAL / RATIO 577 / 2.6:1,000 sf rentable Security cameras and key card entry SECURITY system ZONING IL-light industrial ELECTRICAL 12,000V/3-phase YEAR BUILT 1977/1991 Two 12,000-gallon USTs with Industrial/warehouse/mfg.: ±119,864 sf UNDERGROUND STORAGE SQUARE FOOTAGES BY TYPE dispensers for fuel are located at the (ESTIMATED) Office/administrative: ±100,000 sf TANKS northeast corner of the building. FLOORS Three + basement A website containing documents and additional information about the CONSTRUCTION TYPE Concrete NON-DISCLOSURE AGREEMENT property has been set up. Please contact AND DUE DILIGENCE ACCESS us if you would like to receive a link FOUNDATION Concrete to the Non-Disclosure Agreement and access to the due diligence site. 1 Sources: On-site property manager; appraisal dated December 2018 The Fresno Bee, 1626 E Street 10 SITE DESCRIPTION The site is irregularly shaped and enjoys excellent ingress and egress with two driveways each on both E Street and G Street. Frontage totals 1,031 feet along E Street and 710 feet on G Street. Approximately 577 parking spaces are provided in a G ST paved lot located primarily in the southeast portion of the site. E ST N ➤ © 2019 Googlle 800 ft © 2019 Google The Fresno Bee, 1626 E Street 11 AREA OVERVIEW The City of Fresno is the county seat of Fresno County. It is the sixth-largest city in California, the second largest inland city in California after Sacramento, and the 34th-largest city in the United States. Fresno is in the center of California’s San Joaquin Valley, a region that produces the majority of the country’s fresh produce. The City is without question the economic hub of the region, Downtown Fresno with the unincorporated rural areas surrounding Fresno engaged in large-scale agricultural production. In fact, agriculture directly employs 20 percent of the workforce and provides more than $3.5 billion to the local economy. It is estimated that one in three jobs in the Fresno area is in some way related to agriculture, and more than 500 trucking and warehousing firms are located in the area due to agricultural production and the City’s strategic centralized location. Two railways operate Old Fresno Water Tower intermodal facilities in the county and UPS, FedEx, and DHL Fresno City Hall all operate out of Fresno-Yosemite International Airport. A majority of America’s produce is grown here and Fresno is the number one agricultural county in the United States. More than 7,500 farmers grow 250 types of crops on 1 million acres of some of the world’s most productive farmland. Major crops include grapes, cotton, cattle, tomatoes, milk, plums, turkeys, oranges, peaches, and nectarines. Not surprisingly a large food processing industry has developed around all this farming activity; a large number of canning, curing, drying, and freezing plants are located in the area. (continued on next page) The Fresno Bee, 1626 E Street 12 AREA OVERVIEW (continued) FRESNO’S TOP EMPLOYERS Fresno is strategically centralized within the state, approximately 220 miles # OF # EMPLOYER EMPLOYEES northwest of Los Angeles, 170 miles southeast of Sacramento, and 185 miles southeast of San Francisco.