Tesla Sales & Fulfillment Center
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Tesla Sales & Fulfillment Center 11945 N FLORIDA AVE TAMPA, FL 33612 COMMERCIAL REAL ESTATE DEBT, EQUITY & SERVICING A project by SLT Ventures, LLC a subsidiary of Abernathy Development Company, LLC TABLE OF CONTENTS EXECUTIVE SUMMARY .................................................................................................. 1 PROPERTY InfORMATION ............................................................................................. 3 TENAnt InfORMATION ................................................................................................. 7 LOCATION InfORMATION .............................................................................................. 10 COMPARABLE SALES ..................................................................................................... 21 COMPARABLE SALES ..................................................................................................... 30 Tesla Sales & BORROWER INFORMATION ........................................................................................... 32 Fulfillment Center BORROWER InfORMATION ........................................................................................... 36 11945 N FLORIDA AVE TAMPA, FL 33612 FOR MORE INFORMATION, PLEASE CONTACT: Wanda Riggs Mack Claude Scarborough VICE PRESIDENT SENIOR INVESTMEnt ANALYST 678.954.4666 678.954.4668 [email protected] [email protected] EXECUTIVE SUMMARY EXECUTIVE SUMMARY PROPERTY OVERVIEW 11945 N Florida Ave With the help of NorthMarq Capital, SLT Ventures, LLC an affiliate of Address Abernathy Development Company was able to obtain financing for the purpose Tampa, FL 33612 of acquiring and developing a Tesla customer fulfillment center with a 356 Property Type Automobile Sales & Fulfillment Center parking deck that will hold cars for distribution throughout the Florida market, as well as a 30,000 sf sales and service center in Tampa, FL. Land Area (+/- Acres) 7.340 The Tesla Sales & Fulfillment Center is located on a high-traffic section of Fulfillment Center Sales Center North Florida Ave in north Tampa, with daily average traffic counts of 24,000 vehicles per day. The Property also benefits from being located along one of Year Built 2008 TBB the major automotive retail corridors in Hillsborough county (see retail map) and it’s excellent proximity to Tampa and southeastern US’s transportation Net Rentable Area (+/- SF) 135,696 30,000 nodes. Parking Spaces 356 +/- 249 +/- Tesla, Inc. (being the principal corporation of Tesla as listed on the NASDAQ stock exchange), dba Tesla Motors Florida is the Leasee. The term of this Lease Borrower Entity SLT Ventures LLC, a Georgia LLC shall commence upon the completion of the Fulfillment Center and continue for Eleven (11) calendar years following the completion of the Sales Center. TESLA SALES & FULFILLMENT CENTER NORTHMARQ CAPITAL | 1 EXECUTIVE SUMMARY AERIAL SHOWING THE PROPOSED DEALERSHIP TESLA SALES & FULFILLMENT CENTER NORTHMARQ CAPITAL | 2 PROPERTY INFORMATION IMPROVEMENTS DESCRIPTION Opening in 2008, the property was originally a Dodge car dealership, and the +/- 30,000 sf GLA (the “Building”), plus a surface parking area incorporating up existing parking garage was built at that time. As seen in the above photo, the to +/-158 spaces, collectively situated upon +/-4.28 acres. original sales and service facility has been removed. The proposed development contemplates delivering the premises in two phases. The developer is planning to substantially complete the improvements for Ten- ant’s possession by January 1, 2018, on or before the date that is ten (10) calendar PHASE I months after execution of the Lease. Phase I of the development is the acquisition of an existing, to-be-refurbished +/-356-space parking deck, 3-level parking structure, incorporating +/-3,715 sf Frontage / Visability 577 feet along N. Florida Avenue of customer service lounge area (the “Phase I Lounge”), plus a surface parking Land Area 7.340 Acres / 319,730 sf area incorporating +/- 91 spaces, collectively situated upon +/- 3.06 acres (in- Flood Zone Flood FIR Map: 12057C corporating such additional land and entitlements as to allow for future on-site Description Zone X Panel No.: 0212 H expansion, including the potential to develop an additional parking garage) Zoning PD Auto Dealership & Major Vehicle Re- Possession of Phase I of the Premises, including improvements, is projected to #06-0910 pair/Body Shop take place ninety (90) days after the Lease is fully executed. Parking 605 space (garage & surface) PHASE II Number of Buildings Two - Existing Garage & To Be Built Phase II includes the development of a freestanding exterior shell building of Sales & Service Center TESLA SALES & FULFILLMENT CENTER NORTHMARQ CAPITAL | 3 PROPERTY INFORMATION PHASE I - EXISTING GARAGE Basic Construction Steel and masonry Foundation Poured concrete slab Exterior Walls Structural steel with concrete encase- ment. Roof Reinforced Concrete HVAC Electrical Each tenant is separately metered Fire Protection 100% sprinkled Security Exterior monitors & site lighting Restrooms Restrooms in accordance with appli- cable codes and Tenant’s spec for the Windows/Doors Thermal glass & aluminum frames Phase I Premises in the former cus- PHASE II - SALES & SERVICE CENTER tomer lounge area. Electrical 480v, 3 phase, 4 wire, 2000-amp Parking Repaved and striped parking lot, access service points and driveways, including ADA Fire Sprinkler & Fire Central fire safety system as required striping, pursuant to code Alarm by local fire authority. Fire sprinkler Rollup-Doors 7 automatic roll up doors, with a mains, grid system, and fire sprinkler minimum width of 12 feet and height of heads shall meet all local codes [TBD] feet and per Tenant drawings and Meters Separately meter all utilities. specs. Lighting Parking lighting shall be in compliance Sanitary Waste Minimum 4” sanitary waste line from with all code requirements as refer- Lines City Sewer Line and extended into the enced above. interior of building 10 feet to a location Landscaping Any code required landscaping designated by Tenant Floor Drain Drains to be installed per Tenant draw- Paint Paint the exterior building per Tenant ings and specs including a minimum of drawings and specs. 3” waste line to City Sewer Line If required by code Landlord shall provide the fence. TESLA SALES & FULFILLMENT CENTER NORTHMARQ CAPITAL | 4 PROPERTY INFORMATION PROPOSED SITE PLAN TESLA SALES & FULFILLMENT CENTER NORTHMARQ CAPITAL | 5 Found Concrete Monument Telephone Pull Box Found Iron Pipe or Rod Electrical Pull Box Set 5/8" Capped Iron Rod Electric Vault Field Measurement Sanitary Manhole 685 Deed Reference Light Pole 93 W 122nd Avenue Plat Reference Power Pole E 122nd Avenue Typical Guy Wire Gas Valve Mitered End-Section Sign Sewer Valve Catch Basin Handicap Parking Space Backflow Preventer Electric Transformer North Florida Avenue Fire Hydrant Concrete E 119th Avenue Marjory Boulevard North Ola Avenue Water Valve With North Boulevard 582 Round Post Water Meter Square Post Irrigation Control Valve W Country Club Drive E Fowler Avenue Cleanout Feet Yard Drain PROPERTY INFORMATION Professional Surveyor and Mapper Traffic Signal Box Number Fence 685 EXISTING SURVEY Interstate 275 Overhead Utility Lines Central Avenue 93 Dixon Avenue East 120th Avenue North Florida Avenue E 119th Avenue SurVEYING Today With Tomorrow's technology Survtech Solutions, Inc. TESLA SALES & FULFILLMENT CENTER NORTHMARQ CAPITAL | 6 TENANT INFORMATION TESLA BUSINESS SUMMARY Tesla’s Energy division develops energy storage products for use in homes, com- Tesla, Inc., formerly Tesla Motors, Inc., incorporated on July 1, 2003. The firm mercial facilities and utility sites. The applications for these battery systems designs, develops, manufactures and sells fully electric vehicles, and energy include the provision of backup power, grid independence, peak demand reduc- storage systems, as well as installs, operates and maintains solar and energy tion, demand response, reducing intermittency of renewable generation and storage products. The Company operates through two segments: Automotive, wholesale electric market services. The Company’s energy product portfolio and Energy generation and storage. The Automotive segment includes the de- includes systems with a range of applications, from use in homes to use in large sign, development, manufacturing, and sales of electric vehicles. The Energy grid-scale projects. generation and storage segment includes the design, manufacture, installation, GIGAFACTORY 1 - INVESTOR EVENT and sale or lease of stationary energy storage products and solar energy sys- tems to residential and commercial customers, or sale of electricity generated In partnership with Panasonic, Tesla opened Gigafactory 1 (GF1) near Clark, Ne- by its solar energy systems to customers. Tesla currently produces and distrib- vada in 2016. GF1 is intended to be the world’s leading battery production facil- utes two fully electric vehicles, the Model S sedan and the Model X sport utility ity, maintaining high efficiency and output while achieving the lowest capital vehicle (SUV). It will also start producing the Model 3, a sedan designed for the investment per gigawatt hour (GWh) and the lowest production cost per kilo- mass-market starting in July 2017. It develops energy storage products for use watt hour (kWh). The factory will produce cells, battery packs, energy storage in homes, commercial facilities and utility sites. products and vehicle components.