FOR SALE MILLENNIUM PARKING GARAGE 595 Parking Spaces on 9 Levels 432-450 W. Congress Detroit, Michigan 48226 For additional information, contact: Bunia Parker (M) 313-282-1630 (O) 313-872-1300 ext. 22 [email protected] Ben Smith (M) 248-798-1075 (O) 313-872-1300 ext. 24 [email protected] 7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com Table of Contents Property Overview……………………………………………………...Page 1 — 2 Property Description…………………………………………………..Page 3 — 4 Detroit CBD Parking Analysis……………………………………….Page 5 Daytime Employment Report……………………………………...Page 6 Construction Details……………………………………...…………...Page 7 – 8 Aerial View………………………………………………………………….Page 9 – 10 Location Map………………………………………………………………Page 11 Building Photographs…………………………………………………..Page 12 – 13 7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com Property Overview Summit Commercial is pleased to offer a rare opportunity to buy a downtown parking garage in one of Detroit’s most prime locations. Located in the heart of the Central Business District, the 202,044 sq. ft. Millennium Parking Garage consists of 595 parking spaces on 9 Levels (including the roof). The Millennium Garage was built in 1999, directly adjacent to the 17th largest convention center in the United States, Cobo Hall. The property is generally bounded by Fort Street to the north, West Congress to the south, First Street to the west, and Washington Boulevard to the east. The site enjoys access to all major highways, including M-10, I-75, I-96 and I-94, providing easy ingress and egress for customers. This high-profile structure is surrounded by high-occupancy office buildings, hotels, residential developments, colleges, theatres, parks and robust retail in addition to Cobo Hall. Parking demand in this area is at an all-time high due to the increased demand for downtown office space and the countless mixed-use developments and hotel rooms coming online. In addition, the Cobo Hall Convention Center recently completed the final phase of its $279 million transformation resulting in an increased demand for convention and exhibition space, as well as parking. This world class convention center now contains 623,000 sq. ft. of contiguous exhibition space as well as an additional 225,000 sq. ft. of breakout and meeting space with 100 meeting rooms. Cobo Hall is the host of numerous year-round conventions, conferences and exhibitions. A few of the major events creating significant parking demand in the area include the North American International Auto Show (www.naias.com) / Shell Eco-Marathon (www.shell.com) / Autorama (www.autorama.com) / Detroit Boat Show (www.boatmichigan.org) /. The parking structure’s height allows for clear panoramic views of the entire downtown area and the Detroit Riverfront (bordering Windsor, Canada). This feature potentially provides for enhanced development as a (Continued on Next Page) 7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com Property Overview (Cont’d.) mixed-use Project, which is allowed in the PCA Zoning (NOTE: No structural engineering has been performed to examine the potential for adding additional stories on top of the structure). The Millennium Parking Garage currently includes two gated attendant booths at the south side of the structure near the east end. There are additional booths at the west elevation along First street, but they are not in use. All pay stations are fully automated, with no transactions by attendants. There is a support space on the east side of the building on the first floor with offices and an employee restroom. There is HVAC throughout the ground floor’s finished areas (including the attendant booths) and the structure includes a rooftop emergency generator. The parking garage has three elevators and is monitored via a hardwired security system, including emergency communication stations throughout. In comparison to other nearby parking garages, the parking rates at Millennium Parking Garage are well below market, which creates an immediate opportunity for the new owner to achieve increased value in addition to developing new revenue streams through more efficient use of the asset. 7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com Property Description Location: 432-450 W. Congress Detroit, Michigan 48226 County: Wayne Zoning: PCA - Public Center Adjacent District (Restricted Central Business District) Property Type: Publicly Owned and Operated Parking Structure Parking Spaces: 595 Parking Levels: 9 (Including Roof) Structure Square Footage: 202,044 S.F. Site Area: .67 Acres (28,988 S.F.) Year Built: 1999 Tax ID: 02000153 ASKING PRICE: $15,900,000.00 Co-Broker Fees: Outside brokers shall not be paid by Seller . Brokers should seek payment from their client Offer Due Date: February 28th, 2019 Property Features: - Centrally located in Downtown Detroit’s Central Business District - Close proximity to all major freeways, including M-10, I-75, I-96 and I-94 (Continued on Next Page) 7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com Property Description (Cont’d) Property Features (Con’t.): - Immediately Adjacent to COBO HALL International Convention center Close Proximity to numerous office buildings (partial list): - Guardian Building - Penobscot Building - 211 West Fort - 333 West Fort - 150 West Jefferson - Buhl Building - Marquette Building (Adient World Headquarters) Close proximity to several hotels and residential developments: - Crown Plaza - Doubletree Hotel and Residences - Foundation Hotel - Detroit Free Press Building Mixed-Use Redevelopment - The Ashton – new 103 Unit Condominium Development Close proximity to Public/Institutional sites: - Hart Plaza - United States District Court - Wayne County Community College – Downtown Campus - Campus Martius - Detroit People Mover 7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com Detroit CBD Parking Analysis 7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com Daytime Employment Report Millennium Parking Garage 432-450 W. Congress, Detroit, Michigan 48226 1—Mile Radius 7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com Construction Details Foundation: Concrete Structural Frame: Precast concrete Exterior Walls: Exposed or painted concrete with some security screening Roof: Concrete roof deck has capacity for car parking Ceiling Height in Feet: 9 FT. Interior Finishes: Typical parking structure with significant exposed concrete. Offices on east side of first floor consist of block partitioning, drop ceiling, and vinyl flooring - Floors: Cast in place concrete lined and striped for typical parking spaces - Walls: Block framed partitions along east side of the first floor. Painted walls at elevator landings on each floor. Aluminum sash and glass in stairwell is adjacent to elevators. - Ceilings: Exposed concrete under deck; drop ceiling in office areas - Lighting: Metal halide fixtures mounted to deck underside - Floor Plate: 28,988 HVAC: In ground floor finished areas and attendant booths only Electrical: Typical for age and use; rooftop emergency generator 7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com Construction Details (Cont’d) Plumbing: Plumbed for floor drains in structure, with copper supply Heating: Finished areas only Air Conditioning: Finished areas only Hot Water: Electric for small employee restroom Utility Meters—Central: All Elevators: Three. West elevator inoperable last 4+ years Rest Rooms: Employees only Sprinklers: None Other Fire Safety: Emergency pull down system at elevator stops Security: Yes; monitored, hardwired security system, including emergency communication stations throughout 7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com Aerial View 7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com Aerial View 7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com Location Map 7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com Building Photographs 7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com Building Photographs (Cont’d) 7700 Second St., Suite 300 Detroit, MI 48202 | 313-872-1300 | www.summitcommercialllc.com .