GABLES OFFICE BUILDING PRESENT DAY GABLES OFFICE BUILDING PRESENT DAY PROPOSED RESTORATION STARTING BID: $300,000 M&T Bank Building and Garage AUCTION: MARCH 22-24, 2021 1331 12TH AVENUE CLICK HERE TO ACCESS AUCTION SITE ALTOONA, PENNSYLVANIA 16603 A 155,000 SF VALUE-ADD OPPORTUNITY | ATTACHED PARKING DECK INCLUDED AFFILIATED BUSINESS DISCLOSURE AND CONFIDENTIALITY AGREEMENT Affiliated Business Disclosure further interest in the acquisition of the Property, (ii) full agreements referenced. Additional information you will hold it in the strictest confidence, (iii) you and an opportunity to inspect the Property may be CBRE, Inc. operates within a global family of will not disclose it or its contents to any third party made available to qualified prospective purchasers. companies with many subsidiaries and related without the prior written authorization of the owner You are advised to independently verify the entities (each an “Affiliate”) engaging in a broad of the Property (“Owner”) or CBRE, Inc., and (iv) accuracy and completeness of all summaries and range of commercial real estate businesses you will not use any part of this Memorandum in information contained herein, to consult with including, but not limited to, brokerage services, any manner detrimental to the Owner or CBRE, Inc. independent legal and financial advisors, and property and facilities management, valuation, carefully investigate the economics of this investment fund management and development. At If after reviewing this Memorandum, you have no transaction and Property’s suitability for your needs. times different Affiliates, including CBRE Global further interest in purchasing the Property, kindly Investors, Inc. or Trammell Crow Company, may return it to CBRE, Inc. ANY RELIANCE ON THE CONTENT OF THIS have or represent clients who have competing MEMORANDUM IS SOLELY AT YOUR OWN RISK. interests in the same transaction. For example, Disclaimer Affiliates or their clients may have or express an The Owner expressly reserves the right, at its sole This Memorandum contains select information interest in the property described in this discretion, to reject any or all expressions of interest pertaining to the Property and the Owner, and does Memorandum (the “Property”), and may be the or offers to purchase the Property, and/or to not purport to be all-inclusive or contain all or part successful bidder for the Property. Your receipt of terminate discussions at any time with or without of the information which prospective investors may this Memorandum constitutes your acknowledgment notice to you. All offers, counteroffers, and require to evaluate a purchase of the Property. The of that possibility and your agreement that neither negotiations shall be non-binding and neither information contained in this Memorandum has CBRE, Inc. nor any Affiliate has an obligation to CBRE, Inc. nor the Owner shall have any legal been obtained from sources believed to be reliable, disclose to you such Affiliates’ interest or commitment or obligation except as set forth in a but has not been verified for accuracy, involvement in the sale or purchase of the Property. fully executed, definitive purchase and sale completeness, or fitness for any particular purpose. In all instances, however, CBRE, Inc. and its agreement delivered by the Owner. All information is presented “as is” without Affiliates will act in the best interest of their representation or warranty of any kind. Such respective client(s), at arms’ length, not in concert, CBRE and the CBRE logo are service marks of information includes estimates based on or in a manner detrimental to any third party. CBRE, CBRE, Inc. All other marks displayed on this forward-looking assumptions relating to the general Inc. and its Affiliates will conduct their respective document are the property of their respective economy, market conditions, competition and other businesses in a manner consistent with the law and owners, and the use of such logos does not imply factors which are subject to uncertainty and may all fiduciary duties owed to their respective client(s). any affiliation with or endorsement of CBRE. not represent the current or future performance of Confidentiality Agreement the Property. All references to acreages, square footages, and other measurements are Your receipt of this Memorandum constitutes your approximations. This Memorandum describes acknowledgment that (i) it is a confidential certain documents, including leases and other Memorandum solely for your limited use and materials, in summary form. These summaries may benefit in determining whether you desire to express not be complete nor accurate descriptions of the © 2021 CBRE, Inc. All Rights Reserved. Table of Contents 01 02 03 04 INVESTMENT SUMMARY ASSET OVERVIEW FINANCIAL OVERVIEW MARKET OVERVIEW Investment Summary PROPERTY SUMMARY Investment Summary STARTING BID $300,000 The Gables Department Store opened on this site in 1892 and was the center for economic activity for AUCTION DATES MARCH 22-24, 2021 the region until its closing in the 1980s; the 155,000 square foot building has since been converted to Year End 2020 $163,415.20 a multi-tenant office building. The Property, which is located at 11th and 12th Avenues in Altoona, PA’s Occupancy 48% central business district, includes two towers: the 11th Avenue tower contains 81,859 square feet and the 12th Avenue tower has 73,195 square feet. There is also a dedicated parking deck with 200 spaces for Total Square Feet 155,054 SF 11th Avenue Tower 81,859 SF use by the tenants. 12th Avenue Tower 73,195 SF A new façade was installed to modernize the Property; however, there is a $3 million RCAP Grant in place Floors 6 to “daylight” the 11th Avenue building back to its original design. Numerous redevelopment options can Site Area 1.59 Acres be pursued by the new owner. Since the towers are only 48% occupied, it has been suggested the existing tenants be consolidated in one tower leaving the other tower for redevelopment for office, multi-family, Year Built/Renovated 1892/1980’s senior housing or hospitality use. CoStar data shows a vacancy rate of 2% in Altoona with a five-year Parcel ID 103-10-54 history of rent growth which is expected to continue. Zoning Commercial: Central Business Existing tenants include M&T Bank and numerous health care and community service organizations. Upon On-site Parking Spaces 200 completion of the façade “daylighting”, there may be opportunities for Historic Tax Credits. Combined with an existing RCAP Grant, this investment presents a truly value-add opportunity. LOOKING NORTH LOOKING SOUTH Gables Building 6 | THE GABLES BUILDING STARTING BID $300,000 Surrounding Amenities AUCTION DATES MARCH 22-24, 2021 Year End 2020 $163,415.20 Occupancy 48% Total Square Feet 155,054 SF 11th Avenue Tower 81,859 SF 12th Avenue Tower 73,195 SF Gables Building Floors 6 Site Area 1.59 Acres ALLEGHENY BRAIN & SPINE SURGEONS LOGAN VALLEY MALL LOGAN TOWNE CENTER Year Built/Renovated 1892/1980’s ALTOONA PARK HILLS PLAZA Parcel ID 103-10-54 Zoning Commercial: Central Business On-site Parking Spaces 200 KNY FAMILY FITNESS CENTER IRON PINT BREWERY TOM & JOE’S RESTAURANT CHEWYS PIZZA ALTOONA MISHLER THEATRE ALTOONA PIPE & STEEL MAYBROOK Gables Building SUPPLY HILLS VALLEY VIEW REHAB & DISC GOLF HEALTHCARE COURSE SUN & MOON ALTOONA SPORTS BAR COURTESY PENN- LINCOLN ELEMENTARY SCHOOL FIRST STOP VALLEY SHOP ALTOONA DISCOUNT VIEW JUNIOR HIGH COUNTY GROCERY SCHOOL OUTLET PARK NARDO’S CAFE THE GABLES BUILDING | 7 Investment Highlights • A value-add investment opportunity with strong existing rent roll and vacancy to redevelop for additional revenue • Existing $3 million Regional Assistance Capital Program grant (RCAP) and it is transferable • Possible Historic Tax Credits available upon completion of RCAP “Daylighting” program THE GABLES BUILDING, 1950 Pittsburgh PROPOSED RESTORATION THE GABLES BUILDING INCLUDES AN ATTACHED PARKING DECK THE GABLES BUILDING, PRESENT DAY 8 | THE GABLES BUILDING ALTOONA, PA Area Highlights • Beautiful Allegheny Mountain location • Home to Penn State Altoona with 3,250 students • Solid economy and demographics • 96 miles to Pittsburgh and 45 miles to State College • Good highway access with I-99 and State Route 22 • Adjacent to Penn State Altoona downtown buildings State College Gables Building Pittsburgh THE GABLES BUILDING | 9 Asset Overview Floor Plan - 11th Avenue Basement 12TH AVENUE 13TH AVENUE 14TH AVENUE 11TH AVENUE 11TH AVENUE BASEMENT 12 | THE GABLES BUILDING Floor Plan - 11th Avenue First Floor & 12th Floor Basement 12TH AVENUE BASEMENT 12TH AVENUE 13TH AVENUE 14TH AVENUE 11TH AVENUE 11TH AVENUE FIRST FLOOR THE GABLES BUILDING | 13 Floor Plan - 11th Avenue Second Floor & 12th Avenue Sub Basement 12TH AVENUE SUB BASEMENT 12TH AVENUE 13TH AVENUE 14TH AVENUE 11TH AVENUE 11TH AVENUE SECOND FLOOR 14 | THE GABLES BUILDING Floor Plan - 11th Avenue Second Floor & 12th Avenue Sub Basement Floor Plan - 11th Avenue Third Floor & 12th Avenue First Floor 12TH AVENUE FIRST FLOOR 12TH AVENUE 13TH AVENUE 14TH AVENUE 11TH AVENUE 11TH AVENUE THIRD FLOOR THE GABLES BUILDING | 15 Floor Plan - 11th Avenue Fourth Floor & 12th Avenue Second Floor 12TH AVENUE SECOND FLOOR 12TH AVENUE 13TH AVENUE 14TH AVENUE 11TH AVENUE 11TH AVENUE FOURTH FLOOR 16 | THE GABLES BUILDING Floor Plan - 11th Avenue Fourth Floor & 12th Avenue Second Floor Floor Plan - 12th Avenue Third Floor 12TH AVENUE THIRD FLOOR 12TH AVENUE 13TH AVENUE 14TH AVENUE 11TH AVENUE THE GABLES BUILDING | 17 Floor Plan - 12th Avenue Fourth