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221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
Respectfully Submitted By:
ROCK Commercial Real Estate, LLC
Marketing Presentation505 Farmbrook Lane | York, Pennsylvania
Benjamin M. Chiaro, CCIM – Brokerage Advisor
David Bode, CCIM, SIOR – Managing Partner
BROKERAGE ADVISORY
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
Table of Contents
EXECUTIVE SUMMARY
PROPERTY INFORMATION
o Property Information
o Site Aerial
o Market Aerial
o Zoning Map
o Zoning Ordinance
MARKET INFORMATION
o Industrial Vacancy
o Industrial Marketplace
FINANCIAL INFORMATION
o Rent Roll
o APOD
o Cash Flow Analysis
o Alternative Cash Sales
o Internal Rates of Return
o Assumptions
o Sales Comp Analysis
o Value Conclusion
WHY ROCK
o Why ROCK?
o The ROCK Team
o ROCK Services
o The ROCK Industrial Team
o Team Member Profile – Benjamin
Chiaro, CCIM
o Team Member Profile – David
Bode, CCIM, SIOR
o ROCK Highlighted Investment
Sales
o ROCK Networks
o Marketing Channels
o ROCK Proprietary Database
o Marketing Plan – Email Marketing
Campaigns
o Marketing Plan – Printed
Marketing
o Marketing Plan – Online Listing
Services
o ROCK’s Website Statistics
o Client Testimonials
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
Executive Summary
We are pleased to present the following
proposal for the disposition strategy of the
Fed Ex Shipping Center at 505 Farmbrook
Lane. The property is a free-standing single-
tenant building 100% corporately leased by
Fed Ex since 1990. The building was originally
constructed on a build-to-suit basis for Fed
Ex. It is strategically located near the exit 24
interchange of Interstate 83, the primary
north-south limited access highway connecting
Baltimore to Harrisburg. The corridor of I-83
between York and Harrisburg has be one of
the strongest growth areas in the mid-state,
with numerous new speculative warehouse
and distribution centers being built in the past
few years and leasing quickly. Given the
convenient access to a large majority of major
markets on the east coast within a day’s drive
combined with a strong labor pool and quality
of life, York continues to develop as a hot spot
for distribution centers. This will allow
investors to underwrite the investment with
less risk in the event Fed Ex were to vacate
the property, as it is highly likely that the
property would lease within a short
timeframe.
FedEx is the largest express transportation
company in the world, providing a
transportation, e-commerce and business
services through companies competing
collectively, operating independently and
managed collaboratively under the FedEx
brand. Nationally, Fed Ex net leased
investment properties are trading on average
at a 7.03% cap rate with approximately 5 to
10 years of primary lease term in place.
The ROCK team provides a collaborative
team approach which offers a unique balance
between local relationships with the reach of a
national marketing firm. Through the
implementation of an omni-channel marketing
plan, ROCK is able to ensure that the
property is exposed to everyone from the
local owner to the national institutional
investors and REIT’s. Through networks such
as CCIM, SIOR and ICSC, ROCK is able to
reach the national brokerage community, as
well as private investors, institutional owners,
and many others. Not only will we heavily
promote the investment offering to the entire
brokerage community, we will cooperate fully
with market rate fee splits from day
one. Digital/web based marketing includes
utilization of premier web-based listing
services such as Loopnet, Costar, and
Dealmakers, as well as social media sources
such as LinkedIn and Twitter. In addition,
ROCK’s extensive database of 72,000 contacts
across the US affords a direct marketing
campaign dedicated to the investment offering.
We will provide an interactive web-based
information delivery system that ROCK has
built internally to not only provide the
information in a new and unique format, but
to also track the responsiveness and interest
levels of prospects using back-end analytics.
In summary, ROCK has the pulse on the local
market, the relationships with the regional
investment community, and the reach of a
national brokerage firm. This combination will
allow us to deliver unparalleled results to
Wagman Investments, LTD in the disposition
of the asset.
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
Property Information
o Property Description
o Site Aerial
o Market Aerial
o Zoning Map
o Zoning Ordinance
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
Property Information
FedEx Distribution Facility
505 Farmbrook Drive
Manchester Township, York County, Pennsylvania
Parcel: 67-36-000-27-0005-00-00000
Last Sale Date: $1.00
Last Sale Price: 9/28/1990
Property Type: Industrial
Building Class: Class B
Description: Warehouse
Gross SF: 27,500
Acreage: 4.58 acres
Parking: On-Site, 74 vehicles
Zoning: Industrial
Notes: Single story masonry building with great visibility and access to Exit 23 of
Interstate 83. Building consists of open area (12.5% of building finished into offices),
gas radiant heat, four 14’x14’ drive-in doors and four dock doors within minimal
truck court depth.
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
Site Aerial
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
Market Aerial
The property is conveniently located within a short drive to Exit 24 of I-83
(Emigsville) which grants access to markets such as Baltimore and Harrisburg as
well as connects with other major highways such as I-81, I-76 (Pennsylvania
Turnpike), Route 30, and more.
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
Zoning Map
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
Zoning Ordinance
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
Zoning Ordinance
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
Zoning Ordinance
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
Zoning Ordinance
Zonin
g O
rdin
an
ce
Zonin
g O
rdin
an
ce
Zonin
g O
rdin
an
ce
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
Market Information
o Industrial Vacancy
o Industrial Market Profile
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
Industrial VacancyYork County, Pennsylvania
Industrial vacancy in the overall York County market has been on a
downward trend over the past five years. In the second quarter of 2016,
the rate had fallen to 6.12%, down from 7.55% in the first quarter of
2011. Vacancy in industrial buildings was at it’s highest between the third
quarter of 2009 through the second quarter of 2011 when the rate was
fluctuating between eight and nine percent. Within the past two years,
industrial vacancy has returned to levels that are more comparable with
the years prior to the recession in 2009.
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
Industrial Market PlaceManchester Township, York County
The subject property is located in Manchester Township, York County, a
heavily industrialized municipality. It’s location in Central York County
provides excellent access to Interstate 83 and Route 30. As of
September 2016, there were 151 industrial buildings that totaled just
over 10.3 million square feet (roughly 14% of the total industrial market
in the county). The vacancy rate in the municipality’s industrial buildings
was 8.7%.
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
Financial Information
o Rent Roll
o APOD
o Cash Flow Analysis
o Alternative Cash Sales
o Internal Rate of Return (IRR)
o Assumptions
o Sale Comp Analysis
o Value Conclusion
Ren
t R
oll
Fex E
x
505 F
arm
bro
ok L
an
e
Ren
t R
oll
Descriptio
n:
Ware
house
Square
Feet:
27,5
00
Vacant S
qF
t:0
PH
OT
O
Acre
s:
4.5
8
Sto
ries:
1
Sale
Price:
$1,6
75,0
00
60.9
1$
/SF
Req'rd Im
pro
vem
ents
:$0
0/S
F
Tota
l Pro
ject P
rice:
$1,6
75,0
00
CA
P R
ate
:7.7
1%
Price p
er
SqF
t:$60.9
1
Ren
t R
oll
As o
f 1/1
/2016
Flo
or
Su
ite
Co
mp
an
yS
q F
t%
Lease B
eg
inE
xp
irati
on
Ren
t S
qF
tR
en
t M
on
thA
nn
ual R
en
tC
AM
Reim
b.L
ease T
yp
eO
pti
on
sIn
cre
ases
1F
ed E
x27,5
00
100%
10/1
0/1
990
12/3
1/2
020
$5.0
0$11,4
58.3
3
$137,5
00.0
0
$21,0
76.4
8
NN
N
27,5
00
Avera
ge R
en
t P
er
SF
:$5.0
0$11,4
58.3
3
$137,5
00
$21,0
76.4
8
SUBTIT
LE
ONLY
recom
mende
d no
more
than 8
words
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
APOD
Property Name Annual Property Operating DataLocation
Type of Property
Size of Property
Purpose of analysis
Assessed/Appraised Values
Land 232,880 28%
Improvements 607,490 72% Amort Loan
Personal Property 0 0% Balance Periodic Pmt Pmts/Yr Interest Period Term LTV
Total 840,370 100% 1st $1,256,250 $7,948 12 4.5% 20 20 75%
2nd 12
Adjusted Basis as of: 9-Sep-16
$/SQ FT %
ALL FIGURES ARE ANNUAL or $/Unit of GOI COMMENTS/FOOTNOTES
POTENTIAL RENTAL INCOME 137,500
Less: Vacancy & Cr. Losses 6,875
EFFECTIVE RENTAL INCOME 130,625
Plus: Other Income (collectable) 20,023
GROSS OPERATING INCOME 150,648
OPERATING EXPENSES: Millage= 25.08
0.77$ 21,076
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
0.02$ 500
-$
-$
-$
-$
-$
-$
-$
-$
0.78$ 21,576
129,071 Cap Rate
95,372 Debt Cov. Ratio
0.20 5,500
$28,199 Cash on Cash
Authored by Gary G. Tharp, CCIM Copyright© 2001 by the CCIM Institute
Accounting and Legal
Payroll
Taxes/Worker's Compensation
Repairs and Maintenance
Utilities:
Real Estate Taxes
Expenses/Benefits
Property Insurance
Fex Ex
505 Farmbrook Lane
Warehouse
27,500 (Sq. Ft./Units)
( 5.% of PRI )
Actual - Tenant Reimburses
Market Vacancy
RE Tax Reimbursement
Licenses/Permits
Advertising
Personal Property Taxes
Off Site Management
Supplies
Miscellaneous Contract Services:
TOTAL OPERATING EXPENSES
NET OPERATING INCOME
Less: Annual Debt Service
Less: Participation Payments
6,281
1,675,000
28,884
Less: Leasing Commissions
Less: Funded Reserves
CASH FLOW BEFORE TAXES
The statements and figures herein, while not guaranteed, are secured
from sources we believe authoritative.
1,256,250
453,915
$1,703,884
7.706%
Benjamin M. Chiaro, CCIMPrepared by:
6.212%
1.353
Wagman Investments, LTDPrepared for:
Purchase PricePlus Acquisition Costs
Plus Loan Fees/CostsLess MortgagesEquals Initial Investment
Cash
Flo
w A
naly
sis .
Pro
pert
y N
am
e
Pre
pare
d F
or
Pre
pare
d B
y
Date
Pre
pare
d
C
ash
Flo
w A
naly
sis
Wo
rksh
eet
Mort
gage D
ata
Cost
Recove
ry D
ata
1st M
ort
gage
2nd M
ort
gage
Impro
vem
ents
Pers
onal P
ropert
y
Am
ount
1,2
56,2
50
V
alu
e1,2
31,7
10
Inte
rest R
ate
4.5
0%
C
. R
. M
eth
od
SL
1086374.5
1
Am
ort
izatio
n P
eriod
20 Y
ears
U
sefu
l Life
39
Loan T
erm
20 Y
ears
In
Serv
ice D
ate
January
-16
Paym
ents
/Year
12
12
D
ate
of S
ale
Decem
ber-
25
Periodic
Paym
ent
7,9
47.6
6
-
R
ecaptu
re
Annual D
ebt
Serv
ice
95,3
72
-
In
vestm
ent T
ax
Loan F
ees/C
osts
6,2
81
C
redit
($
$ o
r %
)
Taxab
le In
co
me
Year
:1
23
45
67
89
10
11th
Year
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
1137,5
00
140,2
50
143,0
55
145,9
16
148,8
34
151,8
11
154,8
47
157,9
44
161,1
03
164,3
25
167,6
12
26,8
75
7,0
13
7,1
53
7,2
96
7,4
42
7,5
91
7,7
42
7,8
97
8,0
55
8,2
16
8,3
81
3130,6
25
133,2
38
135,9
02
138,6
20
141,3
93
144,2
21
147,1
05
150,0
47
153,0
48
156,1
09
159,2
31
420,0
23
20,4
23
20,8
32
21,2
48
21,6
73
22,1
07
22,5
49
23,0
00
23,4
60
23,9
29
24,4
08
5150,6
48
153,6
61
156,7
34
159,8
68
163,0
66
166,3
27
169,6
54
173,0
47
176,5
08
180,0
38
183,6
39
621,5
76
22,2
24
22,8
90
23,5
77
24,2
85
25,0
13
25,7
63
26,5
36
27,3
32
28,1
52
28,9
97
7129,0
71
131,4
37
133,8
43
136,2
91
138,7
81
141,3
14
143,8
90
146,5
10
149,1
75
151,8
85
154,6
42
855,7
20
53,8
98
51,9
93
50,0
00
47,9
16
45,7
36
43,4
56
41,0
71
38,5
76
35,9
67
9
10
-Part
icip
atio
n P
aym
ents
11
30,2
63
31,5
81
31,5
81
31,5
81
31,5
81
31,5
81
31,5
81
31,5
81
31,5
81
30,2
63
12
13
314
314
314
314
314
314
314
314
314
314
14
15
42,7
74
45,6
43
49,9
55
54,3
96
58,9
70
63,6
83
68,5
40
73,5
45
78,7
04
85,3
42
16
14,1
15
15,0
62
16,4
85
17,9
51
19,4
60
21,0
15
22,6
18
24,2
70
25,9
72
28,1
63
¯¯¯¯
Cash
Flo
w17
129,0
71
131,4
37
133,8
43
136,2
91
138,7
81
141,3
14
143,8
90
146,5
10
149,1
75
151,8
85
18
95,3
72
95,3
72
95,3
72
95,3
72
95,3
72
95,3
72
95,3
72
95,3
72
95,3
72
95,3
72
19
20
21
5,5
00
5,6
65
5,8
35
6,0
10
6,1
90
6,3
76
6,5
67
6,7
64
6,9
67
7,1
76
22
28,1
99
30,4
00
32,6
36
34,9
09
37,2
19
39,5
66
41,9
51
44,3
74
46,8
36
49,3
37
23
14,1
15
15,0
62
16,4
85
17,9
51
19,4
60
21,0
15
22,6
18
24,2
70
25,9
72
28,1
63
24
$14,0
84
$15,3
38
$16,1
51
$16,9
59
$17,7
59
$18,5
51
$19,3
33
$20,1
04
$20,8
64
$21,1
75
Fex
Ex
Wagm
an In
vestm
ents
, LT
D
Benja
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M. C
hia
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CIM
9-S
ep-1
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1,6
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28,8
84
6,2
81
1,2
56,2
50
453,9
15
Auth
ore
d b
y G
ary
G. T
harp
, C
CIM
C
opyr
ight©
2001 b
y th
e C
CIM
Instit
ute
P
ote
ntia
l Renta
l Incom
e
-Vacancy
& C
redit
Losses
=E
ffectiv
e R
enta
l Incom
e
+O
ther
Incom
e (
colle
cta
ble
)
=G
ross O
pera
ting In
com
e
-Opera
ting E
xpenses
=N
ET
OP
ER
AT
ING
INC
OM
E
-Inte
rest -
1st M
ort
gage
-Inte
rest -
2nd M
ort
gage
-Cost R
ecove
ry -
Impro
vem
ents
-Cost R
ecove
ry -
Pers
onal P
ropert
y
-Am
ort
izatio
n o
f Loan F
ees/C
osts
-Leasin
g C
om
mis
sio
ns
=R
eal E
sta
te T
axa
ble
Incom
e
Tax
Lia
bili
ty (
Savi
ngs)
@ 3
3.0
0%
N
ET
OP
ER
AT
ING
INC
OM
E (
Lin
e 8
)
-A
nnual D
ebt S
erv
ice
-P
art
icip
atip
atio
n P
aym
ents
-Leasin
g C
om
mis
sio
ns
T
he
sta
tem
en
ts a
nd
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ere
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hile
no
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uara
nte
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, are
se
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red
fro
m s
ou
rce
s w
e b
elie
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au
tho
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-F
unded R
eserv
es
=C
AS
H F
LO
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EF
OR
E T
AX
ES
-T
ax
Lia
bili
ty (
Savi
ngs)
(Lin
e 1
6)
=C
AS
H F
LO
W A
FT
ER
TA
XE
S
Purc
hase P
rice
Plu
s A
cquis
iitio
n C
osts
Plu
s L
oan F
ees/C
osts
Less M
ort
gages
Equals
Initi
al
SUBTIT
LE
ONLY
recom
mende
d no
more
than 8
words
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
Alternative Cash Sales
Alternative Cash Sales Worksheet
Mortgage BalancesYear: 1 2 3 4 5
Principal Balance - 1st Mortgage 1,216,598 1,175,125 1,131,746 1,086,375 1,038,919
Principal Balance - 2nd Mortgage
TOTAL UNPAID BALANCE $1,216,598 $1,175,125 $1,131,746 $1,086,375 $1,038,919
2016 2017 2018 2019 2020
6 7 8 9 10
989,283 937,366 883,065 826,269 766,864
$989,283 $937,366 $883,065 $826,269 $766,864
2021 2022 2023 2024 2025
Calculation of Sale Proceeds
PROJECTED SALES PRICE $2,209,167 $2,061,889 $1,933,021
(At 7.% cap) (At 7.5% cap) (At 8.% cap)
CALCULATION OF ADJUSTED BASIS:
1 Basis at Acquisition $1,703,884 $1,703,884 $1,703,884
2 +Capital Additions
3 -Cost Recovery (Depreciation) Taken 313,174 313,174 313,174
4 -Basis in Partial Sales
5 =Adjusted Basis at Sale 1,390,710 1,390,710 1,390,710
CALCULATION OF CAPITAL GAIN ON SALE:
6 Sale Price 2,209,167 2,061,889 1,933,021
7 -Costs of Sale 132,550 123,713 115,981
8 -Adjusted Basis at Sale (Line 5) 1,390,710 1,390,710 1,390,710
9 -Participation Payment on Sale
10 =Gain or (Loss) 685,907 547,466 426,330
11 -Straight Line Cost Recovery (limited to gain) 313,174 313,174 313,174
12 -Suspended Losses
13 =Capital Gain from Appreciation 372,733 234,292 113,156
ITEMS TAXED AS ORDINARY INCOME:
14 Unamortized Loan Fees/Costs (negative) (3,141) (3,141) (3,141)
15 +
16 =Ordinary Taxable Income (3,141) (3,141) (3,141)
CALCULATION OF SALES PROCEEDS AFTER TAX:
17 Sale Price 2,209,167 2,061,889 1,933,021
18 -Cost of Sale 132,550 123,713 115,981
19 +Balance of Funded Reserves
20 -Mortgage Balance(s) 766,864 766,864 766,864
21 -Participaiton Payments on Sale
22 =SALE PROCEEDS BEFORE TAX 1,309,753 1,171,311 1,050,175
23 -Tax (Savings): Ordinary Income at 33% (Line 16) (1,036) (1,036) (1,036)
24 -Tax: Straight Line Recapture at 25% (Line 11) 78,294 78,294 78,294
25 -Tax on Capital Gains at 27% (Line 13) 100,638 63,259 30,552
26 =SALE PROCEEDS AFTER TAX $1,131,858 $1,030,796 $942,366
Authored by Gary G. Tharp, CCIM Copyright© 2001 by the CCIM Institute
The statements and figures herein, while not guaranteed, are secured from sources we believe authoritative.
SUBTIT
LE
ONLY
recom
mende
d no
more
than 8
words
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
Internal Rate of Return (IRR)
BEFORE TAX
N Alternative 1 Alternative 2 Alternative 3
I
R n $ n $ n $
N
U 0 (453,915) 0 (453,915) 0 (453,915)
T
T 1 28,199 1 28,199 1 28,199
E
E 2 30,400 2 30,400 2 30,400
R
R 3 32,636 3 32,636 3 32,636
N
### 4 34,909 4 34,909 4 34,909
A
5 37,219 5 37,219 5 37,219
L
6 39,566 6 39,566 6 39,566
F 7 41,951 7 41,951 7 41,951
O 8 44,374 8 44,374 8 44,374
R
9 46,836 9 46,836 9 46,836
A
10 49,337 + 1,309,753 10 49,337 + 1,171,311 10 49,337 + 78,294
T
IRR= 16.5% IRR= 15.5% IRR= 14.55%
E
S NPV= $0 NPV= $0 NPV= $0
S
E @ 16.5% @ 15.5% @ 14.55%
TA
R AFTER TAX
Alternative 1 Alternative 2 Alternative 3
O
n $ n $ n $
F
L 0 (453,915) 0 (453,915) 0 (453,915)
A 1 14,084 1 14,084 1 14,084
N 2 15,338 2 15,338 2 15,338
R 3 16,151 3 16,151 3 16,151
R
E 4 16,959 4 16,959 4 16,959
E
T 5 17,759 5 17,759 5 17,759
T
N 6 18,551 6 18,551 6 18,551
U
I 7 19,333 7 19,333 7 19,333
R
8 20,104 8 20,104 8 20,104
N
9 20,864 9 20,864 9 20,864
10 21,175 + 1,131,858 5 21,175 + 1,030,796 5 21,175 + 942,366
IRR= 12.23% IRR= 11.31% IRR= 10.44%
NPV= $0 NPV= $0 NPV= $0
@ 12.23% @ 11.31% @ 10.44%
Cap rate used on Sale = 7.% Cap rate on Sale = 7.5% Cap rate on Sale = 8.%
Ass
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5.0
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com
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scala
tors
(en
ter
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ye
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2.0
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2.0
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2.0
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2.0
0%
2.0
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2.0
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2.0
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2.0
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2.0
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Oth
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Incom
e E
scala
tor
2.0
0%
2.0
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2.0
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2.0
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2.0
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2.0
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2.0
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2.0
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scala
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(en
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3.0
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3.0
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3.0
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3.0
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3.0
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3.0
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3.0
0%
3.0
0%
3.0
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3.0
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Alte
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Alte
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Alte
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e 3
Cap r
ate
used in
Sale
7.0
0%
7.5
0%
8.0
0%
Exp
enses o
f S
ale
6.0
0%
of th
e a
mount ove
r--
$907.5
0
$4,1
73.7
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$13,1
12.5
0
$27,1
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$72,1
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0$118,1
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$406,7
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$9,0
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$89,3
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$186,3
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$89,3
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$9,0
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$406,7
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$405,1
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$186,3
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$117,5
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$118,1
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%
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$907.5
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$5,0
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25%
$18,1
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$45,3
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$405,1
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$406,7
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15.0
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$0
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41,2
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$53.
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83$9
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ght
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:$6
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:$5
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,721
Indu
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SUBTIT
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ONLY
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mende
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than 8
words
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
Value Conclusion
Our Opinion of Value is included in
this presentation in an effort to
estimate a market value for the
purpose of establishing a listing price
for the subject property. Although
David L. Bode is a State Certified
Broker/Appraiser (#BA-002265L), this
analysis has not been performed in
accordance with the Uniform
Standards of Professional Appraisal
Practice which require valuers to act
as unbiased, disinterested third parties
with impartiality, objectivity and
independence and without
accommodation of personal interest.
It is not to be construed as an
appraisal and may not be used as such
for any purpose. This evaluation is
intended for the internal use of my
client and may not be distributed to
or relied upon by other persons or
entities without my written
permission. This report does not
include discussions of the data,
reasoning and analyses that were used
in the evaluation process to develop
my Opinion of Value. The supporting
documentation and detailed
Comparables have been retained in
our file.
This opinion is based on information
collected from the following sources:
• Discussion with Ed Jackson
• Manchester Township - Zoning
Office
• York County Tax Assessment
Office and Recorder of Deeds
records
• Comparable sale information
contained herein.
• Financial Analysis contained herein
A search for data relating to the sale
of other properties similar in location,
use, size, condition and physical
characteristics was conducted. A
variety of recent comparables were
reviewed. In addition, the investment
approach used to correlate the value
to the comparable sale approach.
Due to the current market conditions,
the location of your facility, and its
present condition, we believe the
value of your Property, as of
September 9, 2016, is approximately
$1,675,000 ($61/SF or 7.71% cap
rate). However, we also believe that
engaging ROCK to negotiate an early
extension of the lease to through
2026, the value would increase to
approximately $1,825,000 ($66/SF or
7.07% cap rate), as it would attract
institutional investors seeking the
stability of longer-term credit tenants
with slightly less yield.
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
Why ROCK?
o Why ROCK?
o The ROCK Team
o ROCK Services
o The ROCK Industrial Team
o Team Member Profile – Benjamin Chiaro, CCIM
o Team Member Profile – David Bode, CCIM, SIOR
o ROCK Highlighted Investment Sales
o ROCK Networks
o Marketing Channels
o ROCK Proprietary Database
o Marketing Plan – Email Marketing Campaigns
o Marketing Plan – Printed Marketing
o Marketing Plan – Online Listing Services
o ROCK’s Website Statistics
o Client Testimonials
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
#5
#4
#3
We Are Connected Locally and NationallyROCK’s team members serve local charitable & civic organizations where they
connect with business leaders throughout the region. Nationally, ROCK is connected
to worldwide networks of real estate professionals including CCIM, SIOR, Urban
Land Institute, IREM, and many others.Benefit: This creates unparalleled market exposure for your property.
Deep Research & Market AnalyticsBecause of the detailed information we maintain in our proprietary database,
ROCK has the capacity to conduct detailed research & market studies that include
in-depth analytics & GIS mapping.Benefit: This creates stronger marketing and empowers our Advisors with information to solve problems, tell a property’s unique
story, and overcome challenges that may arise in the transaction.
#2
#1Team ApproachROCK’s unique TEAM approach allows for open communication which provides the opportunity to
build and draw upon a proprietary database & aggregate our knowledge & expertise.
Benefit: This ensures we are always aware of existing and new market demand as well as trends and news relating to your property so
our marketing efforts are timely and responsive to market prospects.
Umbrella of ROCK ServicesROCK recognizes that Commercial Real Estate is MORE than sales & leasing. Our
services have been designed to cover a broad scope of real estate services including
Brokerage Advisory, Management Solutions, Research & Mapping, and Strategic
Consulting.Benefit: This business platform allows us to bring professionals from different disciplines to the table to help overcome challenges that
may hold up the sale of a property.
Strategic Marketing ApproachROCK employs a strategic marketing approach by utilizing our proprietary
database combined with the skills of an in-house graphic designer to create targeted,
customized marketing pieces that can be distributed through various different platforms.
Benefit: This ensures your property is marketed with purpose to targeted audiences.
WHY ROCKFOR YOUR BROKERAGE GROUP
BROKERAGE ADVISORY
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
Commercial Real Estate is MORE than Sales and Leasing
ROCK's mission is to deliver unparalleled commercial real estate services through a TEAM of professionals
who focus on Thinking Ahead and Getting Results that create value, build confidence, and embrace personal
relationships.
In an ever changing marketplace, we believe that a TEAM based philosophy empowers our clients to make
strategic decisions that create value and build confidence. Commercial Real Estate is MORE than sales and
leasing and with a TEAM we are able to aggregate our knowledge and experience, surpassing industry standards
and offer detailed market information, dynamic analytics, customized management solutions, extensive data from
proprietary sources, and unmatched innovation and technological resources.
Brokerage Advisory
Management Solutions
Research &Mapping
StrategicConsulting
The ROCK Team
Brokerage Advisory | Through a TEAM of
professionals and strategic marketing, ROCK's
Brokerage Advisory provides comprehensive and
unparalleled services such as sales, leasing, acquisitions,
site selection, transaction management, investment
analysis, opinions of value, and lease vs. own modeling.
Management Solutions | With an array of core
services including Asset, Facility, Property, and Portfolio
Management and MORE, ROCK’s Management
Solutions TEAM can deliver a tailored experience
for each client and property.
Research & Mapping | By utilizing our proprietary
database and industry leading technologies, ROCK’s
Research & Mapping TEAM conducts detailed
market studies with GIS mapping and powerful
analytics drawn from demographics, consumer
behavior and expenditures, business econometrics, and
much MORE.
Strategic Consulting | Expert driven consulting,
skilled at uncovering opportunities, developing action
plans, and guiding clients to achieve their goals for
creating, maximizing, and sustaining value. Let ROCK’s
Strategic Consulting TEAM's experience and
knowledge show you how real estate can be apart of
your strategy.
ROCK Services
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221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
The ROCK Industrial Team
Highlighted Industrial Clients Served:
$22.4 MillionTotal dollar volume of
industrial sales
Trailing 18 Months
1.8 MillionTotal square feet of
industrial sales
2.6 MillionTotal square feet of
industrial leases
66 TotalActive industrial listings
$30.1 MillionTotal dollar volume of
active listings
5.5 Million SFTotal square feet of active
industrial listings
ROCK Industrial Stats
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
Licensing & Certifications
Testimonials
Professional Summary
• Certified Commercial
Investment Member (CCIM)
• PA Real Estate Salesperson
License
• MD Real Estate Salesperson
License
Community Involvement
Ben is a member of the board of directors for
Leadership York and chairs the Mentorship
York committee. He is a graduate of
Mentorship York Class of 2012. Ben also sits
on the Downtown Inc. Economic
Development Committee and Retail
Recruitment Committee.
"I can't say enough about how well I thought Ben Chiaro handled
himself throughout the entire period of time from original meetings,
to listing contract, to conferences with prospective Buyer, to final
closing. Ben was the utmost professional in all ways." - Denise
Chapline, Elfant Wissahickon Realtors
"I had the great pleasure to work with both Ben Chiaro and Dylan
Bauer on a recent lease agreement in York. Both Ben and Dylan
approached the assignment with utmost enthusiasm and the
professionalism. Their industry knowledge, local insight,
accessibility, and responsiveness were all incredibly valuable
throughout the process" - Ned Bauhof, DiCarlo's Pizza
Benjamin M. Chiaro, CCIM
Brokerage Advisor
Ben joined ROCK Commercial Real Estate in 2005.
He specializes in shopping center leasing,
retail/restaurant tenant representation, investment sales,
and urban redevelopment / adaptive re-use projects.
Prior to being a Broker, Ben started with ROCK as a
Project Coordinator after graduating with a B.A. in
Business from Millersville University.
Ben is an active member of the International Council of
Shopping Centers (ICSC), where he serves on the
South-Central PA ICSC Next Generation Planning
Committee and also attends deal-making conferences in
Las Vegas, New York, Philadelphia, and Washington, DC
annually.
TEAM Member Profile
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
Licensing & Certifications
Testimonials
Professional Summary
"The level of professionalism and sincere commitment shown was
outstanding during each aspect of the project.” - DENTSPLY International
“David was professional, organized, and reassuring to us as sellers. Even
though our property was not a high-end piece of real estate, we were given
as much time and attention as a huge commercial building. We felt at all
times that everything would be handled efficiently and appropriately." –Jim
and Laurie Overmiller
“ROCK provided accurate, local market analysis and commercial real estate
direction that helped us acquire a strategic property at a critical point in
our organization’s history. Our experience with them was great. Dave Bode
was a pleasure to work with and showed the kind of leadership one would
expect in these transactions." - Aaron Anderson, Logos Academy
David L. Bode, CCIM, SIOR
Managing Partner
David is a principal member in formation of ROCK Commercial
Real Estate, which was launched in September 2001. He specializes
in investment sales and corporate services. With over 27 years
experience in real estate Dave has serviced the Central Pennsylvania
community in multiple positions in industrial and office sales and
leasing along with management and training.
In 2004 David was recognized by the Central Penn Business Journal
as an honoree for its annual “Forty under 40" award, which
recognizes the region's forty top leaders less than 40 years of age.
Dave serves on the Board of Directors for the American Red
Cross York Chapter, Better York, and York Traditions Bank,
as well as the Professional Standards Committee for the Realtors
Association of York & Adams County. He is also on the Logos
Academy Site & Facilities Committee.
TEAM Member Profile
Transaction VolumePast 5 Years
$84.1 Million in total sales
2.4 Million square feet sold
3.0 Million square feet leased
Licensing & Certifications
• Society of Industrial & Office Realtors (SIOR)
• Certified Commercial Investment Member
(CCIM)
• PA Real Estate Broker License
• PA Real Estate Broker/Appraiser License
• MD Real Estate Broker License
• WV Real Estate Broker License
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221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
ROCK Highlighted Investment Sales
SOLD!631 South Richland Avenue | York
1,571,664 SF Heavy Manufacturing
$25,000,000 SOLD!3400 West Market Street | York
339,876 SF Warehouse
$8,500,000
SOLD!2010 Pennsylvania Avenue | York
101,553 SF Education Facility /Call Center
$14,450,000 SOLD!3501 Concord Road | York
103,902 SF Professional Office
$11,400,000
SOLD!2820 Whiteford Road | York
12,750 SF Neighborhood Center
$1,950,000 SOLD!Camp Hill Center | Camp Hill
62,888 SF Regional Shopping Center
$3,000,000
Certified Commercial Investment Member (CCIM)
Society of Industrial and Office Realtors (SIOR)
International Council of Shopping Centers(ICSC)
Institute of Real Estate Management (IREM)
A CCIM is recognized as an expert in the commercial and investment real estate industry. There are currently 13,000 CCIM designees globally.
CCIM DEALShare – A benefit of theCCIM designation is the use of DEALShare, which is an online database that allows members to quickly reach out to fellow CCIMs with their property haves and wants.
An SIOR is a specialist in industrial and office markets. The designation is awarded to top-producing professionals who are the “Best of the Best.” There are currently approximately 3,000 designees worldwide.
SIOR Connect– An email platform that allows members to send and receive targeted messages to fellow SIORs, whether it’s a new listing, property requirement, or general inquiry.
ICSC is the global trade association of the shopping center industry. There are currently 70,000 ICSC members globally.
ICSC promotes marketing of consumer goods and services, established codes of fair business ethics and dealings, and encourages research into the architecture and design and into the development of improved management and maintenance methods
IREM is a source for education, resources, information and membership for real estate management professionals
IREM is an international community of real estate managers dedicated to ethical business practices, maximizing the value of investment real estate, and promoting superior management through education and information sharing.
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
ROCK Networks
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
Marketing Channels
Strategic Marketing ApproachROCK employs a strategic marketing approach by utilizing our proprietary database combined with the skills of
an in-house Graphic Designer to create targeted, customized marketing pieces that can be distributed via email,
web, or direct mail.
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
ROCK Proprietary Database
The map above displays the general locations of all ROCK contacts
throughout the continental United States.
The ROCK Network
72,000ROCK currently has
over 72,000 contacts
that span across the
United States
Pennsylvania 83.1%
Maryland 6.3%
New Jersey 1.2%
New York 1.0%
California 0.9%
Contacts by State (Top 5)
Real Estate Brokerage
11.7%
General Contractor
3.6%
Banks
2.9%
Real Estate Investors
2.6%
Attorneys/Legal Services
2.4%
Contacts by Business Type (Top 5)
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
ROCK Proprietary Database
The map above shows the properties that ROCK tracks for statistical
purposes in it’s proprietary database.
ROCK’s Local Property Knowledge
ROCK Tracks detailed information on 22,700 properties in Central
Pennsylvania including tenants, historical sales and leases, vacancies and MORE.
Industrial
3,922properties
198.8million SF
Office
3,389properties
33.2million SF
Retail
6,338properties
70.6million SF
Mixed Use
3,311properties
17.5million SF
Land
1,262properties
22,817total acres
Other
4,216properties
38.2million SF
Email Marketing Campaign
Statistics
ROCK’s email campaigns reach
20,000+ people per month with
an average open rate of 26.7% and
a unique click to open rate of
27.5%. The average viewer clicks
on at least 2.4 links per email.
ROCK creates and deploys
custom email campaigns that are
strategically targeted, mobile
friendly, and can easily be shared
on popular social media
networks such as Linked-In,
Twitter, and Facebook.
Marketing
Campaigns
Marketing Plan
We focus on collecting and maintaining
information within the company’s
proprietary database. This information is
used for a variety of different purposes
which includes direct marketing of
properties to the correct audience.
Printed
Marketing
Marketing Plan
Online Listing
Services
Loopnet.com is a directory of property listings
and is considered to be the #1 marketplace for
commercial real estate
As a member of the local real estate
associations, ROCK has access to the
multiple listings services in:
• York and Adams Counties
• Lancaster and Lebanon
Counties
• Dauphin, Cumberland, and
Perry Counties
Marketing Plan
Statistics about ROCK’s Website Users
ROCK’s website draws in 4,900+ people per month with an average of 10,500+
page views. 2,000+ visitors go specifically to the Search Properties page. 12,300 property profiles were viewed from the Search Properties page which on average, equals
about 40 page views per listing.
ROCK’s website is designed to adhere to a successful user experience for its
users. Whether it be general navigation from page to page using a desktop, tablet
or mobile device down to the customized interaction of ROCK’s interactive
property search tool.
ROCK’s
Website
Statistics
61.6%Users search from a desktop
or laptop computer
26.6%Users search from a
smartphone or mobile device
11.8%Users search from a
tablet or iPad
Marketing Plan
221 West Philadelphia Street | Suite 19 | York, PA 17401 | 717.854.5357 | www.rockrealestate.net
Client Testimonials
“For a first time business owner, ROCK Real
Estate made finding an office the least of my
worries. They made sure they understood my
business to make property recommendations that
fit my needs. In addition, their response time and
quality to my questions was amazing.”
Samm Smelter
Leadership Arts Association, LLC
“ROCK Commercial is fantastic to work with and
their market knowledge and data is unmatched.
Their strategy for making an offer was outside
the box and helped to show the win-win for both
parties. They are responsive and aware of all
aspects of the deal transaction.”
Joe Russell
KW Commercial
“ROCK’s Management Solutions team has been
managing our commercial property for the past
two years since we acquired it. Eric Stankiewicz
and his support team have been very responsive
to all of our needs. As importantly, they are
responsive to the needs of our tenants. From
current and future maintenance needs, to
financial accountability and reporting, ROCK’s
Management Solutions has really helped make
our investment worry free.”
John Giambalvo
Giambalvo Family Limited Partnership
“ROCK is a very professional real estate firm who
understands the commercial real estate market
in York County. They know how to structure
transactions so they satisfy both the buyer’s and
seller’s needs that will eventually result in a
contract.”
George Dotzel
SF & Company
“Gordie Kauffman did an outstanding job finding
a buyer for our raw land in a very tough
commercial real estate market. He was very
responsive throughout the process and helped me
make an informed decision regarding how to
proceed. I would unconditionally recommend Mr.
Kauffman as commercial broker.”
John Gilliland
“Ben Bode is a very good listener and did an
excellent job matching our needs and
requirements with available properties in the
geographic location we wished to be
headquartered. I was impressed with Ben’s level
of professionalism, and his willingness to expend
the additional effort. He was very good in
providing relevant information without being
overly aggressive. I would highly recommend Ben
to anyone wishing to relocate their business in the
York area.”
Rick Eisenhart
Multi-Graphic Co.
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