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Offering Memorandum
National Tenant | Rare Outdoor Storage | 0.13 FAR
Hajoca941 Chipley Street, Tallahassee, Florida 32304
Subject Property
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Confidentiality and Restricted Use AgreementThis Confidential Offering Memorandum (“COM”) is provided by Stan Johnson Company (“SJC”), solely for
your consideration of the opportunity to acquire the commercial property described herein (the “Property”).
This COM may be used only as stated herein and shall not be used for any other purpose, or in any other
manner, without prior written authorization and consent of SJC.
This COM does not constitute or pertain to an offer of a security or an offer of any investment contract. This
COM contains descriptive materials, financial information and other data compiled by SJC for the convenience
of parties who may be interested in the Property. Such information is not all inclusive and is not represented
to include all information that may be material to an evaluation of the acquisition opportunity presented.
SJC has not independently verified any of the information contained herein and makes no representations
or warranties of any kind concerning the accuracy or completeness thereof. All summaries and discussions
of documentation and/or financial information contained herein are qualified in their entirety by reference to
the actual documents and/or financial statements, which upon request may be made available. An interested
party must conduct its own independent investigation and verification of any information the party deems
material to consideration of the opportunity, or otherwise appropriate, without reliance upon SJC.
The Property may be financed or withdrawn from the market without notice, and its owner(s) reserve(s) the
right to negotiate with any number of interested parties at any time. The Property is offered and sold by its
owner(s) as is, where is, and with all faults, without representation or warranty of any kind except for any
customary warranties of title.
BY ACCEPTING THIS COM, YOU AGREE THAT: (1) all information contained herein, and all other information
you have received or may hereafter receive from SJC relating to the Property, whether oral, written or in any
other form (collectively, the “Information”), is strictly confidential; (2) you will not copy or reproduce, and
claim as your own without attribution to SJC, all or any part of this COM or the Information; (3) upon request
by SJC at any time, you will return and/or certify your complete destruction of all copies of this COM and the
Information; (4) for yourself and all your affiliates, officers, employees, representatives, agents and principals,
you hereby release and agree to indemnify and hold harmless SJC all of its affiliates, officers, employees,
representatives, agents and principals, from and with respect to any and all claims and liabilities arising from
or related to the receipt or use of this COM and/or any other Information concerning the Property; (5) you
will not provide this COM or any of the Information to any other party unless you first obtain such party’s
acceptance and approval of all terms, conditions, limitations and agreements set forth herein, as being
applicable to such party as well as to you; and (6) monetary damages alone will not be an adequate remedy
for a violation of these terms and that SJC shall be entitled to equitable relief, including, but not limited to,
injunctive relief and specific performance, in connection with such a violation and shall not be required to post
a bond when obtaining such relief.
Offered Exclusively by
Stan Johnson Company180 Madison Ave, Suite 1500 New York, NY 10016 P: +1 646.778.5560 stanjohnsonco.com
James Ullrich Associate Directorjullrich@stanjohnsonco.com FL License # BK3073947
In collaboration with:
J.R. Long Broker jlong@ccim.net
Proctor & Long, LLC825 Thomasville Road Tallahassee, FL 32303 P: +1 850.509.2137 stanjohnsonco.com
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Section One
Executive Summary
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Investment HighlightsStrong Credit Tenant
• Founded in 1858
• 360 Locations
• $2.6 Billion revenue (per Hoovers)
Lease Structure
• LEX: March 31, 2021 (3.5+/- Years remaining)
• NN (minimal landlord responsibilities)
• Below market rent / No renewal options
Real Estate
• Rare outside storage
• $88,000 Rent per annum
• $2,600 Per AC per month
• $5.50 Per building SF
• 0.13 FAR
• Recently built (2009), Butler building
• Tallahassee, FL. Insulated by State Capital and 70,000 +/- college students
• Florida State University (FSU)
• FAMU
• TCC
Investment SummaryThe property was built to suit Hajoca in 2009. It includes rare outside
storage and boasts a 0.13 FAR.
The lease includes 3.5+/- years remaining with minimal landlord
responsibilities.
Hajoca, founded in 1858, is a national plumbing supply company with 360
sites, producing $2.6 B +/- in revenue.
Offering Price: $1,257,000
Cap Rate: 7.00%
Subject Property
Property Summary
Address: 941 Chipley Street, Tallahassee, Florida 32304
Building Size: 16,000 SF
Land Area: 2.81 AC / 0.13 FAR
NOI: $88,000
Hajoca • Tallahassee, FL 4
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Section Two
Tenant Overview
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Tenant Overview
Representative Photo
Hajoca Corporation operates as a wholesale
distribution company that offers plumbing, heating,
and industrial supplies in the United States. Hajoca
wholesales plumbing, HVAC, swimming pool, and
industrial supplies for commercial and residential
customers. It offers residential plumbing products
for homeowners; commercial plumbing for football
stadiums, airports, hospitals, observatories, office
parks, malls, schools, concert halls, and museums; and
heating, ventilating, and air conditioning products.
The company also provides plastic, steel, copper, and
iron pipes, as well as an array of connective fittings
and regulating valves for the construction and repair
of the infrastructure of manufacturing facilities; and
pool supplies, such as pipes, filters, chemicals, heaters
and pumps, tiles, and more. In addition, it provides
waterworks solutions ranging from concept studies,
through design and installation of water and waste
water needs; and products and services in the areas
of storm water management, irrigation, and septic
systems.
As part of its strategy, Hajoca buys distributors that
serve its niche industry and retains the company’s
original brand names to create a seamless experience
for customers. Such names include McDonald Supply,
Easter & Sons, Bud’s Plumbing, Gorman, Apex Supply,
Lee L. Dopkin, Richards Plumbing and Heating Supply,
and Weinstein Supply. The company greatly expanded
its footprint by purchasing HD Supply’s Plumbing and
HVAC Division in 2011. At the time, HD Supply HVAC
distributed wholesale plumbing and HVAC products
through a network of more than 90 branches in 15
states. The move gives Hajoca one of the top 40
industrial distributors in the US.
Hajoca Corporation has reported annual sales in
excess of $2.60 billion (Hoovers) with over 3,500
employees.
Tenant Quick Facts
Founded 1858
Number of Locations 360
Revenue (Hoovers) $2.6 B
Hajoca • Tallahassee, FL 6
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Section Three
Lease Structure Overview
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Lease Abstract
Basic Information
Tenant: Hajoca Corporation d/b/a Gorman Supply
Guarantor: N/A, Hajoca is the Parent entity
Property Address: 941 Chipley St., Tallahassee, FL 32304
Rentable SF 16,000
Land AC / SF 2.81 AC / 122,404 SF
Term Commencement 3/31/2009
Term Expiration 3/31/2021
Term Remaining 3.5 Years +/-
Rent Per Annum $88,000
Per AC per month $2,600
Per Building SF per year $5.50
Rental Increases None
Renewal Options None
Notice N/A
Option Rent N/A
Expenses (lease type) NN
Landlord ResponsibilityLL responsible for roof, structure, exterior walls, paving, fencing, sidewalks and replacement of systems (HVAC, electrical, plumbing, etc.)
Tenant ResponsibilityTT responsible for real estate tax, insurance, utilities, general maintenance and repair and maintenance of building systems (HVAC, electrical, plumbing, etc.)
N
Hajoca • Tallahassee, FL 8
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Section Four
Real Estate Overview
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Property Overview
Basic Information
Address 941 Chipley St., Tallahassee, FL 32304
Property Type Industrial
UseIndustrial / distribution / outside storage / sales office and customer counter
Occupancy 100%
Year Built 2009
Building SF 16,000 SF
Office 2,000 SF (13%)
Warehouse 14,000 SF (88%)
Lot Size 2.81 AC
FAR 0.13
Construction Type Freespan (Butler Building System)
Structure Steel Frame
Exterior Walls Corrugated metal panels
Roof Standing seam metal
Clear Height 16 at eves and 18 at centerline arch
Sprinklers None
Lighting T-5 office & High Bay in warehouse
Loading4 Overhead doors (1 : 4,000 SF); 2 at grade, 2 dock high in a well
Yard Fenced, paved and milled outside storage areas.
Parking 19 Spaces (9.5:1,000 SF Office, 1.2:1,000 SF Total)
Hajoca • Tallahassee, FL 10
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Location OverviewLocated in the Florida Panhandle, Tallahassee is
a place where college town meets cultural center,
politics meets performing arts and history meets
nature, a place where the vibrancy of what to do is
matched only by the city’s inviting hospitality.
Tallahassee is the capital of the U.S. state of
Florida. It is the county seat and only incorporated
municipality in Leon County.
Tallahassee is home to Florida State University,
ranked the nation's thirty-eighth best public
university by U.S. News & World Report. It is also
home to the Florida A&M University, one of the
country's largest historically black universities by
total enrollment. Tallahassee Community College is
a large community college which serves mainly as
a feeder school to both Florida State and Florida
A&M. Tallahassee qualifies as a significant college
town with a student population exceeding 70,000.
Tallahassee is currently ranked as the 18th best
college town in the nation by Best College Reviews.
Tallahassee is home to the Florida State Capitol,
Supreme Court of Florida, Florida Governor's
Mansion, and nearly 30 state agency headquarters.
The city is also known for its large number of law
firms, lobbying organizations, trade associations
and professional associations, including the Florida
Bar and the Florida Chamber of Commerce. It is
also a recognized regional center for scientific
research, and home to the National High Magnetic
Field Laboratory. In 2015, Tallahassee was awarded
the All-American City Award by the National Civic
League for the second time.
Tallahassee, FL
Hajoca • Tallahassee, FL 11
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1 mile
3 miles
5 miles
Demographics 941 Chipley St, Tallahassee, FL, 32304 0 - 1 mi. 0 - 3 mi. 0 - 5 mi.
Population
2017 Population 10,635 71,484 131,646
2022 Population 11,151 74,066 135,986
2010-2017 Annual Rate 1.06% 0.69% 0.58%
2017-2022 Annual Rate 0.95% 0.71% 0.65%
Households
2017 Total Households 3,876 27,047 51,715
2022 Total Households 4,069 28,026 53,334
2010-2017 Annual Rate 0.95% 0.57% 0.43%
2017-2022 Annual Rate 0.98% 0.71% 0.62%
Income
2017 Average Household Income $32,407 $33,586 $45,789
2017 Per Capita Income $13,280 $13,764 $18,954
Avg. HH Income within 5 miles
Population within 5 miles
$45,789
131,600+ N
Hajoca • Tallahassee, FL 12
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N
The Property is located approximately 2.5 miles from Florida State University.
Hajoca • Tallahassee, FL 13
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JAMES MESSER SPORTS COMPLEX
SAIL HIGH SCHOOL
BELLE VUE MIDDLE SCHOOL
NATIONAL HIGH MAGNETIC FIELD
LABORATORY
FORUM AT TALLAHASSEE STUDENT
APARTMENTS
UNIVERSITY GREEN
UNIVERSITY TRAILS TALLAHASSEE
MCDONALD'S
HWY 90 / W TENNESSEE ST (+/- 52,270 VPD)
AP
PLE
YAR
D D
R (
+/-
20,1
21 V
PD
)
W PENSACOLA ST (+/- 34,000 VPD)
TALLAHASSEE COMMUNITY COLLEGE
38,017 STUDENTS
FLORIDA STATE UNIVERSITY 41,867 STUDENTS
FSU BIOLOGICAL SCIENCE RESEARCH
FACILITY
MCDONALD'SMCDONALD'S
DUNKIN DONUTS
N
Hajoca • Tallahassee, FL 14
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APPLEYARD DR (+/- 20,121 VPD)
W PENSACOLA ST (+/- 34,000 VPD)
ROSE PRINTING COMPNAY
TALLAHASSEE CITY ELECTRIC
KEARNEY CENTER
VILLA DEL LAGO APARTMENTS
THE BOULEVARD AT TALLAHASSEE
BELLE VUE MIDDLE SCHOOL
LEON COUNTY JAIL
FOLSOM
WHITE'S ORIENTAL RUG SERVICES
STARMETRO
CEMEX
EESCO TALLAHASSEE
BROWNING MOVING & STORAGE, INC
YELLOW CAB OF TALLAHASSEE HD SUPPLY POWER
SOLUTIONS
PIVOTAL POINT ENTERPRISES
TALLAHASSEE COMMUNITY COLLEGE
CAPITAL RUBBER & INDUSTRIAL SUPPLY
BARRON'S WHOLESALE TIRE
LEON COUNTY HEALTH DEPARTMENT
LEON COUNTY SCHOOLS
TALLAHASSEE CITY FLEET MANAGEMENT
N
JAMES MESSER SPORTS COMPLEX
Hajoca • Tallahassee, FL 15
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Subject Property Photos
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Subject Property Photos
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going beyond
The information contained herein was obtained from sources believed reliable, however, Stan Johnson Company makes no guaranties, warranties or representations as to the completeness thereof. The presentation of this property for sale, rent or exchange is submitted subject to errors, omissions, change of price or conditions, or withdrawal without notices.
Stan Johnson Company180 Madison Ave, Suite 1500 New York, NY 10016 P: +1 646.778.5560 stanjohnsonco.com
James Ullrich Associate Directorjullrich@stanjohnsonco.com FL License # BK3073947
In collaboration with:
J.R. Long Broker jlong@ccim.net
Proctor & Long, LLC825 Thomasville Road Tallahassee, FL 32303 P: +1 850.509.2137 stanjohnsonco.com
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