for sale 300 court avenue - loopnet€¦ · building also features three (3) broilers, 2 cleaver...
TRANSCRIPT
300 COURT AVENUE300 COURT AVENUE, MEMPHIS, TENNESSEE | INVESTMENT SUMMARY
For Sale$2,500,000Value-Add Opportunity
INTRODUCTION
Fischer Capital Markets Services, (“Fischer”) as theexclusive representative of the Owner, is pleased to offerfor sale the 100% fee simple interest in 300 CourtAvenue, a 186,525 square foot value add office building(the “Property”) located in the Downtown submarket ofMemphis, TN.
The Property features a highly visible location just of Westof HWY 51 / N Danny Thomas Boulevard and CourtAvenue. With the Property’s location inside of theMemphis CBD on an arterial highway, 300 Court Avenueenjoys incredible access to Downtown Memphis and thesurrounding areas.
300 Court Avenue presents investors an attractive value-add opportunity in Downtown Memphis. The property willbe leased by First Tennessee Bank for 2 years, providinginvestors time and capital to invest towards future leaseup.
Building Information
Address: 300 Court AvenueCity, State: Memphis, TNRentable Area: 186,525Building Height: Seven StoriesYear Built: 1971Typical Floor Size: 26,917 Sq. Ft.Column Spacing: 30 Ft. by 30 Ft.Site: 3.57 AcresParking Ratio: 2.80 per 1,000*Parking Spaces 522 Spaces*
* See page 6 for details
PROPERTY INFORMATION
PROPERTY INFORMATION
300 Court Ave
PROPERTY INFORMATION
Memphis
PROPERTY INFORMATION
AutoZone ParkToyota
Center
Blue Cross Blue Shield
First Tennessee Bank Building
Peabody Hotel
Holiday Inn
300 Court Avenue
PROPERTY INFORMATION
Parking: 522 Spaces*
Parking Ratio: 2.80 per 1,000*
Access: Court Avenue & Jefferson Avenue
**Tenant owns 257 spaces and currently leases another265 parking spaces from 2 separate vendors. 137spaces are leased through 12/31/2015 with oneremaining renewal option. The remaining 128 spacesare leased through 12/31/2019.
Property Description: 300 Court Avenue is a 7 story Class “B” office buildingbuilt in 1971. The property consists of 186,525 RSF and located in downtownMemphis, just East of Highway 51 on Court Avenue.
Accessibility: Access to Highway 51 is excellent, providing a direct link toInterstate 40 less than a mile to the North. The site also provides access tomultiple MATA Downtown trolley and bus stops, with the Madison Avenue and3rd Street trolley station being just 1 block west of the property.
Typical Floor Plate
DESIGN AND CONSTRUCTION
Foundation: Poured Concrete
Structural Frame: Structural Steel
Exterior Walls: Concrete panels with metal frame windows
Roof: Built up commercial roof, installed in 2005
Elevators: Four Dover geared traction lift elevatorsrenovated in 1992 servicing floors b-7. Onedumbwaiter freight elevator servicing floors B-7.One hydraulic lift servicing floors B-1.
Security: Secured building entry with keypad entry systemor card reader system on doors.
Vault: The property features a 2,650 square foot vaulton the first floor with a Mosler Vault door, 18”thick perimeter walls and 18” slab above andbelow the vault room.
PROPERTY INFORMATION
INTRODUCTIONPROPERTY INFORMATION
BUILDING SYSTEMS
HVAC: HVAC system consists of (2) 450/500 ton Trane(CVHE500) centrifugal chillers, installed in 1997and 1998 respectively. Three (3) Carrier airhandling units distribute air to the interior of thebuilding utilizing a VAV zone system withthermostat and space temperature sensors. Thebuilding also features Three (3) broilers, 2 CleaverBrooks (CB 266-125) boiler that is original to thebuilding and 1 Teledyne-Laars (VW715EN09K)boiler that was installed in 1987. There aresupplemental HVAC systems that supply additionalcooling to the computer rooms located in thebasement.
Connectivity: ATT, Time Warner / Level 3 fiber present. ATTcopper access present: POTS/DSL/ISDN
Sprinklers: Carbon dioxide (CO2) sprinkler system in thebasement. No other areas of the building aresprinkled.
Power: The building has a 3-phase 480/227 V utility feedwith a single point of entry to the building.
Emergency Power:
1 – 1000 KW Cummins, model 1000DFJD1 – 400 KW Cummins, model 680FDC3041AC N1 – 350 KW Cummins, model 680FOC40FF W
UTILITIES:
Electricity: Memphis Light Gas & Water
Natural Gas: Memphis Light Gas & Water
Water: Memphis Light Gas & Water
Sewer: Memphis Light Gas & Water
Telephone: Various
Fire & Police: Memphis Police
Upon the sale of the Property, First Tennessee Bank willlease back 186,525 RSF for a term of up to 2 years,providing investors with the opportunity to collect incomeduring the initial lease up period.
Sales Price: $2,500,000Rental Rate: $1.07 per square foot per yearCap Rate: 8%
Property owner has confirmed the presence of asbestoscontaining materials within the property.
Property will be sold in “as-is” condition including allfurniture, fixtures and equipment currently located withinthe building.
INVESTMENT SUMMARY
First Tennessee is a regional financial services company with a history of strength and stability dating back to 1864. Today, theholding company, First Horizon National Corporation, NYSE: FHN, is one of the 50 largest publicly traded U.S. banks in terms ofasset size. First Horizon's 4,300 employees provide financial services through more than 170 First Tennessee Bank locations in andaround Tennessee and 27 FTN Financial offices in the U.S. and abroad. The company was founded during the Civil War and has the14th oldest national bank charter in the country. First Tennessee has one of the highest customer retention rates of any bank in thecountry, and FTN Financial is a capital markets industry leader in fixed income sales, trading and strategies for institutional clients inthe U.S. and abroad.
Headquarters: Memphis, TN
History: First Tennessee Bank Founded in 1864
Total Assets: $26 billion
Loans: $16 billion
Market Capitalization $3.2 billion
Capital Ratio: 14.4% (Tier 1)
Customers: 390,000
Employees: 4,300
Bank Locations: 197 +/-
*Data as of 4Q14
No. 27 among America’s 500 best employersForbes Magazine
Best Employers for Workers Over 50AARP, 2003-2012
Best bank in MemphisMemphis Flyer, 2014
Top employer in MemphisCommercial Appeal, 2014
Best bank for eight straight yearsChattanooga Times Free Press
Best bank for 13 straight yearsKnoxville News Sentinel
TENANT SUMMARY
13727 NOEL ROAD| SUITE 900 | DALLAS, TX 75240972.980.7100| WWW.FISCHERCOMPANY.COM
ANDREW HEGMANN
MAX JOYNER
FOR MORE INFORMATION, PLEASE CONTACT:
THE OWNER OF THIS PROPERTY HAS REQUESTED THAT FISCHER PRESENT 300 COURT AVENUE TO MARKET SUCH PROPERTY FOR SALE. INFORMATION CONCERNING THE PROPERTY DESCRIBED HEREIN HAS BEEN OBTAINED FROM OTHER SOURCES OTHER THAN FISCHER AND WE MAKE NO
REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, AS TO THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION. ANY AND ALL REFERENCES TO AGE, SQUARE FOOTAGE, INCOME, EXPENSES AND ANY OTHER SPECIFIC INFORMATION ARE APPROXIMATE AND DISCLOSED TO
THE BEST OF KNOWLEDGE. ANY OPINIONS, ASSUMPTIONS, OR ESTIMATES CONTAINED HEREIN ARE PROJECTIONS ONLY AND USED FOR ILLUSTRATIVE PURPOSES AND MAY BE BASED ON ASSUMPTIONS OR DUE DILIGENCE CRITERIA DIFFERENT FROM THAT USED BY A BUYER. MARKET
CONDITIONS MAY DIFFER AND/OR CHANGE FROM THOSE STATED HEREIN AND AS SUCH ANY MARKETING INFORMATION MAY NEED TO BE REVISED TO REFLECT SUCH CONDITIONS.
BRADLEY RICE