PHILIP MATTHEWS COMPANYINDUSTRIAL INVESTMENT SALE | ELKHART, IN | 10 YEAR TERM | 7.0% CAP | NN

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EXECUTIVE SUMMARY 3

ABOUT PHILIP MATTEWS 4

PROPERTY DESCRIPTION 5

INTERIOR PHOTOS 6

EXTERIOR PHOTOS 7

AERIALS 8

PARCEL BOUNDARY 10

REGIONAL MAP 11

ELKHART, IN 12

DEMOGRAPHICS 13

LEASE COMPARABLES 14

SALE COMPARABLES 15

DISCLAIMER | CONFIDENTIALITY 16

SITE PLAN 9

CONTENTS

ONE STOP SHOP | Specializing in custom plastic

profi le extrusions for various industries, Philip

Matthews Company offers an effi cient, all-inclusive

process, enabling them to meet all of their customers’

unique needs.

10 YEAR TERM

$.10/SF PER YEAR RENTAL INCREASE

MARKET BASED RENT | $4.95 PSF

INDUSTRY LEADER | Through outstanding customer

service and state-of-the-art technologies, PMC has

one of the premier tooling design and fabrication

departments in the industry.

ENVIRONMENTAL STEWARDS | PMC goes above

and beyond as an environmental leader by reusing

their own scrap multiple times while even purchasing

others’ scrap off the market to use in their production.

STELLAR FINANCIALS | PMC has strong revenues

boasting sizable profi t margins over the past 3 years,

with sales continuing on a positive trajectory.

STRATEGIC LOCATION | Centrally located in the

heart of northern Indiana, PMC lies just south of

I-80/90 providing direct access through neighboring

South Bend and into Chicago.

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PHILIP MATTHEWS COMPANYEXECUTIVE SUMMARYKwekel Companies is pleased to offer the Investment Sale of the Philip Matthews

Company industrial headquarters facility located in Elkhart, IN. The facility is

83,400 SF.

This is an opportunity to acquire a newly expanded, well located facility occupied

by an award winning company who maintains an exceptional track record of steady

growth and profi tability.

Price: $5,900,000 | Cap Rate: 7.0%

PHILIP MATTHEWS COMPANY (PMC)Philip Matthews Company (PMC) specializes in custom plastic profi le extrusions for

various industries and products such as garage doors, swimming pools, and recreational

vehicles. PMC strives to demonstrate the highest levels of customer service to their clients

and to deliver the highest quality parts available in each marketplace, all while offering the

best possible value to their customers.

PMC operates out of their 83,400 SF facility in Elkhart, IN with a workforce of 60

employees. Having an engineering team with over 50 years of experience, PMC can handle

every step of the customization process from the initial sketch to the fi nished product.

As one of the premier tooling, design, and fabrication departments in the industry, PMC

has built its reputation over the years on proven success and an outstanding portfolio of

clients.

Philip Matthews Company is aware of the environmental footprint it can leave on the earth.

All of their products are designed with conservation in mind. In a controlled environment,

PMC recycles their 1st generation of scrap and off-cuts back in to their various product

lines where applicable. Their 2nd generation of scrap gets used in products where the

surface is not seen, such as in the walls of RV’s where wires need to be managed and

hidden. The benefi t of serving many markets is that it allows PMC to fi nd a home for all of

their scrap, instead of it ending up in a landfi ll.

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ADDRESS

CITY, STATE

TOTAL SF

WAREHOUSE SF

OFFICE SF

ACRES

YEAR BUILT

ZONING

PPN’S

HIGHLIGHT

1000 SAKO COURT

ELKHART, IN 46516

83,400

79,072

4,328

5.28

1992 | 2016 ADDITION | 2020 ADDITION

M-1 | LIMITED MANUFACTURING

20-06-11-202-015.000-011

20-06-11-202-018.000-011

STATE OF THE ART CHILLER SYSTEM

PROPERTY DESCRIPTIONFOUNDATION

FLOOR STRUCTURE

FRAME

FIRE PROTECTION

WALL HEIGHT

DOCK DOORS

OVERHEAD DOORS

ROOF

POWER

HVAC

REINFORCED CONCRETE FOOTINGS & FOUNDATION

5”-6” REINFORCED CONCRETE SLAB ON GRADE

PRE-ENGINEERED STEEL BEAMS W/STEEL COLUMN SUPPORTS

SPRINKLER SYSTEM

24’

4 | WITH LEVELERS & BUMPERS

3

STEEL PURLINS SUPPORTING A METAL ROOF

2 PANELS W/1200 AMP & 600 AMP, 480 VOLT, 3-PHASE POWER

WAREHOUSE | GAS FIRED THERMOCYCLER UNITS

OFFICE| GAS FIRED FORCED AIR + AC THROUGHOUT

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PMC | INTERIOR PHOTOS

6

PMC | EXTERIOR PHOTOS

7

8

PMC | AERIALS

9

SITE PLAN

PMC | PARCEL BOUNDARY

10

2020

EXPANSION

2020

EXPANSION

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PMC | REGIONAL MAP

ELKHART

FORT WAYNE

SOUTH BEND

MICHIGAN CITY

CHICAGO

GARY

KALAMZOO

INDUSTRIAL OVERVIEW:

At about 74 million SF of industrial inventory, Elkhart

is currently witnessing an uptick in construction with

over 300,000 SF completed in 2018. The bulk of new

completions have been in the form of build-to-suit

construction, keeping vacancies in check. As a result

of such low vacancies, cumulative annual rent growth

was about 3% in each year from 2016 to 2018. This

year is on pace to achieve similar gains by year end.

ELKHART, IN 12

ECONOMY:

Elkhart relies heavily on its manufacturing sector for

employment gains, so much so that Elkhart is known

as the RV Capitol of the World with firms such as

Jayco and Heartland Recreational Vehicle standing

among the metro’s largest employers. The conditions

in Elkhart have improved tremendously since the

manufacturing sector was left hurting after the

recession with population and employment continuing

on their upward trajectory.

LOCATION:

Located in the middle of Northern Indiana just below

the state boarder lies Elkhart, IN, a strong industrial city

with roots dating back to the mid-1800’s. Elkhart sits

directly adjacent to its neighbor South Bend (population

102,000+) and is 110 miles east of Chicago and 150

miles north of Indianapolis. Elkhart is just 60 miles

northwest of Indiana’s second largest city, Fort Wayne

(population 266,000).The coast-to-coast I-80/90 runs

directly through Elkhart providing ideal access to

strategic distribution channels across the country.

DEMOGRAPHICSPOPULATION SUMMARY

2010 CENSUS

2019 ESTIMATE

2024 PROJECTION

2019-2024 GROWTH

1 MILE 5 MILES 10 MILES

4,250

4,449

4,556

2.41%

85,794

89,055

91,063

2.25%

185,952

191,567

195,427

2.01%

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$67,543AVERAGE HH INCOME

185,952TOTAL POPULATION

69,387TOTAL HOUSHOLDS

$139,533MEDIAN HOME VALUE

10-MILE RADIUS

HOUSEHOLDS

AVERAGE HH INCOME

MEDIAN HOME VALUE

2019 TOTAL HOUSEHOLDS

2024 TOTAL HH ESTIMATE

2010-2019 HH GROWTH

2019-2024 HH GROWTH

1 MILEE 5 MILES 10 MILES

$75,272

$156,920

1,669

1,711

4.90%

2.52%

$62,691

$123,215

33,066

33,817

3.73%

2.27%

$67,543

$139,533

69,387

70,796

2.98%

2.03%

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PMC | LEASE COMPARABLES

AUG 2015

SIGN DATEADDRESS

62,993

SF LEASED/AVAILABLE

$7.50

NNN RENT

C

CLASS

31977 US 20 E

NEW CARLISLE, IN 46552

1974

YEAR BUILT

LEASED

STATUS

MAR 2018 90,900 $6.95 B6677 BEATRICE DRIVE

KALAMAZOO, MI 49009

1991LEASED

JUL 2018 99,820 $6.45 C6805 BEATRICE DRIVE

KALAMAZOO, MI 49009

1989LEASED

APR 2016 40,000 $5.25 B4729 E 400 S

LAFAYETTE, IN 47905

2015LEASED

- 138,613 $4.90 C1405 E 200 S

LAFAYETTE, IN 47905

2005FOR LEASE

- 47,400 $5.00 B4321 GOSHEN ROAD

FORT WAYNE, IN 46818

1987FOR LEASE

- 83,400 $4.95 B1000 SAKO COURT

ELKHART, IN 46516

1992, 2016 & 2020

-

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PMC | SALE COMPARABLES

OCT 2017

SALE DATEADDRESS

$13,125,000

SALE PRICE

$82.03

PSF

B

CLASS

1451 VETERANS MEMORIAL PKWY

LAFAYETTE, IN 47905

1999

YEAR BUILT

160,000

SIZE (SF)

APR 2016 $17,000,000 $81.59 B5115 DYLAN DRIVE

SOUTH BEND, IN 46628

2015208,361

SEPT 2019 $5,526,120 $77.83 B4105 HAGGERTY LANE

WEST LAFAYETTE, IN 47906

200571,000

NOV 2018 $7,510,906 $76.16 B9403 AVIONICS DRIVE

FORT WAYNE, IN 46809

199698,618

DEC 2018 $3,000,000 $65.32 C4050 RALPH JONES DRIVE

SOUTH BEND, IN 46628

199545,927

FOR SALE $5,525,000 $81.85 B78277 COUNTY ROAD 378

COVERT, MI 49043

201867,500

- $5,900,000 $70.74 B1000 SAKO COURT

ELKHART, IN 46516

1992, 2016 & 2020

83,400

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The information contained in the following Investment Prospectus is proprietary and strictly confi dential. It is intended to be reviewed only by the party receiving it from Kwekel Companies, and should not be made available to any other person or entity without the written consent of Kwekel Companies. This off ering memorandum has been prepared to provide summary, unverifi ed information to prospective purchasers, and to establish only a preliminary level of interest in the subject property(s). The information contained herein is not a substitute for a thorough due diligence investigation. Kwekel Companies has not made any investigation, and makes no warranty or representation, with respect to the size and square footage of the property(s) and improvements, the compliance with State and Federal regulations, the physical condition of the improvements thereon. The information contained in this overview has been obtained from sources we believe to be reliable; Kwekel Companies makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

DISCLAIMER

TIM KWEKEL | PRESIDENT

Direct (616) 328-5222

Mobile (616) 293-6924

E-Mail tim@kwekelcompanies.com

DAMON ROOT | VICE PRESIDENT

Direct (616) 328-5116

Mobile (616) 723-1027

E-Mail damon@kwekelcompanies.com

IN ASSOCIATION WITH

AARON MCDERMOTT

IN LICENSE # RB14031217