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FOUNDATION BUILDING MATERIALS
6001 ORIENT RD, TAMPA, FL 33610
FOUNDATION BUILDING MATERIALS
marketing package
TABLE OF CONTENTS
03 Portfolio Overview 04 Investment Summary 05 Lease Summary 06 Building Features 07 Rent Schedule 08 Rent Comparables 09 Retail Aerial 11
Site Plan
12 About the Brand 13
Location Overview
18 Contact CONTACT INFORMATION
CORY KRUPINSKY Associate (818) 620-3989
richard brehaut Director (909) 560-3010
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6001 ORIENT RD, TAMPA, FL 33610
FOUNDATION BUILDING MATERIALS
PORTFOLIO OVERVIEW TOTAL
LIST PRICE
$27,000,000 Cumulative GLA
250,711 SF
Average Price / SF Average List Price / Asset
$107.69 $5,400,000
Average CAP Rate
5.22%
Total NOI
$1,341,993
Average Rent / SF
$5.17
TENANT
ADDRESS
GLA
LOT SIZE
NOI
CAP RATE
LIST PRICE
FBM
1924 W Princeton St, Orlando, FL
80,000 SF
8.63 AC
$389,040
3.54%
FBM
6001 Orient Rd, Tampa, FL
37,500 SF
6.14 AC
$247,164
MULTI
6695 Colray Ct, Jacksonville, FL
68,611 SF
7.69 AC
FBM
1688 Global Ct, Sarasota, FL
41,400 SF
FBM
2121 FL-472, DeLand, FL
TOTAL
03
LEASE
EXPIRATION
OPTIONS
LEASE TYPE
$11,000,000
05/01/2022
One (1), 3-Year
Triple-Net (NNN)
4.94%
$5,000,000
05/01/2022
One (1), 3-Year
Triple-Net (NNN)
$465,249
9.30%
$5,000,000
See OM
See OM
See OM
6.59 AC
$148,440
3.71%
$4,000,000
07/01/2023
Two (2), 3-Year
Triple-Net (NNN)
23,204 SF
2.60 AC
$92,100
4.61%
$2,000,000
05/01/2022
One (1), 3-Year
Triple-Net (NNN)
250,711 SF
31.65 AC
$1,341,993
5.22%
$27,000,000
6001 ORIENT RD, TAMPA, FL 33610
FOUNDATION BUILDING MATERIALS
INVESTMENT SUMMARY Tenant Street Address City State Zip GLA Lot Size Year Built
Foundation Building Materials 6001 Orient Rd Tampa FL 33610 37,500 SF
$
$5,000,000 LIST PRICE
% 4.94% CAP RATE $
$247,164
NET OPERATING INCOME
6.14 AC
Price / SF
$133.33
2007
Rent / SF
$6.59*
* Rent is 27% below market, see page 8 for rent comparables
Short Term Lease with Below Market Rents - Foundation Building Materials current term expires in 2022 with one (1), 3-year option. At $6.59 / SF, FBM’s rent is 27% below market. See page 8 for rent comparables. Direct Access to Interstate 4 (129K VPD) - The subject property is less than 1 mile from a point of ingress and egress to Interstate 4 (129,000 VPD). I-4 spans 132 miles and runs through Central FL, connecting the West Coast to the East Coast. Foundation Building Materials - FBM is one of the largest specialty building products distributors of wallboard, suspended ceiling systems, and metal framing in North America. With full transparency of a publicly traded company, FBM’s mission is to serve the changing needs of the professional construction trades. Corporate Guarantee from Publicly Traded Company - Foundation Building Materials (NYSE: FBM) was founded in 2011 and went public in 2017. Today, they currently operate 180 units in North America and Canada.
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6001 ORIENT RD, TAMPA, FL 33610
FOUNDATION BUILDING MATERIALS
LEASE SUMMARY Lease Type
Type of Ownership Original Lease Term
Triple-Net (NNN) Fee Simple
Real Estate Taxes
Tenant Responsible
Insurance
Tenant Responsible
3 Years
Roof & Structure
Landlord Responsible
Commencement Date
05/01/2010
Lease Guarantor
Corporate
Lease Expiration
05/01/2022
Company Name
Foundation Building Materials
Term Remaining
1.5+ Years
Increases Options
CPI* One (1), 3-Year
*Average annual increase of CPI-U of previous 3 years, every 3 years.
Ownership Number of Locations Right to Terminate
Public (NYSE: FBM) 180 Yes**
** Tenant shall have the right to terminate this Lease at any time during the term by deliv-
ering written notice to Landlord setting forth a termination date which shall be not less than twelve (12) months after the date of delivery of the notice.
Long-Term Commitment to the Site - FBM executed their lease in 2010 in the heart of the recession. Since then, they have exercised 3 options showing commitment to the location. FBM is Well Positioned for Long-Term Growth - Over the past 9 years, FBM has strategically acquired 10 independent companies throughout North America. The opportunity to supplement with organic growth and strategic acquisitions makes them well positioned as a company for long-term success. Explosive Population Growth - From 2010 – 2018, the population within one mile of the subject property increased by 36%. The population within one mile is expected to grow by an additional 11% between 2018 – 2023. Strong Infill Demographics - There are over 64,000 residents within three miles and over 204,000 residents within five miles of the subject property.
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6001 ORIENT RD, TAMPA, FL 33610
FOUNDATION BUILDING MATERIALS
BUILDING FEATURES
Number of Buildings
One
Acres
±6.14
Minimum Clearance Height Parking Ground Level Doors
24’ Ample 6 Doors / Main Warehouse
Yard
Large & Secured
Amp
800
Volts
208 / 120
Slab
16”
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6001 ORIENT RD, TAMPA, FL 33610
FOUNDATION BUILDING MATERIALS
RENT SCHEDULE Period
Term
Annual Rent
Monthly Rent
Increase
CAP Rate
05/01/2019 - 05/01/2022
3rd Option
$247,164
$20,597
-
4.94%
05/01/2022 - 05/01/2025
4th Option
-
-
CPI
-
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6001 ORIENT RD, TAMPA, FL 33610
FOUNDATION BUILDING MATERIALS
RENT COMPARABLES
6001 ORIENT RD, TAMPA, FL 33610
NOI (Lease Rate)
$6.59 / SF GLA
37,500 SF
Lease Expiration
05/01/2022
Options
One (1), 3-Year
Lease Type
Triple-Net (NNN)
CAM
-
Escalations
CPI-U
TENANT
ADDRESS
GLA
COMMENCEMENT
LEASE
TERM IN
MONTHS
EXPIRATION
LEASE
LEASE
LEASE
TYPE
CAM
ESC
Seabulk Fleet
2021 N. 40th St, Tampa, FL
26,600 SF
12/19/2019
64
02/25/2025
$6.58
Triple-Net (NNN)
$1.20
3.00%
Frontier
7855 Causeway Blvd, Tampa, FL
21,737 SF
-
134
-
$10.47
Triple-Net (NNN)
-
2.50%
Rexel USA, Inc
4010 W. Osborne Ave, Tampa, FL 32,000 SF
10/19/2019
62
01/01/2025
$8.61
Triple-Net (NNN)
-
3.00%
Briggs Equipment
8215 Palm River Rd, Tampa, FL
-
120
-
$10.50
Triple-Net (NNN)
$2.00
2.50%
AVERAGE
08
15,000 SF 23,834 SF
95
RATE
$9.04
6001 ORIENT RD, TAMPA, FL 33610
FOUNDATION BUILDING MATERIALS
RETAIL AERIAL
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6001 ORIENT RD, TAMPA, FL 33610
FOUNDATION BUILDING MATERIALS
RETAIL AERIAL
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6001 ORIENT RD, TAMPA, FL 33610
FOUNDATION BUILDING MATERIALS
SITE PLAN
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6001 ORIENT RD, TAMPA, FL 33610
FOUNDATION BUILDING MATERIALS
ABOUT THE BRAND
Foundation Building Materials Foundation Building Materials (FBM®) is a leading construction materials distributor focused on exceeding the expectations of the commercial construction and residential building trades. The Company fabricates and distributes its products for specialty contractors seeking to improve or maintain energy efficiency in a range of commercial and industrial buildings.
180
NYSE: FBM
$2.2 Billion
30 States + Canada
NUMBER OF LOCATIONS
$
TRADE NAME
ANNUAL REVENUE
GEOGRAPHICAL FOOTPRINT
FBM specializes in the local supply of building materials such as drywall, steel studs, lath, plaster, stucco, acoustical ceilings, insulation, fiberglass reinforced plastic (FRP), and exterior insulation finish systems (EIFS). Additionally, FBM offers a wide variety of commercial-grade construction tools, drywall hand tools, fasteners, and construction supplies for residential and commercial projects. Each Foundation Building Materials (FBM) location is uniquely focused on the individual building materials needs within its regional market. With over 180 locations across the United States and Canada, FBM has significant geographic reach into most major building materials markets. 2019 Full-Year Highlights • • • •
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Net sales of $2.2 billion, an increase of $110.2 million compared to the prior year period. Base business net sales of $1.9 billion, an increase of 2.5% compared to the prior year period. Adjusted net income of $47.6 million, an increase of $30.0 million, compared to the prior year period. Completed three acquisitions and opened San Antonio greenfield branch.
6001 ORIENT RD, TAMPA, FL 33610
FOUNDATION BUILDING MATERIALS
LOCATION OVERVIEW
Strong Industrial Investment Activity - Tampa industrial investment activity had been on quite a roll in the years prior to the pandemic. In early 2020, the pace had even accelerated and the market appeared on track to challenge last year’s record annual sales volume of nearly $1 billion. The strong first quarter still has Tampa on track for a record sixth consecutive year over $500 million. Ideal Industrial Market - Tampa’s industrial market has experienced minimal pandemic impacts during the initial months of the outbreak. Prior to the crisis, Tampa’s industrial market was experiencing strong momentum with most indicators among the healthiest on record. Unbeatable Job Growth - Job growth has been the market’s biggest success story over the past decade, outperforming the nation for 35 consecutive quarters. Tampa has averaged a 2.5% annual growth rate, nearly twice the U.S. average. Home to Four Professional Sports Teams - Tampa has four professional sports teams: Tampa Bay Buccaneers (NFL), Tampa Bay Rays (MLB), Tampa Bay Lightning (NHL), and the Tampa Bay Rowdies (AFL).
High Income Growth - Over the past two years, Tampa has posted some of the higher income growth in the country, increasing the market’s buying power and personal consumption, which has provided ample fuel for both strong retail and industrial demand. The Amazon Effect - Amazon announce plans to open more than 600,000 square foot fulfillment center, which will result in 750 new jobs. Ace Hardware also announced plans for a distribution center, construction scheduled to begin in October 2020 with target completion date in November 2021. Port Tampa Bay Welcomes Over 65 Million Tourist - One of the largest seaports in the Southwest, Port Tampa Bay welcomes more than 65 million tourist visitors per year. The Largest Concentration of distribution centers totaling over 85 million square feet of space. Three Universities Located Within a Short Drive - The University of South Florida, University of Central Florida, and the University of Florida are home to more than 150,000 students, over 60 percent of whom will stay in Florida upon graduation.
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6001 ORIENT RD, TAMPA, FL 33610
FOUNDATION BUILDING MATERIALS
LOCATION OVERvIEW 1.
Busch Gardens Tampa Bay 10165 McKinley Dr, Tampa, FL 33612 4.9 MILES FROM SUBJECT PROPERTY
2. The Florida Aquarium 701 Channelside Dr, Tampa, FL 33602 7.9 MILES FROM SUBJECT PROPERTY
3. ZooTampa at Lowry Park 1101 W. Sligh Ave, Tampa, FL 33604 7.6 MILES FROM SUBJECT PROPERTY
4. Raymond James Stadium 201 N. Dale Mabry Hwy, Tampa, FL 33607 11 MILES FROM SUBJECT PROPERTY
5. University of South Florida 4202 E. Fowler Ave, Tampa, FL 33620 5..7 MILES FROM SUBJECT PROPERTY
6. Tampa International Airport 4100 George J Bean Pkwy, Tampa, FL 33607 14.3 MILES FROM SUBJECT PROPERTY
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6001 ORIENT RD, TAMPA, FL 33610
FOUNDATION BUILDING MATERIALS
LOCATION OVERvIEW
01 BUSCH GARDENS TAMPA BAY
Busch Gardens Tampa Bay is a 335-AC African-themed amusement park.
02 THE FLORIDA AQUARIUM
home to more than 7,000 aquatic plants and animals from Florida.
04 RAYMOND JAMES STADIUM
Home to the Tampa Bay Buccaneers with a capacity of over 65,618.
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03 ZOOTAMPA AT LOWRY PARK
a 63-acre nonprofit zoo voted the #1 Family Friendly Zoo in the US.
05 UNIVERSITY OF SOUTH FLORIDA
This university has over 50,000 annually enrolled students.
06 TAMPA INTERNATIONAL AIRPORT
This international airport handled 22,497,953 passengers in 2019.
6001 ORIENT RD, TAMPA, FL 33610
FOUNDATION BUILDING MATERIALS
DEMOGRAPHICS
POPULATION
1-Mile
3-Mile
5-Mile
2025 Projection
3,888
69,827
221,202
2020 Estimate
3,510
64,243
204,099
2010 Census
2,569
55,084
177,653
Growth ‘20 - ‘25
10.77%
8.69%
8.38%
Growth ‘10 - ‘20
36.63%
16.63%
14.89%
1-Mile
3-Mile
5-Mile
2025 Projection
1,434
26,568
80,430
2020 Estimate
1,296
24,495
74,277
950
21,218
65,176
Growth ‘20 - ‘25
10.65%
8.46%
8.28%
Growth ‘10 - ‘20
36.42%
15.44%
13.96%
Average Income
$61,061
$52,447
$56,416
Median Income
$41,511
$38,264
$40,303
HOUSEHOLDS
2010 Census
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6001 ORIENT RD, TAMPA, FL 33610
FOUNDATION BUILDING MATERIALS
DISCLAIMER
The information contained in this Marketing Brochure has been obtained from sources believed to be reliable, but the accuracy or completeness of the information contained therein cannot be guaranteed. James Capital Advisors, Inc. & Brian Brockman (“Broker”) has not, and will not, verify any of this information, nor has Broker conducted, nor will it conduct, any investigation regarding these matters. Broker makes no representations, guarantees, or warranties of any nature about the accuracy or completeness of any information provided. The information provided in this brochure is in no way a substitute for a thorough due diligence investigation by Buyer. Broker has made no investigation of, and has made no representations, guarantees, or warranties of any nature, with regard to income and expenses for this property nor the future financial performance of the property. In addition, Broker has made no investigation of, and has made no representations, guarantees, or warranties as to the size and square footage of the property, the presence of any contaminating substances at the property, the physical condition of the property or compliance with any State, Local or Federal regulations. In addition, Broker has made no investigation of, and has made no representations, guarantees, or warranties of any nature, with regard to the financial condition or future financial condition of any tenants, nor any future plans or intentions of tenants with regard to the continued occupancy of the property. All parties are aware that Broker has no affirmative obligation to conduct a due diligence examination of the property for any Buyer. Any and all projections or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. Therefore, Broker assumes no legal responsibility for accuracy or completeness of this information, and expressly disclaims all representations, guarantees, or warranties related thereto. The value of the property to any Buyer depends on numerous factors that must be evaluated by Buyer and Buyer’s legal, tax, construction, and financial advisors. Buyer and Buyer’s advisors should conduct a thorough, independent investigation of the property to determine its suitability for Buyer’s intended usage. This investment, as with all real estate investments, carries a substantial risk. As such, Buyer and Buyer’s legal and financial advisors are strongly advised to request and review all legal and financial documentations related to the property and tenants. A tenant’s past performance is not a guarantee of future performance. The lease rate stated for some properties may be based on a tenant’s projected sales with little or no record of actual performance or comparable rents for the area in question. Returns are in no way guaranteed. Tenants may fail to pay the rent or property taxes or any other tenant obligations under the terms of the lease or may default under the terms of such lease. Regardless of tenant’s history of performance, and/or any lease guarantors and/or guarantees, Buyer is responsible for conducting Buyer’s own investigation of all matters related to any and all tenants and lease agreements. Broker is not, in any way, responsible for the performance of any tenant or for any breach or default by any tenant of any terms of any lease agreement related to the property. Further, Buyer is responsible for conducting Buyer’s own independent investigation of all matters related to the value of the property, including, but not limited to, the value of any long-term leases. Buyer must carefully evaluate the possibility of tenants vacating the property or breaching their leases and the likelihood and financial impact of being required to find a replacement tenant if the current tenant should default and/or abandon the property. Buyer must also evaluate Buyer’s legal ability to make alternate use of the property in the event of a tenant abandonment of the property.
CONFIDENTIALITY This Marketing Brochure and the information contained within, is propriety and strictly confidential. It is intended to be used only by the party receiving it from Broker. It should not be made available to any other person or entity without the express written consent of Broker.
RELEASE This Marketing Brochure has been prepared to provide basic, unverified information for prospective purchasers. By accepting this Marketing Brochure, the recipient agrees to release and hold harmless Broker from any claim, demand, liability or loss arising out, or relating in any way, to the information contained in this Marketing Brochure and from Buyer’s investigation of the property. In no event shall James Capital Advisors, Inc. or Broker be liable to any party for any direct, indirect, special, incidental, or consequential damages of any kind whatsoever arising out of the use of this Marketing Brochure or any information contained herein.
NON-ENDORSEMENT Broker is not affiliated with, endorsed by or sponsored in any way by any tenant or lessee identified in this Marketing Brochure. The presence of any entity’s logo or name is not intended in any way to indicate affiliation, sponsorship or endorsement by said entity of Broker.
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www.jamescapitaladvisors.com
@jamescapitaladvisors
FOUNDATION BUILDING MATERIALS
CONTACT INFORMATION CONTACT
CORY KRUPINSKY
Associate (818) 620-3989 cory.krupinsky@jamescapitaladvisors.com CA RE Lic. 02086327
RICHARD BREHAUT
Director (909) 560-3010 richard@jamescapitaladvisors.com CA RE Lic. 01934760 BROKER OF RECORD
Brian Brockman
Bang Realty - Naples, Inc (513) 898-1551 brian@bangrealty.com FL RE Lic #: BK3327646 CORP. Lic #: CQ1049201
James Capital Advisors, Inc.
www.jamescapitaladvisors.com
@jamescapitaladvisors