Pie Factory Offering Memorandum

M A N C H E S T E R P I E F A C T O R Y O F F E R I N G M E M O R A N D U M

612 HULL STREET RICHMOND, VA

ONE SOUTH COMMERCIAL

YOUR NEEDS. OUR SKILLS. ONE SOUTH.

Rick Jarvis I

Founder + Partner 804.305.7722 Rick.Jarvis@onesouthrealty.com

Patrick Sullivan I

GRI + e-PRO 804.397.5078 PatrickSullivanRealty@gmail.com

2314 WEST MAIN STREET | RICHMOND, VIRGINIA 23220 | ONESOUTHCOMMERCIAL.COM | COMMERCIAL@ONESOUTHREALTY.COM | 804.353.0009 [O] | 804.353.0991 [F]

T A B L E O F C O N T E N T S I. Offering Overview

.

.

.

.

.

.

.

.

.

4

II. Property Details

.

.

.

.

.

.

.

.

.

5

III. Financial Analysis

.

.

.

.

.

.

.

.

.

19

IV. Location Overview

.

.

.

.

.

.

.

.

.

21

V. Company Description

.

.

.

.

.

.

.

.

.

24

o f f e r i n g o v e r v i e w ONE SOUTH COMMERCIAL is pleased to present for sale

MANCHESTER PIE FACTORY a mixed-use office & residential property in Richmond’s historic Manchester Industrial District

RICHMOND 7 Class-A office spaces and 3 residential units with garage parking and spectacular skyline views.

Asking price

$2,250,000 Manchester Pie Factory | Offering Overview | 4

P R O P E R T Y D E T A I L S Address .................................................... 612 Hull Street | Richmond, VA 23224 Acres ............................................................................................ 0.42 acres (18,086 SF) Tax Parcel ..............................................................................................

S00000078003

Construction ............................................................. Built 1920 & Renovated 2009 Zoning ................................................................................... B-6 (Business/Mixed Use) Tax Abatement ................................................................................................ Until 2019 Office Space ......................................................................... 7 suites | Total 8,118Âą SF Residential Space ................................................................ 3 units | Total 6,845Âą SF Parking ........................................... Cobblestone Parking Lot and Garage Parking Number of Stories ............................................................................................................ 3 Unit Breakdown ................................................................................ 1 Bed + 1.5 Baths 2 Beds + 2 Baths 2 Beds + 2.5 Baths Exterior Construction ....................................................... Brick with modified roof Interior Construction ..................................................

Brick with exposed beams,

High ceilings, Class A office space, Luxury Apartments Features ...............................................................................

Secured building access,

Private outdoor patio and courtyard, Building-wide, monitored fire alarm and fire sprinkler system Systems ........... ALL plumbing, mechanical and HVAC systems new as of 2009

Manchester Pie Factory | Property Details | 5

B U I D L I N G S T O R Y The Manchester Pie Factory, an abandoned factory located in the heart of the Old Manchester neighborhood, was carefully transformed into a combination of office and residential spaces in 2009 by owner/developer Pareto, LLC. The commercial spaces occupy the first and second floors and house a variety of companies from one-person operations to small and mid-size firms with needs for conference, meeting and public spaces.

The adjoining garage area and quaint cobblestone alleyway provide abundant off-street parking for commercial and residential tenants.

The thoughtfully laid out residential unit plans allow for day-to-day convenient living and memorable entertainment all with personal privacy.

The sophisticated floorplans are greatly reminiscent of New York City’s highly sought after Meatpacking District lofts. The space, while logical, flexible and efficient is also powerful and memorable....exactly what loft luxury living is supposed to be.

Manchester Pie Factory | Property Details | 6

Manchester Pie Factory | Property Details | 7

Manchester Pie Factory | Property Details | 8

Manchester Pie Factory | Property Details | 9

Manchester Pie Factory | Property Details | 10

Manchester Pie Factory | Property Details | 11

Manchester Pie Factory | Property Details | 12

Manchester Pie Factory | Property Details | 13

Manchester Pie Factory | Property Details | 14

E L E V A T O R S E C T I O N

Manchester Pie Factory | Property Details | 15

L O W E R L E V E L F L O O R P L A N

Manchester Pie Factory | Property Details | 16

M A I N L E V E L F L O O R P L A N

Manchester Pie Factory | Property Details | 17

U P P E R L E V E L F L O O R P L A N

Manchester Pie Factory | Property Details | 18

F I N A N C I A L A N A L Y S I S

R E N T R O L L & V A L U A T I O N

Manchester Pie Factory | Financial Analysis | 20

L o c a t i o n O v e r v i e w

L O C A T I O N O V E R V I E W

R I C H M O N D , V I R G I N I A Richmond, Virginia is a located in the center of eastern Virginia. The Richmond MSA is located 100 miles south of Washington, D.C, and approximately 1.26 million people call the the Richmond area home. As a crossroads for communication and transportation with the converging of major interstate and railroad lines, Richmond’s industries thrive.

Richmond’s economy is made up of financial, service-based, manufacturing, medical and technological industries. Due to its location and affordability, Fortune 1000 companies are located in Richmond.

As the state capital, Richmond is known for its economic and business leadership and continues to live up to its legacy as a cultural and economic center. It is easy to see Richmond’s history being incorporated into its modern social and economic ventures, and many companies and industries are seeking to revitalize and redevelop the historic neighborhoods of Richmond. Richmond's urban redevelopment is contributing to the city's growth and popularity as a vibrant place to live, work and thrive.

In recent years, Richmond has attracted national attention for its bourgeoning cultural scene. Travel + Leisure Magazine, Frommers, American Express Travel, and Southern Living have all cited Richmond as a top travel destination.

Enjoy one of Richmond’s 85 world class restaurants, tasty award-winning craft breweries and thriving arts and music scene.

Magnolia Apartments | Location Overview | 22

L O C A T I O N O V E R V I E W

M A N C H E S T E R In the early 2000’s, Old Town Manchester contained less than 20 residential addresses. Today, the number measures in the thousands — and there is more growth on the way.

For many reasons — access to Downtown and the River, its official historic designation, a fabulous array of raw warehouse structures, visionary developers — Manchester has become a favored destination for those who choose to embrace the new version of Richmond.

Brick warehouses aged by time have become fabulous living and dynamic work spaces. Rejecting the cubicle-based work environment of yesteryear, the developers are flocking to redefine how people enjoy their work environment. The industrial nature of the neighborhood means a diversity of architecture, size and scale in the many structures that define the area. From the Corrugated Box Building, 800 Semmes and Warehouse 201 to the incredible development that is South Plant, this gritty and authentic historic neighborhood is quickly fulfilling its destiny as Richmond’s version of Brooklyn.

And with a the incredible rate of redevelopment within its borders, Manchester is just beginning to see the array of amenities that will drive the ‘Manchester Lifestyle’ for years to come. Spectacular opportunities to live have sprouted everywhere in Manchester.

People want to live in exciting and powerful spaces. They also want to be close to the arts and entertainment districts. The creative community has found a new home. It is Manchester.

Many of the most respected and leading members of the business community have now made Manchester their home. The chance to work from space that inspires and motivates all while being minutes from all spots Downtown makes the lure of Manchester a powerful one. Below is an abbreviated list of businesses that have made Manchester home for their operations. » The Pediatric Connection » Dauntless Events » Fountainhead Development » Parkwood Creative » 3 North Architects » Blue Bee Cider » Lee Brauer Photography » Scoot / Triumph Motorcycles » Fern + Roby » Michael Sparks Design » Whole Art Company » Legend Brewery » Artworks » UPS » Plant Zero » Sun Trust » AuthX » Tumblr (Richmond Office)

Manchester Pie Factory | Location Overview | 23

C O M P A N Y D E S C R I P T I O N

C O M P A N Y P R O F I L E

In the early 2000’s, many of the neighborhoods composing Richmond’s urban core, neglected for decades, began to show new signs of life. Warehouses became industrially-styled condos, manufacturing plants became artist studios, furniture stores became hotels and vacant lots became new housing. The people, who had left decades earlier, began to come back. They brought with them festivals and businesses, both large and small, and as the city experienced re-birth, old Richmond gave way to RVA. The development community quickly recognized the public’s desire for walkable communities and began to blend commercial use and residential under the same roof. Property owners who had been holding on to architecturally significant yet blighted properties for decades began to seek advice and advocacy about what was next. It was from these needs that One South was born.

Opened in 2008 by a group of like-minded agents seeking a different take on the stale brokerage model so prevalent in the Richmond marketplace, One South Realty grew quickly despite, or perhaps because of, being part of a market experiencing fundamental change. By blending advanced valuation, modeling, marketing and technology from both the commercial and residential arenas, One South became known for being clientcentric, information driven and development savvy. And having access to all of the relevant databases meant not only being able to provide clients with the most accurate underlying data upon which they can base their decisions, but also gave One South the ability to push client listings further into the web than its competition.

One South represents a new breed of brokerage that focuses on intelligent leverage to create a better client experience.

Manchester Pie Factory | Company Description | 25

A G E N T P R O F I L E S

Rick Jarvis With 20+ years experience, Rick is a lifer in the real estate industry. He has had the opportunity to work with many of Richmond’s most talented builders, developers and architects on many projects throughout the Metro region. His experience in new homes, condos, historic renovations, investment properties and land development has proven invaluable to many clients and One South’s continued involvement in development keeps all of us consistently in touch with market trends.

“As a lifelong Richmonder, I feel the advice I give is based on a combination of life experience and real estate experience. Being born, raised and educated in one city gives me a unique depth of perspective that I am able to offer to my clients each and every day."

Patrick Sullivan Calling Richmond home for more than a decade, Patrick is known for his development savvy mindset, relentless work ethic and customer service orientation. His work with the development and architectural community has led to multiple opportunities for his clients to find, acquire and redevelop homes, lots and multi-family property sites throughout the Metro. Added to his years of real estate experience is a strong background in the historic renovation / restoration fields along with schooling in engineering that have given him a unique vision of the potential and an in-depth understanding of the unique challenges some properties may present.

"As a fan of all things “RVA”, it has been important to me to have a role in helping to protect and improve the fabric of my city. Being an active part of local community groups allows me to stay up to the minute with the pulse of current and future developments that are shaping Richmond’s future."

Manchester Pie Factory | Company Description | 26

ONE SOUTH COMMERCIAL

YOUR NEEDS. OUR SKILLS. ONE SOUTH.

2314 WEST MAIN STREET | RICHMOND, VIRGINIA 23220 | ONESOUTHCOMMERCIAL.COM | COMMERCIAL@ONESOUTHREALTY.COM | 804.353.0009 [O] | 804.353.0991 [F]