SOUTHLAKE CENTER
L E X I N G T O N ◦ S O U T H
C A R O L I N A
SOUTHLAKE CENTER
i
EXECUTIVE SUMMARY
L E X I N G T O N ◦ S O U T H C A R O L I N A O F F E R I N G M E M O R A N D U M
SOUTHLAKE CENTER
L E X I N G T O N ◦ S O U T H
C A R O L I N A
EXCLUSIVE MARKETING AGENTS
PATRICK GILDEA Senior Vice President CBRE | Investment Properties 201 S College St Ste 1700 Charlotte, NC 28244 T +1 704 331 1217 F +1 704 331 1259 patrick.gildea@cbre.com
MARTIN MOORE Senior Vice President CBRE | Columbia 1333 Main St Ste 210 Columbia, SC 29201 T +1 803 744 6842 F +1 803 744 4459 martin.moore@cbre.com
FINANCING CONTACTS
COMPIE NEWMAN Senior Vice President CBRE | Capital Markets 201 S College St Ste 1700 Charlotte, NC 28244 T +1 704 927 1454 F +1 704 334 0939 compie.newman@cbre.com
HAL KEMPSON First Vice President CBRE | Capital Markets 201 S College St Ste 1700 Charlotte, NC 28244 T +1 704 927 1453 F +1 704 334 0939 hal.kempson@cbre.com
AARON DUPREE First Vice President CBRE | Columbia 1333 Main St Ste 210 Columbia, SC 29201 T +1 803 744 6859 F +1 803 744 4441 aaron.dupree@cbre.com
UNDERWRITING SUPPORT
MATT SMITH Capital Markets Analyst CBRE l Investment Properties 201 S College St Ste 1700 Charlotte, NC 28244 T +1 704 331 1286 F +1 704 331 1259 matt.smith@cbre.com
© 2015 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
SOUTHLAKE CENTER
L E X I N G T O N ◦ S O U T H
C A R O L I N A
INVESTMENT
summary
summary
P R O P E RT Y
summary
TENANT
analysis
FINANCIAL
economy
COLUMBIA
summary
MARKET
1
5
11
15
21
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SOUTHLAKE CENTER
L E X I N G T O N ◦ S O U T H
C A R O L I N A
SOUTHLAKE CENTER
INVESTMENT SUMMARY
SOUTHLAKE CENTER
L E X I N G T O N ◦ S O U T H
INVESTMENT SUMMARY THE OFFERING CBRE, on behalf of the “Owner”, is pleased to exclusively offer the opportunity to purchase SouthLake Center (the “Property”). SouthLake Center was constructed in 1989 and operated as a cut-and-sew manufacturing facility until it was renovated into a multi-tenant office building in 1999. It is a single-story building totaling 41,953 rentable square feet on 4.62 acres. The Property boasts ease of access with its location off Interstate 20 via exit 55A. The Property is being offered on an “all-cash” basis under the following terms and conditions. Terms:
All Cash
Asking Price for Building:
Unpriced
Year-One Net Operating Income (NOI):
$405,311
Projected Five-Year Average NOI:
$427,926
Projected Five-Year Average Operating Cash Flow:
$353,058
1
INVESTMENT SUMMARY
C A R O L I N A
20
DENTSVILLE WOODFIELD
321
SEVEN OAKS
21 20
76
176
378
321
26
20
321
FOREST ACRES 76
COLUMBIA
1
21
LEXINGTON
OAK GROVE 1
26
77
1
MOUNTAIN BROOK
SOUTHLAKE CENTER 20
76
SPRINGDALE
CAYCE 321
77
321
RED BANK
77
QUALITY, STABLE INVESTMENT WITH ATTRACTIVE LEVERAGED YIELDS
IDEAL LOCATION
SouthLake Center is currently 100% leased to six quality tenants representing numerous industries.
SouthLake Center is situated in an ideal location for tenants who need access easy access to I-20
These tenants are attracted to SouthLake Center’s location in a high-growth area with easy access
as well as those who need to serve the immediate community of Lexington, Columbia’s fastest
to the interstate, ample surface parking, and its high-quality working environment. As a result,
growing residential area. The Lexington submarket is continuing to experience low vacancy rates
tenant retention is projected to be exceptionally strong at the Property. SouthLake Center will enjoy
as is much of the entire Columbia market. As of year-end 2014, the Lexington submarket was
consistently high occupancies, high retention, favorable lease terms and attractive rent growth into
nearly 98% occupied. It is the smallest of all the submarkets in terms of total inventory, and it is
the future—all conditions that offer very favorable investment fundamentals. These variables also
difficult to find quality space in this growing area. The limited inventory will continue to push rent
enable the asset to qualify for favorable financing terms ensuring exceptional leveraged returns.
growth in the coming years.
ABOVE-MARKET PARKING ADVANTAGE
IMPROVING MARKET FUNDAMENTALS
SouthLake Center offers tenants a parking ratio of 6.67 spaces per 1,000 square feet, which
The Columbia office market fundamentals have continued to improve, with marketwide
is well above the market average. This unique feature offers a strong competitive advantage,
vacancy rates dropping from a 2011 market high of 21% in the heart of downtown to the
particularly in today’s environment. Tenants have been trending towards higher density in the
current rate of 15%. As a result, we are experiencing a rapid rise in rental rates across the
suburbs, and few buildings in the market can offer a parking ratio that affords this density. As a
market. With little to no new construction in the market, this trend should continue as the
result, occupancy has remained historically high, and vacancies have been quickly backfilled.
occupancy continues to tighten.
OFFERING MEMORANDUM
2
SOUTHLAKE CENTER
3
INVESTMENT SUMMARY
L E X I N G T O N ◦ S O U T H
C A R O L I N A
SOUTHLAKE CENTER
PROPERTY
SUMMARY
SOUTHLAKE CENTER
L E X I N G T O N ◦ S O U T H
C A R O L I N A
PROPERTY SUMMARY PARKING 280 spaces yielding 6.67 spaces per 1,000 rentable square feet
FRAME Steel frame with bar joists and beams
ROOF New (2014) 45-mil TPO roof membrane system over half-inch high-density polyisocyanurate roof coverboard over an insulated metal deck. The new roofing system comes with a 15-year warranty.
EXTERIOR WALLS Brick veneer over masonry with stucco fascia and pilasters
SITE OVERVIEW SouthLake Center is a multi-tenant, single-story office building situated in the Columbia submarket
EXTERIOR GLASS
of Lexington, SC.
Aluminum-framed, double-glazed
ADDRESS
DOORS
714 South Lake Dr, Lexington, SC 29072
Exterior doors are aluminum-framed double-glazed glass. Interior doors vary throughout suites.
ACCESS OVERVIEW
INTERIOR WALLS
Access to the property is gained via two points of ingress/egress on South Lake drive, which is 0.7
Drywall over light-gauge metal studs.
miles from I-20, and 14 miles from downtown Columbia, SC. Each suite is accessed via its own exterior door that faces the parking lot.
CEILINGS Suspended 2’ x 4’ acoustical panels. Ceiling height varies from 9’ to 10’ throughout the suites.
RENTABLE AREA 41,953 square feet
SIZE 4.62 acres
ZONING GC – General Commercial (Town of Lexington)
YEAR BUILT 1989, with significant renovation in 1999, and various interior and exterior improvements in the last few years
5
PROPERTY SUMMARY
LOADING There is one dock-high loading door dedicated to Suite 200 (Teradata).
GENERATOR There is an onsite generator dedicated to Suite 200 (Teradata). The tenant is responsible for maintenance on the generator.
FIRE & LIFE SAFETY Wet-sprinkler system covers all areas of the building. Also features a life-safety system with pull stations and smoke/heat detectors, which are wired into the building’s central fire alarm system.
HVAC The building has various rooftop units.
RESTROOMS Each suite has its own dedicated restrooms with the exception of Suite 250 (Amedysis) and Suite 120 (Southern Medical Management), which utilize the restrooms located in the common corridor. All tenants have access to common restrooms.
SIGNAGE Monument sign fronting South Lake Drive provides individual tenant signage. Each unit has signage as well.
UTILITIES Each suite is separately metered and each tenant contracts with the utility company directly. The utilities for the common area are included in the Operating Expense stop.
SECURITY: Each tenant is responsible for the security of its suite. The doors to the common corridor are secured by an access code.
TAX PARCEL ID 005496-01-039 (Lexington County, SC)
OFFERING MEMORANDUM
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SOUTHLAKE CENTER
L E X I N G T O N ◦ S O U T H
C A R O L I N A
FLOOR PLAN
TERADATA SUITE 200 12,094 SF LEASE EXP. 1/23
AMEDYSIS SUITE 250 9,485 SF LEASE EXP. 2/18
PEDIATRIC THERAPY OF AIKEN SUITE 150 3,500 SF LEASE EXP. 3/18
7
PROPERTY SUMMARY
NUCOR SUITE 140 3,879 SF LEASE EXP. 7/20
SOUTHERN MEDICAL MANAGEMENT SUITE 120 2,673 SF LEASE EXP. 8/16
TEAM IA SUITE 100 10,322 SF LEASE EXP. 12/16
SITE PLAN
N
SOUTH
LAKE D
RIVE
70’
CINNAMON HILLS LANE
162.1’
SOUTHLAKE CENTER
67’
GIBSON ROAD
235.7’
OFFERING MEMORANDUM
8
SOUTHLAKE CENTER
9
PROPERTY SUMMARY
L E X I N G T O N ◦ S O U T H
C A R O L I N A
SOUTHLAKE CENTER
T E N A N T
S U M M A R Y
SOUTHLAKE CENTER
L E X I N G T O N ◦ S O U T H
C A R O L I N A
TENANT SUMMARY
Suite:
200
Square Footage:
12,094
Lease Expiration:
January 2023
Tenant Since:
February 2013
Stock Symbol:
TDC (NYSE)
Website:
www.teradata.com
Teradata Corporation sells analytic data platforms, applications and related services. Its products are meant to consolidate data from different sources and make the data available for analysis. Formerly a division of NCR Corporation, Teradata was incorporated in 1979, and separated from NCR in 2007. The company serves the following industries: financial services and insurance, government and public services, healthcare, life sciences, eCommerce, digital media, entertainment, retail, manufacturing, oil and gas, hospitality, telecommunications, travel, transportation, and utilities. Teradata’s 2014 revenues totaled over $2.7 billion. Teradata’s business roots date back to 1979, and it is headquartered in Dayton, Ohio. It also has locations in San Diego, Atlanta and Indianapolis, with offices across the Americas, Europe, the Middle East, Africa, Asia and Japan, totaling over 40 countries with more than 11,000 employees.
11
TENANT SUMMARY
Suite:
100
Square Footage:
10,322
Lease Expiration:
December 2016
Tenant Since: Website:
January 2006 www.teamia.com
Headquartered at SouthLake Center, Team IA was established in 1995. It is the manufacturer of a suite of software solutions. In addition to its own products, the company has strategic business partnerships with software and hardware manufacturers Canon, EMC and VMWare. Team IA offers custom application development, consulting services in Business Intelligence/ Data Warehousing, SharePoint and Contract IT staffing services. As an EMC and VMware partner, Team IA offers all of the latest products and services to provide storage, backup, archiving, virtualization and data de-duplication.
Suite:
250
Square Footage:
9,485
Lease Expiration:
February 2018
Tenant Since:
February 2008
Stock Symbol:
AMED (NYSE)
Website:
www.amedisys.com
Amedisys, Inc. is a leading home health and hospice care company focused upon bringing home the continuum of care. It delivers personalized home health and hospice care to an annual approximate 380,000 patients—and their families—in the comfort of their own homes. Additionally, Amedisys is a post-acute care partner to more than 2,230 hospitals and 61,900 physicians across the country. The company’s 2013 revenues were approximately $1.5 billion. OFFERING MEMORANDUM
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SOUTHLAKE CENTER
L E X I N G T O N ◦ S O U T H
C A R O L I N A
Suite:
140
Square Footage:
3,879
Lease Expiration:
July 2020
Tenant Since:
July 2013
Website:
www.nucor.com
Nucor Corporation is a Fortune 500 headquartered in Charlotte, North Carolina. It is the largest producer of steel in the United States, with 2014 sales over $21 billion. Founded in 1905, the company boasts more than 20,000 employees. Nucor operates through three segments—Steel Mills, Steel Products and Raw Materials. The Steel Mills segment produces and distributes sheet steel, plate steel, structural steel and bar steel. It sells these products primarily to steel service centers, fabricators and manufacturers located throughout the U.S., Canada and Mexico. The Steel Products segment produces steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, metal building systems, light gauge steel framing, steel grating, expanded metal, wire and wire mesh. The Raw Materials segment produces direct reduced iron, and brokers’ ferrous and nonferrous metals.
13
TENANT SUMMARY
SOUTHLAKE CENTER
FINANCIAL ANALYSIS
SOUTHLAKE CENTER
L E X I N G T O N â—Ś S O U T H
C A R O L I N A
FINANCIAL ANALYSIS METHOD OF ANALYSIS The following cash-flow projection is based upon current lease information and assumptions
The assumptions for market rents, tenant improvements and leasing commissions are based upon
regarding future occupancy, operating expenses and revenues. The analysis period begins as of
current market activity and lease transactions completed at the property.
July 1, 2015. Both contractual lease terms for existing leases and anticipated lease terms for future lease contracts are projected over a 10-year analysis period.
The attached cash flow projections have been prepared by CBRE using ARGUS software and incorporating appropriate assumptions that are detailed in the Table of Assumptions on the
Upon expiration of a lease, a market rent is assigned to the space upon commencement of a
following pages. The projections set forth in this Offering Memorandum do not constitute a
new lease. The market rent is established for 2015 and increased by the rental growth rate on
representation, warranty or guaranty by CBRE or the Owner of any of the numbers set forth herein
an annual basis during the analysis period.
or of any economic value attributable to the Property or income that may be derived therefrom.
15
FINANCIAL ANALYSIS
ASSUMPTIONS GLOBAL
SECOND GENERATION LEASING
Analysis Period
75%
Retention Ratio
Commencement Date
July 1, 2015
End Date
June 30, 2020
Term
5 Years
Area Measures 41,953 SF 2.50%
Vacancy and Credit Loss [1] REVENUES Market Rent Growth
$13.50 PSF
Initial Annual Market Rent Rent Adjustment Expense Recovery Type [5]
Building Square Footage (RSF)
5 Years
Lease Term
3.00% Annually Net of Electric & Janitorial
Initial Tenant Improvements New
$15.00 PSF
Renewal
$7.00 PSF
Weighted Average
$9.00 PSF
Commissions 2015 - Current
2020 - 3.00%
New
6.00%
2016 - 5.00%
2021 - 3.00%
Renewal
4.00%
2017 - 4.00%
2022 - 3.00%
Weighted Average
4.50%
2018 - 3.00%
2023 - 3.00%
2019 - 3.00%
2024 + - 3.00%
Downtime
9 Month(s)
Rental Abatement [6]
2 Month(s)
EXPENSES Growth Rates Operating Expenses
2.50%
Capital Reserves
2.50%
Property Taxes
2.50%
Taxes Reassessed upon Sale [2] Management Fee (% of EGR) Operating Expense Source [3] Capital Reserves [4] [1] [2] [3] [4] [5] [6]
Yes 3.00% 2015 Budget $0.15 PSF
General Vacancy Loss factor includes attributes to projected lease-up, rollover downtime, and fixturing downtime. Teradata has been excluded from vacancy loss. CBRE encourages investors to perform their own due diligence regarding tax legislation in South Carolina. The number used in the analysis is based off the Seller’s 2015 Budget. Operating expenses are based of the Seller’s 2015 budget. The analysis assumes the roof replacement was completed in 2014. The analysis assumes a $13.50 PSF rate, net of electric and janitorial. Based on the 2015 Budget, tenants are directly billed for utility usage. The budgeted electric expenses are for common areas, which are included in base year expenses. Two (2) months abatement is outside of the lease term and is available for the first 24 months of the analysis.
OFFERING MEMORANDUM
16
SOUTHLAKE CENTER
L E X I N G T O N â—Ś S O U T H
C A R O L I N A
CASH FLOW Fiscal Year Ending Jun-30
Jun-2016
Jun-2017
Jun-2018
Jun-2019
Jun-2020
Jun-2021
Overall Economic Occupancy
98.26%
89.45%
94.73%
98.23%
98.22%
98.21%
100.00%
94.73%
94.73%
100.00%
100.00%
98.48%
$13.50
$14.04
$14.46
$14.90
$15.34
$15.80
$577,731
$600,673
$623,996
$645,539
$663,595
$685,951
Physical Occupancy Prevailing Market Rent (PSF) FY 2015 REVENUES
In-place
$/SF/Year
573,972
$13.77
Scheduled Base Rent Base Rental Revenue Absorption & Turnover Vacancy
0
$0.00
$0
($31,676)
($32,861)
$0
$0
($10,414)
Base Rent Abatements
0
$0.00
$0
($31,676)
$0
$0
$0
$0
573,972
$13.77
577,731
537,321
591,135
645,539
663,595
675,537
Total Scheduled Base Rent Expense Reimbursement Revenue Total Potential Gross Revenue General Vacancy
11,280
$0.29
12,274
13,571
14,391
14,396
19,492
21,547
585,252
$14.06
590,005
550,892
605,526
659,935
683,087
697,084
0
($0.24)
(10,067)
0
0
(11,407)
(11,843)
(1,898)
585,252
$13.82
579,938
550,892
605,526
648,528
671,244
695,186
Janitorial
(10,068)
($0.24)
(10,196)
(10,043)
(10,292)
(10,980)
(11,254)
(11,404)
Repairs and Maintenance
(17,556)
($0.42)
(17,775)
(18,220)
(18,675)
(19,142)
(19,621)
(20,111)
(1,872)
($0.05)
(1,895)
(1,943)
(1,991)
(2,041)
(2,092)
(2,144)
Utilities
(13,500)
($0.33)
(13,667)
(13,610)
(13,948)
(14,718)
(15,086)
(15,334)
Grounds/Security
(10,620)
($0.26)
(10,756)
(11,025)
(11,300)
(11,583)
(11,872)
(12,169)
Management Fees
(17,256)
($0.41)
(17,398)
(16,527)
(18,166)
(19,456)
(20,137)
(20,856)
(7,992)
($0.19)
(8,097)
(8,299)
(8,507)
(8,720)
(8,938)
(9,161)
(84,600)
($2.04)
(85,657)
(87,799)
(89,994)
(92,244)
(94,550)
(96,914)
EFFECTIVE GROSS REVENUE EXPENSES
Trash Removal
Insurance Real Estate Taxes
(9,072)
($0.22)
(9,186)
(9,416)
(9,651)
(9,892)
(10,139)
(10,393)
Total Operating Expenses
Non-Reimbursable
(172,536)
($4.16)
(174,627)
(176,882)
(182,524)
(188,776)
(193,689)
(198,486)
NET OPERATING INCOME
412,716
$9.66
405,311
374,010
423,002
459,752
477,555
496,700
$0.00
0
(122,259)
(125,851)
0
0
(39,499)
CAPITAL COSTS Tenant Improvements Leasing Commissions
$0.00
0
(45,634)
(47,106)
0
0
(14,929)
Capital Reserves
($0.15)
(6,372)
(6,531)
(6,694)
(6,862)
(7,033)
(7,209)
TOTAL CAPITAL COSTS
($0.15)
(6,372)
(174,424)
(179,651)
(6,862)
(7,033)
(61,637)
OPERATING CASH FLOW
$9.51
398,939
199,586
243,351
452,890
470,522
435,063
17
FINANCIAL ANALYSIS
EXISTING LEASE EXPIRATIONS Net Rentable
Percentage
Cumulative
Fiscal
Number
Square Feet
Square Feet
Square Feet
Year
of Suites
Expiring
Expiring
Expiring
2015
0
0
0.00%
0.00%
2016
2
12,995
30.98%
30.98%
2017
0
0
0.00%
30.98%
2018
2
12,985
30.95%
61.93%
2019
0
0
0.00%
61.93%
2020
1
3,879
9.25%
71.17%
2021
0
0
0.00%
71.17%
2022
0
0
0.00%
71.17%
2023
1
12,094
28.83%
100.00%
2024+
0
0
0.00%
100.00%
Subtotal
6
41,953
100.00%
100.00%
Vacant
0
0
0.00%
100.00%
TOTAL
6
41,953
100.00%
100.00%
14,000
RENTABLE SQUARE FEET
12,000 10,000 8,000 6,000 4,000 2,000 0 2015
2016
2017
2018
2019
2020
2021
2022
2023
2024+
OFFERING MEMORANDUM
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SOUTHLAKE CENTER
L E X I N G T O N â—Ś S O U T H
C A R O L I N A
RENT ROLL AS OF AUGUST 2015
Suite Team IA 100
Square Feet
Pro-rata of Building
Begin
Lease Term End
Rental Increases Begin
Monthly
Rental Rates Annually
PSF
Recovery Type
10,322
24.60%
Jan-2006
Dec-2016
Current
$11,397
$136,767
$13.25
None
Comments/Options Tenant will be responsible for janitorial services and separately metered utilities, to include water, electricity and natural gas. Southern Medical Management 120
2,673
6.37%
Aug-2013
Aug-2016
Current Sep-2015
$2,673 $2,784
$32,076 $33,413
$12.00 $12.50
2013 Base Year
Nucor 140
3,879
9.25%
Jul-2013
Jul-2020
Current Aug-2016 Aug-2017 Aug-2018 Aug-2019
$3,879 $4,202 $4,364 $4,526 $4,687
$46,548 $50,427 $52,367 $54,306 $56,246
$12.00 $13.00 $13.50 $14.00 $14.50
2013 Base Year
Feb-2015
Mar-2018
Current Apr-2016 Apr-2017
$3,354 $3,646 $3,938
$40,250 $43,750 $47,250
$11.50 $12.50 $13.50
2015 Base Year
Feb-2013
Jan-2023
Current Feb-2016 Feb-2017 Feb-2018 Feb-2019 Feb-2020 Feb-2021 Feb-2022
$15,067 $15,420 $15,773 $16,125 $16,478 $16,831 $17,184 $17,536
$180,805 $185,038 $189,271 $193,504 $197,737 $201,970 $206,203 $210,436
$14.95 $15.30 $15.65 $16.00 $16.35 $16.70 $17.05 $17.40
2013 Base Year
Feb-2008
Feb-2018
Current
$11,461
$137,532
$14.50
2012 Base Year
Comments/Options Tenant shall have the right to renew the term of the lease for one successive period of 24 months with 180 days notice. Rent shall be a 3% increase above the previous term. Tenant shall have the right of first refusal to any contiguous space. Pediatric Therapy of Aiken 150
3,500
8.34%
Comments/Options Tenant shall have a one time termination right after the 26th month of paid rent with 120 days notice. Termination fee will be the two months of unabated rent as well as any unamortized TI Allowance and Real Estate Commission, amortized at 7%. 12,094
Teradata 200
28.83%
Comments/Options Tenant shall have the right to renew the term of the lease for two successive periods of 60 months each, at fair market rent with 270 days notice. Tenant shall have the right of first refusal on any contiguous space in the building. Tenant shall have a 5% noncumulative cap on operating expenses. Tenant may terminate the lease on the last day of the 85th month with 9 months written notice. Termination fee is any unamortized portion of the landlord costs at 6% over the initial term of the lease. Lease is guaranteed by the parent, Teradata Corporation. 9,485
Amedisys SC, LLC 250
22.61%
Comments/Options Tenant shall have the one time right to terminate the lease effective on the 36th month with 90 days written notice. Lease termination fee shall be $30,073.77. Tenant shall have the option to renew for a term of not less than three years, at fair market value, with 90 days notice. Total Occupied Office Total Vacant Office Total Office
19
FINANCIAL ANALYSIS
41,953 0 41,953
100.00% 0.00% 100.00%
SOUTHLAKE CENTER
COLUMBIA ECONOMY
SOUTHLAKE CENTER
L E X I N G T O N ◦ S O U T H
C A R O L I N A
THE COLUMBIA ECONOMY Also known as the Midlands of South Carolina, the greater Columbia area and MSA consist of six counties: Richland (of which the City of Columbia is the seat), Calhoun, Fairfield, Kershaw, Lexington and Saluda. The 6,775-square-mile region is rich in history and cultural amenities, and features a population of over 800,000. With over 130,000 residents, Columbia is the state capital and largest city in South Carolina. Columbia is also the home of the state’s largest college—the University of South Carolina has an enrollment of nearly 33,000 students and offers 324 degree options. USC is repeatedly honored by U.S. News & World Report and other publications. Columbia has received consistent recognition for its outstanding quality of life, low cost of living and readily available supply of skilled labor. Recent accolades the region has received are as follows.
21
COLUMBIA ECONOMY
ACCOLADES One of America’s Best Places to Live and Work & Five-Star Community (of 329 MSAs) – Expansion Management #7 top metro area for European expansion (out of 50 areas), ranked upon European-based company expansions or relocations within the past two years at time of ranking #8 Hot Mid-Size Cities for Entrepreneurs – Entrepreneur.com Best Mid-Sized College Town in the U.S. (of 160 college towns) – ePodunk.com #21 America’s 50 Hottest Cities, Columbia Metro Area – Expansion Management, 2004 One of America’s 30 Most Livable Communities – Partners for Livable Communities #41 The Best Cities for Women (of 200) – Ladies Home Journal Online #60 metro area (of 354, criteria: cost of living, climate, crime, transportation, job outlook, education, the arts, health care and recreation) – Places Rated Almanac, Millennium Edition #93 (of 239 cities, ranked in terms of children’s health, safety and economic well-being) – Zero Population Growth #96 Best Places for Business and Careers (of 200 metro areas) – Forbes/Milken Institute
OFFERING MEMORANDUM
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L E X I N G T O N â—Ś S O U T H
C A R O L I N A
CENTRAL EAST COAST LOCATION Columbia is positioned halfway between New York and Miami with 24-hour ground access
The Columbia region is approximately 110 miles from the Port of Charleston, the nation’s fourth
to two-thirds of the U.S. market. The city ranks among the top-five cities nationwide in number
largest port. I-20, I-26 and I-77 all converge in Columbia, allowing easy access to Atlanta (3.5
of regional intersecting interstate highways. The Columbia region is also well located in the
hours), Charleston (2 hours), Charlotte (1.5 hours) and Myrtle Beach (2.5 hours). While the
center of the Carolinas and Georgia. The region features an array of transportation options
Southeast and the Carolinas in particular have become extremely desirable for domestic and
including three interstate freeways that converge in Columbia, passenger and freight rail
international corporate relocations and expansions, Columbia is positioned to capitalize on its
service provided by CSX and Norfolk Southern, as well as passenger and air cargo facilities
pro-business policies well into the future.
at Columbia Metropolitan Airport.
23
COLUMBIA ECONOMY
KEY INDUSTRIES & TOP EMPLOYERS The Columbia region’s economy is supported by industries such as advanced manufacturing,
Computer Sciences Corporation. The Columbia MSA offers businesses a labor force of 388,500,
agribusiness, information technology, insurance technology and services, military and defense,
aggressive incentives, and the lowest corporate income tax rate in the Southeast. Part of the
alternative energy, and transportation/logistics. Low costs of doing business, a highly skilled
Columbia MSA is Lexington County, which houses SCANA Corporation, an energy-based holding
workforce, high quality of life, and extensive transportation infrastructure make the region an
company and the sole Fortune 1000 company (#507) in the Columbia MSA.
ideal place to do business. In March 2015, the statewide unemployment rate was 6.7%, which has stayed virtually steady for Columbia is home to the University of South Carolina and to the U.S. Army’s Fort Jackson, which
the past seven months. The Columbia MSA unemployment rate was an even lower 5.7%. These
have a significant economic impact on the Columbia area. The main campus of the University
figures show the economic growth and expansion that the area is experiencing. Furthermore, the
of South Carolina covers over 350 acres and has an enrollment of over 32,000 students. Fort
MSA gained an average of 7,025 jobs annually from 2010 to 2014.
Jackson is the largest and most active Initial Entry Training Center in the US Army. Approximately 45,000 soldiers go through basic and advanced training each year.
Also in March 2015, Amazon announced plans to add 500 additional full-time jobs to its Lexington fulfillment center. It has already added more than 1,500 jobs to its 1.25-million-square-foot facility
Columbia is home to other federal government offices as well as Palmetto Health, Lexington
since it opened in 2012.
Medical Center and Providence Hospitals, which are all growing and expanding facilities. Major manufacturers are located in Columbia including Michelin, Westinghouse Electric and International
Along with Amazon, as follows are central South Carolina’s major employers that boast 250
Paper. Major service providers include Blue Cross Blue Shield, United Parcel Service, AT&T and
or more employees.
Company
City
County
Employees
State of South Carolina
Columbia
Richland
24,791
Government
Palmetto Health*
Columbia
Richland
9,000
Healthcare
Blue Cross Blue Shield of SC
Columbia
Richland
6,459
Insurance
University of South Carolina*
Columbia
Richland
5,997
Education
West Columbia
Lexington
4,736
Healthcare
S.C. Department of Transportation
Columbia
Richland
4,418
Government
Richland County Schoold District 1
Columbia
Richland
4,036
Education
S.C. Department of Mental Health
Columbia
Richland
3,798
Healthcare
Lexington County School District 1
Lexington
Lexington
3,403
Education
Richland County School District 2
Columbia
Richland
3,300
Education
Lexington Medical Center*
Industry
S.C. Department of Health and Environmental Control
Columbia
Richland
3,096
Government
Kraft Foods
Newberry
Newberry
2,800
Manufacturing
AT&T
Columbia
Richland
2,400
Call Centers, Customer Service Centers, Shared Services
Irmo
Lexington
2,354
Education
City of Columbia
Columbia
Richland
2,150
Government
Humana/TriCare
Columbia
Richland
2,100
Insurance
Providence Hospitals*
Columbia
Richland
2,075
Healthcare
Lexington School District 5
Scana Corporation* Palmetto GBA Husqvarna Outdoor Products
Cayce
Lexington
1,973
Utility and Telecommunication Services
Columbia
Richland
1,900
Insurance
Orangeburg
Orangeburg
1,750
Manufacturing
Richland County
Columbia
Richland
1,708
Government
Midlands Technical College
Columbia
Richland
1,600
Education
Wells Fargo
Columbia
Richland
1,549
Financial Services
Amazon.com
West Columbia
Lexington
1,500
Transportation, Distribution, Logistics
Company
City
County
Employees
Verizon Communications
Elgin
Richland
1,500
Call Centers, Customer Service Centers, Shared Services
Industry
Healthcare
Dorn VA Medical Hospital*
Columbia
Richland
1,457
Kershaw County School District*
Camden
Kershaw
1,442
Education
Michelin North America Inc.
Lexington
Lexington
1,430
Manufacturing
Orangeburg School District 5
Orangeburg
Orangeburg
1,350
Education
Blythewood
Richland
1,345
Call Centers, Customer Service Centers, Shared Services
First Citizens Bank*
Columbia
Richland
1,250
Financial Services
Babcock Center Inc
West Columbia
Lexington
1,250
Other
Orangeburg
Orangeburg
1,200
Healthcare
Hopkins
Richland
1,200
Manufacturing
Blythewood
Richland
1,166
Information Technology
CSC Corporation
The Regional Medical Center* Westinghouse Electric Computer Science Corporation KershawHealth*
Camden
Kershaw
1,134
Healthcare
West Columbia
Lexington
1,083
Education
Colonial Life
Columbia
Richland
1,032
Insurance
Doctor's Care/ UCI Medical Affiliates Inc.
Columbia
Richland
1,000
Other
V.C. Summer Nuclear Station
Jenkinsville
Fairfield
926
Utility and Telecommunication Services
Food Lion Distribution Center
Elloree
Orangeburg
872
Transportation, Distribution, Logistics
Lexington School District 2*
House of Raeford
West Columbia
Lexington
857
Manufacturing
Wells Fargo Customer Connection
Columbia
Richland
850
Call Centers, Customer Service Centers, Shared Services
CarePro Health Services
Columbia
Richland
850
Healthcare
Clarendon County Health System*
Manning
Clarendon
800
Healthcare
Lugoff
Kershaw
800
Manufacturing
Invista
* Headquarters OFFERING MEMORANDUM
24
SOUTHLAKE CENTER Company
L E X I N G T O N â—Ś S O U T H
C A R O L I N A
City
County
Employees
Benedict College
Columbia
Richland
795
Education
Industry
Bank of America
Columbia
Richland
750
Financial Services
Aflac
Columbia
Richland
720
Insurance
Consolidated Systems
Columbia
Richland
700
Manufacturing
SCBT Financial Corporation
Columbia
Richland
696
Financial Services Call Centers, Customer Service Centers, Shared Services
Teleperformance
Columbia
Richland
680
McEntire Produce*
Columbia
Richland
678
Manufacturing
International Paper Co.
Eastover
Richland
675
Manufacturing
Russell & Jeffcoat Realtors, Inc.*
Columbia
Richland
600
Real Estate
Orangeburg School District 3
Holly Hill
Orangeburg
592
Education Transportation, Distribution, Logistics
Southeastern Freight Lines* Orangeburg County*
Lexington
Lexington
587
Orangeburg
Orangeburg
586
Government
Chapin
Lexington
583
Call Centers, Customer Service Centers, Shared Services
Cope
Orangeburg
554
Education
General Information Services (GIS) Orangeburg School District 4
Lugoff
Kershaw
550
Transportation, Distribution, Logistics
Bimbo Bakeries USA
Orangeburg
Orangeburg
550
Manufacturing
SC State University
Orangeburg
Orangeburg
531
Education
Michelin
Lexington
Lexington
530
Manufacturing
Square D/Schneider Electric
Hopkins
Richland
530
Manufacturing Transportation, Distribution, Logistics
Target Corporation
Republic National Distribution Co. Claflin University
West Columbia
Lexington
527
Orangeburg
Orangeburg
524
Education
Columbia
Richland
514
Financial Services
Blythewood
Richland
510
Transportation, Distribution, Logistics Manufacturing
TD Bank Belk Distribution Center FN Manufacturing
Columbia
Richland
510
Newberry County Memorial Hospital*
Newberry
Newberry
507
Healthcare
Columbia
Richland
500
Transportation, Distribution, Logistics
West Columbia
Lexington
500
Transportation, Distribution, Logistics
Thomas & Howard Co. DHL The State Record Co.
Columbia
Richland
500
Manufacturing
Orangeburg
Orangeburg
475
Manufacturing
Columbia
Richland
450
Call Centers, Customer Service Centers, Shared Services
Lexington School District 4*
Swansea
Lexington
448
Education
South Carolina Federal Credit Union
Columbia
Richland
439
Financial Services
Koyo Corp of USA Companion Data Services LLC
Nelson Mulllins Riley & Scarborough LLP
Columbia
Richland
432
Legal Services
West Columbia
Lexington
431
Manufacturing
Columbia
Richland
430
Transportation, Distribution, Logistics
Orangeburg
Orangeburg
427
Manufacturing
Ridgeway
Fairfield
426
Transportation, Distribution, Logistics
West Columbia
Richland
425
Manufacturing
Gaston
Calhoun
415
Manufacturing
Devro, Inc.
Sandy Run
Calhoun
403
Manufacturing
Intertape Polymer Group
Columbia
Richland
400
Manufacturing
400
Call Centers, Customer Service Centers, Shared Services
Harsco Track Tech Sysco Zeus Ind. Products* Ben Arnold Beverage Co. House of Raeford Farms Inc DAK Americas
Staples Shared Service Center
25
Columbia
Richland
* Headquarters COLUMBIA ECONOMY
Company
City
County
Employees
Industry
Company
County
Employees
Richland
280
Financial Services
Industry
Columbia
Richland
400
Sodexo Inc
Columbia
Richland
400
Other
Columbia International University
Columbia
Richland
400
Education
Owen Electric Steel Co. of SC
Cayce
Lexington
400
Manufacturing
Orangeburg-Calhoun Technical College
CMC Steel South Carolina
Cayce
Lexington
380
Manufacturing
Safe Credit Union Hengst*
Camden
Kershaw
260
Manufacturing
Nucor Building Systems
Swansea
Lexington
260
Manufacturing
Ellett Brothers - Chapin
Chapin
Richland
258
Transportation, Distribution, Logistics
Shaw Industries
Lexington
Lexington
258
Manufacturing
CMC Joist
Eastover
Lexington
250
Manufacturing
Gilbert
Lexington
250
Manufacturing
Columbia
Richland
250
Manufacturing
Caterpillar
Newberry
Newberry
377
Manufacturing
Columbia
Richland
374
Financial Services
Georgia Pacific
Prosperity
Newberry
369
Manufacturing
Time Warner Cable
West Columbia
Lexington
352
Utility and Telecommunication Services
Flextronics
West Columbia
Lexington
350
Manufacturing
Columbia
Richland
350
Healthcare
South Carolina Heart Center Gregory Electric Co. Allied Air Enterprise Inc. Otis Spunkmeyer Pure Power Technologies* Albemarle Corporation Aryzta/Otis Spunkmeyer Inc. Uti Integrated Logistics Strategic Resources Co.* Aetna Akebono Brake Corp. Prysmian Cables*
Columbia
Richland
350
Engineering, Construction & Architecture Services
Orangeburg
Orangeburg
350
Manufacturing
West Columbia
Lexington
344
Manufacturing
Columbia
Richland
340
Manufacturing
Orangeburg
Orangeburg
330
Manufacturing
West Columbia
Lexington
325
Manufacturing
Lugoff
Kershaw
320
Transportation, Distribution, Logistics
Columbia
Richland
320
Insurance
Columbia
Richland
320
Insurance
West Columbia
Lexington
319
Manufacturing
Eagle Aviation Inc.
City
PriceWaterHouseCoopers
South State Bank
AgFirst Farm Credit
Columbia
Call Centers, Customer Service Centers, Shared Services
AllSouth Federal Credit Union
Walter P. Rawl & Sons Inc. Pepsi Bottling Co.
Columbia
Richland
273
Financial Services
West Columbia
Lexington
270
Other
Orangeburg
Orangeburg
263
Education
Sumter
Sumter
261
Financial Services
* Headquarters
Within Columbia, there are more than 30 companies with international ties to 13 countries across the globe. Businesses from Australia, Belgium, Canada, China, Denmark, Finland, France, Germany, Italy, Japan, Luxembourg, the Netherlands and the United Kingdom all take advantage of Columbia’s strong transportation network and wonderful quality of life. Since 1988, these companies have invested over $1.5 billion into the local economy.
Lexington
Lexington
314
Manufacturing
Blythewood
Richland
308
Manufacturing
Apex Tool Group LLC*
West Columbia
Lexington
300
Manufacturing
Established in 1785, Lexington County is a part of the greater Columbia region. The Town of Lexington
Trumbull Services LLC
Columbia
Richland
300
Call Centers, Customer Service Centers, Shared Services
is the seat of Lexington County and was incorporated in 1861. The county boasts a population of
Trane
Blythewood
Richland
300
Manufacturing
Bose Corporation
Blythewood
Richland
300
Manufacturing
Leesville
Lexington
300
Manufacturing
Hanson (Richtex Bricks)
Columbia
Richland
300
Manufacturing
Ansaldo STS USA
BatesburgLeesville
Lexington
300
Manufacturing
Pure Power Technologies
Columbia Farms Inc.
LEXINGTON COUNTY & THE TOWN OF LEXINGTON
nearly 274,000 while the town has nearly 20,000. Lexington County is home to Midlands Technical College, one of the largest technical colleges in the state, with approximately 16,000 students. Most notably, the Columbia Metropolitan Airport (CAE) is located in Lexington County. The airport’s 2,600acre campus houses more than 50 agencies and businesses. More than 1.2 million passengers are served and 168,000 tons of air cargo are processed annually through CAE. OFFERING MEMORANDUM
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SOUTHLAKE CENTER
27
COLUMBIA ECONOMY
L E X I N G T O N ◦ S O U T H
C A R O L I N A
SOUTHLAKE CENTER
M A R K E T
S U M M A R Y
OFFERING MEMORANDUM
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SOUTHLAKE CENTER
L E X I N G T O N ◦ S O U T H
C A R O L I N A
MARKET SUMMARY COLUMBIA OFFICE MARKET OVERVIEW The office market has been growing and vacancy rates declining as the economy has gained momentum. Vacancy rates have declined as new tenants have entered the market, other tenants have expanded within the market, and obsolete properties have been removed from the office inventory and converted to other uses. Vacancy rates have fallen from a high of 21.1% in mid-year 2011, down to 15.5% in the first quarter of 2015. The current size of the overall office market is 13,172,422 square feet. The largest submarket in the Columbia area is the Central Business District with approximately 5.3 million square feet. The CBD was 90.3% occupied as of the first quarter of 2015, showing a slight increase from year-end 2014, expanding demand. Home to many of the area’s largest corporate and service users, the CBD hosts the state capital and the University of South Carolina. The CBD is just six miles from Columbia International Airport and is readily accessible via the city’s key I-126 entryway. Slightly more than 50% of the market’s office supply is located in the suburbs. The suburban office markets of Columbia are primarily grouped into six submarkets based on geography: St. Andrews/ Lexington, Cayce/West Columbia, Dutch Fork/Irmo, Southeast Columbia, Forest Acres and Northeast Columbia. At the first quarter of 2015, the suburban markets collectively contained 7.88 million square feet and were 84.7% leased.
OVERALL MARKET STATISTICS, FIRST QUARTER 2015 Rentable Area (SF)
Market CBD
Vacancy Rate
Net Absorption (SF, 6 mo)
Net Absorption (SF, 12 mo)
Under Construction (SF)
Average Asking Rent (per SF)
5,297,085
9.70%
112,555
118,436
0
$18.82
Cayce/W. Columbia
790,921
10.30%
48,885
48,885
0
$14.01
Dutch Fork/Irmo
188,422
38.60%
-2,866
104
0
$14.43 $14.36
Forest Acres
1,071,712
3.10%
-3,675
19,395
0
St. Andrews/Lexington
3,282,520
18.70%
73,257
59,389
0
$14.20
Northeast Columbia
1,805,988
19.30%
71,674
86,265
0
$14.88
Southeast Columbia Total
29
735,774
7.80%
14,127
25,748
0
$14.01
13,172,422
15.50%
313,957
358,222
0
$15.61
MARKET SUMMARY
MARKET OCCUPANCY As of the first quarter of 2015, the overall market occupancy was 84.5%. Office market occupancy rates have been increasing variably since the second half of 2012. In fact, suitable Class-A and Class-B spaces have become difficult to locate for larger tenants looking in both the CBD and the suburban submarkets.
VACANCY BY CLASS (%) 19% 18% 17% 16% 15% 14% 13% 12% 11% 10%
2009
2010
2011 Class A
2012 Class B
2013
2014
1Q15
All Space
LEASE RATES Average office asking lease rates increased significantly since the third quarter of 2014, as new owners of existing properties work to increase their return on investment. Class-B asking rental rates have increased 4.5 percent since the third quarter of 2014, and the overall market rental rates have increased five percent. The current weighted asking lease rate for the Columbia market is $15.41 per square foot per year. Average lease rates for Class-A and Class-B space are $18.80 and $15.17, respectively.
LEASE RATES BY CLASS ($/SQ. FT.) 20 19 18 17 16 15 14
2009
2010
2011 Class A
2012 Class B
2013
2014
1Q15
All Space
OFFERING MEMORANDUM
30
SOUTHLAKE CENTER
L E X I N G T O N â—Ś S O U T H
C A R O L I N A
MARKET OUTLOOK Market vacancy rates will continue to decline as the economy strengthens and tenants expand in the market. While asking rental rates are increasing, they have not increased enough to drive new construction; therefore, supply will remain tight for the near future.
ST. ANDREWS/LEXINGTON OFFICE SUBMARKET The St. Andrews/Lexington submarket is a suburban area bordered by Westcott Road, Harbison Boulevard, Lost Creek Drive and Nicholas Creek to the north; Broad River to the east; Boiling Springs and Platt Springs roads to the south; and Lake Murray and Old Charleston, Juniper Springs and Spring Hill roads to the west. As of first quarter 2015, there was 3,282,520 square feet of tracked market office space in the St. Andrews/Lexington submarket. The vacancy rate was 18.7% for the submarket, and the asking rental rate was $14.20 per square foot. The six-month absorption was 73,257 square feet and 12-month absorption was 59,389 square feet.
31
MARKET SUMMARY
LEASE COMPETITIVE SET 1 2 5 4 6 3
Name Center Point V Crown Pointe Carolina Center Business Park Stephenson Center Fontaine Business Park Pinnacle Point
Address 1370 Browning Rd 1400 Browning Rd 101–104 Corporate Blvd 720 Gracern Rd 200–400 Arbor Lake Dr 1074 Pinnacle Point Ct
City Columbia Columbia West Columbia Columbia Columbia Columbia
State SC SC SC SC SC SC
Zip 29210 29210 29169 29210 29223 29223
Built 1997 2000 1984 1997 1987 2012
SF 20,360 35,408 110,644 101,100
Vacant SF – – 13,886 18,135
Occupancy 100.00% 100.00% 87.45% 82.06%
30,000
7,000
76.67%
1 - CENTER POINT V
4 - STEPHENSON CENTER
2 - CROWN POINTE
5 - FONTAINE BUSINESS PARK
3 - CAROLINA CENTER BUSINESS PARK
6 - PINNACLE POINT
Rate/SF $15.50 $18.80 $11.50–$12.00 $13.00 $15.00 $22.00
OFFERING MEMORANDUM
32
SOUTHLAKE CENTER
L E X I N G T O N ◦ S O U T H
C A R O L I N A
LEASE COMPETITIVE SET MAP
77
6
21 26
321
HASKELL HEIGHTS
20
176 20
DENTSVILLE WOODFIELD
5 321
SEVEN OAKS
21 20
76 1
2 176 26
20
378
321
4
321
LEXINGTON
1
26
21
SPRINGDALE
CAYCE 77
321
33
MARKET SUMMARY
76
77
1
321
RED BANK
1
MOUNTAIN BROOK
SOUTHLAKE CENTER 20
76
COLUMBIA
3
OAK GROVE
FOREST ACRES
77
AFFILIATED BUSINESS DISCLOSURE CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum. CONFIDENTIALITY AGREEMENT This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property. This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property. The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived. By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.
OFFERING MEMORANDUM
34
SOUTHLAKE CENTER EXCLUSIVE MARKETING AGENTS
UNDERWRITING SUPPORT
PATRICK GILDEA Senior Vice President CBRE | Investment Properties 201 S College St Ste 1700 Charlotte, NC 28244 T +1 704 331 1217 F +1 704 331 1259 patrick.gildea@cbre.com
MATT SMITH Capital Markets Analyst CBRE l Investment Properties 201 S College St Ste 1700 Charlotte, NC 28244 T +1 704 331 1286 F +1 704 331 1259 matt.smith@cbre.com
MARTIN MOORE Senior Vice President CBRE | Columbia 1333 Main St Ste 210 Columbia, SC 29201 T +1 803 744 6842 F +1 803 744 4459 martin.moore@cbre.com
AARON DUPREE First Vice President CBRE | Columbia 1333 Main St Ste 210 Columbia, SC 29201 T +1 803 744 6859 F +1 803 744 4441 aaron.dupree@cbre.com
FINANCING CONTACTS COMPIE NEWMAN Senior Vice President CBRE | Capital Markets 201 S College St Ste 1700 Charlotte, NC 28244 T +1 704 927 1454 F +1 704 334 0939 compie.newman@cbre.com
HAL KEMPSON First Vice President CBRE | Capital Markets 201 S College St Ste 1700 Charlotte, NC 28244 T +1 704 927 1453 F +1 704 334 0939 hal.kempson@cbre.com