BALDWYN BUSINESS CENTER

Transcription

Investment Highlights
A SINGLE-TENANT CRITICAL-USE INDUSTRIAL INVESTMENT OPPORTUNITY | INNOCOR, INC.
OFFERING MEMORANDUM
469 COUNTY ROAD 2878 | BALDWYN, MS
GUIDELINES
ARKANSAS
LITTLE ROCK
The offering is being distributed exclusively by Marcus & Millichap to the investment
community. Following the initial bids, the owner will select an investor or developer to
purchase the property or request from a group of investors to submit a best and final
offer, from which one will be selected. The selection will be based on a variety of factors
including purchase price, contract terms, financial strength, ability to close, timing and
experience in closing similar transactions.
NASHVILLE
MEMPHIS
BLUE
SPRINGS
TENNESSEE
TUPELO
ATLANTA
MISSISSIPPI
SHREVEPORT
Offers must be presented in writing and include:
ALABAMA
MONTGOMERY
JACKSON
LOUSIANA
•
Price
•
Source of capital and relevant experience
•
Proposed schedule of due diligence and closing
•
Amount of earnest money
•
List of contingencies including committee approvals, possible 1031 exchanges, etc.
BATON ROUGE
NEW ORLEANS
DIRECTIONS
From the intersection of US Hwy 78 and US Hwy 45, travel North on US Hwy 45 for
14.2 miles. Site is on southwest corner of US 45 and State Route 2878. There is a large
monument sign facing US Hwy 45.
All interested investors are encouraged to schedule a property tour to visit the Baldwyn
Business Center and the surrounding market with Marcus & Millichap to fully appreciate its
market position, quality and strong fundamentals.
exclusively listed
Exclusively listed by:
Todd Harrell, Associate
Investment Sales, Industrial
Office (678) 808-2742
Mobile (404) 993-7012
todd.harrell@marcusmillichap.com
MISSISSIPPI
BROKER OF RECORD
Dan Danielak, Vice President
Office (310) 909-2312
Mobile (248) 909-2030
dan.danielak@marcusmillichap.com
Anne Williams, Senior Director
MS License: B-20181
1100 Abernathy Road, N.E.
Bldg. 500, Suite 600
Atlanta, GA 30328
(678) 808-2700 (phone)
(678) 808-2710 (fax)
www.marcusmillichap.com
OFFICES NATIONWIDE
table of contents
EXECUTIVE SUMMARY
TENANT OVERVIEW
Property Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Investment Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
LOCATION OVERVIEW
MARKET ANALYSIS
Location Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
PROPERTY DESCRIPTION
Property Details . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Property Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Regional Maps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aerial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Survey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Site Plan With Aerial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Floorplans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tenant Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Innocor, Inc. Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
12
13
14
15
16
17
18
Sale Comparables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Lease Comparables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Demographics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Metro Submarket Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
34
36
37
FINANCIAL ANALYSIS
Pricing & Financial Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Income & Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
APPENDIX
Confidentiality Agreement & Disclaimer
Non-Endorsement Notice
BALDWYN
BUSINESS
CENTER
summary
EXECUTIVE SUMMARY
BA L DWYN BUSINE SS CE NT E R
E X E CUTI VE SUM M A RY
Marcus & Millichap is pleased to exclusively present to
t h e m a r k e t f o r s a l e , t h e B a l d w y n B u s i n e s s C e n t e r, a s i n g l e t e n a n t , c r i t i c a l - u s e , 1 0 0 % - l e a s e d i n v e s t m e n t o p p o r t u n i t y.
It is situated on 27 acres of land within the Harr y A.
Mar tin Nor th Lee Industrial Complex in nor thern Lee
C o u n t y. T h e p r o p e r t y i s l o c a t e d a l o n g U S H i g h w a y 4 5 , j u s t
a f e w m i l e s n o r t h o f Tu p e l o , M S a n d t w o h o u r s s o u t h e a s t
of Memphis, TN.
Baldwyn Business Center was recently renovated and
consists of industrial warehouse and distribution space,
as well as 8,030 square feet of office space.
The offering represents a stable, market CAP rate
acquisition located in a logistical center of the Southeast,
with access to all major forms of transportation, including
t h e Po r t o f I t a w a m b a a n d t h r e e m a j o r a i r p o r t s w i t h i n a
150-mile radius.
This is an investment opportunity with in-place NOI
and additional room for base triple net rental increases,
building/parking lot expansion and or development.
469 County Road 2878 | Baldwyn, MS 38824
PROPERTY SUMMARY
Year Built/Renovated
Property Type
Net Rentable (SF)
Office (SF)
1994/2015
Industrial
296,989 SF
8,030 SF
Land Area (acres)
Zoning:
Clear Height
27.31±
LI (Light Industrial)
15’ 2” - 25’ 6”
No. of Dock Doors
23
OFFERING
EVERY OFFER WILL BE REVIEWED AND RESPONDED TO
S E P T E M B E R 2 0 1 5 C A P I TA L E X P E N D I T U R E I M P R OV E M E N T S :
•• Offices Renovated
•• Parking Lot Repaired, Resealed and Striped
•• Curb Appeal Enhanced with Landscaping Improvements at Office Area
•• Trees Removed to Showcase New Signage; Signage Viewed from 2 Miles Away from Highway
2
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Atlanta, Inc. © 2015 Marcus & Millichap.
All rights reserved.
E X E CUTI VE SUM M A RY
SINGLE-TENANT, CRITICAL-USE, 100% LEASED FACILITY
•• Recent Lease Renewal, Across From Manufacturing Facility; Innocor, Inc. (www.innocorinc.com), an affiliate of A+
credit rated Sun Capital Partners, Inc., has been located at Baldwyn Business Center since 2013 and recently
executed a 7.5-year lease renewal extending its term through August 2023. The property is strategically located
across US Hwy 45 from its manufacturing plant; Innocor has invested over $20 million of immovable equipment
in this facility and has entrenched itself for a long-term future within the area. Sun Capital Partners, Inc. and its
affiliates have been in Baldwyn Business Center since the building’s inception in 1994. Innocor continues to show
long-term dedication to the property and has made commitments for the foreseeable future.
IN-PLACE NOI
•• I nnocor, a leader in memory foam comfort products, occupies 296,989 square feet (100%) of Baldwyn Business
Center on a new 7.5-year triple net (NNN) lease that commenced in January of 2016. Innocor expanded its presence
in the Harry A. Martin North Lee Industrial Complex when it grew into the Property in 2013 to neighbor its existing
manufacturing facility located across US Hwy 45.
UPHOLSTERY FURNITURE CAPITAL OF THE WORLD
•• Furniture manufacturing in Northeast Mississippi accounts for 22,000 jobs (almost 13% of the region’s employment
Top: New Roof on Baldwyn Business Center
and a $732 million annual payroll) and produces $2.25 billion worth of goods.
PROMINENT BUSINESS PARK TENANTS
•• Harry A. Martin North Lee Industrial Complex is home to a number of leading companies, including Innocor, Inc.,
Toyota Auto Body Co., Ltd., Fairfield Processing Corporation, Hancock Fabrics and H.M. Richards.
NEW ROOF IN 2015 WITH EXTENDED WARRANTY THROUGH JULY 2027
•• Baldwyn Business Center underwent a complete roof renovation in May 2015. The entire roof was cleaned. Fasteners,
seams and penetrations were prepped and treated with Geogard seam sealer and sprayed with Alumanation 301, at
a rate of 2 gallons per 100 square feet. The Property has a 12-year warranty on the newly renovated insulated metal
roof.
CENTRAL LOCATION IN THE SOUTHEAST, PART OF U.S. “AUTOBELT”
•• Baldwyn Business Center is strategically located in the coveted area that is considered the center of the Southern U.S.
“Autobelt”, the new automotive center of the nation. Less than 20 miles north of the Property, Toyota’s new $1.3 billion
manufacturing facility, referred to as Blue Springs, opened in 2010 in Tupelo, MS employing over 2,000. Baldwyn
Business Center is adjacent to its supplier, Toyota Auto Body Co., which employs 400 in its new $200 million, 100+
acre facility.
NEIGHBORING H.M. RICHARDS EXPANSION WITHIN BUSINESS PARK
•• H.M. Richards, a privately-held upholstery company, currently has 977 employees operating in a 900,000-square-foot
facility in the Harry A. Martin North Lee Industrial Complex. For its expansion, the company will purchase the land
adjacent to its current facility and construct a new building representing a corporate investment of $8 million and
creating 500 jobs.
Top: Toyota in Tupelo (Blue Springs); Hancock Fabrics monument signage
Bottom: Toyota in the Harry A Martin North Lee Industrial Complex
3
overview
L O C AT I O N O V E R V I E W
Nashville, Tennessee: 219 miles
Atlanta, Georgia: 279 miles
BA120
L DWYN
SS CELouisiana:
NT E R 340
Tuscaloosa, Alabama:
miles BUSINE
New Orleans,
L O CATI ON O V ER V IEW
Location Highlights
Baldwyn Business Center is situated on more than 27
acres of land within the Harr y A. Mar tin Nor th Lee
Industrial Complex in nor thern Lee County in Nor theast
M i s s i s s i p p i . L e e C o u n t y, a l s o r e f e r r e d t o a s Tu p e l o
C o u n t y, s e r v e s a s t h e r e g i o n’s e c o n o m i c h u b .
Little Rock
Arkansas
245 Miles
Memphis
Tennessee
109 Miles
Nashville
Tennessee
219 Miles
Birmingham
Alabama
134 Miles
CENTRALLY LOCATED IN SOUTHEAST
Baldwyn Business Center is located in the northeastern corner of Mississippi, which
borders four southeastern states including Arkansas, Tennessee, Louisiana and Alabama.
Local Mileage
•• Adjacent to US Highway 45
•• 12 miles from the future Interstate 22 and US Highway 278
•• 17 miles from Blue Springs (Toyota’s new plant)
•• 18 miles from Tupelo
•• 22 miles from Tupelo Regional Airport
•• 29 miles from Port of Itawamba
•• 95 miles from Memphis International Airport
Major City Distances
•• 109 miles from Memphis, TN
•• 134 miles from Birmingham, AL
•• 195 miles from Jackson, MS
•• 219 miles from Nashville, TN
Jackson
Mississippi
195 Miles
Tuscaloosa
Alabama
120 Miles
Mobile
Alabama
275 Miles
New Orleans
Louisiana
340 Miles
LEADING MICROPOLITAN REGION (TUPELO)
Four-time “All-American City Award” winner
Of the 576 Micropolitans across America, the Tupelo region finished 8th in 2014 in the
creation of new jobs and invested capital. Over the last 10 years, Lee County has set the pace
for Mississippi.
Leader in Job Creation and Projects Won
•• Over 5,000 new jobs created, nearly twice as many as any other area in the state
•• Won twice the number of projects
6
•• Welcomed new industries including Toyota, GRAMMER, General Atomics, and
others; as well as expansions of existing industries including Philips, Tecumseh,
Cooper Tire, and H.M. Richards.
Significant Capital Investments
•• $673 million in capital invested
•• 12% Increase in Lee County’s Average Wage
L O CATI ON OV ER V IEW
Location Highlights
HARRY A. MARTIN NORTH LEE INDUSTRIAL COMPLEX
Lee County’s industrial parks are strategically located outside of municipal boundaries for tax reduction purposes and to maximize labor availability and public infrastructure.
Prominent firms within the park include the following:
•• I nnocor, Inc.; manufacturing plant with adjacent industrial warehouse facility
across the street
•• Toyota Auto Body Co., Ltd.
•• H.M. Richards (Furniture Manufacturer)
•• Fairfield Processing Corporation
•• Hancock Fabrics
•• H
.M. Richards established its current facility located in Baldwyn, MS in 1999.
On June 8, 2015, H.M. Richards announced the company will purchase the
land adjacent to its current facility and construct a new building representing
a corporate investment of $8 million and creating 500 jobs. H.M. Richards’
products are distributed through an elite group of major furniture and
department stores throughout the U.S. and Canada.
WAREHOUSE
MANUFACTURING
7
L O CATI ON O V ER V IEW
Baldwyn Business Center
ProVisions
Infrastructure
WELL-CONNECTED I NFRASTRUCTURE
ARKANSAS
Lee County offers immediate access to the national highway system and outstanding
logistical and transportation advantages.
U.S. Highways
•• The Baldwyn Business Center is directly adjacent to US Highway 45 which
provides the major north and south corridor within the national highway
system, while US Highway 78 (future Interstate 22) provides the major east
and west corridor.
Future Interstate 22
•• Interstate 22, upon completion, will follow the US Highway 78 corridor on
a 213 mile long route from Memphis, TN, to Birmingham, AL. I-22 will
connect I-240, I-40, I-55, and I-69(indirectly) in the northwest, with I-65
and (indirectly) I-20/I-59 in the southeast. Hence, I-22 will help form a
freeway to connect downtown Atlanta with Birmingham, Memphis, Little
Rock, Fort Smith and Oklahoma City.
Airports
•• 22 miles from Tupelo Regional Airport
•• 95 miles from Memphis International Airport
•• 152 miles from Birmingham-Shuttlesworth International Airport
Railroads
•• The Burlington Northern Santa Fe and the Kansas City Southern, two classone railroads, provide rail service to Lee County and its industrial parks.
296,989 Square Feet Available
Little Rock
Nashville
78
TENNESSEE
Memphis
Blue Springs
Port of Itawamba
Tupelo
20
TEXAS
55
Jackson
49
20
Birmingham
45 ALABAMA
Montgomery
59
Hattiesburg
LOUISIANA
Biloxi
65
Mobile
10
FLORIDA
Gulfport
Baton Rouge
CITY OF TUPELO
Houston
10 Center
Baldwyn Business
Historically, Tupelo served as New
a regional
transportation hub, primarily due to its location
Orleans
469 County Road 2878
GULF
OF MEXICO
at a railroad intersection. More recently, it has been successful
at attracting
manufacturing,
Baldwyn, Mississippi 38824
retail and distribution operations. The city has also developed a strong tourism and
hospitality sector based around the Elvis Presley birthplace and Natchez Trace.
ProVisions
Kristina Seprak
Marketing Manager
Ports
•• 29 miles from Port of Itawamba
•• The Port of Itawamba was established in 1986 to serve commercial shipping
along the Tennessee-Tombigbee Waterway. It is a fully coordinated,
multimodal logistic center and one of six ports located along the waterway.
Port Itawamba offers combined services including a rail spur, 60-ton bridge
crane, wireless inventory warehousing system and an additional hard-surface
storage area.
8
78
Atlanta
MISSISSIPPI
Shreveport
59
65
ProVisions, LLC
840 Boling Street
Jackson, Mississippi 39209
Phone: 601.939.0065
Fax: 248.723.3341
kseprak@provisions.ws
Visit www.BaldwynBusinessCenter.com
- 22 -
L O CATI ON OV ER V IEW
Location Highlights
COMMUNITY DEVELOPMENT FOUNDATION (CDF)
One of the largest contributions CDF has made is collaboration with government in the establishment of nine
industrial parks located in the area.
•• Organized in 1948, the Tupelo-Lee County CDF is a membership organization with nearly 1,200 members
and governed by a Board of Directors. The CDF partners with business, industry and professional leaders
to increase jobs in the region and establishes and supports agencies that meet the needs of the community.
TUPELO & LEE COUNTY HEADQUARTERED COMPANIES
•• Tecumseh, Heritage Home Group, Hancock Fabrics, Inc., Magnolia Fabrics, Toyota Motor Manufacturing
Mississippi, H.M. Richards, JESCO Construction, MTD Products, Savings Oil Company (Dodge’s Stores),
and Cooper Tire & Rubber
UPHOLSTERY FURNITURE CAPITAL OF THE WORLD
Furniture manufacturing in Northeast Mississippi accounts for 22,000 jobs (almost 13% of the region’s employment and a $732 million annual payroll) and produces $2.25 billion worth of goods.
•• Located in Tupelo, MS, the Tupelo Furniture Market began in 1987. The market features 600 exhibitors
from across the globe in 1.6 million square feet of space, and averages 30,000 retail furniture buyers, both
national and international.
SOUTHERN U.S. AUTOBELT | NEW AUTOMOTIVE CENTER IN THE NATION
Baldwyn Business Center is strategically located in a coveted area that is considered the center of the Southern U.S.
“Autobelt.”
•• Less than 20 miles north of the Property in Tupelo, MS, Toyota announced in 2007 that it would invest
$1.3 billion in its eighth North American manufacturing facility. The facility, referred to as Blue Springs,
opened in 2010 employing over 2,000 and specializing in making the Highlander SUV.
•• Subsequently, its supplier, Toyota Auto Body Co., Ltd., located its $200 million facility roughly 20-25
miles from the automotive plant in Baldwyn’s Harry A. Martin North Lee Industrial Complex. Toyota
Auto Body’s 100-plus acre facility employs 400 and operates under the name Auto Parts Manufacturing
Mississippi, Inc., providing stamped parts, body weld parts and plastic parts to the Tupelo Toyota plant.
HEADQUARTERS OF THE NORTH MISSISSIPPI MEDICAL CENTER
•• Largest non-metropolitan hospital in U.S. serving people in north Mississippi, northwest Alabama and
portions of Tennessee. The medical center was a winner of the prestigious Malcolm Baldrige National
Quality Award in 2006 and 2012.
HEADQUARTERS OF TWO BANKING INSTITUTIONS
Top: Toyota Blue Springs Manufacturing Plant
•• BancorpSouth, with approximately $13.3 billion in assets (2014); Renasant, with assets of approximately Bottom: North Mississippi Medical Center Tupelo, MS
$5.8 billion (2014).
9
description
PROPERTY DESCRIPTION
P R OP ERTY DESCR IP TION
Property Details
THE OFFERING
469 County Road 2878
Baldwyn, MS 38824
PROPERTY SPECIFICATIONS
Type
Parcel Number
Industrial/Warehouse/
Distribution Center
Net Rentable (SF)
Land Area (acres)
296,989 SF
Office (SF)
022V-10-005-04
27.31 acres
8,030 SF
Zoning
LI (Light Industrial)
Warehouse/
Distribution (SF)
281,647 SF
County
Tupelo/Lee
Breakroom (SF)
4,570 SF
Adjacent Land (acres)
12 acres
Maintenance (SF)
2,742 SF
Building Dimensions
553’ x 323’ x 723’
Floors
1
Transportation
< 1 mile from US-45
1994 - 100,000 SF
1997 - 197,000 SF
Renovations
2014 - Tenant
Improvements
2015 - Reroofed
CONSTRUCTION
Year Built
Construction
Steel, masonry & metal
Column Spacing
Floor Construction
6” reinforced concrete
Ceiling Height
15’ 2” - 25’ 6”
Walls Construction
Masonry & metal
Loading
23 dock doors
Roofing
Insulated metal;
Reroofed in 2015
Parking Surface
30’ x 50’
The roof of Baldwyn Business Center was renovated
in 2015 and has an extended warranty through 2027.
Asphalt
MECHANICAL
HVAC
Office & Majority of
Warehouse/Distribution
Water
Serviced by Northeast MS
Regional Water Supply
District. Main line is 18”
Lighting
Fluorescent and metal
halide
Sewer
Serviced by City of Baldwyn,
Main line is 8”
100% wet system
Utilities
Telephone - BellSouth
Power - Prentiss County
Electric Power Association
Fire Protection
Gas
12
Tenneco via City of
Baldwyn Main line is 4”
Property Highlights
CONSTRUCTION
FEATURES
••
••
••
••
••
••
••
••
••
Metal Construction
Column Spacing 30’ x 50’
Roof Renovated in 2015; Constructed of Insulated Metal
Tenant Improvements & Renovations in 2015
27.31 Acres
Ceiling Heights Range from 15’ 2” - 25’ 6”
Reinforced Concrete Slab 4” - 6”
HVAC in Office & Majority of Warehouse/Distribution Area
23 Dock Doors
13
Regional Maps
14
Aerial | Local Map
BALDWYN
BUSINESS
CENTER
15
Survey
16
Site Plan With Aerial
*
Potential for 111 total dock
doors on existing building
* Building
MITCHELL STREET
SOUTH
WEST
AV E N U
E
& parking lot can
be expanded on ±27 acres
17
Building Floorplans - Entire Building
15 DOCK DOORS
BREAKROOM AREA
4,570 SF
DOCK DOORS
OFFICE AREA
8,030 SF
WAREHOUSE | DISTRIBUTION | MANUFACTURING
281,647 SF
ONE COVERED
DOCK DOOR
WITH OVERHANG
18
Building Floorplans
NEW RENOVATED OFFICES (2016)
8,030 SF
BREAKROOM
4,570 SF
19
isions
296,989 Square Feet Available
overview
TENANT OVERVIEW
T EN AN T OVE R V IEW
Tenant Summary
TENANT OVERVIEW
•• Innocor, Inc. (www.innocorinc.com) designs, develops, and manufactures memory foam comfort products for
the bedroom and home. It offers mattresses, mattress toppers, pillows, kitchen and bath mats, memory foam
ottomans, and indoor/outdoor furniture and accessories. The company also produces polyurethane foam-based
fabricated components and bulk materials for original equipment manufacturers serving the bedding, furniture,
automotive, marine, medical, and packaging markets. It sells products through retailers and online e-tailors in
the United States. The company was founded in 1996 and is based in West Long Branch, New Jersey.
•• Sun Capital Partners, Inc. (www.suncappart.com) is a leading private investment firm focused on leveraged
buyouts, equity, debt, and other investments in market-leading companies that can benefit from its in-house
operating professionals and experience.
Company
Innocor, Inc.
Parent Company
Sun Capital Partners, Inc.
Website
www.innocorinc.com
www.suncappart.com
Locations
HQ - West Long Branch, N
9 Manufacturing Plants
Company Size
500 - 1000 employees
Product Specialties
Bed Mattresses, Toppers,
Pillows
HISTORY
QUOTE
2003
Initial Operations: Innocor began operations in Lee County with 60 employees.
“Since our first operation in Lee County, we knew this
2004
Manufacturing & Distribution Facility Expansion: Innocor built its 300,000 square-foot facility including over $20 million worth of immovable equipment anchored in its manufacturing plant.
2013Expansion: Innocor expanded to occupy 100% of Baldwyn Business Center; the company currently employs over 500
workers among its facilities in the industrial complex.
was where we wanted to grow our business,” said Innocor
Executive Vice President, Steve Setzer. “Our success in
Baldwyn and Lee County can be attributed to the assistance provided by the State of Mississippi, Lee County
and many others – especially our workforce.”
2016Lease Extension: Innocor signed a 7.5-year lease extension and moved critical operations to Baldwyn Business Center.
TENANT
Innocor Inc.
22
AREA
SF
% OF TOTAL
SF
LEASE
TERM
START
DATE
END
DATE
RENT/SF
MONTHLY
RENT/SF
ANNUAL
RENT
MONTHLY
RENT
ANNUAL
LEASE
TYPE
296,989
100%
12 Months
3/1/2013
2/28/2014
$0.1375
$1.65
$40,835.00
$490,031.88
NNN
12 Months
3/1/2014
2/28/2015
$0.1458
$1.75
$43,310.90
$519,730.80
NNN
10 Months
3/1/2015
12/31/2015
$0.1583
$1.90
$47,023.26
$564,279.12
NNN
92 Months
1/1/2016
12/31/2016
$0.1583
$1.90
$47,023.26
$564,279.12
NNN
1/1/2017
12/31/2017
$0.1583
$1.90
$47,023.26
$564,279.12
NNN
1/1/2018
12/31/2018
$0.1583
$1.90
$47,023.26
$564,279.12
NNN
1/1/2019
12/31/2019
$0.1583
$1.90
$47,023.26
$564,279.12
NNN
1/1/2020
12/31/2020
$0.1583
$1.90
$47,023.26
$564,279.12
NNN
1/1/2021
12/31/2021
$0.1583
$1.90
$47,023.26
$564,279.12
NNN
1/1/2022
12/31/2022
$0.1583
$1.90
$47,023.26
$564,279.12
NNN
1/1/2023
8/31/2023
$0.1583
$1.90
$47,023.26
$564,279.12
NNN
T E N AN T OVE R V IEW
Retailers carrying Innocor Products:
Innocor, Inc. Products
MATTRESS TOPPERS
23
T EN AN T OVE R V IEW
MATTRESSES
24
T E N AN T OVE R V IEW
PILLOWS
25
analysis
M A R K E T A N A LY S I S
M ARK ET AN A LY SIS
Sales Comparables Map
PROPERTY
SIZE (SF)
YEAR BUILT
SALES PRICE
PRICE/SF
Baldwin Business Center
296,989 SF
1994/2015
$7,050,000
$23.74
8
1
Hattiesburg Paper Co.
163,970 SF
1981
$7,600,000
$46.35
2
Saint-Gobain ADFORS
102,950 SF
2009
$4,250,000
3
5375 Pepper Chase Drive
85,000 SF
1999
4
I-20 & I-59 Distribution Center
466,670 SF
5
UOP Building
6
7

28
PROPERTY
SIZE (SF)
YEAR BUILT
SALES PRICE
PRICE/SF
4494 Highway 80 E
100,000 SF
N/A
$2,900,000
$29.00
9
Shelby 18
400,000 SF
2000
$11,250,000
$28.13
$41.28
10
Former BMW Distribution Center
198,723 SF
2000
$5,500,000
$27.67
$3,050,000
$35.88
11
1844 Commercial Drive
253,000 SF
1981
$6,200,000
$24.51
2011
$15,000,000
$32.14
12
685 Haining Road
92,799 SF
1979
$2,250,000
$24.25
294,756 SF
2003
$9,250,000
$31.38
13
Caterpillar
192,485 SF
1997
$4,600,000
$23.90
8950 Hacks Cross Road
240,000 SF
N/A
$7,150,000
$29.79
14
3800 Richard Street
94,450 SF
2006
$1,900,000
$20.12
2810 Louise Street
76,250 SF
2001
$2,250,000
$29.51
15
4299 Industrial Drive
120,000 SF
N/A
$1,875,000
$15.63
Sales Comparables
Sales Price:
$7,600,000
Sales Date:
3/31/2014
Size:
Price Per SF:
CAP Rate:
Year Built:
Occupancy:
Buyer:
1. 1
WI Runnels Industrial Dr
Hattiesburg, MS 39401
Seller:
1981
100%
Stone Capital
Hattiesburg Paper Company
Sales Date:
12/30/2014
Size:
102,950 SF
$41.28/SF
CAP Rate:
8.50%
Year Built:
2009
Seller:
Sales Date:
6/9/2014
85,000 SF
$35.88
CAP Rate:
N/A
Year Built:
1999
Occupancy:
Buyer:
Seller:
Elm Tree Funds completed the acquisition of the 102,950
square-foot Saint-Gobin ADFORS industrial property in
Russellville, Alabama. The Class C asset had a stabilized
occupancy of 100% at the time of the sale and sold for a
confirmed price of $41.28 per square foot.
Scannell Properties
$3,050,000
Price Per SF:
COMMENTS: 100%
Elm Tree Funds
Sales Price:
Size:
3. 5
375 Pepper Chase Drive
Southaven, MS 38671
8.65%
$4,250,000
Occupancy:
Buyer:
The property sold for $46.35 per square foot. The cap rate
was reported at 8.65% at the time of the sale. Hattiesburg
Paper Co. is leasing back the building from the new owner.
$46.35/SF
Sales Price:
Price Per SF:
2. S
aint-Gobain ADFORS
30 Sibley Drive
Russville, AL 35645
163,970 SF
COMMENTS: COMMENTS: On June 9th, 2014, the 85,000 SF Industrial Building at 5375
Pepper Chase Drive was sold for $3,050,000. The property
transferred from American Metal Sales, Inc. to Amerco Real
Estate Co. The property was on the market since February
of 2009, with the initial asking price of $4.4M. Amerco purchased the property for a new U-Haul location with expectations to occupy and operate in August of 2014. They also
recently purchased 85,000 SF in Johnson City, TN.
N/A
AMERCO
American Metal Sales, Inc.
29
Sales Comparables
Sales Price:
$15,000,000
Sales Date:
1/2015
Size:
Price Per SF:
CAP Rate:
Year Built:
Occupancy:
Buyer:
4. I-20 & I-59 Distribution Center
2800 46th Avenue E
Meridian, MS 39301
Seller:
BHR Properties, LLC
12/9/2013
Year Built:
Occupancy:
Buyer:
Seller:
294,756 SF
$31.38/SF
8.00%
2003
100%
Mobile RP Realty LLP
$7,150,000
Sales Date:
12/23/2014
Size:
240,000 SF
$29.79
CAP Rate:
N/A
Year Built:
N/A
Occupancy:
Buyer:
Seller:
COMMENTS: The deal closed after a 75-day escrow period and was
financed through Union Center National Bank. The subject
property is a single story, 294,756-square-foot manufacturing facility, constructed in 2003 and situated on a 9.97
acre site in the northeast Mobile submarket. The building
features 25 loading docks, two drive-in bays and a 24-foot
clear height. The building is fully occupied by a single tenant. The deal traded with an in-place capitalization rate of
8% that yields $740,000 net operating income.
Channel 5, LLC
Sales Price:
Price Per SF:
30
2011
100%
NFI Industries, Inc.
Sales Date:
CAP Rate:
6. 8
950 Hacks Cross Road
Olive Branch, MS 38654
N/A
$9,250,000
Price Per SF:
The property had been listed since April 2014. The buyer
is an owner-user who is expected to occupy 450,000 SF. It
has 53 dock-high doors adn a clear height of 32’.
$32.14/SF
Sales Price:
Size:
5. U
OP Building
207 Jacintoport Blvd
Saraland, AL 36571
466,670 SF
COMMENTS: COMMENTS: 8950 Hacks Cross, LLC sold the 240,000 SF industrial property at 8950 Hacks Cross Road in Olive Branch to Sealy
Cedar Business Park Partners, LP for $7,150,000 on December 23, 2014. It is unknown how long the property was
on the market and what the initial asking price was for this
building. There were no sale conditions that effected the
sale price.
N/A
Sealy & Company
Covington Group, Inc.
Sales Comparables
Sales Price:
$2,250,000
Sales Date:
4/25/2015
Size:
76,250 SF
Price Per SF:
CAP Rate:
N/A
Year Built:
2001
Occupancy:
Buyer:
7. 2
810 Louise Street
Pascagoula, MS 39581
Seller:
Sales Date:
9/23/2015
100,000 SF
$29.00
CAP Rate:
N/A
Year Built:
N/A
Occupancy:
Buyer:
Seller:
Sales Date:
5/21/2013
400,000 SF
$28.13/SF
CAP Rate:
N/A
Year Built:
2000
Occupancy:
Buyer:
Seller:
On September 23, 2015, the 100,000 SF industrial building
located at 4494 Highway 80 E in Pearl, MS was sold for
$2,900,000. The property was on the market for approximately 12 months with an asking price of $3,575,000. Amerco Real Estate Company is a holding company for U-Haul
International. The property will be occupied by U-Haul.
There were no sale conditions reported to have affected
the sale price.
Coleman H. Hammons
$11,250,000
Price Per SF:
COMMENTS: N/A
U-Haul International
Sales Price:
Size:
9. S
helby 18
5155 Citation Drive
Memphis, TN 38118
Larry Whitehead-Port City Tractor, Inc.
$2,900,000
Price Per SF:
On April 25, 2015, 2810 Louise Street sold for a reported
$2,250,000 or $29.51 per square foot. The property totals
76,250 square feet. The property was on the market for approximately three months with an initial asking price of $2.5
million. The property was vacant at the time of the sale. The
buyer was VT Halter Marine Inc.
0%
VT Halter Marine
Sales Price:
Size:
8. 4
494 Highway 80 E
Pearl, MS 39208
$29.51
COMMENTS: COMMENTS: The subject property is located at 5155 Citation Drive in
Memphis, TN and was 100% occupied at the time of the
sale. This transaction is the last sale of an 8-property
disposition. The price is confirmed via the difference
between the actual gross proceeds and the expected gross
proceeds. The only difference between these two numbers
is the inclusion of this property sale.
100%
Exeter Property Group
DCT Industrial Trust
31
Sales Comparables
Sales Price:
$5,500,000
Sales Date:
10/2014
Size:
Price Per SF:
N/A
Year Built:
2000
Seller:
Sales Date:
6/20/2013
CAP Rate:
Year Built:
Occupancy:
Buyer:
Seller:
$24.51/SF
11.0%
1981
100%
InterMountain Management
Sales Date:
7/11/2014
Size:
92,799 SF
$24.25
CAP Rate:
N/A
Year Built:
1979
Seller:
COMMENTS: The sales price was confirmed by the buyer and the buyer’s
broker. The subject property was not listed on the market
for sale; therefore, the sale was an off-market transaction.
The property was fully leased at the time of the sale. The
property contains no sales conditions that would have affected the sales price; however, the roof needs replacement in 5 years. The cap rate was reported at approximately 11%. The current tenant has a double net lease.
The motivation for the seller was having been approached
directly at a good price. The motivation for the buyer was
an investment to add to their portfolio.
Ferrara Land Management
$2,250,000
Occupancy:
Buyer:
32
253,000 SF
Sales Price:
Price Per SF:
12. 6
85 Haining Road
Vicksburg, MS 39183
The Hollingsworth Companies
$6,200,000
Price Per SF:
The sale of the former distribution center for BMW was
confirmed by the Tate County Economic Development
Foundation. The property was vacant at the time of the sale.
It features a 32’ clear height on 18.67 acres. The project
represents a corporate investment of $51.1 million and will
create 254 jobs over the next five years.
0%
Calbee North America
Sales Price:
Size:
11. 1
844 Commercial Drive
Port Allen, LA 70767
$27.67/SF
CAP Rate:
Occupancy:
Buyer:
10. F
ormer BMW Distribution Center
795 Shands Bottom Road
Senatoba, MS 38668
198,723 SF
COMMENTS: COMMENTS: On July 11th, 2014, the 92,799 square foot industrial building at 685 Haining Road, Vicksburg, MS, was sold for
$2,250,000, or $24.25 per square foot. The property was on
the market for about 10 months with an initial asking price
of $2,750,000. The transaction was in escrow for approximately 90 days. The buyer will occupy the building and use
the property as an oil recycling plant.
N/A
Smitty's Supply, Inc.
Shell Oil Company
Sales Comparables
Sales Price:
$4,600,000
Sales Date:
4/17/2014
Size:
Price Per SF:
CAP Rate:
Year Built:
Occupancy:
Buyer:
13. C
aterpillar
2500 Tecumseh Way
Cornith, MS 38834
Seller:
1997
100%
Caterpillar
Corinth Industrial Holdings, LLC
Sales Date:
1/31/2014
Size:
94,450 SF
$20.12
CAP Rate:
N/A
Year Built:
2006
Seller:
Sales Date:
10/3/2015
120,000 SF
$15.63
CAP Rate:
N/A
Year Built:
N/A
Occupancy:
Buyer:
Seller:
On January 31, 2014, Pierce Hardy Limited Partnership sold
this 94,450 sqare foot industrial building to Huntingon Ingalls, Inc for $1,900,000 or approximately $20.12 per sqare
foot in Moss Point, MS.
Pierce Hardy, LP
$1,875,000
Price Per SF:
COMMENTS: N/A
Huntington Ingalls, Inc.
Sales Price:
Size:
The buyer did not use outside representation. This transaction represents a court-ordered sale to the tenant who exercised a lease option. The deal closed after approximately
60 days under contract. The warehouse has a 26-foot clear
height and is situated on 37.31 acres.
N/A
$1,900,000
Occupancy:
Buyer:
15. 4299 Industrial Drive
Jackson, MS 39209
$23.90/SF
Sales Price:
Price Per SF:
14. 3
800 Richard Street
Moss Point, MS 39563
192,485 SF
COMMENTS: COMMENTS: On October 3, 2015 the 120,000 SF industrial property
located at 4299 Industrial Drive in Jackson, MS was sold for
$1,875,000. The property was on the market for approximately 13 months with an asking price of $1,900,000 at the
time of sale. The buyer will be using the building as a new
location for their business. There were no sale conditions
noted to have affected the sale price.
N/A
Goggin Warehousing
Hesselbein Tire Company, Inc.
33
BA
L DWYN
BUSINE SS CE NT E R
LEASE
COMPARABLES
M ARKBALDWYN,
ET AN A LY
MSSIS
LEASE COMPARABLES
MAP
Lease Comparables
Map
1)
2)
34
Baldwyn Industrial
Kimberly Clark Southern Distribution
Center
Lease Comparables
PROPERTY NAME
ADDRESS
Baldwyn Industrial
976 Highway 45 North
Baldwyn, MS 38824
Kimberly Clark Southern Distribution Center
3015 Tecumseh Way
Corinth, MS 38834
SIZE
(SF)
303,200
295,837 SF
SPACE
LEASED (SF)
303,200
295,837 sF
LEASE
TYPE
Net
Net
LEASE
RATE PER SF
$2.63-$3.02/SF
$2.82/SF AVG
$3.66/SF
LEASE
TERM
NOTES/
COMMENTS
10 years
7/31/2020
This is the lease data of a large industrial facility off of Highway 45 in the
Harry A. Martin Industrial Park in Baldwyn. It consists of approximately 7,150
square feet of office area with the remainder being manufacturing/warehouse
area. This area includes approximately 20 overhead doors, most of which are
truck-height. Site improvements include a significant amount of concrete and
asphalt paved areas, fencing, curbing and landscaping.
80
Newly constructed distribution center leased by Kimberly Clark Corporation
for their southern distribution operations. The improvements were
constructed in 2008 on a 25-acre site. Tenant received free rent for the first
2 months of the lease. Absolute net lease terms. Rent increase annually at a
rate of 1.5% during lease term. Average contract rent during lease is $3.88
per SF. Three 5-year renewal option periods available.
35
DEMOGRAPHIC ANALYSIS
BALDWYN, MS
Demographics
2000 Population
1 Mile
163
3 Miles
3,538
5 Miles
7,516
2010 Population
2014 Population
2019 Population
188
195
214
3,744
3,835
4,019
8,123
8,340
8,743
2000 Households
2010 Households
2014 Households
2019 Households
67
77
80
88
1,383
1,450
1,495
1,564
2,912
3,145
3,250
3,408
2.64
2.55
2.56
INCOME
69
1,968
3,040
■■ $46,097
2000 Owner Occupied Housing Units
2000 Renter Occupied Housing Units
2000 Vacant
75.37%
15.52%
9.11%
65.63%
26.19%
8.18%
68.52%
22.95%
8.53%
2014 Vacant
82.66%
17.34%
6.81%
70.73%
29.27%
9.06%
73.95%
26.05%
8.41%
2019 Vacant
83.22%
16.78%
6.52%
71.30%
28.70%
9.04%
74.45%
25.55%
8.28%
12.7%
16.8%
13.7%
14.6%
24.9%
9.1%
4.8%
1.0%
0.2%
0.9%
1.3%
23.7%
17.0%
12.6%
14.4%
18.0%
7.9%
3.4%
1.3%
0.2%
0.8%
0.7%
20.8%
16.5%
12.9%
14.2%
20.7%
9.0%
3.3%
1.1%
0.3%
0.6%
0.6%
2014 Median Household Income
2014 Per Capita Income
$41,765
$22,783
$31,478
$17,558
$34,832
$18,063
2014 Average Household Income
$54,524
$44,618
$46,097
2014 Average Household Size
2014 Daytime Population
$ 0 - $14,999
$ 15,000 - $24,999
$ 25,000 - $34,999
$ 35,000 - $49,999
$ 50,000 - $74,999
$ 75,000 - $99,999
$100,000 - $124,999
$125,000 - $149,999
$150,000 - $199,999
$200,000 - $249,999
$250,000 +
36
Geography: 5 Miles
POPULATION
DEMOGRAPHIC REPORT
■■ 8,340
■■ 36.7
- 10.96% increase since 2000
median age
■■ 106.15
people per square mile
HOUSEHOLDS
■■ 3,249
households - 11.60% increase since 2000
■■ Average
size is 2.56 persons
average household income
RACE & ETHNICITY
■■ 71.31% White,
26.16% Black, 0.29% Asian, 2.24% Other
HOUSING
■■ 45,811
owner occupied
■■ 47,701
renter occupied
■■ $721
median rent
EMPLOYMENT
■■ 218,704
employees (2014)
■■ 65.66%
white collar, 34.22% blue collar, 0.12%Other
■■ Average
commute time of 30.3 minutes
DEMOGRAPHICS
1-Mile
5-Miles
10-Miles
2014 Total
195
3,835
8,340
2019 Total
214
4,019
8,743
2014 Households
80
1,495
3,250
2019 Households
88
1,564
3,408
Median HH Income
$41,765
$31,478
$34,832
Per Capita HH Income
$22,783
$17,558
$18,063
Average HH Income
$54,524
$44,618
$46,097
data © 2012
byor
Experian.
data ©to2010
by Experian/Applied
Geographic
Solutions.
This information has been secured fromDemographic
sources we believe
be reliable,
butDemographic
we make no
representations
warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
All rights
reserved.
THIS IS A BROKER PRICE OPINION OR COMPARATIVE
MARKET
ANALYSIS AND SHOULD NOT BE CONSIDERED AN
APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
Metro Submarket Overview
The Baldwyn Business Center is located within the North Central Gulf Industrial
Market which, in addition to the Lee County market, includes the MSA’s of Jackson, MS;
Memphis, TN; Birmingham, AL; and Nashville, TN.
METRO SUBMARKETS
Metropolitan Statistical Area
Jackson, Mississippi
Memphis, Tennessee
Nashville, Tennessee
Birmingham, Alabama
TOTAL
Inventory (SF)
35,238,989
233,666,174
187,451,351
100,971,472
557,327,986
Vacancy Q1 2015
7.8%
11.5%
6.6%
7.0%
8.2%
QUICK FACTS | LEE COUNTY, MS
Lee County Industrial Market Overview
The Lee County industrial market ended 1st quarter 2015 with a vacancy rate of 6.6%
which has since dropped an additional 2 points to 4.6% quarter-to-date. Vacancy rates
in Lee County have decreased steadily, year over year, from its 10-year peak of 12.9% in
4th quarter 2012. The county has experienced a Total Net Absorption of 461,885 square
feet year-to-date. It is forecasted Lee County will witness vacancy rates as low as 3% over
the next two years. After remaining steady for 5 quarters at an average of $2.35/NNN,
Rental Rates began increasing with a jump to $3.25/NNN in 1st quarter 2015 and a
slight increase to $3.29/NNN quarter-to-date. There have been no new deliverables to the
county since 2008, with no new construction currently underway.
■■ Population:
84,296
■■ Manufacturing
Employment: 10,340
■■ Non-Manufacturing
Employment: 43,030
LEE COUNTY
Market Summary
Total Square Feet
Total Existing Buildings
Total Vacant
Vacancy Rate
Average Rental Rates
Q1 2015
9,958,880 Square Feet
126 Buildings
454,749 Square Feet
4.6%
$2.62 Per Square Foot
37
analysis
F I N A N C I A L A N A LY S I S
F INAN CI AL A NA LY SIS
Baldwyn
Business Center
PRICING AND FINANCIAL ANALYSIS
BALDWYN, MS
Pricing & Financial Overview
FINANCIAL OVERVIEW
Location
LOCATION
Annualized Operating Data
469
Road2878
2878
469 County
County Road
Baldwyn,
MS38824
38824
Baldwyn, MS
Income
Price
Price Payment
Down
Rentable
Square Feet
Down Payment
Price/Rentable
Rentable SquareSF
Feet
CAP
Rate - Current
Price/Rentable
SF
CAP Rate - Pro Forma
Cap Rate - Current
Year Built /Renovated
$7,050,000
$7,050,000
30% / $2,115,000
Pro Forma
Occupied Space
$564,279
$599,167
Gross Potential Rent
$564,279
$599,167
Expense Reimbursements
$123,373
$129,876
$729,043
30% / $2,115,000
296,989
296,989 SF
$23.74
Gross Potential Income
$687,652
$23.74/SF
8.00%
Effective Gross Income
$687,652
$729,043
8.50%
Total Expenses
$123,373
$129,876
Net Operating Income
$564,279
$599,167
Debt Service
$329,164
$329,164
1.71
1.82
11.12% / $235,115
12.77% / $270,003
8.00%
1994/2015
Year Built/Renovated
Parcel
Size
1994 / 2015
ParcelofSize
Type
Ownership
27.31 Acres Fee Simple
Type of Ownership
Current
Base Rent
27.31
Debt Coverage Ratio
Net Cash Flow After Debt Service
Fee Simple
Principal Reduction
Total Return
$109,326
$109,326
16.29% / $344,441
17.94% / $379,329
Financing
FIRST TRUST DEED
Loan Amount
$4,935,000
Loan Type
Interest Rate
All Cash
4.5%
Amortization
25 Years
Loan information is time sensitive and subject to
change. Contact your local Marcus & Millichap
Capital Corporation representative.
Expenses
Real Estate Taxes
$57,372
$60,276
Insurance
$49,177
$52,000
Repairs & Maintenance
$12,000
$12,600
CAM
TOTAL EXPENSES
EXPENSES/SF
40
$4,824
$5,000
$123,373
$129,876
$0.42
$0.44
F INAN CI AL A NA LY SIS
Income & Expenses
Rentable Square Feet
296,989
CURRENT
PER SF
Occupied Space
$564,279
$1.90
GROSS POTENTIAL RENT
$564,279
$1.90
Real Estate Taxes
$57,372
$0.19
Insurance
$49,177
$0.17
Maintenance
$12,000
$0.04
CAM
$4,824
$0.02
TOTAL EXPENSE REIMBURSEMENTS
$123,373
$0.42
GROSS POTENTIAL INCOME
$687,652
$2.32
EFFECTIVE GROSS INCOME
$687,652
$2.32
TOTAL EXPENSES
$123,373
$0.42
NET OPERATING INCOME
$564,279
$1.90
NET CASH FLOW BEFORE DEBT SERVICE
$564,279
$1.90
BASE RENT
EXPENSE REIMBURSEMENTS
41
CONFIDENTIALITY AND DISCLAIMER
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed
only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the
written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to
prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein
is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no
warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance
of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances,
PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the
financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject
property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however,
Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap
conducted any investigation regarding these matters and 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.
NON-ENDORSEMENT NOTICE
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing
package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or
endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial
listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
exclusively listed
Exclusively listed by:
Todd Harrell, Associate
Office (678) 808-2742
Mobile (404) 993-7012
todd.harrell@marcusmillichap.com
MISSISSIPPI
BROKER OF RECORD
Dan Danielak, Vice President
Office (310) 909-2312
Mobile (248) 909-2030
dan.danielak@marcusmillichap.com
Anne Williams, Senior Director
MS License: B-20181
1100 Abernathy Road, N.E.
Bldg. 500, Suite 600
Atlanta, GA 30328
(678) 808-2700 (phone)
(678) 808-2710 (fax)
OFFICES NATIONWIDE

BALDWYN BUSINESS CENTER

Transcription

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Wienerschnitzel