Corporate One West - EXP Realty Advisors

Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
For more information, contact:
Robert James, Managing Director
280 Park Avenue, 11th Floor, New York, NY 10017
1031@kimcorealty.com
Phone 212-972-7457 Fax 212-972-7496
www.kimcoexchangeplace.com
Investment Opportunity
Corporate One West
1195 Washington Pike – Bridgeville, PA
Corporate
Corporate One
One West:
West: 1195
1195 Washington
Washington Pike,
Pike, Bridgeville,
Bridgeville, PA
PA
This
3-story,
44,886
sf
building
is
situated
on
3.59
acres
of
land
This 3-story, 44,886 sf building is situated on 3.59 acres of land and
and isis located
located in
in Bridgeville,
Bridgeville, PA.
PA. ItIt isis aa high
high
quality,
quality, multi-tenant
multi-tenant office
office building
building adjacent
adjacent to
to aa new
new L.A.
L.A. Fitness
Fitness (currently
(currently in
in development)
development) at
at the
the The
The Great
Great
Southern
Shopping
Center,
anchored
by
TJ
Maxx,
Office
Max,
Big
Lots
Dollar
Tree
and
JoAnn
Fabrics.
Nearby
Southern Shopping Center, anchored by TJ Maxx, Office Max, Big Lots Dollar Tree and JoAnn Fabrics. Nearby
retailers
retailers include
include Home
Home Depot,
Depot, Sears,
Sears, Giant
Giant Eagle
Eagle and
and Big
Big Kmart.
Kmart. This
This Class
Class BB office
office building
building was
was constructed
constructed in
in
1989.
1989. Major
Major tenants
tenants include
include ALL-PAK
ALL-PAK (26,396
(26,396 sf)
sf) and
and State
State Farm
Farm Insurance
Insurance (2,978
(2,978 sf)
sf) as
as well
well as
as several
several
professional
professional office
office tenants.
tenants. The
The property
property isis currently
currently 84%
84% occupied
occupied giving
giving upside
upside by
by leasing
leasing up
up the
the existing
existing
vacancy.
vacancy.
Bridgeville
Bridgeville Borough
Borough isis nestled
nestled between
between bridges
bridges to
to the
the north
north and
and south
south and
and surrounded
surrounded by
by Chartiers
Chartiers Creek.
Creek. The
The
community
community isis an
an easy
easy drive
drive to
to downtown
downtown Pittsburgh
Pittsburgh and
and Pittsburgh
Pittsburgh International
International Airport.
Airport. It’s
It’s population
population isis made
made
up
of
growing
families
and
empty
nesters,
as
well
as
young
professionals.
Bridgeville
has
affordable
housing,
up of growing families and empty nesters, as well as young professionals. Bridgeville has affordable housing,
first-class
first-class schools,
schools, aa strong
strong sense
sense of
of community,
community, excellent
excellent athletic
athletic and
and recreational
recreational opportunities
opportunities and
and offers
offers many
many
senior
senior services.
services. Nearby
Nearby attractions
attractions include
include the
the Buhl
Buhl Planetarium.
Planetarium. Major
Major employers
employers in
in Bridgeville
Bridgeville include
include General
General
Electric,
Electric, Universal
Universal Stainless
Stainless and
and Alloy
Alloy Products,
Products, Inc.,
Inc., Cintas’,
Cintas’, Development
Development Dimensions
Dimensions International,
International, Sears,
Sears,
Giant
Eagle,
Wal
Mart,
K-Mart,
84
Lumber,
Shop
'n
Save,
T.
J.
Maxx,
Lowe's.
Giant Eagle, Wal Mart, K-Mart, 84 Lumber, Shop 'n Save, T. J. Maxx, Lowe's.
..
Price
Price and
and Cap:
Cap:
We
offer
this
We offer this property
property at
at $3,900,000
$3,900,000 which
which isis aa 7.22%
7.22% cap
cap rate
rate on
on NOI
NOI of
of $281,701.
$281,701.
Subject Property
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
For more information, contact:
Robert James, Managing Director
280 Park Avenue, 11th Floor, New York, NY 10017
1031@kimcorealty.com
Phone 212-972-7457 Fax 212-972-7496
www.kimcoexchangeplace.com
Investment Opportunity
1195 Washington Pike
Bridgeville, PA
(Corporate One West)
A new L.A. Fitness is being
developed adjacent to the subject
property in the foreground
of this photo.
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
For more information, contact:
Robert James, Managing Director
280 Park Avenue, 11th Floor, New York, NY 10017
1031@kimcorealty.com
Phone 212-972-7457 Fax 212-972-7496
www.kimcoexchangeplace.com
Investment Opportunity
2004
Actual
2005
Actual
2006
Actual
2007
2007
Budget
Actual inplace
annualized *
OPERATING REVENUE:
Rental Revenue:
Gross Minimum Rent-Office
676,795
645,254
629,512
635,252
611,247
Total Rent
CAM Income
Real Estate Tax Income
Office Escalation Inc
676,795
4,608
37,274
91,339
645,254
7,711
29,590
79,525
629,512
2,992
23,888
68,005
635,252
0
35,838
98,390
611,247
0
25,312
69,183
Total Recovery Income
Prepaid Revenue
Other Rental Income
133,221
(8,631)
0
116,826
275
73
94,885
1,596
0
134,228
0
0
94,495
TOTAL OPERATING REVENUE
801,385
762,428
725,993
769,480
705,741
OPERATING EXPENSES:
Recoverable Expenses:
Common Area Maintenance
Management Fees
Real Estate Taxes
Insurance
245,594
13,934
99,354
8,350
248,552
14,102
99,354
7,913
218,547
14,243
102,024
8,230
227,060
14,500
105,996
8,640
215,000
14,500
95,000 **
8,640
367,232
369,921
343,044
356,196
333,140
16,927
6,073
1,333
32,693
2,321
28,124
62
3,160
7,686
888
39,648
0
26,966
0
339
10,045
1,384
52,311
1,459
25,410
0
12,000
1,500
2,000
49,500
2,000
23,900
0
12,000
1,500
2,000
49,500
2,000
23,900
0
87,533
78,348
90,948
90,900
90,900
TOTAL OPERATING EXPENSES
454,765
448,269
433,992
447,096
424,040
NET OPERATING INCOME
346,620
314,159
292,001
322,384
281,701
Total Recoverable Expense
Non Recoverable Expenses:
Maintenance - Landlord
Professional Fees
Advertising
Salaries & Benefits
Administration
Management Fees
Insurance
Total Non Recoverable Expenses
* Operating expenses taken from 2007 budget
** RE Tax w as reduced
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
For more information, contact:
Robert James, Managing Director
280 Park Avenue, 11th Floor, New York, NY 10017
1031@kimcorealty.com
Phone 212-972-7457 Fax 212-972-7496
www.kimcoexchangeplace.com
Investment Opportunity
This property is part of the Pittsburgh Office Portfolio which is detailed below.
Property
One Market Square, 100
Market St, Pittsburgh, PA
Net
Occupied
Rentable SF
SF
79,799
54,254
2007
Vacant SF
25,545
% Vacant
8-07 In -Place
Land Size Budget NOI NOI Annualized
32.01%
0.45
360,364
303,380
Class B office. Market vacancy for class B office in Central Business District of Pittsburgh is 14.5% with a quoted rate of $16.55 psf.
CBD vacancy rates are declining due to the conversion of office space to residential and quoted rental rates are increasing.
This property offers significant upside by leasing up the existing 24,245 sf of vacant space.
Corporate One Office Park 1,
4055 Monroeville Blvd,
Monroeville PA
57,189
55,744
1,445
2.5%
5.44
923,559
822,910
Class A office. Market vacancy for class A in Monroeville is 12.5% with a quoted rate of $20.74 psf
Vacancy rates are declining and quoted rental rates are increasing in the Monroeville Market.
Buildings 1&2 are on separate parcels of land and are separately assessed.
Corporate One Office Park 2,
4075 Monroeville Blvd,
Monroeville PA
57,027
52,518
4,509
7.9%
3.59 combined w/ COOP 1
Class A office. Market vacancy for class A in Monroeville is 12.5% with a quoted rate of $20.74 psf
Vacancy rates are declining and quoted rental rates are increasing in the Monroeville Market
Corporate One West, 1195
Washington Pike,
Bridgeville, PA
44,886
37,863
7,023
15.6%
3.59
322,384
281,701
Class B office. Market vacancy for class B in South Pittsburgh/I-79 is 10.6% with a quoted rate of $14.50 psf
Quoted rental rates are increasing and the property offers good upside via leasing up the existing 7,023 (15.6%) of vacancy.
Totals
238,901
200,379
38,522
16.1%
13.07
1,606,307
1,407,991
These properties can be purchased individually with the exception of Corporate One Office Park 1 & 2, which must
be purchased together.
Please follow the link below to view the marketing flyer for the entire portfolio:
http://kimco1031.com/pdfs/Pittsburgh%2C%20PA%20-%20Office%20Portfolio.pdf
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
For more information, contact:
Robert James, Managing Director
280 Park Avenue, 11th Floor, New York, NY 10017
1031@kimcorealty.com
Phone 212-972-7457 Fax 212-972-7496
www.kimcoexchangeplace.com
Investment Opportunity
Traffic Counts
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
For more information, contact:
Robert James, Managing Director
280 Park Avenue, 11th Floor, New York, NY 10017
1031@kimcorealty.com
Phone 212-972-7457 Fax 212-972-7496
www.kimcoexchangeplace.com
Investment Opportunity
There are many shopping opportunities in the immediate area as well as a new L.A. Fitness
being developed adjacent to the subject property.
New LA Fitness
Office Buildings
Tuesday Morning,
Big Lots,
Fashion Bug,
Dollar Tree
Big K-Mart,
Giant Eagle
Firestone
TJ Maxx,
Office Max
Chuck E Cheese
GE Lighting Facility
Universal Stainless & Alloy Products
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
For more information, contact:
Robert James, Managing Director
280 Park Avenue, 11th Floor, New York, NY 10017
1031@kimcorealty.com
Phone 212-972-7457 Fax 212-972-7496
www.kimcoexchangeplace.com
Investment Opportunity
30 Minute Drive Time
Downtown Pittsburgh, the greater Pittsburgh Airport and the south eastern suburbs are within a ½ hour drive.
Demographics
2006 Estimates
Total Population:
Total Households:
Avg. HH Income:
Med. HH Income:
1 Mile
6,413
2,611
$55,596
$50,115
1195 Washington Pike
Bridgeville, Pennsylvania
3 Mile
5 Mile
62,682
174,187
26,452
73,341
$79,063
$70,745
$63,812
$58,921
© Sites USA, Updates of 2000 Census Data by AGS.
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
For more information, contact:
Robert James, Managing Director
280 Park Avenue, 11th Floor, New York, NY 10017
1031@kimcorealty.com
Phone 212-972-7457 Fax 212-972-7496
www.kimcoexchangeplace.com
Investment Opportunity
The property is easily accessible
to I-79 and near I-76
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
For more information, contact:
Robert James, Managing Director
280 Park Avenue, 11th Floor, New York, NY 10017
1031@kimcorealty.com
Phone 212-972-7457 Fax 212-972-7496
www.kimcoexchangeplace.com
Investment Opportunity
Area Retail
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
For more information, contact:
Robert James, Managing Director
280 Park Avenue, 11th Floor, New York, NY 10017
1031@kimcorealty.com
Phone 212-972-7457 Fax 212-972-7496
www.kimcoexchangeplace.com
Investment Opportunity
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.