rgb r:119 / g:120 / b:123 cmyk c:0 / m:0 / y:0 / k65 fonts … · 2019. 10. 29. · 2012, goodman...

INVESTMENT OPPORTUNITY

FORT MYERS, FL

Actual Property

OFFERED AT: $6,500,000 | 5.53% CAP (6.00% CAP AVERAGE RETURN OVER TERM)

Color Scheme

Fonts

GOTHAM/ BLACKGOTHAM/ MEDIUMGOTHAM/ LIGHT

CMYK C:0 / M:100 / Y:65 / K:47

RGB R:145 / G:0 / B:40

CMYK C:0 / M:0 / Y:0 / K65

RGB R:119 / G:120 / B:123 DISTRIBUTION FACILITYWHOLLY OWNED SUBSIDIARY OF DAIKIN INDUSTRIES LTD ($21.6B NET REVENUE-2018)

EXECUTIVE SUMMARY TENANT OVERVIEW PROPERTY INFORMATION AREA OVERVIEW

DISTRIBUTION FACILITY | Fort Myers, FL | 2

4 Offering Summary5 Investment Highlights6 Lease Summary & Rent Schedule7 Lease Abstract

EXECUTIVE SUMMARY

26 Ft Myers Overview27 Demographics

Confidentiality Agreement & Disclosures

AREA OVERVIEW

9 About Goodman/Daikin

TENANT OVERVIEW

CAPITAL MARKETS EXPERTS

Color Scheme

Fonts

GOTHAM/ BLACKGOTHAM/ MEDIUMGOTHAM/ LIGHT

CMYK C:0 / M:100 / Y:65 / K:47

RGB R:145 / G:0 / B:40

CMYK C:0 / M:0 / Y:0 / K65

RGB R:119 / G:120 / B:123

RYAN BARR | Principal760.448.2446

[email protected]

RYAN BENNETT | Principal760.448.2449

[email protected]

TABLE OF CONTENTS

Actual Property

12 Building Layout13 Building Description14 Location Maps15 Site Plan16 Property Photos20 Aerials

PROPERTY INFORMATION

BROKER OF RECORD:Lee & Associates Naples-Ft Myers LLC (FL Brokers Lic #BK3061091)

LOCAL MARKET EXPERT

JERRY MESSONNIER | PrincipalLee & Associates Naples-Ft Myers LLC

EXECUTIVE SUMMARYGOODMAN DISTRIBUTION FACILITY

FORT MYERS, FL


DOWNTOWNFORT MYERS

PAGE FIELD

METRO PKWY (34,500 CPD)

739

739

CORPORATE CAMPUS



PROPERTY OVERVIEW

Address: 6251 Los Rios WayFort Myers, FL 33966

Property Size: Approx 41,600 Sq FtLand Size: 5.518 AcresOwnership: Fee SimpleYear Built: 2001 / Ren 2019APN: 07-45-25-00-00004.0060

INVESTMENT HIGHLIGHTS

Offering Price: $6,500,000Net Operating Income: $359,840Cap Rate: 5.53% (6.00% Avg Over Term)Price/SF: $156Lease Type: NN

LL Responsibilties: Roof, Structure, Parking Areas (See Lease Abstract pg. 7)

Lee & Associates is pleased to exclusively offer for sale the fee simple interest (land & building) in a single tenant net leased industrial investment property that is leased to Goodman Distribution, Inc. and located in Fort Myers, Florida (the “Property”). Built in 2001 and extensively renovated in 2019, the Property consists of a 41,600-square-foot warehouse/distribution building that sits on an approximately 5.518-acre parcel. The building features (4) dock-high and (3) roll-up loading doors, a secure fenced parking area, 2,586 square feet of showroom/office space and 39,014 square feet of warehouse space. The configuration of the property offers an owner long-term flexibility for various operations and uses, and features easy loading access for deliveries, as well as storage space for inventory.The tenant Goodman Distribution, Inc. is part of Houston, Texas based parent company Goodman Global Group, Inc. Goodman Global Inc. manufactures and distributes ducted-style unitary HVAC solutions for the residential and commercial markets. In 2012, Goodman Global, Inc. became a wholly owned subsidiary of Osaka, Japan based Daikin Industries, Ltd. (See Press Release on page 10). Daikin ranked #443 on the Global Fortune 1000 list and in 2018, Daikin reported revenues of over $21.6 billion and an approximate net income of $1.7B (see Tenant Overview on page 8).In June 2019, Goodman Distribution, Inc. signed a new 7-year double-net (NN) lease that includes 3% annual rent increases. The LL is nearing the completion of an extensive interior/exterior renovation worth approximately $600,000 set to be completed the end of November (see broker for details of renovation).The subject property is located on Los Rios Way off Metro Pkwy, which sees traffic counts of 34,500 per day. The property is centrally located just 5 miles from Interstate 75 for quick access to Southwest Florida International Airport only 10 miles to the south, reflecting an ideal central location for distribution purposes. Additionally, the property is strategically located just 6 miles from Downtown Fort Myers. The subject property is located within the highly desirable city of Fort Myers, the county seat and commercial center of Lee County, Florida, the third-most populous state in the United States. Located in southwest Florida on the Gulf Coast, Fort Myers is the gateway to the region’s beaches, shops, resorts, and reputable institutions including Nova Southeastern University, Southern Technical College-Fort Myers, and Florida Southwestern State College. The city has seen extensive renovation to its downtown area, offering new restaurants, nightclubs, apartments, and artistic venues.Lee County, Florida has become the coastal hub for business growth in Southwest Florida, fostering the development of a diverse and dynamic economy. With the region’s business incentives and unsurpassed quality of life, more and more companies are relocating to the area. Chico’s, a $28 billion clothing retailer, and Gartner, a $163 billion international technology research and advisory firm, have both operated and maintained their presence in the Cape Coral-Fort Myers MSA since before 2000. In 2013, the largest U.S. car rental company by sales, Hertz, relocated their global headquarters to the Cape Coral-Fort Myers region to take advantage of the ±7 million tourists that travel there annually. These successful institutions are supported by an educated workforce as ten colleges and universities in the Cape Coral-Fort Myers MSA offer regional employers an abundant stock of talent to facilitate the growth of their businesses.

-- OFFERING SUMMARY --

• Offering Summary • Lease AbstractLease Summary & Rent ScheduleInvestment Highlights Building DescriptionBuilding Layout



-- INVESTMENT HIGHLIGHTS --

GOODMAN DISTRIBUTION, INC: A WHOLLY OWNED SUBSIDIARY OF DAIKIN INDUSTRIES LTD • GLOBAL FORTUNE 1000 COMPANY (RANKED #443) • $21.6B IN ANNUAL REVENUES & 1.7B NET INCOME (2018)The tenant Goodman Distribution, Inc. is owned by Houston, Texas based parent company Goodman Global Group, Inc. Goodman Global Inc. manufactures and distributes ducted-style unitary HVAC solutions for the residential and commercial markets. In 2012 Goodman Global, Inc. became a wholly owned subsidiary of Osaka, Japan based Daikin Industries, Ltd. (See “Press Release” on Page 10). Daikin ranked #443 on the Global Fortune 1000 list and in 2018, Daikin reported revenues of over $21.6 billion and an approximate net income of $1.7B (See “Tenant Overview” on Page 8).

NEW 7-YEAR DOUBLE-NET (NN) LEASE • 3% ANNUAL RENT ESCALATIONS • EXTENSIVE $600,000 INTERIOR/EXTERIOR REMODELIn June 2019, Goodman Distribution, Inc. signed a new 7-year double-net (NN) lease that includes 3% annual rent increases. The LL is nearing the completion of an extensive interior/exterior renovation worth approximately $600,000 set to be completed the end of November (See Broker for Details of Renovation).

REAL ESTATE ADVANTAGE • LOCATED JUST 5 MILES TO INTERSTATE 75 (90,000 CPD) • 10 MILES FROM SW FLORIDA INT’L AIRPORT • 6 MILES FROM DOWNTOWN FORT MYERS The subject property is located on Los Rios Way off Metro Pkwy, which sees traffic counts of 34,500 per day. The property is centrally located just 5 miles from Interstate 75 (90,000 CPD) for quick access to Southwest Florida International Airport only 10 miles to the south, reflecting an ideal central location for distribution purposes. Additionally, the property is strategically located just 6 miles from Downtown Fort Myers.

FLEXIBLE BUILDING CONFIGURATION • EASY TRUCK ACCESS/LOADING • SECURE FENCED PARKING • 24 FOOT CLEAR HEIGHTBuilt in 2001 and extensively renovated in 2019, the Property consists of a 41,600-square-foot warehouse/distribution building that sits on an approximately 5.518-acre parcel. The building features (4) dock-high and (3) roll-up loading doors, a secure fenced parking area, 2,586 square feet of showroom/office space and 39,014 square feet of warehouse space. The configuration of the property offers an owner long-term flexibility for various operations and uses, and features easy loading access for deliveries, as well as storage space for inventory.

LOCATED IN HIGHLY DESIRABLE CITY OF FORT MYERS • GATEWAY TO REGION’S BEACHES, RESORTS • COASTAL HUB FOR BUSINESS GROWTH IN SOUTHWEST FLORIDA • EDUCATED WORKFORCEThe subject property is located within the highly desirable city of Fort Myers, the county seat and commercial center of Lee County, Florida, the third-most populous state in the United States. Located in southwest Florida on the Gulf Coast, Fort Myers is the gateway to the region’s beaches, shops, resorts, and reputable institutions including Nova Southeastern University, Southern Technical College-Fort Myers, and Florida Southwestern State College. The city has seen extensive renovation to its downtown area, offering new restaurants, nightclubs, apartments, and artistic venues.Lee County, Florida has become the coastal hub for business growth in Southwest Florida, fostering the development of a diverse and dynamic economy. With the region’s business incentives and unsurpassed quality of life, more and more companies are relocating to the area. Chico’s, a $28 billion clothing retailer, and Gartner, a $163 billion international technology research and advisory firm, have both operated and maintained their presence in the Cape Coral-Fort Myers MSA since before 2000. In 2013, the largest U.S. car rental company by sales, Hertz, relocated their global headquarters to the Cape Coral-Fort Myers region to take advantage of the ±7 million tourists that travel there annually. These successful institutions are supported by an educated workforce as ten colleges and universities in the Cape Coral-Fort Myers MSA offer regional employers an abundant stock of talent to facilitate the growth of their businesses.

Offering Summary Lease AbstractLease Summary & Rent Schedule• Investment Highlights • Building DescriptionBuilding Layout



-- RENT SUMMARY ---- LEASE OVERVIEW --

LEASE INFORMATION

Tenant: Goodman Distribution, Inc.

Parent Company: Daikin Industries, Ltd. (See pg. 8)

Building Size: 41,600 SF

Lot Size: 5.518 Acres

Annual Base Rent: $359,840

Rent Commencement: February 1, 2020

Lease Expiration: January 31, 2027

Base Lease Term: 7 Years, 2 Months

Base Term Remaining: 7 Years

Renewal Options: (1) 5-Year Option

Rental Increases: 3%

Lease Type: Double-Net (NN)

Landlord Responsibilities: Roof, Structure & Parking Areas

RENT SCHEDULE - PRIMARY TERM

Months Start Date End Date NOI/Yr NOI/Mo NOI/SF/Yr NOI/SF/Mo Increase

1 - 2 12/1/2019 1/31/2020 $0.00 $0.00 $0.00 $0.00 --

3 - 14 2/1/2020 1/31/2021 $359,840.04 $29,986.67 $8.65 $0.72 --

15 - 26 2/1/2021 1/31/2022 $370,635.24 $30,886.27 $8.91 $0.74 3%

27 - 38 2/1/2022 1/31/2023 $381,754.20 $31,812.85 $9.17 $0.76 3%

39 - 50 2/1/2023 1/31/2024 $393,206.88 $32,767.24 $9.45 $0.78 3%

51 - 62 2/1/2024 1/31/2025 $405,003.12 $33,750.26 $9.73 $0.81 3%

63 - 74 2/1/2025 1/31/2026 $417,153.24 $34,762.77 $10.02 $0.83 3%

75 - 86 2/1/2026 1/31/2027 $429,667.80 $35,805.65 $10.33 $0.86 3%

OPTION PERIODS - (1) 5-Year Option

Option 1 2/1/2027 1/31/2028 MARKET RENTAL VALUE

2/1/2028 1/31/2029 MARKET RENTAL VALUE




Lease Abstract• Lease Summary & Rent Schedule •Investment Highlights Building DescriptionBuilding LayoutOffering Summary



-- LEASE ABSTRACT --

Real Estate Taxes:

3.B.(1) - Tenant shall pay Landlord throughout the Lease Term the Tenant’s Prorata Share of the Real Estate Taxes. In the event the taxing authorities include in such Real Estate Taxes the value of any improvements made by Tenant, or of machinery, equipment, fixtures, inventory or other personal property or assets of Tenant, then Tenant shall pay all the taxes attributable to such items in addition to its Prorata Share of said Real Estate Taxes. A photostatic copy of the tax statement shall be submitted by Landlord to Tenant and shall be sufficient evidence of the amount of taxes and assessments assessed or levied against the Property or any part thereof.

Operating Expenses:

3.B.(2) - Tenant shall pay Landlord throughout the Lease Term the Tenant’s Prorata Share of the annual Operating Expenses incurred by Landlord in the operation, maintenance and repair of the Building. The term “Operating Expenses” shall mean the expenses incurred by Landlord for the maintenance, repair, and care of all common area lighting, common area, plumbing, parking and landscaped areas, signs, snow removal, non-structural repair and maintenance of the exterior of the Building, and management fees (subject to any limitations set forth herein) paid to third parties for the management of the Building; provided; however, the term “Operating Expenses” shall not include any of the following costs or expenses:(i) the cost of any improvements, repairs, alterations, changes, and/or replacements of the roof, foundation, building structural, parking lot, equipment, tools, and other items which under generally accepted accounting principles are required to be classified as capital expenditures (whether incurred directly or through a lease or service contract or otherwise);(ii) the cost of improvements, repairs, alterations, changes, replacements, equipment, tools, and other items which may be required to be effected pursuant to any governmental authority or applicable law, statute, regulation, rule or judgment, including, without limitation, the Americans with Disabilities Act, as amended, as in effect on the Commencement Date;

Insurance:

3.B.(3) - Tenant shall pay Landlord throughout the Lease Term the Tenant’s Prorata Share of the insurance premiums for the insurance required to be maintained by Landlord pursuant to Section 9(A) (the “Insurance Premiums”).

9.A.(1) - Landlord shall maintain all risks property insurance covering the Buildings situated on the Premises or of which the Premises are a part, except for those items the repair and maintenance of which are Tenant’s responsibility under Section 5, in an amount not less than the “replacement cost’’ thereof. Said policy or policies or certificates thereof shall be delivered to Tenant by Landlord upon commencement of the Lease and thereafter, as requested in writing by Tenant but no more than annually.9.A.(2) - Landlord, at its own expense, shall maintain during the term of this Lease a policy or policies of worker’s compensation and commercial general liability insurance. The general liability policy shall include coverage for bodily injury and property damage, with contractual liability coverage, with a combined single limit of not less than One Million Dollars ($1,000,000.00) per occurrence.

Landlord Maintenance & Repairs:

4.A. - Landlord shall, at its sole cost and expense, repair all repairs as provided herein;(i) the cost of any improvements, repairs, alterations, changes, and/or replacements of the roof, foundation, building structural, parking lot, equipment, tools, and other items which under generally accepted accounting principles are required to be classified as capital expenditures (whether incurred directly or through a lease or service contract or otherwise);4.B. - Except as otherwise provided herein and without limiting the generality of the foregoing, the Landlord shall be responsible for. all outside maintenance of the Premises, including the Landlord’s Costs.

Tenant Maintenance & Repairs: 5.A. - Tenant shall be responsible for the maintenance, repair and replacement, if necessary, of all lighting and plumbing fixtures, all interior walls, partitions, doors and windows, including the regular painting thereof, all exterior entrances to the Premises, windows, doors and loading docks and dock equipment and the replacement of all broken glass.

Utilties: 8 - Tenant shall pay for all actual water, gas, heat, light, power, telephone, sewer and other utilities and services used on or at the Premises, and any maintenance or inspection charges for utilities.

Estoppel Certificate: 21.B. - Tenant agrees that it will from time to time, but in no event more than two (2) times in any twelve (12) month period, upon reasonable written request by Landlord, execute and deliver to such persons as Landlord shall request, an estoppel letter in substantially the form attached hereto as Exhibit E.

• Lease Abstract •Investment Highlights Building DescriptionBuilding LayoutOffering Summary Lease Summary & Rent Schedule

TENANT OVERVIEWGOODMAN DISTRIBUTION FACILITY

FT MYERS, FL


DOWNTOWNFORT MYERS

PAGE FIELD


739

739

CORPORATE CAMPUS



• Goodman / Daikin Global •

-- ABOUT GOODMAN / DAIKIN GLOBAL --

TENANT PROFILETRADE NAME Daikin Industries, Ltd

GLOBAL FORTUNE 1000 #443

YEAR FOUNDED 1924

HEADQUARTERS Osaka, Japan

COUNTRIES SERVEDUnited States, Japan, China, Philippines, Australia, India, Southeast Asia, Europe, and South America

REVENUE (2018) $21.6 Billion

NET INCOME (2018) $1.7 Billion

TOTAL ASSETS (2018) $22.8 Billion

# OF EMPLOYEES 76,484

WEBSITE www.daikin.com

For over three decades, the Goodman® brand has concentrated on something more important than simple brand-recognition consumer advertising. Since 1982, the company has focused on helping millions and millions of homeowners achieve reliable, high-quality and affordable indoor comfort with products that continue to be designed, engineered and assembled in the U.S.A. As a result, the Goodman brand has

earned the loyalty and respect from thousands of local independent heating and cooling professionals across North America.

Select Goodman brand manufacturing facilities are ISO 9001-certified, an independent standard accepted worldwide as the benchmark for quality manufacturing ahd management processes, and ISO 14001-certified, an international environmental certification. With over $100M investment in new manufacturing equipment, Goodman is positioned to provide high-quality products for years to come.

In 2012, Goodman Manufacturing became a member of Daikin. The combination of Daikin+Goodman created a very strong company which provides innovative & environmentally sound solutions for human comfort.

Daikin Industries, Ltd. (DIL) is a global Fortune 1000 company. It is a worldwide leader in residential and commercial HVAC. The company provides innovative, premium quality and energy-efficient indoor climate management, commercial, and industrial customers. For more than 90 years the Daikin brand has

been a driving force for success in the HVAC marketplace, and Daikin has sold millions of systems throughout 150 countries.

Founded in 1924, Daikin has continued to expand with a focus on the Air-Conditioning and fluorochemicals businesses. Daikin entered the North American air conditioning market in 2004, and is the world’s only general air-conditioning equipment manufacturer with in-house divisions covering both air conditioning and refrigerants. Under its strategic management plan “FUSION 20,” Daikin achieved record high sales and operating income in fiscal 2019 for a sixth consecutive fiscal year. Looking ahead to the final year of this plan in fiscal 2021, Daikin is expanding their business domains, strengthening existing businesses, and making proactive investments for the IoT and AI era, while also further accelerating measures to be an environmental leader and support the realization of a sustainable global society.

By providing solutions to social problems and achieving business growth, Daikin is creating new value for the air and environmental fields, and enhancing its corporate value.

Daikin Industries, Ltd. and Consolidated Subsidiaries

Years Ended March 31

Financial Highlights

Millions of Yen

20182019

Operating Results (for the year):

Net sales

¥2,290,561 ¥2,481,109

Gross profit

798,829 868,923

Operating income

253,740 276,255

Net income attributable to owners of the parent

189,052 189,049

Cash Flows (for the year):

Net cash provided by operating activities

¥223,740 ¥250,009

Net cash used in investing activities

(127,459) (165,773)

Free cash flow (Note 1)

96,281 84,236

Net cash used in financing activities

(93,955) (68,721)

Financial Position (at year-end):

Total assets

¥2,475,708 ¥2,700,891

Total shareholders’ equity

1,296,553 1,416,075

Per Share Data (yen):

Net income (basic)

¥ 646.53 ¥ 646.39

Shareholders’ equity

4,433.62 4,841.15

Cash dividends

140.00 160.00

Cash flow per share

329288

Ratios (%):

Gross profit margin

34.87% 35.02%

Operating income margin

11.08 11.13

Return on shareholders’ equity (ROE)

15.70 13.94

Shareholders’ equity ratio

52.37 52.43

Notes: 1. Free cash flow = Net cash provided by operating activities + net cash used in investing activities

2. Effective from April 1, 2018, the consolidated financial statements for the fiscal year ended March 31, 2018 have been revised in accordance with a change in accounting

policy.

Operating Income and

Operating Income Margin

0

50

100

150

18

12

9

0

3

6

30015

250

200

2015 2016 2017 2018 2019

(¥ billion)

(%)

Operating Income Operating Income Margin

Net Sales, Gross Profit,

and Gross Profit Margin

0

500

1,000

50

0

10

20

2,500

40

2,000

30

1,500

(¥ billion)

(%)

2018 20192015 2016 2017

Net Sales Gross Profit Gross Profit Margin

ROE

0

4

8

12

16(%)

2015 2016 2017 2018 2019

6 Daikin Industries, Ltd.

Daikin Industries, Ltd. and Consolidated Subsidiaries

Years Ended March 31

Financial Highlights

Millions of Yen2018

2019

Operating Results (for the year):

Net sales

¥2,290,561¥2,481,109

Gross profit

798,829868,923

Operating income

253,740276,255

Net income attributable to owners of the parent

189,052189,049

Cash Flows (for the year): Net cash provided by operating activities

¥223,740¥250,009

Net cash used in investing activities

(127,459)(165,773)

Free cash flow (Note 1)

96,28184,236

Net cash used in financing activities

(93,955)(68,721)

Financial Position (at year-end): Total assets

¥2,475,708¥2,700,891

Total shareholders’ equity

1,296,5531,416,075

Per Share Data (yen): Net income (basic)

¥ 646.53¥ 646.39

Shareholders’ equity

4,433.624,841.15

Cash dividends

140.00160.00

Cash flow per share

329

288

Ratios (%): Gross profit margin

34.87%35.02%

Operating income margin

11.0811.13

Return on shareholders’ equity (ROE)

15.7013.94

Shareholders’ equity ratio

52.3752.43

Notes: 1. Free cash flow = Net cash provided by operating activities + net cash used in investing activities

2. Effective from April 1, 2018, the consolidated financial statements for the fiscal year ended March 31, 2018 have been revised in accordance with a change in accounting

policy.

Operating Income and Operating Income Margin

0

50

100

150

18

12

9

0

3

6

300

15

250

200

2015 2016 2017 2018 2019

(¥ billion)

(%)

Operating Income Operating Income Margin

Net Sales, Gross Profit, and Gross Profit Margin

0

500

1,000

50

0

10

20

2,500

40

2,000

30

1,500

(¥ billion)

(%)

2018 2019

2015 2016 2017 Net Sales Gross Profit Gross Profit Margin

ROE

0

4

8

12

16

(%)

2015 2016 2017 2018 2019

6Daikin Industries, Ltd.

Fiscal Year Ended March 31, 2019

Annual Report 2019

VIEW 2019 ANNUAL REPORT



• Goodman / Daikin Global •

-- PRESS RELEASE: DAIKIN ACQUISITION OF GOODMAN --

August 29, 2012 To Whom It May Concern

Daikin Contacts: Corporate Communication Dept. [email protected]

Kosei Uematsu, Daikin US Corp. +1 (212) 340-7400 [email protected]

Goodman Contact: Rex Anderson +1 (713) 263-5064 [email protected]

Daikin acquires Goodman, a major residential HVAC player in U.S., at the total value of $3.7 billion

Expands Geographic Reach of Daikin Daikin Industries, Ltd. (Daikin) passed a resolution today at its Board of Directors meeting to acquire Goodman Global Group, Inc. (Goodman). Daikin, Goodman, and Goodman’s major shareholder, Hellman & Friedman LLC (H&F), signed a definitive agreement today regarding the acquisition. Daikin, a leader in the heating, ventilating and air-conditioning (HVAC) industry headquartered in Osaka, Japan, is represented by its Chairman and CEO, Noriyuki Inoue. Goodman, the leading manufacturer and distributor in the U.S. residential unitary HVAC (for air-conditioning the entire house) sector headquartered in Houston, Texas, is represented by its President and CEO, David L. Swift. H&F, a private equity investment firm headquartered in San Francisco, California, is represented by its Chairman, Brian M. Powers. In this acquisition, Daikin will purchase 100% of Goodman’s stock and the total acquisition value is 3.7 billion US dollars. The transaction, pending regulatory approval, is expected to be completed during the fourth quarter of 2012 calendar year. Goodman has a significant presence in the ducted-style residential unitary HVAC segment in North America, a segment where Daikin has little offerings. Goodman generates strong financial performance through its low cost US manufacturing operations and extensive network of over 900 distribution points, of which 192 are company operated. Daikin is a comprehensive global HVAC manufacturer offering extensive products, including ductless air-conditioning and heat pump systems for residential and commercial applications as well as large-sized HVAC systems for buildings and factories. Through this acquisition, Daikin will fully enter the ducted-style air-conditioning market for residential and

1

commercial applications in North America. Daikin’s sales are expected to grow substantially with an outstanding and complementary product portfolio covering not only ducted and ductless air-conditioning systems but also furnace and heat-pump systems in the world’s largest HVAC market. Daikin is a market leader delivering high technology, environmentally-friendly and energy-saving solutions to global HVAC customers. Noriyuki Inoue, Chairman and CEO of Daikin said, “Goodman is the best partner for Daikin in North America as we aim to become the leading global HVAC manufacturer. North America is the largest global HVAC market and most systems in this market are ducted-style, a segment where we have little presence. Goodman and Daikin can enjoy a complementary relationship by having more channels in the market to offer Goodman’s market leading ducted products and Daikin’s existing products. Daikin will also capitalize on Goodman’s lean management know-how to help us improve the earning power of the entire Daikin Group and expand our business in emerging and high volume markets globally.” “Goodman will allow us to serve a broader base of North American customers along with McQuay International (headquartered in Minneapolis, MN), which provides solutions for medium to large HVAC customers, and Daikin AC (Americas), Inc. (headquartered in Dallas, TX), which provides ductless HVAC solutions. Together, Daikin will gain the position of a very competitive North American manufacturer with industry leading energy-saving products and solutions ranging from residential to large building systems.” David L. Swift, President and CEO of Goodman said, “This is an opportunity for Goodman to grow globally as well as in the North American market by leveraging Daikin Group’s technical expertise, environmental technologies, and North American commercial expertise. With complementary core businesses, we are in a very competitive position to grow all segments of Goodman’s and Daikin’s business. We look forward to a successful future as a part of a winning team and are enthusiastic about creating more opportunities to excel.” The combination of Daikin and Goodman will produce a number of strategic benefits and general efficiency, including:

1. Allow Daikin to enter the mainstream ducted-type residential Unitary segment in

North America and establish a strong fourth pillar for Daikin’s global operations

(i.e. Japan, China, Europe and North America).

2. Grow Goodman’s business by introducing Daikin’s energy saving and power

management technologies, such as remote monitoring, into their value product

offerings. These technologies will also make significant contributions to the

environmental initiatives in the US residential HVAC market.

2

3. Grow Daikin’s global business more efficiently by transferring Goodman’s low cost

product know-how and lean management expertise, especially in the area of Supply

Chain Management (SCM), into Daikin’s global operations. By utilizing Goodman’s

cost competitiveness, Daikin will be able to target the high volume “value” segment in

many cost sensitive global markets. On the other hand, Daikin believes that

Goodman’s ducted-style products and the furnace heating equipment can be sold

through Daikin’s global sales channels in more than 90 countries all over the world.

4. Grow Daikin’s ductless business in North America by gaining access to Goodman’s

leading distribution network.

Funds for this acquisition will be raised through the combination of internally generated funds, public policy financing, straight bond issuances and bank loans to ensure a stable long-term source of funding at low interest rates. Daikin does not have any plans to issue new stock. As for the public policy financing, Daikin intends to take advantage of and utilize the initiative of the Japan Ministry of Finance on “Emergency Facility to Counter Strong Yen” announced on Aug. 24, 2011, which is offered by the Japan Bank for International Cooperation through private banks. Goodman has expanded its business as a leader in the North American residential market of ducted-style HVAC system through its excellent management team and lean operating structure. Goodman will continue to manage itself as an independent business organization with its current management team who will strive to maximize the business expansion of both companies. Daikin intends to maintain the independence of Goodman without a merger into other existing organizations or a divestiture of its businesses in the foreseeable future. Goodman manufacturers and distributes ducted-style unitary HVAC solutions for the residential and commercial markets. The majority of their $2.1 billion US dollar 2011 sales were in the North American market. Goodman’s more than 4,500 employees are primarily located in Texas and Tennessee. After the acquisition is completed, as new business opportunities are generated, Daikin intends to invest in Goodman’s business, which can lead to an increase in job creation. Daikin develops, manufactures, sells and provides aftermarket support of HVAC equipment and systems, refrigerants and other chemicals, as well as oil hydraulic products. Consolidated sales for the fiscal year ending March 2012 equaled 1,219 billion yen, with net income of more than 41 billion yen. Daikin has more than 44,000 employees globally and operates manufacturing and sales activities in more than 90 countries.

3

PROPERTY INFORMATIONGOODMAN DISTRIBUTION FACILITY

FT MYERS, FL


DOWNTOWNFORT MYERS

PAGE FIELD


739

739

CORPORATE CAMPUS



-- BUILDING LAYOUT --

Offi

ce A

rea Warehouse Area

Dock WellLoading Doors

OverheadDoor

Entry Gate

Building Description• Building Layout •

Dock W

ellLoading D

oors

OverheadDoor

OverheadDoor

AerialsSite PlanLocation Maps Property Photos



-- BUILDING DESCRIPTION --

Building Type: A one (1) story, concrete tilt, industrial office/warehouse facility

Building Area: 41,600 Sq. Ft., including approximately 2,586 Sq. Ft. (6.2%) of office/showroom and 39,014 Sq. Ft. (93.8%) of warehouse area

Ceiling Height: 24’ Clear Height

Building/Frame: Pre-cast concrete tilt up wall panels

Foundation: 5’ reinforced concrete slab on grade

Roof: Metal with standing seams

HVAC: Sidewalls exhaust fans, gas fired unit heaters in warehouse area

Utiltities: Electricity, natural gas, water, fiber optic, and sewer service to the property

Paving: 7’ reinforced concrete for truck areas and asphalt paving elsewhere

Dock Doors:Drive-Ins: 3Dock High: 4Total: 7

Sprinkler System: ESFR System

Parking Spaces: 27 Striped Parking Spaces (Plus Large Yard)

• Building Description • AerialsSite PlanLocation Maps Property PhotosBuilding Layout



-- LOCATION MAPS --

Gulf of Mexico

MET

RO P

KW

Y

• Location Maps •

PAGE FIELD

MIAMI

41

NEW

HO

PE C

HU

RCH

RD

EDISON MALL

41

VERO BEACH

85 MILES

ORLANDO

CAPE CORAL

FORT MYERS

27

SARASOTA

WEST PALM BEACH

KISSIMMEE

NAPLES

TAMPA

ST PETERSBURG

41

27

4141

1

27FORT LAUDERDALE

FORT MYERS

CAPE CORAL

41

SOUTHWESTFLORIDA

INTERNATIONALAIRPORT

FLORIDAGULF COASTUNIVERSITY

FLORIDASOUTHWESTERNSTATE COLLEGE

41

41

SAN CARLOS ISLAND

FORT MYERS BEACH

NORTH FORT MYERS

135 MILES

Atlantic Ocean

37 MILES 151 MILES

17

Building Description AerialsSite Plan Property PhotosBuilding Layout



-- SITE PLAN --

• Site Plan •Building Description AerialsLocation Maps Property PhotosBuilding Layout



-- PROPERTY PHOTOS --

Front of Subject Property

• Property Photos •Building Description AerialsSite PlanLocation MapsBuilding Layout




Parking & Gated Entrance to Property





South Side of Property




-- INTERIOR OF WAREHOUSE --

(Photo taken May 2019 prior to Tenant Improvements)




-- OVERHEAD VIEW --

• Aerials •


Property PhotosBuilding DescriptionBuilding Layout Site PlanLocation Maps



-- LOOKING NORTHWEST --

HIDEAWAYCOUNTRY CLUB

PLANTATIONRESERVE

DOWNTOWNFORT MYERS

LEE COUNTYTRANSPORTATION HQ

AMERICAN BUILDERS SUPPLY

41


PLA

NTA

TIO

N R

D

PAGE FIELD

Caloosahatchee River

Caloosahatchee RiverCaloosahatchee River

S CLEVELAND AVE

S CLEVELAND AVE

PLANTATION RD


739

739

41

41

COLONIAL BLVD

COLONIAL BLVD

COLONIAL BLVD

884

884 LEE COUNTYSCHOOL DISTRICT

IRS

NORTHFORT MYERS

SOUTH PLAZAEDISON MALL

PAGE FIELD CENTER

PAGE FIELD COMMONSCOBBLESTONE ON THE LAKE

BELLASOLCOMMUNITY

EVANGELICALCHRISTIAN SCHOOL CORPORATE CAMPUS

MATTER BROTHERS FURNITURE

DISTRIBUTION CENTER

• MILLER BEARINGS DIVISION• FLORIDA LOTTERY• SALONCENTRIC• SMITH & DESHIELDS

FLORIDA COOLING SUPPLY

TOWN & COUNTRYINDUSTRIES

TROPICSUPPLY

COAST ELITEGYMNASTICS

LASERSHIP

ACCELAVIATION

LEE COUNTYHAZARDOUS WASTE

CITY ELECTRICSUPPLY

FRONTIERLIGHTING

ALUFAB

TOMATO GROWERSSUPPLY COMPANY

THE DOG RESORT

GEMAIREDISTRIBUTORS

ABERNATHYFINISH MASTERGFS

ROOFING

BOATMASTER

FORTERRAROOF TILE

LEE COUNTYMEDICAL EXAMINER

FLORIDA DEPT OF HEALTH

RESIDENCES AT PAGE PARK

BLU SITE SOLUTIONS

AMERITECH POWDER COATING

FT MYERS POWDERCOATING & METAL FABRICATION

USSIJANITORIAL

HASCO FASTERNERS SUNCOAST

INDUSTRIES

BISHOP VEEROT CATHOLIC

HIGH SCHOOL

COLONIAL CROSSINGS

HEARTLAND HEALTH CARE CENTER

COMMERCIAL FITNESS PRODUCTS

LAND YACHTLIMOUSINE

TOYOTA NATIONWIDE LIFT TRUCKS

SERVICEMASTER

AV MOTORSPORTS

BARING FOODSERVICE

EQUIPMENT

EARTHELEMENTS SUNMAC STONE

SPECIALISTS

JOHNSTONE SUPPLY

• Aerials •Property PhotosBuilding DescriptionBuilding Layout Site PlanLocation Maps



-- LOOKING NORTHEAST --

PLANTATION RD

6 MILE CYPRESS PKWY (19,800 CPD)

PLANTATION RD


HERITAGE PALMS GOLF &COUNTRY CLUB

COLONIALCOUNTRY CLUB

COLONIAL BLVD884


DISTRIBUTION CENTER

CORPORATE CAMPUS

COBBLESTONE ON THE LAKE

BELLASOLCOMMUNITY

PLANTATIONPRESERVE

BLU SITESOLUTIONS



OFDC COMMERCIALINTERIORS


CITY ELECTRICSUPPLY

LASERSHIP

FRONTIERLIGHTING

ALUFAB

TROPICSUPPLY


ACCELAVIATIONAMERICAN BUILDERS

SUPPLY


SOUTHERN GULFEQUIPMENT

EASTWOODGOLF COURSE

GREENS EDGE AT PROVINCE PARK

THE DOG RESORT


USSIJANITORIAL

HASCO FASTERNERS



CRYSTAL

DR


SUNMAC STONESPECIALISTS

CREATIVE EVENTS

JOHNSTONE SUPPLY

FIBERSOLUTIONS

EARTHELEMENTS

AV MOTORSPORTS

BARING FOODSERVICEEQUIPMENT

LAND YACHTLIMOUSINE


SERVICEMASTER

PYRAMID IIJANITORIAL SUPPLIES




-- LOOKING SOUTHEAST --


PLANTATION RD

CRYSTAL DR

SOUTHWEST FLORIDAINTERNATIONAL AIRPORT

DANIELS PKWY

PLANTATION RD

CROSS CREEKCOUNTRY CLUB

EAGLE RIDGEGOLF CLUB

LEGENDS GOLF &COUNTRY CLUB

FIDDLESTICKSCOUNTRY CLUB


DISTRIBUTION CENTER



PLANTATIONPRESERVE

TROPICSUPPLY


AMERICAN BUILDERSSUPPLY

CUZINI’S VEHICLESTORAGE




METRO GRANITE& MARBLE

SOLARTEXWINDOW TINTING



CAMDENSQUARE

PORTOFINO

CYPRESS WALK

BROOKSHIRE LAKE

BELLA CASA LUXURY CONDOS

THE ROOKERY

PLANTATIONPINES

CITY ELECTRICSUPPLY

LASERSHIPFRONTIERLIGHTING

ALUFAB

ACCELAVIATION



MODULAR DOCUMENT

SYSTEMS

EMERALDPINES

SITEONE LANDSCAPESUPPLYROTECH

FLORIDA TOOL & FASTENER

TUSCANY GARDENS LUXURY CONDOS

PARK CRESTAPARTMENTS

GULF COASTMEDICAL CENTER

SO FORT MYERSHIGH SCHOOL

ARTHREXLEE COUNTYSOFTBALL COMPLEX

DANIELS CROSSING

THE DOG RESORT


STORM SHUTTERWAREHOUSE

SERVICE KINGCOLLISION

WHITE ALUMINUM& WINDOWS


LAND YACHTLIMOUSINE

AV MOTORSPORTS

BARING FOODSERVICEEQUIPMENT


SERVICEMASTER

SUNMAC STONESPECIALISTS

SWF FOOD & BEVERAGE

JOHNSTONE SUPPLY

HINES BINDINGSYSTEMS

POLYGONSOLUTIONS





CYPRESS LAKE• LEE COUNTY SHERIFF’S DEPT• LEE COUNTY ANIMAL SERVICES• LEE COUNTY PUBLIC BUS TRANSP

-- LOOKING SOUTHWEST --

CRYSTAL DR

PLANTATION RD

DANIELS PKWY

CYPRESS LAKE DR

COLLEGE PKWY

SUMMERLIN RD

SUMMERLIN RDFLORIDA SOUTHWESTERN

COLLEGE

Caloosahatchee River


TROPICSUPPLY


AMERICAN BUILDERSSUPPLY

CUZINI’S VEHICLESTORAGE


DISTRIBUTION CENTER






S CLEVELAND AVE

GULF COASTMEDICAL CENTER

BELLA CASA LUXURY CONDOS

EMERALDPINES

TUSCANY GARDENS LUXURY CONDOS

CAMDENSQUARE

THE ROOKERY

PLANTATIONPINES MODULAR

DOCUMENT SYSTEMS


THE DOG RESORT



METRO GRANITE& MARBLE

SOLARTEXWINDOW TINTING

FLORIDA TOOL & FASTENER

SITEONE LANDSCAPESUPPLY


SERVICE KINGCOLLISION

WHITE ALUMINUM& WINDOWS

THE ASHLARAPARTMENTS

DANIELS PKWY

PINEBROOK

VILLASELEMENTARY

SCHOOL

GEMAIREDISTRIBUTORS

ABERNATHYFINISH MASTER

GFS ROOFING

BOATMASTERFORTERRAROOF TILE

VITAL RECORDSCONTROL


OGDEN BROSCONSTRUCTION

EVANGELICAL CHRISTIAN SCHOOL

HAVERTYSFURNITUREMATTER BROS

FURNITURE

FORT MYERSREHAB & NURSING CTR

GENESIS HEALTH CARE CORP

PINNACLEESTATES

BRANTLEY PINESAPARTMENTS

THE LAKES ATCOLLEGE POINT

SOUTHPOINTE COMMONS

SEVEN LAKESGOLF COURSE

CYPRESS LAKESGOLF CLUBPROMENADE AT

REFLECTION LAKES

BELL TOWER SHOPSCYPRESS TRACEMARKET SQUARE

THE RESIDENCES ATBELL TOWER PARK

CAPE CORALHARLEM HEIGHTS

RIVA DEL LAGOCONDOMINIUMS

CITY ELECTRICSUPPLY

LASERSHIP

FRONTIERLIGHTING

ALUFAB

ACCELAVIATION


LAND YACHTLIMOUSINE


SERVICEMASTER


OMICRON GRANITE& TILE

EARTH ELEMENTSSHORELINE

FLOORING SUPPLIES

CROWTHERRESIDENTIAL ROOFING

AV MOTORSPORTS

FIS OUTDOOR



AREA OVERVIEWGOODMAN DISTRIBUTION FACILITY

FORT MYERS, FL


DOWNTOWNFORT MYERS

PAGE FIELD


739

739

CORPORATE CAMPUS



-- FORT MYERS OVERVIEW --

• Fort Myers Overview • Demographics

Fort Myers is the county seat and commercial center of Lee County, Florida, the third-most populous state in the United States. Located in southwest Florida on the Gulf Coast, Fort Myers is the gateway to the region’s beaches, shops, resorts, and reputable institutions

including Nova Southeastern University, Southern Technical College-Fort Myers, and Florida Southwestern State College. The city has seen extensive renovation to its downtown area, offering new restaurants, nightclubs, apartments, and artistic venues.

TOURISM HOT SPOTWith over 50 miles of beaches and a broad range of aquatic pursuits, Fort Myers is a destination worth discovering. The area is the gateway to the region’s resorts, great game fishing on the south edge of Boca Grande, known as the “Tarpon Fishing Capital of the World”, paddling along the Great Calusa Blueway, which provides 190 miles of pristine networks of water trails.

THRIVING BUSINESS COMMUNITYAs the historic transportation hub, oldest city, and governmental seat, Fort Myers is known internationally as the business center of Southwest Florida. Doing business in Fort Myers provides companies a marketing advantage. Lee County, Florida has become the coastal hub for business growth in Southwest Florida, fostering the development of a diverse and dynamic economy. With the region’s business incentives and unsurpassed quality of life, more and more companies are relocating to the area. Florida’s favorable tax climate boasts no state personal income tax, which has attracted a diverse workforce of skilled professionals. The area ranks as one of the nation’s top growth leaders, bringing in top firms and companies such as Chico’s, a $28 billion clothing retailer, and Gartner, a $163 billion international technology research and advisory firm, both of which have operated inn the Cape Coral-Fort Myers MSA since before 2000. In 2013, Hertz, the largest car rental company in the United States, relocated their global headquarters to the Cape Coral-Fort Myers area to take advantage of the 7+ million tourists that visit the region annually. In 2016, notable tenants migrated to the area including HomeGoods (25,000 SF), PetSmart (21,600 SF), and Salvation Army (28,814 SF), reflecting the area’s dynamic growth and appeal for retailers to this tourist hub.

HIGHER EDUCATION BRINGS DIVERSE SKILLED WORKFORCELee County is home to 10 colleges and universities that churn out a steady stream of graduates. This educational system creates a talent pipeline for the growing industries in the area, giving the region a competitive edge over other locations in the country. The area’s institutions include:

Florida Southwestern State College Florida Gulf Coast University Hodges University Wolford College Nova Southeastern University Southern Technical College-Fort Myers



-- DEMOGRAPHICS --

Fort Myers Overview • Demographics •

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SUMMARY PROFILE2000-2010 Census, 2019 Estimates with 2024 ProjectionsCalculated using Weighted Block Centroid from Block Groups

Lat/Lon: 26.5704/-81.8512RS1

6251 Los Rios Way1 mi radius 3 mi radius 5 mi radius

Fort Myers, FL 33966

PO

PU

LATI

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2019 Estimated Population 0 T 5,419 66,269 135,493

2024 Projected Population 0 T 5,885 72,285 148,506

2010 Census Population 0 T 4,582 53,031 110,128


Projected Annual Growth 2019 to 2024 - 1.7% 1.8% 1.9%

Historical Annual Growth 2000 to 2019 - 2.2% 2.7% 2.4%

2019 Median Age 48.1 43.8 47.0

HO

US

EH

OLD

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2019 Estimated Households 0 T 2,343 30,183 61,726

2024 Projected Households 0 T 2,427 31,413 64,463

2010 Census Households 0 T 1,977 24,219 50,055




RA

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2019 Estimated White - 79.6% 74.3% 75.9%

2019 Estimated Black or African American - 7.8% 13.2% 14.3%

2019 Estimated Asian or Pacific Islander - 2.9% 3.0% 2.4%

2019 Estimated American Indian or Native Alaskan - 0.2% 0.3% 0.3%

2019 Estimated Other Races - 9.5% 9.1% 7.1%

2019 Estimated Hispanic - 18.8% 21.6% 16.9%

INC

OM

E 2019 Estimated Average Household Income $0 T $65,027 $62,983 $69,148

2019 Estimated Median Household Income $0 T $55,735 $58,002 $61,793

2019 Estimated Per Capita Income $0 T $28,220 $28,775 $31,718

ED

UC

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(AG

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2019 Estimated Elementary (Grade Level 0 to 8) - 7.5% 5.2% 4.2%

2019 Estimated Some High School (Grade Level 9 to 11) - 5.2% 5.9% 6.5%

2019 Estimated High School Graduate - 30.5% 27.3% 26.5%

2019 Estimated Some College - 17.8% 20.0% 19.4%

2019 Estimated Associates Degree Only - 8.6% 9.6% 9.0%

2019 Estimated Bachelors Degree Only - 19.4% 19.7% 21.0%

2019 Estimated Graduate Degree - 11.1% 12.3% 13.4%

BU

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S 2019 Estimated Total Businesses 0 T 884 7,278 11,710

2019 Estimated Total Employees 0 T 8,799 67,548 104,224

2019 Estimated Employee Population per Business - 10.0 9.3 8.9

2019 Estimated Residential Population per Business - 6.1 9.1 11.6

©2019, Sites USA, Chandler, Arizona, 480-491-1112 page 1 of 1 Demographic Source: Applied Geographic Solutions 4/2019, TIGER Geography

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SUMMARY PROFILE2000-2010 Census, 2019 Estimates with 2024 ProjectionsCalculated using Weighted Block Centroid from Block Groups

Lat/Lon: 26.5704/-81.8512RS1

6251 Los Rios Way1 mi radius 3 mi radius 5 mi radius

Fort Myers, FL 33966

PO

PU

LATI

ON

2019 Estimated Population 0 T 5,419 66,269 135,493

2024 Projected Population 0 T 5,885 72,285 148,506





2019 Median Age 48.1 43.8 47.0

HO

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EH

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2019 Estimated Households 0 T 2,343 30,183 61,726

2024 Projected Households 0 T 2,427 31,413 64,463





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2019 Estimated White - 79.6% 74.3% 75.9%

2019 Estimated Black or African American - 7.8% 13.2% 14.3%

2019 Estimated Asian or Pacific Islander - 2.9% 3.0% 2.4%

2019 Estimated American Indian or Native Alaskan - 0.2% 0.3% 0.3%

2019 Estimated Other Races - 9.5% 9.1% 7.1%

2019 Estimated Hispanic - 18.8% 21.6% 16.9%

INC

OM

E 2019 Estimated Average Household Income $0 T $65,027 $62,983 $69,148

2019 Estimated Median Household Income $0 T $55,735 $58,002 $61,793

2019 Estimated Per Capita Income $0 T $28,220 $28,775 $31,718

ED

UC

ATI

ON

(AG

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5+)

2019 Estimated Elementary (Grade Level 0 to 8) - 7.5% 5.2% 4.2%

2019 Estimated Some High School (Grade Level 9 to 11) - 5.2% 5.9% 6.5%

2019 Estimated High School Graduate - 30.5% 27.3% 26.5%

2019 Estimated Some College - 17.8% 20.0% 19.4%

2019 Estimated Associates Degree Only - 8.6% 9.6% 9.0%

2019 Estimated Bachelors Degree Only - 19.4% 19.7% 21.0%

2019 Estimated Graduate Degree - 11.1% 12.3% 13.4%

BU

SIN

ES

S 2019 Estimated Total Businesses 0 T 884 7,278 11,710

2019 Estimated Total Employees 0 T 8,799 67,548 104,224

2019 Estimated Employee Population per Business - 10.0 9.3 8.9

2019 Estimated Residential Population per Business - 6.1 9.1 11.6

©2019, Sites USA, Chandler, Arizona, 480-491-1112 page 1 of 1 Demographic Source: Applied Geographic Solutions 4/2019, TIGER Geography

• Fort Myers ha a population of 82,254 people (2018), reflecting a 32% population growth since 2010.

• The median age in the Fort Myers area is 39.2, which is lower than Florida’s median age of 42 and slightly higher than the US median age of 37.4.

• The Median Household Income in Fort Myers was 641,591 (2017), which was 6.7% higher than the previous year.

• From 2016 to 2017, employment in Fort Myers, FL grew at a rate of 8.3%, from 28,400 employees to 30,800 employees.

• The median property value in Raleigh is $208,700.

• Approximately 47% of residents in Fort Myers own their home, which is a lower percentage than the state average of 65.2%.

• There are approximately 7,700 households in Fort Myers.

ECONOMY SNAPSHOT

HOUSING SNAPSHOT

POPULATION SNAPSHOT

• 48% of Raleigh residents hold a bachelor’s degree or higher, compared to 30% nationwide.

• In 2016, universities in Fort Myers awarded 1,558 degrees.

• Fort Myers Technical College awarded the highest number of degress in the area - 638 - which was 40.9% of degrees awarded. .

EDUCATION SNAPSHOT

Lee & Associates hereby advises all prospective purchasers of Net-Leased Invesment property as follows:

The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Lee & Associates has not and will not verify any of this information, nor has Lee & Associates conducted any investigation regarding these matters. Lee & Associates makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.

As the Buyer of an investment property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase.This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Lee & Associates expressly denies any obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of an investment property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any investment property to determine to your satisfaction with the suitability of the property for your needs.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.

By accepting this Marketing Brochure you agree to release Lee & Associates and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this investment property.

No warranty or representation is made as to the accuracy of the foregoing information. Terms of sale, lease, and availability are subject to change or withdrawal without notice.

BARR&BENNETTNETLEASEDINVESTMENTS

A Lee & Associates Team

RYAN BARRPrincipal

[email protected]

RYAN BENNETTPrincipal

[email protected]

LOCAL MARKET EXPERTCAPITAL MARKET EXPERTS

JERRY MESSONNIER | PrincipalLee & Associates Naples-Ft Myers LLC

BROKER OF RECORD:Lee & Associates Naples-Ft Myers LLC (FL Brokers Lic #BK3061091)


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