the fisher building - loopnet...the fisher building mareting plan h offering highlights 16701 se...

THE FISHER BUILDINGVANCOUVER, WA

Offering Memorandum


EXCLUSIVELY L ISTED BY

NON-ENDORSEMENT AND DISCLAIMER NOTICE

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.

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 about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.

PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

ACT ID Z0210559

O F F I C E S N AT I O N W I D E A N D T H R O U G H O U T C A N A D A

WWW.MARCUSMILLICHAP.COM

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COMPARABLE PROPERTIESSECTION 3 • Sales Comparables• Lease Comparables

DEMOGRAPHIC SUMMARYSECTION 4 • Demographic Highlights • Demographic Summary

EXECUTIVE SUMMARYSECTION 1 • Offering Highlights • Investment Overview • Investment Highlights • Bird’s Eye Aerial Map • Close-In Aerial Map • Regional Aerial Map• Property Photos

FINANCIAL ANALYSISSECTION 2 • Property Summary • Operating Data • Owner User Analysis • Rent Roll

TABLE OF CONTENTS

EXCLUSIVELY LISTED BY

THE FISHER BUILDINGV A N C O U V E R , W A

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. Any projections, opinions, as-sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate

Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap ACT ID Z0210559

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EXECUTIVESUMMARY

THE FISHER BUILDING

CLASS A OFFICE INVESTMENT100.00% OCCUPIED

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OFFERING HIGHLIGHTS

16701 SE McGillivray Boulevard • Vancouver, WA 98683

OFFERING PRICE

$6,400,000CURRENT CAP RATE

6.69%VITAL DATA

Price $6,400,000

Cap Rate 6.69%

Price/SF $220.63

Net Rentable Area (NRA) 29,008 SF

Occupancy 100.00%

THE FISHER BUILDINGV A N C O U V E R , W A S H I N G T O N

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INVESTMENT OVERVIEWMarcus & Millichap has been selected to exclusively market for sale the Fisher Building, a Class A multi-tenant office property located in Vancouver, Washington (“Subject Property”). Built in 1993, the Subject enjoys a prominent location in the well-established Fisher’s Landing submarket which is just east of the 1-205/Highway 14 interchange and 15 miles from Portland, Oregon’s Central Business District.

Fisher’s Landing submarket covers the area from 164th Avenue to 192nd Avenue and can claim numerous Class A retail, apartment and office properties. The main thoroughfare is 164th Avenue which is populated by several major retail centers including; Fisher’s Landing Towncenter anchored by Fred Meyer, Fisher’s Landing Marketplace which has a New Seasons Market, Big Lots and Mud Bay Natural Pet Food Store, Columbia Tech Center which is a Class A mixed-use retail/office development and Mill Plain Town Center anchored by Target.

The Subject Property possesses a mix of medical, financial, and other traditional suburban office tenants. Both common area and tenant spaces reflect a high-quality finish and the strong location and aesthetics have allowed the Seller to weather some turnover in the rent roll with relative ease attracting high profile tenants such as Oregon Health & Science University (OHSU) and continuing to maintain an occupancy at or near 100 percent. The tenant Louisiana Pacific, which has a lease expiration of December 31, 2019 had indicated they will not renew when their lease expires. Given the lead time an investor has and the success the Seller has had in re-tenanting the Subject Property, finding replacement tenants for the Louisiana Pacific prior to their lease expiration seems highly likely. The pending vacancy also provides an opportunity for an owner/user to purchase the Subject Property and occupy the space for the same annual per square foot cost as leasing equivalent space.

Investors are expressing renewed interest in suburban office properties and for good reason. With low returns and risk of near-term over-supply for urban infill creative office and apartments, and with retail having significant headwinds operationally with challenges from Amazon and other online retailers, stabilized suburban office properties like the Subject Property are looking ever more attractive. The Subject Property offers a chance to own a high-quality property in a great submarket in a state with no income tax at a better yield than virtually any comparable offering.

100% OCCUPIEDCLASS A OFFICE

INVESTMENT

► Class A Office Investment

► 100% Occupied

► High Quality Submarket with Numerous Nearby Retail Amenities

► Tax-Free State

CLASS A OFFICE INVESTMENT

TAX-FREE STATE HIGH QUALITY SUBMARKET WITH NUMEROUS NEARBY

RETAIL AMENITIES

INVESTMENT HIGHLIGHTS

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BIRD’S EYE AERIAL MAP

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SE McGillivray Blvd – 8,000+ VPD

SE 166th Ave

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CLOSE- IN AERIAL MAP

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SE McGillivray Blvd – 8,000+ VPD

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SE 20th St – 10,000 + VPD SE 20th St

SE 22 nd Dr

SE 22nd Dr

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REGIONAL AERIAL MAP

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Government Island

WASHINGTON

WASHINGTON

WASHINGTON

WASHINGTONOREGON

OREGON

VANCOUVER

NORTHFIELD

VILLAGE ATFISHER’S LANDING

FISHER’S CREEK

BENNINGTON

CASCADEHIGHLANDS

MOUNTAINVIEW

PORTLAND

OREGON

OREGON

Columbia River

Columbia River

PortlandInternational

Airport

Cascade Station

Lacamas Lake

Columbia River

Columbia River

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MARKETINGPLAN

THE FISHER BUILDING

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. Any projections, opinions, as-sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Milltichap Real Estate


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FINANCIALANALYSIS

THE FISHER BUILDING

$6,400,000 6.69%SALE PRICE CURRENT CAP RATE

PROPERTY SUMMARY

THE OFFERING

PROPERTY THE FISHER BUILDING

Property Address16701 SE McGillivray Boulevard

Vancouver, WA 98683

ANNUALIZED OPERATING INFORMATION

INCOME $706,208

Net Operating Income $428,064

PROPERTY DESCRIPTION

Year Built 1993

Number of Suites 14

Gross Building Area (GBA) 30,050 SF

Zoning OCI, Vancouver

Type of Ownership Fee Simple

Lot Size 2.24 Acres

Parking 118 Free Surface Spaces Available; 4.00/1,000 SF

Occupancy 100.00%

*Loan information is subject to change. Contact your Marcus and Millichap Capital Corporation representative.

PRICE $6,400,000

CAP Rate 6.69%


Price per Square Foot $220.63

FINANCING

Loan Type New

Loan Amount $4,160,000

Down Payment $2,240,000

Loan to Value 65.00%

Interest Rate 4.25%

Amortization 30 Years

Term 7 Years

RETURNS CURRENT

CAP Rate 6.69%

Debt Service ($245,576)

Cash Flow $182,487

Cash-on-Cash 8.15%

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INCOME DATA (MAY 1, 2019 – APRIL 30, 2020) PSF

Gross Rental Income $698,510 $24.08

Expense Reimbursement $3,096 $0.11

Total Income $706,208 $24.35

General Vacancy ($35,310) -5.00%

Effective Gross Income $670,898 $23.13 OWNER USER ANALYSIS PSF

Sale Price $6,400,000 $220.63

Downpayment $1,920,000 $256.55

Tenant Improvement Cost to Update Tenant Space $261,940 $35.00

Total Acquisition Cost $2,181,940

ANNUAL EXPENSES

Annual Mortgage ($264,467) ($35.34)

Cost of TI’s Amortized Over 15 Years ($17,463) ($2.33)

Cost of Downpayment Amortized Over 15 Years ($128,000) ($17.10)

Income from Other Tenants $525,732 $70.25

Total Owner Annual Expenses Cost/NNN $115,802 $15.47

Operating Expenses ($237,032) ($31.67)

Total Owner Annual Expenses ($121,230) ($16.20)

OPERATING DATA OWNER USER ANALYSIS

CURRENT OPERATING EXPENSES (MAY 1, 2019 – APRIL 30, 2020) PSF

Property Tax $59,482 $2.05

Insurance $2,716 $0.09

Janitorial 1 $36,240 $1.25

Water/Sewer/Garbage $12,446 $0.43

Electric/Gas $52,489 $1.81

Communications $2,393 $0.08

HVAC Maintenance 2 $4,983 $0.17

Security $2,699 $0.09

Elevator Maintenance 3 $5,802 $0.20

Landscape Maintenance 4 $26,479 $0.91

General Maintenance 5 $6,822 $0.24

Snow Removal $1,000 $0.03

Management Fee (3.50%) $23,481 $0.81

Reserves ($0.20 psf) $5,802 $0.20

Total Operating Expenses $242,834 $8.37

Net Operating Income $428,064 $14.76[1] This includes janitorial contract maintenance, supplies and window washing

[2] Includes service contract, repairs and maintenance



[5] Includes plumbing repairs and maintenance, electrical repairs and maintenance, roofing systems repairs and maintenance, plant maintenance, carpet/floors, doors/windows, locks/keys

*Loan information is subject to change. Contact your Marcus and Millichap Capital Corporation representative.

FINANCING

Down Payment 30.00%Loan Amount $4,480,000Down Payment $1,920,000Loan to Value 70.00%Interest Rate 4.25%Amortization 25 YearsMonthly Payment ($22,039)Term 7 Years

BUILDING INFORMATION

Lot Size 2.24 AcresGross Building Area (GBA) 30,050 SFNet Rentable Area (NRA) 29,008 SFSpace Occupied by User 7,484 SFSpace Occupied by Other Tenants 21,524 SF

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RENT ROLL (MAY 1, 2019 – APRIL 30, 2020)


TENANT SUITE LEASE EXPIRATION SQ. FT. OCCUPIED SQ. FT. % OF BUILDING MONTHLY RENT

Synergy Sales NW, LLC (1) 100 4/30/2020 2,063 2,063 7.11% $3,921

California Cartage Brokerage, LLC110 & 100B

6/30/2022 2,537 2,537 8.75% $5,074

Refresh Therapy, Inc. (2) 125 3/31/2023 1,575 1,575 5.43% $3,190

Vancouver Counceling Associates, LLC (3) 140 5/31/2023 2,056 2,056 7.09% $3,971

OHSU (4) 150 &170

4/30/2023 5,236 5,236 18.05% $11,634

TDS Pacific, Inc (5) 175 4/30/2020 688 688 2.37% $1,300

Louisiana-Pacific Corporation (6) 200 12/31/2019 7,484 7,484 25.80% $14,656

ArgenTech Solutions Inc. (7) 210 12/31/2019 2,298 2,298 7.92% $4,419

Kolau, LLC 215 8/31/2020 782 782 2.70% $1,564

Vancouver Foot and Ankle, Pllc (8) 250 3/31/2023 1,760 1,760 6.07% $2,900

Columbia River Financial Group, LLC (9) 250 12/31/2019 1,256 1,256 4.33% $2,372

Natural Family Medicine of Cascade Park (10) 265 1/31/2021 1,273 1,273 4.39% $2,686

Totals 29,008 29,008 100.00% $57,687

(1) Total annual rent for Synergy Sales NW is based off of the $3921 monthly amount, which expires 4/30/2020. No information for next scheduled increase for the first year projection.

(2) Total annual rent for Refresh Therapy reflects current monthly rent of $3,190 for 6 months and the next scheduled increase of $3,280 for 6 months of the first year projection

(3) Total annual rent for Vancouver Counceling Associates reflects current monthly rent of $3971 for 8 months and the next scheduled increas of $4090 for 4 months of the first year projection.

(4) Total annual rent for OHSU suites 150 & 170 reflects current monthly rent of $11,634 for 4 months and the next scheduled increase of $11,982 for final 8 months of the first year projection

(5) Total annual rent for TDS Pacific is based off of the $1300 monthly amount, which expires 4/30/2020. No information for next scheduled increase for the first year projection.

(6) Per MK I did not change Lousiana- Pacific Information

(7) Total annual rent for ArgenTech Solutions is based off of the $4,419 monthly amount, which expires 12/31/19. No information for next scheduled increase for the first year projection.

(8) Total annual rent for Vancouver Foot and Ankle reflects current monthly rent of $2,900 for 4 months and the next scheduled increase of $3,100 for final 8 months of the first year projection

(9) Total annual rent for Columbia River Financial is based off of the $2372 monthly amount, which expires 12/31/19. No information for next scheduled increase for the first year projection.

(10) Total annual rent for Natural Family reflects current monthly rent of $2,686 for 5 months and the next scheduled increase of $2,766 for final 7 months of the first year projection


TOTAL ANNUAL BASE RENT ANNUALIZED BASE RENT PSF MONTHLY CAM CHARGE ANNUAL CAM CHARGE ANNUAL CAM CHARGE PSF

$47,052 $22.81 $48.00 $576 $0.28

$61,192 $24.12

$38,820 $24.65 $37.00 $444 $0.28

$48,128 $23.41

$142,392 $27.19 $157.00 $1,884 $0.36

$15,600 $22.67 $16.00 $192 $0.28

$175,874 $23.50

$53,028 $23.08

$18,768 $24.00

$36,400 $20.68

$28,464 $22.66

$32,792 $25.76

$698,510 $24.08 $258.00 $3,096

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COMPARABLEPROPERTIES

THE FISHER BUILDING

SALES COMPARABLES

PROPERTY NAME

THE FISHER BUILDING - 16701 SE McGillivray Boulevard • Vancouver, WA 98683

HERON GATE BUILDING - 2 South 56th Place • Ridgefield, WA 98642

NINTH STREET MEDICAL PLAZA - 11201 NE 9th Street • Vancouver, WA 98684

16820 SE MCGILLIVRAY BOULEVARD - 16820 SE McGillivray Boulevard • Vancouver, WA 98683

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THE FISHER BUILDING

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SALES COMPARABLES

THE FISHER BUILDING16701 SE McGillivray Boulevard • Vancouver, WA 98683

1 2 3

LIST PRICE $6,400,000

Price Per SF $220.63

Cap Rate 6.69%

Year Built 1993

ANNUAL PER SFIncome $706,208 $24.35

Expenses $242,834 $8.37

NOI $428,064 $14.76

Occupancy 100.00%

TENANTS LEASE TYPESynergy Sales NW, LLC Full Service GrossCalifornia Cartage Brokerage, LLC Full Service GrossOHSU Full Service GrossLousiana-Pacific Corporation Full Service GrossArgenTech Solutions Inc. Full Service Gross

HERON GATE BUILDING2 South 56th Place • Ridgefield, WA 98642

NINTH STREET MEDICAL PLAZA11201 NE 9th Street • Vancouver, WA 98684

16820 SE MCGILLIVRAY BOULEVARD16820 SE McGillivray Boulevard • Vancouver, WA 98683

SALES PRICE $5,500,000

Close of Escrow 2/16/2018


Cap Rate 6.50%

Year Built 2006


Expenses $108,502 $6.23

NOI $382,473 $21.98

Occupancy: 100.00%

TENANTS LEASE TYPEiQ Credit Union NNNEdward Jones NNNMountain View Dental NNN

SALES PRICE $6,300,000

Close of Escrow 4/27/2018


Cap Rate 7.36%

Year Built 2007


Expenses $237,792 $9.34

NOI $463,438 $18.20

Occupancy: 100.00%

TENANTS LEASE TYPEFull Service Gross

ON MARKET $2,288,000


Cap Rate 5.69%

Year Built 2003

ANNUAL PER SFIncome

Expenses

NOI $125,800 $16.23

Occupancy %

TENANTS LEASE TYPECascade Park Animal Hospital Modified Gross

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LEASE COMPARABLES

54

THE FISHER BUILDING

1

2

3

PROPERTY NAME

THE FISHER BUILDING - 16701 SE McGillivray Boulevard • Vancouver, WA 98683

16219 SE 12TH STREET - 16219 SE 12th Street • Vancouver, WA 98683

COLUMBIA TECH CENTER BUILDING 647 - 17700 SE Mill Plain Boulevard • Vancouver, WA 98683

COLUMBIA TECH CENTER BUILDING 607 - 1498 SE Tech Center Place • Vancouver, WA 98683

MCGILLIVRAY PLACE - 16703 SE McGillivray Boulevard • Vancouver, WA 98683

TOWN CENTER ONE - 16821 SE McGillivray Boulevard • Vancouver, WA 98683

TOWN CENTER TWO - 16821 SE McGillivray Boulevard • Vancouver, WA 98683

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LEASE COMPARABLES

THE FISHER BUILDING16701 SE McGillivray Boulevard • Vancouver, WA 98683

1 16219 SE 12TH STREET16219 SE 12th Street • Vancouver, WA 98683

Occupancy 100.00%

Year Built 1993

Gross Building Area (GBA) 30,050 SF


Rent per Square Foot $23.87

Available Square Feet 0

Lease Type FS Gross

Zoning OCI, Vancouver

TENANTSLouisiana-Pacific Corp Vancouver Counseling AssociatesSynergy Sales NW, LLC Refresh Therapy, Inc.OHSU ArgenTech Solutions

Occupancy 75.40%

Year Built 2006

Rentable Building Area (RBA) 21,353 SF


Available Square Feet 5,253 SF

Lease Type FS

Zoning XD

TENANTSPrudential Northwest PropertiesLand Central

Occupancy 100.00%

Year Built 2006




Lease Type FS

Zoning C3

TENANTS

Occupancy 93.50%

Year Built 1998




Lease Type FS

Zoning XD

TENANTSTaylor CommunicationsJames J. Boyle & Co.

2 3COLUMBIA TECH CENTER - BLDG 64717700 SE Mill Plain Boulevard • Vancouver, WA 98683

COLUMBIA TECH CENTER - BLDG 6071498 SE Tech Center Place • Vancouver, WA 98683

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P

RO

PE

RT

IE

S

29

TH

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//

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28

LEASE COMPARABLES

4 5 6MCGILLIVRAY PLACE16703 SE McGillivray Place • Vancouver, WA 98683

TOWN CENTER ONE16821 SE McGillivray Boulevard • Vancouver, WA 98683

TOWN CENTER TWO16821 SE McGillivray Boulevard • Vancouver, WA 98683

Occupancy 95.00%

Year Built 1995

Rentable Building Area (RBA 45,218

Rent per Square Foot $19.50 - $23.00


Lease Type FS

Zoning OG, Vancouver

TENANTSLoan Depot Inc. Upsource, LLCBeyondsoft Consulting, Inc. Security First AdvisorsNorthwest Health Specialties Werner Enterprises Inc.

Occupancy 75.10%

Year Built 2000




Lease Type FS

Zoning IC

TENANTSHome Street Bank

Occupancy 88.50%

Year Built 2000




Lease Type FS

Zoning IC

TENANTSSeattle Pain CenterGranite ConstructionWeyerhaeuser Company

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31

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30



33

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DEMOGRAPHICSUMMARY

THE FISHER BUILDING

Source: © 2017 Experian

DEMOGRAPHIC HIGHLIGHTS DEMOGRAPHIC SUMMARY

186,342

$67,77670,290

POPULATION IN 5-MILE RADIUS

AVERAGE ANNUAL HOUSEHOLD INCOME IN 5-MILE RADIUS

HOUSEHOLDS IN 5-MILE RADIUS

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YTH

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Y

34 35

E X C L U S I V E LY L I S T E D B Y:


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