North Park II Portfolio - prgroup.com Portfolio_Offering Brie… · Kumon Metabolic Research Center...

2121 North 117th Avenue &2525 North 117th AvenueOmaha, Nebraska

North Park II Portfolio

OFFERING BRIEF

> ADDRESS Building 32121 North 117th Avenue &Building 6 2525 North 117th Avenue

> TYPE OF PROPERTY Office

> LAND AREA 12.5-acres

> GROSS BUILDING AREA Building 3 - 121,600 square feetBuilding 6 - 103,100 square feet TOTAL 224,700 square feet

> CURRENT OCCUPANCY 100%

> YEAR BUILT Building 3 - 1990/Updated in 2017 Building 6 - 1994/Updated in 2016

> ZONINGGeneral Office District

> PARCEL IDENTIFICATION NUMBERSBuilding 3 - 1842390107Building 6 - 1842390152

> PARKING 5.5:1,000

> LOCATIONNorthwest Office Submarket

Property Overview

COLLIERS INTERNATIONAL P. 2NORTH PARK II PORTFOLIO - OMAHA, NE | OFFERING MEMORANDUM

PROPERTY OVERVIEW

> NORTH PARK OVERVIEW North Park is a mixed-use Development that sits on nearly 70 acres and is comprised of approximately 750,000 square feet of office space between eight buildings. There are an additional five retail buildings located at the intersection of 120th and Blondo that total nearly 60,000 square feet. The variety of restaurants and services within the retail space allows for numerous options for tenants within the park. North Park is located in the heart of Omaha and is just 1 mile north of Omaha’s main

east/west arterial, Dodge Street. Access to I-680 is a short 5-7 minute drive by utilizing either Dodge or Maple Street.

> BUILDING HISTORY The first buildings in North Park were built in the late 1980’s and the office component has served as an ideal home to high density users ever since. The extensive parking ratios, large floor plates and centralized location have allowed for a variety of users over the past 25 years. The occupancy history of the buildings

and park was very strong from construction through completion in the late 1980s until about 2008.

> OCCUPANCY HISTORY A blip in the occupancy history of North Park started around 2008. Six of the office buildings were sold in 2007 to an out-of-town buyer and the Park experienced leasing challenges over the next 5-6 years. The economic downturn, combined with several tenant departures, allowed the vacancy rate within North Park to reach 40 percent in early 2013. The inability of the then owner to fund market tenant improve-ment packages caused many users to look elsewhere.

Recently, North Park has enjoyed a renaissance of sorts as over 250,000 square feet of office space has been absorbed over the past 24 months. This upswing in interest further emphasizes the long-term viability of North Park. The design and variety has served users well and will continue to do so for decades to come. At present, the office vacancy rate within North Park is 1 percent, which is the lowest vacancy rate in any office park city-wide.

> UNPRICED SALE North Park II Portfolio will be brought to the market for sale, unpriced. The initial call for offers will be followed by a best and final call. (Schedule subject to change.)

Executive Summary


PROPERTY OVERVIEW


PROPERTY OVERVIEW

Immediate Area

NORTH

BLONDO STREET

NORTH 117TH AVENUE

NORTH PARK 32121 North 117th Avenue

NORTH PARK 62525 North 117th Avenue

Nearby Amenities

Map Restaurant/Hospitality

1 Culver’s

2HuHot QdobaThai House

3Aesthetic Family DentistryATA Martial ArtsLePeepParadise Biryani Pointe

4

Advance America Blondo MailDesigners TouchKumonMetabolic Research CenterMy Pie PizzaPepperjax GrillSupercuts

5

Coldstone Creamery Farm Bureau FinancialJade GardenPotbelly Sandwich ShopSam & Louie’s PizzeriaSMEJS Snacks & MoreThe Caddy Shack Bar & MoreTurning Heads Salon & SpaWest Blondo Dental

6

Ameriprise FinancialAristotle GroupH&R BlockLark StudioScooter’s CoffeehouseWingstop

Nearby Office Buildings

Map Restaurant Square Feet

12 North Park 1 56,764


14 North Park 3 121,600



17 North Park 6 103,100

18 North Park 7 108,999


Total 694,942

PROPERTY OVERVIEW


Surrounding Area

Building/Address Statistics Tenants

North Park 111808 Grant Street

56,764 RSFFloors: 2Vacancy Rate: 0.0%2015 Asking Lease Rate: $11.50, NNN Est. Op. Exp.: $8.81

Fusion Medical Staffing, WEX Health, CenturyLink

North Park 22301 North 117th Avenue


Conifer Revenue Cycle Solutions, NCI Information Systems Inc., Lindsay Corpo-ration, Transporta-tion Insight LLC



Medifis & Avantas, EMC Insurance Co, Convergys

North Park 4A 11819 Miami Street


Ellie Mae, Inc., Omni Hotels Reservations, United Healthcare

North Park 4B2520 North 117th Street

39,015 RSFFloors: 3Vacancy Rate: 15.2%Asking Lease Rate: $12.95, NNN Est. Op. Exp.: $8.25

North Park 5 2533 North 117th Avenue


Chicago Title Insurance Company



Centene Manage-ment Company, Wisconsin Phy-sicians Service Insurance

North Park 7 2707 North 118th Street


NEI Global Relocation, United Healthcare

North Park 82909 North 118th Street


AAA Life Insurance Company, Safe Ha-ven Home Security, TPG TeleManage-ment Inc.

Totals694,942 RSF5,920 Vacant RSF0.9% Vacancy Rate

PROPERTY OVERVIEW


North Park Occupancy

CONFIDENTIALITY AND DISCLAIMER OF REPRESENTATIONS AND WARRANTIES

By acceptance of this confidential information including this investment summary (the “Investment Summary”), the recipient agrees that:

It will keep confidential (a) the existence of this Investment Summary and (b) all material and information contained herein and all additional material and information which may be provided upon recipient’s request (collectively and individually, “Additional Materials”) in connection with its evaluation of a potential purchase of the properties, 2121 and 2525 North 117th Street (the North Park II Portfolio) in Omaha, NE (the “Portfolio”).

It will not copy, reproduce, duplicate, distribute or make available to other persons or entities this Investment Summary, in whole or in part, or any Additional Materials, at any time, without the prior express written consent of the owner or its agents.

It will use this Investment Summary solely for the purpose of considering its purchase of the Portfolio, and not for any other purpose.

This Investment Summary and any Additional Materials are and shall remain the property of the owner, and, if recipient chooses not to

purchase the Portfolio, recipient shall promptly return to owner this Investment Summary and all Additional Materials without retaining any copies thereof or extracts therefrom. Recipient and Recipient’s Broker, if any, agree to direct any and all inquiries and communication regarding the Portfolio to the listing agents (Kyle Peterson and Jeffrey Wyatt of Colliers International) and agree to not contact the owner or tenants directly.

Owner, or any of its related entities, or its or their representatives or agents, makes no warranty or representation, express or implied as to the accuracy or completeness of the information contained herein. Nothing contained in this Investment Summary or in any written or oral communication from Owner or any of its affiliates, representatives or agents is or shall be relied on as a promise or representation as to existing or future operating results or other matters relating to the Portfolio. Recipients should make their own investigations, projections and conclusions as to the Portfolio, including, without limitation, future operating results therefrom. It is expected that prospective purchasers will conduct their own independent due diligence concerning the Portfolio, including such engineering inspections as they deem necessary to determine the condition of the Portfolio. Summaries contained herein of any legal documents are not intended to be comprehensive statements of the terms of such

documents but rather only outlines of some of the principal provisions contained therein. Recipients are expected to obtain copies of, to review and to reach their own conclusions with respect to the provisions and effect of such documents.

This Investment Summary is offered subject to prior placement and/or withdrawal, cancellation or modification without any prior notice or remaining obligation.

This Investment Summary does not constitute an offer to sell or the solicitation of an offer to purchase to any person or entity in any state or in any jurisdiction in which such an offer or solicitation is unlawful, nor does it constitute an offer to sell or the solicitation of an offer to purchase any security. Subject to the preceding sentence, this Investment Summary is intended for the exclusive use of the person or entity to whom it is delivered.

Recipient, and its agents, if any, agree that by execution of this document, it fully understands that Owner will not pay a fee to any outside agent except Colliers International, and that Colliers International will not be providing any fee to coopertating broker. Any fee paid to an outside broker representing a Recipient shall be paid directly by the Recipient.

CONFIDENTIALITY AGREEMENT


THIS INVESTMENT SUMMARY CONTAINS CONFIDENTIAL AND PROPRIETARY BUSINESS INFORMATION THAT MUST BE HELD IN STRICT CONFIDENCE.

Agreed to and Accepted by Prospective Purchaser (“Recipient”)

As of day of , 2017

Signed ____________________________________

Name _____________________________________

Phone _____________________________________

Company __________________________________

Email _____________________________________

Address ___________________________________

Agreed to and Accepted by Prospective Purchaser’s Agent

As of day of , 2017

Signed ____________________________________

Name _____________________________________

Phone _____________________________________

Company __________________________________

Email _____________________________________

Address ___________________________________

Please return to:

Kyle Peterson Jeffrey WyattPresident & CEO Senior Vice [email protected] [email protected] +1 402 763 1701 DIRECT +1 402 763 1747

Colliers International6464 Center StreetSuite 200Omaha, NE 68106 MAIN +1 402 345 5866

CONFIDENTIALITY AGREEMENT


Kyle PetersonPresident & CEO | Nebraska DIRECT +1 402 763 1701 EMAIL [email protected]

Jeffrey WyattSenior Vice President | Nebraska DIRECT +1 402 763 1747 EMAIL [email protected]

Colliers International

6464 Center Street, Suite 200Omaha, Nebraska 68106MAIN +1 402 345 5866

www.colliers.com

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