Maurices Distribution Center

MAURICES DISTRIBUTION CENTER
6600 MERLE HAY ROAD|johnston, iowa (suburban des moines, iowa)
:: EXCLUSIVE OFFERING MEMORANDUM
:: 363,736 SQUARE FOOT DISTRIBUTION CENTER ON 26 ACRES WITH AN ADDITIONAL 13.52 ACRES
AVAILABLE FOR EXPANSION IN JOHNSTON, IOWA (SUBURBAN DES MOINES, IOWA)
C a p i t a l M a r ke t s | Pr i v at e Capi t al G r o up
For more information please contact:
Morey Knutsen, SIOR
Vice President
515.221.6673
[email protected]
Linda M. Gibbs,CCIM,SIOR
Senior Vice President
515.440.2900
[email protected]
Timothy J. Sharpe, CCIM, SIOR
Senior Vice President
515.440.2902
[email protected]
CBRE|Hubbell Commercial
6900 Westown Parkway
West Des Moines, Iowa
www.cbre.com/desmoines
TABLE OF CONTENTS
SALE PRICE AND property information..............................1
aerial photograph and location map.............................3
floor plan............................................................................5
PROPERTY PHOTOGRAPHS.......................................................6
des moines msa market overview.....................................13
disclosure...........................................................................16
More information on the Maurices Distribution Center
can be found online at: www.cbre.com/pcgiowa
© 2014 Hubbell Commercial Brokers, L.C., d/b/a CBRE|Hubbell Commercial. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or
representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdraw without notice. We include projections, opinions, assumptions or
estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.
PROPERTY INFORMATION
SALE PRICE:
$15,227,000
ADDRESS:
6600 Merle Hay Road
Johnston, Iowa 50131
SQUARE FEET:
363,736
ROOF:
Carlisle rubber membrane with rock ballast
East section replaced 1998 - warranty expiration 2019
Middle section replaced 2010 - warranty expiration 2025
West section original to 1991 - no warranty
Serviced by Wood Roofing
HVAC:
Air conditioned throughout
18 Lennox 30-ton LGC 300 H4BS units
All replaced within last 4 years
9 low speed, high volume fans
Several smaller units for specific areas, i.e. front entry, bunker
MEZZANNINE:
Approx. 50,000 split between 2 separate mezzanines
CEILING CLEAR HEIGHT:
24’
ENERGY MANAGEMENT
SYSTEM:
Johnson controls metasys
DOCK DOORS:
35 (all with levelers)
FIRE SUPPRESSION:
Entire building Sprinklered - wet system hydraulic calculated
All sprinkler heads replaced 2012
Served by Iowa Fire Equipment Company
DRIVE-IN DOORS:
No
DATA CENTER
600 sq. ft. data center with separate
HVAC and Fike FM 200 fire suppression system
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PROPERTY INFORMATION
OFFICE/MEETING SPACE:
LAND:
WATER SOURCE:
22 offices totaling 3,400 sq. ft. (renovated 2010)
6 conference rooms of varying size Totaling 5,500 sq. ft.
(renovated 2010)
Lunch room Totaling 3,300 sq. ft. (renovated 2008)
39.37 acres total
Building and parking lots occupy 26 acres
13.58 acres to the south for expansion
LISTING:
T8 Throughout
PARKING STALLS:
Approx. 200 cars
Approx. 100 trailers
WINDOW INSTALLATION:
Insulated – thermal pane
RESTROOMS:
6 Men’s
6 Women’s
3 trucker entrance restrooms
1 single stall shower
Lockers
TAX PARCEL ID’S:
Lots 1 & 2 Maurices (Building on 25.79 Acres)
Des Moines Water Works
ELECTRIC AND GAS SUPPLIER:
Mid-American Energy
ELECTRIC SERVICES TO
BUILDING:
Total – 6,000 amps, 480 V, 3-phase
4,000 into East side of building
2,000 into West side of building
DISTANCE TO INTERSTATE
35/80:
2 1/2 Miles
ORIGINAL BUILDING & EXPANSIONS:
Original building was built in 1981 and was 60,
480 sq. ft. plus 6,240 sq. ft. of office space totaling
66,720 sq. ft.
Maurices acquired the building in 1986 and expanded it to 172,800 sq. ft. plus 6,240 sq. ft. of
office space totaling 179,040 sq. ft.
Maurices expanded the building in 1990 to
357,496 sq. ft. plus 6,240 sq. ft. of office space
totaling 363,736 sq. ft.
-EX E 50F- N 1/2 NE 1/4 NE 1/4 SE 1/4 SEC 1-79-25
(4.65 Acre Lot)
-EX E 17F- LT 3 MAURICES (8.93 Acre Lot)
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4.65 Acres
8.930 Acres
6600 Merle Hay Rd, Johnston, IA 50131
Total Acreage: 39.37
Open land to South (Acres): 13.58
Building (Sq. Ft.): 363,000
Building Dimensions: 827’ (North side)
563’5” (West side)
HR Dimensions: 122’l x 52’ w
MAURICES
DISTRIBUTION CENTER
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MAP
Layout ID:L02
MapId:1708996
© 2013 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by
either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps
as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.
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FLOOR PLAN
562
325
357,496 SF
240
868
543
322
52
120
6,240 SF
120
52
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EXTERIOR PHOTOS
MAIN OFFICE ENTRY, SOUTH VIEW
WEST TRAILER COURT
OFFICE, SOUTHEAST VIEW
OFFICE, NORTHEAST VIEW
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EXTERIOR PHOTOS
EAST FACING DOCKS
SOUTH TRAILER COURT
SOUTH WAREHOUSE WALL COMPACTORS AND DOCKS
WEST DOCKS
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INTERIOR PHOTOS
INTERIOR OFFICE
DATA ROOM
CONFERENCE ROOM
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WAREHOUSE/DISTRIBUTION PHOTOS
WAREHOUSE OFFICES
EAST MEZZANINE FACING WEST
EAST MEZZANINE FACING EAST
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INTERIOR PHOTOS
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INTERIOR PHOTOS
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INTERIOR PHOTOS
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MARKET OVERVIEW
Area description
Des Moines is the largest city and the largest metropolitan area in the state of Iowa. It is located at the
confluence of the Des Moines and Raccoon Rivers in the south central portion of the state. Des Moines
is the capitol of Iowa, and is located at the intersection of Interstates 80 and 35. The city is located
approximately 350 miles west of Chicago, 250 miles south of Minneapolis, 175 miles north of Kansas
City, 135 miles east of Omaha, and 350 miles northwest of St. Louis. Forbes Magazine has just ranked
the Greater Des Moines Area third on the list of “America’s Most Livable Cities.” Forbes developed this
list by using quality of life measures such as unemployment, crime rate and cost of living.
development of the Riverwalk project that will connect the east and west sides of downtown Des Moines
through a series of lighted and landscaped walking paths and bridges. The project will be highlighted by
an ice-skating plaza, gardens and other unique attractions.
In addition the new 17,000-seat Wells Fargo Arena and Events Center gives Des Moines a world-class
entertainment venue unlike any other in the Midwest, attracting top-named performers and sporting
events. Adjacent to the Wells Fargo Arena is the new Hy-Vee Hall for trade shows, conventions, and
upscale balls and banquets offering 150,000 square feet of contiguous exposition space.
Most recently, Marketwatch named Des Moines No. 1 on its list of best U.S. cities for business. The
publication wrote in announcing the results of its third annual survey, “The city has grown over the past 20
years, built up its downtown region and lured a number of businesses to the area. All the while, it remains
a smaller city with manageable commutes and better air quality,” the report said.
Downtown Des Moines is truly evolving with a significant amount of residential being developed through
the redevelopment of existing buildings and new ground-up construction. Combine this with a number
of new dining and entertainment venues, and it is readily apparent that the downtown area is developing
an increasing sense of community.
Des Moines’ strongest performance was in the unemployment metric, where it had the third-best ranking
of all 101 cities, with a 2013 unemployment rate of 5 percent. Iowa ranks 4th for employment in the
country.
A number of infrastructure improvements and additions make the entire Metro area easier to travel to
and easier to navigate through. The I-235 expansion project, a $435,000,000 reconstruction project
has greatly improved traffic flow east and west through the center of the Metro. The Highway 5 Bypass
south which links I-35 to Highway 65/69 and I-80 opened four years ago. More than $130,000,000
has been invested in the Des Moines International Airport in recent years including a $75,000,000
runway extension project.
Population
The 2010 estimated population for the Des Moines Metro Area, which includes Polk, Warren, Madison,
Guthrie and Dallas Counties, is 580,255; reflecting steady growth since 1970 when the number was
approximately 340,000. There are approximately 800,000 people within a 1-hour drive of Des Moines.
Economy
Top 15 cities’ emerging downtown Des Moines has recently experienced sweeping development that has
changed the face of the community. The Des Moines MSA has a diversified economic base. The metro
has an uneployment rate of 5%.
The insurance and financial sectors are very important to the local economy. There are 70 home offices
and more than 100 branch offices of life, health, and casualty insurance firms that are headquartered
in the Greater Des Moines area. Des Moines is the world’s third largest insurance center after London,
England and Hartford, Connecticut. Downtown is home to many major corporations including the
Principal Financial Group, Wellmark/Blue Cross-Blue Shield, Employers Mutual, Wells Fargo Financial,
Nationwide/Allied Insurance and ING.
Major investments have been made across the community in industrial, commercial, residential and
retail development. Over $1.56 billion in private and public construction projects were completed. This
continuous growth is fueling the Des Moines economy, and strengthening its tax base.
The largest employers in the Great Des Moines metro area are as follows:
Company
Employees
Wells Fargo & Co.
13,000
Principal Financial Group
6,131
Unity Point Health
5,505
Mercy Medical Center
7,100
Nationwide/Allied Insurance
4,438
John Deere
3,100
Pioneer, a DuPont Company
2,849
Hy-Vee, Inc.
2,100
Marsh
1,800
UPS
1,600
Bridgestone Firestone
1,600
The rapidly changing skyline of downtown Des Moines is a sign of the health of the city’s economy and
growth.
Des Moines’ vitality and growth can be seen in every quadrant of the city. This is evidenced by the recent
completion of the new Science Center of Iowa and Imax theater, the new Des Moines Public Library, and
Wells Fargo Financials’ new corporate home office tower. Principal Financial is taking the lead in the
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WHY DES MOINES?
0 :: 28
NATIONAL RANKINGS FOR MAJOR INVESTMENT MARKETS
Best City for
Business
Best Place for Business
and Careers
#2 Strongest Local
Econony
Forbes
2010
Fertile Ground for
New Jobs
Policom
2013
Top 15 Cities Emerging
Downtown
#7 Best City in U.S.
Forbes
2013
Kiplinger’s
July 2010
Highest-Rated Midwest
City for Small Market
Vitality
MarketWatch
2009
America City Business Journals, Inc.
2009
17th Strongest U.S.
Metro Economy
Business Week
2009
14th Strongest
Economy in the Nation
Brookings Institution
First Quarter 2009
DEMOGRAPHICS
1 mile
3 miles
5 miles
2000 Total Population
3,593
20,075
83,262
2010 Total Population
5,257
28,480
102,146
2013 Total Population
5,389
29,992
107,130
2018 Total Population
5,833
32,594
115,330
2013-2018 Annual Rate
1.60%
1.68%
1.49%
2000 Households
1,428
7,591
33,933
2010 Households
2,145
10,822
41,170
2013 Households
2,220
11,391
43,133
2018 Households
2,417
12,372
46,338
2013-2018 Annual Rate
1.71%
1.67%
1.44%
2013
$72,262
$86,067
$67,090
2018
$89,271
$100,286
$83,579
2013
$236,761
$222,875
$183,780
2018
$261,103
$245,196
$212,015
2013
$39,372
$40,954
2018
$46,613
$47,473
<$15,000
6.1%
3.5%
5.8%
$15,000 - $24,999
4.9%
5.0%
7.4%
$25,000 - $34,999
4.4%
5.3%
8.3%
$35,000 - $49,999
19.0%
11.4%
13.2%
$50,000 - $74,999
16.9%
16.0%
20.3%
$75,000 - $99,999
13.3%
16.9%
15.7%
$100,000 - $149,999
21.0%
24.1%
19.6%
$150,000 - $199,999
8.7%
10.6%
6.0%
$200,000+
5.6%
7.2%
3.9%
$95,504
$107,722
$86,020
Population Summary
Household Summary
Median Household Income
SUBJECT PROPERTY
Median Home Value
Per Capita Income
2013 Households by Income
Average Household Income
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DISCLOSURE
PROPERTY:
purchase of the real property.
Maurices Distribution Center
6600 Merle Hay Road, Des Moines, Iowa
The Owner expressly reserved the right, at its sole
discretion, to reject any or all expressions of interest or offers
to purchase the Property, and/or to terminate discussions
with any entity at any time with or without notice which
may arise as a result of review of this Memorandum. The
Owner shall have no legal commitment or obligation to
any entity reviewing this Memorandum or making an
offer to purchase the Property unless and until written
agreement(s) for the purchase of the Property have been
fully executed, delivered and approved by the Owner and
any conditions to the Owner’s obligations therein have
been satisfied or waived. By receipt of this Memorandum,
you agree that you will not use this Memorandum or any
of its contents in any manner detrimental to the interest of
the Owner or CBRE|Hubbell Commercial
Hubbell Commercial Brokers, L.C., d/b/a CBRE|Hubbell
Commercial is part of the CBRE affiliate network.
This Memorandum is intended solely for your use and
benefit in determining whether you desire to express
further interest in the acquisition of the Property. This
Memorandum contains selected information pertaining to
the Property and does not purport to be a representation
of the state of affairs of the Property or the owner of the
Property (the “Owner”), to be all-inclusive or to contain
all or part of the information which prospective investors
may require to evaluate a purchase of real property. All
information is provided for general reference purposes
only. Therefore, all information provided and made
herein is subject to material variation. All references to
acreages, square footages, and other measurements
are approximations. Additional information and
an opportunity to inspect the Property will be made
available to interested and qualified prospective
purchasers. In this Memorandum, certain documents,
including warranties and other materials, are described
in summary form. These summaries do not purport
to be complete nor necessarily accurate descriptions
of the full agreements referenced. Interested parties
are expected to review all such summaries and other
documents of whatever nature independently and not
rely on the contents of this Memorandum in any manner.
Neither the Owner or CBRE|Hubbell Commercial, nor
any of their respective directors, officers, Affiliates or
representatives make any representation or warranty,
expressed or implied, as to the accuracy or completeness
of this Memorandum or any of its contents, and no
legal commitment or obligation shall arise by reason of
your receipt of this Memorandum or use of its contents;
and you are to rely solely on your investigations and
inspections of the Property in evaluating a possible
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