u-store it

FOR SALE | SELF STORAGE/REDEVELOPMENT PROJECT
U-STORE IT
15 Whitman Street | East Bridgewater, MA 02333
PRESENTED B
BY
Y:
CONNIE NEVILLE, J.D.
Managing Director/Self Storage Council
Co-Chair
781.696.6241
[email protected]
NICK MALAGISI, SIOR
Managing Director
[email protected]
PROPER
PROPERT
TY HIGHLIGHTS
Existing Self Storage Facility with Upside Potential
Opportunities for Re-Purposing to another Use
Historical Tax Credits Maybe Possible
Attractive 1840's Manufacturing Building
Unique Property Features including the Satucket River and
8+ acres
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
EXECUTIVE SUMMARY
U-STORE IT | 88,000 SF | EAST BRIDGEWATER, MA
Executive Summary
SALE O
OVER
VERVIEW
VIEW
PROPER
PROPERT
TY DESCRIPTION
SALE PRICE:
Subject To Offer
LOT SIZE:
8.17 Acres
BUILDING SIZE:
88,000 SF
YEAR BUILT:
1840
RENOVATED:
1985
ZONING:
Industrial
MARKET:
Bridgewater
SUB MARKET:
East Bridgewater
CROSS STREETS:
Plymouth Street (Rte.
106)
TRAFFIC COUNT:
15,000
This value-add opportunity is presently operating as a self storage facility
of 19,085 net rentable square feet in 246 units. The current business is
housed in a multi-level 112,000+'- SF mill complex, parts of which were
originally constructed in the 1840s. An opportunity exists to maintain the
self storage business and its cash flow while seeking permits and approvals
to redevelop the property to other uses such as multifamily, senior housing,
office or a mixed use project. The most significant building on the site is red
brick with large timber frame construction. There is significant upside
potential both in improved management of the self storage business as well
as expansion of self storage units in the existing shell space of the mill
building which has been sand blasted, cleaned and had windows replaced.
After extensive research and planning the Commonwealth of
Massachusetts will be removing the dam located on the property that spans
the Satucket River near the intersection of Whitman and Plymouth Streets.
Please see the reports available in the Due Diligence materials for additional
information as to the scope and timing of the project.
LOC
OCA
ATION O
OVER
VERVIEW
VIEW
East Bridgewater is 25 miles south of Boston. Within a 5 mile radius of the
property there is a total population of 87,463 in 29,276 households with an
average household income of $81,401.
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
2
REGIONAL MAP
U-STORE IT | 88,000 SF | EAST BRIDGEWATER, MA
Regional Map
15 Whitman Street
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
3
LOCATION MAPS
U-STORE IT | 88,000 SF | EAST BRIDGEWATER, MA
Location Maps
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
4
AERIAL MAP
U-STORE IT | 88,000 SF | EAST BRIDGEWATER, MA
Aerial Map
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
5
FINANCIAL SUMMARY
U-Store-It Self Storage
Financial Summary (by Broker)
As of: May 31, 2016
Current
NRSF
19,085
Gross SF
80,000
Acres
8.17
Units
246
Actual
Actual
Actual
2013
2014
2015
Income
Gross Potential Income(self storage)
Vacancy
Gross Effective Income
$
115,227
$
11,653
$
126,077
$
-
$
-
$
-
$
-
$
115,227
$
116,351
$
126,077
Property Tax
$
19,370
$
23,463
$
16,059
Property Insurance
$
2,185
$
2,185
$
3,144
Maintenance/Repairs/Landscape
$
688
$
143
$
447
Professional/Legal/audit
$
750
$
750
$
-
$
38,068
$
36,672
$
36,585
Retail sales
CAM Income-retail
Returned checks
Truck rental
Lien sales
Late Fees
Administrative Fees
Merchandise Sales
(Plus) Misc Income
Total Other Income
(Less) Discounts
Gross Adjusted Income
Operating Expenses
Computer/internet
On-Site Management/bonus
Off-Site Management
Office Expense
$
474
$
417
$
267
Utilities-electricity
$
4,204
$
6,036
$
8,096
Utilities-gas
$
4,883
$
6,587
$
8,992
Utilities-Sanitary/sewer/rubbish/cable
$
881
$
909
$
948
$
2,956
$
2,492
$
280
$
2,805
$
2,892
$
3,690
$
82,546
Advertising
telephone
Merchandise
Credit card /banking fees
Truck
Miscellaneous
$
1,583
Total Operating Expenses
$
78,847
% of GAI
Net Operating Income
68.43%
$
36,380
$
565
$
79,073
70.95%
$
33,805
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
62.72%
$
47,004
7
RENT COMPS MAP
U-STORE IT | 88,000 SF | EAST BRIDGEWATER, MA
Rent Comps Map
SUBJE
SUBJECT
CT PROPER
PROPERT
TY
15 Whitman Street | East Bridgewater, MA 02333
1
4
CUBESMAR
CUBESMART
T 2.
2.0
0 MILES
503 N. Bedford St.
East Bridgewater, MA 02333
EXTRA S
ST
TORA
ORAGE
GE SP
SPA
ACE 4.8 MILES
999 Bedford St.
Whitman, MA 02382
2
DO
DOWNT
WNTO
OWN MINI S
ST
TORA
ORAGE
GE 2.4
MILES
31 Perkins Street
Bridgewater, MA 02324
5
3
HALIF
HALIFAX
AX MINI S
ST
TORA
ORAGE
GE 3.5 MILES
934 Plymouth Street
Halifax, MA 02338
PUBLIC S
ST
TORA
ORAGE
GE 4.
4.9
9 MILES
2030 Main St.
Brockton, MA 02301
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
10
DEMOGRAPHICS REPORT
U-STORE IT | 88,000 SF | EAST BRIDGEWATER, MA
Demographics Report
1 MILE
3 MILES
5 MILES
902
9,215
29,276
2.9
3.0
3.0
$89,556
$86,905
$81,401
$377,466
$361,846
$345,013
1 MILE
3 MILES
5 MILES
Total popula
population
tion
2,571
27,923
87,463
Media
edian
n age
40.2
37.8
37.4
Media
edian
n age ((male
male))
38.5
36.7
36.6
Media
edian
n age ((ffemale
emale))
41.4
38.3
37.0
1 MILE
3 MILES
5 MILES
Total popula
population
tion - Whit
White
e
2,502
27,093
75,322
% Whit
White
e
97.3%
97.0%
86.1%
6
201
7,365
0.2%
0.7%
8.4%
26
176
1,060
1.0%
0.6%
1.2%
0
0
0
0.0%
0.0%
0.0%
0
19
193
0.0%
0.1%
0.2%
17
236
1,777
0.7%
0.8%
2.0%
1 MILE
3 MILES
5 MILES
35
614
3,531
1.4%
2.2%
4.0%
Total households
Total per
persons
sons per hh
Aver
erage
age hh inc
income
ome
Aver
erage
age house v
value
alue
Total popula
population
tion - Black
% Black
Total popula
population
tion - Asia
sian
n
%A
Asia
sian
n
Total popula
population
tion - Hawaiia
aiian
n
%H
Ha
awaiia
aiian
n
Total popula
population
tion - India
ndian
n
% IIndia
ndian
n
Total popula
population
tion - Other
% Other
Total popula
population
tion - Hispa
ispanic
nic
%H
Hispa
ispanic
nic
* Demographic data derived from 2010 US Census
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
11
DEMOGRAPHICS MAP
U-STORE IT | 88,000 SF | EAST BRIDGEWATER, MA
Demographics Map
POPULA
POPULATION
TION
1 MILE
3 MILES
5 MILES
TOTAL POPULATION
2,571
27,923
87,463
MEDIAN AGE
40.2
37.8
37.4
MEDIAN AGE (MALE)
38.5
36.7
36.6
MEDIAN AGE (FEMALE)
41.4
38.3
37.0
HOUSEHOLDS & INC
INCOME
OME
1 MILE
3 MILES
5 MILES
TOTAL HOUSEHOLDS
902
9,215
29,276
# OF PERSONS PER HH
2.9
3.0
3.0
AVERAGE HH INCOME
$89,556
$86,905
$81,401
AVERAGE HOUSE VALUE
$377,466
$361,846
$345,013
* Demographic data derived from 2010 US Census
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
12
Floor Plans
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
13
Floor Plans
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
14
Floor Plans
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
15
Floor Plans
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
16
Floor Plans
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
17
ADDITIONAL PHOTOS
U-STORE IT | 88,000 SF | EAST BRIDGEWATER, MA
Additional Photos
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
18
ADDITIONAL PHOTOS
U-STORE IT | 88,000 SF | EAST BRIDGEWATER, MA
Additional Photos
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
19
U-STORE IT | 88,000 SF | EAST BRIDGEWATER, MA
Connie Neville, J.D.
Managing Director/Self Storage Council Co-Chair
SVN | C.M. Neville & Associates, Inc.
Constance (Connie) Neville, J.D., is a Managing Director & Co-Chair of
the Self Storage Product Council for Sperry Van Ness. She specializes
in the sale of self storage facilities in New England. Connie is a
member of the SVN Asset Recovery Team (SVNART) and represents
regional banks and lenders in the disposition of troubled loans and
foreclosed properties. Locally, Connie works with landlords and
tenants leasing retail and office properties in Lexington, MA. On a
national level Connie has clients who remediate, reposition and
re-develop environmentally impacted properties.
Phone: 781.696.6241
Fax: 781.372.7299
Cell: 781.696.6241
Email: [email protected]
Address: P.O. Box 193
Lexington, MA 02420
In 2000, before affiliating with Sperry Van Ness, Neville founded her
own full service brokerage firm, C.M. Neville & Associates. Under her
direction the firm sold land, industrial, retail, and office properties in
Eastern Massachusetts. These transactions included the acquisition
of several properties for Public Storage, a variety of investment sale
transactions and several end-user purchases. Prior to entering
commercial real estate Neville practiced law, serving as litigator and
negotiator for individuals, business owners and corporations. Coupled
with her commercial real estate expertise, Neville's legal training and
experience enable her to effectively negotiate deals in the best
interest of all parties.
Since joining the Sperry Van Ness National Self Storage Team, Neville
has participated in the sale of self storage properties totaling
1,600,000 square feet and over $80,000,000 in Massachusetts,
Connecticut, Rhode Island and New Hampshire. Neville is a member
of the National Self Storage Association (SSA), the Massachusetts Self
Storage Association (MASSA), the Connecticut Self Storage
Association (CTSSA), the Maine Self Storage Association (MeSSA) and
the New Hampshire Self Storage Association (NHSSA). In addition to
her focus on the self storage asset class, Neville brokers transactions
involving mixed-use retail and office properties, and industrial
buildings. As a resident of Lexington, Massachusetts, Neville is
actively involved in community groups including Rotary, and various
town committees. Neville received her Juris Doctor from Northeastern
University School of Law, her master's degree from George
Washington University and her bachelor's degree from Skidmore
College.
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
20
U-STORE IT | 88,000 SF | EAST BRIDGEWATER, MA
Nick Malagisi, SIOR
Managing Director
SVN | Commercial Realty
Nicholas J. Malagisi serves as National Director of Self-Storage and
Senior Advisor for Sperry Van Ness, specializing in the purchase and
sale of self-storage properties. Since 1993, Malagisi has participated in
the sale of over 70 properties valued at $350 million from as small as
a single asset of $480,000 to an 11-property portfolio of $33 million.
Phone: 716.633.9601
Cell: 716.310.8314
Email: [email protected]
Address: PO Box 1015
Buffalo, NY 14231
Malagisi began his real estate career with industry leader Public
Storage, where he was responsible for site acquisition and
development of new properties in the Northeast. He also began
acquiring existing self-storage facilities for Storage Equities, Public
Storage’s publicly traded Real Estate Investment Trust (REIT). Prior to
joining Sperry Van Ness, Malagisi was the principal broker/owner of
Storage Realty Advisors, where he specialized in the marketing, sales,
and disposition of self-storage properties throughout the Northeast
United States.
Malagisi continues to work as a consultant in preparing feasibility
studies for new developments, testifying in court as an expert, and
preparing valuations of properties for various clients. As a regular
attendee of national and regional self-storage conferences, he is a
frequent guest speaker on valuation.
Malagisi is a member of the Self-Storage Association (SSA), the
national trade organization representing self-storage owners,
operators, and vendors within the industry. Malagisi is a member of
the New York SSA and other state self-storage associations. He is
also a past director on the Northeast board of directors of the SSA,
where he participated in national issues affecting the self-storage
industry. Malagisi is a charter member of the New York State
Commercial Association of Realtors. Malagisi also served on the
Board of Directors for the Western New York chapter and currently
serves as chairman of the annual awards dinner.
Malagisi earned his bachelor’s degree from Syracuse University,
Martin J. Whitman School of Management, where he majored in
industrial labor relations and minored in economics. His studies were
interrupted for two years while he served as a member of the U.S.
Army, including a tour of duty in the Republic of South Vietnam.
Malagisi resides with his family in the Buffalo, New York, area.
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
21
DISCLAIMER
U-STORE IT | 88,000 SF | EAST BRIDGEWATER, MA
The material contained in this Offering Brochure is furnished solely for the purpose of considering the purchase of the
property within and is not to be used for any other purpose. This information should not, under any circumstances, be
photocopied or disclosed to any third party without the written consent of the SVN® Advisor or Property Owner, or used
for any purpose whatsoever other than to evaluate the possible purchase of the Property.
The only party authorized to represent the Owner in connection with the sale of the Property is the SVN Advisor listed in
this proposal, and no other person is authorized by the Owner to provide any information or to make any
representations other than contained in this Offering Brochure. If the person receiving these materials does not choose
to pursue a purchase of the Property, this Offering Brochure must be returned to the SVN Advisor.
Neither the SVN Advisor nor the Owner make any representation or warranty, express or implied, as to the accuracy or
completeness of the information contained herein, and nothing contained herein is or shall be relied upon as a promise
or representation as to the future representation of the Property. This Offering Brochure may include certain statements
and estimates with respect to the Property. These Assumptions may or may not be proven to be correct, and there can
be no assurance that such estimates will be achieved. Further, the SVN Advisor and the Owner disclaim any and all
liability for representations or warranties, expressed or implied, contained in or omitted from this Offering Brochure, or
any other written or oral communication transmitted or made available to the recipient. The recipient shall be entitled to
rely solely on those representations and warranties that may be made to it in any final, fully executed and delivered Real
Estate Purchase Agreement between it and Owner.
The information contained herein is subject to change without notice and the recipient of these materials shall not look
to Owner or the SVN Advisor nor any of their officers, employees, representatives, independent contractors or affiliates,
for the accuracy or completeness thereof. Recipients of this Offering Brochure are advised and encouraged to conduct
their own comprehensive review and analysis of the Property.
This Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly
reserves the right, at its sole discretion, to reject any or all expressions of interest to purchase the Property and
expressly reserves the right, at its sole discretion, to terminate negotiations with any entity, for any reason, at any time
with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the Offering
Brochure or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real
Estate Purchase Agreement on terms acceptable to Owner, in Owner’s sole discretion. By submitting an offer, a
prospective purchaser will be deemed to have acknowledged the foregoing and agreed to release the Owner and the
SVN Advisor from any liability with respect thereto.
To the extent Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchaser
should not rely on any such correspondence or statements as binding Owner. Only a fully executed Real Estate Purchase
Agreement shall bind the property and each prospective purchaser proceeds at its own risk.
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.