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
COLLIERS INTERNATIONAL P. 3NORTH PARK II PORTFOLIO - OMAHA, NE | OFFERING MEMORANDUM
PROPERTY OVERVIEW
COLLIERS INTERNATIONAL P. 4NORTH PARK II PORTFOLIO - OMAHA, NE | OFFERING MEMORANDUM
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
13 North Park 2 65,707
14 North Park 3 121,600
15 North Park 4 98,955
16 North Park 5 71,429
17 North Park 6 103,100
18 North Park 7 108,999
19 North Park 8 68,388
Total 694,942
PROPERTY OVERVIEW
COLLIERS INTERNATIONAL P. 5NORTH PARK II PORTFOLIO - OMAHA, NE | OFFERING MEMORANDUM
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
65,707 RSFFloors: 2Vacancy Rate: 0.0%2015 Asking Lease Rate: $12.50, NNN Est. Op. Exp.: $8.64
Conifer Revenue Cycle Solutions, NCI Information Systems Inc., Lindsay Corpo-ration, Transporta-tion Insight LLC
North Park 32121 North 117th Avenue
121,600 RSFFloors: 3Vacancy Rate: 0.0%2016 Asking Lease Rate: $12.50, NNN Est. Op. Exp.: $8.00
Medifis & Avantas, EMC Insurance Co, Convergys
North Park 4A 11819 Miami Street
59,940 RSFFloors: 3Vacancy Rate: 0.0%2016 Asking Lease Rate: $12.95, NNN Est. Op. Exp.: $8.25
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
71,429 RSFFloors: 3Vacancy Rate: 0.0%2014 Asking Lease Rate: $12.50, NNN Est. Op. Exp.: $8.25
Chicago Title Insurance Company
North Park 62525 North 117th Avenue
103,100 RSFFloors: 3Vacancy Rate: 0.0%2016 Asking Lease Rate: $12.50, NNN Est. Op. Exp.: $8.00
Centene Manage-ment Company, Wisconsin Phy-sicians Service Insurance
North Park 7 2707 North 118th Street
108,999 RSFFloors: 3Vacancy Rate: 0.0%2016 Asking Lease Rate: $11.50, NNN Est. Op. Exp.: $8.25
NEI Global Relocation, United Healthcare
North Park 82909 North 118th Street
68,388 RSFFloors: 3Vacancy Rate: 0.0%2013 Asking Lease Rate: $12.95, NNN Est. Op. Exp.: $8.25
AAA Life Insurance Company, Safe Ha-ven Home Security, TPG TeleManage-ment Inc.
Totals694,942 RSF5,920 Vacant RSF0.9% Vacancy Rate
PROPERTY OVERVIEW
COLLIERS INTERNATIONAL P. 6NORTH PARK II PORTFOLIO - OMAHA, NE | OFFERING MEMORANDUM
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
COLLIERS INTERNATIONAL P. 7NORTH PARK II PORTFOLIO - OMAHA, NE | OFFERING MEMORANDUM
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 ____________________________________
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Agreed to and Accepted by Prospective Purchaser’s Agent
As of day of , 2017
Signed ____________________________________
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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
COLLIERS INTERNATIONAL P. 8NORTH PARK II PORTFOLIO - OMAHA, NE | OFFERING MEMORANDUM
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