DRAW-TITE - LoopNet€¦ · Warren MI 21,303 1968 2/1/2002 1/23/2022 Absolute Net $1,150,000 10.08% $115,908 Draw-Tite (105-2 L.M. Gaines Blvd.) Starke FL 30,000 1993 2/1/2002 1/23/2022

DRAW-TITE105-2 L.M. Gaines Blvd • Starke, FL 32091

N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E

Non-EndorsementsMarcus & Millichap Real Estate Investment Services of Florida, Inc. ("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.

DisclaimerTHIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has

been secured from sources we believe to be reliable, but we make no representations or warranties, express 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. Marcus & Millichap is a service mark of Marcus &

Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.

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DRAW-TITE

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INVESTMENT

OVERVIEW

OFFERING SUMMARYPrice $1,350,000Net Operating Income $133,055Capitalization Rate – Current 9.86%Price / SF $45.00Rent / SF $4.44Lease Type Absolute NetGross Leasable Area 30,000 SFYear Built / Renovated 1993Lot Size 3.6 acre(s)

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EXECUTIVE SUMMARY

OFFERING SUMMARY

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FINANCINGDown Payment All CashNet Cash Flow 9.86% / $133,055Cash on Cash Return 9.86%Total Return 9.86% / $133,055

DRAW-TITE

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DRAW-TITE

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OFFERING SUMMARY

MAJOR EMPLOYERS

EMPLOYER # OF EMPLOYEES *

Bradford County School Dst 541

Shands Starke Regional Med Ctr 340

Chemours Company Fc LLC 299

Juvenile Justice Florida Dept 191

Winn Dixie 150

Bradford Terrace 145

Davis Express Inc 130

CMC Joist & Deck 102

Bradford High School 101

Bradford-Union Technical Ctr 100

Walmart 100

Western Steer 100

DEMOGRAPHICS

1-Miles 3-Miles 5-Miles

2018 Estimate Pop 1,952 8,290 11,568

2010 Census Pop 2,094 8,674 12,036

2018 Estimate HH 691 3,098 4,373

2010 Census HH 744 3,273 4,587

Median HH Income $33,887 $38,061 $38,896

Per Capita Income $18,066 $19,454 $20,017

Average HH Income $49,054 $51,030 $51,991

* # of Employees based on 5 mile radius

OFFERING SUMMARY

DRAW-TITE

Marcus & Millichap is pleased to present for sale this one one-story building containing30,000 square feet of gross building area, including 1,200 square feet of office space. Thebuilding has a concrete foundation with a steel frame. The exterior walls are steel panel andthe roof is comprised of steel trusses with a flat steel deck and built-up composition roofcovering. The subject, situated on 3.60 acres (156,816 square feet), was built in 1993.

The property is leased to Draw-Tite, Incorporated, manufacturer and distributor of trailerhitches, accessories and parts for various vehicle applications. Draw-Tite has resided at thelocation since 2002. Their parent company is Horizon Global Corporation, a publicly tradedcompany with a 2018 global annual sales of $873 million.

This Starke, Florida property is located in the northeastern portion of the State of Florida.Major nearby cities include Jacksonville (north) and Gainesville (south). Starke is locatedbetween two interstate highways via State Route 301. Interstate 75 is located to the southwestwhile Interstate 10 is located approximately 25 miles to the northeast. Interstate 75 providesconnection to the Orlando area to the south via Gainesville. Additionally, Starke has access toState Routes 16, 100 and 230. Air transportation is available via the Gainesville RegionalAirport, approximately 25 miles to the southwest.

PROPERTY OVERVIEW

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▪ Absolute Net Lease; No Landlord Responsibilities

▪ Annual CPI Increases

▪ Original 20 Year Net Lease

▪ 9.86% Cap Rate

▪ Low Price Per Square Foot and Rent Per Square Foot Compared to Local Market Area

▪ Long Term Tenant as Has Resided at Property Since 2002

▪ Parent Company, Horizon Global, had 2018 Global Sales of $873 Million

INVESTMENT HIGHLIGHTS

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105-2 L.M. Gaines Blvd, Starke, FL 32091LOCATION OVERVIEWTENANT SUMMARYPRICING AND VALUATION MATRIX

PROPERTY NAMEDRAW-TITE

PRICING AND VALUATION MATRIX


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REGIONAL AND LOCAL MAP

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LOCATION OVERVIEWTENANT SUMMARYPRICING AND VALUATION MATRIX


PRICING AND VALUATION MATRIX


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PROPERTY PHOTOS

DRAW-TITE

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FINANCIAL

ANALYSIS

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OFFERING SUMMARY

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DRAW-TITE

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FINANCIAL SUMMARY

THE OFFERINGProperty Draw-TiteProperty Address 105-2 L.M Gaines Blvd

Starke, Florida 32091Price $1,350,000Capitalization Rate 9.86%Price/SF $45.00

PROPERTY DESCRIPTIONYear Built / Renovated 1993Gross Leasable Area 30,000 SFZoning N/AType of Ownership Fee SimpleLot Size 3.60 Acres

LEASE SUMMARYProperty Subtype Single Tenant IndustrialTenant Draw-TiteRent Increases Annual CPI IncreasesGuarantor Corporate GuaranteeLease Type Absolute NetLease Commencement February 1, 2002Lease Expiration February 23, 2022Lease Term 20Term Remaining on Lease (Years) 2.5

Renewal Options Two, Ten-Year Options

Landlord Responsibility No Landlord Responsibilities

Tenant Responsibility Roof & Structure Right of First Refusal/Offer No

INVESTMENT SUMMARY

ANNUALIZED OPERATING INFORMATION

INCOME

Net Operating Income $133,055

RENT SCHEDULE

YEAR ANNUAL RENT MONTHLY RENT RENT/SF CAP RATE

Current $133,055 $11,088 $4.44 9.86%

RENT SCHEDULE

YEAR ANNUAL RENT MONTHLY RENT RENT/SF CAP RATE

Current $133,055 $11,088 $4.44 9.86%

LEASE SUMMARYProperty Subtype Single Tenant IndustrialTenant Draw-TiteRent Increases Annual CPI IncreasesLease Type Absolute NetLease Commencement February 1, 2002Lease Expiration January 23, 2022Lease Term 20Term Remaining on Lease (Years) 2.5Renewal Options NoneLandlord Responsibility No Landlord ResponsibilitiesTenant Responsibility Everything Right of First Refusal/Offer No

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THREE SINGLE- TENANT INDUSTRIAL PORTFOLIO OVERVIEW

OFFERING SUMMARY

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DRAW-TITE

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PORTFOLIO METRICS OVERVIEW

Asset Type City State SQFTYear Built/Renovated

Lease Commence

Lease Expiration

Lease Type Price

Listing CAP

Annual NNN Rent

Keo Cutters (25040 East

St.)Warren MI 26,640 1957, 1963,

1989, 19902/1/2002 1/23/2022 Absolute

Net$1,400,000 11.70% $163,848

Punchcraft(30500 Ryan

Rd.)Warren MI 21,303 1968 2/1/2002 1/23/2022 Absolute

Net$1,150,000 10.08% $115,908

Draw-Tite(105-2 L.M.

Gaines Blvd.)Starke FL 30,000 1993 2/1/2002 1/23/2022 Absolute

Net$1,350,000 9.86% $133,055

Key Metrics:• Total Portfolio Price: $3,900,000• Total Annual Rent: $412,811• Total Square Feet: 77,943 SF • Annual CPI Increases

**Note: Properties can be purchased individually or as a two or three property portfolio**

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TENANT PROFILE

DRAW-TITE

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Draw-Tite is the premier brand of custom trailer hitches. Established in 1946, Draw-Tite was born out of a passion for outstanding performance and has come to represent one of the best custom-fit vehicle products available today.

Draw-Tite provides top quality in every hitch and receiver made. Solid all-welded construction is used for maximum strength and safety. Backed by a nationwide limited lifetime warranty, the custom-built hitches are manufactured to vehicle-specific weight specifications and model year to ensure perfect fit and towing performance. Computer-aided design and fatigue stress testing are done to ensure a strong design that will withstand road abuse within specified capacities. All Draw-Tite hitches meet and exceed V-5 and SAE J684 standards and are inspected for quality and workmanship.

Aside from its technical merits, Draw-Tite is known by millions of NASCAR fans as one of the official sponsors of Team BKR –Brad Keselowski Racing. Draw-Tite has raced around the NASCAR Camping World Truck Series tracks hundreds of times on the #19 BKR truck. America’s Favorite Hitch has gained even more notoriety through this exciting sponsorship.

Horizon Global (parent of Draw-Tite; NYSE: HZN) is the #1designer, manufacturer and distributor of a wide variety ofhigh-quality, custom-engineered towing, trailering, cargomanagement and other related accessory products in NorthAmerica, Australia and Europe. The Company serves OEMs,retailers, dealer networks and the end consumer as thecategory leader in the automotive, leisure and agriculturalmarket segments. Horizon provides its customers withoutstanding products and services that reflect the Company’scommitment to market leadership, innovation andoperational excellence. The Company’s mission is to utilizeforward-thinking technology to develop and deliver best-in-class products for our customers, engage with our employeesand realize value creation for shareholders.

Horizon Global is home to some of the world’s mostrecognized brands in the towing and trailering industry,including: BULLDOG, Draw-Tite, Fulton, Hayman Reese,Reese, ROLA, Tekonsha, and Westfalia. Horizon Global hasapproximately 4,700 employees in 67 facilities across 21countries.

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TENANT PROFILE

DRAW-TITE

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Horizon Global Acquisitions

Completed Acquisition of Westfalia January 2016

Horizon Global becomes a stand-alone, publicly traded Company June 2015

Acquired DHF Soluções Automotivas Ltda November 2013

Acquired assets of a towbar manufacturer located in Germany and Finland July 2013

Acquired Witter Towbars April 2013

Acquired Harper Brush December 2012

Acquired Engetran Engenharia Industria e Comercio de Pecas e Acessorios

Veiculares Ltda, located in Brazil

July 2012

Acquired Trail Com, located in New Zealand July 2012

Acquired Laitner Brush February 2012

Acquired BTM October 2011

Acquired Hammerblow, Highland & Hi-Vol January 2003

Acquired Draw-Tite January 1991

TriMas listed on NYSE January 1990

Acquired Fulton and Reese January 1989

DRAW-TITE

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MARKET

COMPARABLES

DRAW-TITE

SALES COMPARABLES MAP

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DRAW-TITE(SUBJECT)

334 Parkridge Ave

6746 Stuart Ave

153 Industrial Loop S

10200 Alton Box Rd

8802 E Broadway Ave

1300 S Division Ave

SALES COMPARABLES

1

2

3

4

5

6

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SALES COMPARABLES

Average Price Per Square Foot

SALES COMPARABLES SALES COMPS AVG

Avg. $46.81

$0.00

$5.40

$10.80

$16.20

$21.60

$27.00

$32.40

$37.80

$43.20

$48.60

$54.00

Draw-Tite 334Parkridge

Ave

6746Stuart Ave

153Industrial

Loop S

10200 AltonBox Rd

8802 EBroadway

Ave

1300 SDivision

Ave

PROPERTY NAME

MARKETING TEAM

DRAW-TITE

SALES COMPARABLES

rentpropertyname1

rentpropertyaddress1

rentpropertyname1


rentpropertyname1


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Asking Price $1,350,000Price/SF $45.00CAP Rate 9.86%Year Built 1993Occupancy 100%

DRAW-TITE105-2 Lm Gaines Blvd, Starke, FL, 32091

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Close of Escrow 5/18/2018Sales Price $1,050,000Rentable SF 22,430Price/SF $46.81CAP Rate 10.34%Year Built 1984

NOTESTenant is Walter's Tile & Supply. Signed lease in March 2012.

334 PARKRIDGE AVE334 Parkridge Ave, Orange Park, FL, 32065

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NOTESTenant is Excelligence Learning Corporation. Signed lease in May 2004

6746 STUART AVE6746 Stuart Ave, Jacksonville, FL, 32254

SALES COMPARABLES

PROPERTY NAME

MARKETING TEAM

DRAW-TITE

SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


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NOTESTenant is Re-Vita. Signed lease in September 2009.

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153 INDUSTRIAL LOOP S153 Industrial Loop S, Orange Park, FL, 32073

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Close of Escrow 9/24/2018Sales Price $1,775,000Rentable SF 39,500Price/SF $44.94Year Built 1988

NOTESTenant is Hagemeyer North America.

10200 ALTON BOX RD10200 Alton Box Rd, Jacksonville, FL, 32218

SALES COMPARABLES

NOTESTenant is RSM Resources Inc. Signed lease in December 2017.

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Close of Escrow 6/12/2018Sales Price $1,350,167Rentable SF 26,245Price/SF $51.44Year Built 1973

8802 E BROADWAY AVE8802 E Broadway Ave, Tampa, FL, 33619

PROPERTY NAME

MARKETING TEAM

DRAW-TITE

SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


18

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Close of Escrow 11/19/2018Sales Price $804,015Rentable SF 18,000Price/SF $44.67Year Built 2001

NOTESTenant is Mears Transportation Group. Signed lease in July 2016.

1300 S DIVISION AVE1300 S Division Ave, Orlando, FL, 32805

SALES COMPARABLES

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DRAW-TITE

LEASE COMPARABLES MAP

DRAW-TITE(SUBJECT)

4908 US-301

13301 NW US Highway 441

2923 NE 20th Way

1333 Tradeport Dr

Rinker Materials

4

7

8

9

11

20

12

14

15

16

17

13

18

10

4

1

2

3

5

19


LEASE COMPARABLES

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Average Rent Per Square Foot

$0

$1

$2

$3

$4

$5

$6

Draw-Tite 4908 US-301 13301 NW USHighway 441

2923 NE20th Way

1333Tradeport

Dr

RinkerMaterials

Avg. $4.89

PROPERTY NAME

MARKETING TEAM

DRAW-TITE

LEASE COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


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Asking Rent/SF $4.44Year Built 1993Occupancy 100%Lease Type NNNLot Size 3.6 acre(s)

DRAW-TITE105-2 Lm Gaines Blvd, Starke, FL, 32091

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Rentable SF 8,500Asking Rent/SF $4.52Year Built 1994Occupancy 100%Lease Type NNNLot Size .71

4908 US-3014908 US-301, Starke, FL, 32091

2

Rentable SF 46,872Asking Rent/SF $5.59Year Built 1996Occupancy 100%Lease Type NNNLot Size 13

NOTESTenant is Intermed. Lease term is from October 2017 to September 2022.

13301 NW US HIGHWAY 44113301 NW US Highway 441, Alachua, FL, 32615

PROPERTY NAME

MARKETING TEAM

DRAW-TITE

LEASE COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


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Rentable SF 5,500Asking Rent/SF $5.30Year Built 1972Occupancy 100%Lease Type NNNLot Size .3

NOTESNo tenant name specified. Lease term is from November 2017 to December 2022.

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2923 NE 20TH WAY2923 NE 20th Way, Gainesville, FL, 32609

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Rentable SF 35,154Asking Rent/SF $4.25Year Built 1992Occupancy 100%Lease Type NNNLot Size 4.08

NOTESTenant is Harte Hanks. Lease term is from April 2017 to April 2022.

1333 TRADEPORT DR1333 Tradeport Dr, Jacksonville, FL, 32218

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Rentable SF 39,000Asking Rent/SF $5.29Year Built 1989Occupancy 100%Lease Type NNNLot Size 5.17

NOTESTenant is Parliament Building Products, Inc. Lease term is from September 2017 to July 2022.

RINKER MATERIALS 9621 Florida Mining Blvd E, Jacksonville, FL, 32257

www.MarcusMillichap.com

Ryan NeeBroker of Record

Marcus & Millichap5900 N. Andrews Avenue

Suite 100Fort Lauderdale, FL 33309

Tel: (954) 245-3400License: BK3154667

P R E S E N T E D B Y

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Documents

DRAW-TITE - LoopNet€¦ · Warren MI 21,303 1968 2/1/2002 1/23/2022 Absolute Net $1,150,000 10.08% $115,908 Draw-Tite (105-2 L.M. Gaines Blvd.) Starke FL 30,000 1993 2/1/2002 1/23/2022