HORIZON BUILDING · 2020. 3. 11. · PROPERTY SUMMARY Located in a private Norton Shores setting adjacent to the Muskegon County Airport, this Class A office building offers tenants

OFFERING MEMORANDUM

HORIZON BUILDING5000 HAKES DRIVE, NORTON SHORES,MIFOR SALE | OFFICE BUILDING

DREW NELSON | ADVISOR616.975.3739 | [email protected]

JEFF TUCKER | VICE PRESIDENT, BROKERAGE | PRINCIPAL616.881.9321 | [email protected]

BRADLEY COMPANY220 Lyon St. NW, Suite 400, Grand Rapids, MI 49503

bradleyco.com

EXECUTIVE SUMMARY

bradleyco.com page 3

THE OFFERINGBradley Company is pleased to present the investment offering of the Horizon Building, a 30,820 square foot Class Alakeshore office building. The Horizon Building is a premiere regional lakeshore office setting, which is 2 miles fromUS-31 and I-96. It resides within the Muskegon County Airport Business Park, which combines unlimited access tohigh technology with warehouse distribution and air transportation capabilities. There is significant commercial andretail development nearby. We are selling arguably the finest construction quality building in Muskegon County at$89/SF, while replacement cost is in excess of $250/SF.

INVESTMENT HIGHLIGHTS• 100% occupied

• Attractive setting

• Strong tenant mix

• Quality construction

• Beautiful architecture

OFFERING SUMMARY

Year Built 1995

Rentable SF 30,820

Percent Leased 100%

Asking Price $2,750,000

Net Operating Income $240,586

Cap Rate 8.7%

EXECUTIVE SUMMARY


SITE DESCRIPTION

Property Name.................................................................................................... Horizon Building

Property Type...................................................................................................... Office

Parking................................................................................................................. Surface

Acres..................................................................................................................... 4.77 Acres

PROPERTY SUMMARYLocated in a private Norton Shores setting adjacent to theMuskegon County Airport, this Class A office building offerstenants and guests a grand entrance, comfortable office spaces, andample parking. Building tenants have access to a shared conferenceroom, break room, and temperature controlled basement storage.Restaurants, shopping, hospitality, and entertainment venuesnearby, with Lake Michigan being the largest venue only 3 milesaway.

1 Mile 3 Miles 5 Miles

Population 1,629 30,351 33,940

Households 635 12,587 33,940

Average income $79,142 $70,526 $63,830

Median age 43.5 41.5 38.8

E. Sternberg Rd. 9,112 cars per day

Grand Haven Rd. 10,232 cars per day

2017 EST. DEMOGRAPHICS

TRAFFIC COUNTS

PROPERTY SUMMARY


FLOOR PLANS


RETAILER MAP


POPULATION 1 MILE 3 MILES 5 MILES

Total Population 1,629 30,351 33,940

Average age 43.5 41.5 38.8

Average age (Male) 40.6 34.9 36.2

Average age (Female) 41.6 36.7 38.1

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

Total households 635 12,587 33,940

# of persons per HH 2.6 2.7 2.6

Average HH income $79,142 $70,526 $63,830

Average house value $155,571 $124,743 $147,407

DEMOGRAPHICS MAP & REPORT

MUSKEGON COUNTY offers companies, big and small, the benefits of being LOCATED BETWEEN CHICAGO AND DETROIT, while offering a lifestyle that feels a world away.

THE RIGHT INFRASTRUCTURE FOR BUSINESS

Located on the eastern shore of Lake Michigan just three hours north of Chicago, Muskegon County is part of the Grand Rapids-Muskeg-on-Holland Combined Statistical Area (CSA), the fastest-growing region in the upper Midwest with a population of nearly 1.1 million people. The county is easily accessible by I-96 and CSX freight rail lines run through the region.

Muskegon is also home to West Michigan’s largest commercial deep-water port with proposed cross-lake shipping to provide direct links to the western U.S. and Asian markets. The Muskegon County Airport offers daily flights to Chicago and the Gerald R. Ford International Airport in Grand Rapids is less than an hour’s drive.

ABUNDANT WATER AND WASTEWATER RESOURCES

With an abundant freshwater supply from Lake Michigan, Muskegon County has a world-class wastewater management system. The massive land-application treatment facility offers companies up to 30 million gallons per day (MGD) of excess capacity, with low wastewater charges and low surcharge rates for high-strength wastes – all in an environmentally -friendly way that can reduce production costs. The Muskegon County wastewater system offers unexcelled capacity for business.

KL Outdoor, the world’s largest kayak maker, relocated its headquarters to Muskegon County.

GLOBAL COMPANIES DO BUSINESS HERE

GE Aviation, Bayer CropScience, Pratt & Whitney, Arconic and other big names in business are prospering in Muskegon County, making products for

the aerospace, automotive, defense and agrifood industries, among others, around the globe. More than 260 manufacturers and industrial companies are thriving in the county thanks to a skilled and loyal workforce.


AREA OVERVIEW

GROWING SMALL BUSINESSES

Small businesses are taking hold in Muskegon County, often driven by entrepreneurs who are attracted to the West Michigan lifestyle and

the strong opportunities that exist in the region. Grand Valley State University’s Muskegon Innovation Hub, a co-working and incubator space, Muskegon Angels and Muskegon Inventors Network all offer support to startups.

LIVING THE GOOD LIFE

Downtown Muskegon is humming with arts, culture, festivals and a burgeoning restaurant and micro-brewery scene, along with the L.C. Walker Arena, which is home to minor league ice hockey and arena football teams. Other communities in the county – Norton Shores, Whitehall, Montague, Ravenna and Muskegon Heights, to name the largest – offer their own advantages from up-and-coming urban neighborhoods with below-market rate opportunities to lakefront living. Some of the schools in the county are among the best in Michigan.

FOUR SEASONS OF FUN

Muskegon is also a four-season playground with connections to more than 120 miles of hiking, biking and water trails in the region, 26 miles

of white-sand beaches, superb boating, hunting, fishing, cross-country skiing, snowmobiling and other outdoor recreation.

Grand Valley State University’s Muskegon Innovation Hub has produced a steady stream of successful start-up companies.

THE MUSKEGON COUNTY WASTEWATER SYSTEM OFFERS UNEXCELLED CAPACITY FOR BUSINESS.


AREA OVERVIEW

@bradley_company /company/bradley-company @bradleycompany/bradleycompanyCRE

WEST MICHIGAN2ND HALF 2019

West Michigan remains an attractive location for tourists and residents. Counties located in West Michigan saw more population growth than any other region in Michigan, most notably Kent, Ottawa and Allegan. (1) Strong employment growth and tourism have continued to maintain a foothold on the West Michigan economy. In particular, there has been an influx in “Beer Tourism.” Grand Rapids was named “Beer City USA” and continues to open new breweries and tasting rooms throughout the area. Based on a study, beer tourism resulted in a $38.5 million total economic impact in one year and is expected to increase as new breweries emerge. (2) In preparation for continued growth in the tourism sector, the airport is planning a $90 million expansion that will add eight new passenger gates and create approximately 300 new jobs.

Grand Rapids was also tagged as the second-most popular destination for millennials.(3) With an increase in economic development, employment growth, new housing choices, and additions to the entertainment district, the city has become a lively and attractive town for young adults. New development projects have added even more to the already exciting downtown scene and have re-vitalized parts of Grand Rapids and surrounding areas that have been neglected for decades.

Projects of note include:

• Studio Park: Following 17 months of construction and 10 years of planning, Studio Park, a $160 million development located in downtown Grand Rapids has made its debut. Studio Park boasts a movie theater, concert venue, restaurants, housing, offices, and a soon-to-come hotel by Hilton. Additionally, a $30 million office building associated with Studio Park will be built and will house the Acrisure LLC headquarters, a national insurance company. (5) This mixed-use development is considered the largest recent development in Grand Rapids and is expected to spur additional economic success for the city.

• Bridge Street Market: Meijer Inc. opened the new Bridge Street Market in late 2018 and it has proved to be an anchor of revitalization for the West-side of downtown. This section of the city has been slowly improving over previous years and is now showing an increase in popularity with new eateries, breweries, and taverns. Multiple properties along this corridor have been bought and sold and are sure to be drivers for further development in the upcoming years.

• North Monroe Business District: This area just north of the Central Business District has been slowly gaining development traction. With the recent addition of the new Embassy Suites Hotel and the amenity-filled apartments at 601 Bond, the housing and tourism options have increased in volumes. In addition to the new developments opening just over this last year, Spectrum Health recently announced its plans to construct a new administration building at 706 and 725 Bond Ave., a location currently owned by Gill Industries Inc. The new “Center for Transformation and Innovation” building will house 1,200 employees and will consolidate 26 leases that are currently housed throughout the city. (6)

Western Michigan University’s board voted to move forward with Phase II of the Business, Technology, and Research Park in Kalamazoo in June. It was announced in September that Ascension Borgess Hospital had purchased the first 8.2 acre parcel for $500,000. The first phase of the park was completed in 2002 and is fully occupied by 40 businesses. Phase II is a 55-acre site between Drake Road and U.S. 131. (7)

HIGHLIGHTSWEST MICHIGAN CONTINUES TO GROW AND IS ATTRACTING NEW RESIDENTS AND DEVELOPMENTS

220 LYON STREET NW, SUITE 400 | 616.254.0005

MARKET OVERVIEW

West Michigan is home to more than 130 international companies and well-known corporations such as: Amway, Bissell, Pfizer, Stryker Corporation, Steelcase, Herman Miller, Bell’s Brewery, Arcadia Brewing, Meijer, and Kellogg’s. West Michigan boasts one of the most diverse manufacturing regions in the state with over 141,315 manufacturing jobs and 2,452 manufacturers.

Primarily made up of the cities of Grand Rapids, Holland, Kalamazoo, and Muskegon, West Michigan experienced roughly a 4% growth in population from 2013 to 2018, with Grand Rapids leading much of that growth as its population surpassed 200,000 residents in 2018.

Manufacturing, information technology, life sciences, aerospace and defense, and the food processing industries are the main driver of growth in of West Michigan.

WEST MICHIGAN

2019 Total Population 1,987,303

2024 Total Population 2,049,533

2019-2024 Pop Growth 0.62%

2019 Households 759,816

2024 Households 784,061

2019 Median HH Income $57,036

2019 Average HH Income

$77,322

UNEMPLOYMENT SEPTEMBER ‘19

West Michigan 3.4%

Michigan 3.7%

United States 3.3%

Source: Esri

Source: Michigan Bureau of Labor Market Information and Strategic Initiatives

1. http://www.talent2025.org/blog/2019/2019-05-02-data-points-west-michigan-us-census-bureau-2018-population-estimates

2. https://assets.simpleviewcms.com/simpleview/image/upload/v1/clients/grandrapids/ExperienceGR_BeerTourism_b7544b7b-ed74-4360-af9b-b2b9aadfbdbf.pdf

3. https://www.rightplace.org/blog/grand-rapids-no-2-destination-for-millennials-in-us

4. https://mibiz.com/sections/real-estate-development/160m-studio-park-development-celebrates-opening

5. https://www.grbj.com/articles/94270-planners-create-vision-for-south-division

6. https://mibiz.com/sections/real-estate-development/gill-industries-explores-sale-of-downtown-grand-rapids-plant-to-spectrum-health

7. https://www.mlive.com/news/kalamazoo/2019/09/ascension-borgess-buys-first-land-parcel-in-expanded-wmu-business-park.html


MARKET OVERVIEW

@bradley_company /company/bradley-company @bradleycompany/bradleycompanyCRE

Multiple companies have expanded into larger office spaces, with one of the most notable occurring in 2Q 2019 at 5300 Patterson Avenue in Grand Rapids. BDO USA LLP relocated its Grand Rapids Business Service Center into the 140,000-square-foot facility, occupying 25% of the building.

Other growth in the region included:

• Parchment-based Advia Credit Union breaking ground on a new corporate campus in Oshtemo Township, which will include a new 150,000-square-foot headquarters facility.

• West Michigan Dermatology increased its footprint by 23% moving into a new 13,000-square-foot space at 3434 Rivertown Point Court in Grandville.

• Metro Health-University of Michigan Health opened a new 10,035-square-foot physician’s office at 4285 Parkway Place in Grandville.

• Cybersecurity firm, Vulnerability Discovery & Analysis Labs, moved into a new 3,000-square-foot headquarters at 5234 Plainfield Ave. NE.

• Acrisure, an insurance firm, plans to move its headquarters into 105,000-square-feet in the new office building at Studio Park upon its completion in 2021.

• Kid’s Food Basket, a non-profit, moved into the 27,000-square-foot building on Leonard in September 2019. (1)

During 3Q 2019, State Farm announced it would close its Kalamazoo Operations Center, vacating 45,870-square-feet. 85% of the office space being marketed at the Exchange Building in downtown Kalamazoo remains available and Catalyst Development’s new mixed-use building under construction in Kalamazoo features 55,000-square-feet of Class A office space. A positive note however, is that at least five organizations have already signed on to be tenants in the new Catalyst project. Lease rates for Class A office space in downtown Kalamazoo range between $18.00 to $22.00 per-square-foot, (modified gross lease) while lease rates for the new Exchange Building range from $22.00 to $35.00 per-square-foot, (triple net lease) which are on the higher end for the market.

In Grand Rapids, 37 Ottawa officially opened after two years of redevelopment. The 90,000-square-foot building has over 77% of office space available for lease. Olsen Loeks Development is resurrecting plans to develop a new $30 million 105,000-square-foot office building in the Studio Park project in Grand Rapids, and the new Warner Building in Grand Rapids is expected to be fully-occupied.

Parking availability has been and continues to be one of the main drivers in downtown office lease rates. The most widely sought after spaces are ones that include free on-site parking which pushes a lot of office users out of the Central Business District and into the surrounding areas of downtown. Monthly parking rates range from $120-200 per month per space in most parking facilities in the downtown market. These are the costs that office users are taking into consideration when deciding whether to house their business downtown, nearby corridors, or the suburbs of Grand Rapids.

FORECAST

• Although the region has experienced growth over the past several years, upcoming closures and deliveries will be closely monitored as it could affect the office market in the coming quarters.

• With new office product coming to market, lease rates for new construction have leveled off.

• Newly constructed Class A office space in downtown Grand Rapids remains at an average of $24 and $32 PSF, compared to renovated Class A space which is leasing between roughly $20 - $22 PSF (modified gross lease).

OFFICE OVERVIEW COMPANIES EXPANDING AND GROWING THEIR FOOTPRINTS, WHILE VACANCIES IN THE COMING MONTHS WILL BE IMPORTANT TO WATCH

220 LYON STREET NW, SUITE 400 | 616.254.0005

WEST MICHIGAN2ND HALF 2019

Asking Rent Distribution

0

10

20

30

40

50

60

Number of Properties

0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

Q418

Q119

Q219

Q319

United States Midwest Grand Rapids

Quarterly Metro VacancyRate Trends

CBD47%

Non CBD53%

Inventory by Area

*Source:Reis

1. https://www.rejournals.com/grand-rapids-office-market-stays-strong-in-third-quarter-20191025

2. https://www.mlive.com/news/grand-rapids/2019/08/caledonia-insurance-firm-coming-to-studio-park-bring-400-jobs-downtown.html


MARKET OVERVIEW

TENANT OVERVIEW

The Michigan Education Association (MEA) is a self-governing education association, representing about 125,000 teachers, education support professionals and higher-education employees throughout the state.

MEA started in 1852 as the Michigan State Teachers Association with 20 teachers in Ypsilanti. Today, headquartered in East Lansing, we are the largest single public employee union in the state and the third largest education association in the United States. We are also affiliated with the National Education Association. Since our beginning, public school employees have joined together to win and protect basic rights that help ensure they are treated with the fairness, respect and dignity they’ve earned.

Through collective action, MEA is dedicated to the purpose of serving our members’ employment goals, interests and needs, while advocating for quality public education.

Atrium Centers is a leading provider of short-term post-acute rehabilitation and long-term nursing care. We currently operate 29 skilled nursing centers in Ohio, Michigan, Kentucky, and Wisconsin with over 2,000 beds.

Our reputation is defined by our employees, the caring and skilled staff members who are the foundation of our award-winning communities. We are committed to treating each individual with respect and dignity in a homelike environment. Our professional and caring staff provides exceptional services tailored to the individual needs of residents and meeting the highest industry standards.

Atrium Centers is a leading provider of short-term post-acute rehabilitation and long-term nursing care.

TENANT OVERVIEW


Today, Fastenal is many things to many different customers: an expert consultant, a logistics company, a technology provider, and more generally, a distributor of wide-ranging industrial and construction products. These aspects of our service share a common foundation: great people, close to our customers. Our service model centers on approximately 3,200 in-market locations (a combination of public branches and customer-specific onsites), each providing custom inventory and a dedicated sales team to support local customers. These locations are supported by our global distribution network, a closely-aligned supplier network, robust sourcing, quality and manufacturing resources, and multiple teams of subject matter experts and support personnel – all working toward Fastenal’s common goal of Growth Through Customer Service®.

Lakeshore Integrative Mental Health Services, LLC is a counseling agency that provides safe and confidential therapy services to children and adults. Diane Bruursema, LMSW, ACSW and Leitzia Charleston, LMSW, ACSW are clinical social workers with 56 years of combined therapeutic experience. We provide compassionate, high-quality, comprehensive services to the community. We work closely with other medical and mental health organizations and agencies such as schools, physicians, courts, churches, and various other community members.

We specialize in populations that are currently under-served in the West Michigan Lakeshore area such as Autism Spectrum disorders, sensory processing disorder, and Bariatric pre- and post-operative weight loss and eating disorder counseling services. We also treat PTSD, anxiety, depression and grief and loss issues.

Our referrals come from satisfied clients who have recommended our services to others they know are looking for education and support. Their positive experiences at LIMHS has contributed to our success. We are grateful to the community for your inspiration, courage, and support in our endeavor.

TENANT OVERVIEW


Lakeshore Regional Entity is one of Michigan’s ten Prepaid Inpatient Health Plans, responsible for Medicaid benefits management across seven counties – Allegan, Kent, Lake, Mason, Muskegon, Oceana and Ottawa - in partnership with five Community Mental Health Services Programs.

At Pratt & Whitney, we believe that powered flight has transformed – and will continue to transform – the world. It’s an engine for human progress and an instrument to rise above. That’s why we work with an explorer’s heart and a perfectionist’s grit to design, build, and service the world’s most advanced and unrelenting aircraft engines. We do this as a way of turning possibilities into realities for our customers.

This is our mission, and a challenge to which we rise every day. It’s about more than transporting people reliably to their destinations. It’s about more than providing the care and intelligence to service aircraft engines expertly. It’s about innovating and engineering a new and exciting future for aviation – one in which the full potential of human progress can be unleashed. This is how we at Pratt & Whitney approach our work, and this is why we are inspired to go beyond.

TENANT OVERVIEW


The Veterans Health Administration (VHA) is the largest integrated health care system in the United States, providing care at 1,255 health care facilities, including 170 VA Medical Centers and 1,074 outpatient sites of care of varying complexity (VHA outpatient clinics) to over 9 million Veterans enrolled in the VA health care program.

York Worldwide Technologies has been providing EDI, VAN & Integration services globally since 1992. We provide reliable, cost effective transmission of business documents, improving the efficiencies of supply chains. Our Globally dispersed client base use our network to trade with Wal-Mart, General Motors, Kmart, Sears, Meijer, Home Depot, Target, Steelcase, Menards, Bed Bath & Beyond and thousands more.

INNOVATION THROUGH INTEGRATION

York Worldwide has positioned itself to extend traditional EDI processes into seamless application Intelligence via Hyper Integration. Our robust portfolio of solutions and Innovation Intelligence allows our clients to have a single connection to their trading community. We pride ourselves on the ease-of-use of our solutions and our friendly, knowledgeable customer support staff.

TENANT OVERVIEW


MEET THE TEAM


CLIENT LIST

Old National Bank2 Mission / Jolly PumpkinThe Mitten StateTalmer BankSan Chez BistroFounders Bank & TrustMaxim Healthcare ServicesLoquidityNugent BuildersOMM EngineeringRestaurant Partners, Inc.Nutra Food IngredientsThe Fortus GroupWest Michigan Medical CenterEmbroidMeMary KayAmerica’s One Title AgencyTeksystems, Inc.S.P. RichardsChristian Healthcare Services

220 Lyon St. NW, Suite 400Grand Rapids, MI [email protected]

PROFESSIONAL BACKGROUND

Drew Nelson joined Bradley Company in September 2016 to focuson the office, retail and investment segments of the industry. Drewprefers a ‘consultative’ approach when advising his clients onacquisitions, dispositions, portfolio management and lease options.In his advisory role, he makes recommendations to his clients as ifthe investments/assets were his own. Many factors havecontributed to Drew’s success including his integrity, a strong workethic, and absolute honesty. In addition to his many businessrelationships in the Grand Rapids marketplace, Drew hasco-brokered deals with real estate professionals located throughoutthe Midwest, along with the East Coast and Denver, CO.

Drew is a Licensed Real Estate Sales Associate with BradleyCompany, LLC, and is a candidate for CCIM Designation. Prior tohis career in commercial real estate, Drew excelled in sales,advertising and marketing for 20+ years. In doing so, he created,deployed and marketed a number of consumer websites and was asenior sales executive for a top online lead aggregator, ZipSearch,LLC -where he won several ‘Top Sales Person’ awards.

MEMBERSHIPS & AFFILIATIONS

•Member, Commercial Alliance of Realtors of West Michigan (CARWM)•Member, Michigan Association of Realtors (MAR)•Member, National Association of Realtors (NAR)

DREW NELSON

Advisor

MEET THE TEAM


220 Lyon St. NW, Suite 400Grand Rapids, MI [email protected]

CLIENT LIST

Almassian LawAXA FinancialBridgewater Place LLCCompliance Systems Inc.Expedia.comFirst American TitleHormel FoodsIntercontinental HotelsKonica MinoltaMeritian HealthMetLifeOhio Farmers InsuranceSports ClipsStarbucksState FarmSubwayThe Northface / VF OutdoorThyssen KruppUBSUS Armed ForcesVerizon / MCIWillis Insurance

PROFESSIONAL BACKGROUND

Jeff Tucker joined Bradley Company as Vice President, Brokerage |Principal in September 2016. In this role, Jeff leads the officebrokerage group in the Michigan operations. Jeff is a seasonedsales and marketing professional with over 24 years of real estateexperience. In his role, Jeff advises clients in strategic planning,transaction execution for both acquisition and dispositions, andportfolio management throughout the Michigan region. He enjoysclient relationships with Fortune 500 companies as well asfamily-owned businesses. Jeff attended Hope College where hegraduated with a degree in Political Science. He is dedicated toproviding unsurpassed customer service, coupled withuncompromising integrity and the highest industry standards.

Jeff is a licensed Real Estate Broker in the State of Michigan and isa candidate for CCIM Designation. Prior to becoming a broker, hiscareer included environmental consulting as a registeredEnvironmental Property Assessor.

EDUCATION

Bachelors Degree in Political Science, Hope College

MEMBERSHIPS & AFFILIATIONS

•Member, Commercial Alliance of Realtors of West Michigan•Member, International Council of Shopping Centers Candidate, CertifiedCommercial Investment Member (CCIM)

JEFF TUCKER

Vice President, Brokerage | Principal

MEET THE TEAM

ABOUT BRADLEY COMPANY


A B O U TB R A D L E YCOMPANY

A seasoned and talented team of solution-driven, commercial real estate professionalsserving the Midwest region. We provide innovative services for all commercial realestate needs. Bradley Company is committed to, and actively invests in, the growth

and prosperity of our local communities.

Our highest priority is to help our clients align their real estate requirements with theirstrategic business objectives. Our full-service approach ensures that every client’s

experience with Bradley Company is outstanding from beginning to end. Ourexpertise in all sectors of the market allows us to create an environment that solvesproblems and strengthens relationships. Trust, loyalty and responsibility are at the

heart of everything we do.

With a corporate history that began in 1978, our team consists of more than 250professionals throughout Indiana and West Michigan. The benefit to you is a broadersuite of services, real-time market knowledge and trend analysis that smaller, more

localized firms, may not provide.

Get to know Bradley Company.

OUR COMPANY

©2020 Bradley Company, LLC and affiliates. Use of any third party name or mark is for informational purposes only and does not indicate sponsorship or endorsement by such party.Not all information has been independently verified, and the presenting broker makes no guarantee about its accuracy. Any projections, opinions, or estimates are for example only.Before completing a real estate transaction, you and your advisors should conduct an independent investigation of the property to determine its suitability for your needs.

Rev. 04/13

CONFIDENTIALITY AGREEMENT

FOR RELEASE OF PROPERTY INFORMATION

BROKER: Bradley Company, LLC (“Broker”)

REQUESTING PARTY: ___________________________ (“Requesting Party”)

PROPERTY: 5000 Hakes Dr., Norton Shores, MI, 49441

This Confidentiality Agreement (the “Agreement”) is made and agreed to by Bradley Company, LLC (“Broker”) and the Requesting

Party, as identified above. Broker previously executed an exclusive listing contract with the owner of the Property identified above

(the “Owner”). Broker hereby discloses that it is an agent of Owner. The term Broker shall include Broker’s respective real estate

licensees.

Requesting Party now requests certain information regarding the Property for the purpose of evaluating a possible acquisition or lease

of the Property. Owner has instructed Broker to release information regarding the Property, much of which is highly confidential, only

to parties who have executed a confidentiality agreement. Requesting Party, in exchange for the release of information regarding the

Property, now agrees to the following terms and covenants:

1. Requesting Party will not disclose, permit the disclosure of, release, disseminate, or transfer any information obtained hereunder

(“Information”) to any other person or entity.

2. If Requesting Party is a corporation, partnership, limited liability company, or other non-natural legal entity, the person(s) signing

this Agreement on its behalf will take all appropriate precautions to limit the dissemination of the Information only to those

persons within the entity who have need to know of the Information and who are specifically aware of the Agreement and agree

to honor it.

3. This Agreement applies to all Information received from Broker, now or in the future, which is not readily available to the general

public. Requesting Party understands that all Information shall be deemed confidential, valuable, and proprietary such that its

unauthorized disclosure, even without intent to harm, could cause substantial and irreparable harm to Owner and Broker.

4. All Information shall be used for the sole purpose of evaluating the potential acquisition of the Property, and it shall not at any

time or in any manner be used for any other purpose.

5. Requesting Party shall not contact concerning the Property any persons other than Broker without Broker or Owner’s written

permission. Such persons include, without limitation, Owner’s employees, suppliers, and tenants.

6. Requesting Party acknowledges that it is a principal and not an agent on behalf of any other party in conjunction with the

purchase of the Property (except advisors working on behalf of their pension fund clients).

7. Neither Broker nor Owner makes any representations or warranty, express or implied, as to the accuracy or completeness of any

Information provided. Requesting Party assumes full and complete responsibility for confirmation and verification of all

Information received and expressly waives all rights of recourse against Broker and Owner with respect to the same.

8. The obligations of confidentiality undertaken pursuant to this Agreement shall survive any expiration or termination of Broker’s

listing contract with Owner.

9. The person signing on behalf of Requesting Party represents that he or she has the authority to bind the Requesting Party.

10. This Agreement shall be governed and construed in accordance with the laws of the State of Michigan.

REQUESTING PARTY NAME

x

REQUESTING PARTY SIGNATOR

SIGNATOR’S PRINTED NAME

SIGNATOR’S TITLE

CONFIDENTIALITY AGREEMENT


TO BE THE PREMIER REAL ESTATE FIRM IN THE MIDWEST.DELIVERING INNOVATIVE SOLUTIONS TO OUR CLIENTS AND PARTNERS.

Documents

HORIZON BUILDING · 2020. 3. 11. · PROPERTY SUMMARY Located in a private Norton Shores setting adjacent to the Muskegon County Airport, this Class A office building offers tenants