SVN Live 10.28.24 Weekly Property Broadcast
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The document outlines economic updates impacting the US office sector, highlighting opportunities for new funding mechanisms due to upcoming loan maturities. It discusses the performance of higher-quality office assets amidst the work-from-home trend and suggests the risk for new loans is decreasing as valuations adjust. Additionally, it features several property transactions, providing details on sale prices and characteristics of each listing.
SVN Live 10.28.24 Weekly Property Broadcast
- 1. W E E K L Y P R O P E R T Y B R O A D C A S T DATE dsafsdfd October 28, 2024
- 2. W W W . S V N . C O M E C O N O M I C U P D A T E S P R O V I D E D B Y
- 3. E C O N O M I C U P D A T E S W W W . S V N . C O M P R O V I D E D B Y ● Work-from-home headwinds and elevated interest rates have stifled the US Office sector — but a recent report by Hines delves into why an upcoming wave of loan maturities may create an opportunity for new funding mechanisms. ● The analysis discusses signs of higher-quality office assets performing well in the new work-from-home normal. Class A buildings represent roughly 27% of the US Office stock. ● With valuations down and the work-from-home shift largely priced in, the risk is falling for newly originated loans, and lower LTVs could mitigate the risk of any principal loss. Higher yields on debt may also provide further cushioning. ● As property owners look to fill the gap between equity and what is likely to be smaller senior mortgages, funding opportunities in the mezzanine are likely to multiply, the analysis finds. Debt Market Opportunities in the Office Market
- 4. W W W . S V N . C O M C L O S E D TRANSACTION S
- 5. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Sale Price Size Price/SF Cap PROPERTY DETAILS TRANSACTION HIGHLIGHTS $2,600,000 45,264 SF $57 ● Successfully helped buyer acquire this asset at $52k a door with rents at $1k ● 30 minutes from Ford's $5.2 billion Blue Oval City MULTIFAMILY | 2105 SAINT JOHN AVE | DYERSBURG, TN SVN | ACCEL COMMERCIAL REAL ESTATE Brian Truman brian.truman@svn.com 615.260.2121 Kunal Patel kunal.patel@svn.com 731.613.5487 8%
- 6. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Sale Price Size Price/Acre PROPERTY DETAILS TRANSACTION HIGHLIGHTS $2,250,000 23.7 acres $94,937 ● 100 number of lots ● Fully approved planned development project ● 100% uplands ● Located on Buck Moore Rd in Lake Wales, FL ● Median income within one mile is $78,127 ● One hour to South Orlando and the attractions area ● 27,251 people Live Within Three Miles ● Easy Access to State Road 60 and Burns Ave LAND | 0 BUCKMOORE RD | LAKE WALES, FL SVN | SAUNDERS RALSTON DANTZLER Clay Taylor, ALC clay.taylor@svn.com 863.224.0835
- 7. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Sale Price Size Price/SF PROPERTY DETAILS TRANSACTION HIGHLIGHTS $1,990,000 37,175 SF $54 ● 37,175 SF consisting of 345 units units sitting on 4.65 ● The property is set up on a third party management system ● Fenced with an Automatic Gate System SELF STORAGE | 2141 WOODLAND WAY | JACKSON, MS SVN | WILSON COMMERCIAL GROUP, LLC Kristen Asman kristen.asman@svn.com 614.370.9077 SVN | TOOMEY PROPERTY ADVISORS Kateleigh Calloway kateleigh.calloway@svn.com 205.937.2299 Justin Toomey justin.toomey@svn.com 251.544.5484
- 8. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Sale Price Size Price/SF Cap PROPERTY DETAILS TRANSACTION HIGHLIGHTS $1,250,000 15,000 SF $83 ● Currently leased to the United States Postal Service ● Lease pays $165,000 per year modified gross ● Underlying land is subject to a long-term ground lease from Hernando County INDUSTRIAL | 16150 AVIATION LOOP DR | BROOKSVILLE, FL SVN | SAUNDERS RALSTON DANTZLER Tyler Davis, ALC tyler.davis@svn.com 205.441.8538 9.10%
- 9. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Sale Price Size Price/SF Cap PROPERTY DETAILS TRANSACTION HIGHLIGHTS $1,200,000 4,598 SF $261 ● Absolute NNN lease, 2.5% annual increases and over 8 years remaining on initial term ● Tenant, Nectar, multi-state cannabis operator with +43 retail stores across 3 states ● Corporate guarantee SINGLE TENANT INVESTMENT | 3405 WERK RD | CINCINNATI, OH SVN | SUMMIT COMMERCIAL REAL ESTATE ADVISORS Nichole Booker, PhD nichole.booker@svn.com 330.475.5500 Jenna Tharp jenna.tharp@svn.com 231.633.1642 9.8%
- 10. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Sale Price Size Price/SF Cap PROPERTY DETAILS TRANSACTION HIGHLIGHTS $1,150,000 8,938 SF $129 ● (8) 1 bedroom 1 bathroom apartment units ● (20) mini storage units ● Improvements include a new roof in 2017, new windows, siding and sprinkler system in 2018 ● Convenient access to local parks, schools, shopping centers, five universities, and Downtown Spokane MULTIFAMILY | 1017 N CRESTLINE ST. | SPOKANE, WA SVN | CORNERSTONE Jordan Lester, MBA, CCIM jordan.lester@svn.com 509.496.6922 7.35%
- 11. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Sale Price Size Price/Acre PROPERTY DETAILS TRANSACTION HIGHLIGHTS $1,077,500 15.76 acres $68.369 ● Sold to St John Properties for commercial development ● 125,000 SF flex development slated for mid 2025 delivery ● Retail pad available at lighted intersection ● Located at the entrance to the Westwood Commerce Park ● Additional acreage available for development LAND | ROUTE 50 & NAYLOR MILL RD | SALISBURY, MD SVN | MILLER COMMERCIAL REAL ESTATE John McClellan, CCIM, SIOR john.mcclellan@svn.com 410.543.2428 Kelly Jeter kelly.jeter@svn.com 410.543.2440
- 12. F E A T U R E D INVENTORY W W W . S V N . C O M
- 13. F I N A N C I A L S U M M A R Y F E A T U R E D I N V E N T O R Y F I N A N C I A L S U M M A R Y B U Y - S I D E C O M M I S S I O N W W W . S V N . C O M $232,900 $11,645,000
- 14. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Price Buy Side Fee Size Price/SF Cap PROPERTY DETAILS All SVN® offices are independently owned and operated. © 2024 SVN International Corp. PROPERTY HIGHLIGHTS OFFICE | 1901 KRUTCHEN CT S | SARTELL, MN $4,225,000 $84,500 23,598 SF ● 100% occupied ● NNN Leases ● Newly renovated in 2024 ● Tenant contribution to updates proving commitment to tenancy ● Less than a mile from the new U of M Medical Campus under construction ● Strong credit tenants $179 8% SVN | GC REAL ESTATE Kate Hanson, CCIM kate.hanson@svn.com 320.420.6485 Terrie Schramel terrie.schramel@svn.com 320.290.6535
- 15. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Price Buy Side Fee Size Price/SF PROPERTY DETAILS All SVN® offices are independently owned and operated. © 2024 SVN International Corp. PROPERTY HIGHLIGHTS GOLF & RESORTS | 200 MN-28 | MORRIS, MN $3,995,000 $79,900 67,000 SF ● 3.99x Rev Multiplier; $43,424/key ● Turnkey Opportunity: Over $3M invested in improvements since 2021 ● Significant Upside: Only a portion of the hotel rooms have been available to be rented since the hotel opened in 3/2023 ● Good Candidate for a Flag ● Conversion Possible: Well-situated to be converted to a rehab center, or multifamily ● Development potential exists on the nearly 6-acre lot $60 8% SVN | NORTHCO Edward Rupp edward.rupp@svn.com 952.820.1634 Mark Battles mark.battles@svn.com 952.820.1633
- 16. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Price Buy Side Fee Size Price/SF PROPERTY DETAILS All SVN® offices are independently owned and operated. © 2024 SVN International Corp. PROPERTY HIGHLIGHTS OTHER | 8400 SOUTH BLACKSTONE AVENUE | CHICAGO, IL $1,975,000 $39,500 90,638 SF ● 5 buildings + parking lot ● School income in place ● Great redevelopment opportunity ● 90,000+ total building SF $22 6.20% SVN | CHICAGO COMMERCIAL Paul Cawthon paul.cawthon@svn.com 630.640.1001 Angelo Labriola angelo.labriola@svn.com 708.307.7529
- 17. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Price Buy Side Fee No. of Units Price/Units PROPERTY DETAILS All SVN® offices are independently owned and operated. © 2024 SVN International Corp. PROPERTY HIGHLIGHTS MULTIFAMILY | 1329 W 18TH STREET | CHICAGO, IL $1,450,000 $29,000 6 units ● Prime 18th Street Corridor in Pilsen ● Newer renovation in 2017 with updated electric & plumbing ● Spacious & modernized units with on-site laundry ● Possibility to owner-occupy the retail unit (C1-2 Zoning) ● Garage parking in rear + full basement for additional space $241,667 11.02% SVN | CHICAGO COMMERCIAL Paul Cawthon paul.cawthon@svn.com 630.640.1001 Angelo Labriola angelo.labriola@svn.com 708.307.7529
- 18. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Price Buy Side Fee Size PROPERTY DETAILS All SVN® offices are independently owned and operated. © 2024 SVN International Corp. PROPERTY HIGHLIGHTS OTHER | 2401 WEST CONGRESS PARKWAY | CHICAGO, IL Subject to Offer 2% 50,500 SF ● Former school & rectory on hard signalized corner ● I-290 (Eisenhower Expressway) frontage ● Located within TOD & TIF District ● Elevator building + newer windows, roof & mechanicals ● 2 blocks to the IL Medical District 81,522 SF 6.20% SVN | CHICAGO COMMERCIAL Paul Cawthon paul.cawthon@svn.com 630.640.1001 Angelo Labriola angelo.labriola@svn.com 708.307.7529
- 19. F O R J O I N I N G U S T H A N K Y O U
- 20. Please visit www.svn.com for more information on the properties featured on today’s call and to view all of SVN’s active listings. DISCLAIMER This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. All SVN® offices are independently owned and operated.