175 running hill rd om · residential communities and a vibrant business environment, 175 running...
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175 RUNNINGHILL ROAD
SOUTH PORTLAND | MAINE
OFFERING MEMORANDUM
TABLE OF CONTENTS
1 . INVESTMENT HIGHLIGHTS 2. EXECUTIVE OVERVIEW 3. ASSET OVERVIEW 4. MARKET OVERVIEW 5. AERIAL 6. TENANT SUMMARY 7. FINANCIAL ANALYSIS
CONTACT USJoseph Porta, SIORBroker, OwnerC: 207-712-6390O: [email protected]
Charles W. DayBrokerC: 207-838-3335O: [email protected]
INVESTMENT HIGHLIGHTS
Class A Office Asset First-class, 62,615 square foot, three-story officeproperty featuring prominent building andmonument signage, an on-site deli and 13 acres ofwell-landscaped grounds just six miles fromDowntown Portland in southern Maine
Averaging 20,875 square feet, the asset'sfloor plates feature exceptional flexibility fora variety of single or multi tenant layoutswith abundant natural light and 11' slab-to-slab ciling heights
Flexible Floor Plates
Value Creation OpportunityUpside potential via the ability to develop ahighly-visible, 2.1 acre outparcel with flexiblezoning for restaurant, retail, bank with adrive-thru, hotel or office use
Unmatched Accessibility
Strong Market Fundamentals
Amenity-RichEnvironment
Immediately surrounded by a thriving business hubhighlighted by Amica, Anthem BlueCrossBlueShield, ON Semiconductor (Formerly Fairchild),IDEXX, Texas Instruments, Unum and WEX
Conveniently situated at a signalized intersectionwith immediate proximity to the Maine Turnpike(Interstate 95), Instersate 295 and the PortlandInternational Jetport
Surrounded by one of southern Maine'slargest shopping, dining andentertainment clusters, which isanchored by the 1.2 million square footMaine Mall, the largest mall in the state
EXECUTIVE SUMMARY
Porta & Co. has been exclusively retained to sell 175 Running Hill Road, a 62,615 square foot Class A office building located six miles fromDowntown Portland in South Portland, Maine. The offering features strong in-place cash flow with 80% occupancy by two credit-rated Fortune500 firms – The Hartford and Liberty Mutual. – complemented by upside potential via the development of a 2.1-acre outparcel. Boasting anexceptional location in southern Maine’s premier retail hub with superior proximity to major highways, the Portland International Jetport, keyresidential communities and a vibrant business environment, 175 Running Hill Road clearly represents an attractive investment or owner-useropportunity.FLEXIBLE FLOOR PLATES175 Running Hill Road boasts a number of highly desirable features that are consistently sought after by today’s tenant base. Most notably, thebuilding enjoys easily subdivisible floor plates that average 20,875 square feet. It can therefore accommodate a variety of single- or multi-tenant layouts. Additionally, 175 Running Hill Road’s large windows and 11’ slab-to-slab ceiling heights provide abundant natural light. UPSIDE OPPORTUNITY: HIGHLY-VISIBLE OUTPARCELComplementing its in-place income, the 175 Running Hill Road offering includes a 2.1-acre outparcel that is primed for development. Thishighly-visible pad site is well located at a signalized intersection just off the Maine Turnpike along Running Hill Road. It is also situated directlyacross from Maine Crossing, a 274,000 square foot, open-air shopping center anchored by Target’s top-producing store in the state. WithProfessional Office zoning, the outparcel presents attractive flexibility for accommodating a variety of uses – restaurant, retail, bank with drivethrough, hotel or office. Future ownership will therefore be well positioned to augment and diversify the offering’s cash flows.
ASSET OVERVIEW
PropertyAddress: Land Area: Zoning:
Building Profile: Year Built: Number of Floors: Rentable Area: Average FloorSize:
Structure: Foundation: Façade: Roof: Windows: Floor Coverings: Slab to SlabHeight: Parking:
Elevators: HVAC Systems: Electric Service: Safety: Security: Utilities:
SITE DESCRIPTION IMPROVEMENT DETAILS
CONSTRUCTION
BUILDING SYSTEMS
175 Running Hill Road, South Portland,ME 13.09 acres PO - Professional Office
Masonry & Steel Basement & Floor 1 slabs on grade; Floors2-3 are steel frames with concrete slab floors on barjoists Metal studs with gypsum drywall on the interior,insulation between the studs and metal panels onexterior Main Roof: inverted rubber membrane roof, rigidinsulation boards, filter fabric and stone ballast ontop of membrane, installed 1984; Lower Roof: TPOmechanically attached membrane with taperedinsulation, installed 2006 - warranty through 2021 Pre-finished aluminum with painted wood sills Carpet, tile, VCT Floor 1: 14'-17'6"; Floor 2-3: 11'8" 350 Surface Spaces
A three-story, 62,615 square foot, class A officebuilding 1984, redeveloped 2005 Three (3) plus partial basement 62,615± square feet 20,872± square feet
Two Westinghouse hydraulic elevators, new cabs 2005 Gas and electric system, 81 Trane water source heatpumps, 4 gas/electric rooftop units, Trane 2005 makeupair unit with mixed central outside air that providesheating and cooling, rooftop exhaust fans, Marlaycooling tower, circulating pumps, gas-fired boilers (onereplaced 2014), condenser unit, and heat exchanger Three phase, 120/208 and 277/480 volt conductors Fully sprinkled, wet system and a fire pump Controlled by timer, unlocked M-F from 6:45am -7:00pm; after hours via card system Electric - CMP; Gas - Unitil; W&S - City of SouthPortland; Telecom - Spectrum
MARKET OVERVIEW
GREATER PORTLAND | MARKET
This site is an opportunity for an investor or owner/userto enter the heart of Southern Maine’s class A officemarket. As a whole the Southern Maine office marketencompasses 12,415,133 square feet of office space. Inthe Maine Mall area sub-market alone there is2,029,534 square feet of office space. In recent yearsthe market has posted consistent single digit vacancyrates in the office market, decreasing down to 3.94% in2018 showing it is a desirable market. Located one hourand forty ve minutes north of Boston (100 miles), thesite is located around the Maine Mall area, boastingsome of Maine’s highest traffic counts and convenientaccess to both the Turnpike and Interstate. Portland isconsidered the epicenter of the Maine economy with itsgreater community experiencing a boom in populationover the past ve years. The Greater Portland marketconsists of roughly 522,100 residents representingnearly 38% of Maine’s population. The Maine Mall and its surrounding area provides a mixof both business and retail and is considered one of thestate's premier destinations. While the retail is anchoredby the 1.2 million square foot Maine Mall, the area alsofeatures other shopping plazas, box retailers, localeateries and hotels. 175 Running Hill Road isimmediately surrounded by a thriving business hubhighlighted by; Unum, Wex, Texas Instruments, NewYork Life, On Semiconductor and Blue Cross BlueShield. Situated just across the Fore River fromdowntown Portland, this location is a 10 minute drivefrom the vibrant city center.
Greater Portland: Maine's Primary Economic Driver
MARKET OVERVIEW - AERIAL
Site
THE MAINE MALL
TENANT SUMMARY
Liberty Mutual Group, is an American diversified global insurer, and the fourth-largest property and casualty insurer in theUnited States. It ranks 68th on the Fortune 100 list of largest corporations in the United States. Based in Boston,Massachusetts, it employs over 50,000 people in more than 900 locations throughout the world. The company, founded in1912, offers a wide range of insurance products and services, including personal automobile, homeowners, workers'compensation, commercial multiple peril, commercial automobile, general liability, global specialty, group disability, fire andsurety.
The Hartford Financial Services Group, Inc., usually known as The Hartford, is a United States-based investment andinsurance company. The Hartford is a Fortune 500 company headquartered in its namesake city of Hartford, Connecticut. Itwas ranked 156th position in Fortune 500 in the year of 2018. The company’s earnings are divided between property-and-casualty operations, group benefits and mutual funds. The Hartford is the 12th-largest property and casualty company in theUnited States. They sell products primarily through a network of agents and brokers, and have also been the auto and homeinsurance writer for AARP members for more than 25 years.
FINANCIALS
PLEASE SEE BROKER FORFINANCIALS
THIS INFORMATION HAS BEEN OBTAINED FROM SOURCES BELIEVED RELIABLE AND IS INTENDED FOR INFORMATIONAL USE
ONLY. THE INFORMATION CONTAINED HEREIN HAS NOT BEEN VERIFIED FOR ACCURACY OR COMPLETENESS. IT IS
RECOMMENDED THAT PROSPECTIVE BUYERS CONDUCT THEIR OWN INSPECTION OF THE PROPERTY AND VERIFY ALL
INFORMATION. ANY RELIANCE ON THIS INFORMATION IS SOLELY AT YOUR OWN RISK. PHOTOS HEREIN ARE THE PROPERTY OF
THEIR RESPECTIVE OWNERS. USE OF THESE IMAGES WITHOUT THE EXPRESS WRITTEN CONSENT OF THE OWNER IS
PROHIBITED. ALL DOCUMENTATION AND INFORMATION CONTAINED HEREIN REMAINS THE PROPERTY OF PORTA & CO AND
SHALL BE KEPT CONFIDENTIAL. REPRODUCTION OF ANY PART OF THIS DOCUMENT IS AUTHORIZED ONLY TO THE EXTENT
NECESSARY FOR ITS EVALUATION. ALL RIGHTS RESERVED.
CONTACT USJoseph Porta, SIORBroker, OwnerC: 207-712-6390O: [email protected]
Charles W. DayBrokerC: 207-838-3335O: [email protected]