confidential offering memorandum atrium i · 2020. 8. 20. · at 97.6% occupancy, atrium i offers...

CONFIDENTIAL OFFERING MEMORANDUM

ATRIUM I1000 Atrium Way, Mt. Laurel, NJ

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5 Executive Summary

11 Property Description

17 Area Overview

29 Market Overview

41 Tenant Analysis

51 Financial Summary

TABLE OF CONTENTS

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EXECUTIVE SUMMARY

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OVERVIEWJones Lang LaSalle (“JLL”), as exclusive representative, is pleased

to present the opportunity to acquire Atrium I (the “Property”),

a 99,668 square foot, 97.6% leased, Class A office building in

the best submarket in Southern New Jersey. Located in the

heart of the “3M submarket” at 1000 Atrium Way in Mount

Laurel, Burlington County, New Jersey, Atrium I is prominently

positioned at the entrance to Horizon Corporate Center and

benefits from great visibility and access on Route 73.

As leasing fundamentals continue to improve, specifically in

the 3M submarket, the Property is well positioned to capture

increasing rents as current leases expire. An investor has

the unique opportunity to generate impressive returns while

benefiting from an excellent location, a prestigious corporate

address and a strong tenant profile.

Address 1000 Atrium Way, Mount Laurel, NJ

Rentable Area 99,668

Occupancy 97.6%

Floors Five (5)

Year Built 1985; Renovated in 2008

Parking 498 Spaces; 5.0 spaces per 1,000 SF

PROPERTY HIGHLIGHTS


73

73

ATRIUM WAY

CRAWFORD PL

DIEM

ER DR

PACILLI PL

COMMERCE PKWY

CHURCH RD

CHURCH RD

295295

ATRIUM I 1000 Atrium Way, Mt. Laurel, NJ page 6EXECUTIVE SUMMARY

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INVESTMENT HIGHLIGHTS

DIVERSE, CREDIT TENANCYAtrium I is 97.6% leased to a healthy mix of professional tenants which mitigates risk by representing a variety of different industry sectors. The table below identifies the credit tenants at the Property, totaling 33,171 SF or 34% of the leased area. All of the credit tenants, New York Life Insurance Co. (13,975 SF or 14% of the total square footage), Ameriprise Holdings, Inc (9,526 SF or 10% of the total square footage) and Marsh & McLennan Agency (9,670 SF or 10% of the total square footage) recently renewed their leases and now have lease expirations in May 2023, June 2021 and September 2022, respectively.

TOTAL SF % SF EXP MOODY'S S&P

New York Life Insurance Co. 13,975 14% May-23 Aaa AA+ A++

Ameriprise Holdings, Inc. (Ameriprise Financial, Inc.)(1) 9,526 10% Jun-21 A3 A NR

Marsh & McLennan Agency 9,670 10% Sep-22 Baa2 A- NR

33,171 34%

Footnote:(1) Ameriprise Holdings, Inc. currently leases 11,886 SF. The tenant will surrender 2,360 SF on the surrender space termination date leaving 9,526 SF. This analysis assumes that the surrender space termination date is 7/2014 based on the commencement of the extension term.

TENANTS AM BEST

CORE PLUS INVESTMENT OPPORTUNITYAt 97.6% occupancy, Atrium I offers surety of income with the opportunity to increase returns over the hold period. As leasing fundamentals continue to improve in the 3M submarket, the Property is well positioned to capture increasing rents with approximately 45% of the currently leased space rolling by year 3 of the hold period.

page 7

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“3M” SUBMARKETThe 3M submarket (Mt. Laurel, Moorestown,

& Marlton) has always been the most

desired location for tenants looking for

space in Southern New Jersey. Submarket

fundamentals continue to improve within the

3M submarket, specifically for Class A space.

The best buildings in Mt. Laurel, Moorestown

and Marlton command the first (and last)

look from most tenants in the market and

achieve the highest rents of any properties

in Southern New Jersey. With limited new

construction on the horizon, Class A vacancy

rates are forecasted to continue to decline

and Class A rental rates are expected to move

upward in the near term.

Dover

Millville

Vineland

Atlantic City

Newark

Wilmington

Chester

Norristown

Reading

Trenton

Long Branch

Philadelphia

DEL

PENNSYLVANIA

NEW JERSEY

295

295

95

95

95

476

276

206

9

30

40

13

1

322

130

PENNA

TURN-PIKE

Mt. Laurel / Marlton / Moorestown


STRATEGIC LOCATION WITH EXCEPTIONAL ACCESSIBILITY AND VISIBILITYLocated at the entrance to the Horizon Corporate Center, the Property has frontage on Route 73 at a signalized intersection enabling tenants ease of access

from the North and South. Exit 4 of the New Jersey Turnpike and Exit 36 of Route 295 are both less than one mile away providing immediate access to

Philadelphia, Princeton and New York. Atrium 1 is conveniently located in close proximity to a wide range of restaurants, shopping centers and hotels.

RECENT CAPITAL IMPROVEMENTSCurrent Ownership has recently completed a two million dollar renovation of the Property, bringing Atrium I to the forefront of Class A office

properties in Southern New Jersey. The five story building boasts a grand atrium lobby, newly appointed restrooms and elevator cabs inside its tinted

spandrel glass facade.

ATRIUM I 1000 Atrium Way, Mt. Laurel, NJ page 8EXECUTIVE SUMMARY

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Transaction GuidelinesAs exclusive agent, Jones Lang LaSalle is presenting Atrium I

to select investors registered via a confidentiality agreement.

The sale is being offered on an “as-is” basis and the marketing

process will be governed by a date certain bid process.

Jim Vesey

Managing Director

Tel: 215.988.5511

[email protected]

James Galbally

Senior Vice President

Tel: 215.988.5551

[email protected]

Douglas Rodio, CCIM

Senior Vice President

Tel: 215.988.5572

[email protected]

John Plower

Vice President

Tel: 215.399.1804

[email protected]

Rick Widerman

Executive Vice President

Tel: 856.324.5301

[email protected]

Dan Close

Senior Associate

Tel: 856.324.5306

[email protected]

Sales Transaction Advisors

Leasing Market Advisors

page 9

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PROPERTY DESCRIPTION

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PROPERTY OVERVIEWLocated at the entrance to the Horizon Corporate Center, the Property has frontage on Route 73 at a signalized intersection enabling tenants ease of

access from the North and South. Exit 4 of the New Jersey Turnpike and Route 295 are both less than one mile away providing immediate access to

Philadelphia, Princeton and New York. Atrium I is conveniently located in close proximity to a wide range of restaurants, shopping centers and hotels.

Current Ownership has recently completed a two million dollar renovation of the Property, bringing Atrium I to the forefront of Class A office properties in

Southern New Jersey. The five story building boasts a grand atrium lobby, newly appointed restrooms and elevator cabs inside its tinted spandrel glass facade.

PROPERTY ADDRESS: 1000 Atrium Way, Mount Laurel, Burlington County, New Jersey 08054

LAND AREA: 6.72 acres

NUMBER OF BUILDING(S): One (1)

NUMBER OF STORIES: Five (5)

YEAR BUILT: 1985

RENOVATED: 2008

SQUARE FOOTAGE: 99,668

FLOORPLATE: + / - 25,000 SF

CEILING HEIGHT: 12’ to deck

COLUMN SPACING: 25’ x 30’

FLOOR LOADS: 80 pounds per square foot

PARKING: 498 uncovered spaces

ACCESS: Two primary entrances: front and rear through two sets of glass/steel frame double entry doors to the lobby

TAX PARCEL: 24-01300-01-00001

BLOCK / LOT: 1300 / 1

ATRIUM I 1000 Atrium Way, Mt. Laurel, NJ page 12PROPERTY DESCRIPTION

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STRUCTURE SYSTEM

MECHANICAL, ELECTRICAL, PLUMBING SYSTEMS

FOUNDATION: Poured slab

FRAMING: Structural steel frame with metal decking and poured concrete floor

EXTERIOR WALLS: Aluminum frame glass panel façade with spandrel glass

ROOF: Original 1985 - asphalt membrane with aluminized coating

DOORS: Three tube, vinyl baseboards and solid-core fire-rated suite entry doors

HVAC: The HVAC system is comprised of two roof top units - 100 ton each; 2 additional 25 ton roof top units serving the top floor

PLUMBING: Domestic hot and cold water distribution piping is hard drawn copper tubing; Sanitary, waste and vent piping systems are a mixture of cast iron and schedule 40 PVC

ELECTRICAL SERVICE: 277/480 volt, 3 phase, 4 wire, 3000 amp each floor

ELEVATOR: 2 Passenger and 1 freight car; Dover hydraulic 2500 pound load on passenger cars and 3500 pound on freight car

LIFE SAFETY: Fully wet-sprinklered, monitored by a central station; Pull stations for alarm are located near stairwells; Audible alarm system includes strobes, bells and sirens; Standpipes are located in the stairwells

EMERGENCY GENERATOR: Diesel powered fire panel and stairwell; emergency lights are on generator - Oman 30 KVA

SECURITY: Kastle Systems card access door system

page 13

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SITE PLAN


ATRIUM WAY

DIE

MER

DR

ATRIUM WAY

73

73

ATRIUM I 1000 Atrium Way, Mt. Laurel, NJ page 14PROPERTY DESCRIPTION

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INTERIOR DETAIL

FLOOR COVERING: Commercial grade carpet

WALLS: Painted sheetrock walls

CEILINGS: 2’x2’& 2’x4’ inlaid acoustical tile ceiling with exposed grid system

LIGHTING: Flush mounted florescent lighting

LOBBIES: Commercial grade carpet, tile floor, drywall with vinyl wall-covering and vinyl baseboards

page 15

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AREA OVERVIEW

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PHILADELPHIA MSA

Stretching from Princeton, New Jersey to Wilmington, Delaware, the nation’s fifth largest

metropolitan region is:

• A global center for financial, legal and professional services

• A model for advanced manufacturing practices

• A leader in life sciences and information technology

• A regional hub for higher education and health service

Education & Healthcare Year-Over-Y ear Change in Employment

Chan

ge in E

mp

loym

ent

fro

m P

revi

ous

Year

Source: Total Full-time and Part-time Employment by NAICS Industry , U.S. Bureau of Economic Analysi s

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

-6%

-4%

-2%

0%

2%

4%

6%

2.9%3.4% 3.6% 3.6%

Philadelphia Metro Area Outside Philadelphia

1.4%2.0%

2.9%

-0.9%1.5%

EDUCATION & HEALTHCARE YEAR-OVER-YEAR CHANGE IN EMPLOYMENTEDUCATION & HEALTHCARE YEAR-OVER-YEAR

CHANGE IN EMPLOYMENTPHILADELPHIA & METRO AREA EMPLOYMENT IN SELECT INDUSTRIES, 2011

Source: Total Full-time and Part-time Employment by NAICS Industry , U.S. Bureau of Economic Analysis

Philadelphia Metro Area Outside Philadelphia

% of Regional Jobs in Philadelphia

Office

Transportation & Trade

Education & Healthcare

Leisure & Hospitality

671,737

146,534 (21.8%)

(21.5%)

(57.5%)

(34.8%)

100,291

236,814

72,293

467,219

411,884

207,480

PHILADELPHIA & METRO AREA EMPLOYMENT IN SELECT INDUSTRIES, 2011

Atrium I is located in Mount Laurel,

Burlington County, New Jersey. The

Property is located in the area defined as

the Philadelphia-Camden-Wilmington

Metropolitan Statistical Area, comprised of

nine counties in southeast Pennsylvania,

Delaware and Southern New Jersey. MSA

population is approximately 6.0 million,

making it the fifth largest metro area in the

United States.

Philadelphia is the largest city in

Pennsylvania, the sixth most populous city

in the United States and the fourth largest

urban area in the nation by population

making the city of Philadelphia the

primary focus of the area and the hub of

transportation, culture and industry.

There are over 100 Fortune 500 companies

located within a 200 mile radius of Center

City Philadelphia. Diverse workforce base

with high concentration of Education and

health services employment ‘Eds and Meds’

have emerged as principal drivers of the

local economy.

ATRIUM I 1000 Atrium Way, Mt. Laurel, NJ page 18AREA OVERVIEW

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Gloucester

Camden

BurlingtonDelaware

PhiladelphiaChester

NewCastle

Montgomery

Bucks

295

295

76

95

95

695

83

78

7881

95

476

476

276PENNA

TURN-PIKE


page 19

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FORTUNE 500 COMPANIES IN THE PHILADELPHIA METRO AREA (PA AND NJ)

BUILDING RANK LOCATION

AmerisourceBergen 29 Chesterbrook, PA 80,217

Comcast 49 Philadelphia, PA 55,842

Sunoco 61 Philadelphia, PA 45,765

Aramark 204 Philadelphia, PA 13,244

Lincoln National 247 Radnor, PA 10,635

Crown Holdings 296 Philadelphia, PA 8,644

Campbell Soup 334 Camden, NJ 7,707

Universal Health Services 339 King of Prussia, PA 7,534

UGI 403 King of Prussia, PA 6,091

SunGard Data Systems 480 Wayne, PA 4,991

Source: CNN Money.com

COMPANY REVENUE (IN MILLIONS)


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BURLINGTON COUNTYCentered within one of the best-connected regions along the Northeast corridor, Burlington County offers easy access to an extensive network of road, rail,

air and seaport facilities. Minutes from Philadelphia and only a few hours from Washington, New York and Boston, Burlington County is the state’s largest,

encompassing approximately 827 square miles. The County is bordered by Mercer County from the north, Monmouth County from the northeast, Ocean

County from the east, Atlantic County from the southwest, and Camden County to the west.

Agriculture remains a prevalent facet of Burlington County Industry. It is the second largest cranberry producing county in the United States. More

Burlington County acres are devoted to farming than any other county in the state, but there is also considerable manufacturing, particularly along the

Delaware River front. Balancing the vast spans of farmland in the county is the forward-thinking technology industry with a continually expanding high

tech corridor.

HISTORY

1677: City of Burlington founded

1678: Early settlers, Quakers,

formally established their

congregation

1681: Burlington County established,

named after a district in the English

east-coast town of Bridlington

1960s and 1970s: Urban renewal

& flood control projects resulted

in amenities such as Burlington’s

Waterfront Park

Today: Largest county (by area) in NJ

CURRENT POPULATION:

451,336PROJECTED EMPLOYMENT GROWTH (2010-2020) LARGEST MUNICIPALITIES 2011

• Evesham (45,755)

• Mount Laurel (41,862)

• Willingboro (31,844)

• Pemberton Twp (27,944)

• Medford Twp (23,277)

Burlington 10.2%

New Jersey 7.7%

page 21

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LABOR FORCE & EMPLOYMENT

CURRENT CIVILIAN LABOR FORCE

239,200TOTAL EMPLOYED

220,300

UNEMPLOYMENT RATE

7.9%PER CAPITA PERSONAL INCOME

$36,101

7.8% NJ

7.0% US

$36K NJ

$28K US

MAJOR PRIVATE SECTOR EMPLOYERSCompany Industry Employment

Lockheed Martin Aerospace/Defense 3,500

Virtua Memorial Hospital Gen Med/Surgical Hospital 3,300

Burlington Coat Factory Retail & Apparel 2,000

PHH Corporation Mortgage Broker 2,000

Deborah Heart and Lung Center Healthcare 1,300

Lourdes Medical Center Healthcare 1,300

CVS Caremark Distribution Healthcare 1,200

MEDCO Healthcare 1,000

NADE Auto Auction Commercial 800

TD Bank Finance 700

LARGEST EMPLOYMENT SECTORS (TOP 5)Rank Sector Burlington NJ U.S.

1 Education & Healthcare Services 23% 23% 23%

2 Trade, Transportation & Utilities 20% 20% 20%

3 Professional & Business Services 13% 13% 11%

4 Financial Activities 8% 9% 7%

5 Manufacturing 8% 9% 10%

LARGEST OCCUPATIONS (TOP 5)Rank Occupation Burlington NJ U.S.

1 Office & Admin Support 18% 17% 16%

2 Sales & Related 12% 11% 11%

3 Transportation & Material Moving 8% 7% 7%

4 Education, Training & Library 6% 8% 6%

5 Food Prep & Serving Related 6% 7% 9%

FASTEST GROWING EMPLOYMENT SECTORS – 2010-2020Rank Industry New Employment

1 Professional and Business Services 7,150

2 Trade, Transportation, and Utilities 5,600

3 Education and Health Services 5,100

4 Construction 1,550

5 Leisure and Hospitality 1,450

EDUCATION ATTAINMENT

LARGEST SCHOOL DISTRICTS Total

Enrollment Average Combined

SAT score (US :1498) Lenape Regional 7215 1588 Pemberton Twp 4880 1369 Evesham Twp 4726 NA Willingboro Twp 4334 1192 Mount Laurel Twp 4201 NA

INSTITUTES OF HIGHER EDUCATION

ENROLLMENT Institute Type Under

graduate Graduate

Burlington County CC 2 Yr 10,278 NA Rutgers Univ (Camden ) 4 Yr 4,653 1,775

2012 AVG. W AGES

Occupation Burlington NJ Bus. & Fin. Operations $67,780 $75,330 Food Prep & Serving Related $21,730 $23,340 Healthcare Practitioners $84,240 $84,800 Instal, Maint, & Repair $47,790 $50,210 Management $123,230 $132,420 Office & Admin Support $35,680 $37,400 Personal Care & Service $25,930 $28,060 Production $35,710 $35,650 Sales & Related $40,970 $43,810 Trnsp & Material Moving $31,810 $33,230

COST OF DOING BUSINESS

UTILITIES

Type of Utility Utility Companies Gas PSE&G; South Jersey Gas; New Jersey

Natural Gas Electric PSE&G; JCP&L; Conectiv

Water/Sewer New Jersey American Water

TRANSPORTATION/MOBILTY

28 AVG COMMUTE TIME (MINS)

38,000

30 NJ 25 US

3.3% USE PUBLIC TRANSIT

CARPOOL

8%

MILES OF PUBLIC ROADS (STATEWIDE)

TRANSPORTATION SYSTEMS

11 Commuter Rail Lines (statewide)

1 Light Rail Line (River Line)

9 Bus Routes

VOCATIONAL SCHOOLS

Institute Enrollment

Burlington County Institute of Technology

2,126

(Medford and Westhampton)

ACCESS TO CONSUMERS (MILLIONS)

130 Within a day’s drive

MILEAGE TO NEAREST PORT

MILEAGE TO NEAREST AIRPORT

36 To Atlantic City Int’l Airport

19 To Camden Port

26 To Philadelphia Int’l Airport ABOUT PHILADELPHIA INT’L AIRPORT � 30.2 Million passengers (2012) � Ranked 18th in US for passenger

traffic

KEY RESOURCES & CONTACTS

TRACYE MCDANIEL | PRESIDENT AND CHIEF EXECUTIVE OFFICER MICHAEL CHROBAK | CHIEF ECONOMIC DEVELOPMENT OFFICER [email protected] 609-297-2200 www.ChooseNJ.com

ABOUT ATLANTIC CITY INTERNATIONAL AIRPORT � 5,300-acre site � 1.4 million passengers annually � Joint civil-military public airport

ABOUT PORT OF CAMDEN � 4 Terminals � 35 Tenants � Specializes in handling break-

bulk and container cargo � Nation’s leader in handling

import wood products

SOURCES: NJ Department of Labor & US Bureau of Labor Statistics; US Census Bureau, American Community Survey; NJ Monthly Magazine; NJ State Department of Education,; Board of Public Utilities; Tax Foundation; Infoplease.com; Travelmath; Hoovers; Institute for Energy Research; Data current as of September 2013

http://www.choosenj.com/nj -county-pro�les.aspx

EDUCATION ATTAINMENT

LABOR FORCE & EMPLOYMENT cont’d

8%

31%

20%

8%

22%

12% Less Than H.S.

H.S. Diploma

Some College

2 Yr. Degree

4 Yr. Degree

> 4 Yrs of College


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TRANSPORTATION/MOBILITYThe immediate area provides tremendous access via a combination of state routes and local roads. Major arteries include the New Jersey Turnpike,

Interstate 295, and Routes 70, 73, 130 and 38. The New Jersey Turnpike and Interstate 295.

MILES OF PUBLIC ROADS (STATEWIDE)

38,000

To Camden Port

To Philadelphia

Int’l Airport

TRANSPORTATION SYSTEMS

9

111

Buses Routes

Commuter Rail

Lines (statewide)

KEY ROADS (STATEWIDE)• Routes 70, 73, 130 and 38 • Garden State Parkway, NJ Turnpike, AC Expwy,

Palisades Interstate Pkwy• Interstates 76, 78, 80, 95, 195, 278, 280, 287,

295 and 676.

ABOUT PHILADELPHIA INT’L AIRPORT• 30.2 Million passengers (2012)• Ranked 18th in US for passenger traffic

ABOUT PORT OF CAMDEN• 4 Terminals• 35 Tenants• Specializes in handling breakbulk and

container cargo• Nation’s leader in handling import wood

products

AVG COMMUTE TIME (MINS)

28ABOUT ATLANTIC CITY INT’L AIRPORT• 5,300-acre site• 1.4 million passengers annually• Joint civil-military public airport

MILEAGE TO NEAREST AIRPORT

36

MILEAGE TO NEAREST PORT

19

26

30 NJ

25 US

Light Rail Lines

(River Line)

To Atlantic

City Airport

page 23

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MOUNT LAURELMount Laurel Township encompasses approximately 22 square miles,

and is home to approximately 41,000 residents. Most of the residential

housing is single-family homes, town houses and condominiums.

Mount Laurel Township is at about 80% built out with the residential

population expected to reach 45,000.

Mount Laurel is home to many of the top 50 south jersey employers

resulting in a transient work force population estimated at 60,000.

Top employers include: Lockheed Martin, TD Bank, Okidata, NFL Films

and PHH Mortgage.

The township is highly affluent, with over 40% of households earning

$100,000 per year or more. The average household income is

approximately 8% higher than surrounding Burlington County, and

31% higher than the National average.

The township has 22 area hotels/motels boasting over 2,600 rooms.

This is the third largest number of hotel rooms in New Jersey behind

only Newark and Atlantic City. Mount Laurel’s “Hotel Row” is part

of the Philadelphia Convention Center’s hotel system, due to its

convenient location near Route 295 and the New Jersey Turnpike, just

minutes from downtown Philadelphia.

State highway Routes 38 and 73, and interstate highways I-295

and the New Jersey Turnpike cross Mt. Laurel Township. The New

Jersey Turnpike Interchange 4 and the 4N Service Plaza are located

in Mt. Laurel.

2013 HOUSEHOLDS BY INCOME

BUILDINGUSA NJ

BURLINGTON COUNTY

$100,000 21.30% 34.70% 36.80% 40.20%

Median Household Income 51,314 68,482 76,902 82,048

Average Household Income 71,842 94,424 95,734 103,974

Per Capita Income 27,567 34,921 36,215 43,917

*Esri Business Analyst Online

MOUNTLAUREL


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LOCAL AREA AMENITIES Located just 3 miles from Atrium I, Moorestown Mall is a convenient, family-oriented shopping environment providing best-in-class entertainment,

dining and retail options. A new liquor referendum paves the way for addition of fine dining restaurants – Osteria, Distrito (both from James Beard

Award-winning restaurateurs) and Firebirds Wood Fired Grill.

ANCHORS/JUNIOR ANCHORSMacy’s - 200,000 SF

Lord & Taylor - 121,200 SF

Sears - 206,000 SF

Boscov’s - 203,000 SF

Eastern Mountain Sports - 15,400 SF

Regal Premium Experience - 56,600 SF

RESTAURANTS/OUTPARCELSOsteria by Marc Vetri - 5,000 SF

Firebirds Wood Fired Grill - 6,500 SF

Chipotle Mexican Grill - 3,000 SF

Pei Wei Asian Diner - 3,000 SF

Elevation Burger - 3,700 SF

FEATURED RETAILERSAmerican Eagle Outfitters, Bath & Body

Works, Body Central, Cotton On, Crazy

8, Express, Gertrude Hawk Chocolates,

Hollister, New York & Company, The

Walking Company, Victoria’s Secret

page 25

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THE CHERRY HILL MALL Located less than five miles from Atrium I in nearby Camden County, Cherry Hill Mall is the dominant center in densely populated southern New

Jersey, boasting the highest gross volume in the region. It draws from Burlington, Camden, Gloucester and Philadelphia counties due to its size,

extensive merchandise mix, including several exclusive and firstto-market retailers, and easy access to major New Jersey thoroughfares and four

bridges from Philadelphia (eight miles away). The center is home to the most productive flagship department stores and specialty retailers in the

market; including the number one Macy’s in the region.

Many of the mall’s specialty stores outperform

national sales averages and retailers in center

city Philadelphia. A $220 million redevelopment

was completed in 2009, transforming the center

into an elegant, contemporary classic shopping

and dining experience, adding Nordstrom and

first-to-market restaurants including The

Capital Grille, Seasons 52, California Pizza

Kitchen, and Maggiano’s Little Italy.

ANCHORSNordstrom – 138,000 SF

Macy’s – 314,000 SF

JCPenney – 174,285 SF

FEATURED RETAILERSAmerican Apparel, Apple, A/X Armani

Exchange, Brighton Collectibles, Forever 21,

Garage, H&M, Henri Bendel, Hugo Boss, J.Crew,

Lush, MAC, Michael Kors, The North Face,

Pandora, Pottery Barn, Sephora, Swarovski,

Teavana, True Religion, Urban Outfitters


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THE SUSQUEHANNA BANK CENTER Located just 10 miles from Atrium I, The Susquehanna Bank Center is

an outdoor amphitheater/indoor theater complex in Camden, New

Jersey, on the Delaware River waterfront. The year-round facility

serves as a 25,000 capacity outdoor amphitheater during the summer

months which features a lawn with video screens, computerized sound

enhancement, and a clear view of the Philadelphia skyline, Delaware

River, and the Benjamin Franklin Bridge to the northwest. In the fall

and winter months, the Susquehanna Bank Center converts to a fully

enclosed, climate-controlled, flexible-capacity theater for up to 7,000

people offering a variety of concerts, Broadway theatrical productions,

and family entertainment.

ADVENTURE AQUARIUM Located just 10 miles from Atrium I on the Delaware River Waterfront,

just minutes from downtown Philadelphia, visitors of all ages can walk

through a tunnel of sharks, meet a hippopotamus and explore one-of-

a-kind exhibits. Since 2005, Adventure Aquarium has offered moments

of magic to visitors with more than 8,500 aquatic species on display in

two-million gallons of water. Adventure Aquarium is home to the largest

collection of sharks on the East Coast—including a Great Hammerhead

Shark—and is the only aquarium in the world to exhibit hippos. Adventure

Aquarium is an accredited member of the American Zoological and

Aquarium Association, holding the Aquarium to the absolute highest

standards in animal care and exhibition.

page 27

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MARKET OVERVIEW

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SOUTHERN NEW JERSEY OFFICE MARKET Atrium I is located within the Southern New

Jersey office market. The market consists of four

submarkets including Cherry Hill / Pennsauken,

Atlantic / Gloucester Counties, Voorhees / Gibbsboro

and Mount Laurel / Marlton / Moorestown (“3M”).

Accounting for nearly 13 million SF of Class A and

B space, the Southern New Jersey office market

is located just across the Delaware River to the

east of Philadelphia, providing an extensive

transportation network and easy access to the

Philadelphia’s Central Business District. Due to its

close proximity to Philadelphia, the Southern New

Jersey market houses a diverse base of employers

including financial institutions, healthcare,

education, law, engineering and a growing number

of information technology businesses, many of

which seek “second headquarters” and back office

space across state lines.

Dover

Millville

Vineland

Atlantic City

Newark

Wilmington

Chester

Norristown

Reading

Trenton

Long Branch

Philadelphia

DEL

PENNSYLVANIA

NEW JERSEY

295

295

95

95

95

476

276

206

9

30

40

13

1

322

130

PENNA

TURN-PIKE



KEY MARKET INDICATORS - SOUTHERN NEW JERSEY OFFICE MARKET (4Q2013)

INVENTORY (SF) DIRECT VACANCY VACANCY NET ABSORPTION YTD NET ABSORPTION

Class A 4,540,356 10.4% 10.6% 4,792 134,901 $20.21 PSF

Class B 8,362,726 18.3% 20.4% 36,649 (71,032) $17.71 PSF

Totals 12,903,082 15.5% 16.9% 41,441 63,869 $18.59 PSF

AVERAGE ASKING RENT

ATRIUM I 1000 Atrium Way, Mt. Laurel, NJ page 30MARKET OVERVIEW

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MARKET TRENDS

The 3M market finished

the second consecutive

year with over 100,000

square feet of positive

absorption, ending the

year with 170,986 square

feet of positive absorption.

KEY MARKET STATISTICS

-100,000

-50,000

0

50,000

100,000

150,000

200,000

250,000

2008 2009 2010 2011 2012 2013

sf

10%12%14%16%18%20%22%24%26%28%30%

Change in supply Net absorption Total availability

Supply, net absorption and total availability Historical vacancy and asking rental rates

14.9%17.5%

11.4% 12.1%14.2%

15.7% 16.3% 16.7%17.3%

15.5%

1.4%

1.7%

1.3%1.8%

1.7%

0.7% 0.8%0.5% 1.4%

1.4%

0.0%

5.0%

10.0%

15.0%

20.0%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013$15.00$16.00$17.00$18.00$19.00$20.00$21.00$22.00$23.00$24.00$25.00

Direct Sublease Asking Rental Rate

Historical vacancy and asking rental rates

20.7%23.0% 23.0%

12.1% 10.8%14.7%

17.9% 19.2% 20.0%21.9% 21.4%

0.0%0.0% 0.0%

0.3%0.7%

0.7%

0.9%0.5% 0.2%

3.3% 1.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013$15.00$16.00$17.00$18.00$19.00$20.00$21.00$22.00$23.00$24.00$25.00


-100,000

-50,000

0

50,000

100,000

150,000

200,000

250,000

2008 2009 2010 2011 2012 2013

sf

10%12%14%16%18%20%22%24%26%28%30%



14.9%17.5%

11.4% 12.1%14.2%

15.7% 16.3% 16.7%17.3%

15.5%

1.4%

1.7%

1.3%1.8%

1.7%

0.7% 0.8%0.5% 1.4%

1.4%

0.0%

5.0%

10.0%

15.0%

20.0%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013$15.00$16.00$17.00$18.00$19.00$20.00$21.00$22.00$23.00$24.00$25.00



20.7%23.0% 23.0%

12.1% 10.8%14.7%

17.9% 19.2% 20.0%21.9% 21.4%

0.0%0.0% 0.0%

0.3%0.7%

0.7%

0.9%0.5% 0.2%

3.3% 1.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013$15.00$16.00$17.00$18.00$19.00$20.00$21.00$22.00$23.00$24.00$25.00


SUPPLY, NET ABSORPTION AND TOTAL AVAILABILITY HISTORICAL VACANCY AND ASKING RENTAL RATES

page 31

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NEW SUPPLYThrough the majority of the 2000’s, the

Southern New Jersey Market experienced

a steady pace of new supply delivered

to the market. Development peaked

between 2003 and 2008 with nearly

1.8 million square feet of new inventory

added in the span of six years. The

pace of development stalled between

2009 and 2010 and ultimately came to

a halt in 2011. The Southern New Jersey

market is currently in the midst of its

slowest development cycle since the

early 2000’s, allowing for existing Class

A vacancies throughout the market to

be absorbed without the competition of

added inventory. Since 2011 there have

been no plans for future development.

2000 137,460 SF

2001 74,240 SF

2002 0 SF

2003 110,000 SF

2004 552,093 SF

2005 300,871 SF

2006 341,768 SF

2007 270,609 SF

2008 203,846 SF

2009 60,000 SF

2010 180,000 SF

2011 0 SF

2012 0 SF

2013 0 SF

NEW SUPPLY


73

73

ATRIUM WAY

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MOUNT LAUREL/MARLTON/MOORESTOWN – “3M” SUBMARKETAtrium I is located within the “3M” submarket which has consistently

been the top performing submarket in all of Southern New Jersey. It

is the largest submarket in Southern New Jersey in terms of inventory,

accounting for over 50% of the overall market, it is bordered by the

Delaware River from the west to the north, Route 206 to the east

and Route 70 to the south, housing a concentration of office, retail,

residential, health care and hotels. Much of the submarket’s growth was

spurred by the high-quality residential communities that surround the

commercial core.

The submarket has excellent vehicular access with Interstate 295 and

The New Jersey Turnpike bisecting the county from the north and south,

providing it with the best accessibility of all the Southern New Jersey

submarkets. The submarket’s history of success can be attributed to

several factors, such as consistent leasing activity for new space and a

lack of major availabilities added in 2011.

Dover

Millville

Vineland

Atlantic City

Newark

Wilmington

Chester

Norristown

Reading

Trenton

Long Branch

Philadelphia

DEL

PENNSYLVANIA

NEW JERSEY

295

295

95

95

95

476

276

206

9

30

40

13

1

322

130

PENNA

TURN-PIKE



KEY MARKET INDICATORS - MOUNT LAUREL/MARLTON/MOORESTOWN OFFICE MARKET (4Q2013)

INVENTORY (SF) DIRECT VACANCY VACANCY NET ABSORPTION YTD NET ABSORPTION

Class A 2,892,406 6.4% 6.4% 10,033 118,173 $18.94 PSF

Class B 3,713,242 14.2% 14.2% 3,653 52,813 $16.96 PSF

Totals 6,605,648 10.8% 10.8% 13,686 170,986 $17.83 PSF

AVERAGE ASKING RENT

page 33

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VACANCY AND RENTAL RATESThe Mount Laurel / Marlton / Moorestown Class A and B submarket

consists of 6.6 million square feet, with Class B buildings accounting

for over 56% of total inventory. The stability of Southern New Jersey’s

office market continues to be partially due to the success of the 3M

submarket, which holds the lowest vacancy rate of all submarkets in

Southern New Jersey at 10.8%. Much like the rest of the Southern New

Jersey Market, the majority of the vacancy lies within deteriorated Class

B space that has fallen out of contention as rental concessions for Class

A space were offered over the past several years. Of the 733,521 square

feet of vacancy in the submarket, over 70% can be attributed to Class

B space prevailing in a tight Class A market with only 6.4%, or 194,546

square feet of vacancy.

As the preferred location within the Southern New Jersey market, the 3M

submarket continues to demand asking rents above the overall market

average. At the close of the fourth quarter, overall asking rents came in at $17.83 PSF for the submarket. Much like vacancy, the spread between

Class A and Class B asking rents at the end of the fourth quarter of 2013 was just under $2.00 PSF with Class A space commanding rents of $18.94

and Class B rents averaging $16.96 PSF.

-100,000

-50,000

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50,000

100,000

150,000

200,000

250,000

2008 2009 2010 2011 2012 2013

sf

10%12%14%16%18%20%22%24%26%28%30%



14.9%17.5%

11.4% 12.1%14.2%

15.7% 16.3% 16.7%17.3%

15.5%

1.4%

1.7%

1.3%1.8%

1.7%

0.7% 0.8%0.5% 1.4%

1.4%

0.0%

5.0%

10.0%

15.0%

20.0%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013$15.00$16.00$17.00$18.00$19.00$20.00$21.00$22.00$23.00$24.00$25.00



20.7%23.0% 23.0%

12.1% 10.8%14.7%

17.9% 19.2% 20.0%21.9% 21.4%

0.0%0.0% 0.0%

0.3%0.7%

0.7%

0.9%0.5% 0.2%

3.3% 1.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013$15.00$16.00$17.00$18.00$19.00$20.00$21.00$22.00$23.00$24.00$25.00


HISTORICAL VACANCY AND ASKING RENTAL RATES

73ATRIUM I1000 Atrium Way, Mt. Laurel, NJ

ATRIUM

WAY

COMMER

CE PKWY


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LEASING ACTIVITYThe 3M submarket finished the second consecutive year with over 100,000 SF of positive absorption, ending 2013 with 170,986 SF of positive

absorption. Virtua Health was active in the fourth quarter renewing 55,000 SF at 20 W. Stow Road in Marlton and has signed a lease to relocate from

5 Eves Drive into 18,650 SF at 2000 Crawford Place in Mt. Laurel. The following table details approximately 179,812 SF of the 3M submarket’s most

recent lease transactions.

BUILDINGBUILDING SF

TERM(MONTHS)

RATE(PSF) TI / PSF FREE RENT

ANNUAL ESCALATIONS TYPE

Virtua 2000 Crawford PlaceMount Laurel, NJ

18,650 126 $9.00 NNN $20.00 6 months $0.50 PSF Relocation Q4 2013

Burns & Roe 2000 Crawford PlaceMount Laurel, NJ

8,500 96 $11.00 NNN Turn Key None $0.50 PSF Contraction Q4 2013

Altegra 1000 Atrium WayMount Laurel, NJ

4,000 79 $11.00 NNN $10.00 7 months $0.50 PSF expansion Q4 2013

Seneca Insurance 220 Lake DriveLakewood, NJ

6,930 63 $10.00 NNN $15.00 3 months $0.50 PSF Relocation Q4 2013

Pace Resources 2 Eves DriveMarlton, NJ

6,800 60 $12.00 NNN $3.00 None $0.50 PSF Renewal Q4 2013

RBC 3000 Atrium WayMount Laurel, NJ


Virtua 20 Stow RoadMarlton, NJ


ReMax 236 Route 38 Moorestown, NJ

5,119 60 $15.15 Gross $7.00 None $0.50 PSF Renewal Q4 2013

NVR 1020 Laurel Oak RoadVoorhees, NJ

15,324 84 $19.50 Gross None $0.50 PSF New Q3 2013

CSC 8000 Lincoln DriveMarlton, NJ

36,800 12 $22.00 Gross None None Renewal Q3 2013

Rutgers (lab) 200 Federal StreetCamden, NJ

5,193 64 $31.00 Gross $15.00 4 months $0.50 PSF New Q3 2013

Principal Financial 400 Lippincott DriveMarlton, NJ

7,816 62 $13.00 NNN $8.00 6 months $0.25 PSF Renewal Q3 2013

TENANTDATE SIGNED

page 35

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INVESTMENT SALES ACTIVITYThe most recent comparable transactions are detailed below and range in price from $86 - $307 PSF with an average price per square foot of $144

SALE DATEPROPERTY SF

PURCHASE PRICE PSF BUYER SELLER

Southern New Jersey Sale Comparables

Jan-14 Liberty Properties Office Portfolio (1)

Mount Laurel & Marlton, NJ 1,188,285 $132,500,000 $112 Somerset Properties Liberty Property Trust

Jun-13 One Greentree Centre 10000 E Lincoln Drive, Marlton, NJ 56,815 $6,900,000 $121 Raab Family Partnership LP Tequesta Properties

Nov-12 Moorestown Corporate Center 224 Strawbridge Drive, Moorestown, NJ 222,823 $19,900,000 $89 Keystone Property Group Mack-Cali

Jan-12 One Centennial Square 33 E Euclid Avenue, Haddonfield, NJ 73,425 $9,400,000 $128 Centennial Office LLC Archer & Greiner

Oct-11 Five Greentree Centre 525 Rte 73 N, Marlton, NJ 206,243 $22,800,000 $111 Tequesta Properties Brandywine Realty Trust

Sep-11 Fellowship II 533 Fellowship Road, Mount Laurel, NJ 31,400 $4,150,000 $132 Hill Properties Pennmark Mangement Company, Inc.

Jun-11 Four Greentree Center 4 Greentree Center, Marlton, NJ 62,000 $7,700,000 $124 Veritas Real Estate Liberty Property Trust

Dec-10 Lake Center IV 10 Lake Center Executive Park, Marlton, NJ 76,359 $6,600,000 $86 Tequesta Properties Brandywine Realty Trust

Dec-10 Harper Place Bldg 2 302 Harper Drive, Moorestown, NJ 36,232 $4,950,000 $137 Hill Properties Rosewood Real Estate Enterprisee, LP

Jun-10 901 Lincoln Drive W, Marlton, NJ 39,151 $5,100,000 $130 Hill Properties Liberty Property Trust

Greater Philadelphia Sale Comparables

Feb-14 1000 Continental Drive King of Prussia, PA 205,424 $63,000,000 $307 KBS Realty Advisors Equus Capital Partners Ltd.

Feb-14 Bellevue Park Corporate Center Wilmington, DE 305,480 $61,500,000 $201 Buccini/Pollin Group Metzler North America

Jan-14 Four Falls Corporate Center Conshohocken, PA 254,000 $43,400,000 $171 Arden Group CBRE (Receivorship)

May-13 Stabler Corporate Center 3501 Corporate Pky, Center Valley, PA 178,330 $28,400,000 $159 Second City Capital PartnersGE Commercial Finance Business

Property Corp.

Mar-13 Highview I & II 200 & 400 Campus Drive, Collegeville, PA 183,363 $33,000,000 $180 TA Associates Equus Capital Partners

Footnote:(1) This is part of a portfolio of 97 office buildings located in Florida, Maryland, Minnesota, New Jersey and Pennsylvania with a total purchase price of $705,000,000 for the 97 properties. The sale details provided in the chart above include the 24 office buildings located in Burlington County, NJ that were constructed between 1983 and 2007.

SALE DATE SELLER

ATRIUM I 1000 Atrium Way, Mt. Laurel, NJ page 36

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73

73

ATRIUM WAY

DIEMER DR

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CHURCH RD

295

295

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Primary Competitive MarketAtrium I directly competes with eleven assets comprised of over 1.1 million square feet of inventory. With a current vacancy rate of 7 percent and average

asking rents above the current market level, these assets outperform both the Southern New Jersey Office Market and 3M Submarket in all key market

indicators. Assets within the Primary Competitive Market have historically been the preferred location for tenants in the market, as they are ideally

situated within close proximity to Interstate 295 and Route 73 as well as the Cherry Hill and Moorestown Malls.

PROPERTY NAMELEASE TYPEADDRESS

BUILT/ RENOVATED

BUILDING TYPE SF VACANT

PERCENT LEASED

ASKING RENT (PSF)

SUBJECT PROPERTY

Atrium I 1000 Atrium Way Mount Laurel, NJ1985 / 2008

Class A 99,668 2,360 SF 97.6% $13.00 NNN

Total / Weighted Average 99,668 0 SF 100%

PRIMARY COMPETITIVE PROPERTIES

Atrium II 3000 Atrium WayMount Laurel, NJ1987 Class A 110,240 8,158 SF 93% $18.00 Full

Service

East Gate Center 700 East Gate DriveMount Laurel, NJ1983 Class A 119,272 0 SF 100% $11.00 - $13.00 NNN

East Gate Center 701 East Gate DriveMount Laurel, NJ1986 Class A 61,794 3,460 SF 94% $11.00 - $13.00 NNN

Mt. Laurel Corporate Park 1 1000 Howard BoulevardMount Laurel, NJ1988 Class A 105,312 2,756 SF 97% $15.00 NNN

Five Greentree Center 525 Route 73 NMarlton, NJ1986 Class A 165,956 20,047 SF 88% $10.00 - $15.00 NNN

Lake Center I 10 Lake Center Executive Pky Marlton, NJ1989 Class A 114,040 19,159 SF 83% $10.00 - $15.00 NNN

Lake Center IV 40 Lake Center Executive Pky Marlton, NJ2004 Class A 88,793 20,689 SF 77% $22.00 BY + E

Lake Center V 50 Lake Center Executive Pky Marlton, NJ2006 Class A 88,793 6,926 SF 92% $22.00 BY + E

Executive Plaza (1) 1120 Route 73Marlton, NJ1987 Class A 100,000 0 SF 100% $11.00 - $13.00 NNN

Lippincott Center 301 Lippincott DriveMarlton, NJ1988 Class A 82,690 0 SF 100% $21.00 BY + E

Lippincott Center 303 Lippincott DriveMarlton, NJ1988 Class A 86,174 0 SF 100% $21.00 BY + E

Total / Weighted Average 1,123,064 81,195 SF 93%

Footnote:(1) Executive Plaza is currently 52% leased with 47,700 SF of vacancy. The above schedule is showing 100% leased as there is a lease out for the remaining square footage.

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Willingboro

Moorestown

Mt. Laurel

Marlton

Pennsauken

CherryHill

Haddonfield

Bellmawr

Philadelphia

3841

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642643

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PENNA

TURN-PIKE

PENNA

TURN-PIKE

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PRIMARY COMPETITIVE MARKET MAP

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TENANT ANALYSIS

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Confidential and proprietary 0

Lease Reversion Tenant Analysis

0%

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100%

0

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10,000

15,000

20,000

25,000

30,000

35,000

Annual Reversion Cumulative Reversion

Annual Rollover FY1 FY2 FY3 FY4 FY5 FY6 FY7 FY8 FY9

SF Expiring 164 19,079 12,744 4,749 0 3,548 30,013 0 23,645

% of Total Occupied Area 0.17% 19.27% 12.87% 4.80% 0 3.58% 30.31% 0 23.88%

Cumulative Rollover FY1 FY2 FY3 FY4 FY5 FY6 FY7 FY8 FY9

SF Expired 164 19,243 31,987 36,736 36,736 40,284 70,297 70,297 93,942

% of Total Occupied Area 0.17% 19.44% 32.31% 37.10% 37.10% 40.69% 71.00% 71.00% 94.89%

Fiscal Year: June to July

FY1 FY2 FY3 FY4 FY5 FY6 FY7 FY8 FY9

25,000

20,000

15,000

10,000

5,000

0

100%90%80%70%60%50%40%30%20%10%0%

LEASE EXPIRATION

FY1 FY2 FY3 FY4 FY5 FY6 FY7 FY8

SF Expiring 0 19,079 23,499 4,749 5,064 3,548 16,898 0 23,809

% of Total Occupied Area 0 19.74% 24.31% 4.91% 5.24% 3.67% 17.48% 0 24.64%

ANNUAL ROLLOVER FY9

FY1 FY2 FY3 FY4 FY5 FY6 FY7 FY8

SF Expired 0 19,079 42,578 47,327 52,391 55,939 72,837 72,837 96,646

% of Total Occupied Area 0 19.74% 44.06% 48.97% 54.21% 57.88% 75.36% 75.36% 100.00

CUMULATIVE ROLLOVER FY9


Confidential and proprietary 0

Lease Reversion Tenant Analysis

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20,000

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Annual Reversion Cumulative Reversion

Annual Rollover FY1 FY2 FY3 FY4 FY5 FY6 FY7 FY8 FY9

SF Expiring 164 19,079 12,744 4,749 0 3,548 30,013 0 23,645

% of Total Occupied Area 0.17% 19.27% 12.87% 4.80% 0 3.58% 30.31% 0 23.88%

Cumulative Rollover FY1 FY2 FY3 FY4 FY5 FY6 FY7 FY8 FY9

SF Expired 164 19,243 31,987 36,736 36,736 40,284 70,297 70,297 93,942

% of Total Occupied Area 0.17% 19.44% 32.31% 37.10% 37.10% 40.69% 71.00% 71.00% 94.89%


FY1 FY2 FY3 FY4 FY5 FY6 FY7 FY8 FY9

25,000

20,000

15,000

10,000

5,000

0

100%90%80%70%60%50%40%30%20%10%0%

(1) James Daisy - This tenant is the Royal Villa Café and it is assumed that they will stay in place throughout the analysis hold period. Ownership confirmed that the tenant intends to renew upon lease expiration.

(2) DACA is a government tenant with one year renewal options through 2019. This analysis assumes that this tenant annually renews through April 2019. Ownership confirmed that the tenant plans to renew upon lease expiration.

(3) Ameriprise Holdings, Inc. currently leases 11,886 SF. The tenant will surrender 2,360 SF on the surrender space termination date leaving 9,526 SF. This lease expiration schedule assumes 9,526 SF at expiration.

(4) The 662 SF of variance square footage is due to a BOMA re-measurement and is not included in the above expiration schedule.

General Notes:

ATRIUM I 1000 Atrium Way, Mt. Laurel, NJ page 42TENANT ANALYSIS

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CREDIT TENANT OVERVIEW

New York Life Insurance Co.Premises: 13,975 SFLease Expiration: May-2023Credit Rating: Moody’s: Aaa S&P: AA+ AM Best: A++

New York Life Insurance Co is a Unit

confidential offering memorandum atrium i · 2020. 8. 20. · at 97.6% occupancy, atrium i offers...

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