valley national bank building...2019/01/14 · meadow brook 2700 1999 2 98,216 $21.00 the sheffield...

VALLEY NATIONAL BANK BUILDING

25,235 SF | CL ASS A OFFICE BUILDING | $4,250,000

HarbertRealty.com2 North 20th Street

Suite 1700Birmingham, AL 35203

205.323.2020

1100 Corporate ParkwayHoover, AL

FOR SALE

BUILDING OVERVIEW

HARBERT REALTY SERVICES | 2

THE OPPORTUNITYThe Valley National Bank Building is a four (4) story Class A office building, located in the

prestigious Meadow Brook North Office Park, offering the highest possible visibility in the

market with frontage immediately along Highway 280. The property is situated on approx-

imately 2.7 acres and maintains the capability of expanding the existing structure or subdi-

viding the property for a separate adjacent building site. The Building provides lake views

from each of the four floors and exceptional access to Highway 280, Highway 119 and Val-

leydale Road for employees and visitors. Constructed by Brice Building Company for then

Aliant Bank, the Building is institutional quality where the owner spared no expense in its

construction and building finishes. For the purchaser that does not need the entire building,

Valley National Bank will consider a partial sale-leaseback of the branch bank facility and first

floor offices as part of the opportunity. The Building is in exceptional condition and provides

an opportunity to own a high quality asset adjacent to other owner users who have recently

made significant capital investments in the re-emerging Meadow Brook North Office Park.

INVESTMENT HIGHLIGHTS


INSTITUTIONAL-QUALITY CLASS A DEVELOPMENTMeadow Brook North was built by award-winning developer Daniel Corporation. The park consists of ten (10) Class A office buildings totalling roughly one million square feet.

Meadow Brook North is a 175-acre master-planned campus and is one of Birmingham’s most distinguished office settings, featuring unique on-site amenities, including a scenic 13-acre lake, mature landscaping, a 1.3 mile walking trail, three day care facilities and a U.S. Post office.

QUALITY CORPORATE TENANTSThe Building is surrounded by a well-diversified mix of national and regional corporations, including BlueCross BlueSh-ield of Alabama, DST, Allstate Insurance, Sheffield Group, Jack Henry & Associates, E.A. Renfroe, Alabama Department of Transportation, and many others.

TREMENDOUS UPSIDE POTENTIAL FOR OWNER OCCUPANTThe building offers a rare opportunity for an owner user or investor to gain an incredible building at a significant discount to surrounding buildings and in a market that continues to appreciate.

Meadow Brook North Office Park

Meadow Brook South Office Park

Brook Highland Shopping Center


BUILDING YEAR BUILT/RESTORED FLOORS RSF RENTAL RATE

Meadow Brook 100 (Mcleod Software) 1986/2018 7 143,880 $22.50

Meadow Brook 300 1988/2018 5 101,527 $21.50

Meadow Brook 500 1987 6 135,427 $22.50

Meadow Brook 1200 1988 5 128,142 $22.50

Meadow Brook 600 1990 2 43,314 $21.50

Meadow Brook 2500 1998 2 98,216 $21.00

Meadow Brook 2600 2001 2 98,216 $21.50

Meadow Brook 2700 1999 2 98,216 $21.00

The Sheffield Group 2018 3 40,000 Owner Occupant

E.A. Renfroe & Company 2015 2 30,000 Owner Occupant

Valley National Bank 1996 4 25,235 Owner Occupant

942,173

Meadow Brook South Office Park

Meadow Brook North Office Park

2500

2600

2700

300

500100

1200

600

HIGHLY VISIBLE CORPORATE HQ BUILDINGSThe Valley National Bank Building is one of the most visible properties in the Highway 280 corridor. More than 80,000 cars travel past the building each day. For any company that needs retail exposure, brand awareness or a statement building, this is the perfect opportunity.

SIGNIFICANT CAPITAL INVESTMENTS IN ADJACENT PROPERTIESSignificant capital investments have been made immediately to the east and west of the property. The Sheffield Group recently completed their 40,000 square foot corporate headquarters building adjacent to the property investing an estimated $15,000,000 into the site and building in Meadow Brook North Office Park. Tom McLeod Software company recently purchased 100 Meadow Brook North for $11,600,000 and is spending an estimated $7,000,000 on building improvements for an $18,600,000 total investment. McLeod Software is moving to Meadow Brook North in late 2018.


The Sheffield Group McLeod Software

SITE EXPANSION FLEXIBILITYThe Valley National Bank Building is designed with expansion capacity to the east of the Building and on the residual land in between NBC retail bank branch and the main building as outlined below. The bank’s forethought here provides the successful purchaser with significant future flexibility of 1) expanding the building 12,000 to 15,000 square feet for its own growth adding approximately 45 parking spaces and significant value to the real estate holding or 2) subdividing the parcel as a retail site sale and lowering its acquisition basis. The site expansion flexibility creates a unique value add opportunity for the successful purchaser and to the underlying real estate asset.

Future Building

Expansion

Future Parking

ExpansionNBCBank

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LAKE VIEWS WITH SIGNIFICANT AREA CONVENIENCEThe Building orientation allows views of Meadow Brook North lakes, fountains and lush landscaping, creating the ideal work environment for an owner occupant and its staff.

CURRENT OWNER TO SALE LEASEBACK FIRST FLOORValley National Bank will consider a partial sale-leasback of the retail branch and First Floor office as part of any subse-quent transaction for the owner who does not need the entire building. This commitment to the next owner adds signifi-cant value to the investment and mitigates lease-up investment risk.


LOCATION: Meadow Brook Corporate Park with Exceptional Visibility & Lake Views

ADDRESS: 1100 Corporate Parkway, Hoover, Alabama 35242

ACREAGE: +/- 2.70 Acres fronting Highway 280

YEAR BUILT: 1996

NUMBER FLOORS: 4

CITY/COUNTY: City of Hoover/Shelby County

TAX PARCEL ID: 03-9-31-0-002-019.017

BUILDING SIZE: 25,235 Square Feet

ARCHITECT: Parsons, Wible, Brummal & Alkire Architects

GENERAL CONTRACTOR: Brice Building Company

BASE BUILDING CONSTRUCTION: Precast concrete exterior with double pane insulated glass windows, struc-tural steel framing and poured in place concreate floors

LOBBY FINISHES: Rich Cherry Wood with slate and tile flooring, wall coverings and sheetrock ceilings

INTERIOR FINISHES: Offices: Spacious office configuration with exceptional views and high end finishes including 4" wood base and crown molding; Board Room: Sheetrock arched ceiling, down lighting with center chandler, Cheery wood paneling and sliding doors with videoconferencing capacity; Training Room: Config-ured with the latest technology and laptop/desktop integration and instruc-tional boards for staff training; Doors: 8' Solid Core Cherry Wood Doors with stainless lever type lockset hardware; Lighting: 2x4 lay-in parabolic lights with downlight and chandler dimmable fixtures in boardroom and meeting spaces; Ceiling Tile: 2x2 lay-in revealed edge ceiling tile; Flooring: Slate, tile and carpet tile in tenant and meeting areas

CEILING HEIGHTS: 10' Lay-In Ceiling System with 9'5' sheetrock condition in common areas and boardrooms

RESTROOMS: Eight (8) Total Restrooms, 1 Men's and 1 Women's per Floor with the Lower Level providing showers in each restroom

ZONING: Planned Commercial

PARKING: 94 Surface Lot Spaces (3.7:1000 RSF)

ELEVATOR: One Schindler hydraulic elevator 3,500 pound capacity with tile flooring and metal panels


GENERAL BUILDING DETAIL

ROOF: Mechanically attached .065 mil TPO Mule Hyde roof with twelve (12) years remaining manufacture's warranty

HVAC SYSTEM: One (1) Trane 140 Ton Chiller with Two (2) 70 Ton Circuits; Five (5) York air handlers, 2 on 3rd Floor

ELECTRICAL: Main Electrical Service is 1600 Amps, 277/480 volt, three phase, four wire current

BACK UP GENERATION: Baldor 60 KW Diesel Generator

FIRE/LIFE SAFETY: Building is fully sprinklered and monitored by Automatic Fire Systems

SECURITY & ACCESS: DPM security and access system with independent monitoring station

VISUAL SURVEILLANCE SYSTEM: Lanex Camera surveillance system expandable with both analogue and/or digital camera options

POWER PROVIDER: Alabama Power Company

WATER & SEWER PROVIDER: Birmingham Water Works Board

GAS PROVIDER: None

FIBER & COMMUNICATION PROVIDERS: AT&T & Charter/Spectrum

LANDSCAPING: Underground irrigation system throughout property with separate private meter

MONUMENT SIGNAGE: Layered granite signage fronting Highway 280 and at corner of Corporate Parkway and Meadow Lake Drive

EXPANSION AREA: Site Designed for Building Expansion and Additional Parking

COVENANTS & RESTRICTIONS: Meadow Brook Corporate Park CCR's provide high standard for future development


FLOORPLANS


LOWER LEVEL OFFICESPATIO ENTRY - 6,735 SF

FIRST FLOOR BRANCHMAIN ENTRY - 6,184 SF


SECOND FLOOR OFFICESEXECUTIVE OFFICES - 6,158 SF

THIRD FLOOR OFFICESEXECUTIVE OFFICES - 6,158 SF

HIGHWAY 280 SUBMARKET - AREA AMENITIESMeadowbrook Corporate park is ideally located off US Highway 280 onCorporate Parkway. This location provides one of the best options for tenants in Birmingham due to its close proximity to a well-educated labor pool and high-end exec-utive/decision-maker housing options. Residents of Greystone, located east of Meadowbrook Corporate Park, is recog-nized as one of the highest income levels in the state. Hoover provides one of the best school districts and is the premier suburban destination in the MSA. Highway 280, the anchor of the submarket, is the most prominent retail corridor in the area, providing ideal access to abundant dining and shopping opportunities. The 280/I-459 corridor is home to The Sum-mit, a 1-MSF upscale lifestyle center featuring high-end retailers and upscale dining options. Meadowbrook Corporate Park development features a vast selection of retail, office, single family homes, apartment homes, senior housing and hotel options. The Grandview Medical Center, a new 372-bed hospital, is located less than a half mile from the Property. This new economic driver is generating an estimated 9,000+ jobs within the area.

BIRMINGHAM’S BEST TRANSPORTATION NETWORK• Convenient access to Highway 280, I-459 and I-65 via Valleydale Road and Highway 119• Efficient network of local surface streets• Most desirable and well-known office location in Birmingham

NEAR HIGH-END RESIDENTIAL COMMUNITIES• Easily accessible to residents of to Meadowbrook, Inverness, Greystone and Brook Highland• Close proximity to Greystone, Meadowbrook, Lake Heather Estates, and Riverchase• Hoover named one of the best places to live, work and play• Average household income of $81,200 within a one mile radius• Median home value within 5 miles is well over $300,000

THE SUMMIT – BIRMINGHAM’S PREMIER UPSCALE LIFESTYLE CENTER• 1-MSF of high-end retail, restaurants, and entertainment amenities• Stellar collection of high-end retailers including Apple, Saks Fifth Avenue, Lululemon, Tory Burch, Urban Outfitters, and Anthropologie• 16-screen premium movie theatre• Less than four miles from Meadowbrook

GRANDVIEW MEDICAL CENTER• New state-of-the-art hospital• Expected to generate 9,000 new jobs within the immediate area


MARKET OVERVIEW

RECENT DEVELOPMENT PROJECTS1

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7

3

6

9

4

8

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5

73

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6

9

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INVERNESS CENTER NORTH• 448 K SF 3 building Redevelopment• Highway 280/I-459 Submarket

SHEFFIELD GROUP• Newly developed 40K SF Corporate HQ• $15 Million Capital Investment

ENCOMPASS / HEALTHSOUTH • 230 K SF New Construction Corporate Headquarters building• Highway 280/I-459 Submarket

VALLEY NATIONAL BANK• 25,235 SF Class A Building• Attractive purchase opportunity• Adjacent to Sheffield & McLeod

COLONNADE - RED ROOFS• Redevelopment of 750 K SF Buildings• Highway 280/I-459 Submarket

GRANDVIEW HEALTH• Class A Hospital and POB• Highway 280/I-459 Submarket

GRANDVIEW PLAZA• Purchase by Church of the Highlands• Highway 280/I-459 Submarket

2000 INTERNATIONAL PARK• Redevelopment – Iberia Bank operations• Highway 280/I-459 Submarket

100 MEADOW BROOK• Tom McLeod Purchase of 100 Meadow Brook• Estimated $18.6 million Capital Investment

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HWY 280 SUBMARKET – IDEAL OFFICE LOCATIONThe HWY 280 submarket is the second largest submarket within Birmingham totaling 5.5MSF. Through 3Q 2018 the submarket ended with leasing absorption of 19,941 SF. With a direct vacancy rate of 14.3% and average Class A asking rates of $21.27 PSF, the Highway 280 submarket has emerged as one of the top performers in Birmingham. Southern Company’s recent 28-year, 650,000 SF lease at nearby Colonnade North & South, FIS 115,000 SF lease at 44 Inverness Center North and Iberia Banks purchase of 135,000 SF at 2000 International Park are further indication of the submarket’s position as the top choice in Birmingham for large corporate users.

STRONG MARKET FUNDAMENTALS• Top buildings in the submarket achieving $23.50+ PSF rents, well above the overall Birmingham Class A average• Consistently outperforms the overall Birmingham office market in terms of occupancy rates and tenant demand• Hwy 280 submarket boasts an impressive current occupancy rate of 86%• Rents have begun to rise in response to continued improvement in economic conditions and the new 1MSF Grandview Medical Center generating an estimated 9,000 new jobs within the area• No new office development in the immediate pipeline providing further upward pressure on rents

BIRMINGHAM’S CORPORATE HUBWithin close proximity to executive housing and top retail including the Summit Mall, Grandview Medical Center, Inver-ness Corners Plaza and Brook Highland Shopping Center the Highway 280 submarket is the city’s hub for major corpora-tions including:

• Southern Company (650,000 SF)

• Vulcan Materials (180,000 SF)

• Blue Cross Blue Shield of Alabama (135,000 SF)

• FIS (115,000 SF)

• Cadence Bank (59,564 SF)

• RX Benefits (54,950)

• AT&T (46,000 SF)

• SouthernLINC (36,000 SF)

• Old Castle Materials (30,000 SF)

• Sheffield Group (40,000 SF)

• DST (100,000 SF)

• Allstate Insurance (75,000 SF)

• EA Renfroe (30,000 SF)


VALLEY NATIONAL BANK


MEADOW BROOK

280 SUBMARKET RETAIL MAP

BROOK HIGHLAND

GREYSTONE

TATTERSALL PARK

TATTERSALL PARK

LEASING & BROKERAGE

ASSET / PROPERTY MANAGEMENT

DEVELOPMENT

LEASE ADMINISTRATION

INVESTMENT SALES

We have the expertise, team and process to implement a comprehensive and aggressive marketing program to maximize results and value.

We develop properties for our own account, which means our interest in each project’s profitability is personal.

We have represented, managed or leased more than 10 million square feet of office, retail and industrial space for owners located across the United States.

We can provide a secure centralized repository for all your lease and supporting data with easily accessible programs and systems, leading to enhanced portfolio insight, re-duced operating costs and vastly improved data integrity.

We provide consulting, execution and investment man-agement services to clients engaged in buying, selling, building, financing or investing in commercial real estate.

HRS is one of the largest privately held, full service commercial real estate firms in the Southeast. HRS was founded with a main focus on bringing value to our customers and clients. For over 30 years, we have built a business around this focus and have strived to achieve this in every transaction we encounter.

TRANSACTION & MARKET EXPERIENCE

As a majority owned subsidiary of Harbert Management Corpo-ration, we have the strength and flexibility afforded by our parent company’s more than $5.9 billion in committed capital and regula-tory assets under management, with 10 office locations, including U.S. and international offices. Our mix of experience, resources and reach allows us to offer clients a comprehensive array of customized services in the commercial real estate industry.

HARBERT REALTY SERVICES


TEAM BIOPROFESSIONAL EXPERIENCEWest has over 20 years of experience as a commercial real estate professional in the areas of investment, development, brokerage, leasing and asset manage-ment. He has completed lease and brokerage transactions totaling over $500 Million for office, retail and industrial properties. He has also been effective for his clients in transacting large land acquisitions for development and disposition of raw land. West is recognized as one of Birmingham’s “Top Producer in Sales and Leasing” by the Commercial Million Dollar Sales Achievement Club. He is further recognized by the Birmingham Business Journal as “Who’s Who in Com-mercial Real Estate” highlighting leaders in the Commercial Real Estate industry and a “Top 40 Under 40” business leader in Birmingham.

PRIOR EXPERIENCEOne of West’s career highlights is co-founding, operating and growing Har-ris Tynes Realty Group from 2006 to 2013, prior to merging his company with Harbert Realty Services in November 2013. His primary focus at Harbert Realty is investment, brokerage and leasing services for high net worth and institutional clients. Prior to joining Harbert West has had the distinct advantage of running the Birmingham offices for Atlanta based Taylor & Mathis and Carter & Associ-ates where he gained invaluable experience working with exceptional people.

Areas of Expertise Include: Lease Negotiation, General Brokerage, Asset Man-agement, Investment Sales, Land Acquisition/Disposition and Development.

EDUCATIONWest earned his Bachelor of Arts degree in English and History from the Univer-sity of Alabama in 1996. He holds an Alabama Brokers License and is a Certified Commercial Investment Member (CCIM).

CIVIC AND PROFESSIONAL ORGANIZATIONSMr. Harris is Past President of the National Association of Industrial and Office Properties (NAIOP), Metropolitan Development Board Member and Horizon 280 Board Member. He is an active member of St. Luke’s Episcopal Church and the Monday Morning Quarterback Club benefiting the Crippled Children Founda-tion. Mr. Harris has also served the American Heart Association and Muscular Dystrophy Association in their fundraising initiatives.

WEST HARRIS, CCIMExecutive Vice President, Broker

Direct Phone: 205-458-8127Office Phone: [email protected]


HarbertRealty.com2 North 20th Street

Suite 1700Birmingham, AL 35203

205.323.2020

THIS IS A CONFIDENTIAL MEMORANDUM intended solely for your limited use to determine whether you wish to express an interest in the purchase of Valley National Bank Building, as more particularly described herein (“Prop-erty”). This confidential memorandum contains brief, selected information pertaining to the business affairs of the Property’s owner (“Owner”) and has been prepared by Harbert Realty Services (“HRS”), the Owner’s exclusive agent, primarily from information supplied by the Owner. Although repre-sentatives of the Owner have reviewed this confidential memorandum, it does not purport to be all-inclusive or contain all of the information that a potential investor may desire. Neither the Owner, nor any of its affiliates, members, officers, directors, employees or agents, nor HRS make any representation of warranty, expressed or implied, as to the accuracy or completeness of any of the information contained herein. Each of the Owner and HRS disclaims any liability which may be based on such information, errors therein, or omissions there from. All financial data contained herein is unaudited. There is no rep-resentation as to environmental conditions of the Property, or as to any other aspect of the Property. By your receipt of this confidential memorandum, you agree that this memorandum and information contained herein are of a con-fidential nature and that you will hold and treat them in the strictest of confi-dence, and that you will not, directly or indirectly, disclose or permit anyone else to disclose this memorandum or any part of the contents in any fashion or manner detrimental to the interests of the Owner. Further, you agree not to discuss this memorandum with any other institution, potential investor or tenant without the express permission of HRS and the Owner. Upon request, the recipient will promptly return this confidential memorandum and any oth-er material received from the Owner or HRS without retaining any copies thereof. This confidential memorandum shall not be deemed an indication of the state of affairs of the Owner or constitute an indication that there has been no change in the business or affairs of the Owner since the date of preparation of this memorandum. Neither the Owner nor HRS undertakes any obligation to provide additional information or to correct or update any of the information contained in this confidential memorandum.

valley national bank building...2019/01/14 · meadow brook 2700 1999 2 98,216 $21.00 the sheffield...

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