wright tree services office campus - loopnet€¦ · 2010 households - census 452 9,262 26,930 2000...
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WRIGHT TREE SERVICES OFFICE CAMPUS5 9 3 0 - 5 9 5 0 G R A N D A V E N U E | W E S T D E S M O I N E S , I O W A
OFFERING MEMORANDUM
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WRIGHT TREE SERVICES OFFICE CAMPUSW E S T D E S M O I N E S , I O W A
C O N T A C T S C O N T E N T S
The Offering 03
5930 Grand Avenue 06
5950 Grand Avenue 10
Vacant Land 14
West Des Moines Overview 30
Bill WrightSenior Vice President+1 515 221 [email protected]
Chris Pendroy, CCIM, SIORVice President+1 515 221 [email protected]
Grant WrightSales Associate+1 515 221 [email protected]
Licensed in the State of Iowa.
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CBRE|Hubbell Commercial is pleased to offer for sale the former Wright Tree Service Office Campus, located just seconds west of I-35 at the highly visible corner of
Grand Avenue and Raccoon River Drive. The campus style setting creates a unique opportunity for growing companies looking to expand or relocate their offices
to a high quality 46,980 square foot two-building, Class A headquarters facility. Located on Grand Avenue across from DMACC West Campus, this property is on the
path of growth in West Des Moines and will be neighbors to the new Des Moines University campus, new Mid-American Energy Rec Plex and Glen Oaks Country
Club. It is minutes away from Jordan Creek Parkway and Jordan Creek Town Center, with hundreds of restaurants, retails shops and service establishments.
T H E O F F E R I N G
Address 5930 -5950 Grand Avenue, West Des Moines, IA 50266
Land Size +/- 9.47 Acres (3 parcels - Polk & Dallas Co.)
Current Use Office campus for Wright Service Corp
Zoning PUD IND - Industrial Planned Unit Development
Buildings 5930 Grand Avenue - 28,512 SF(Office)
5950 Grand Avenue - 18,468 SF(Office/Retail)
Age: 2007 Construction
Purchase Price: $8,250,000 (Buildings and land can be available for individual purchase-price negotiable)
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VACANT LAND
5930 GRAND5950 GRAND
P R O P E R T Y A E R I A L
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A R E A V I E W
BOONEVILLE ROAD
BOONEVILLE ROAD
RACCOON RIVER DRIVE
RACCOON RIVER DRIVEFUTURE GRAND AVENUE
FUTURE GRAND AVENUE
FUTU
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FUTURE CAMPUS
PROPERTY
NEW RACOON RIVER BRIDGENEW RACOON RIVER BRIDGE
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B U I L D I N G D E S C R I P T I O N
Total Building Square Feet 28,512 square feet
Year Built2007
Construction High quality brick and stone exterior with commercial grade steel frame
Foundation/Floor Structure Concrete on grade
Sprinklered Wet
Roof Metal and rubber membrane
Lighting LED
LevelsOne-story
Parking Ratio 5.5/1,000 Square feet
Security Building secured with perimeter key-card access
SignageMonument signage on Grand
HVAC90 ton Trane Intellipak unit and 5 ton Libert for IT Room
Backup PowerPad ready, switch installed
Other FeaturesExecutive office suite with separately controlled HVAC, conference and kitchen area.
Storage/mail room with grade level garage door, forklift capable.
5 9 3 0 G R A N D AV E N U E
5930 Grand Avenue was constructed with highest quality materials
and craftsmanship. Originally designed as a Class A multi-tenant office
building, the property was repositioned in 2012 to a single-tenant
office building and was redesigned and remodeled to accommodate
a single tenant occupant. The building entrance greets visitors with an
impressive two-story atrium.
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F L O O R P L A N - 5 9 3 0
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E X T E R I O R P H O T O S
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I N T E R I O R P H O T O S
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5 9 5 0 G R A N D AV E N U EB U I L D I N G D E S C R I P T I O N
Total Building Square Feet 18,468 square feet
Year Built2007 (Interior additions in 2016 & 2018)
Construction Concrete block and steel frame construction
Foundation/Floor Structure Concrete slab on grade
Exterior Walls Glass, brick and EIFS stucco
Roof Rubber membrane
HVACEleven (11) RTU’s ranging in size from 4 to 7.5 tons each
SecurityYes, perimeter with key card access
SprinkleredWet
Other Features
Conference and training facility for 238 occupants
Large kitchenette with catering area and security window
Large finished office area currently with 20 employees, recently remodeled areafor office expansion
Community garden on-site for employees
5950 Grand Avenue is designed today as an annex to 5930 Grand
headquarters building. Originally designed as a multi-tenant strip retail
building, the property was purchased and repositioned
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F L O O R P L A N - 5 9 5 0
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E X T E R I O R P H O T O S
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I N T E R I O R P H O T O S
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VA C A N T L A N D
VACANT LAND
• Parcel Size: 3.53 Acres (153,767 SF)
• Parcel ID#: 1625227003
• Located in West Grand Business Park
• Originally designed to accommodate 40,000
SF, two story office building
(See concept on next page)
• Regional storm water detention ponds
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O R I G I N A L C O N C E P T P L A N
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D E S M O I N E S M E T R O
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DEMOGRAPHIC BRIEF
5930 GRAND AVE
1 MILE 3 MILES 5 MILES
2019 Population - Current Year Estimate 2,151 30,052 78,962
2024 Population - Five Year Projection 2,523 34,160 87,878
2010 Population - Census 1,193 22,830 63,978
2000 Population - Census 578 15,909 52,748
2010-2019 Annual Population Growth Rate 6.58% 3.02% 2.30%
2019-2024 Annual Population Growth Rate 3.24% 2.60% 2.16%
2019 Households - Current Year Estimate 768 12,115 32,930
2024 Households - Five Year Projection 890 13,761 36,539
2010 Households - Census 452 9,262 26,930
2000 Households - Census 196 6,142 21,852
2010-2019 Annual Household Growth Rate 5.90% 2.95% 2.20%
2019-2024 Annual Household Growth Rate 2.99% 2.58% 2.10%
2019 Average Household Size 2.79 2.47 2.39
2019 Average Household Income $132,990 $127,284 $113,361
2024 Average Household Income $146,409 $138,786 $125,797
2019 Median Household Income $88,416 $99,087 $85,408
2024 Median Household Income $97,720 $106,404 $95,890
2019 Per Capita Income $64,172 $51,663 $46,969
2024 Per Capita Income $69,801 $56,301 $51,963
22001199 HHoouussiinngg UUnniittss 88 33 55 1133 ,,229999 3355 ,,668833
2019 Vacant Housing Units 67 8.0% 1,184 8.9% 2,753 7.7%
2019 Occupied Housing Units 768 92.0% 12,115 91.1% 32,930 92.3%
2019 Owner Occupied Housing Units 353 42.3% 7,888 59.3% 20,626 57.8%
2019 Renter Occupied Housing Units 415 49.7% 4,227 31.8% 12,304 34.5%
22001199 PPooppuullaattiioonn 2255 aanndd OOvveerr 11 ,, 550055 2200 ,,118855 5533 ,,990055
HS and Associates Degrees 387 25.7% 6,096 30.2% 20,678 38.4%
Bachelor's Degree or Higher 1,098 73.0% 13,585 67.3% 31,342 58.1%
2019 Businesses 42 956 3,744
2019 Employees 715 17,136 69,317
©2020 CBRE. 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 forexample 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 propertyfor your needs. Source: Esri Page 1 ProjectID:536375
POPULAT ION
HOUSEHOLDS
HOUSEHOLD INCOME
HOUS ING UN ITS
EDUCAT ION
PLACE OF WORK
D E M O G R A P H I C S
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W E S T D E S M O I N E S R A N K I N G S & R E CO G N I T I O NWest Des Moines is constantly growing on its heritage reputation of being a
hotbed for business growth and attraction. In fact, it’s been voted the “City
Most Conducive to Business” by the Business Record, the local business
paper, since the inception of the award in 1997. Since its beginnings as
a settlement built at the junction of two railroads, West Des Moines has
grown to become a major employment hub within the Des Moines-West
Des Moines metropolitan statistical area (MSA), as well as a shopping
destination. West Des Moines is home to many finance and insurance
companies, including Wells Fargo, Farm Bureau, Sammons Financial Group,
and Athene. The City’s retail offerings are highlighted by Jordan Creek Town
Center and Valley West Mall. West Des Moines is also home to an ample
variety of large stores and quaint shops to fit any taste.
West Des Moines has many attributes that make it an ideal city to
locate and do business including:
• A highly educated workforce. According to the U.S. Census
Bureau in 2013, 98% had obtained a high school education and
47% percent had a bachelor’s degree or higher.
• A convenient, central location within the Des Moines-West
Des Moines MSA
• Close proximity to transportation modes, with its location at
the crossroads of I-35 and I-80, as well as quick access to Des
Moines International airport, highways and railways
• A wide range of housing options, plus highly-regarded parks
and recreation locations.
• Close proximity to shopping and entertainment
• Excellent school districts
• City administration that values business
Source: City of West Des Moines
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A F F I L I A T E D B U S I N E S S D I S C L O S U R E & C O N F I D E N T I A L I T Y A G R E E M E N T
CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At t imes different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offer or or prospective offer or, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum.
This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available
to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner.
Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property.
The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.
By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc.
If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.
WRIGHT TREE SERVICES OFFICE CAMPUS5 9 3 0 - 5 9 5 0 G R A N D A V E N U E | W E S T D E S M O I N E S , I O W A
OFFERING MEMORANDUM
C O N T A C T S
© 2020 Hubbell Commercial Brokers, L.C., d/b/a CBRE|Hubbell Commercial. The information contained in this document has been obtained from sources believed reliable. While CBRE|Hubbell Commercial does not doubt its accuracy, CBRE|Hubbell Commercial has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. 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.
CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.
Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.
Bill WrightSenior Vice President
+1 515 221 [email protected]
Licensed in the State of Iowa.
Chris Pendroy, CCIM, SIORVice President
+1 515 221 [email protected]
Licensed in the State of Iowa.
Grant WrightSales Associate
+1 515 221 [email protected]
Licensed in the State of Iowa.