bay terrace i & ii webster, tx
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COLLIERS INTERNATIONAL
BAY TERRACE I & II| OFFERING MEMORANDUM
Bay Terrace I & IIOfering MemorandumFor Sale | InvestmentOpportunity
17155 FEATHER CRAFT LN
555 FORGE RIVER RD
WEBSTER TEXAS
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COLLIERS INTERNATIONALBAY TERRACE I & II | OFFERING MEMORANDUM
INVESTMENT SUMMARY
Investment Highlights
THE OPPORTUNITY
Bay Terrace I & II are single story oce/technical/engineering acilities located in the Bay Terrace subdivision oClear Lake City. The Bay Terrace subdivision is a deed restricted and architecturally controlled development.
Bay Terrace I is located at the corner o Feather Crat Lane and Forge River Road, just south o Bay Area Boule-vard and El Camino Real. The improvements were constructed in 1993 and are situated on 6.15 acres o land,which equates to a land to building ratio o 2.92:1. The open concrete parking lot consists o 221 parking spaces,resulting in a 2.25/1,000 parking ratio.
The improvements are 100% sprinklered and air conditioned. The tiltwall construction consists o exposed rockand plate glass aade in the ront and is situated on a concrete slab oundation.
Bay Terrace I is 85% leased to United Space Alliance (69,132 SF) and Lockheed Martin Corp (8,921 SF). TheUnited Space Alliance space consists o (2) separate leases, one consisting o 32,503 SF expiring in September2015 and one consisting o 36,629 SF expiring in September 2013. The Tenant has a onetime right to surrenderapproximately 20,000 SF in December o 2012. It is anticipated that the tenant will exercise this option; however,notice to Landlord is not required until October o 2012.
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COLLIERS INTERNATIONALBAY TERRACE I & II | OFFERING MEMORANDUM
INVESTMENT SUMMARY
Investment Highlights
THE OPPORTUNITY
Bay Terrace II is adjacent to Bay Terrace I, at the corner o Forge River Road and Medical Center Boulevard. Theimprovements were constructed in 1994 and are situated on 8.3 acres o land, which equates to a land to building
ratio o 3.33:1. The open concrete parking lot consists o 455 parking spaces resulting in a 4.19/1,000 parkingratio.
The improvements are 100% sprinklered and air conditioned. The tiltwall construction consists o exposed rockand plate glass aade in the ront and is situated on a concrete slab oundation. The improvements are cong-ured or grade level loading and consist o a mix o 18 24 overhead doors at the rear o the property.
Bay Terrace II is 81% leased to Lockheed Martin Corp. (78,383 SF) and Raytheon (9,138 SF). The Lockheedspace consists o (2) separate leases. The Tenant will be vacating 30,176 SF in March o 2012, while the remain-der o their space is leased until May o 2018 (with a termination option ater March o 2014). Once Lockheedvacates their space in March o 2012, the property will be at 53% occupancy.
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COLLIERS INTERNATIONALBAY TERRACE I & II | OFFERING MEMORANDUM
INVESTMENT SUMMARY
Investment Highlights
INVESTMENT HIGHLIGHTS
Value Add Investment Opportunities - Bay Terrace I & II are currently 83% leased to United Space Alliance,Lockhead Martin Corp and Raytheon Corporation. As o March 2012, the properties will be 68% occupied, barring
any new leasing and/or expansions. Investors will have the opportunity to utilized the in-place cash fow romcredit tenants while increasing the NOI with new leasing and renewals.
Well Positioned for Growth and Repositioning - Bay Terrace I & II are located in the deed restricted Bay Terracesubdivision o Clear Lake. The properties are located to the east o the Clear Lake Regional Medical Center, whichas a $92 million expansion underway. The recently built 373,000 square oot Clear Lake Hospital has also addedto the economic momentum o the area.
The positioning o Clear Lake in relation to the Port o Houston and Houston Ship Channel al lows many tenants tooccupy manuacturing and distribution acilities in the Port o Houston area while allowing oce use in ClearLake.
OVERVIEW
Property: Bay Terrace I Bay Terrace II
Address: 17155 Feather Crat Ln. 555 Forge River Rd.
NRA: 91,800 SF 108,878 SF
Occupancy: 83% 83%
Year Built: 1993 1994
Floors: 1 1
Acerage: 6.15 AC 8.3 AC
Parking: 221 Parking Spaces 455 Parking Spaces
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BAY TERRACE I & II17155 FEATHER CRAFT WEBSTER, TEXAS
555 FORGE RIVER WEBSTER, TEXAS
CONFIDENTIAL OFFERING MEMORANDUM
Colliers International has been retained as the exclusive broker or the disposition o Bay Terrace I & II (Property) located at 17155 Feather Crat and 555 Forge Riin Houstons Clear Lake Submarket located just east o Interstate 45 & Bay Area Boulevard. The properties are comprised o 200,378 SF o single story ofce/technicengineering space in two (2) buildings; 91,800 SF and 108,578 SF. The properties are ully sprinklered and 100% air conditioned. The properties have a combined
cupancy o 83% and represent excellent value add propositions.
PRESENTED EXCLUSIVELY BY:
David L. CarterCCIM, SIOR
Principal/Director | HoustonDIRECT +1 713 830 2135
EMAIL [email protected]
Coy Davidson
Senior Vice President | HoustonDIRECT +1 713 830 2128
EMAIL [email protected]
Ivonne Gonzalez
Project Coordinator | HoustonDIRECT +1 713 830 2161
EMAIL [email protected]
Colliers International
1300 Post Oak Boulevard, Suite 200
Houston, Texas 77056
MAIN +1 713 222 2111
FAX +1 713 830 2118
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