subject property investment offering -...

INVESTMENT OFFERING | $5,514,000 / 8.25% cap

Noah’s

720 Currency Circle, Lake Mary, FL (Orlando)

Property. Brand new construction. 10,300+ SF building on 1.96+ acre site.

Tenant. Noah Corporation develops and operates innovative multi-use facilities for all life’s events to include conference center space for business, corporate,

and community events as well as weddings, parties, and other social gatherings. Today you can find Noah’s operating in Texas, Colorado, Utah & Arizona. Each

location hosts an average of 30,000 plus visitors at over 300 events annually. There are currently 28 Noah’s underway in 20 states.

Lease Structure. 20-year, NNN lease beginning December 2014 with 10% rent increases in year 6 and 2% every year after in base term & options.

Location. Noah’s is strategically located along Currency Circle, north of W Lake Mary Blvd (63,670 Cars / Day) and directly east of Interstate 4 (138,468 Cars /

Day). Retail and commercial growth in the immediate trade area have benefited from the accessibility and traffic provided by these routes. This site is neighbors

with a vast constituency of retailers as well as corporate offices. To the south of Noah’s, Target, Publix, Cato, and Chipotle anchor the Shoppes of Lake Mary, a

280,000 square foot shopping center. Gander Mountain, LA Fitness, The Home Depot, Longhorn Steakhouse, and Firehouse Subs are other notable tenants

close to Noah’s. The property is surrounded by Homewood Suites by Hilton, Hilton Garden Inn, HNTB Corporation offices, and Metric Engineering offices.

Convergys, one of Lake Mary’s largest employers has their corporate offices on the west side of Interstate 4. Other top employers within close proximity to the

subject property include Seminole State College (1350+ Employees), Priority Healthcare Distribution (1200+ Employees), and JPMorgan Chase & Co. (1000+

Employees. The Orlando Sanford International Airport is 8-miles east of the subject property. Lake Mary is a suburb of Orlando, FL.

SUBJECT PROPERTY

214.915.8890

BOB MOORHEAD

[email protected]

JOE CAPUTO

[email protected]

RUSSELL SMITH

[email protected]

Table of contentsNoah’s


Trivanta (“Agent”) has been engaged as an agent for the sale of the property located at 720

Currency Circle, Lake Mary, FL by the owner of the Property (“Seller”). The Property is

being offered for sale in an “as-is, where-is” condition and Seller and Agent make no

representations or warranties as to the accuracy of the information contained in this

Offering Memorandum. The enclosed materials include highly confidential information and

are being furnished solely for the purpose of review by prospective purchasers of the

interest described herein. The enclosed materials are being provided solely to facilitate the

prospective investor’s own due diligence for which it shall be fully and solely responsible.

The material contained herein is based on information and sources deemed to be reliable,

but no representation or warranty, express or implied, is being made by Agent or Seller or

any of their respective representatives, affiliates, officers, employees, shareholders,

partners and directors, as to the accuracy or completeness of the information contained

herein. Summaries contained herein of any legal or other documents are not intended to be

comprehensive statements of the terms of such documents, but rather only outlines of

some of the principal provisions contained therein. Neither the Agent nor the Seller shall

have any liability whatsoever for the accuracy or completeness of the information contained

herein or any other written or oral communication or information transmitted or made

available or any action taken or decision made by the recipient with respect to the Property.

Interested parties are to make their own investigations, projections and conclusions without

reliance upon the material contained herein. Seller reserves the right, at its sole and

absolute discretion, to withdraw the Property from being marketed for sale at any time and

for any reason. Seller and Agent each expressly reserves the right, at their sole and

absolute discretion, to reject any and all expressions of interest or offers regarding the

Property and/or to terminate discussions with any entity at any time, with or without notice.

This offering is made subject to omissions, correction of errors, change of price or other

terms, prior sale or withdrawal from the market without notice. Agent is not authorized to

make any representations or agreements on behalf of Seller. Seller shall have no legal

commitment or obligation to any interested party reviewing the enclosed materials,

performing additional investigation and/or making an offer to purchase the Property unless

and until a binding written agreement for the purchase of the Property has been fully

executed, delivered, and approved by Seller and any conditions to Seller’s obligations

hereunder have been satisfied or waived. By taking possession of and reviewing the

information contained herein, the recipient agrees that (a) the enclosed materials and their

contents are of a highly confidential nature and will be held and treated in the strictest

confidence and shall be returned to Agent or Seller promptly upon request; and (b) the

recipient shall not contact employees or tenants of the Property directly or indirectly

regarding any aspect of the enclosed materials or the Property without the prior written

approval of the Seller or Agent; and (c) no portion of the enclosed materials may be copied

or otherwise reproduced without the prior written authorization of Seller and Agent.

Disclaimer

PAGE 3: INVESTMENT OVERVIEW

PAGE 1: COVER

PAGE 2: TABLE OF CONTENTS | DISCLAIMER

PAGE 13-14: LOCATION MAPS

PAGE 15: DEMOGRAPHICS

PAGE 5-6: AERIAL PHOTOS

PAGE 11: LOCATION OVERVIEW

PAGE 12: SITE PLAN

PAGE 4: CORPORATE CLIENT LIST & TESTIMONIALS

PAGE 10: ECONOMIC DRIVERS

Florida Broker of Record:

Turner Net Properties , Inc. | License # 565084

PAGE 7-9: PROPERTY PHOTOS

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PRICE: $5,514,000

CAP RATE: 8.25%

NET OPERATING INCOME: $454,843

BUILDING AREA: 10,300+ Square Feet

LAND AREA: 1.96+ Acres

YEAR BUILT: 2015

LANDLORD RESPONSIBILITY: None

OWNERSHIP: Fee Simple Interest

OCCUPANCY: 100%

Investment overviewNoah’s


Lease Expiration: December 2034

Rent Commencement: December 2014

Initial Lease Term: 20-Years, Plus 4, 5-Year Options to Renew

Rent Increases: 10% In Year 6, 2% Every Year Thereafter

Lease Type: NNN

Lease overview

Annual Rent (Year 1-5): $454,843 Annual Rent Year 13: $574,718

Annual Rent Year 14: $586,213














Option Terms: Continued 2% Annual Rent Increases Tenant overviewLESSEE: NOAH OPERATIONS LAKE MARY FL, LLC, a Utah limited liability company

CORPORATE GUARANTY: NOAH CORPORATION, a Utah corporation

Noah’s | www.mynoahs.com

Noah Corporation develops and operates innovative multi-use facilities for all life’s events to include conference center space for business, corporate, and

community events as well as weddings, parties, and other social gatherings. Automated features and “state of the art” technology and functionality make each

room customizable. Noah’s offers boardrooms, conference rooms, game rooms, and a beautiful reception area that can accommodate upwards of 350 people.

At no additional charge, the customer has the freedom to bring in whatever food, decorations, or other services that will assist in making the event a success.

Noah’s booking fees are approximately 25% less on average than its competition and each location hosts an average of 30,000 plus visitors at over 300 events

annually.

Noah Corporation is a national brand, with active expansion in several markets. Today you can find Noah’s operating in Texas, Colorado, Utah & Arizona. As of

February 2014, there were 28 projects in various phases of site acquisition and development in 20 states, mostly in the Midwest and Southeast.

The condition of the Event and Conference Center Industry, as it exists today, is largely without product consistency. Though consumers have come to expect

consistency within the retail/restaurant experience it is curiously absent from the conference center marketplace. This Multi-Billion Dollar industry remains in

"Status Quo Condition” and consumers continue to be frustrated by various elements of service, including high cost, lack of control and flexibility, inconsistent

quality, and lack of available facilities. This sleeping, unchanging attitude in the industry has provided an opportunity for Noah Corporation to alleviate frustration

for consumers. To do this Noah’s has standardized the experience with their facilities, creating a national brand that provides four to five star space and an ease of

doing business with Noah’s.

*Rent is based on a formula that includes a % of total improvement costs and will be adjusted accordingly upon building

completion. Annual Rent shown above are estimates. Purchase Price may change but the agreed upon CAP rate will not.

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Corporate Client List & TestimonialsNoah’s


Intel

Apple

Wells Fargo

Verizon Wireless

InfusionSoft

eBay

Option1 Nutrition

Cardinal Health

McDonalds

C.R. England

1-800 Contacts

Aflac

American Express

Apple

DirecTV

Discover Card

Frito Lay

GE

Home Depot

Mary Kay

Pfizer

Sherwin Williams

US Bank

Chase Bank

Edward Jones

Verizon

Centura Health

Farmers Insurance

Sashco

Taco Bell

Taco Bueno

Hurst Review

Pure Barre

ACN

Ameriprise

Pinnacle Mortgage

Texas Instruments

Verizon

Pepsico

CEO Netweavers

Juniper

Genband

Arch Fellow

CEO Space DFW

Ziosk

Nestle

LSG Sky Chefs

Mountain Range Dentistry

Jolliffe Capitol, INC

Denver Metro Realtors

Safeco

Century 21

Lte

Chick-fil-a

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Aerial photoNoah’s


Heathrow Country

Club

Homewood Suites by

Hilton

Hilton Garden

Inn Orlando

Courtyard

Hyatt Place

Convergys Corporation

Metric Engineering

HNTB Corporation

W Lake Mary Blvd (63,760 Cars / Day)

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Aerial photoNoah’s


Homewood Suites by

Hilton

Hilton Garden Inn Orlando

Convergys Corporation

Metric Engineering

HNTB Corporation

Florida Retina

Institute

W Lake Mary Blvd (63,760 Cars / Day)

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Property photo – MAIN HALLNoah’s


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Property photo – Rinat BARREL VAULTNoah’s


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Property photo – SMALL CONFERENCE ROOMNoah’s


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ECONOMIC DRIVERSNoah’s


SEMINOLE STATE COLLEGE LIBRARY, LAKE MARY, FL

Map # Economic Driver Employees Location Type

1 Seminole State College of Florida 1350 Headquarters

2 Priority Healthcare Distribution, Inc. 1200 Headquarters

3 County of Seminole 1200 Branch

4 JPmorgan Chase & Co. 1000 Branch


6 The American Automobile Association, INC. 800 Headquarters

7 American K-9 Detection Services, LLC 750 Single


9 Collis Roofing, Inc. 635 Headquarters

10 AT&T Corp. 600 Branch

11 Central Florida Regional Hospital 600 Single

12 Wal-Mart Stores, INC. 500 Branch

13 Lockheed Martin Corporation 473 Branch

14 Infastructure Services Holdings, Inc 450 Single

15 Orlando Health, INC. 450 Branch

16 Hartford Fire Insurance Company 430 Branch

17 United States Postal Service 400 Branch

18 Florida Extruders International, Inc. 400 Single


20 Sungard Public Sector Inc. 400 Headquarters

21 Sears Home Improvement products, INC. 400 Headquarters

22 The School Board of Seminole County 350 Branch

23 Ford Motor Credit Company LLC 343 Branch

24 Blue Cross and Blue Shield of Florida, INC. 318 Branch

25 Watson Realty Corp. 310 Branch

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http://www.bing.com/maps/?FORM=Z9LH2


Location overviewNoah’s


IMMEDIATE TRADE AREA

Noah’s is strategically located along Currency Circle, north of W Lake Mary

Blvd (63,670 Cars / Day) and directly east of Interstate 4 (138,468 Cars / Day).

Interstate 4 is a prime commercial corridor that serves the Orlando metro area

while also connecting Tampa, FL to Daytona Beach, FL, and W Lake Mary

Blvd serves as a primary east-west thoroughfare for north Orlando. Retail and

commercial growth in the immediate trade area have benefited from the

accessibility and traffic provided by these routes. Lake Mary, an affluent suburb

of the Orlando CSA, has a growing commercial, office, and industrial base.

Primarily a suburban single-family residential community, Lake Mary is a

sought after location for young families and professionals

Economic Drivers

This site is neighbors with a vast constituency of retailers as well as corporate

offices. To the south of Noah’s, Target, Publix, Cato, and Chipotle anchor the

Shoppes of Lake Mary, a 280,000 square foot shopping center. Gander

Mountain, LA Fitness, The Home Depot, LongHorn Steakhouse, and Firehouse

Subs are other notable tenants close to Noah’s.

The property is surrounded by HNTB Corporation offices, and Metric

Engineering offices. Convergys, one of Lake Mary’s largest employers has their

corporate offices on the west side of Interstate 4. Other top employers within

close proximity to the subject property include Seminole State College (1350+

Employees), Priority Healthcare Distribution (1200+ Employees), JPmorgan

Chase & Co. (1000+ Employees), and American Automobile Association (800+

Employees).

In Seminole County, the average number of guests per wedding is estimated

between 147 and 167. Couples that live in or travel to Seminole County spend

between $20,888 and $34,814 on average for their wedding compared to

Noah’s typical wedding cost of $18,000-20,000.

There are 7 hotels within a short 2-mile drive of the subject property. These

hotels primary cater to business travel, Hilton Garden Inn, Homewood Suites,

Courtyard, Hyatt Place, Extended Stay America, La Quinta Inn & Suites, and

Candlewood Suites.

Seminole State College, Lake Mary Elementary, Crystal Lake Elementary,

Lake Mary High School, Greenwood Lakes Middle School, Lake Montessori

Academy, and Live Oak Montessori School are all located within 5-miles of the

site.

The Orlando Sanford International Airport is 8-miles east of the subject

property and is 15-miles away from Orlando’s central business district

ORLANDO AREA

Orlando, FL is a city in central Florida with a population of 238,300. The city

has experienced unabated robust growth for the duration of the 20th century as

well as through the present day. The city’s population grew by 28.2% between

2000 and 2010. The tourism industry play a significant role in the local

economy. Orlando attracts over 51 million tourists a year. The Walt Disney

World resort is the area's largest attraction; SeaWorld Orlando is a large park

that features zoological displays, marine animals, and an amusement park;

Universal Orlando, like Walt Disney World, is a multi-faceted resort comprising

Universal Studios Florida, CityWalk, and Islands of Adventure. Orlando has the

most hotels, and the 2nd largest number of hotel rooms in the country (after

Las Vegas, Nevada), and is one of the busiest American cities for conferences

and conventions. The Orange County Convention Center, expanded in 2004 to

over 2 million square feet of exhibition space, is now the second-largest

convention complex in terms of space in the United States, trailing only

McCormick Place in Chicago.

Also, Orlando is a major industrial and hi-tech center. The area has a $13.4

billion technology industry employing 53,000 people and is a nationally

recognized cluster of innovation in digital media, agricultural technology,

aviation, aerospace, and software design. More than 150 international

companies, representing approximately 20 countries, have facilities in the

Greater Orlando Area. Orlando has the 7th largest research park in the

country, Central Florida Research Park, with over 1,025 acres. It is home to

over 120 companies, employs more than 8,500 people, and is the hub of the

nation’s military simulation and training programs. Orlando is also home to the

Darden Restaurants corporate headquarters, the parent company of Red

Lobster and Olive Garden and the largest operator of restaurants in the world

by revenue. Orlando is home to the University of Central Florida (59,767

Students), which is the 2nd largest university campus in the U.S.

The Orlando–Deltona–Daytona Beach, Florida Combined Statistical Area

(CSA) is an area that includes 7 counties in central and east Florida with

2,818,120 residents making it the 17th most populated combined statistical

area in the country. Metro Orlando has served as a major military defense and

aerospace center since the World War II. The most prominent defense

contractor in the area is Lockheed Martin, which operates both a laboratory and

a manufacturing facility in Orlando. Military presence began in the 1940s, with

the opening of McCoy Air Force Base and the Orlando Naval Training Center.

McCoy AFB was a major hub of B-52 Stratofortress operations. McCoy AFB

was split between the city and NTC Orlando in 1974. Daytona Beach provides

another essential plank to the area’s tourism industries bringing over 8 million

visitors annually.

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SITE PLANNoah’s


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Location mapNoah’s


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Location mapNoah’s


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DemographicsNoah’s


2014 Estimated Population 6,406 50,228 122,497

2019 Projected Population 6,753 52,949 129,110

2010 Census Population 6,237 48,897 119,250

2000 Census Population 5,175 39,060 95,109

Projected Annual Growth 2014 to 2019 1.1% 1.1% 1.1%

Historical Annual Growth 2000 to 2014 1.7% 2.0% 2.1%

2014 Estimated Households 2,678 19,900 48,064

2019 Projected Households 2,823 20,974 50,662

2010 Census Households 2,562 19,041 45,987

2000 Census Households 2,049 14,495 35,329

Projected Annual Growth 2014 to 2019 1.1% 1.1% 1.1%

Historical Annual Growth 2000 to 2014 2.2% 2.7% 2.6%

2014 Est. Population Under 10 Years 11.2% 11.1% 11.6%

2014 Est. Population 10 to 19 Years 13.0% 13.2% 12.9%





2014 Est. Population 75 Years or Over 6.4% 5.3% 5.7%

2014 Est. Median Age 38.8 40.1 39.1

2014 Est. Male Population 47.0% 48.2% 48.4%

2014 Est. Female Population 53.0% 51.8% 51.6%

2014 Est. Never Married 29.2% 28.1% 30.0%

2014 Est. Now Married 45.9% 51.0% 47.1%

2014 Est. Separated or Divorced 20.4% 16.4% 17.2%

2014 Est. Widowed 4.5% 4.5% 5.7%

2014 Est. HH Income $200,000 or More 7.1% 10.6% 8.0%

2014 Est. HH Income $150,000 to $199,999 8.8% 8.6% 6.7%

2014 Est. HH Income $100,000 to $149,999 14.0% 15.9% 14.0%

2014 Est. HH Income $75,000 to $99,999 15.4% 14.2% 13.8%

2014 Est. HH Income $50,000 to $74,999 17.5% 18.3% 20.3%

2014 Est. HH Income $35,000 to $49,999 14.2% 11.8% 13.2%

2014 Est. HH Income $25,000 to $34,999 8.9% 8.3% 9.4%

2014 Est. HH Income $15,000 to $24,999 10.0% 7.4% 8.2%

2014 Est. HH Income Under $15,000 4.2% 5.0% 6.3%

2014 Est. Average Household Income $89,099 $105,888 $91,294

2014 Est. Median Household Income $71,165 $83,296 $72,888

2014 Est. Per Capita Income $37,296 $42,011 $35,936

2014 Est. Total Businesses 681 2,858 6,871

2014 Est. Total Employees 9,511 33,069 72,720

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500 Currency Circle1 mi radius 3 mi radius 5 mi radius

Lake Mary, FL 32746

2014 Est. Labor Population Age 16 Years or Over 5,130 40,215 97,349

2014 Est. Civilian Employed 65.7% 65.2% 64.1%

2014 Est. Civilian Unemployed 3.2% 3.1% 3.7%

2014 Est. in Armed Forces - - -

2014 Est. not in Labor Force 31.1% 31.7% 32.2%

2014 Labor Force Males 46.7% 47.6% 47.6%

2014 Labor Force Females 53.3% 52.4% 52.4%

2010 Occupation: Population Age 16 Years or Over 3,254 24,023 57,116

2010 Mgmt, Business, & Financial Operations 16.5% 20.4% 18.6%

2010 Professional, Related 23.2% 22.9% 23.1%

2010 Service 14.0% 13.1% 13.8%

2010 Sales, Office 34.0% 31.7% 30.8%

2010 Farming, Fishing, Forestry 1.3% 0.4% 0.5%

2010 Construction, Extraction, Maintenance 4.9% 6.2% 6.9%

2010 Production, Transport, Material Moving 6.1% 5.3% 6.3%

2010 White Collar Workers 73.7% 75.1% 72.6%

2010 Blue Collar Workers 26.3% 24.9% 27.4%

2010 Drive to Work Alone 82.6% 82.8% 82.9%

2010 Drive to Work in Carpool 6.6% 6.8% 6.9%

2010 Travel to Work by Public Transportation 0.1% 0.3% 0.4%

2010 Drive to Work on Motorcycle - 0.1% 0.2%

2010 Walk or Bicycle to Work 3.9% 1.7% 1.4%

2010 Other Means 0.3% 0.6% 0.9%

2010 Work at Home 6.4% 7.8% 7.3%

2010 Travel to Work in 14 Minutes or Less 30.4% 29.0% 26.8%

2010 Travel to Work in 15 to 29 Minutes 39.4% 37.9% 37.9%

2010 Travel to Work in 30 to 59 Minutes 26.8% 28.8% 30.7%

2010 Travel to Work in 60 Minutes or More 3.5% 4.3% 4.6%

2010 Average Travel Time to Work 19.9 20.4 21.4

2014 Est. Total Household Expenditure $174 M $1.46 B $3.15 B

2014 Est. Apparel $8.41 M $70.6 M $152 M

2014 Est. Contributions, Gifts $12.1 M $106 M $221 M

2014 Est. Education, Reading $5.15 M $44.8 M $93.3 M

2014 Est. Entertainment $9.82 M $82.6 M $178 M

2014 Est. Food, Beverages, Tobacco $27.1 M $223 M $490 M

2014 Est. Furnishings, Equipment $7.85 M $66.4 M $142 M

2014 Est. Health Care, Insurance $12.1 M $100 M $219 M

2014 Est. Household Operations, Shelter, Utilities $52.1 M $437 M $944 M

2014 Est. Miscellaneous Expenses $2.84 M $23.4 M $51.2 M

2014 Est. Personal Care $2.50 M $20.8 M $45.3 M

2014 Est. Transportation $34.2 M $282 M $618 M

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Lake Mary, FL 32746

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subject property investment offering -...

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