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Triple Net Lease, 3-Story Office Building, Fenton, St. Louis County, Missouri
OFFERING PRICE: $22,985,000
TRIPLE NET LEASE OFFER
THREE STORY CLASS A OFFICE BUILDING
90,000 SF NRA ON 17.56 ACRES
11 ACRES OF ADDITIONAL GREENSPACE INCLUDED
15 YEAR NNN LEASE
Location
1509 Ocello Drive
Fenton, MO 63026
New Absolute NNN Lease Investment Opportunity
Nooter Eriksen, Inc.1509 Ocello Drive
Fenton (St. Louis County), MO 63026
Strategically Located: Fenton, MO, located just 16 miles SW of the St. Louis CBD, is a major commerce/industrial area within the St. Louis MSA characterized by stable occupancy rates, diverse tenant base, & well above average household demographics. The improvements are positioned on a hilltop located 1/2 mile South of the intersection of I-44 & Hwy 270, which serves as the perimeter traffic artery for St. Louis. Surrounding uses consist of a mixture of office, light industrial, & high-end residential developments. Major market drivers in the area consist of the Meritz Corporate Travel campus (3,000 employees) just West of the site, and a 300-acre Chrysler plant located across I-44. The Fenton submarket has been the most stable office submarket within the St. Louis MSA, and Class A office space has historically exhibited vacancy rates well below 10% (6.8% at the end of the 1st Quarter 2007).
Building: A three-story, Class A, corporate and world Head Quarters office building containing 90,000-sf of net rentable area. The building was completed in 2002 and is located on a 17.56- acre site. An additional 11.0 acres of undeveloped green space situated next to the property will be included in the transaction. The improvements exhibit a number of premium features and finishes, including a two-story lobby, glass curtain wall, wood accents throughout the office space and function rooms, marble finishes, executive parking, numerous teleconference and training rooms, security and landscaping. The site’s high elevation provides 360 degree panoramic views from within the building. Parking spaces total 459 (413 surface and 46 executive parking spaces on the lower level below the first floor office). Tenant & Lease Guarantor: Headquartered in Fenton, MO, Nooter Eriksen traces its beginning to 1892 and today is the world’s largest independent supplier of Natural Circulation Heat Recovery Steam Generators (HRSGs) for power plants. Its parent company, and Lease Guarantor, CIC Group, Inc., is a holding company of diversified commercial and industrial businesses, providing services and resources to the engineering services, construction, metal injection molding, metal product fabrication, and metal spraying industries. The company’s customers operate primarily in the oil and gas, chemical, and electric power industries. Revenues for the Lease Guarantor in 2006 exceeded $840MM.
Lease Term: 15 years (matures June 30, 2022) with four, five-year renewal options.
Lease Type: Absolute NNN. No Landlord responsibilities whatsoever.
Annual Net Income: $1,494,000 ($16.60 psf) with cumulative CPI increases every five years not to exceed 7.375%.
Contact Person's Name: James Jarrell
Contact Phone Number: +1 702-882-8657
Contact E-mail address: jjarrelldlgrealty@yahoo.com
Brokerage Name: DLG Realty and Investments
Submitted by: admin
Property ID Number: 59
Property ID Name: Nooter Erickson
Added: Fri May 09 2008
