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Offering Memorandum 101 Locust Street Hartford, Connecticut H a r t f o r d C o u n t y Executive Summary HK Group is pleased to offer for sale the property located at 101 Locust Street in Hartford, Connecticut.
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Offering Memorandum 101 Locust Street Hartford, Connecticut H a r t f o r d C o u n t y Executive Summary HK Group is pleased to offer for sale the property located at 101 Locust Street in Hartford, Connecticut. The property is fully occupied and net leased to Pitney Bowes Presort Services. Pitney Bowes, Inc. is a publicly traded company on the NYSE under ticker symbol PBI and is S&P rated BBB A-2 (Investment Grade). The Tenant has been using this location for processing since 1999 and just renewed this lease for the third time; it has a 5-year lease expiring in Locust is well located in the active South Hartford market within very short distance and with easy access from Exit 27 of I-91, near Brainard Airport. The building is concrete construction and has potential for conversion to other uses, such as warehouse distribution. 101 Locust has a history of strong occupancy and has not had a vacancy in the last 16 years. The building location is excellent, directly opposite a large UPS distribution center. Price is $5,500,000 - call Listing Broker for financial information. Office Area The Tenant Pitney Bowes (NYSE: PBI) is a global technology company offering innovative products and solutions that enable commerce in the areas of customer information management, location intelligence, customer engagement, shipping and mailing, and global ecommerce. More than 1.5 million clients in approximately 100 countries around the world rely on products, solutions and services from Pitney Bowes. The World Headquarters are located at 3001 Summer Street in Stamford, CT. Arthur Pitney and Walter Bowes founded the company 95 years ago, in It has listed on the NYSE since 1950 and has been a member of the S&P since It has approximately 15,000 employees, subsidiaries and locations in more than 100 countries, from the US to Canada, Sweden, Hong Kong and Australia. Its main markets are mail processing, software, ecommerce and business services. As of June 2015, Pitney Bowes market capitalization was in excess of $4.3 billion. Revenue in 2014 was $3.8 billion, assets $6.5 billion and free cash flow $571 million. North America mailing represented 39% of revenue in Pitney Bowes Presort Services, Inc. is a wholly owned subsidiary of Pitney Bowes and its financials are incorporated in Pitney Bowes financial filings with the Security & Exchange Commission. The 101 Locust St. Hartford plant is one of at least 25 similar mail-sorting facilities that Pitney Bowes Presort Services has throughout the country. It s location is critical to the clients of Pitney Bowes as transportation of mail is an important element of the cost reduction Pitney Bowes provides. This mail presorting operation is a great example of high technology coupled with very high productivity. Several millions pieces of mail are presorted daily at the plant with long computer-controlled high-speed optical machines that read addresses and zip codes and sort the mail by zip code for delivery to final USPS regional delivery centers. The plant runs three shifts for 24/7 operations. The USPS has its own office within the plant to oversee the mail sorting operation. Banks, large corporations and insurance companies routinely use these presort services to lower the cost of mailing to their customers. The mail sorting machines are complex and delicate and do not like to be moved: moving a plant of this type would represent a major loss of business, productivity and market share. According to management, Pitney Bowes intends to stay at this location for at least the next ten years. Site Information Address: 101 Locust Street, Hartford, CT Land Area: Total GBA: 6.16 acres; 34.8% site, coverage 73,458 Sq. Ft. Warehouse: 68,458 Sq. Ft. Office: 5,000 Sq. Ft. Occupancy: 100% Zoning: Water & Sewer Parking I-2, Industrial MDC Asphalt paved; 160 parking spaces Year Built/Renovated Built 1980/Renovated 1982/1990/2003/2013 Access: Frontage on Locust Street with secondary access from Elliott Street. Mail Sorting Areas Construction Detail Construction/Frame: Floor: Exterior Walls: Ceiling Height: Roofing: Steel frame Reinforced concrete slab Concrete block/insulated metal 24 clear height in 14,800 SF warehouse. 18 high ceilings in 53,700 SF light manufacturing area Flat tar and gravel age varies Column Spacing: 30 x 40 Loading Docks: Drive-in Doors: HVAC: Fire Protection/Life Safety: Electric: Lighting: Six (6) space available for additional docks N/A Gas-fired heat provided by rooftop mounted HVAC units (2003); the building is 100% air conditioned Fully sprinklered 2,000 amp/120/208volt/3-phase power Recessed T-8 Fluorescent Mail Sorting Area Docks Warehouse Area Docks Loading Docks Mail Sorting Area Loading Docks Warehouse Area Warehouse Parking Area High-Bay Warehouse Office 5,000 SF Entrance Light Manufacturing Area 18 Ceiling 53,700 SF High-Bay Warehouse 24 Ceiling 14,800 SF Floor Plan All information All from from sources sources deemed deemed reliable reliable and and is submitted is subject subject to errors, to errors, omissions, change change of price, of price, rental, rental, prior prior sale sale and and withdrawal without without notice. notice. Site Plan Creative Interior Design 101 Locust Street Hartford, CT Aerial View 101 Locust Street Hartford, CT 101 Locust Street Hartford, CT For additional information, please contact: M a t t h e w F. K e e f e P r e s i d e n t HK G r o u p C o m m e r c i a l 253 Riverside Avenue W e s t p o r t, C T O : C :
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