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TEAM
MEMBERS:
PROJECT
DESCRIPTION
&
SITE
LOCATION:
PROJECT
SCHEDULE
/
OCCUPANCY:
LEASE
TERM:
OPTION
TO
RENEW:
Ownership:
A
Zilber
Property
Group
(ZPG)
Real
Estate
Ownership
Entity
Tenant:
Stella
&
Chewys,
LLC
(S&C)
Design/Build
To
Be
Determined
Contractor:
A
+/-
140,000
SF
(expandable
to
278,300
SF)
corporate
office/production/
distribution
facility
to
be
located
in
OakView
Business
Park
(Oak
Creek,
WI).
(See
enclosed
site
plans,
business
park
maps
and
project
renderings
for
more
detailed
information)
OakView Business Park (Oak Creek, WI) o Site Size: 17.13 Acres o Building Additional Expansion Potential: 138,200 SF
Not less than twelve (12) years. Provided that S&C is not in default of the Lease and provides 360 days notice to ZPG, S&C shall have an o ption to renew the lease term for a term not less than the initial lease term at an Annual Base Rent rate of the previous year as increased annually under the initial lease term.
PROJECT
ZPG
to
work
with
S&C,
the
jointly
selected
design/build
ECONOMICS:
contractor,
and
relevant
governmental/economic
development
agencies
to
develop
the
most
cost-effective
facility
solution
that
meets
the
operational
needs
of
S&C.
Based
on
ZPGs
project
scope
understanding
and
updated
design/build
contractor
budgets,
a
current
estimate
of
the
projects
entire
development
costs
(prior
to
any
economic
development
incentives)
is
approximately
as
follows:
PROJECT
ECONOMICS:
(CONTINUED)
Project
Hard
Costs
used
represent
current
low
cost
budget
estimates
and
include
a
+/-
3%
project
cost
contingency.
Project
Soft
Costs
include
developer
financing
costs,
real
estate
taxes
during
development
and
development
and
brokerage
fees.
ZPG
to
complete
the
project
on
an
open
book
basis.
Hard
cost
design/construction
contracts
will
be
structured
to
include
Guarantee
Maximum
Price
and
project
cost
savings
mechanisms
to
limit
total
cost
exposure
and
to
maximize
future
project
cost
savings
potential
for
S&C.
*
As
part
of
Annual
Base
Rent,
ZPG
to
fund
approximately
$_________
(or
$__/SF,
assuming
a
140,100
SF
facility)
of
the
Total
Project
Costs
(Base
Rent
Project
Costs)
using
a
Rent
Constant
of
0.0___,
resulting
in
a
Year
1
Annual
Base
Rent
of
$_______
(or
$____/SF,
assuming
a
140,100
SF
facility).
Annual
Base
Rent
to
increase
2%
annually.
**
Remaining
additional
project
costs
(Additional
Project
Costs)
above
the
Base
Rent
Project
Costs
to
be
funded
by
S&C.
If
desired
by
S&C,
ZPG
is
o pen
to
discussing
funding
a
portion
of
the
Additional
Project
Costs
and
amortizing
those
costs
of
the
term
of
the
lease
as
Additional
Annual
Base
Rent.
OTHER
In
addition
to
Annual
Base
Rent,
Additional
Project
Costs
and
TENANT
Additional
Base
Rent
(if
any),
S&C
to
be
responsible
for
all
OBLIGATIONS:
other
property
maintenance,
repair,
replacement
and
operational
costs
commonly
under
a
Triple
Net
(NNN)
Lease
Structure.
LEASE
SECURITY:
PROJECT
EXPANSION:
Subject
to
ZPGs
final
review
of
S&Cs
financial
statements,
final
project
design
and
economic
deal
structure
terms.
At the time of any future project expansion, i) ZPG and S&C to agree on any future project expansion plans, ii) S&C shall not be in default of the lease agreement, iii) S&C shall have a tangible net worth that is reasonably acceptable to ZPG, and iv) ZPG and S&C shall enter into a mutually agreeable lease amendment outlining the economic terms and conditions of the project expansion, which shall include, but not be limited to the following additional provisions: (1) an extended lease term of not less than the initial lease term, (2) a determination of Project Expansion Annual Base Rent which shall be calculated by multiplying the Final Project Expansion Costs (which ZPGs contribution shall not exceed $40/SF) by the greater of i) 500 basis points plus the then current 10-year U.S. Treasury rate or ii) 0.0___ multiplied by 1.02 (compounded annually) for each Lease Year after Lease Year 1. Project Expansion Annual Base Rent shall increase 2% annually. By way of example, if a) the total Future Project Expansion Costs of a ______ SF expansion were $__________, b) the then current 10-year U.S. Treasury Rate was equal to or less than ____%), and c) the Project Expansion was completed at the end o f Lease Year 5, then the first year Project Expansion Annual Base Rent would be determined using a 0.____ Rent Constant, resulting in a Year 1 Project Expansion Annual Base Rent of +/-$_______ or $____/SF for a 75,000 SF expansion (calculated as (($3,000,000 x (.0___*1.02^5)) / ______ SF)).
BROKERAGE:
S&C represents and warrants that it is not being represented by any real estate broker or finder in connection with the property other than Judson & Associates (J&A). As part of Total Project Costs, ZPG shall be responsible for any commissions due to J&A.
ECONOMIC
DEVELOPMENT
PROGRAM
INCENTIVES:
The
State
of
Wisconsin,
Southeastern
Wisconsin
Regional
Economic
Development
Agencies
and
Local
Governmental
Entities
have
economic
development
programs
that
encourage
and
assist
businesses
to
expand
their
operations
in
the
proposed
project
areas.
Often
these
programs
are
tied
to
employment
numbers
and
capital
investment
amounts
associated
with
the
proposed
project.
As
commonly
practiced,
ZPG
welcomes
the
opportunity
to
work
with
S&C
and
these
economic
development
organizations
to
reduce
S&Cs
Total
Project
Costs
and
business
operating
expenses.
ZPG
is
a
well-capitalized,
privately-held
real
estate
investment
and
development
company
that
does
not
require
outside
capital
sources
to
complete
a
project
of
this
nature.
Furthermore,
ZPGs
internal
transaction
approval
process
consists
of
an
internal
board
approval
which
is
comprised
of
ZPG
current
and
past
executive
team
members.
ZPG
See
enclosed
information
on
recent
ZPG
Sustainable
RECENT
LEED
Design/LEED
Projects,
which
generally
include:
PROJECTS:
The
Brewery:
Certification
LEED
ND
Platinum
The
Brewery
Parking
Structure:
Certification
LEED
CS
Gold
University
of
W isconsin
Milwaukee
School
of
Public
Health:
Certification
LEED
NC
Gold
ABB
Office
Building:
Certification
LEED
NC
Gold
(In
Progress)
The
Good
Home:
Certification
LEED
Home
Gold
As an expression of appreciation for being selected as the projects developer, the Zilber Property Group would like to offer to fund at its expense the creation of the Stella & Chewys Pet Park. Located on the project site, the area will be designed to provide for a safe and secure place for visiting S&C four- legged friends to sniff around. We welcome the opportunity to work with the S&C team to design the park so that it is of greatest value to those that m ay utilize it.
PROJECT
NEXT
STEPS:
Development
Team
Selection
Lease
Document
Review
&
Execution
Project
Scope
Refinement
Specifications,
Sustainable
Design/LEED
Features,
Project
Schedules,
etc.)
Revised
Competitive
Design/Build
Contractor
Bids
Final
Project
Value
Engineering
&
Design
Design/Build
Contractor
Selection
Project
Approvals
(Development
Project
and
Economic
Development
Incentives)
Project
Groundbreaking
Project
Completion