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MANKATO, MN
OFFERING MEMORANDUM
CONFIDENTIALITY AGREEMENT
CONFIDENTIALITYAGREEMENT
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended
to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other
person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to
provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of
interest in the subject property. The information contained herein is not a substitute for a thorough due diligence
investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with
respect to the income or expenses for the subject property, the future projected financial performance of the property,
the size and square footage of the property and improvements, the presence or absence of contaminating substances,
PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements
thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue
its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from
sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the
information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and
makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided.
All potential buyers must take appropriate measures to verify all of the information set forth herein.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP
AGENT FOR MORE DETAILS.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Chicago, Inc. © 2008 Marcus & Millichap P0090391
TABLE OF CONTENTS
SECTION ONE
...............................................PRICING & FINANCIAL ANALYSIS
SECTION TWO
..................................................PROPERTY DESCRIPTION
SECTION THREE
...................................................RECENT SALES
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Chicago, Inc. © 2008 Marcus & Millichap P0090391
PRICING & FINANCIAL ANALYSIS
RSC EQUIPMENT RENTAL
MANKATO, MN
PRICING & FINANCIAL ANALYSIS
Financial Overview
LOCATION ANNUALIZED OPERATING DATA
310 West Mabel Street Rent Increases Annual Rent Monthly Rent
Mankato, MN 56002 First 5 Years Initial $123,291.00 $10,274.25
Second 5 Years Initial $138,696.00 $11,558.00
Price $1,541,138 1st 5 Year Option $156,036.00 $13,003.00
Down Payment 30% $462,341 2nd 5 Year Option $175,536.00 $14,628.00
Rentable Square Feet 5,900 3rd 5 Year Option $197,484.00 $16,457.00
Base Rent ($20.90/SF) $123,291
Price/SF $261.21
Net Operating Income $123,291
CAP Rate 8.00%
Debt Service 90,140
Year Built 2008 Net Cash Flow After Debt Service 7.17% $33,151
Lot Size N/A Total Return 7.17% $33,151
Type of Ownership Fee Simple
TENANT SUMMARY
Tenant Trade Name RSC Equipment Rental
Ownership Public
FINANCING
FIRST TRUST DEED
Loan Amount $1,112,500
Loan Type Proposed New
Interest Rate 6.5%
Amortization 25 Years
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Chicago, Inc. © 2008 Marcus & Millichap P0090391
1
PRICING & FINANCIAL ANALYSIS
Financial Quote - Mark One Capital
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Chicago, Inc. © 2008 Marcus & Millichap P0090391
2
PRICING & FINANCIAL ANALYSIS
Tenant Overview
Property Name RSC Equipment Rental
Mankato, MN 56002
Ownership Public
Yes
Headquartered Scottsdale, AZ
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Chicago, Inc. © 2008 Marcus & Millichap P0090391
3
PROPERTY DESCRIPTION
RSC EQUIPMENT RENTAL
MANKATO, MN
PROPERTY DESCRIPTION
Investment-Location Overview
S & P Credit B+
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Chicago, Inc. © 2008 Marcus & Millichap P0090391
5
PROPERTY DESCRIPTION
Tenant Overview
Tenant Highlights
RSC Equipment Rentals is the premier provider of rental services in North America with over 500 locations
throughout 39 of the US States and four (4) Canadian Provinces. RSC Equipment Rentals is traded on the
New York Stock Exchange for $20/share as RRR and is the second largest national equipment rental chain.
RSC has a client base of primarily non-residential construction, manufacturing, governmental, and
industrial sectors. Equipment rented to clients ranges from large equipment such as backhoes, forklifts, air
compressors, scissor lifts, booms and skid-steer loaders to smaller items such as pumps, generators,
welders and electric hand tools. 85% of revenues are derived from equipment rentals and 15% from sales of
used equipment. RSC’s average fleet age is 25 months, which is one of the youngest in the industry.
Original equipment cost of the fleet was $2.5 billion and RSC has invested $2.2 billion in its fleet over the
past four (4) years. During the last 15 months, RSC fleet utilization was 70% and the company had over
470,000 customers during this period. The top 10 customers represented only 7% of overall revenues
showing a diverse client base.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Chicago, Inc. © 2008 Marcus & Millichap P0090391
6
PROPERTY DESCRIPTION
Property Summary
THE OFFERING
Property RSC Equipment Rental
Property Address 310 West Mabel Street
Mankato, MN 56002
SITE DESCRIPTION
Year Built 2008
Rentable Square Feet 5,900
Lot Size N/A
Type of Ownership Fee Simple
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Chicago, Inc. © 2008 Marcus & Millichap P0090391
7
PROPERTY DESCRIPTION
Area Maps
LOCAL MAP
REGIONAL MAP
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Chicago, Inc. © 2008 Marcus & Millichap P0090391
8
PROPERTY DESCRIPTION
Aerial
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Chicago, Inc. © 2008 Marcus & Millichap P0090391
9
RECENT SALES
RSC EQUIPMENT RENTAL
MANKATO, MN
RECENT SALES
Recent Sales Map
Subject Property
1) RSC Corporate San Benito, Texas
2) RSC Corporate Port Arthur, TX
3) RSC Corporate Tulsa, OK
4) RSC Corporate Hammond, LA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Chicago, Inc. © 2008 Marcus & Millichap P0090391
11
RECENT SALES
CAP Rate & Price/SF
AVERAGE CAP RATE
7.00
6.00
5.00
4.00
3.00
2.00
1.00
0.00
Subject RSC RSC RSC RSC
Corporate Corporate Corporate Corporate
San Port Tulsa, Hammond,
Benito, Arthur, OK LA
Texas TX
AVERAGE PRICE/SF
400.00
360.00
Avg $329.82
320.00
280.00
240.00
200.00
160.00
120.00
80.00
40.00
0.00
Subject RSC RSC RSC RSC
Corporate Corporate Corporate Corporate
San Port Tulsa, Hammond,
Benito, Arthur, OK LA
Texas TX
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Chicago, Inc. © 2008 Marcus & Millichap P0090391
12
RECENT SALES
Recent Sales
RSC EQUIPMENT RENTAL
310 West Mabel Street
Mankato, MN 56002
Rentable Square Feet: 5,900 Sales Price: $1,541,138
Price/SF: $261.21
SUBJECT PROPERTY
$270.29
$275.00
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Chicago, Inc. © 2008 Marcus & Millichap P0090391
13
RECENT SALES
Recent Sales
3 RSC CORPORATE TULSA, OK
8200 Charles Page Boulevard
Tulsa, OK 74063
$383.00
$391.00
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Chicago, Inc. © 2008 Marcus & Millichap P0090391
14
RSC EQUIPMENT RENTAL
MANKATO, MN
OFFERING MEMORANDUM
In Conjunction With: Indiana
Presented By:
Russell R. Klusas
Associate
National Office and Industrial Properties Group
Oak Brook Office
Tel: (630) 570-2242
Fax: (630) 570-2210
Russell.Klusas@marcusmillichap.com
Offices Nationwide
www.MarcusMillichap.com