6435 Shiloh Road ALPHARETTA, GEORGIA
BROKER OPINION OF VALUE AUGUST 2022
Executive Summary Lincoln Property Company (“LPC”) is pleased
positioned to experience continued demand for
to provide this opinion of value for Onward
a wide depth of office users including technology,
Properties on 6435 Shiloh Road in Alpharetta, GA.
call center, showroom and general office users.
Investment Highlights
The property lies within Atlanta’s North Fulton
We think this theory is supported by the recent
•
Institutional quality single story product
submarket, which is one of Atlanta’s premier
Amazon announcement in the immediately
•
suburban office market and represents a truly
surrounding area.
Institutional location and micro market inside of The Meadows Business Park
•
Close proximity GA-400 and quality connectivity via other major roads – McFarland Parkway, McGinnis Ferry Road and Windward Parkway
•
Strong North Fulton submarket – one of Atlanta’s top suburban office submarkets
•
Nearby amenity base – Halycon, Avalon, The Collection
•
Strong demographics with nearby high-end country club communities – Forsyth County one of Georgia’s fastest growing counties and US
•
Below replacement cost
unique owner/user opportunity.
While 6435 Shiloh chekcs a lot of boxes, the
6435 Shiloh (the “Property”) sits inside of The
current lending environment and overall state
Meadows Business Park which is a Class A
of the capital markets pose a challenge to
master planned development and is considered
Sellers looking to transact. LPC believes that
one of North Atlanta’s most prominent office/
targeting buyers such as 1031 exchange and local,
light industrial parks and is home to several
entrepreneurial capital will lead to the most
Fortune 500 and prominent regional companies.
successful execution of a sale.
With close proximity to GA-400 via McFarland Parkway, McGinnis Ferry Road and Windward Parkway, the Property benefits from exceptional connectivity to major nearby amenities and highend/affluent residential communities. Throughout this last cycle, we have experienced inside of our larger North Fulton portfolio, that tenants are attracted to quality and amenities. With nearby amenity driven hubs including Halcyon, Avalon and The Collection, The Meadows Business Park and 6435 Shiloh are
Investment Challenges •
COVID-19 has caused uncertainty in the overall capital markets
•
Debt for non-core office product has become expensive and, in some cases, unavalable.
•
Lack of on-site amenities in comparison to exits 8-11 in North Fulton
•
Potential for increase sublease space in multistory product that could compete with single story product – putting downward pressure on rates
The Lincoln Story Started in 1965, Lincoln Property Company has grown from a regional
is consistently listed as one of the largest apartment developers in the
multi-family management company to become a nationally recognized,
United States. Lincoln’s equally robust management portfolio exceeds
full service real estate development and service company. Lincoln’s
165,000 multi-family residential units and 250 million square feet of
expertise covers all major assets classes, through each phase of the
commercial space.
asset cycle. Lincoln’s extensive development and management portfolio ranges from multi-family construction, development and management, to commercial and retail development and management, and even includes
Lincoln Property Company Chairman, Mack Pogue, CEO / Presidents
military housing communities.
Tim Byrne and Bill Duvall, and Executive Vice President of European
In the early seventies, Lincoln began to diversify its product mix to include retail centers, high-rise offices, industrial properties, built-to-suit properties, and major, hotel-driven mixed-use developments. In 1990, after the fall of the Berlin Wall, Lincoln opened its first European office. In 1996, Lincoln and AIG Real Estate Investment Co. formed AIG/Lincoln as a development vehicle for European properties. Today, Lincoln Property Company’s residential and commercial developments are internationally recognized for their attractive architecture, attention to detail, and superior location. Lincoln Property Company has both commercial and residential presences in over 200 cities in the United States and ten countries throughout Europe. Lincoln has developed 76 million square feet of commercial office space, over 11 million square feet of specialty retail space, and 54 million square feet of industrial space. These commercial developments are landmarks in their communities, characterized by their bold design, excellent quality, and superior location. With a development portfolio that includes over 210,000 multi-family residential units, Lincoln
About L P C
operations, Bernt Killingstad, oversee all development, management, and acquisition of residential and commercial properties. Each of these individuals retains a substantial ownership interest in the company and directs a talented staff of experts through all phases of the real estate cycle—from finance, to construction, through management and marketing. Lincoln’s unique corporate structure combines the depth of knowledge of its experienced corporate office with the reach and insight of strategically located regional offices. This approach provides Lincoln with a detailed view of America’s highly idiosyncratic local markets and trends, tempered by over 50 years of construction, ownership and management of one of the largest commercial real estate portfolios in the United States. In those 50 years, Lincoln Property Company has earned its reputation as an effective, professional manager of residential and commercial properties by delivering economic prosperity through responsible stewardship of client assets. Since the 1990s, Lincoln has operated virtually debt free—and it is this unique combination of size, stability, and proven success which allows Lincoln to maximize asset potential through each phase of the economic cycle.
Atlanta, GA
Company Overview
12 MSF under management
125
Southeast Region
Million+ SF of Commercial Development
Lincoln’s Southeast regional organization was established in 1973 and has grown to become one of the firm’s largest and most successful operations through the management, acquisition and development of over 26 million square feet of commercial property valued at over $1.25 billion.
7,000 Employees
13,000 Multi-Family Units Acquired since 1995
•
Lincoln Southeast leads the way for Lincoln Property Company as a major third party service provider with a focus on office, industrial and retail investment properties and corporate property services
•
Lincoln currently manages approximately 26 million square feet of commercial property in the Southeast predominantly for third party clients
•
Lincoln serves the Southeast through 3 regional offices and 30 client service offices employing over 100 full time professionals
Orlando, FL
12 MSF under management
165,000 Multi-Family Units Managed
Miami, FL
$7.5B
2 MSF under management
of Office and Industrial Acquisitions over the last 15 years
250 Million+ SF Commercial Property Managed/Leased
350
PERCENTAGE OF REVENUES FROM OWNED AND THIRD PARTY SERVICES
Lincoln Southeast Facts •
Approximately 26 Million SF managed/leased
•
Over 15 Million SF of acquisition and development valued at over $2 Billion
•
3 regional offices and 30 client service offices
•
Lines of business: Management, Leasing, Brokerage, Acquisitions, Dispositions, Development, Construction Management, Advisory Services and Green Building Services
•
Client list includes outstanding companies such as Capmark, CBREI, Colony Realty Partners, Disney, GE Capital, MetLife, Morgan Stanley, Prudential, Weda Developers, Bank of America, Wells Fargo, Situs, CW Capital, Orix, LNR and Torchlight
Management Offices and 45 Administrative Offices in the U.S.
#1 Management Company in the U.S., Top Ranked Developer
15% OWNED
85% THIRD PARTY
Property Description
6435 Shiloh Road ALPHARETTA, GEORGIA
The Story ‘Supply & Demand D North Fulton ‘For Sale’ Options SF Range
# of Properties
Notes
3
Supply/demand dynamics are primed for well located opportunities
20,000 - 75,000
Currently on the Market - North Fulton Atlanta (20,000 SF - 75,000 SF) Size (SF)
Asking Price
Price/SF
Cap Rate
Days On Market
Sale Type
Listing Broker Company
Sale Company Contact
No. Of Stories
Built
Zoning
Corporate Campus - Bldg 2 - 6455 Shiloh Rd
60,951
N/A
N/A
N/A
637
Investment or Owner User
Industry Real Estate Partners, LLC
Stephen Pond
1
1999
M1
ExecuCourt 5490 McGinnis Village Pl
24,514
$5,511,000
224.81
6.00
198
Investment
Execucourt LLC
Shyla Viswanathan
2
2001
O&I
7905 Westside Pky
20,132
$5,500,000
273.20
105
Investment or Owner User
Colliers International
Jodi Selvey
2
2009
C-1
Address
Dynamics’ 6435 SHILOH OPINION OF VALUE
Total Price $/SF
Conservative Value
Target Value
Aggressive Value
$5,523,100
$6,352,565
$7,180,030
$100
$115
$130
Sale & Value Takeaways •
Lack of other properties will help to drive pricing and activity
•
Significant mark to market opportunity
Recent Sales - North Fulton (100,000 and Below) Property Name
Property City
Property Type
Building SF
Sale Price
Price Per SF
Sale Da
1801 Old Alabama Rd
Lake at Northpoint
Roswell
Office
44,849
$5,650,000
125.98
6/16/20
1455 Old Alabama Rd
Kings Landing
Roswell
Office
77,967
$7,599,900
97.48
5/10/20
Woodside Center 300
Alpharetta
Office
39,839
$5,112,500
128.33
4/8/202
Roswell
Office
19,621
$2,650,000
135.06
2/16/20
Alpharetta
Office
43,524
$8,000,000
183.81
1/28/20
Roswell
Office
36,138
$4,041,852
111.84
12/23/20
Heritage Walk
Roswell
Office
19,042
$2,650,000
139.17
12/14/20
1000 Holcomb Woods Pky (Part of Multi-Property Sale)
Building 100 - Holcomb Woods
Roswell
Office
87,816
$9,608,967
109.42
11/17/20
1000 Holcomb Woods Pky (Part of Multi-Property Sale)
Building 200 - Holcomb Woods
Roswell
Office
36,566
$4,645,084
127.03
11/17/20
Royal 400
Alpharetta
Office
20,580
$2,900,000
140.91
9/30/20
5945 Shiloh Rd
Alpharetta
Office
39,472
$4,600,000
116.54
9/9/20
6505 Shiloh Rd
Alpharetta
Office
38,122
$1,125,000
29.51
4/9/20
Property Address
1000 Mansell Exchange W 1405 Old Alabama Rd 190 Bluegrass Valley Pky
Convergent Media Bldg
1775 Woodstock Rd (Part of Portfolio) 861 Holcomb Bridge Rd
3100 Royal Blvd S
Recent Sales
ate
Buyer (True) Company
Buyers Broker Company
Seller (True) Company
Listing Broker Company
Building Class
Year Built
Land Area AC
Number Of Floors
022
Graydaze Contracting; Inc.
NAI Brannen Goddard
BIAS Corporation
Cushman & Wakefield
B
2008
2.18
3
022
Triple Double Real Estate
SF Partners
C
1999
11.01
1
22
Al Lindquist
TriStar Real Estate Investment
Skyline Seven Real Estate
B
1996
10.00
1
Old Alabama Real Estate LP
Cushman & Wakefield
B
1999
3.15
2
B
2003
11.93
1
022
022
Ballantyne Strong Inc.
Tsumas Real Estate & Development
021
Michael Spears
David Cunningham
Keller Williams Realty
B
2001
4.78
3
Neogeneration Wireless Service LLC
Century 21 Results
B
1987
1.61
2
021
021
Dilweg
RexxHall Realty
B
1986
5.20
2
021
Dilweg
RexxHall Realty
B
1986
3.11
1
021
Bridger Properties
Reginald V. Davis
B
1996
2.25
1
C
1998
B
2006
15.50
3
021
Sugarboo & Co.
Strategic Real Estate Partners
021
Gospel Partners Media Inc
Virtual Properties Realty
Direct Resource Marketing, LLC
Industry Real Estate Partners, LLC
North Fulton Experience
6435 Shiloh Road ALPHARETTA, GEORGIA
Experience in North Fulton OVER 1.6M SF CURRENT PORTFOLIO IN NORTH FULTION
3
2
1
1
Northwinds Office Park
2
Parc Point
3
Park at Windward Concourse
1
BUILDING CLASS ASKING PSF (FSG) TEAM SF
3
2
NorthWinds Office Park
800 & 900 North Point Pky
The Park at Windward Concourse
A
A
A
$29.50/FS
$25.50/FS
$27.00/FS
Hunter Henritze, Michael Howell and Caroline Fisher
Hunter Henritze, Michael Howell and Caroline Fisher
Seabie Hickson and Matt Fergus
1.1M SF
300,000 SF
200,000 SF
Notable Experience NORTH FULTON LEASING EXPERIENCE TENANT
SF
BROKER
Veeam Software
130,000
Ellen Stern - CBRE
NCR
106,631
David Demarest / Brannen Moss - JLL
Lonza
93,963
Bert Sanders - Newmark
Red Praire
80,314
David Demarest / Brannen Moss - JLL
AmTrust
80,000
Jay Dowlen - CBRE
ADP
73,265
Scott Panzer (NYC) / Gregg Metcalf - JLL
Clorox
66,726
Brad Metzker (Chicago) - Cresa
Toyota Motor Finance
57,000
Dom Wyant - JLL
Select Management
54,958
Brad Keuhne - Atlanta Office Realty
National Christian Foundation
51,530
Bill Leonard - Wm. Leonard & Co.
Northpoint Ministries
48,329
Scotland Wright - Scotland Wright and Associates
AT&T
43,214
Dom Wyant / Chris Wagner - JLL
Athena Health
39,778
Phil Barry - Avison Young
Amdocs
34,990
Richard Charkham - Colliers (NYC) / Pete Shelton - Colliers
Toyota Motor Sales
33,224
Gary Waddell / Waddell Realty Services
Pulte Group
31,796
Jay Dowlen - CBRE
Bridge 2 Solutions, Inc.
27,640
Ryan Hudson, CBRE
Thyssen Krupp
23,868
Trey Dove / Cushman & Wakefield
Kaplan
23,364
Gregg Metcalf / JLL
Kaiser Permanente
19,554
William Propst - JLL
US Healthworks
19,506
Ryan Hudson - CBRE
Lueder Larkin & Hunter, LLC
17,626
Direct
Volkswagon
16,557
Steve Spratlin (DC) - JLL
Jasper Wireless
18,000
Kirk Diamond / April Hawkinson - Cassidy Turley
Ryland Homes
14,708
Wes Vaughn - CRESA
AIM Systems
14,000
Rob Metcalf - JLL
NORTH FULTON SALES EXPERIENCE
D
L SO
6130 Shiloh Road 16,500 SF Single-Tenant Sale Leaseback
D
L SO
1121 Alderman 28,800 SF Owner/User Sale w/ Income in Place
LD
SO
6240 Shiloh Road 30,000 SF Single-Tenant Sale Leaseback
D
L SO 3925 Brookside Parkway 106,000 SF Owner/User Sale
LD
SO
2665 Pine Grove Road 25,000 SF Multi-Tenant Investment Sale
D
L SO 3905 Brookside Parkway 80,314 SF Owner/User Sale
LD
SO
5865 Northpoint Parkway 25,600 SF Owner/User Sale w/ Income in Place
Notable Case Study
6435 Shiloh Road ALPHARETTA, GEORGIA
Property Information Submarket No of Buildings Total Portfolio SF Type of Building Year Built Occ. at Sale
Sale Information
Northwest Atlanta Office Submarket
Sale Date
May-20
One (1) Building
Seller
CapRidge Partners
90,677
Buyer
Cobb County School District
Multi-story Office 1983 0%
No. of Tenants
N/A
Major Tenants
N/A
Price
$5,900,000 ($65/SF)
Comments : Capridge Partners owned 1765 The Exchange, a 90,000 SF class B office building located in the Cumberland/Galleria market. At the time of their acquisition, the building was 100% leased to Carestream Dental, who vacated at their lease expiration. Capridge engaged two separate competitors, one who would market the building for sale and a separate company to market the building for a full building lease. After 12 months with no prospects, Capridge engaged LPC who ran a dual marketing approach. After only 7 months, LPC as able to close the sale of the building to a user which closed in May of 2020. LPC was able to leverage our large presence of leasing and sale listings in the macro Northwest market to see all buyer and leasing prospects, one of which, ended up being the ultimate buyer for the building.
1765 The Exchange
Marketing Strategies
6435 Shiloh Road ALPHARETTA, GEORGIA
Our Approach What We Do
Discovery And Strategy
Lincoln Property Company offers a fully integrated marketing solution with a scope of work that encompasses everything from branding to web design, advertising to public relations. Our team offers strategically driven marketing solutions for owners, developers and investors across Atlanta. The creative team leverages relationships with traditional and new media outlets, as well as the most emergent technologies and social media
The first step is always listening. We want to know and understand your property, your needs and your goals. With that knowledge and years of experience studying what motivates tenants, we’ll devise the best plan to tell your true story.
strategies, to ensure maximum exposure for the properties we represent.
Branding & Connecting
Our Process Our team fully immerses itself in your property, evaluating your current marketing efforts and brand positioning. Once we’ve identified any problem areas, we craft a comprehensive marketing plan with your goals and budget in mind — not only to solve your problems, but to elevate your property so far beyond them that it soars.
Does your property and brand need refreshing, refining or even a roll-up-the-sleeves overhaul? Every word, every image, every message is crafted to reflect your property’s identity, creating not just tenants but passionate brand advocates.
Creative Content Our creative team is the steward of your property, the narrators of your story. It’s not just pretty words and pictures. It’s a laser-focus on converting prospects to leads, artfully and effectively.
PHASE 1
PHASE 2
PHASE 3
Define
Prepare
Inform
30 days
30 days
9 months
Content Delivery In an industry overflowing with shot-in-the-dark schemes and easily ignored fluff, we’ll help you stand out in the right arenas with an engaging, creative and calculated approach to advertising, PR and social media.
T
C
B
OFFICE SPACE AVAILABLE
1
Leasing Sign
Erect leasing signs at the property within 7 days of being awarded the listing
X
2
Online Listings
Property is listed on CoStar and LoopNet
X
X
X
3
Website Created on LPCSoutheast.com
Property gets dedicated website and url inside of LPCSoutheast.com
X
X
X
4
Announcement Press Release
Press release is drafted and distributed to over 15 publications.
X
X
X
5
Announcement Eblast
Send an announcement email to our curated list of brokers about the assignment
X
6
Announcement Postcard
Postcard announcing LPC’s takeover of property is sent to top brokers in the submarket.
X
7
Property Photography
LPC marketing team to capture photos of the property and amenities
X
X
X
8
Aerial Photography
Drone photography is obtained that highlights the property’s location, and it is used in marketing materials.
X
X
X
9
Property Flyer
A Lincoln branded property flyer will be created that includes property features, floorplans of vacancies, amenity map and distances to POIs.
X
10
Submarket Eblast
Property is added to LPC’s weekly submaket eblast
X
11
Stand Alone Eblast
Property is blasted by itself for 8 weeks (biweekly). Any news about the property (renovations, spec suites, etc) are also blasted biweekly.
X
12
60s Video Trailer
Short video is created using animoto and still photography.
X
X
13
Activity Press Release
A press release is drafted and distributed for every noteworthy happening at the property
X
X
14
Economic Development Quarterly Newsletter
For full floors and above, we will mail a package to the economic development decision makers
15
Marketing Boards
Marketing Boards will be designed and displayed at vacancies as needed
X
X
16
Tour Experience
Develop a tailored tour experience for the property’s vacancies
X
X
X
17
LPC Social Media
Property will be shared on LPC social media channels to expand reach and garner interest
X
X
X
18
Research and Analysis
LPC Research department will provide a quarterly report on the property as well as other macro/micro market insights
X
X
X
Matt Fergus Hunter Henritze Seabie Hickson
404.990.4227
www.LPCSoutheast.com
X
X
X
TARGET AUDIENCE* TENANTS COMMUNITY BROKERS
6435 Shiloh Road ALPHARETTA, GEORGIA