Single Tenant - Rsc Euipment Rental - Dubuque Ia
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RSC EQUIPMENT RENTAL DUBUQUE, IA DUBUQUE, IA
OFFERING MEMORANDUM
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 Des Moines © 2008 Marcus & Millichap
CONFIDENTIALITY AGREEMENT CONFIDENTIALITYAGREEMENT
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended
SECTION TWO ........................................................TENANT OVERVIEW SECTION THREE ...............................DUBUQUE MARKET OVERVIEW SECTION FOUR ...................................SALES COMPARABLES SECTION FIVE ...............................RENT COMPARABLES SECTION SIX ...................ADDITIONAL INFORMATION
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 Des Moines © 2008 Marcus & Millichap
TABLE OF CONTENTS
SECTION ONE ...........................INVESTMENT OVERVIEW & FINANCIAL ANALYSIS
DUBUQUE, IA
INVESTMENT OVERVIEW & FINANCIAL ANALYSIS
RSC EQUIPMENT RENTAL DUBUQUE, IA
INVESTMENT HIGHLIGHTS Guarantee from S&P B- credit rating
This opportunity is for a triple-net leased asset, with a strong national tenant, being offered at $1,250,000 on a cap rate of 8.35%. The tenant, RSC Equipment Rental, has 4.5 years remaining on its initial lease and a penalty of over $58k for not exercising its first option in June of 2013.
8.35% Cap
The lease calls for annual rent escalations of 2% through both the initial term and the three, five year renewal options.
9.62% Cash-on-Cash Return
The property is a new construction, 7,360 sf building with a large asphalt parking lot and security fence on approximately 2 acres. It’s
~15% Total Return
NNN Lease | 2% annual escalations
located less than 1 mile from the market’s main retail corridor and is ideally situated in the path of growth. RSC Equipment Rental is the second largest equipment rental company in North America with 468 locations and over $1.8 billion in
INVESTMENT OVERVIEW & FINANCIAL ANALYSIS
Executive Summary
annual revenue. The firm is publicly traded on the NYSE and holds a 4.5 years remaining on initial term
Tenant agreed to pay $58k T.I. reimbursement if they don’t exercise their first 5-year option 2008 construction
B- credit rating from S&P. Nearly 95% of RSC’s revenue comes from the non-residential construction industries. Dubuque is a growing tertiary market in Iowa with strong economic drivers and solid real estate fundamentals. The low cost of doing business and five new 4 lane highways have attracted both national and international companies resulting in strong job growth and low vacancies.
Dubuque accounted for 17% of Iowa’s job growth in 2007 while only representing 3% of its total population
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 Des Moines © 2008 Marcus & Millichap
1
ANNUALIZED OPERATING DATA
ACQUISITION LOCATION
Purchase Price
$1,250,000
Acquisition Cap Rate
8.35%
FINANCING Price
$1,250,000
Down Payment Principle
$312,500 (25%)
Tenant Trade Name
RSC Equipment Rental 1025 Dubuque, Price $1,250,000 Down 25% Rentable 7,360 Price/SF $169.84 CAP Year 8.35% 2008 Lot 2 Type Fee IA Payment $312,500 Public Square Rate Built Size acres of Simple 52003 Feet Ownership Corporate Store
Ownership Interest Rate Amortization Tenant
Monthly Payment Lease Guarantor Annual Payment
$937,500 (75%) 6.25% 25 years $6,184 $74,213
TENANT SUMMARY
Lease Type
Triple Net (NNN)
INCOME Roof STATEMENT and Structure Lease Term
Year 1
Landlord Responsible Year 2 5 years
Year 3
Year 4
Year 5
RSC Equipment Rental
$104,171
$106,255
$108,380
$109,453
$112,758
Lamar Companies *
$1,200
$1,200
$1,200
$1,200
$1,200
Effective Gross Income
$105,371
$107,455
$109,580
$110,653
$113,958
Reserves ($.15/sf) Term Remaining on Lease
$1,104
$1,104 4.5 years
$1,104
$1,104
$1,104
Net Operating Income Increases
$104,267
$106,351 2% annually
$107,476
$109,549
$112,854
Debt Service Options
$74,213
$74,213 3, 5 year options
$74,213
$74,213
$74,213
Before Tax Cash Flow
$30,054
$32,138
$34,263
$36,431
$38,641
Principal reduction
$16,074
$17,108
$20,626
Total Return
$46,128
$49,246
Rental Annual Monthly Increases Rent Rent $18,209 $19,380 June $103,140.00 $8,595.00 1, June $105,202.80 $8,766.90 1, 2008 2009 June $107,306.86 $8,942.24 1, 2010 June $109,452.99 $9,121.08 1, June $111,642.05 $9,303.50 1, 2011 2012 June $113,874.84 $9,489.57 1, 2013 June $116,152.39 $9,679.37 1, 2015 2014 June $118,475.44 $9,872.95 1, June $120,844.95 $10,070.41 1, 2017 2016 $52,472 $55,811 June $123,261.85 $10,271.82 1, June $125,727.08 $10,477.26 1, 2019 2018 June $128,241.72 $10,686.81 1, June $130,806.55 $10,900.55 1, June $133,422.69 $11,118.56 1, 2020 2021 June $136,091.14 $11,340.93 1, 2022 June $138,812.96 $11,567.75 1, 2024 2023 June $141,589.32 $11,799.11 1, June $144,421.11 $12,035.09 1, 2025 June $147,309.53 $12,275.79 1, 2026($14.01/SF) June $150,255.72 $12,521.31 1, 2027 Base $103,140 Rent Lamar $1,200 Advertising
$1,381,465 8.25% January 2014 $153,790
Lease Commencement Date Rent Commencement Date Lease Expiration Date
5/9/2008 5/9/2008
5/31/2013
DISPOSITION Sale Price ** Sale Cap Rate Sale Date Capital Gain *** *
Net $104,340 Operating Income Debt 74,213 Service
FINANCING
Net 9.64% Cash $30,127 Flow After Debt Service
FIRST $937,500 Loan Proposed Interest 6.25% Amortization 25 Years New
INVESTMENT OVERVIEW & FINANCIAL ANALYSIS
Financial Overview - Investment Lifecycle
$59,267
Principal 16,074 Reduction
Lamar Companies has a 10 year lease for the billboard on the Northwest corner of the property. Total 14.78% Return $46,202 The rate is $1,200 annually and the lease ends in October of 2013
** Assumes tenant exercises first option *** Capital Gain = Sale Price - Loan Balance - Original Investment - Cost of Sale
RETURNS Year 1
Year 2
Year 3
Year 4
Year 5
Cap Rate Cash-on-Cash
8.35% 9.62%
8.51% 10.28%
8.68% 10.96%
8.85% 11.66%
9.03% 12.37%
Total Return
14.76%
15.76%
16.79%
17.86%
18.97%
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 Des Moines © 2008 Marcus & Millichap
2
PROPOSED FINANCING FIRST TRUST DEED Loan Type Down Payment Loan Amount Interest Rate Amortization
Proposed New $312,500 (25%) $937,500 6.25% 25 Years
AVAILABLE LENDERS Liberty Bank Loan Officer Phone Number Email Website Bank Location
Scott Frost (563) 687-9000 [email protected] www.libertybankiowa.com Dubuque, IA
Marcus & Millichap Capital Corporation Loan Officer Phone Number Email Website Bank Location
Jim Sotos (773) 867-1444 [email protected] www.mmcapcorp.com Chicago, IL
INVESTMENT OVERVIEW & FINANCIAL ANALYSIS
Financing
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 Des Moines © 2008 Marcus & Millichap
3
THE OFFERING Property
RSC Equipment Rental - Dubuque, IA
Property Address
1025 Cedar Crossing Road Dubuque, IA 52003
SITE DESCRIPTION
Number of Stories
1
Year Built
2008
Rentable Square Feet
7,360
Lot Size Type of Ownership Landscaping Topography
2 acres Fee Simple Minimal Flat
CONSTRUCTION
Foundation
Concrete
Framing
Stick
Exterior
Brick / Metal
Parking Surface Roof
Asphalt Pitched Metal
PROPERTY DESCRIPTION INVESTMENT OVERVIEW & FINANCIAL ANALYSIS
Property Summary
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 Des Moines © 2008 Marcus & Millichap
4
INVESTMENT OVERVIEW & FINANCIAL ANALYSIS
Property Photos
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 Des Moines © 2008 Marcus & Millichap
5
Billboard: Located in the Northwest corner of the property the billboard is leased by Lamar Communications for $1,200 annually.
Southwest Corner: The entire west side of the property is dedicated to large equipment storage and transportation equipment.
INVESTMENT OVERVIEW & FINANCIAL ANALYSIS
Property Photos
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 Des Moines © 2008 Marcus & Millichap
6
Aerial MAP
INVESTMENT OVERVIEW & FINANCIAL ANALYSIS
Area Maps
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 Des Moines © 2008 Marcus & Millichap
7
TENANT OVERVIEW
RSC EQUIPMENT RENTAL DUBUQUE, IA DUBUQUE, IA
COMPANY SUMMARY
RSC Equipment Rental, Inc. is one of the largest equipment rental providers in North America servicing construction and industrial markets with an original equipment fleet cost of $2.7 billion. RSC offers superior levels of equipment availability, reliability and service to customers through an integrated network of more than 465 rental locations across 39 states in the United States and four Canadian provinces. With more than 5,400 employees committed to continuous safety and 24x7 customer care, RSC delivers the loyal customer support needed to build the future.
BASIC INFO
TENANT OVERVIEW
RSC Equipment Rental History & Facts
FINANCIAL INFO
Founded in
1933
Revenue
$1.8 billion
Tenant Trade Name
RSC Equipment Rental
EBITDA
$828 million
Headquarters
Scottsdale, AZ
Profit Margin
46%
Website
www.rscrental.com
Market Size
$38 billion
Location
468
Market Share
4%
Employees
5,000+
Total Market Share (Among top 4 firms)
< 25%
Industry
Rental equipment to the construction, manufacturing, industrial, and petrochemical industries
RSC Market Share Growth (Among top 4 firms)
22%
Publicly Traded
Yes
Exchange / Ticker
NYSE / RRR
Credit Rating
S&P 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 Des Moines © 2008 Marcus & Millichap
9
Tenant
RSC Equipment Rental
Guarantor
RSC Equipment Rental, Inc.
Corporate Guarantee
Yes
Lease Term
5 Years
Lease Commencement
5/9/2008
Lease Expiration
5/31/2013
Initial Rent
$103,140 (Annual)
Escalations
2% annually for initial term & all option periods
Renewal Options
(3) 5 year options
Penalty for NOT Renewing
Tenant will owe a penalty of $58,813 if they do not exercise their first option to renew.
Renewal Notice
180 days
TENANT OVERVIEW
Lease Abstract
Maintenance & Repairs - Cleaning & Maintenance
Tenant
- Taxes
Tenant
- Insurance
Tenant
- Parking Lot
Tenant
- Roof & Structure
Landlord
- HVAC Maintenance
Tenant
- HVAC Replacement
Landlord
Holdover
1.25x last month's rent
Early Termination
None
Assignment & Subletting
Only with Landlord consent
Right of First Refusal
None
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 Des Moines © 2008 Marcus & Millichap
10
Market Overview: The U.S. equipment rental industry is composed of more than 10,000 companies and generates revenues of more than $30 billion annually. The industry is highly fragmented, with the 10 largest companies accounting for less than 25 percent of industry revenues in 2007. The four largest companies (ranked by 2007 rental revenues) are United Rentals, RSC Equipment Rental, Hertz Equipment Rental (HERC), and Sunbelt Rentals. The industry saw strong revenue growth between 1990 and 2007 at a compound annual growth rate (CAGR) of 10.2 percent. The industry is expected to continued to grow at an 8.6 percent CAGR between 2009-2012. Growth is attributed to two main factors: the long-term trend towards increased rental industry penetration (5 percent in 1993, 40 percent in 2007, and
TENANT OVERVIEW
Equipment Rental Market Overview
forecasted to reach 50 percent by 2010) and the resiliency of the non-residential construction industry.
Competition The four largest equipment rental companies in the US consist of both public and private entities. Although they currently represent only 10% of the total market they have consistently been picking up market share over the last five years. The four largest companies, in order from one to four, are listed below:
United Rentals 2007 Rental Revenue 2007 EBITDA Locations Geographic Focus
$2,625,000,000 $1,171,000,000 665 US & Canada
RSC Equipment Rental, Inc 2007 Rental Revenue 2007 EBITDA Locations Geographic Focus
$1,541,000,000 $821,000,000 468 US & Canada
Hertz Equipment Rental Corp 2007 Rental Revenue 2007 EBITDA Locations Geographic Focus
$1,537,000,000 $834,000,000 290 US & Canada
Sunbelt Rentals 2007 Rental Revenue 2007 EBITDA Locations Geographic Focus
$1,411,000,000 $591,000,000 430 US Only
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 Des Moines © 2008 Marcus & Millichap
11
SALES COMPARABLES
RSC EQUIPMENT RENTAL DUBUQUE, IA DUBUQUE, IA
AVERAGE CAP RATE 9.00 8.00
Avg 7.78%
7.00 6.00 5.00 4.00 3.00
SALES COMPARABLES
CAP Rate & Price/SF
2.00 1.00 0.00 Subject
RSC San Benito
Max United RSC Equipment Rentals Hammond Rental
RSC Victoria
RSC Galveston
RSC Port Arthur
RSC Billings
RSC Odessa
RSC Marble Falls
COMMENTS To provide a comprehensive survey of the changing market we have included closed transactions, deals in escrow, and listed properties among the sales comparables. The subject is being offered at an 8.35% Cap, resulting in a return almost 10% higher than the average.
AVERAGE PRICE/SF 400.00 360.00 320.00
Avg $293.23 280.00 240.00 200.00 160.00 120.00 80.00 40.00 0.00 Subject
RSC San Benito
Max United RSC RSC RSC Equipment Rentals Hammond Victoria Galveston Rental
RSC Port Arthur
RSC Billings
RSC Odessa
RSC Marble Falls
COMMENTS At list price the subject's price per square foot is over 40% below the average sales comparable.
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 Des Moines © 2008 Marcus & Millichap
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RSC EQUIPMENT RENTAL - DUBUQUE, IA 1025 Cedar Crossing Road Dubuque, IA 52003 Rentable Square Feet:
7,360
Sales Price:
$1,250,000
Year Built:
2008
Down Payment:
$312,500
CAP Rate:
8.35%
Price/SF:
$169.84
SUBJECT PROPERTY
SALES COMPARABLES
Recent Sales
RSC SAN BENITO 1720 West US 77 San Benito, TX 78586
1
Close of Escrow:
8/27/2008
Sales Price:
$1,743,367
Rentable SF:
6,450
Down Payment:
N/A
Year Built:
2008
Cap Rate:
7.60%
Price/SF:
$270.00
MAX EQUIPMENT RENTAL 5760 Kearny Villa Rd San Diego, CA 92123
2
Close of Escrow:
3/19/2008
Sales Price:
$1,900,000
Rentable SF:
5,600
Down Payment:
700,000%
Year Built:
1980
Cap Rate:
7.65%
Price/SF:
$339.29
COMMENTS Max Equipment Rental is a regional provider located primarily in the Southwest United States and Mexico.
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 Des Moines © 2008 Marcus & Millichap
25
UNITED RENTALS 2514 SR 410 E Bonney Lake, WA 98391
3
Close of Escrow:
3/21/2007
Sales Price:
$1,900,000
Rentable SF:
9,500
Down Payment:
400,000%
Year Built:
1994
CAP Rate:
7.42%
Price/SF:
$200.00
COMMENTS
SALES COMPARABLES
Recent Sales
United Rentals is the largest provider of rental equipment in the United States.
4
RSC HAMMOND 802 Westin Oaks Drive
Hammond, LA 70401
5
Close of Escrow:
In Escrow
Sales Price:
$2,309,806
Rentable SF:
5,900
Down Payment:
N/A
Year Built:
2008
CAP Rate:
7.75%
Price/SF:
$391.00
RSC VICTORIA 12104 North Navario Victoria, TX 77904 Close of Escrow:
In Escrow
Sales Price:
$1,723,493
Rentable SF:
6,450
Down Payment:
N/A
Year Built:
2007
CAP Rate:
7.75%
Price/SF:
$267.00
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 Des Moines © 2008 Marcus & Millichap
26
6
7
RSC GALVESTON 6311 Harborside Drive Galveston, TX 77554 Close of Escrow:
In Escrow
Sales Price:
$1,876,526
Rentable SF:
6,450
Down Payment:
N/A
Year Built/Renovated:
1994/2006
CAP Rate:
8.75%
Price/SF:
$291.00
SALES COMPARABLES
Recent Sales
RSC PORT ARTHUR 905 West Jade Avenue
Port Arthur, TX 77643
8
Close of Escrow:
In Escrow
Sales Price:
$1,634,709
Rentable SF:
5,940
Down Payment:
N/A
Year Built:
2008
CAP Rate:
7.75%
Price/SF:
$275.00
RSC BILLINGS 2651 Gable Road Billings, MT 59102 Close of Escrow:
On Market
Sales Price:
$1,589,832
Rentable SF:
6,000
Down Payment:
N/A
Year Built:
2008
CAP Rate:
7.75%
Price/SF:
$264.97
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 Des Moines © 2008 Marcus & Millichap
27
9
10
RSC ODESSA Parkway Business Park Odessa, TX 79761 Close of Escrow:
On Market
Sales Price:
$2,091,503
Rentable SF:
6,450
Down Payment:
N/A
Year Built:
2008
CAP Rate:
7.65%
Price/SF:
$324.00
SALES COMPARABLES
Recent Sales
RSC MARBLE FALLS 1600 Ollie Lane
Marble Falls, TX 78654 Close of Escrow:
On Market
Sales Price:
$2,000,412
Rentable SF:
6,450
Down Payment:
N/A
Year Built:
2007
CAP Rate:
7.75%
Price/SF:
$310.00
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 Des Moines © 2008 Marcus & Millichap
28
RENT COMPARABLES
RSC EQUIPMENT RENTAL DUBUQUE, IA DUBUQUE, IA
30.00 27.00
Avg $23.54
24.00 21.00 18.00 15.00 12.00 9.00
RENT COMPARABLES
Average Rent/SF
6.00 3.00 0.00 Subject
RSC Billings
RSC Florence
RSC Odessa
RSC Marble Falls
RSC Hammond
RSC Victoria
RSC Galveston
RSC Port Arthur
RSC San Benito
COMMENTS The subject has a per square foot rental rate 40% below the average of other surveyed RSC Equipment Rental locations. The total annual rent for the subject is over 30% lower than the average of other surveyed RSC Equipment Rental locations. After the subject, the next lowest rental rate is over $6.50 higher per square foot. The subject's rental rate will increase by 2% annually over the course of both the initial term and all option periods. In 4.5 years, at the end of the initial term, the subject's rental rate will still be 35% lower than RSC's average rental rate is today.
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 Des Moines © 2008 Marcus & Millichap
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RSC EQUIPMENT RENTAL - DUBUQUE, IA 1025 Cedar Crossing Road Dubuque, IA 52003
SUBJECT PROPERTY
1
2
Date Surveyed: Year Built: Rentable Square Feet: Rent/SF: Lease Type:
September 16, 2008 2008 7,360 $14.01 Triple Net (NNN)
RENT COMPARABLES
Rent Comparables
RSC BILLINGS 2651 Gable Road Billings, MT 59102
Year Built:
2008
Rentable Square Feet: Rent/SF: Lease Type:
6,000 $20.54 Triple Net (NNN)
RSC FLORENCE 1341 North Cashua Drive Florence, SC 29501
Year Built: Rentable Square Feet: Rent/SF: Lease Type:
2007 6,450 $23.91 Triple Net (NNN)
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 Des Moines © 2008 Marcus & Millichap
31
3
RSC ODESSA Parkway Business Park Odessa, TX 79761
Year Built: Rentable Square Feet: Rent/SF: Lease Type:
4
RSC MARBLE FALLS 1600 Ollie Lane Marble Falls, TX 78654
Year Built: Rentable Square Feet: Rent/SF: Lease Type:
5
2008 6,450 $24.81 Triple Net (NNN)
RENT COMPARABLES
Rent Comparables
2007 6,450 $24.04 Triple Net (NNN)
RSC HAMMOND 802 Westin Oaks Drive
Hammond, LA 70401 Year Built: Rentable Square Feet: Rent/SF: Lease Type:
2008 5,900 $30.34 Triple Net (NNN)
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 Des Moines © 2008 Marcus & Millichap
32
6
RSC VICTORIA 12104 North Navarro Victoria, TX 77904
Year Built: Rentable Square Feet: Rent/SF: Lease Type:
7
RSC GALVESTON 6311 Harborside Drive Port Arthur, TX 77643
Year Built/Renovated: Rentable Square Feet: Rent/SF: Lease Type:
8
2007 6,450 $20.71 Triple Net (NNN)
RENT COMPARABLES
Rent Comparables
1994/2006 6,450 $25.46 Triple Net (NNN)
RSC PORT ARTHUR 905 West Jade Avenue
Port Arthur, TX 77643 Year Built: Rentable Square Feet: Rent/SF: Lease Type:
2008 5,940 $21.33 Triple Net (NNN)
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 Des Moines © 2008 Marcus & Millichap
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9
RSC SAN BENITO 1720 West US 77 San Benito, TX 78586
Year Built: Rentable Square Feet: Rent/SF: Lease Type:
2008 6,450 $20.72 Triple Net (NNN)
RENT COMPARABLES
Rent Comparables
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 Des Moines © 2008 Marcus & Millichap
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ADDITIONAL INFORMATION
RSC EQUIPMENT RENTAL DUBUQUE, IA DUBUQUE, IA
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
36
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
37
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
38
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
39
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
40
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
41
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
42
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
43
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
44
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
45
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
46
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
47
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
48
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
49
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
50
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
51
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
52
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
53
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
54
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
55
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
56
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
57
RSC EQUIPMENT RENTAL DUBUQUE, IA DUBUQUE, IA
OFFERING MEMORANDUM
Offices Nationwide www.MarcusMillichap.com
OFFERING MEMORANDUM
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 Des Moines © 2008 Marcus & Millichap
CONFIDENTIALITY AGREEMENT CONFIDENTIALITYAGREEMENT
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended
SECTION TWO ........................................................TENANT OVERVIEW SECTION THREE ...............................DUBUQUE MARKET OVERVIEW SECTION FOUR ...................................SALES COMPARABLES SECTION FIVE ...............................RENT COMPARABLES SECTION SIX ...................ADDITIONAL INFORMATION
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 Des Moines © 2008 Marcus & Millichap
TABLE OF CONTENTS
SECTION ONE ...........................INVESTMENT OVERVIEW & FINANCIAL ANALYSIS
DUBUQUE, IA
INVESTMENT OVERVIEW & FINANCIAL ANALYSIS
RSC EQUIPMENT RENTAL DUBUQUE, IA
INVESTMENT HIGHLIGHTS Guarantee from S&P B- credit rating
This opportunity is for a triple-net leased asset, with a strong national tenant, being offered at $1,250,000 on a cap rate of 8.35%. The tenant, RSC Equipment Rental, has 4.5 years remaining on its initial lease and a penalty of over $58k for not exercising its first option in June of 2013.
8.35% Cap
The lease calls for annual rent escalations of 2% through both the initial term and the three, five year renewal options.
9.62% Cash-on-Cash Return
The property is a new construction, 7,360 sf building with a large asphalt parking lot and security fence on approximately 2 acres. It’s
~15% Total Return
NNN Lease | 2% annual escalations
located less than 1 mile from the market’s main retail corridor and is ideally situated in the path of growth. RSC Equipment Rental is the second largest equipment rental company in North America with 468 locations and over $1.8 billion in
INVESTMENT OVERVIEW & FINANCIAL ANALYSIS
Executive Summary
annual revenue. The firm is publicly traded on the NYSE and holds a 4.5 years remaining on initial term
Tenant agreed to pay $58k T.I. reimbursement if they don’t exercise their first 5-year option 2008 construction
B- credit rating from S&P. Nearly 95% of RSC’s revenue comes from the non-residential construction industries. Dubuque is a growing tertiary market in Iowa with strong economic drivers and solid real estate fundamentals. The low cost of doing business and five new 4 lane highways have attracted both national and international companies resulting in strong job growth and low vacancies.
Dubuque accounted for 17% of Iowa’s job growth in 2007 while only representing 3% of its total population
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 Des Moines © 2008 Marcus & Millichap
1
ANNUALIZED OPERATING DATA
ACQUISITION LOCATION
Purchase Price
$1,250,000
Acquisition Cap Rate
8.35%
FINANCING Price
$1,250,000
Down Payment Principle
$312,500 (25%)
Tenant Trade Name
RSC Equipment Rental 1025 Dubuque, Price $1,250,000 Down 25% Rentable 7,360 Price/SF $169.84 CAP Year 8.35% 2008 Lot 2 Type Fee IA Payment $312,500 Public Square Rate Built Size acres of Simple 52003 Feet Ownership Corporate Store
Ownership Interest Rate Amortization Tenant
Monthly Payment Lease Guarantor Annual Payment
$937,500 (75%) 6.25% 25 years $6,184 $74,213
TENANT SUMMARY
Lease Type
Triple Net (NNN)
INCOME Roof STATEMENT and Structure Lease Term
Year 1
Landlord Responsible Year 2 5 years
Year 3
Year 4
Year 5
RSC Equipment Rental
$104,171
$106,255
$108,380
$109,453
$112,758
Lamar Companies *
$1,200
$1,200
$1,200
$1,200
$1,200
Effective Gross Income
$105,371
$107,455
$109,580
$110,653
$113,958
Reserves ($.15/sf) Term Remaining on Lease
$1,104
$1,104 4.5 years
$1,104
$1,104
$1,104
Net Operating Income Increases
$104,267
$106,351 2% annually
$107,476
$109,549
$112,854
Debt Service Options
$74,213
$74,213 3, 5 year options
$74,213
$74,213
$74,213
Before Tax Cash Flow
$30,054
$32,138
$34,263
$36,431
$38,641
Principal reduction
$16,074
$17,108
$20,626
Total Return
$46,128
$49,246
Rental Annual Monthly Increases Rent Rent $18,209 $19,380 June $103,140.00 $8,595.00 1, June $105,202.80 $8,766.90 1, 2008 2009 June $107,306.86 $8,942.24 1, 2010 June $109,452.99 $9,121.08 1, June $111,642.05 $9,303.50 1, 2011 2012 June $113,874.84 $9,489.57 1, 2013 June $116,152.39 $9,679.37 1, 2015 2014 June $118,475.44 $9,872.95 1, June $120,844.95 $10,070.41 1, 2017 2016 $52,472 $55,811 June $123,261.85 $10,271.82 1, June $125,727.08 $10,477.26 1, 2019 2018 June $128,241.72 $10,686.81 1, June $130,806.55 $10,900.55 1, June $133,422.69 $11,118.56 1, 2020 2021 June $136,091.14 $11,340.93 1, 2022 June $138,812.96 $11,567.75 1, 2024 2023 June $141,589.32 $11,799.11 1, June $144,421.11 $12,035.09 1, 2025 June $147,309.53 $12,275.79 1, 2026($14.01/SF) June $150,255.72 $12,521.31 1, 2027 Base $103,140 Rent Lamar $1,200 Advertising
$1,381,465 8.25% January 2014 $153,790
Lease Commencement Date Rent Commencement Date Lease Expiration Date
5/9/2008 5/9/2008
5/31/2013
DISPOSITION Sale Price ** Sale Cap Rate Sale Date Capital Gain *** *
Net $104,340 Operating Income Debt 74,213 Service
FINANCING
Net 9.64% Cash $30,127 Flow After Debt Service
FIRST $937,500 Loan Proposed Interest 6.25% Amortization 25 Years New
INVESTMENT OVERVIEW & FINANCIAL ANALYSIS
Financial Overview - Investment Lifecycle
$59,267
Principal 16,074 Reduction
Lamar Companies has a 10 year lease for the billboard on the Northwest corner of the property. Total 14.78% Return $46,202 The rate is $1,200 annually and the lease ends in October of 2013
** Assumes tenant exercises first option *** Capital Gain = Sale Price - Loan Balance - Original Investment - Cost of Sale
RETURNS Year 1
Year 2
Year 3
Year 4
Year 5
Cap Rate Cash-on-Cash
8.35% 9.62%
8.51% 10.28%
8.68% 10.96%
8.85% 11.66%
9.03% 12.37%
Total Return
14.76%
15.76%
16.79%
17.86%
18.97%
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 Des Moines © 2008 Marcus & Millichap
2
PROPOSED FINANCING FIRST TRUST DEED Loan Type Down Payment Loan Amount Interest Rate Amortization
Proposed New $312,500 (25%) $937,500 6.25% 25 Years
AVAILABLE LENDERS Liberty Bank Loan Officer Phone Number Email Website Bank Location
Scott Frost (563) 687-9000 [email protected] www.libertybankiowa.com Dubuque, IA
Marcus & Millichap Capital Corporation Loan Officer Phone Number Email Website Bank Location
Jim Sotos (773) 867-1444 [email protected] www.mmcapcorp.com Chicago, IL
INVESTMENT OVERVIEW & FINANCIAL ANALYSIS
Financing
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 Des Moines © 2008 Marcus & Millichap
3
THE OFFERING Property
RSC Equipment Rental - Dubuque, IA
Property Address
1025 Cedar Crossing Road Dubuque, IA 52003
SITE DESCRIPTION
Number of Stories
1
Year Built
2008
Rentable Square Feet
7,360
Lot Size Type of Ownership Landscaping Topography
2 acres Fee Simple Minimal Flat
CONSTRUCTION
Foundation
Concrete
Framing
Stick
Exterior
Brick / Metal
Parking Surface Roof
Asphalt Pitched Metal
PROPERTY DESCRIPTION INVESTMENT OVERVIEW & FINANCIAL ANALYSIS
Property Summary
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 Des Moines © 2008 Marcus & Millichap
4
INVESTMENT OVERVIEW & FINANCIAL ANALYSIS
Property Photos
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 Des Moines © 2008 Marcus & Millichap
5
Billboard: Located in the Northwest corner of the property the billboard is leased by Lamar Communications for $1,200 annually.
Southwest Corner: The entire west side of the property is dedicated to large equipment storage and transportation equipment.
INVESTMENT OVERVIEW & FINANCIAL ANALYSIS
Property Photos
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 Des Moines © 2008 Marcus & Millichap
6
Aerial MAP
INVESTMENT OVERVIEW & FINANCIAL ANALYSIS
Area Maps
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 Des Moines © 2008 Marcus & Millichap
7
TENANT OVERVIEW
RSC EQUIPMENT RENTAL DUBUQUE, IA DUBUQUE, IA
COMPANY SUMMARY
RSC Equipment Rental, Inc. is one of the largest equipment rental providers in North America servicing construction and industrial markets with an original equipment fleet cost of $2.7 billion. RSC offers superior levels of equipment availability, reliability and service to customers through an integrated network of more than 465 rental locations across 39 states in the United States and four Canadian provinces. With more than 5,400 employees committed to continuous safety and 24x7 customer care, RSC delivers the loyal customer support needed to build the future.
BASIC INFO
TENANT OVERVIEW
RSC Equipment Rental History & Facts
FINANCIAL INFO
Founded in
1933
Revenue
$1.8 billion
Tenant Trade Name
RSC Equipment Rental
EBITDA
$828 million
Headquarters
Scottsdale, AZ
Profit Margin
46%
Website
www.rscrental.com
Market Size
$38 billion
Location
468
Market Share
4%
Employees
5,000+
Total Market Share (Among top 4 firms)
< 25%
Industry
Rental equipment to the construction, manufacturing, industrial, and petrochemical industries
RSC Market Share Growth (Among top 4 firms)
22%
Publicly Traded
Yes
Exchange / Ticker
NYSE / RRR
Credit Rating
S&P 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 Des Moines © 2008 Marcus & Millichap
9
Tenant
RSC Equipment Rental
Guarantor
RSC Equipment Rental, Inc.
Corporate Guarantee
Yes
Lease Term
5 Years
Lease Commencement
5/9/2008
Lease Expiration
5/31/2013
Initial Rent
$103,140 (Annual)
Escalations
2% annually for initial term & all option periods
Renewal Options
(3) 5 year options
Penalty for NOT Renewing
Tenant will owe a penalty of $58,813 if they do not exercise their first option to renew.
Renewal Notice
180 days
TENANT OVERVIEW
Lease Abstract
Maintenance & Repairs - Cleaning & Maintenance
Tenant
- Taxes
Tenant
- Insurance
Tenant
- Parking Lot
Tenant
- Roof & Structure
Landlord
- HVAC Maintenance
Tenant
- HVAC Replacement
Landlord
Holdover
1.25x last month's rent
Early Termination
None
Assignment & Subletting
Only with Landlord consent
Right of First Refusal
None
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 Des Moines © 2008 Marcus & Millichap
10
Market Overview: The U.S. equipment rental industry is composed of more than 10,000 companies and generates revenues of more than $30 billion annually. The industry is highly fragmented, with the 10 largest companies accounting for less than 25 percent of industry revenues in 2007. The four largest companies (ranked by 2007 rental revenues) are United Rentals, RSC Equipment Rental, Hertz Equipment Rental (HERC), and Sunbelt Rentals. The industry saw strong revenue growth between 1990 and 2007 at a compound annual growth rate (CAGR) of 10.2 percent. The industry is expected to continued to grow at an 8.6 percent CAGR between 2009-2012. Growth is attributed to two main factors: the long-term trend towards increased rental industry penetration (5 percent in 1993, 40 percent in 2007, and
TENANT OVERVIEW
Equipment Rental Market Overview
forecasted to reach 50 percent by 2010) and the resiliency of the non-residential construction industry.
Competition The four largest equipment rental companies in the US consist of both public and private entities. Although they currently represent only 10% of the total market they have consistently been picking up market share over the last five years. The four largest companies, in order from one to four, are listed below:
United Rentals 2007 Rental Revenue 2007 EBITDA Locations Geographic Focus
$2,625,000,000 $1,171,000,000 665 US & Canada
RSC Equipment Rental, Inc 2007 Rental Revenue 2007 EBITDA Locations Geographic Focus
$1,541,000,000 $821,000,000 468 US & Canada
Hertz Equipment Rental Corp 2007 Rental Revenue 2007 EBITDA Locations Geographic Focus
$1,537,000,000 $834,000,000 290 US & Canada
Sunbelt Rentals 2007 Rental Revenue 2007 EBITDA Locations Geographic Focus
$1,411,000,000 $591,000,000 430 US Only
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 Des Moines © 2008 Marcus & Millichap
11
SALES COMPARABLES
RSC EQUIPMENT RENTAL DUBUQUE, IA DUBUQUE, IA
AVERAGE CAP RATE 9.00 8.00
Avg 7.78%
7.00 6.00 5.00 4.00 3.00
SALES COMPARABLES
CAP Rate & Price/SF
2.00 1.00 0.00 Subject
RSC San Benito
Max United RSC Equipment Rentals Hammond Rental
RSC Victoria
RSC Galveston
RSC Port Arthur
RSC Billings
RSC Odessa
RSC Marble Falls
COMMENTS To provide a comprehensive survey of the changing market we have included closed transactions, deals in escrow, and listed properties among the sales comparables. The subject is being offered at an 8.35% Cap, resulting in a return almost 10% higher than the average.
AVERAGE PRICE/SF 400.00 360.00 320.00
Avg $293.23 280.00 240.00 200.00 160.00 120.00 80.00 40.00 0.00 Subject
RSC San Benito
Max United RSC RSC RSC Equipment Rentals Hammond Victoria Galveston Rental
RSC Port Arthur
RSC Billings
RSC Odessa
RSC Marble Falls
COMMENTS At list price the subject's price per square foot is over 40% below the average sales comparable.
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 Des Moines © 2008 Marcus & Millichap
24
RSC EQUIPMENT RENTAL - DUBUQUE, IA 1025 Cedar Crossing Road Dubuque, IA 52003 Rentable Square Feet:
7,360
Sales Price:
$1,250,000
Year Built:
2008
Down Payment:
$312,500
CAP Rate:
8.35%
Price/SF:
$169.84
SUBJECT PROPERTY
SALES COMPARABLES
Recent Sales
RSC SAN BENITO 1720 West US 77 San Benito, TX 78586
1
Close of Escrow:
8/27/2008
Sales Price:
$1,743,367
Rentable SF:
6,450
Down Payment:
N/A
Year Built:
2008
Cap Rate:
7.60%
Price/SF:
$270.00
MAX EQUIPMENT RENTAL 5760 Kearny Villa Rd San Diego, CA 92123
2
Close of Escrow:
3/19/2008
Sales Price:
$1,900,000
Rentable SF:
5,600
Down Payment:
700,000%
Year Built:
1980
Cap Rate:
7.65%
Price/SF:
$339.29
COMMENTS Max Equipment Rental is a regional provider located primarily in the Southwest United States and Mexico.
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 Des Moines © 2008 Marcus & Millichap
25
UNITED RENTALS 2514 SR 410 E Bonney Lake, WA 98391
3
Close of Escrow:
3/21/2007
Sales Price:
$1,900,000
Rentable SF:
9,500
Down Payment:
400,000%
Year Built:
1994
CAP Rate:
7.42%
Price/SF:
$200.00
COMMENTS
SALES COMPARABLES
Recent Sales
United Rentals is the largest provider of rental equipment in the United States.
4
RSC HAMMOND 802 Westin Oaks Drive
Hammond, LA 70401
5
Close of Escrow:
In Escrow
Sales Price:
$2,309,806
Rentable SF:
5,900
Down Payment:
N/A
Year Built:
2008
CAP Rate:
7.75%
Price/SF:
$391.00
RSC VICTORIA 12104 North Navario Victoria, TX 77904 Close of Escrow:
In Escrow
Sales Price:
$1,723,493
Rentable SF:
6,450
Down Payment:
N/A
Year Built:
2007
CAP Rate:
7.75%
Price/SF:
$267.00
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 Des Moines © 2008 Marcus & Millichap
26
6
7
RSC GALVESTON 6311 Harborside Drive Galveston, TX 77554 Close of Escrow:
In Escrow
Sales Price:
$1,876,526
Rentable SF:
6,450
Down Payment:
N/A
Year Built/Renovated:
1994/2006
CAP Rate:
8.75%
Price/SF:
$291.00
SALES COMPARABLES
Recent Sales
RSC PORT ARTHUR 905 West Jade Avenue
Port Arthur, TX 77643
8
Close of Escrow:
In Escrow
Sales Price:
$1,634,709
Rentable SF:
5,940
Down Payment:
N/A
Year Built:
2008
CAP Rate:
7.75%
Price/SF:
$275.00
RSC BILLINGS 2651 Gable Road Billings, MT 59102 Close of Escrow:
On Market
Sales Price:
$1,589,832
Rentable SF:
6,000
Down Payment:
N/A
Year Built:
2008
CAP Rate:
7.75%
Price/SF:
$264.97
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 Des Moines © 2008 Marcus & Millichap
27
9
10
RSC ODESSA Parkway Business Park Odessa, TX 79761 Close of Escrow:
On Market
Sales Price:
$2,091,503
Rentable SF:
6,450
Down Payment:
N/A
Year Built:
2008
CAP Rate:
7.65%
Price/SF:
$324.00
SALES COMPARABLES
Recent Sales
RSC MARBLE FALLS 1600 Ollie Lane
Marble Falls, TX 78654 Close of Escrow:
On Market
Sales Price:
$2,000,412
Rentable SF:
6,450
Down Payment:
N/A
Year Built:
2007
CAP Rate:
7.75%
Price/SF:
$310.00
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 Des Moines © 2008 Marcus & Millichap
28
RENT COMPARABLES
RSC EQUIPMENT RENTAL DUBUQUE, IA DUBUQUE, IA
30.00 27.00
Avg $23.54
24.00 21.00 18.00 15.00 12.00 9.00
RENT COMPARABLES
Average Rent/SF
6.00 3.00 0.00 Subject
RSC Billings
RSC Florence
RSC Odessa
RSC Marble Falls
RSC Hammond
RSC Victoria
RSC Galveston
RSC Port Arthur
RSC San Benito
COMMENTS The subject has a per square foot rental rate 40% below the average of other surveyed RSC Equipment Rental locations. The total annual rent for the subject is over 30% lower than the average of other surveyed RSC Equipment Rental locations. After the subject, the next lowest rental rate is over $6.50 higher per square foot. The subject's rental rate will increase by 2% annually over the course of both the initial term and all option periods. In 4.5 years, at the end of the initial term, the subject's rental rate will still be 35% lower than RSC's average rental rate is today.
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 Des Moines © 2008 Marcus & Millichap
30
RSC EQUIPMENT RENTAL - DUBUQUE, IA 1025 Cedar Crossing Road Dubuque, IA 52003
SUBJECT PROPERTY
1
2
Date Surveyed: Year Built: Rentable Square Feet: Rent/SF: Lease Type:
September 16, 2008 2008 7,360 $14.01 Triple Net (NNN)
RENT COMPARABLES
Rent Comparables
RSC BILLINGS 2651 Gable Road Billings, MT 59102
Year Built:
2008
Rentable Square Feet: Rent/SF: Lease Type:
6,000 $20.54 Triple Net (NNN)
RSC FLORENCE 1341 North Cashua Drive Florence, SC 29501
Year Built: Rentable Square Feet: Rent/SF: Lease Type:
2007 6,450 $23.91 Triple Net (NNN)
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 Des Moines © 2008 Marcus & Millichap
31
3
RSC ODESSA Parkway Business Park Odessa, TX 79761
Year Built: Rentable Square Feet: Rent/SF: Lease Type:
4
RSC MARBLE FALLS 1600 Ollie Lane Marble Falls, TX 78654
Year Built: Rentable Square Feet: Rent/SF: Lease Type:
5
2008 6,450 $24.81 Triple Net (NNN)
RENT COMPARABLES
Rent Comparables
2007 6,450 $24.04 Triple Net (NNN)
RSC HAMMOND 802 Westin Oaks Drive
Hammond, LA 70401 Year Built: Rentable Square Feet: Rent/SF: Lease Type:
2008 5,900 $30.34 Triple Net (NNN)
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 Des Moines © 2008 Marcus & Millichap
32
6
RSC VICTORIA 12104 North Navarro Victoria, TX 77904
Year Built: Rentable Square Feet: Rent/SF: Lease Type:
7
RSC GALVESTON 6311 Harborside Drive Port Arthur, TX 77643
Year Built/Renovated: Rentable Square Feet: Rent/SF: Lease Type:
8
2007 6,450 $20.71 Triple Net (NNN)
RENT COMPARABLES
Rent Comparables
1994/2006 6,450 $25.46 Triple Net (NNN)
RSC PORT ARTHUR 905 West Jade Avenue
Port Arthur, TX 77643 Year Built: Rentable Square Feet: Rent/SF: Lease Type:
2008 5,940 $21.33 Triple Net (NNN)
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 Des Moines © 2008 Marcus & Millichap
33
9
RSC SAN BENITO 1720 West US 77 San Benito, TX 78586
Year Built: Rentable Square Feet: Rent/SF: Lease Type:
2008 6,450 $20.72 Triple Net (NNN)
RENT COMPARABLES
Rent Comparables
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 Des Moines © 2008 Marcus & Millichap
34
ADDITIONAL INFORMATION
RSC EQUIPMENT RENTAL DUBUQUE, IA DUBUQUE, IA
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
36
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
37
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
38
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
39
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
40
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
41
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
42
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
43
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
44
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
45
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
46
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
47
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
48
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
49
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
50
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
51
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
52
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
53
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
54
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
55
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
56
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
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 Des Moines © 2008 Marcus & Millichap
57
RSC EQUIPMENT RENTAL DUBUQUE, IA DUBUQUE, IA
OFFERING MEMORANDUM
Offices Nationwide www.MarcusMillichap.com
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