511 Byers

MIAMISBURG, OH

Co-Sponsor

Heritage Capital Group

Asset/Strategy Type

Industrial/Flex

Capital to be Raised

$4,530,000

Minimum Investment

$50,000

Co-Sponsor

Heritage Capital Group

Asset/Strategy Type

Industrial/Flex

Capital to Be Raised

$4,530,000

Minimum Investment

$50,000

Fairway America & Heritage Capital Group

511 Byers Deal Summary

Additional

Information 1

Targeted IRR:
± 15.65%

Targeted Equity Multiple on Exit:
±1.66x

Preferred Return:
8%

Profit Split:
80% to investors until a 14% IRR, then 60% thereafter

Co-Investment:
90% investors / 10% Manager

Targeted Hold Period:
4 years

Offering Close Date:
September 11, 2021

  • Thank you for your interest in Fairway America. Please use the form below to request the Offering Memorandum for the 511 Byers Real Estate opportunity.

1 There is no guarantee that targeted returns will be achieved or that preferred return payments will be made.

Fairway America, LLC (“Fairway”) is making available an ownership investment opportunity for 511 Byers (the “Property”), an industrial building located in Miamisburg, a City in the Dayton, OH MSA. Tenants at the Property include Refresco, a B+ rated credit tenant, Cornerstone Research Group (CRG), an aerospace and defense contractor, and regional tenants such as Advantic building materials and Lexus of Dayton. At 100% occupancy, 511 Byers boasts a rent roll with mark to market potential within the CRG and Lexus suites. Fairway and Heritage Capital Group (“Heritage” and collectively with Fairway, the “Co-Managers”) believe this is a unique chance to own a core plus, industrial asset in an economically strong growth corridor at an 8.3% year-one cap rate and $54 PSF acquisition basis. The Co-Managers intend to co-manage and co-execute the business strategy for acquiring, operating, and disposing of the Property (the “Project”).

Business Strategy 2

The Property is currently occupied by four tenants in a growth corridor at the I-75/I-675 interchange near Austin Landing in Miamisburg. Originally built in 1986 and renovated in 2002, the Co-Managers expect the Property to provide in-place cash flow and to push rents in a tight industrial market. The Property boasts a diverse mix of global and regional tenants. CRG and Advantic are two of Miamisburg’s home-grown companies. CRG continues to secure contracts with the Department of Defense in aerospace innovation,3 and Advantic was #120 on the Inc. 500 list for 2020.4 With the addition of the Europe-based tenant Refresco in November 2020 the building is currently fully occupied. The business plan includes marketing and re-leasing the CRG suite due to CRG’s known vacate status, completing the paving of the back parking lot, and other capital improvement projects.

Opportunity Highlights 2

  • CRG is expected to vacate at the end of year 2, allowing the Co-Managers to market and re-lease the space during the hold period
  • The seller has invested more than $450,000 over the past year on a parking lot overlay, replacement dock concrete, exterior paint, gutter repairs and a new fire monitoring system.
  • Well-located directly off I-75, which links the area between Cincinnati, Dayton and the Midwest. I-75 is one of the Midwest’s main distribution corridors.
  • Acquisition basis of $54 PSF is below the projected market replacement cost of $70 PSF.5 New construction in the area is expected to have a buoying effect on the achievable rents at the Property.
2 The business strategy is subject to change. There are many risks to participating in this opportunity. See “Risk Factors and Fee Disclosures” in the Offering Memorandum for a discussion of some of these risks, including loss of capital, illiquidity, and lack of diversification. This opportunity is unsuitable for investors who are not prepared to hold their ownership position indefinitely and who cannot afford a complete loss of capital
3 http://www.crgrp.com/
4 https://www.inc.com/inc5000/2020
5 Costar Report Miamisburg Industrial Submarket March 2021
outside image of Bellaire Medical Plaza
outside image of Bellaire Medical Plaza
outside image of Bellaire Medical Plaza
outside image of Bellaire Medical Plaza

Interested in the 511 Byers opportunity? Please click below to request an Offering Memorandum, an appointment, or if you have questions.

  • Thank you for your interest in Fairway America. Please use the form below to request the Offering Memorandum for the 511 Byers Real Estate opportunity.