executive summary ft. lauderdale (msa) office portfolio€¦ · executive summary regions bank...
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Ft. Lauderdale (MSA) Office PortfolioEXECUTIVE SUMMARY
Actual Property PhotoFT. LAUDERDALE (MSA) OFFICE PORTFOLIO
OFFERING PRICE
Price: $29,695,500
Down Payment: 51%/$15,195,500
Current Occupancy Combined*: 92.55%
Rentable Square Feet Combined: 161,387 SF
Price/Rentable SF: $184.00
Cap Rate: 7.00%
Cash on Cash Return: 10.15%
Lot Size: 381,416 SF (8.75 Acres)
Year Built: 1986 & 1987 & 1974
VITAL DATA
Current Net Operating Income: $2,078,685
FINANCING**
Loan Amount: $14,500,000
Loan Type: Interest-Only
Interest Rate: 3.70%
Debt Service: $536,500
Debt Coverage Ratio: 3.87
Net Cash Flow After Debt Service: 10.15%/$1,542,185
OPERATING EXPENSES
Real Estate Taxes: $405,535
Insurance: $156,917
Utilities: $444,669
Trash: $29,443
Janitorial: $120,885
Repairs & Maintenance: $223,370
Association: $47,148
Management (3% of GPR): $113,769
Reserves (0.15/SF): $24,208
TOTAL EXPENSES $1,565,944
EXPENSES/SF $9.70 SF/YR
BASE RENT
Occupied Space (149,359 SF): $3,511,597
Available Space at Market Rents (12,028 SF): $280,700
Gross Potential Rent: $3,792,297
Expense Reimbursement: $133,032
Gross Potential Income: $3,925,328
Vacancy/Collection Allowance (7.4% of GPR): $280,700
Effective Gross Income: $3,644,629
Total Expenses: $1,565,944
Net Operating Income: 7.00%/$2,078,685
*Current Occupancy Combined includes two (2) pending tenants occupying a total of 6,447 SF or 4% of the combined occupancy.**Approximately six and a half (6.5) years remaining on assumable debt. A one percent (1%) assumption fee to be charged by the Lend-er to the Buyer. Exclusive Listing Agents can provide further details.
1100 Park Central Blvd. SouthPompano Beach, FL 33064
450 N Park Rd.Hollywood, FL 33021
1401 University Dr.Coral Springs, FL 33071
PARK CENTRAL ONE REGIONS BANK BUILDINGBANK OF AMERICA CENTER
Alejandro SnyderInvestment [email protected]
EXCLUSIVE LISTINGTiktin Real Estate Investment Services is pleased to present the Ft. Lauderdale (MSA) Office Portfolio, a three-property portfolio, located in Broward County, Florida. This portfolio offering consists of 161,387 square feet of institutional quality office space located in the suburban core cities of Coral Springs, Pompano Beach, and Hollywood. The three properties are the Bank of America Center in Coral Springs with 49,101 SF and a current occupancy of 94.1%, Park Central One with 76,087 SF and a current occupancy of 94.7%, and Regions Bank Building with 36,199 SF and a current occupancy of 85.8%.
Two of the buildings are anchored by international and national banks, Bank of America and Regions Bank, with drive-thrus and tube transport systems, creating accessible banking for their customers at these properties. These well-positioned assets attracted the attention of the national telecommunication providers, AT&T, Verizon, and Sprint, who lease the prime office rooftops thereby creating additional income at two of the properties.
Growth and development continues to expand rapidly in Broward County as more companies seek office space throughout the Ft. Lauderdale (MSA). The vacancy rate for the market continues to fall and asking rents continue to rise according to a recent Q3 2019 office market report showing an overall 9.3% vacancy, down 40 basis points from Q2 2019 and 210 basis points from a year earlier.
The properties are all strategically located near major highways including I-95, I-595, I-75, and Florida’s Turnpike allowing for convenient commuting options to the dense suburban areas.
The Ft. Lauderdale (MSA) Office Portfolio provides further upside through additional lease-up opportunities and rent escalations. This is an ideal investment offering in a sought-after market due to the plethora of attractive attributes of this opportunity.
Investment Highlights ■ 161,387 Square Feet of Institutional Quality
Office Space■ Located in Broward County, FL Core Suburban
Submarkets - Coral Springs, Pompano Beach, and Hollywood
■ Current Combined Occupancy of 92.6%■ Two Bank-Anchored Properties - Bank of
America and Regions Bank■ Additional Income Streams from Leased Roof
Space to Telecommunication Providers - AT&T, Verizon, and Sprint
■ Easy Access to Major Thoroughfares - I-95, I-595, I-75, and Florida’s Turnpike
■ Properties Sit on Over 8.75 Acres (Combined)■ Strong Demographics - Average Population
Exceeds 380,000 within a 5-Mile Radius■ $14.5 Million Assumable Loan at Only 3.7%
with Interest-Only PaymentsTIKTIN REAL ESTATE INVESTMENT SERVICESTel: (305) 363-4750 Tel: (844) 4- TIKTINFax: (305) 675-0774 TiktinRealEstate.comAdam J. TiktinPresident/[email protected]
This information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify for any inaccuracies.
Michael WilliamsInvestment [email protected]
Ft. Lauderdale (MSA) Office PortfolioEXECUTIVE SUMMARY
REGIONS BANK BUILDING
PARK CENTRAL ONEBANK OF AMERICA CENTER
1100 Park Central Blvd. SouthPompano Beach, FL 33064
450 N Park Rd.Hollywood, FL 33021
1401 University Dr.Coral Springs, FL 33071