executive summary ft. lauderdale (msa) office portfolio executive summary regions bank building bank

EXECUTIVE SUMMARY Ft. Lauderdale (MSA) Office Portfolio EXECUTIVE SUMMARY REGIONS BANK BUILDING BANK
EXECUTIVE SUMMARY Ft. Lauderdale (MSA) Office Portfolio EXECUTIVE SUMMARY REGIONS BANK BUILDING BANK
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  • Ft. Lauderdale (MSA) Office Portfolio EXECUTIVE SUMMARY

    Actual Property Photo FT. 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. South Pompano 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 Snyder Investment Associate ASnyder@tiktinrealestate.com

    EXCLUSIVE LISTING Tiktin 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 Payments TIKTIN REAL ESTATE INVESTMENT SERVICES Tel: (305) 363-4750 Tel: (844) 4- TIKTIN Fax: (305) 675-0774 TiktinRealEstate.com Adam J. Tiktin President/Broker ATiktin@tiktinrealestate.com

    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 Williams Investment Associate MWilliams@tiktinrealestate.com

    Ft. Lauderdale (MSA) Office Portfolio EXECUTIVE SUMMARY

    REGIONS BANK BUILDING

    PARK CENTRAL ONEBANK OF AMERICA CENTER

    1100 Park Central Blvd. South Pompano Beach, FL 33064

    450 N Park Rd. Hollywood, FL 33021

    1401 University Dr. Coral Springs, FL 33071

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