hallandale plaza hallandale beach, fl offering memorandum · 2019. 7. 15. · hallandale . p. laza...
TRANSCRIPT
HALLANDALE PLAZAHALLANDALE BEACH, FL Offering Memorandum
Trophy Real Estate, 100 Percent Occupied
On Hallandale Beach Blvd With a Daily Traffic Count
of 55,000 Vehicles
1.5 Miles from Gulfstream Park, County-Approved Casino and Racetrack
Population of More Than 440,000 Within a 5-Mile
Radius
View Drone Video of Subject
Property and Surrounding Area
CONFIDENTIALITY AND DISCLAIMERThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended 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.
NON-ENDORSEMENT NOTICEMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
SUBJECT PROPERTY
Hallandale Beach Boulevard | 55,000 Vehicles Per Day
SUBJECT PROPERTY
FINANCIAL OVERVIEW
Financial SummaryAnnual Rent: $602,616Expense Reimbursement: $43,188Gross Potential Rent: $645,803Vacancy Factor (5%): $32,290Effective Gross Income: $613,513Total Expenses: $260,473
Net Operating Income $353,040
Expenses Current PSF
Insurance: $39,504 $1.55Property Taxes: $90,360 $3.54Cleaning: $9,600 $0.38Water/Sewer/Garbage: $60,660 $2.38Landscaping: $13,296 $0.52Pest Control: $2,289 $0.09Electricity: $2,232 $0.09Repairs & Maintenance: $11,600 $0.45Reserves: $5,100 $0.20Management Fee (4%): $25,832 $1.01
Total Expenses $260,473 $10.21
Hallandale Plaza730 W. Hallandale Beach Blvd, Hallandale Beach, FL 33009
Price: $7,000,000Cap Rate: 5.04%Rentable Square Feet: 25,502Net Operating Income: $353,040Price PSF: $274.49Land Area: 1.63 AcresYear Built: 2011
Investment Highlights• Multi-Tenant, Trophy Real Estate, 100 Percent Occupied• Located on Hallandale Beach Boulevard With a Daily Traffic
Count of More Than 55,000 Vehicles• Population of More Than 440,000 Within a 5-Mile Radius• Half Mile from Interstate 95, Which has a Daily Traffic Count of
Approximately 266,000 Vehicles• One and a Half Miles from Gulfstream Park, a County-Approved
Casino and Racetrack - One of the Most Important Venues for Horse Racing in America
• Three Miles from Aventura Mall• Surrounding National Retailers Include Walmart Supercenter,
Publix, Big Lots, Burlington, Ross, Target, Best Buy, Whole Foods, Winn Dixie, Petco, McDonald’s, Taco Bell, Panera Bread, KFC, Dunkin’ Donuts, Walgreens, CVS and Many More
• Hallandale Beach is Located in Broward County Between Fort Lauderdale and Miami
RENT ROLL
Tenant Building-Unit GLA % of
GLAMonthly
RentMonthly
ReimburseAnnual
RentAnnual
Reimburse Total RentPSF
Lease Commence
Lease Expiration
Lease Type
Alie & Lou Corp. 710-101 685 2.69% $1,794 $0 $21,528 $0 $21,528 $31.43 12/6/12 12/30/19 Gross
U.S. Locksmith Hallandale 710-102 820 3.22% $1,622 $0 $19,464 $0 $19,464 $23.74 7/19/17 7/31/21 Gross
Peter Mathison, LLC 710-103 820 3.22% $1,998 $0 $23,976 $0 $23,976 $29.24 11/30/18 11/30/19 Gross
AZ Invest - Zero Day Enterprises 710-104 820 3.22% $2,184 $0 $26,208 $0 $26,208 $31.96 6/23/16 10/31/19 Gross
Tuncay Atakan Corp 710-105-6 1,370 5.37% $3,878 $399.59 $46,541 $4,795 $51,336 $37.47 3/6/14 7/31/23 Modified Gross
Estrella Insurance 720-101 685 2.69% $1,850 $0 $22,200 $0 $22,200 $32.41 9/17/13 9/30/19 Gross
La Granja 720-102-6 6,432 25.22% $6,318 $1,997.91 $75,817 $23,975 $99,791 $15.51 10/15/12 9/30/22 Modified Gross
Advance America 730-101 1,150 4.51% $2,600 $0 $31,200 $0 $31,200 $27.13 9/2/11 8/31/23 Gross
Biscayne Sunrise - Hookah Lounge 730-102 1,150 4.51% $3,177 $0 $38,124 $0 $38,124 $33.15 12/9/15 12/30/21 Gross
Sky Nails of T&T Corp 730-103 1,150 4.51% $3,170 $0 $38,040 $0 $38,040 $33.08 2/22/11 2/28/24 Gross
Signarama 730-104 1,150 4.51% $1,908 $678.17 $22,894 $8,138 $31,032 $26.98 6/26/12 6/30/20 Modified Gross
La Parfait LLC 730-105 1,150 4.51% $2,760 $0 $33,120 $0 $33,120 $28.80 8/14/18 8/30/19 Gross
LP Esthetics LLCS 730-106 3,050 11.96% $3,467 $0 $41,604 $0 $41,604 $13.64 8/1/18 8/30/19 Gross
Vapor Shark 730-107 1,080 4.23% $3,384 $0 $40,608 $0 $40,608 $37.60 11/15/12 11/30/19 Gross
Pinnacle Barbers 730-108 785 3.08% $1,968 $0 $23,616 $0 $23,616 $30.08 3/1/12 8/31/20 Gross
Labs 4 Less 730-109 785 3.08% $1,948 $0 $23,376 $0 $23,376 $29.78 1/18/18 1/30/21 Gross
Organica Wax and Beauty 730-110 785 3.08% $1,955 $0 $23,460 $0 $23,460 $29.89 5/16/11 2/28/20 Gross
uBreakiFix Com 730-111 785 3.08% $1,641 $523.33 $19,688 $6,280 $25,968 $33.08 5/16/11 2/28/22 Modified Gross
TMKS Inc 730-112 850 3.33% $2,596 $0 $31,152 $0 $31,152 $36.65 2/22/11 2/28/22 Gross
Totals 25,502 100% $50,218 $3,599 $602,616 $43,188 $645,803
*Monthly/annual rent based on December 2019 rents
SALES COMPARABLES
Shoppes of Aventura3001-3025 Aventura Blvd
Miami, FL 33180COE Date: 4/16/2019Price: $13,000,000GLA: 35,130 SFPrice PSF: $370.05Year Built: 1993
Hallandale Plaza4520 Hallandale Beach Blvd
Pembroke Park, FL 33023COE Date: 7/6/2017Price: $5,100,000GLA: 12,500 SFPrice PSF: $408.00Year Built: 2015
SUBJECT PROPERTY
SITE PLAN
Hallandale Beach
Signalized Intersection
Population of More Than
440,000 Within 5-Mile
Radius
AERIAL
Half Mile from Interstate 95 and 1.5 Miles
from Gulfstream Park Racing &
Casino
Federal Highw
ay
Hallandale Beach Blvd
AERIAL
55,000Daily266,000
Daily
Walgreens
McDonald’s
Hallandale Plaza
43,500Daily
SUBJECT PROPERTY
SUBJECT PROPERTY
SUBJECT PROPERTY
LOCAL & REGIONAL MAPS
View Drone Video of Subject
Property and Surrounding Area
MARKET OVERVIEW
BROWARD COUNTYOVERVIEW
Broward County is located in South Florida and contains a population of 1.9 million people. The county is bordered to the north and south by Palm Beach and Miami-Dade counties, respectively. On the east is the Atlantic Ocean and Big Cypress National Reserve is to the west. The Everglades cover the western portion of the county, restricting development. As limited land is available for construction, any significant growth is upward rather than outward. Roughly 23 miles of shoreline and 300 miles of inland waterways provide a wide range of recreation and transport uses. Fort Lauderdale is the largest city in the county with 180,900 residents followed by Pembroke Pines with 166,500 people.
MARKET OVERVIEW
METRO HIGHLIGHTS
STRONG POPULATION GROWTH
Broward County’s population continues to grow at a
pace well above the U.S. rate. In-migration accounts
for a large share of new residents.
DESIRABLE CORPORATE LOCATION
Companies are attracted to the metro for its proximity
to Latin American markets, large educated workforce
and desirable climate.
HOUSING AFFORDABILITY
Home prices are more affordable in Broward County
than in many other coastal counties.
MARKET OVERVIEW
ECONOMY▪ Key economic drivers include tourism, healthcare, biotechnology and commerce.
▪ As a major point of access to both international trade and cruise tourism, Port Everglades
generates roughly $30 billion of economic activity per year.
▪ The significant population of elderly residents results in healthcare playing a major role in
the county’s economy.
▪ Diverse companies are headquartered in the area, including Citrix Systems, AutoNation
and Heico.
SHARE OF 2017 TOTAL EMPLOYMENT
MAJOR AREA EMPLOYERS
Ultimate Software
Nova Southeastern University
American Express
Spirit Airlines
Kaplan Higher Education
Citrix Systems
DHL Express
JM Family Enterprises
AutoNation
Actavis* Forecast
MANUFACTURING3%
GOVERNMENT
HEALTH SERVICES
EDUCATION AND
+OTHER SERVICES
5%
LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES
22%
AND UTILITIES
TRADE, TRANSPORTATION CONSTRUCTION
PROFESSIONAL AND
BUSINESS SERVICES
2%INFORMATION
18%
6%
13% 12% 7%
13%
MARKET OVERVIEW
DEMOGRAPHICS
▪
▪
▪
Since 2000, the county’s population has increased by roughly 278,000 residents.
During the next five years, the county will add approximately 65,000 residents.
In the same time period, the number of households will rise by 35,500.
An increase in education attainment provides a skilled labor pool and has helped
boost income levels. Almost 30 percent of residents age 25 and older have at least
a bachelor’s degree.
Broward County has one of the most desirable climates in the United States and has a wide variety of recreational opportunities and cultural amenities. The metro boasts 300 days of sunshine annually, and the average winter temperature is 78 degrees. Fort Lauderdale is known as the “Venice of America” for its inland canals. In addition, more than 145 marinas along Fort Lauderdale’s inland waterways cater to boating and fishing needs. Various professional sports are nearby in Miami. There are also more than 40 golf courses in the county. Other attractions include the NSU Art Museum Fort Lauderdale, the Broward Center for the Performing Arts, Flamingo Gardens, Museum of Discovery and Science, Symphony of the Americas and the International Swimming Hall of Fame.
QUALITY OF LIFE
2017 Population by Age
0-4 YEARS
6%5-19 YEARS
17%20-24 YEARS
6%25-44 YEARS
27%45-64 YEARS
28%65+ YEARS
16%
ARTS & ENTERTAINMENT
40.2
2017MEDIAN AGE:
U.S. Median:
37.8
$53,800
2017 MEDIAN HOUSEHOLD INCOME:
U.S. Median:
$56,300
1.9M
2017POPULATION:
Growth2017-2022*:
3.4%
743K
2017HOUSEHOLDS:
4.8%
Growth2017-2022*:
POPULATION 1 MILE 3 MILES 5 MILES
2010 Population 18,860 190,298 408,7562018 Population 20,291 207,067 444,6092023 Population 21,239 215,810 458,1732018 Male Population 9,959 98,861 212,4572018 Female Population 10,331 108,205 232,1522018 Median Age 39.1 43.2 41.6
RACE & ETHNICITY 1 MILE 3 MILES 5 MILES
American Indian, Eskimo 0.3% 0.3% 0.3%Asian 1.7% 1.9% 2.1%Black 39.4% 24.4% 31.9%Hawaiian/Pacific Islander 0.1% 0.1% 0.1%White 50.0% 66.6% 58.4%Other 4.7% 3.7% 3.9%Multi-Race 3.8% 3.1% 3.3%Hispanic Ethnicity 39.8% 36.6% 34.6%Not of Hispanic Ethnicity 60.2% 63.4% 65.4%
HOUSEHOLDS 1 MILE 3 MILES 5 MILES
2010 Households 7,343 83,569 166,0442018 Households 7,949 91,440 181,4702023 Households 8,373 96,109 189,832
HOUSEHOLD INCOME 1 MILE 3 MILES 5 MILES
2010 Avg Household Income $42,537 $64,621 $63,7402018 Avg Household Income $45,641 $70,670 $69,1322023 Avg Household Income $51,368 $81,357 $79,5802010 Med. Household Income $28,876 $41,431 $42,3422018 Med. Household Income $32,236 $46,355 $46,6312023 Med. Household Income $35,051 $53,432 $53,3832010 Per Capita Income $16,636 $28,478 $25,9782018 Per Capita Income $17,950 $31,300 $28,2972023 Per Capita Income $20,316 $36,321 $33,050
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DEMOGRAPHICS
The Wolfe Retail Group of Marcus & Millichap specializes in the sale of single-tenant properties and shopping centers and has successfully assisted clients in selling over 500 separate commercial properties with a market value exceeding $1.45 billion. Having closed sales in more than 40 states, our track record is evidence that we are one of the premier brokerage teams in the United States.
With our experience and background in various fields such as law and finance, we have proved to be invaluable to our clients, earning their trust and exceeding their expectations while best assisting them in their real estate transactions.
For more about the Wolfe Retail Group or to view all of our available listings, visit www.WolfeRetailGroup.com
The Wolfe Retail Group has sold over
500 properties in more than
40 states
About Marcus & MillichapWith nearly 2,000 investment professionals located throughout the U.S. and Canada, Marcus & Millichap (NYSE: MMI) is a leading specialist in commercial real estate investment sales, financing, research and advisory services. The firm closed more than 9,400 transactions in 2018 with a value of approximately $46.3 billion.
Marcus & Millichap has been a pioneer in the real estate investment industry and has established a reputation for maximizing value for its clients while fostering long-term relationships built on integrity, trust and service. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. Marcus & Millichap also offers clients access to the most competitive real estate financing through Marcus & Millichap Capital Corporation (MMCC), which maintains relationships with the industry’s leading national, regional and local lenders.
Barry M. WolfeSenior Managing Director Investments
License: SL [email protected]
(954) 245-3493
Alan LipskyFirst Vice President Investments
License: SL [email protected]
(954) 245-3595
Catie JacksonMarketing Coordinator
[email protected](954) 245-3592
Ashley BarrettTransaction Coordinator
[email protected](954) 245-3416
Evan WhelanAssociate
License: SL [email protected]
(954) 245-3487
Charles “Chas” MoodyAssociate
License: SL [email protected]
(954) 245-3464
Michael TalbertAssociate
License: SL [email protected]
(954) 245-3439