proposed development - loopnet€¦ · one of the finest hospitals in south florida is located in...

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Aventura’s Premier Development Oppor tunity

Prime Locat ionSpeed to Market

Opportunity Zone

21291 NE 28 Ave | Aventura | FL 33180

Proposed Development

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PETER MESSINA, CCIMFirst Vice President, CBRE

Advisory & Transaction Services

[email protected]

CAROL ELLIS-CUTLERFirst Vice President, CBRE

Advisory and Transaction Services

[email protected]

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C O N TAC T S

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EXECUTIVE SUMMARY

PROPERTY DETAILS

MARKET OVERVIEW

AREA OVERVIEW

PROFORMA FINANCIAL ANALYSIS

PROPERTY DESCRIPTION

ANNOUNCING AVENTURA’S PREMIER OFFICE ZONED LAND FOR DEVELOPMENT. THIS 1.63-ACRE SITE SITS JUST 500 YARDS NORTH OF AVENTURA HOSPITAL ON THE WEST SIDE OF BISCAYNE BLVD. DEVELOPMENT RIGHTS IN PLACE TO BUILD AN 11-STORY OFFICE TOWER TOTALING 142,114 SQUARE FEET.

Site plan is approved, architectural drawings have been completed and permits are in place with the start of construction only awaiting the payment of impact fees.

The property is located within the Aventura Opportunity Zone which makes it an ideal reduced tax investment.

1EXECUTIVE SUMMARY

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E x E c u t i v E S u m m a r y

Located in the Opportunity Zone

1.63 acre fully entitled development site

Designed to meet LEED Gold certification

Site plan approved for 142,114 square feet of office

Extremely desirable market with high barrier to entry

Located within Aventura’s Medical Office (MO) zoning district

Unique opportunity allows speed to market with an incredible location

INVESTMENT HIGHLIGHTS

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2 1 2 AV E N T U R A

2PROPERTY DETAILS

2019 PHOTOREADY FOR GROUND BREAKING

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P r o P E r t y D E ta i l S

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APPROVED SITE PL ANThe 1.63-acre parcel has site plan approval, permits in place and just awaits payment of impact fees to start construction. The property is filed to grade,

has utilities to the site and includes a fully equipped sales trailer.

SURVEY OF SITE IN ITS CURRENT CONDITION

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2019 ROAD PL AN - PROVIDED BY CIT Y OF AVENTURA

NE 214TH STREET

NE 213TH STREET

BIS

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NE

BO

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VA

RD

NE

28TH

AV

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NE

28

TH

CO

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NE 214TH TERRACE

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PROPOSED FLOOR PL ANS PROPOSED FLOOR PL ANS

ELEV 3

ELEV 4

ELEV 2

ELEV 1

COVEREDENTRYBELOW

LOBBY BELOW

MAINENTRANCEAIR LOCKBELOW

BALCONY

VANPOOL

ELECCAR

ELECCAR

CARPOOL

VANPOOL

LOBBY AHU

OPEN PARKING GARAGE(56 PARKING SPACES)

2HR SB

2HR SB

2HR SB

2HR SB

RAMP

UP

SPEED RAMP

DOWN

EXIT STAIR 2EXIT STAIR 1

2HR

SB

2COM COM

REF

2COM

2COM

RAMP

UP

CARPOOL

BOOTH

ELEVATOR LOBBY

213 GISF

EXIT STAIR 1

2HR

SB2HR SB2H

R S

B

ATTENDED VALET PARKING AREA

0' 10' 20' 40'FLOOR PLAN - LEVEL 2 0 CONCEPT 3SUITE FLOOR AREAS SHOWN ARE ACTUAL MEASURE PER ANSI/BOMA Z65.1-2010 OFFICE BUILDINGS: STANDARD METHOD OF MEASUREMENT - METHOD BSUITE FLOOR AREAS SHOWN ARE ACTUAL MEASURE PER ANSI/BOMA Z65.1-2010 OFFICE BUILDINGS: STANDARD METHOD OF MEASUREMENT - METHOD B

LEVEL 1

LEVEL 2

EXIT STAIR 1

ELEV 4 ELEV 1

ELEV 3 ELEV 2

RAMP UP

RAMP DOWN

EXIT STAIR 2

ELECCAR

ELECCAR

CARPOOL

CARPOOL

VANPOOL

VANPOOL

401

495

494

493

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491

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489

455

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2HR

SB 2HR SB 2H

R S

B

2HR SB2HR SB

2HR

SB2HR SB2H

R S

B

2HR SB 2HR SB

2HR

2HR

2HR

2HR

2HR

2HR

OPEN PARKING GARAGE(97 PARKING SPACES)

189

9517095170

2HR 2HR 2HR 2HR 2HR 2HR 2HR 2HR 2HR 2HR 2HR 2HR 2HR 2HR 2HR 2HR 2HR 2HR 2HR 2HR 2HR 2HR 2HR 2HR 2HR 2HR 2HR 2HR 2HR 2HR 2HR 2HR 2HR

FA FAF

F F F F F

F

F

FE

FE

FE

FE

FE FE

FE FE

FE

FE

FE

FE

FE

FE

RAMP UP

CHASE

2HR SB

F

ELECCAR

ELECCAR

CARPOOL

CARPOOL

2HR

2HR

2HR

2HR

2HR

2HR

2COM

F

F

COMREF

2COM

2COM

485 486 487 488484483482481480479478477476475471470469468467461460456 457 458 459 462 463 464 465 466EXIT STAIR 1

2HR

SB2HR SB2H

R S

B

FE

F

0' 10' 20' 40'LEVEL 4

(OPEN PARKING STRUCTURE)FFE = 36'-2"FA = 620 SF

PARKING GARAGE = 37,612 SFPARKING SPACES = 90

FLOOR PLAN - LEVEL 4 - CONCEPT 3SUITE FLOOR AREAS SHOWN ARE ACTUAL MEASURE PER ANSI/BOMA Z65.1-2010 OFFICE BUILDINGS: STANDARD METHOD OF MEASUREMENT - METHOD B

PARKING DECK

T YPICAL FLOOR PL ATE

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LOCAL MAP REGIONAL MAP

POINTS OF INTEREST

Turnberry Isle Country Club

Gulfstream Race Track

Aventura Mall

Aventura Hospital

Medical Office District

Opportunity Zone

MOS 360527 - Icon Aventura Area MapLegends

US-1I-95Florida's TurnpikeFort Lauderdale AirportPort EvergladesPort of MiamiMiami Airport

0.3 miles1.7 miles6.6 miles8.1 miles9.6 miles

17.9 miles18.4 miles

KEY DISTANCES

MOS 360398 - Icon Aventura MapLegendl 1918 l


MEDICAL OFFICE DISTRICT

OPPORTUNITY ZONE

POINTS OF INTEREST



Aventura Mall

Aventura Hospital


Opportunity Zone


POINTS OF INTEREST



Aventura Mall

Aventura Hospital


Opportunity Zone


POINTS OF INTEREST



Aventura Mall

Aventura Hospital


Opportunity Zone


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3MARKET OVERVIEW

MIAMI OVERVIEW

OVERVIEWMiami-Dade County is Florida’s largest county, with a population of 2.8 million and a gross metro product of $120.5 billion. The market’s status as a gateway market, particularly for Latin America, will continue to attract international capital and trade, which will help boost the construction and finance industries.

ECONOMIC DRIVERSOver the past decade, Miami’s economy has been driven by demographic growth and international investment. Miami-Dade serves as the heart of the South Florida logistics industry. Foreign investors continue to pour capital in Miami, with institutional investors from Europe now eclipsing Latin American residential and commercial real estate market investors. This transformation has not only provided a boost to the region’s economy, but also an economic base that is more diversified.

L ABORMiami’s labor market added 144,000 jobs and grew by 13.9% over the past five years. It is projected to experience favorable conditions driven by booming demographics. The county is home to three higher education institutions and 233,000 students, providing an extremely rich talent pool for employers based in the county and across South Florida. The transformation of Miami’s economic engine should attract more and higher paying jobs to the region, a much-needed development that will ensure continued growth for Miami’s retail and multifamily markets.

Strong economic growth and limited product supply continue to lift Miami’s office market

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INVESTMENT ACTIVIT YSales prices continue to rise in Miami, primarily driven by a lack of developable land, strong office market fundamentals and limited new projects coming to market. The average sales price per sq. ft. has risen over 76% on office assets in the last five years and is projected to continue rising given the limited supply and increasing investor demand. Cap rates are stable at around 5%, and asset NOI has risen annually since 2013.

OUTLOOKMiami-Dade County office-using jobs have experienced a very strong increase of more than 30% since 2009. This has been primarily driven by growth in the region’s financial and business services sectors. The rapid development of the Brickell and Downtown Miami areas prior to the credit crisis have left very little available developable land for office projects. These factors have severely restricted supply dynamics and will support the market across the economic cycle.

OVERVIEWThe Aventura Submarket, a retirement haven with the highest median age in the metro area is one of the smallest submarkets in Miami, covering fewer than eight square miles. The largest office node is along Biscayne Boulevard near the Aventura Hospital and Medical Center. Rents in Aventura are among the highest in the Miami metro and rent growth is close to 1.8%.

OUTLOOKMiami has long been an established gateway with strong international ties that bring not only visitors but also high levels of foreign investment to the area. Following the Great Recession, Miami’s economy has expanded rapidly and transformed, with especially positive developments in its strong services and trade sectors.

CURRENT CONDITIONSMiami-Dade County’s strong economy is creating the favorable conditions for the local office market. Fundamentals remain tight with CBD Class A vacancy rates at historic lows and rents have increased by 25% over the last five years. Although the prospects for additional rent growth is good, landlords offering strong amenities will be better positioned to take advantage of new tenant demand.

CONSTRUCTION ACTIVIT YDeliveries over the past five years were limited to just 1.4 million sq. ft. and concentrated in just a few submarkets. The Brickell submarket saw most of the CBD Class A deliveries, which were swiftly absorbed by tenants already in the market seeking to upgrade, as well as new-to-market companies. The Miami market absorbed 4.3 million sq. ft. of office space over the last five years, far surpassing deliveries. Planned and under construc-tion projects remain limited; primarily because high construction costs, long office product delivery cycles, high land prices and limited land availability prevent attractive investment returns on new development. This should help to keep market fundamentals sound.

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Aventura started as a home away from home getaway for Northerners from the United States with duel residency, Today, Aventura has grown into one of Miami’s most desirable neighborhoods attracting full time residents and businesses globally. Aventura is home to the country’s most successful retail center, Aventura Mall, with record-breaking retail sales on a per square foot basis. Expansion and renovations to the Mall are continuing in 2019.

Another expansion and renovation occurring in Aventura is to the renowned, and recently rebranded, JW Marriott Miami Turnberry Resort and Spa, with its two championship 18-hole golf courses. This is just one of a variety of hotel options available in this pristine community.

Success in Aventura’s commercial real estate is not limited to just hotel and retail. The office market in Aventura has consistently been among the highest percentage occupied since the City’s inception. Both traditional office for lease as well as medical office buildings have out performed the county’s office southern submarkets. Aventura prides itself on its ability to attract and retain the highest caliber of tenant mixes in all of South Florida.

There are a variety of residential options in Aventura also, from single family homes to some of the finest and most expensive multi-family towers. The choices include a view of the golf courses, waterway and/or parks. Ample schools and places of religious worship support this diverse community. There are convienient public transportation options provided by the county as well as directly from the City of Aventura.

One of the finest hospitals in South Florida is located in Aventura. The HCA Aventura Hospital, a 407 bed acute care and surgical facility, services both North Miami-Dade and South Broward Counties.

212 Aventura is located in an Opportunity Zone. Compromised of 1.63 acres, this strategically positioned property sits in the desired Medical Office District and is within 500 yards of Aventura Hospital.

212 Aventura is ideally located in Aventura's Opportunity Zone and Medical Office District. The city is one of the highest valued communities in South Florida. The opportunity to acquire this fully approved, permitted and entitled land makes it an ideal investment for savvy investors looking for speed to market.

Aventura is an affluent city established in 1995, located on the Intracoastal Waterway in the northeastern corner of Miami-Dade Country. This master-planned community is conveniently accessible to both Miami International and Fort Lauderdale International Airports.

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4AREA OVERVIEW AREA OVERVIEW

DIVERSIFIED ECONOMY

↗ Business and professional management services (includes business services except for computer software development, legal services, engineering and accounting services)

↗ Tourism

↗ Health services/biomed (includes drug, medical instruments manufacturing and biomedical research)

↗ Direct international trade (includes activities related to moving commodities in and out of the customs district, but does not include any manufactur-ing activities)

↗ Technology (includes computer manufacturing, communications equipment, electronic components, aircraft and parts, missiles and space vehicles, search and navigation equipment, measuring and controlling instruments and computer software development)

↗ Financial services (money management and other financial services)

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AreaStateUSAA

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2.5

2

1.5

1

0.5

0Population Households Families Owner HHs Median HH Income

20182023

Pe

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nt

12

10

8

6

4

2

00-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+

<$15K12.2%

$15K - $24K10.5%

$25K - $34K10.2%

$35K - $49K15.8%

$50K - $74K17.9%

$75K - $99K11.5%

$100K - $149K10.7%

$150K - $199K4.5%

$200K+6.7%

Pe

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nt

70

60

50

40

30

20

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0White Black Am. Ind. Asian Pacific Other Two+

2018 Percent Hispanic Origin: 45.8%

AreaStateUSAA

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2.5

2

1.5

1

0.5


20182023

Pe

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nt

12

10

8

6

4

2

00-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+

<$15K12.2%

$15K - $24K10.5%

$25K - $34K10.2%

$35K - $49K15.8%

$50K - $74K17.9%

$75K - $99K11.5%

$100K - $149K10.7%

$150K - $199K4.5%

$200K+6.7%

Pe

rce

nt

70

60

50

40

30

20

10



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20182023

Pe

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12

10

8

6

4

2

00-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+

<$15K12.2%

$15K - $24K10.5%

$25K - $34K10.2%

$35K - $49K15.8%

$50K - $74K17.9%

$75K - $99K11.5%

$100K - $149K10.7%

$150K - $199K4.5%

$200K+6.7%

Pe

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nt

70

60

50

40

30

20

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AreaStateUSAA

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20182023

Pe

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12

10

8

6

4

2

00-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+

<$15K12.2%

$15K - $24K10.5%

$25K - $34K10.2%

$35K - $49K15.8%

$50K - $74K17.9%

$75K - $99K11.5%

$100K - $149K10.7%

$150K - $199K4.5%

$200K+6.7%

Pe

rce

nt

70

60

50

40

30

20

10



TRENDS 2018-2023 2018 HOUSEHOLD INCOME

POPUL ATION BY AGE 2018 POPUL ATION BY R ACE

COMPLETED PROJECTS IN URBAN PRIORIT Y AREAS

1,954New Jobs Created

50Companies Expandingor Relocating

$402.6M+ New Capital Investments

316Business Visitations(2X 2016 Total)

1.7 MillionNew Square Footage

712 36%

27 54%

$141.7M+35%

7524%

381K 22%

New Jobs Created Companies Expanding or Relocating

New Capital Investments New Square Footage

of completed projects





Business Visitations(2X 2016 Total)

WWW.BEACONCOUNCIL.COM

REGIONAL GROW TH

AREA DEMOGRAPHICS ONE MILE R ADIUS

ECONOMIC DEVELOPMENT: MIAMI-DADE

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LARGE DIVERSE MARKET TALENT PIPELINE BUSINESS FRIENDLY

2.7 MILLION 250,000+ College Students

2 RESEARCH UNIVERSITIES

NO Personal Income Tax

LOW Corporate Income Tax

#6 SMALL BUSINESS Activity in US (Kauffman Foundation)

#2 BEST STATE for Business (Chief Executive Magazine)

One of the MOST COMPETITIVE Cities in 2025 (Citiforcities.com)

TOP 5

MOST COMPETITIVE Metro Areas (CareerBuilder)

MULTI-BILLION DOLAR Infrastructure Investments

4TH LARGETSchool District

1.4 MILLION in Labor Force

More than

100 COUNTRIES Represented

60+ LANGUAGES Spoken

38.2 Median age

38.2

W H Y M I A M I M E A N S B U S I N E S SQUALITY OF LIFE GLOBAL BUSINESS HUB INNOVATION DESTINATION

800 PARKS#2 INTERNATIONAL BANKING Center in US

#1 STARTUP Activity in US (2017 Kauffman Foundation)

HOME to Emerge Americas

MILLENNIAL Hotspot (Realtor.com)

SMARTCITY (AT&T)

#2 FOREIGN CONSULATES and Trade Offices in US

1,000 + MULTINATIONAL COMPANIES

#1 CONTAINER PORT in Florida (Port Miami)

76°AVERAGE TEMPERATURE

50+ MUSEUMS, Theaters & Cultural Centers

4 PROFESSIONAL Sports Teams

#1 HEALTHY LIFESTYLE in FL

#4 in the US (liveability.com)

#1 INTERNATIONAL FREIGHT

#3 INTERNATIONAL PASSENGERS

Miami International AirportNETWORK Access Point of the Americas

Source: Beacon Council

Source: Beacon Council

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5PROFORMA FINANCIAL ANALYSIS

BUILD TO LEASE - CASH FLOW AND ROI ANALYSIS

Rental Rate NNN/Sq.ft. Premium Medical Office (7th Floor & Penthouse) $35.00 $37.50 $40.00 $42.50 $45.00 $47.50 Premium Medical Office Projected Annual Gross Income $1,756,965 $1,882,463 $2,007,960 $2,133,458 $2,258,955 $2,384,453 Rental Rate NNN/Sq.ft. Standard Medical Office (8th & 9th Floor) $32.20 $34.50 $36.80 $39.10 $41.40 $43.70 Standard Medical Office Projected Annual Gross Income $1,921,374 $2,058,615 $2,195,856 $2,333,097 $2,470,338 $2,607,579 Rental Rate NNN/Sq.ft. Premium Retail (Ground Floor Retail) $40.25 $43.13 $46.00 $48.88 $51.75 $54.62 Premium Retail Projected Annual Gross Income $1,043,683 $1,118,231 $1,192,780 $1,267,329 $1,341,878 $1,416,426 Rental Rate NNN/Sq.ft. Other Common Areas (Floors 2-6) $38.50 $41.25 $44.00 $46.75 $49.50 $52.25 Other Projected Annual Gross Lease Income $243,128 $260,494 $277,860 $295,226 $312,593 $329,959 Pass thru Expenses $10.75 Sq.Ft. $1,527,726 $1,527,726 $1,527,726 $1,527,726 $1,527,726 $1,527,726 Parking Revenue (NOI as per Laz Parking Pro Forma for year 1 70% Occup.) $471,661 $471,661 $471,661 $471,661 $471,661 $471,661 Total Revenues Parking Revenue Included $6,964,536 $7,319,189 $7,673,843 $8,028,496 $8,383,150 $8,737,803 Less: Vac. & Collection 5.00% $(348,227) $(365,959) $(383,692) $(401,425) $(419,157) $(436,890)Net Rental Income $6,616,309 $6,953,230 $7,290,150 $7,627,071 $7,963,992 $8,300,913 Expenses

RE Taxes $5.75 Sq.ft. $817,156 $817,156 $817,156 $817,156 $817,156 $817,156 Insurance $1.20 Sq.ft. $170,537 $170,537 $170,537 $170,537 $170,537 $170,537 CAM $2.75 Sq.ft. $390,814 $390,814 $390,814 $390,814 $390,814 $390,814 Management 2.0% Income $132,326 $139,065 $145,803 $152,541 $159,280 $166,018

Admin/Acct/Legal/Other $0.30 Sq.ft. $42,634 $42,634 $42,634 $42,634 $42,634 $42,634 Total Expenses $1,553,466 $1,560,205 $1,566,943 $1,573,681 $1,580,420 $1,587,158 Net Income $5,062,843 $5,393,025 $5,723,207 $6,053,390 $6,383,572 $6,713,755 Market Value at completion Leased 5.25% CAP RATE $96,435,096 $102,724,285 $109,013,474 $115,302,662 $121,591,851 $127,881,040 Source of New Funding - ProposedDevelopment Cost to be funded/Financed $36,385,850 $35,760,153 $35,859,456 $35,958,759 $36,058,062 $36,157,365 Construction LTV with $24 Mio Equity 54% 53% 53% 53% 53% 53%Expected Pre-Lease Level to Secure funding 30%-45% 30%-45% 30%-45% 30%-45% 30%-45% 30%-45% Use of FundsLand & Soft Costs to Date - Present Value $24,000,000 $24,000,000 $24,000,000 $24,000,000 $24,000,000 $24,000,000 Construction Costs- Vanillia Shell* (Estimate reduction From 11th Floor Orig. Proposal) $27,200,000 $27,200,000 $27,200,000 $27,200,000 $27,200,000 $27,200,000 Other Hard Cost (Landscaping, Int. Finishes, GC/Sub Bonds, Insurance) $1,445,780 $1,445,780 $1,445,780 $1,445,780 $1,445,780 $1,445,780 Soft Cost Not Paid to date (Threshold Testing, Leed Consultant, Impact Fees, Wasa, Permit Fees)

$3,135,000 $3,135,000 $3,135,000 $3,135,000 $3,135,000 $3,135,000

Leasing Commissions (Avg 7 yr Contract at 4%) $1,950,070 $2,049,373 $2,148,676 $2,247,979 $2,347,282 $2,446,585 Marketing (Advertising & Administrative) $680,000 $680,000 $680,000 $680,000 $680,000 $680,000 Other Financial Costs (Legal, Title, Taxes, Structuring Fee, Loan Fee, etc) $725,000 $725,000 $725,000 $725,000 $725,000 $725,000 Provisions $500,000 $500,000 $500,000 $500,000 $500,000 $500,000 Cost to Adapt & Approve New Design $750,000 $750,000 $750,000 $750,000 $750,000 $750,000 Interest and Other Financial Cost $1,604,616 $1,577,023 $1,581,402 $1,585,781 $1,590,161 $1,594,540 Project Costs-Vanillia Shell $61,990,466 $62,062,176 $62,165,858 $62,269,540 $62,373,222 $62,476,905 Additional Costs-Unit Finish Out-$40.00/sq.ft. $5,684,560 $5,684,560 $5,684,560 $5,684,560 $5,684,560 $5,684,560 Start up/Leasing Legal Costs $150,000 $150,000 $150,000 $150,000 $150,000 $150,000 Total Cost $67,825,026 $67,896,736 $68,000,418 $68,104,100 $68,207,782 $68,311,465 Equity at a 70% LTV after C/O Refinancing $20,347,508 $20,369,021 $20,400,125 $20,431,230 $20,462,335 $20,493,439 Equity after C/O Refinancing 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%Debt after C/O Refinancing $47,477,518 $47,527,715 $47,600,293 $47,672,870 $47,745,448 $47,818,025 Loan-To-Value Ratio (LTV) 70.00% 70.00% 70.00% 70.00% 70.00% 70.00%Projected Interest Rate 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%Effective APR 7.369% 7.369% 7.369% 7.369% 7.369% 7.369%Matiruty 25 25 25 25 25 25 Debt Service $3,498,618 $3,502,317 $3,507,666 $3,513,014 $3,518,362 $3,523,710 Net Cash Flow $1,564,224 $1,890,708 $2,215,542 $2,540,376 $2,865,210 $3,190,044 Internal Rate of Return - IRR 7.69% 9.28% 10.86% 12.43% 14.00% 15.57%NET PROFIT $28,610,070 $34,827,549 $41,013,056 $47,198,562 $53,384,069 $59,569,575 Return On Asset - Developer Build to Lease & Sellout at 5.25% Cap 42.18% 51.29% 60.31% 69.30% 78.27% 87.20%

The information provided is for a Private Placement under Rule 506 (c) of Regulation D of the U.S Securities and Exchange Commission and is only available to accredited investors. The information and all market and financial analysis regarding market valuation or potential investor returns should not be considered as an appraisal. The information provided has been secured from sources deemed to be reliable, but we make no representations or warranties, expressed, or implied as to the accuracy of the information. Buyer/Investor must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions, or estimates used herein are for example only and do not represent the current or future performance of the Property.

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P r o f o r m a f i n a n c i a l a n a ly S i S

LEASING ASSUMPTIONS

LEASE RATES PER SQUARE FT PASS TRHU EXPENSES, EST. 10.75 SQFT

Rent Pass Thru 10.75 sqft RE Taxes Insurance CAM Management Admin/Acct/

Legal/Other

$10.75 $5.75 $1.20 $2.75 $0.75 $0.30

Rental Rate NNN/Sq.ft. Premium Medical Office (7th Floor & Penthouse) $42.50

Annual 7th & 10th Floor Lease rate for 15,000 sq ft $637,500 $161,250 $86,250 $18,000 $41,250 $11,250 $4,500

Monthly 7th & 10th Floor Lease rate for 15,000 sq ft $53,125 $13,438 $7,188 $1,500 $3,438 $938 $375

Rental Rate NNN/Sq.ft. Standard Medical Office (8th & 9th Floor) $39.10

Annual 8th-9th Floor Lease rate for 15,000 sq ft $586,500 $161,250 $86,250 $18,000 $41,250 $11,250 $4,500

Monthly 8th-9th Floor Lease rate for 15,000 sq ft $48,875 $13,438 $7,188 $1,500 $3,438 $938 $375

Rental Rate NNN/Sq.ft. Premium Ground Level $48.88

Annual Ground Floor Lease rate for 13,356 sq ft (BOMA calc. excluded) $652,775 $143,577 $76,797 $16,027 $36,729 $10,017 $4,007

Monthly Ground Floor Lease rate for 13,356 sq ft (BOMA calc. excluded) $54,398 $11,965 $6,400 $1,336 $3,061 $835 $334

Annual Ground Floor Lease rate for 2,762 sq ft (BOMA calc. excluded) $134,993 $37,978 $15,882 $15,882 $3,314 $2,072 $829

Monthly Ground Floor Lease rate for 2,762 sq ft (BOMA calc. excluded) $11,249 $3,165 $1,323 $1,323 $276 $173 $69

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

7 YEAR PRO FORMA

RENT RANGE /SQ.FT. (NNN) $38.00 $39.00 $41.00 $42.00 $44.00

Income $5,400,332 $5,542,446 $5,826,674 $5,968,788 $6,253,016 Expenses $(108,006.64) $(110,849) $(116,533.48) $(119,376) $(125,060)Net Income $5,292,325 $5,431,597 $5,710,141 $5,849,412 $6,127,956 Debt Service $(3,513,014) $(3,513,014) $(3,513,014) $(3,513,014) $(3,513,014)Net Cash Flow $1,779,312 $1,918,583 $2,197,127 $2,336,398 $2,614,942 IRR 8.71% 9.39% 10.75% 11.44% 12.80%

SALE OF UNITAssumptionsRent Increase/Year 4.00%RE Commissions 4.00%Closing Costs 1.25%Proj. Sale Cap Rate 5.25%

SOLD AT END OF YEARYear 1 Const. Year 2 Const. Year 3 Year 4 Year 5 Year 6 Year 7

Income $- $- $5,826,674 $6,059,741 $6,302,131 $6,554,216 $6,816,384 Expenses $- $- $(116,533) $(121,195) $(126,043) $(131,084) $(136,328)Debt Service $(3,513,014) $(3,513,014) $(3,513,014) $(3,513,014) $(3,513,014)Net Income $- $- $2,197,127 $2,425,532 $2,663,074 $2,910,118 $3,167,043 Sales Proceeds $- $- $113,203,952 $117,732,110 $122,441,394 $127,339,050 $132,432,612 RE Commissions $- $- $(4,528,158) $(4,709,284) $(4,897,656) $(5,093,562) $(5,297,304)Closing Costs $- $- $(1,415,049) $(1,471,651) $(1,530,517) $(1,591,738) $(1,655,408)Net Proceeds $- $- $107,260,745 $111,551,174 $116,013,221 $120,653,750 $125,479,900 Plus: Accumulated NOI $- $- $2,197,127 $4,622,659 $7,285,733 $10,195,851 $13,362,894 Less: Loan Payoff $- $- $(46,781,864) $(45,907,511) $(45,049,500) $(44,207,525) $(43,381,286)Cap Rate $- $- 10.8% 11.9% 13.0% 14.2% 15.5%Net ROI $- $- $62,676,007 $70,266,322 $78,249,455 $86,642,076 $95,461,508 Equity After C/O $20,431,230 $20,431,230 $20,431,230 $20,431,230 $20,431,230 Net Profit $42,244,777 $49,835,092 $57,818,225 $66,210,846 $75,030,278 Overall IRR N/A N/A 206.77% 243.92% 282.99% 324.07% 367.23%Annualized IRR N/A N/A 68.92% 60.98% 56.60% 54.01% 52.46%

The information provided is for a Private Placement under Rule 506 (c) of Regulation D of the U.S Securities and Exchange Commission and is only available to accredited investors. The information and all market and financial analysis regarding market valuation or potential investor returns should not be considered as an appraisal. The information provided has been secured from sources deemed to be reliable, but we make no representations or warranties, expressed, or implied as to the accuracy of the information. Buyer/Investor must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions, or estimates used herein are for example only and do not represent the current or future performance of the Property.

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P r o f o r m a f i n a n c i a l a n a ly S i S2 1 2 AV E N T U R A

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PETER MESSINA, CCIMFirst Vice President CBRE

Advisory & Transaction Services200 E Las Olas Blvd, Suite 1620 | Fort Lauderdale, FL 33301

T +1 954-745-5869 | C +1 [email protected]

CAROL ELLIS-CUTLERFirst Vice President CBRE

Advisory and Transaction Services777 Brickell Ave, Suite 1100 | Miami, FL 33131

T +1 305 381 6499 | C +1 305 778 [email protected]

C O N TAC T S

©2019 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. Any projections, opinions, or estimates are subject to uncertainty. The information may not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. PMStudio_January2019

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