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REGUS FORT PIERCEFour Office Spaces For Sale | 8,600 SF
130-140 S Indian River DrFort Pierce, FL 34950
Offering Memorandum
New Listings Posted Daily at FranklinSt.com
Occupied By Strong National Tenant
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EXCLUSIVELY LISTED BY
MICHAEL MANDELSENIOR [email protected]
GREG MATUSSVP, INVESTMENT [email protected]
REGUS FORT PIERCE | FORT PIERCE, FL 34950 | OFFERING MEMORANDUM 3
Disclaimer: The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however,Franklin Street has not verified, and will not verify, any of the information contained herein. All potential buyers must take appropriatemeasures to verify all of the information set through the due diligence period.
7,200 VPDTravel daily along 140 S Indian River D
182,204 RESIDENTSWithin 15 minutes of the property
OFFERING HIGHLIGHTS
Not all pictures are from Franklin Street. No copyright infringement intended.
NET OPERATING INCOME: $83,599.00
LAND AREA: 1.25 ACRES
TOTAL OFFICE SPACE SIZE: 8,600 SF
YEAR BUILT: 2008
ZONING: C-4
PARCEL NUMBER: 24-10-511-0002-0008
OCCUPANCY: 100.0%
TENANCY: MULTIPLE
PRICE: $1,800,000
CAP RATE: 4.64%
130-140 S Indian River Dr, Fort Pierce, FL 34950
REGUS FORT PIERCE | FORT PIERCE, FL 34950 | OFFERING MEMORANDUM 4
INVESTMENT HIGHLIGHTS
• Minimal Landlord Responsibility
• Fully Leased for 10 Years
• 1.5% Annual Escalations
• Historic Downtown Location
• Strong Tenant
Franklin Street is proud to present Regus Fort Pierce. The offering contains 4 fullylease office condos (Units 202,203,204,303) plus 6 parking spaces comprising atotal of 8,600 square feet within the Renaissance Financial tower. The Class A toweroverlooks the historic downtown city of Ft. Pierce, St Lucie County Clerk of the CircuitCourt, Ft. Pierce Marina, and the Indian River. Within it's lease Regus coverselectrical, Janitorial, and HVAC while Landlord covers HOA fees and Taxes. The fulllease term is also accompanied by two 5 year options to renew. This presents aunique opportunity for an investor to add a stable income steam for at least the next10 years within a Class A building in a Class A Location.
INVESTMENT SUMMARY
REGUS FORT PIERCE | FORT PIERCE, FL 34950 | OFFERING MEMORANDUM 5
SITE PLAN
REGUS FORT PIERCE | FORT PIERCE, FL 34950 | OFFERING MEMORANDUM 6
ACTUAL PROPERTY PHOTOS
REGUS FORT PIERCE | FORT PIERCE, FL 34950 | OFFERING MEMORANDUM 7
ACTUAL PROPERTY PHOTOS
REGUS FORT PIERCE | FORT PIERCE, FL 34950 | OFFERING MEMORANDUM 8
LOCATION OVERVIEW
FORT PIERCE, FL
Located in southeastern Florida, about 120 miles south of Orlando and 60 miles north of West PalmBeach, lies within a four county region, referred to as the Treasure Coast. The Treasure Coast benefitsfrom convenient transportation access to I-95 and Florida’s Turnpike, rail, seaports, Treasure CoastInternational Airport, a designated U.S. Customs port of entry, anddirect global air access through multiple international airports. The area brings in over 12 million visitorsannually. Primary cities within the region include Fort Pierce, Port St. Lucie, Stuart and Vero Beach. St.Lucie County boasts a population of nearly 300,000 while the overall the Treasure Coast region stands atover 640,000.
REGUS FORT PIERCE | FORT PIERCE, FL 34950 | OFFERING MEMORANDUM 9
REGIONAL & LOCAL MAP
REGUS FORT PIERCE | FORT PIERCE, FL 34950 | OFFERING MEMORANDUM 10
AREA DEMOGRAPHICS
1 MILE 5 MILES 10 MILES
POPULATION
Total population 4,252 65,163 161,409
Median age 36.0 36.6 42.8
Median age (Male) 36.8 34.4 41.2
Median age (Female) 33.5 37.4 43.8
HOUSEHOLDS & INCOME
Total households 1,489 23,333 62,824
# of persons per HH 2.9 2.8 2.6
Average HH income $38,188 $46,164 $54,392
Average house value $158,263 $211,031 $208,521
* Demographic data derived from 2010 US Census
REGUS FORT PIERCE | FORT PIERCE, FL 34950 | OFFERING MEMORANDUM 11
DRIVE TIME DEMOGRAPHICS
5 MIN 10 MIN 15 MIN
POPULATION
Estimated Population (2018) 49,412 83,636 182,204
Projected Population (2023) 56,561 94,586 204,885
Census Population (2010) 44,917 76,029 163,540
HOUSEHOLDS
Estimated Households (2018) 18,053 32,030 72,565
Projected Households (2023) 19,118 33,559 75,681
Census Households (2010) 16,504 29,339 65,720
HOUSEHOLD INCOMES
Estimated Average Household Income (2018) $42,935 $52,705 $61,196
Estimated Median Household Income (2018) $30,459 $37,970 $46,236
Estimated Average Household Net Worth (2018) $221,087 $292,773 $341,236
REGUS FORT PIERCE | FORT PIERCE, FL 34950 | OFFERING MEMORANDUM 12
Demised Premises8,600 SF Comprised Of Four Office Condos
Lease Term / Remaining Renewal Option (s)10 Year / 2 Remaining Renewal Options
Increases1.5% Annual
# Of Locations / 2017 Employees / 2017 Revenue / Website2,269 Locations / 8,800 Employees / 1.9 Billion Revenue / www.Regus.com
About RegusRegus is the global workplace provider. Its network of more than 2,200 business centers in over 100 countries providesconvenient, high-quality, fully serviced spaces for people to work, whether for a few minutes or a few years. Companies likeGoogle, Toshiba and GlaxoSmithKline choose Regus so that they can work flexibly and make their businesses more successful. Thekey to flexible working is convenience, so Regus is opening wherever its 1.5 million members want support – city centers,suburban districts, shopping centers and retail outlets, railway stations, motorway service stations and even community centers.For several years now, the pressure on businesses of every size in every sector and every country has been to manage risk,maximize their financial resources, and increase their flexibility to accommodate growth and adapt to market changes. With smallbusinesses or start-ups, survival and viability often depend on effective control of overheads. For companies such as these,Regus provides all the services and facilities they need with none of the fixed costs. Regus has followed a “right place, right time”strategy, selecting buildings in prime locations in city centers, central business districts or business parks with good transportlinks or, more recently, moving into residential areas closer to where people live. The world of work continues to evolve, driven bystructural changes in how, where and when people work. People are increasingly working in more diverse locations, at differenttimes and in different ways. Organizations are finding it more difficult than ever to respond to these challenges and adequatelysupport an increasingly mobile workforce. As a result, they are increasingly turning to specialist providers such as Regus.Founded in Brussels, Belgium in 1989, Regus is based in Luxembourg and listed on the London Stock Exchange (RGU.L). Thecompany has changed enormously in its 22 years of existence, but only in terms of the products and services it offers to itscustomers, three-quarters of whom are now flexible, mobile workers.
Base Rent Lease Years Per SF Annual
Primary Term 1 20 $172,000
Primary Term 2 20.30 $174,580
Primary Term 3 20.60 $177,198
Primary Term 4 20.91 $179,856
Primary Term 5 21.23 $182,554
Primary Term 6 21.55 $185,292
Primary Term 7 21.87 $188,072
Primary Term 8 22.20 $190,893
Primary Term 9 22.53 $193,756
Primary Term 10 22.89 $196,663
Option Rent Lease Years Per SF Annual
1st Renewal Term 11-to-TBD TBD TBD
2nd Renewal Term TBD-to-TBD TBD TBD
LEASE ABSTRACT
REGUS FORT PIERCE | FORT PIERCE, FL 34950 | OFFERING MEMORANDUM 13
CURRENT CURRENT CURRENTINCOME TOTAL PER SF PERCENTBase Rent $172,000 $20.00 100%
GROSS POTENTIAL INCOME $172,000 $20.00Vacancy Cost (-) $0 $0.00 0%
EFFECTIVE GROSS INCOME $172,000 $20.00
EXPENSES TOTAL PER SF PERCENTHOA $39,318 $4.57 58%Taxes $28,248 $3.28 42%
TOTAL EXPENSES $67,566 $7.86
NET OPERATING INCOME (NOI) $83,599 $9.72
REGUS FORT PIERCE130-140 S Indian River DrFort Pierce, FL 34950
PRICE: $1,800,000
CAP RATE: 4.64%
NET OPERATING INCOME: $83,599.00
PRICE PER SF: $209.30
TENANCY: MULTIPLE
LAND AREA: 1.25 ACRES
YEAR BUILT: 2008
OCCUPANCY: 100.0%
INCOME & EXPENSES
REGUS FORT PIERCE | FORT PIERCE, FL 34950 | OFFERING MEMORANDUM 14
REGUS FORT PIERCE130-140 S Indian River DrFort Pierce, FL 34950
PRICE: $1,800,000
CAP RATE: 4.64%
NET OPERATING INCOME: $83,599.00
PRICE PER SF: $209.30
TENANCY: MULTIPLE
LAND AREA: 1.25 ACRES
YEAR BUILT: 2008
OCCUPANCY: 100.0%
SUITE TENANT SF LEASE BEGIN LEASEEXPIRATION RENT PSF ANNUAL BASE
RENT
202 Regus 2,150 08/01/18 07/31/28 $20.00 $43,000
203 Regus 2,150 08/01/18 07/31/28 $20.00 $43,000
204 Regus 2,150 08/01/18 07/31/28 $20.00 $43,000
303 Regus 2,150 08/01/18 07/31/28 $20.00 $43,000
TOTALS/AVERAGES 8,600 $20.00 $172,000
Comments: Regus will collect $2,763.93 per month in TI allowance to equate to $33,000 per year.
RENT ROLL
REGUS FORT PIERCE | FORT PIERCE, FL 34950 | OFFERING MEMORANDUM 15
SUBJECT PROPERTY130-140 S Indian River Dr | Fort Pierce, FL 34950
1 440 SE OSCEOLA STStuart, FL34994
2 KEY EXECUTIVE PLAZA1940-1962 SE Port St Lucie BlvdPort Saint Lucie, FL 34952
3 145 NW CENTRAL PARK PLZPort Saint Lucie, FL34986
SALE COMPS MAP
REGUS FORT PIERCE | FORT PIERCE, FL 34950 | OFFERING MEMORANDUM 16
SUBJECT PROPERTY130-140 S Indian River Dr | Fort Pierce, FL 34950
$1,800,000Sale Price: 1.25 ACLot Size: 2008Year Built:
8,600 SFBuilding SF: $209.30Price PSF: 4No. Units:
$450,000Price / Unit: 100.0%Occupancy: 4.64%CAP:
$83,599NOI:
1
440 SE OSCEOLA STStuart, FL 34994
$950,000Sale Price: 0.31 ACLot Size: 1981Year Built:
5,800 SFBuilding SF: $163.79Price PSF: 5.58%CAP:
01/14/2019Sale Date: 100%Occupancy:
1
2
KEY EXECUTIVE PLAZA1940-1962 SE Port St Lucie Blvd | Port Saint Lucie, FL 34952
$1,700,000Sale Price: 1.29 ACLot Size: 1985Year Built:
12,036 SFBuilding SF: $141.24Price PSF: 6.50%CAP:
05/04/2018Sale Date: 100%Occupancy:
2
SALE COMPS
REGUS FORT PIERCE | FORT PIERCE, FL 34950 | OFFERING MEMORANDUM 17
3
145 NW CENTRAL PARK PLZPort Saint Lucie, FL 34986
$1,500,000Sale Price: 1.35 ACLot Size: 1995Year Built:
15,995 SFBuilding SF: $93.78Price PSF: 4.67%CAP:
01/16/2018Sale Date: 53%Occupancy:
3
SALE COMPS
REGUS FORT PIERCE | FORT PIERCE, FL 34950 | OFFERING MEMORANDUM 18
1
2
3
LOCATION PRICE BLDG SF PRICE/SF CAP # OF UNITS
Regus Fort Pierce130-140 S Indian River DrFort Pierce, FL 34950
$1,800,000 8,600 SF $209.30 4.64% 4
LOCATION PRICE BLDG SF PRICE/SF CAP # OF UNITS SALE DATE
440 SE Osceola StStuart, FL34994
$950,000 5,800 SF $163.79 5.58% 2 01/14/2019
Key Executive Plaza1940-1962 SE Port St Lucie BlvdPort Saint Lucie, FL 34952
$1,700,000 12,036 SF $141.24 6.5% 15 05/04/2018
145 NW Central Park PlzPort Saint Lucie, FL34986
$1,500,000 15,995 SF $93.78 4.67% 11 01/16/2018
PRICE BLDG SF PRICE/SF CAP # OF UNITS SALE DATE
Totals/Averages $6,483,333 8,918 SF $132.94 5.58% -
SALE COMPS SUMMARY
TENANTREPRESENTATION
INVESTMENTSALES
INSURANCESERVICES
CAPITALADVISORS
PROPERTYMANAGEMENT
PROJECTMANAGEMENT
TAILOREDTO OUR
CLIENT NEEDSLANDLORD
REPRESENTATION
FACILITIESMANAGEMENT
Franklin Street is prepared to support and surpass your financial and real estate objectives with our Capital Advisory, Investment Sales, Insurance Services, Landlord Representation, Tenant Representation, Project Management & our Property and Facilities Management teams. Nationwide, our southeast based firm is maximizing client success through our collaborative platform — an industry leader, creating tailored solutions for your Commercial Real Estate needs.
COLLABORATIONINTEGRITY
HARD WORKACCOUNTABILITY
REGUS FORT PIERCE | FORT PIERCE, FL 34950 | OFFERING MEMORANDUM 19
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REGUS FORT PIERCE | FORT PIERCE, FL 34950 | OFFERING MEMORANDUM 20
MICHAEL MANDELSENIOR [email protected]
GREG MATUSSVP, INVESTMENT [email protected]
CONTACT US
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