the preserve - loopnet · (environics analytics), while 62% of residents within a 3-mile radius are...
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atlantic ocean
Indian River
95Interstate
524
/K ING STRE ET
/ B E AC H L I N E E X P R E S S WAY
528520
Merritt island
cocoa beachPatrick Air Fource Base
6,000 Employees25 min. drive
Orlando international airportBusiest Airport in Florida
35 min. drive
$1+ Million Home Prices
“New” Walmart distribution center
-400+ Expected Employees
Lockheed Martin Space System
Relocating 300 jobs from CA to Space Coast by 2020
15 min. drive
Cocoa Commons
Institutionally owned by philips edison & Co.
rockledge regionalmedical center
298 beds15 min. drive
10,000+ high-wage jobs15 min. drive
Port Canaveral2nd Largest Cruise Port in U.S.
10 min. driveCape canaveral
air force station15 min. drive
EMbraer Recently opened 50,000 SF facility
150+ Expected Jobs15 min. drive
Merritt Island Mall810,000 SF of Retail
The Preserve at cocoa
EXECUTIVE SUMMARY
PRIME 150-ACRE OPPORTUNITY ZONE DEVELOPMENT SITE WITH APPROVALS IN-PLACE IN THE HEART OF FLORIDA’S
RAPIDLY GROWING SPACE COAST
The preserveCocoaAT
THE PRESERVE AT COCOA
INVESTMENT HIGHLIGHTS
PROPERTY DESCRIPTIONAddress: State Road 524 & Lance Boulevard, Cocoa, FL 32926Municipality Brevard CountyParcel IDs 24-35-13-00-750; 24-35-24-00-1Gross Acreage 150.35
Zoning District RU-2-25 (Multiple Family Dwelling), C-N (Neighborhood Commercial), & RU-1-7 (Single-Family Residential)
Future Land Use Designation Low Density Residential & Neighborhood CommercialUnits Allowed by Right 2,000+ units (15 units per acre)Maximum Height 35 feet (current proposed site plan has a variance for 45 feet)
Holliday Fenoglio Fowler, L.P. (“HFF”) is pleased to exclusively offer an exceptional investment opportunity to acquire The Preserve at Cocoa (the “Property” or “Site”), an expansive, 150-acre development site situated near the confluence of Interstate 95 (58,000 AADT) and the SR 528 / Beachline Expressway (42,500 AADT), in a highly visible land portion immediately off of SR-524 (17,100 AADT) in Cocoa, Florida – a beachside community within Brevard County along the rapidly-growing Space Coast.
Advantageously located within an Opportunity Zone, The Preserve at Cocoa has full entitlements and site plan approvals in-place to construct a 248-unit garden apartment community, though the site can potentially accommodate a much more intensive development with current zoning allowing for over 2,000 multi-housing units and commercial uses. The Site is within minutes of Port Canaveral (the nation’s second-largest cruise ship port), thousands of lucrative aerospace and high-tech manufacturing jobs, a recently opened Walmart distribution center, as well as the pristine beaches of the Space Coast.
THE OFFERINGunprecented level ofhigh-tech job growthwithin 15-minutes of the site
UNPARALLELED connectivity & access to diverse employment
MSA for Rent Growth in the U.S.
#2Shovel-ready development project with site plan approval in-place
ADVANTAGEOUSLYLOCATED WITHIN ANOPPORTUNITY ZONE
EXECUTIVE SUMMARY |
THE PRESERVE AT COCOA
INVESTMENT HIGHLIGHTSRAPIDLY-GROWING SPACE COAST MACROECONOMY, BUOYED BY HIGH-TECH JOB GROWTH
Over the last decade, a deep roster of aerospace and high-tech manufacturing firms including Embraer, Harris Corporation, SpaceX, Blue Origin, OneWeb, and the Northrup Grumman, among others, have relocated or expanded into the Space Coast, creating thousands of jobs opportunities.
In the twelve months trailing July 2018, over 3,800 jobs were created in the Space Coast (nearly 2% increase over the previous year), pushing the metro’s unemployment rate down to 3.9%. Florida’s Space Coast has experienced healthy population growth of 23.1% since 2000, over 1.5x the growth of the U.S. over the same period with projections calling for an additional 5.8% over the next five years, continuing to outpace national averages.
The average household income within a 5-mile radius is $63,492 (Environics Analytics), while 62% of residents within a 3-mile radius are employed in white-collar industries.
Brevard Public Schools were rated as an “A” district by the Florida Department of Education in 2018, boasting an 86% graduation rate, the second highest among all school districts in Florida.
Most Highly Concentrated High-Tech Economy in Florida#1
best place to live in
FLORIDA#1highest industry Diversityindex in Florida#1
MSA for Rent Growth in the U.S. at 7.9%
#2
MILKEN INSTITUTE, 2018
US NEWS & WORLD REPORT, 2018
FGCU, 2018
AXIOMETRICS, Q2 2018
EXECUTIVE SUMMARY |
THE PRESERVE AT COCOA
atlantic ocean
Indian River
95Interstate
58,000 AADT
17,100 AADT
524
42,500 AADT
26,500 AADT
/KIN
G ST
REET
/ B E A C H L I N E E X P R E S S WAY
528
520
“New” $145M Walmart distribution center-400+ Expected Employees
Cocoa Commons
Institutionally owned by philips edison & Co.
$1+ Million Home Prices
$500k Home Prices
Port Canaveral2nd Largest Cruise Port in U.S.
10 min. drive
Lockheed Martin Space System Relocating 300 jobs from CA
to Space Coast by 2020
Cape canaveral air force station2,000+ Employees
15 min. drive
nasa kENNEDY SPACE CENTER8,500 eMPLOYEES
15 min. drive
sPACEX ROCKET FACILITY15 min. drive
OneWeb satellites facility$85M Facility under construction
250+ Expected jobs15 min. drive
Blue origin rocket facility NEW 750,000 sf facility
300+ eMPLOYEES15 min. drive
Saturn elementary school (K-6)
Cocoa high school (7-12)
Orlando international airportBusiest Airport in Florida
35 min. drive
The Preserve at cocoa
EMbraer Recently opened 50,000 SF facility
150+ Expected Jobs15 min. drive
TREMENDOUS REGIONAL CONNECTIVITY AND CONVENIENT ACCESS TO DIVERSE EMPLOYMENT• The Site is strategically situated one mile east of Interstate 95 (58,000 AADT) and
three-fourths of a mile south of the SR 528 / Beachline Expressway (42,500 AADT), allowing for painless regional connectivity to the entire Space Coast, as well as the Orlando metro area, which can be accessed within 35 minutes.
• There are 45,000+ jobs within a 15-minute drive of the Property from well-known employers in the space and defense industries, such as the Kennedy Space Center, OneWeb Satellites, Lockheed Martin, SpaceX, Blue Origin, and the Cape Canaveral Air Force Station.
• The Property is within ten minutes of Port Canaveral, the nation’s second-busiest cruise port with over 4.5 million passengers in 2017, which recently announced a 30-year, $2.5 billion growth plan for its cruise, shipping, spaceport, and recreation infrastructure.
• Walmart recently opened a new $145 million state-of-the-art distribution center (one of only four in the state of Florida) less than one mile south of the Site, bringing 400+ jobs to the immediate area, paying average annual wages north of $40,000.
EXECUTIVE SUMMARY |
THE PRESERVE AT COCOA
THRIVING SPACE COAST APARTMENT FUNDAMENTALS• As of Q2 2018, the Palm Bay-Melbourne-Titusville apartment market ranked as the #2 MSA in the U.S. for rent growth of 7.9% year-over-year, according to Axiometrics. • There has been a dearth of new apartment supply within the MSA with just two apartment developments within 10-miles of the Site delivered within the past decade. Only one
project is currently under construction, located 10 miles south of the Property in Melbourne. • Exceptional average occupancy of 96.4% within the metro area as of Q2 2018, according to Axiometrics.• The median price for single-family homes in the Space Coast area was $226,300 as of Q1 2018, according to Axiometrics, a 15.3% increase over the previous year.
%7.9 YEAR-OVER-YEARRent Growth
%96.4 Market Occupancy
15.3 avg. single-family home price increase yoy inspace coast Q2 2018 (AXIOMETRICS, 2018)%
Q2 2018 (AXIOMETRICS, 2018)
Q2 2018 (AXIOMETRICS, 2018)
INVESTMENT HIGHLIGHTS
EXECUTIVE SUMMARY |
THE PRESERVE AT COCOA
SITE PLAN APPROVAL ALREADY IN PLACE, ALLOWING FOR A STREAMLINED, SHOVEL-READY DEVELOPMENT PROJECT• Current ownership has spent significant time and money to obtain site plan approval for a garden apartment community totaling 248 units on 13.15 acres of the total 150.35-
acre site.• The approved plans are comprised of eight four-story residential buildings, along with a clubhouse, swimming pool, two sports courts, and 494 surface parking spaces (2
spaces per unit) across 13.15 acres fronting SR 524 (17,100 AADT). • A new owner could obtain new approvals for a much more intensive project with current zoning allowing for the development of over 2,000 units and commercial uses in an
historically underserved market.
INVESTMENT HIGHLIGHTS
RENDERING OF THE PRESERVE AT COCA
EXECUTIVE SUMMARY |
THE PRESERVE AT COCOA
50
95Interstate
A1A
University of Central Florida-65,000 Students (2nd Largest in U.S.)
-40 min. drive
nasa kENNEDY SPACE CENTER8,500 eMPLOYEES
15 min. drive
sPACEX ROCKET FACILITY15 min. drive
OneWeb satellites facility$85M Facility under construction
250+ Expected jobs15 min. drive
Downtown orlando45 min. drive
Orlando international airportBusiest Airport in Florida
35 min. drive
walt disney world 45 min. drive
Blue origin rocket facility NEW 750,000 sf facility
300+ eMPLOYEES15 min. drive
Cape canaveral air force station15 min. drive
Lockheed Martin Space System Relocating 300 jobs from CA
to Space Coast by 202015 min. drive
Port Canaveral2nd Largest Cruise Port in U.S.
10 min. drive
Health first cape canaveral
150 beds15 min. drive
cocoa beach15 min. drive
Patrick Air Fource Base6,000 Employees
25 min. drive
East Florida State College30 min. drive
Orlando-Melbourne Airport 35 min. drive
“New” Walmart distribution center-400+ Expected Employees
The Preserve at cocoa
Orlando Metro Area
atlantic ocean
northrup grumman1,600 Employees
35 min. drive
harris corporation6,000 Employees
35 min. drive
Rockwell collins1,000 Employees
35 min. drive
rockledge regionalmedical center
298 beds15 min. drive
Lake nona-$1+ billion in current development
650-acre “Medical city” campusNEW 2.3 million SF distribution center
40 min. drive
ADVANTAGEOUSLY LOCATED WITHIN AN OPPORTUNITY ZONE
• Established by Congress in the Tax Cut and Jobs Act, the Opportunity Zone program was created to spur long-term private sector investments by enabling investors with capital gains tax liabilities to receive favorable tax treatment.
• An investor may defer capital gains by investing into a qualified Opportunity Zone project and potentially reduce or eliminate future capital gains depending on an investor’s hold period of the Opportunity Zone project. Capital gains may be deferred from the sale of any appreciated asset, not just real estate.
EXECUTIVE SUMMARY |
atlantic ocean
Indian River
Merritt island
Port canaveral
The Preserve at cocoa
Cocoa Commons
Institutionally owned by philips edison & Co.
“New” Walmart distribution center
-400+ Expected Employees
The preserveCocoaAT
Holliday Fenoglio Fowler, L.P. (“HFF”), a Florida licensed real estate broker.
© 2018 Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
ZACH [email protected]
MATT MITCHELLSenior Managing [email protected]
BRETT MOSSSenior [email protected]
TYLER [email protected]
INVESTMENT ADVISORY
ELLIOTT THRONEManaging [email protected]
REBECCA VANREKENManaging [email protected]
CAPITAL MARKET