The Promenade at Gables Entrance

Transcription

1 The Promenade at Gables Entrance OFFERING MEMORANDUM S W 3 7 th Avenue, Miami, FL Located just north of Miracle Mile, this +/- 5,447 SF freestanding property stands out as a gem in the Coral Gables submarket. With a weekly traffic count of just under 250,000 cars, this location benefits from tremendous exposure. Furthermore, the flexible T6-8-O zoning allows for a myriad of permitted uses not only making this a great property for an end user but also a dream for a developer.

2 OFFERING OVERVIEW table of contents Offering Overview Table of Contents / Directions 2 Property Overview Executive Summary 3 Property Overview 4 Zoning 5 Site Aerial Map 6-8 Analysis Comparables 9 Local Highlights/ Demographics Disclosure 12 directions FROM I-95: Head west on FL-836 (Dolphin Expressway). Exit onto NW 37 th Ave (Douglas Road) and head south for 1.5 miles. Continue heading south passing SW 8 th Street and your destination will be on your left. Page 2

3 PROPERTY OVERVIEW executive summary Blanca Commercial Real Estate, Inc. has been appointed as the exclusive agent for the marketing and sale of 835 SW 37 th Avenue, Miami, FL ( Property ). The Property is being offered on an as-is, where -is basis for the fee simple interest. Situated in the heart of the flourishing Coral Gables submarket, this offering provides a unique investment opportunity within a neighborhood that is undergoing groundbreaking renovations. With excellent frontage on SW 37 th Avenue, the property benefits from a weekly traffic count of almost 250,000 cars. Currently used as a medical office, this +/- 5,477 SF freestanding property is configured into two buildings augmented by an ample parking ratio of 3.33/1000 PSF. Adding to the Property s appeal is its proximity to the world renowned Shops at Miracle Mile and Giralda Avenue. This site is supplemented by its central location in Miami-Dade County near all major roads and highways such as : I-95, Dolphin Expressway (FL-836), and Palmetto Expressway (FL- 826). As a result, one has the ability to be at the Miami International Airport or Downtown Miami in only a matter of minutes. Topping off this property s marketability is the flexible zoning provided by the T6-8-O designation. The myriad of permitted uses include office, retail, residential, or educational purposes which allows this parcel to be a developers dream as well as gem for an end-user. property inquiries and tours Cary Cohen, Executive Vice President Cary.Cohen@blancacre.com Page 3

4 PROPERTY OVERVIEW property overview LIST PRICE: $2,272,955 ($ PSF) Folios: Location: 835 SW 37 th Avenue Miami, FL Property Type: Medical Office/ Retail Building Size: Parcel Size: Property Taxes 2017: Zoning: Parking: 5,477 sf 14,000 sf $22, T6-8-O 18 Spaces (3.33/1000 sf) Page 4

5 PROPERTY OVERVIEW zoning T6-8-O Regulation Code allows for a maximum of eight-stories and has one of the greatest number of allowed uses. The designation permits the following: Residential/Lodging Commercial Civic/Educational Multi-Family Residence Hotel Community Residence Dormitory Home Office Live- Work Office Medical Office/ Diagnostic Center Entertainment Establishment Food Service Establishment General Commercial Alcohol Service Establishment Recreational Facility Research Facility Religious Facility Learning Center Pre-School Multi-Family Residence Medical Diagnostic Center Drive-Through Bank Page 5

6 Miami International Airport 11 Minutes 3.4 Miles to Douglas Entrance Blue Lagoon Office Park 16 Minutes 3.8 Miles to Douglas Entrance Downtown Miami 18 Minutes 7 Miles to Douglas Entrance Brickell 15 Minutes 5 Miles to Douglas Entrance University of Miami 13 Minutes 3.5 Miles to Douglas Entrance Page 6

7 DOUGLAS ROAD SW 8 TH STREET 1 SUBJECT PROPERTY 2 MIRACLE MILE STREETSCAPE CORAL WAY PLAZA CORAL GABLES 3 MAP LEGEND OF PROXIMITY TO MEDICAL FACILITIES 1. Mount Sinai Primary & Specialty Care 2. Baptist Health Medical Plaza 3. Coral Gables Hospital Page 7

8 SW 37 th Ave SW 8 th Street Page 8

9 C O M P A R A B L E S 1801 Ponce De Leon Blvd Sold: 04/07/17 Price PSF: $ Ponce De Leon Blvd Sold: 02/10/16 Price PSF: $ Ponce De Leon Blvd Sold: 12/28/16 Price PSF: $ Valencia Ave Sold: 01/29/16 Price PSF: $ Page 9

10 L O C A T I O N H I G H L I G H T S miracle mile streetscape coral gables medical facilities Expected to be delivered towards the end of 2017, Miracle Mile and Giralda Avenue are undergoing a $20,000,000 transformation into a cohesive pedestrianfriendly experience equipped with garden areas, outdoor dining, improved lighting, way finding, public art, and more. Situated less than a mile from the property, users will be able to take full advantage of the many amenities this project has to offer. All located under a mile from the subject property, this site provides a supplementary opportunity for additional medical facilities in Coral Gables. plaza coral gables Formerly known as Mediterranean Village, the Plaza Coral Gables is expected to break ground later this year. Costing roughly $400 million, this trophy asset will be located within a mile of the subject property. This mix-used development will include a 220 room hotel, 10,000 square feet of fast casual restaurant, 30,000 square feet of restaurant, a gym, and a movie theater sparking further economic vitality into the City of Coral Gables. Page 10

11 L O C A T I O N H I G H L I G H T S coral gables highlights demographics Totaling over 8,300 businesses, spanning over a multitude of industries, a variety of multi-national companies headquarter in Coral Gables. 1 Mile 3 Mile Population 40, ,808 Home to a plethora of entertainment options, visitors travel from across the world to enjoy Coral Gables artistic offerings. Households 15, ,351 Average Age Based in Coral Gables, the University of Miami and Baptist Health Systems are two of the largest employers in Miami- Dade county with an influence worldwide. Median HH Income $35,000 $33,000 Accessible by the MetroRail, Miami-Dade County s mass transit system, Coral Gables allows consumers quick access to Downtown, the Airport, and Brickell via multiple lines of transportation. Daytime Employees 31, ,000 Population Growth ( ) + 4.2% + 4.1% Focused on improving its global appeal, Coral Gables continues substantial municipal renovations that can only help the live, work, play dynamic grow exponentially. Household Growth ( ) + 3.7% + 3.5% Page 11

12 DISCLOSURE Blanca Commercial Real Estate( Blanca ) has been retained as exclusive real estate agent regarding the sale of 835 SW 37 th Avenue, Miami, FL ( Property ). This confidential Offering Memorandum was prepared by Blanca Commercial Real Estate, and has been reviewed by Owner. It contains selected information pertaining to the Property and does not purport to be all-inclusive, nor to contain all the information that a prospective purchaser may desire. All financial projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors that, therefore, are subject to material change or variation. An opportunity to inspect the Property will be made available to qualified prospective purchasers. Sources of information contained within this Offering Memorandum include, but are not limited to: Beacon Council, CoStar, Florida Department of Labor, and the US Census Bureau. In this Offering Memorandum, certain documents including leases and other materials, are described in summary form and do not purport to be complete, nor necessarily accurate, descriptions of the full agreements involved, nor do they constitute a legal analysis of such document. Interested parties are expected to independently review all documents. This Offering Memorandum is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement, or advice as to the value of the Property by Blanca Commercial Real Estate or the Owner. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or terminate discussions with any party at any time with or without notice. Owner shall have no legal commitment or obligation to any purchaser reviewing this Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Owner and any conditions to Owner s obligations thereunder have been satisfied or waived. Blanca Commercial Real Estate is not authorized to make any representations or agreements on behalf of Owner. This Offering Memorandum is-the property of Blanca Commercial Real Estate and may be used only by parties approved by Blanca Commercial Real Estate. The Property is privately offered and by accepting this Offering Memorandum, the party in possession hereof agrees that this Offering Memorandum and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Offering Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Blanca Commercial Real Estate and Owner. The terms and conditions set forth apply to this Offering Memorandum in its entirety. Page 12

13 BLANCA COMMERCIAL REAL ESTATE investment contact: C A R Y C O H E N Cary.Cohen@flaglerdev.com D a v i d M a g g a r d David.Maggard@flaglerdev.com CARY COHEN 1450 BRICKELL AVENUE, Suite 2060 MIAMI, FL Cary.Cohen@blancacre.com BLANCA COMMERCIAL REAL ESTATE 1450 BRICKELL AVENUE, Suite 2060 MIAMI, FL LICENSED REAL ESTATE BROKER