FOR SALE LATITUDE OFFICE 2201

Transcription

1 FOR SALE LATITUDE OFFICE SW 7th Street, Suite 2201 Miami, FL Sale Price $4,297, SW 7 th ST Suite 2201 Miami, FL Exclusively Listed with Javier Motta jamotta@habitatgroup.com

2 CONFIDENTIALITY OF THIS REPORT This is a confidential report on the subject property intended for your sole use to determine if you wish to express further interest in the subject property. The confidential report contains brief information about the property offered for sale. It is subject to changes that can appear at any time, and will replace all previously reported information. This report contains estimates, projections and information about the property, and the members, directors, executives, managers and employees related to the property or Habitat Realty do not assume any responsibility for the information contained in this report, for the accuracy and it s effects, to notify any changes on the information or this report, or for any decisions based on the information contained herein. All data on the property is provided for information purposes. Habitat Realty encourages the recipients of this report to thoroughly review and independently verify to recipient own satisfaction that the data provided are substantially representative of the property and can be realized upon when considering any interest of said property. Recipient of this report acknowledges that he has been advised to seek the independent counsel of an attorney and/or an accountant to verify the information on the property and to examine any and all applicable documentation relevant to the transaction. The information contained in this report is confidential. The recipient agrees that he will not disclose any of the contents contained in this report without prior authorization from Habitat Realty.

3 TABLE OF CONTENTS 1. ABOUT THE PROPERTY 2. PROPERTY LOCATION 3. FINANCIAL 4. PROPERTY PICTURES 5. SUMMARY OF AREA DEVELOPMENTS

4 DEVELOPMENT INFORMATION ADDRESS 175 SW 7th St. 22nd Floor TAX FOLIOS DESCRIPTION Offices LOCATION Brickell TOTAL PROPERTYAREA 9,252 SF YEAR BUILT 2008 ASKING PRICE $4,297,000 PRICE/SQFT $464

5 PROPERTY DESCRIPTION INVESTMENT HIGHLIGHTS Class A office space in the midst of Brickell Downtown Miami. Impeccable location on the corner of SW 7th Street and Second Avenue, just steps from Brickell City Centre. Easy access to and from Sale lease Back from Habitat Development LLC. Long term lease with 3% increases per year. 9,252 RSF state of the art space featuring high ceilings, glass partitions and upgraded finishes. Magnificent lobby exudes contemporary elegance and premium workmanship. Convenient restaurant on ground floor. 22 individual offices with outstanding views, a state of the art conference room and kitchen. THE OFFERING Habitat Realty is pleased to announce the opportunity to acquire 9252 rentable square feet of class "A" office space leased to HABITAT DEVELOPMENT. This offering provides investors with a unique opportunity to acquire an amazingly located stabilized asset with a great tenant on a long term lease. THE PROPERTY As Miami' s premiere business address, Latitude One features 230,000 square feet of masterfully-designed Class-A office commercial office space, distinguished by an elegant lobby and an uncompromising array of amenities; including access to the Riverfront Promenade, Miami River walls and a Riverfront Restaurant and Bistro. Parking Entitlements and convenient Valet Service is available for you and your guests.

6 TENANT PROFILE Habitat Development, an innovative real estate asset management company, offers collaborative workspaces where individuals can execute their different talents. Who works at Habitat Development? A diverse community includes but is not limited to realtors, architects, entrepreneurs, and individual professionals. Their offices are suitable for anyone looking for a comfortable space where they can focus yet enjoy their times while reaching their goals. TRADE MARKET AREA Miami is a major center and a leader in finance, commerce, culture, media, entertainment of the arts, and international trades. In 2010, Miami was classified as an Alpha- World City in the World Cities Study Group s inventory. In 2010, Miami ranked seventh in the United States in terms of finance, commerce, culture, entertainment, fashion, education, and other sectors. Miami has reinvented itself as a center for business as well as a place for leisure. Chiefly known as the finance and banking center for Latin America, Miami is also the perfect location to capitalize on Latin American markets. Numerous large international corporations have branches in Miami forging a strong bridge with Europe that does not run through New York. Located at the epicenter of major international economies and trade routes, Miami is poised to accelerate its reputation as the newest Global City.

7 PROPERTY LOCATION

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9 FLOORPLAN

10 SURVEY

11 FINANCIAL - RENT ROLL TENANT SQFT PRICE/SQFT MONTHLY R. YEARLY RENT Habitat Development LLC 9252 $42 $32,382 $388,584 TOTAL RENT INCOME $388,584

12 FINANCIAL PROJECTIONS INCOME Amount % Rental Income $388, % Vacancy (0%) $0 0% TOTAL INCOME $388, % EXPENSES: Real Estate Taxes $54, % Condo Maintenance $107, % TOTAL EXPENSES $161, % NET OPERATING INCOME (NOI) $227, % ASKING PRICE $4,297,000 CAP RATE 5.28%

13 175 SW 7th St. Miami, FL PROPERTY PICTURES

14 175 SW 7th St. Miami, FL PROPERTY PICTURES

15 SUMMARY OF FUTURE AREA DEVELOPMENTS MIAMI RIVER A PROJECT FROM CHETRIT GROUP WOULD INCLUDE FOUR 60-STORY TOWERS WITH OFFICE AND RETAIL SPACE AND MORE THAN 1,600 RESIDENCES. THE FIVE-PHASE PROJECT WOULD SPAN FROM THE SECOND AVENUE BRIDGE TO THE NORTHWEST CORNER OF JOSE MARTI PARK. BRICKELL CITY CENTRE ENTAILS THE DEVELOPMENT OF MORE THAN 700 HIGH END RESIDENTIAL CONDOMINIUMS, THE EAST HOTEL FROM MANDARIN ORIENTAL, MORE THAN 500,000 SQUARE FEET OF HIGH END RETAIL,A MEDICAL COMPLEXANDA OFFICE BUILDING.

16 THE MIAMI WORLD CENTER WILL FEATURE 765,000 SQUARE FEET OF BESTIN- CLASS RETA IL, D ES TINATION DINING, AND EN TICING ENTERTAINMENT.

17 SoFla office, multifamily markets set for a solid 2016: report On the other hand, industrial market could face strong headwinds A new report from Integra Realty Resources shows South Florida s office and multifamily markets can expect a strong 2016, thanks in part to the U.S. economy s continued recovery. The U.S. economic recovery is in a somewhat fragile state right now. Many of the [world s] developed nations are entering a stage of recessionary trends, Anthony Graziano, Integra s senior managing director of Miami/Palm Beach, told The Real Deal. The question remains whether the U.S. will bolster through that in All indications point toward a healthy year for South Florida s office and multifamily markets, Graziano said. Institutional investors have capital lined up to acquire office properties in the United States, he said, and one particular South Florida hotspot is Miami s central business district. Recent years have seen trophy Miami office towers like 777 Brickell trade to private investment groups and financial giants, with price tags that often break $100 million. One byproduct of a strengthening economy is growing demand for office space, which in turn drives up rental rates. We ve reached the point where building new offices [in downtown Miami] is feasible, Graziano said. He said some spaces are asking $60 per square foot, while one of Miami s largest office developments currently under construction two towers in Brickell City Centre ask as much as $50 per square foot annually.

18 Brickell City Centre swaps wellness for offices Law firm Akerman has already signed a lease for 80 percent of Three Brickell City Centre #sthash.gjtuuj7r.dpuf In a bid to capitalize on Brickell s growing demand for office space, Brickell City entre has ditched its plans to use one of its towers as a wellness center in favor of building more office suites. Swire Properties announced the rebrand for its Three Brickell City Centre tower on Wednesday. One of the two towers, Three Brickell City Centre, although designed with use flexibility, was originally designated as a wellness center, but current market conditions show demand for additional office space, Edward Owen, Swire Properties office leasing manager, said in the announcement. Swire decided that it was in the best interest of the market to create supply to further Brickell s growth as a leading international business hub. The tower is 12 stories and houses 130,000 square feet of leasable space. Law firm Akerman LLP has already signed a lease for 80 percent of Three Brickell City Centre, according to the announcement. The other 130,000-square-foot tower, Two Brickell City Centre, is still in negotiations with several law firms and financial service providers, said Owen. Swire is not releasing names of the companies. Brickell City Centre as a whole will include two condo towers, two office towers, and a hotel component. Those three sections are set to open this winter. Its main portion is a 500,000-square-foot foot shopping center, which is set to open in fall of 2016.

19 Miami s office market going strong:avisonyoung 726,900 sf of office space are in Miami's construction pipeline A new report from commercial brokerage Avison Young shows that Miami s office market had a healthy first half of this year. Asking rental rates in both the suburban and downtown submarkets are growing, while the metropolitan area leads the state for space absorption. Rents in downtown Miami grew 3.6 percent to an average of $41 per square foot, while suburban Miami-Dade County saw a slightly larger increase of 5.3 percent to $37 per square foot. Both of those figures were measured by mid-year 2015, and are compared to the same time period last year. In addition to those factors, Miami is seeing a bevy of new office space under construction. A total of 726,900 square feet of office space was under construction as of mid-2015, up from 557,000 square feet the year before. Projects like Brickell City Centre, which will include 260,000 square feet of office space, Two MiamiCentral with 215,000 square feet and Panorama Tower with 50,000 square feet, are aiming to fill the void in supply that advisers voiced concern over earlier this year. As far as absorption goes, suburban markets sucked up 684,000 square feet of space between the third quarter of 2014 and the second half of Downtown Miami saw 250,000 square feet of absorption during the same time period.

20 Miami office market tightens amid slowdown in construction As office vacancy rates drop, some users look at warehouse reuse Office development is slowing, even as work space vacancy rates continue to drop and rents keep rising, according to top real estate advisors. As a result, prime office space in downtown Miami is scarce and corporate tenants are looking at alternative properties such as c o n v e r t e d w a r e h o u s e s i n Wynwood. There is very little product on the table, says Donna Abood, principal for the Miami office of real estate services firm Avison Young. The return is so much higher on luxury high-rises that s what developers are going for. Office projects currently under construction account for less than 1 percent of total Miami office inventory, according to CBRE s 2014 fourth quarter Miami office report. Even with a healthy decline in vacancy, developers have yet to undertake new office construction projects, the report states. Multi-family projects are seen as a more attractive opportunity in a market with 50 percent deposit requirements for preconstruction condo sales and strong demand from foreign buyers. The few developers that are adding office space are incorporating it into mixeduse projects, the CBRE report said. For instance, Brickell City Centre is opening a new office tower later this year with 85 percent of the building already leased to law firm Akerman LLP. Project developer Swire is also planning a second office building that will be finished in Aside from Brickell City Centre, the Panaroma Tower mixed-use residential project at 1101 Brickell Avenue has 50,000 square feet of office space scheduled for completion in 2017.