120-124 N Palmway, Lake Worth, FL 202 Lucerne Ave, Lake Worth, FL 225 Ocean Breeze, Lake Worth, FL OFFERING MEMORANDUM East Lake Worth Multifamily Portfolio For Sale 202 Lucerne Avenue, Lake Worth, FL 33460 120-124 N Palmway, Lake Worth, FL 33460 225 Ocean Breeze, Lake Worth, FL 33460 Alexis Shapiro Broker Associate 954.573.4449 Ashapiro@onecommercialre.com
TABLE OF CONTENTS 03 EXECUTIVE SUMMARY 06 PROPERTY OVERVIEW 07 FINANCIAL ANALYSIS 15 MARKET & AREA OVERVIEW 18 PROPERTY PICTURES 27 COMPANY OVERVIEW ONE Commercial Contact: Alexis Shapiro Broker Associate Miami, FL 954.573.4449 Ashapiro@onecommercialre.com Julian Scheeff Director of Intelligence Miami, FL 305.704.9787 Ashapiro@onecommercialre.com ONE COMMERCIAL REAL ESTATE 1000 Brickell Ave, Suite 500 Miami, FL, 33131 F: 305.704.9787 www.onecommercialre.com 2
EXECUTIVE SUMMARY THE OFFERING ONE Commercial is pleased to present the turn key investment opportunity in the prime waterfront community of East Lake Worth. The asset consists of three properties with a total of 43 units within a few blocks from one another providing for easy management and maintenance. All properties have gone under extensive renovations and boast some of the best curb appeal in the immediate area along with on site laundry facilities, new mini split A/C units, desirable unit mix and floorplans, and incredible walkability to Downtown Lake Avenue, beaches, Lake Worth municipal golf course, and the picturesque views of the intracoastal and palm beach island from Bryant Park. Lake Worth has experienced a serge of new development including new shopping centers with flagships such as Starbucks, luxury condominiums, along with the city currently in the process of redoing all damaged roads in the immediate surrounding area. With the cost of living rapidly increasing in close by Delray Beach, Boynton and Palm Beach; Lake Worth is the epitome of waterfront and urban living. INVESTMENT HIGHLIGHTS PRICE: # UNITS: PRICE/UNIT: CAP RATE: $6.615MM 43 $153,837 6.35% Excellent location in the prime waterfront community of East Lake Worth 202 Lucerne boasts great development opportunity being incorporated with Downtown zoning Portfolio recently got renovated and provides best curb appeal in the immediate area 202 Lucerne Ave, Lake Worth, FL 120-124 N Palmway, Lake Worth, FL 225 Ocean Breeze, Lake Worth, FL N 3
EXECUTIVE SUMMARY REGIONAL MAP N 4
EXECUTIVE SUMMARY LOCAL MAP N 5
PROPERTY OVERVIEW Address: 202 Lucerne Avenue, Lake Worth, FL 33460 APN: 31-43-44-21-15-030-0150 Property Class: Zoning: DT - Downtown ( 38-LAKE WORTH ) GBA: Lot Size: Unit Mix: B 9,320 SF 13,504 SF (0.31 AC) (14) Multifamily Units Total (13) 1 BR/ 1 BA (1) 2 BA/ 1 BA Year Built: 1974 Address: 120-124 N Palmway, Lake Worth, FL 33460 APN: 38-43-44-21-15-032-0050 Property Class: Zoning: MF-20-Low Density Multifamily ( 38-LAKE WORTH ) GBA: Lot Size: Unit Mix: B 7,496 SF 13,068 SF (0.30AC) (13) Multifamily Units Total (11) 1 BR/ 1 BA (2) 2 BA/ 2 BA Year Built: 1950 Address: 225 Ocean Breeze, Lake Worth, FL 33460 APN: 38-43-44-21-15-095-0150 Property Class: Zoning: MF-20-Low Density Multifamily ( 38-LAKE WORTH ) GBA: Lot Size: Unit Mix: B 8,384 SF 26,228 SF (0.32AC) (16) Multifamily Units (16) 1 BR/ 1 BA Year Built: 1968 6
PROPERTY OVERVIEW POTENTIAL REDEVELOPMENT SITE 202 Lucerne Ave is part of the downtown (DT) district. The district is designed for the commercial core of Lake Worth. The city provides a sustainable incentive program. SUSTAINABLE INCENTIVE PROGRAM The sustainable incentive program allows an attain an option for increased height, as provided in the comprehensive plan future land use element, or an option for increased intensity (measured by floor area ratio/far), or both. The Sustainable Bonus Incentive Program allows an applicant to invest $5.00 PSF in sustainable capital improvements to the property. In return the applicant is allowed to build up to 4 stories or 6 stories if it s a hotel mixed-use project. Hotel Mixed Use Potential 50 Unit Hotel up to 6 stories with a total area of 29,708 SF (2.2 FAR x 13,504 SF) Residential/Commercial Mixed Use Potentially 12 residential units and up to 29,708 SF of commercial space up to 4 Stories (2.2 FAR x 13,504 SF) ZONING OVERVIEW TABLE Zoning Name DT Downtown Max. Density Max density 40 dwelling units per gross acre of 43,560 square feet, minimum of 1,085 square feet per unit Max. Height 30 ft. (not to exceed 2 stories) *Additional 15 ft. of height under Sustainable Bonus Incentive Program (not to exceed 4 stories) *Additional 35 ft. of height under Sustainable Bonus Incentive Program (not to exceed 6 stories) east of Federal Highway with the provision of a hotel or mixed use hotel project of at least 50 rooms, requires conditional land use. Floor Area Ratio (FAR) Maximum FAR is 1.7. Maximum FAR is 2.2 east of Federal Highway with provision of hotel Limitation or mixed use hotel project, conditional land use required. Max. Lot Coverage Lots over 7,500 square feet (large lot) - 60% Structural Character Structural character: The exterior design of all structures, whether new or remodeled, shall be of a single-family residential character. Flat type roofs shall not be permitted Setbacks -Principal Front 10 ft -Side (Interior) 0 ft -Side (On Street) 10 ft -Rear 10 ft Allowed Uses Principal nonresidential uses permitted by right. A. Commercial - low intensity. B. Office - low intensity. C. Retail - low intensity. D. Personal services - low intensity. E. Cultural and artisanal arts - low intensity. F. Institutional - low intensity. G. Open air retail sales only on private property H. Essential services. 7
FINANCIAL ANALYSIS FINANCIAL ANALYSIS 202 Lucerne Ave Address: 202 Lucerne Avenue, Lake Worth, FL 33460 APN: 31-43-44-21-15-030-0150 Property Class: Zoning: DT - Downtown ( 38-LAKE WORTH ) GBA: Lot Size: Unit Mix: B 9,320 SF 13,504 SF (0.31 AC) (14) Multifamily Units Total (13) 1 BR/ 1 BA (1) 2 BA/ 1 BA Year Built: 1974 202 Lucerne Avenue, Lake Worth, FL 33460 Current Proforma Unit Type Units SF Rent Rent/SF Rent Rent/SF 1BR/1BA 13 660 $1,058 $1.60 $1,154 $1.75 2BR/1BA 1 740 $1,400 $1.89 $1,400 $1.89 Weighted Averages 14 666 $1,082 $1.62 $1,171 $1.76 Gross Annualized Rents $181,800 $196,801 Unit Distribution Unit Rent 2BR/2BA 7% 1BR/1BA 1BR/1BA 93% 2BR/2BA $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 1BR/1BA 2BR/2BA $1.95 $1.90 $1.85 $1.80 $1.75 $1.70 $1.65 $1.60 $1.55 $1.50 $1.45 Rent $ Rent $/SF 8
FINANCIAL ANALYSIS OPERATING STATEMENT 202 Lucerne Ave 202 Lucerne Avenue, Lake Worth, FL 33460 Price $2,250,000 # of Units 14 NRA (SF) 9,320 SF Income Current Immediate Year 2 Year 3 Market Rent Upon Renewals Gross Rents $181,800 $196,801 $206,641 $216,973 Vacancy Contingency 3.00% $6,199 $6,509 Effective Rental Income $181,800 $196,801 $200,441 $210,463 Other Income 3.00% $4,791 $5,904 $6,013 $6,314 Effective Gross Income $186,591 $202,705 $206,455 $216,777 Expenses Variable Expenses Management Fee $12,927 $12,162 $12,387 $13,007 R&M $7,698 $7,698 $7,929 $8,167 Utillities $19,687 $19,687 $20,278 $20,886 Lawn/Pest $1,620 $1,620 $1,669 $1,719 Total Variable Expenses $41,932 $41,167 $42,263 $43,778 Fixed Expenses Insurance $3,828 $3,828 $3,943 $4,061 RE Taxes $25,450 $25,450 $42,630 $43,909 Total Fixed Expenses $29,278 $29,278 $46,573 $47,970 Total Expenses $71,210 $70,445 $88,835 $91,748 Expenses as % of EGI 38.16% 34.75% 43.03% 42.32% Net Operating Income $115,381 $132,260 $117,620 $125,030 Cap Rate 5.13% 5.88% 5.23% 5.56% Leverage Equity $787,500 LTV 65.00% Interest 4.75% Amortization 30 Years Debt Service $91,549 $91,549 $91,549 $91,549 Net Cash Flow $23,832 $40,710 $26,070 $33,480 Cash on Cash 3.03% 5.17% 3.31% 4.25% Debt Service Coverage Ratio 1.26x 1.44x 1.28x 1.37x NOTES: [1] Actual rents in current cash flow, Year 1 immediate renewal to market and gradual 5% growth in Years 2 &3 [2] Actual other income in current cash flow, 3% of Effective Rental Income thereafter [3] Actual Management Fee in current cash flow, 6% of EGI thereafter [4] Actual R&M in current cash flow, $450/Unit/Yr thereafter with 3% inflation [5] Actual Utilities in current cash flow and 3% inflation growth thereafter [6] Actual Lawn/Pest in current cash flow and 3% inflation growth thereafter [7] Actual insurance rate grandfathered in and 3% inflation growth thereafter [8] Actual RE Taxes in current cash flow, RE-assessment in Yr 1 based on 80% of list price, times the 2017 millage rate of 23.298 + Non Ad Valorem Taxes of $2,371, less 4% discount and 3% inflation growth thereafter 9
FINANCIAL ANALYSIS FINANCIAL ANALYSIS 120-124 N Palmway Address: 120-124 N Palmway, Lake Worth, FL 33460 APN: 38-43-44-21-15-032-0050 Property Class: Zoning: MF-20-Low Density Multifamily ( 38-LAKE WORTH ) GBA: Lot Size: Unit Mix: B 7,496 SF 13,068 SF (0.30AC) (13) Multifamily Units Total (11) 1 BR/ 1 BA (2) 2 BA/ 2 BA Year Built: 1950 120-124 N Palmway Lake Worth, FL 33460 Current Proforma Unit Type Units SF Rent Rent/SF Rent Rent/SF 1BR/1BA 11 535 $1,047 $1.96 $1,150 $2.15 2BR/2BA 2 1,150 $1,382 $1.20 $1,400 $1.22 Weighted Averages 13 630 $1,099 $1.84 $1,188 $2.00 Gross Annualized Rents $171,372 $185,400 Unit Distribution Unit Rent 2BR/2BA 7% 1BR/1BA 93% $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 1BR/1BA 2BR/2BA $1.95 $1.90 $1.85 $1.80 $1.75 $1.70 $1.65 $1.60 $1.55 $1.50 $1.45 1BR/1BA 2BR/2BA Rent $ Rent $/SF 10
FINANCIAL ANALYSIS OPERATING STATEMENT 120-124 N Palmway 120-124 N Palmway Lake Worth, FL 33460 Price $2,015,000 # of Units 13 NRA (SF) 8,190 SF Income Current Immediate Year 2 Year 3 Market Rent Upon Renewals Gross Rents $171,372 $185,400 $194,670 $204,404 Vacancy Contingency 3.00% $5,840 $6,132 Effective Rental Income $171,372 $185,400 $188,830 $198,271 Other Income 3.00% $10,079 $5,562 $5,665 $5,948 Effective Gross Income $181,451 $190,962 $194,495 $204,220 Expenses Variable Expenses Management Fee $10,700 $11,458 $11,670 $12,253 R&M $7,022 $7,022 $7,233 $7,450 Utillities $13,181 $13,181 $13,576 $13,984 Lawn/Pest $1,620 $1,620 $1,669 $1,719 Total Variable Expenses $32,523 $33,281 $34,147 $35,405 Fixed Expenses Insurance $3,422 $3,422 $3,525 $3,630 RE Taxes $25,206 $25,206 $38,425 $39,578 Total Fixed Expenses $28,628 $28,628 $41,950 $43,208 Total Expenses $61,151 $61,909 $76,097 $78,613 Expenses as % of EGI 33.70% 32.42% 39.13% 38.49% Net Operating Income $120,300 $129,053 $118,398 $125,606 Cap Rate 5.97% 6.40% 5.88% 6.23% Leverage Equity $503,750 LTV 75.00% Interest 4.75% Amortization 30 Years Debt Service $94,601 $94,601 $94,601 $94,601 Net Cash Flow $25,699 $34,452 $23,797 $31,005 Cash on Cash 5.10% 6.84% 4.72% 6.15% Debt Service Coverage Ratio 1.27x 1.36x 1.25x 1.33x NOTES: [1] Actual rents in current cash flow, Year 1 immediate renewal to market and gradual 5% growth in Years 2 &3 [2] Actual other income in current cash flow, 3% of Effective Rental Income thereafter [3] Actual Management Fee in current cash flow, 6% of EGI thereafter [4] Actual R&M in current cash flow, $450/Unit/Yr thereafter with 3% inflation [5] Actual Utilities in current cash flow and 3% inflation growth thereafter [6] Actual Lawn/Pest in current cash flow and 3% inflation growth thereafter [7] Actual insurance rate grandfathered in and 3% inflation growth thereafter [8] Actual RE Taxes in current cash flow, RE-assessment in Yr 1 based on 80% of list price, times the 2017 millage rate of 23.298 + Non Ad Valorem Taxes of $2,371, less 4% discount and 3% inflation growth thereafter 11
FINANCIAL ANALYSIS FINANCIAL ANALYSIS 225 Ocean Breeze Address: 225 Ocean Breeze, Lake Worth, FL 33460 APN: 38-43-44-21-15-095-0150 Property Class: Zoning: MF-20-Low Density Multifamily ( 38-LAKE WORTH ) GBA: Lot Size: Unit Mix: B 8,384 SF 26,228 SF (0.32AC) (16) Multifamily Units (16) 1 BR/ 1 BA Year Built: 1968 225 Ocean Breeze, Lake Worth FL 33460 Current Proforma Unit Type Units SF Rent Rent/SF Rent Rent/SF 1BR/1BA 16 533 $1,115 $2.09 $1,155 $2.17 Weighted Averages 16 533 $1,115 $2.09 $1,155 $2.17 Gross Annualized Rents $213,984 $221,700 Unit Distribution $1,200 Unit Rent $2.50 $1,000 $2.00 1BR/1BA 100% $800 $600 $400 $1.50 $1.00 $200 $0.50 $0 1BR/1BA $0.00 1BR/1BA Rent $ Rent $/SF 12
FINANCIAL ANALYSIS OPERATING STATEMENT 225 Ocean Breeze 225 Ocean Breeze, Lake Worth FL 33460 Price $2,350,000 # of Units 16 NRA (SF) 8,530 SF Income Current Immediate Year 2 Year 3 Market Rent Upon Renewals Gross Rents $213,984 $221,700 $232,786 $244,425 Vacancy Contingency 3.00% $6,984 $7,333 Effective Rental Income $213,984 $221,700 $225,802 $237,092 Other Income 3.00% $1,923 $6,651 $6,774 $7,113 Effective Gross Income $215,907 $228,351 $232,576 $244,205 Expenses Variable Expenses Management Fee $12,992 $12,992 $13,955 $14,652 R&M $7,200 $7,200 $7,416 $7,638 Utillities $18,044 $18,044 $18,585 $19,143 Lawn/Pest $1,620 $1,620 $1,669 $1,719 Total Variable Expenses $39,856 $39,856 $41,624 $43,152 Fixed Expenses Insurance $8,674 $8,674 $8,934 $9,202 RE Taxes $21,403 $21,403 $38,425 $39,578 Total Fixed Expenses $30,077 $30,077 $47,359 $48,780 Total Expenses $69,933 $69,933 $88,983 $91,932 Expenses as % of EGI 32.39% 30.63% 38.26% 37.65% Net Operating Income $145,974 $158,418 $143,593 $152,273 Cap Rate 6.21% 6.74% 6.11% 6.48% Leverage Equity $587,500 LTV 75.00% Interest 4.75% Amortization 30 Years Debt Service $110,328 $110,328 $110,328 $110,328 Net Cash Flow $35,646 $48,090 $33,264 $41,944 Cash on Cash 6.07% 8.19% 5.66% 7.14% Debt Service Coverage Ratio 1.32x 1.44x 1.30x 1.38x NOTES: [1] Actual rents in current cash flow, Year 1 immediate renewal to market and gradual 5% growth in Years 2 &3 [2] Actual other income in current cash flow, 3% of Effective Rental Income thereafter [3] Actual Management Fee in current cash flow, 6% of EGI thereafter [4] Actual R&M in current cash flow, $450/Unit/Yr thereafter with 3% inflation [5] Actual Utilities in current cash flow and 3% inflation growth thereafter [6] Actual Lawn/Pest in current cash flow and 3% inflation growth thereafter [7] Actual insurance rate grandfathered in and 3% inflation growth thereafter [8] Actual RE Taxes in current cash flow, RE-assessment in Yr 1 based on 80% of list price, times the 2017 millage rate of 23.298 + Non Ad Valorem Taxes of $2,371, less 4% discount and 3% inflation growth thereafter 13
FINANCIAL ANALYSIS ANALYSIS SUMMARY Property Pricing Price $6,615,000 # Units 43 Price $/Unit $153,837 Price $/SF $254 Mortgage LTPP 72% Interest 4.75% Term 30 Payment $296,478 Sources Equity $1,878,750 Debt $4,736,250 Return Summary Current Proforma NOI $381,655 $419,731 NCF $85,176 $123,253 Cap Rate 5.77% 6.35% GRM 11.66x 10.95x Cash-on-Cash 4.53% 6.56% Debt Coverage Ratio 1.29x 1.42x 202 Lucerne Ave, Lake Worth, FL 120-124 N Palmway, Lake Worth, FL 225 Ocean Breeze, Lake Worth, FL Price $2,250,000 # of Units 14 NRA (SF) 9,320 SF Price/Unit $160,714 Cap Rate 5.88% Price $2,015,000 # of Units 13 NRA (SF) 8,190 SF Price/Unit $155,000 Cap Rate 6.40% Price $2,350,000 # of Units 16 NRA (SF) 8,530 SF Price/Unit $146,875 Cap Rate 6.74% 14
MARKET & AREA OVERVIEW DEMOGRAPHICS POPULATION 1 MILE 3 MILES 5 MILES Population (Current) 17,665 82,397 220,438 Population (5 Yr. Forecast) 18,383 85,778 229,451 Percent Growth (Current Yr./2010) 10.07% 9.91% 9.83% Percent Forecast (5 Yr. Forecast/Current Yr.) 4.08% 4.11% 4.06% Median Age 36 40 39 Density (Population per Square Mile) 7,778 5,268 5,146 INCOME 1 MILE 3 MILES 5 MILES Median Household Income $50,780 $61,006 $58,333 Average Household Income $65,040 $80,600 $76,388 Per Capita Income $25,729 $31,533 $28,341 15
MARKET & AREA OVERVIEW PALM BEACH COUNTY Q2 2018 MULTIFAMILY MARKET Summary: Palm Beach vacancies have continued to fall throughout 2018 due to strong leasing. Employment and population growth outpaced the U.S. average for most of this cycle. However, a recent slowdown in job growth, coupled with strong levels of supply, has led to a softening in the apartment market. Rent growth has fallen from the highs seen in early 2016, but have made a slight recovery over the past couple of quarters. Investment volume has remained substantial over the past two years, with the Boca Raton Submarket being a leader in terms of both volume and pricing. KEY METRICS Q2 2018 Vacancy 7.94% Net Absorbtion 795 Units Construction 2,869 Units Completions 346 Units Effective Rents PSF $1.52 Cap Rates 5.90% Price per Unit $222,996 $ Sales Volume $747 Million Development: Recent development in Palm Beach County has been heavily weighted toward the condo market. Since 2006, over 17,000 condo units were completed. Unfortunately, condo construction is still slightly elevated, with approximately 2,000 condo units in the pipeline scheduled for delivery through Q2 2019. A modest 12,600 multifamily units have been completed since 2012. Additionally, 2,100 units are currently underway, and nearly 16,000 units are in the planning stages. Absorptions, Completions, Vacancies 1,000 9.50% 800 600 400 9.00% 8.50% 200 - (200) (400) Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Completions Absorbtion Vacancy 8.00% 7.50% 7.00% Outlook: Palm Beach is one of the better performing metros in Florida. Positive job growth and strong in-migration trends have contributed to the health of apartment market fundamentals. Limited new supply is expected to keep demand steady as more residents (specifically retirees) migrate to the area. The metro is expected to continue experiencing among the strongest in-migration trends in the region, luring wealthy retirees and a young demographic drawn to job opportunities in the high-paying Professional/Business Services sector. Single-family affordability, along with an oversupply of condos, prevent this metro from receiving a higher rating. 16
MARKET & AREA OVERVIEW SURROUNDING AREA The City of Lake Worth is Palm Beach County s last true Old Florida cities, with homes built in the 50 s and 60 s in the beach cottage style. The businesses and residents are multi-cultural, artistic, and socially progressive. Lake Worth about 6.5 square miles, divided into four districts, snugly situated between West Palm Beach to the north, and Boynton Beach to the south, on the Atlantic Coast Lake Worth Playhouse a popular theatre in the area Lake Worth is best known as the artistic hub of Palm Beach County, as the Cultural Council of Palm Beach County is centered downtown. Also downtown is the Lake Worth Playhouse, a staple in the arts community, and the home of the famous Lake Worth Street Painting Festival. Bryant Park with its scenic water views With plenty of parks, including Bryant Park, a large open-space park on the Intracoastal, public beach access, a public golf course, a boat ramp, and freshwater lakes, this quaint little city by the Ocean offers residents and visitors alike plenty to do in the beautiful South Florida outdoors. William O. Lockhart Municipal Pier 17
MARKET & AREA OVERVIEW NEW DEVELOPMENTS LAKE COVE BY MERITAGE HOMES 19 th Ave N / N A ST Lake Worth, FL 33460 59 single-family homes community 3 BR & 4 BR Up to 2,819 SF Mid $300-400s THE ONE LUXURY CONDOMINIUMS 1 S Palmway Lake Worth, FL 33460 (14) Luxury 1 & 2 Bedroom Condo 1 BR/1 BA starting in the mid $400s 2 BR/2 BA starting in the mid $500s N 19
PROPERTY PICTURES 202 LUCENRE AVE 20
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EXECUTIVE SUMMARY 120-124 N PALMWAY 24
PROPERTY PICTURES 120-124 N PALMWAY 25
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PROPERTY PICTURES 225 OCEAN BREEZE 27
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COMPANY OVERVIEW ABOUT ONE COMMERCIAL Alexis Shapiro Broker Associate Miami, FL 954.573.4449 Ashapiro@onecommercialre.com Julian Scheeff Director of Intelligence Miami, FL 305.704.9787 jscheeff@onecommercialre.com Founded to be a Change Agent ONE Commercial Real Estate was founded by Daniel de la Vega, the President of ONE Sotheby s International Realty. Our commitment is to deliver superior results that accelerate the success of our clients and recognize and reward our team members. The Company facilitates the optimal outcome for owners, occupiers and developers in commercial real estate. ONE Commercial connects intelligence with experience, knowledge and technical skills to deliver better and faster executions for clients. We think differently, innovate and listen better. Finding the Heart Beat Moving the needle means implementing positive change. Defining and interpreting exactly what drives a clients goals and objectives is part of our essence. Every client need has a heart beat. It is that energy piece that reveals the best solution and how to get there. Being a great listener begins that process Our Business Approach Our values not only define us but they remind us every day why and how we serve our clients and our team members. Our professionals build trust and constantly challenge themselves to expand through our entrepreneurial culture. Our value equation is driven by one simple concept: deliver and execute consolidated solutions that come from fully understanding the target and delivering with knowledge and experience. Our core values: For Our Clients Think differently & advance success Listen more Do the right thing Innovate Outperform Serving Our Clients For Our Team Members Build team spirit Share Empower through learning & education Have fun Give back ONE Commercial designs and delivers services based upon a thorough understanding and analysis of market trends and dynamics and how those fit with our clients business objectives and timetables. 31