2200 Weston Rd Weston, (Broward County) FL 33326 Price: $4,256,440 NOI: $212,822 CAP: 5.00% Phone: 212.837.1531 Fax: 212.686.0078 aron@exp1031.com www.exp1031.com Fixed annual rental increases of 4%, which makes for a cap rate of 5.85% in five years Deposits at this branch are $93,295,000, which is a 13.31% increase over the previous year Broward County is the 2 nd most populous in Florida and part of the Miami metropolitan area Investment grade tenant with credit ratings of Baa3 by Moody s and BBB by Fitch Population within 5 miles exceeds 160,000 and has grown by 9.99% from 2010 to 2016 Average household income within 3 miles exceeds $117,000
Investment Overview PROPERTY OVERVIEW: EXP Realty Advisors exclusively presents for sale a 3,992.50 square foot freestanding bank on a 0.33-acre parcel of land in Broward County Florida, 34 miles north of Miami. The building is 100% leased to BankUnited, an investment grade company with a Moody s credit rating of Baa3. The rent escalates 4% annually. Deposits at this branch are over $93 million. The tenant recently exercised their last five-year option. The bank building was constructed in 2001, and it s amenities include a double drive-thru and dedicated turn lane. Deposits have exceeded $66 million at this location every year since 2010, with an average year over year growth rate of 9.27%. The property is a pad site to the Waterway Shops of Weston, a 35,989 SF neighborhood shopping center. The shopping center features thirty tenants including AT&T, Liberty Express, and Pearl Vision, as well as several restaurants and cafes like Offerdahl s Cafe, Chill N Ice and Cream, Mallardi s Tuscan Grill, Palm Grill, Power Pizza, and Lucille s American Café. Country Isles Plaza, a Publix anchored shopping center, is approximately 1.5 miles north on Weston Road from the subject property. Western Town Center, also a Publix anchored shopping center, is approximately 1.5 miles west. LOCATION OVERVIEW: The subject property is located in Weston, FL, a wealthy suburban community in Broward County. Within a five mile radius, the Average Household Income is estimated to be $113,881, and the population is 160,885. 33326 is the third wealthiest zip code in southeast Florida. A number of companies and organizations have large operations in Weston including DHL, Marriott International, Wendy s, LATAM, Abbott Laboratories, and the Cleveland Clinic. Interstate 75 travels North and South along the Eastern edge of the city and receives traffic counts of 145,249 vehicles per day. INVESTMENT SUMMARY Price: $4,256,440 CAP Rate: 5.00% NNN Rent: $212,822 Bld. Sq Ft: 3,992.50 sf Land Size: 0.33 acres Lease Type: NN Year Built: 2001 LEASE SUMMARY: Option Commencement Date: 11/01/2016 Option Expiration Date: 10/31/2021 Current Rent: $212,822 Rental Increases: 4% Annual Options: No Remaining Options Lease Type: NN* *Tenant pays a management fee to the landlord, which is equal to 6% of base rent and an administrative fee of $3,000 annually, which is not reflected in the $212,822 rent. Landlord pays taxes and insurance and gets reimbursed by the tenant. Landlord also maintains the building and the parking lot and is 100% reimbursed for these costs. TENANT OVERVIEW: BankUnited, Inc. (NYSE: BKU Moody s: Baa3) As of September 30, 2016, BankUnited had 98 branches in 15 Florida counties and 6 banking centers in the New York metropolitan area, total deposits of $18.8 billion, and total assets of $27.3 billion. BankUnited focuses on the financial needs of growing companies and their executives, consumers and commercial and middle-market businesses in Florida s thriving coastal regions. The bank offers a broad range of online services, treasury management tools for businesses and traditional depository and lending products. INVESTMENTOVERVIEW
Aerial Waterway Shops of Weston AERIAL
Aerial 59,699 VPD AERIAL
Aerial AERIAL
Location Map LOCATIONMAP
Tnenat Information Return on Investment Over Time Rent Period Commencement Date Rent Period Expiration Date Rent Cap Rate 11/1/2016 10/31/2017 $212,822 5.00% 11/1/2017 10/31/2018 $221,335 5.20% 11/1/2018 10/31/2019 $230,188 5.41% 11/1/2019 10/31/2020 $239,396 5.62% 11/1/2020 11/31/2021 $248,972 5.85% BankUnited Inc. s Recent Historical Growth Year Total Assets (B) Total Deposits (B) Sales Revenues (M) 2013 $14.90 $10.50 $830 2014 $19.00 $13.50 $844 2015 $23.70 $16.90 $939 Subject Property's Recent Deposit Growth Year Total Deposits Increase 2014 $79,309,000 19.72% 2015 $82,188,000 3.63% 2016 $93,295,000 13.51% INVESTMENTOVERVIEW
CAM Reimbursement Overview 2015 CAM Calculation CAM % Reimbursed 100% 2015 RE Tax Pro-Rata 22,760.69 2015 Insurance Pro-Rata 12,883.22 2015 Other CAM Pro-Rata 15,598.22 Total CAM 2015 51,242.13 CAM Charged thru December 31, 2015 51,902.52 Balance Due From (To) Tenant -660.39 Sales Tax -39.62 Balance Due + Sales Tax -700.01 2015 CAM Expenses Expense Type 2015 CAM Expense Maintenance & Repair 640.36 Leasing (Garage Storage Reimbursed) 112.55 Landscaping 0 Management Fee 11,845.31 Professional Fess 3,000.00 CAM 15,598.22 REAL ESTATE TAXES 22,760.69 INSURANCE 12,883.22 TOTAL 51,242.13 INVESTMENTOVERVIEW
Property Photo AERIAL
Property Photo AERIAL
Survey SITEPLAN
Location Map LOCATIONMAP
Location Map LOCATIONMAP
Plat Map PLAT MAP
Demographic Data Radius 1 Mile 3 Mile 5 Mile Population: 2021 Projection 6,902 82,579 171,951 2016 Estimate 6,504 77,351 160,855 2010 Census 6,171 70,884 146,250 Growth 2016-2021 6.12% 6.76% 6.90% Growth 2010-2016 5.40% 9.12% 9.99% 2016 Population Hispanic Origin 2,660 33,873 67,112 2016 Population by Race: White 5,504 66,706 134,038 Black 418 4,858 14,074 Am. Indian & Alaskan 19 195 497 Asian 353 3,952 8,748 Hawaiian & Pacific Island 7 89 167 Other 203 1,551 3,331 U.S. Armed Forces: 12 66 159 Households: 2021 Projection 2,523 27,560 56,384 2016 Estimate 2,376 25,814 52,758 2010 Census 2,225 23,458 47,649 Growth 2016-2021 6.19% 6.76% 6.87% Growth 2010-2016 6.79% 10.04% 10.72% Owner Occupied 1,512 20,433 42,416 Renter Occupied 864 5,380 10,342 2016 Avg Household Income $107,912 $117,163 $113,881 2016 Med Household Income $90,079 $91,659 $90,951 2016 Households by Household Inc: <$25,000 203 2,818 5,756 $25,000 - $50,000 452 3,829 7,790 $50,000 - $75,000 324 3,960 8,041 $75,000 - $100,000 344 3,450 7,510 $100,000 - $125,000 235 3,199 7,113 $125,000 - $150,000 217 1,707 3,858 $150,000 - $200,000 416 3,170 5,851 $200,000+ 182 3,679 6,839 Contact Us EXP Realty Advisors 118 East 28 th Street Suite #901 New York, NY 10016 www.exp1031.com Our Team Aron Holewinski Associate Director of Sales Phone: (212) 972-3947 E-mail: aron@exp1031.com Robert P. James President Phone: (212) 686-0072 E-mail: rob@exp1031.com In association with Florida RE License: BK3276744 DEMOGRAPHICDATA