2019 BROWARD BUS TOUR · Single location to national portfolio, your business is our focus....
Transcript of 2019 BROWARD BUS TOUR · Single location to national portfolio, your business is our focus....
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2019 BROWARD BUS TOUROCTOBER 3, 2019
DIAMOND SPONSORS:
W O O D S T O C K
2019 NA
IOP Brow
ard County Bus TourMIAMI | CHICAGO | NEW JERSEY | LOS ANGELES | SEATTLE
B R I D G I N G C A P I T A L T O R E A L E S T A T E O P P O R T U N I T Y
Kevin Carroll - Partner, Southeast Region305.747.7046
Brian Latta - Senior Vice President, Development 305.747.7048
BRIDGE has acquired and/or developed more than 35 MSF of industrial space
valued at more than $5.6 billion since 2000. Visit bridgedev.com to learn more.
Bridge Point Powerline Road 467,832 SF Q3 2019Class-A Industrial
POMPANO BEACH, FL
Bridge Point FLL Logistics Center 174,129 SF Q3 2019
Class-A Industrial FT. LAUDERDALE, FL
Bridge Point Commerce Center1.1 MSF Q3 2019
Class-A Industrial MIAMI GARDENS, FL
Bridge Point 595677,314 SF Q3 2020Class-A Industrial
DAVIE, FL
Bridge Point Miramar304,428 SF
Class-A Industrial MIRAMAR, FL
B R O W A R DB U S T O U R
2 0 1 9PROUDSPONSOR
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Thank you NAIOP Letter. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Broward Bus Tour Committee. . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Gemstone Partner Advertisements. . . . . . . . . . . . . . . . . . . . . . 4-41
Professional Service Advertisements. . . . . . . . . . . . . . . . . . . . 42-45
Broward Bus Tour Sponsors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46-55
Market Research. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56-73
Itinerary List. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
Itinerary Detailed Property Information. . . . . . . . . . . . . . . . . 76-154
DIRECTORY
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6750 North Andrews Avenue Suite 200, Ft. Lauderdale, FL 33309 Tel: (954) 990-5116 Fax: (954) 990-5496
Dear Broward County Bus Tour Participant; Welcome to the 2019 Broward Bus Tour – Celebrating 50 years of Woodstock, Peace, Love & Happiness! I am very pleased that you have joined us for this valuable industry event. As real estate professionals, your time is valuable and we have worked hard at NAIOP South Florida to assure that your bus tour experience will be informative, enjoyable, and that you will make strong business connections. NAIOP South Florida is constantly looking to improve our programming and networking events, become a member and influence a positive direction of this organization. NAIOP receives feedback from its Board of Directors, members and attendees through board meetings, and surveys. I personally thank all that help push this organization to be the best it can be for all that attend our events. Those of you who are currently members, even better Gemstones of NAIOP are aware that our vision is straightforward - advancing responsible commercial real estate development creating events that inform our members, and our public affairs push in Tallahassee and in Washington DC. At NAIOP, our members rely on a steadfast association where they can educate themselves and foster networking circles. For those of you who may not currently belong to NAIOP, when you join NAIOP you are instantly connected with thousands of colleagues, locally, throughout the state and across North America. Join NAIOP and you will be on the forefront of superb education and information. NAIOP South Florida could not do this industry event without our sponsors that generously contribute to its success and your experience throughout the day. Special thank you goes out to Sunbeam Properties, Plantation Walk & ProFi Construction & Maintenance, for going above and beyond. Finally, I want to especially thank our Broward County Bus Tour Committee Chair, Lauren Pace of Sunbeam Properties, for her dedication as our committee chair, and to her committee - Marty Busekrus of Ciminelli Real Estate Services of Florida, Patrick Cueva of ProFi Construction & Maintenance, Carlos Lara of Blue Wave Communications, LLC, Ytiel Lopez of Premier Design + Build Group (whose team designed our wonderful front cover, THANK YOU!) Harley Miller of Miller Construction Company, David Ramsey of Florida Bond & Mortgage, Inc., Sheila Roux of Stiles, Ryan Sharpe of Hive Technologies and Eric Wolf of Excel Construction of Florida. Please contact me or Alba Garcia to find out how to become more involved and make your membership work for you.
Enjoy your bus tour!
Jules R. Morgan Executive Director
BROWARD BUS TOUR COMMITTEE
Harley Miller Miller Construction Company
Ytiel Lopez Premier Design + Build Group
David Ramsey Florida Bond & Mortgage, Inc.
Lauren Pace Sunbeam Properties Committee Chair
Patrick Cueva ProFi Construction & Maintenance
Marty Busekrus Ciminelli Real Estate Services of Florida
Carlos Lara Blue Wave Communications, LLC
Sheila Roux Stiles
Ryan Sharpe Hive Technologies
Eric Wolf Excel Construction of Florida
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B A N K I N G . I N S U R A N C E . I N V E S T M E N T S
Member FDIC. Only deposit products are FDIC insured. BBT.com© 2016, Branch Banking and Trust Company. All rights reserved.
Our commercial clients know the value of doing business with BB&T. Our consultative approach allows us to understand your business and provide insights to drive the performance of your business forward. For more than 140 years, we’ve built relationships by creating long-lasting partnerships that extend beyond deals and transactions. Experience the difference when one of the strongest and most respected banks in the nation is also part of your community. BBT.com
You’ve built your business byYou’ve built your business byYou’ve built your business byserving your clients’ best interests.serving your clients’ best interests.serving your clients’ best interests.
So have we.So have we.So have we.
Colin Orrett, Senior Vice [email protected]
CLIENT FOCUSED. RESULTS DRIVEN
MIAMI 305-400-0760
BOCA RATON 561-572-9887
WEST PALM BEACH 561-572-9887
FT. LAUDERDALE 954-628-5355
www.tower-cre.com
OFFICE SPACE AVAILABLE ACROSS THE TRI-COUNTY REGION OF SOUTH FLORIDA
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For solid, dependable and long-lasting industrial
space, work with the industry powerhouse. For
nearly 50 years we’ve set the standard for well-
millions of square feet of quality logistics space
throughout the country.
We’re strong in South Florida too. Our portfolio
has grown to more than 8.0 million square feet of
well-located warehouse and distribution space
INDUSTRIAL STRENGTHthat’s second to none in terms of quality and age, including prime properties in
Broward County.
Put our strength to work for your client. Team up with Duke Realty’s South
Florida team today.
PROUD TO PARTNER WITH NAIOP ON THEIR 2019 BROWARD BUS TOUR
dukerealty.com
For solid, dependable and long-lasting industrial
space, work with the industry powerhouse. For
nearly 50 years we’ve set the standard for well-
millions of square feet of quality logistics space
throughout the country.
We’re strong in South Florida too. Our portfolio
has grown to more than 8.0 million square feet of
well-located warehouse and distribution space
INDUSTRIAL STRENGTHthat’s second to none in terms of quality and age, including prime properties in
Broward County.
Put our strength to work for your client. Team up with Duke Realty’s South
Florida team today.
PROUD TO PARTNER WITH NAIOP ON THEIR 2019 BROWARD BUS TOUR
dukerealty.com
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Need an extra 200,000 square feetof distribution space?
Let’s go.
STACKINGTALENTColliers offers a complete range of services to owners, investors and occupiers on a local, regional, national and global basis. Our clients depend on our ability to draw on years of direct local market experience and delivering results that go above expectations.
With 10 offices throughout Florida, Colliers offers Agency Leasing, Tenant Representation, Investment Sales, Mortgage Banking (Debt/ Equity), Property Management, Project Management/Development, and Appraisal/Valuation services.
Connect with one of our professionals throughout the state for your real estate needs.
colliers.com
INDUSTRY LEADERSGlobal Reach
Local Roots
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Real Estate Investment Sales
Financing
Research
Advisory Services
MarcusMillichap.com
cc
Highland Park Office CenterMiami, FL
CLOSED: $13,875,000
850 TrafalgarMailtand, FL
CLOSED: $13,800,000
Americn Industrial CenterLongwood, FL
CLOSED: $49,000,000
The Atrium at Broken SoundBoca Raton, FL
CLOSED: $21,400,000
Cypress Executive CenterFort Lauderdale, FL
PRICE: Call for Offers
OneSpaWorld HeadquartersCoral Gables, FL
CLOSED: $14,750,000
Kane PlazaSarasota, FL
CLOSED: $16,350,000
Plantation Office PortfolioPlantation, FL
CLOSED: $43,150,000
West Hialeah Industrial PortfolioMiami, FL
CLOSED: $32,500,000
Broward Office PortfolioBroward County, FL
PRICE: Call for Offers
301 Yamato RoadBoca Raton, FL
CLOSED: $39,200,000
Doral ComonsDoral, FL
PRICE: $15,000,000A HISTORY OFSUCCESS BUILTFOR THE FUTUREFor nearly 50 years, we’ve helped our clients create and preserve wealth for today, tomorrow and generations to come. Let us use our unique combination of expertise and access to help you maximize returns and get more out of your investments.
FORT LAUDERDALE OFFICERyan NeeFirst Vice President / District Manager(954) [email protected]
MIAMI OFFICEScott LunineVice President / Regional Manager(786) [email protected]
Think beyond the build.
pdbgroup.com
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Eric D. Rapkin, Chair, Real Estate Practice Group Fort Lauderdale, FL T: 954 759 [email protected]
700+ Lawyers, 25 Officesakerman.com©2019 Akerman LLP. All rights reserved.
Ranked nationally by The Legal 500, our real estate team offers comprehensive and fully-integrated project counsel services to clients across the United States and in Latin America. With substantial industry experience and prominent local presence, we represent clients in complex real estate transactions and financings, large-scale development and redevelopment projects, leasing, public private initiatives, and litigation.
Shaping Our Future
We serve owners and occupiers in Florida witheight offices throughout the state.
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EXPERIENCE THE POWEROF MARKET KNOWLEDGE
Since 1998, we have been dedicated to providing in-depth market knowledge, comprehensive brokerage services, and highly effective management expertise
for office, retail, multifamily and industrial properties throughout Florida and beyond.
Call or visit us online to learn more about how we can help you meet your commercial real estate needs.
BergerCommercial.comGreater Fort Lauderdale - Main Office1600 S.E. 17th Street, Suite 200Fort Lauderdale, FL 33316Phone: 954.358.0900
Miami-Dade/Broward County11350 Interchange Circle NorthMiramar, FL 33025Phone: 305.830.0900
Palm Beach County2240 Woolbright Road, Suite 300Boynton Beach, FL 33426Phone: 561.613.0900
YearsBlanca Commercial Real Estate celebrates 10 years serving clients and the community.
Blanca Commercial Real Estate is Florida’s leading independently owned commercial real estate firm serving our community with passion and integrity. We offer solutions in: Landlord Representation, Tenant Representation, Property Acquisition and Disposition, Property Management and Development Consulting.
BLANCA COMMERCIAL REAL ESTATE 305.577.8850 | WWW.BLANCACRE.COM
LICENSED REAL ESTATE BROKER
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BRODY & ASSOCIATESCERTIFIED PUBLIC ACCOUNTANTS
Exceeding Expectations®
MIAMI | FORT LAUDERDALE | BOCA RATON305.931.2225 | BACPA.COM
Real Estate Funds (Tax advantaged structures with foreign investors)
Qualified Opportunity Zones (IRC Section 1400Z)
Advanced Tax Mitigation Strategies
REAL ESTATE
INTERNATIONAL TAXY & ASSOCIA
BIG-4 CPAs
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BIPC.com Ft. Lauderdale | Miami | 15 Offices Nationwide
Proud to support NAIOP& its 2019 bus tour season
Celebrating the 50th Anniversary of Woodstock
CBRE knows South Florida. Through our industry leading perspectives, scale and deep expertise,
we deliver outcomes that drive business and bottom-line performance for every South Florida
client we serve. How can we help transform your real estate into real advantage?
For more information contact or visit:
WE KNOWSOUTH FLORIDA.
MIAMI777 Brickell Ave.Suite 1100Miami, FL 33131T +1 305 374 1000
BOCA RATON5100 Town Center Cir.Suite 600Boca Raton, FL 33486T +1 561 394 2100
FORT LAUDERDALE401 E. Las Olas Blvd.Suite 1500Ft. Lauderdale, FL 33301T +1 954 462 5655
Build onAdvantage
CBRE, Inc. | Licensed Real Estate Broker
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Here’s to
50 Years of Peace, Love, Happiness
Hope y’all have a groovy time on the NAIOP Magic Bus Tour!
and South
Florida’s Built
Environment
Broward County Based and Committed since 1972 www.currentbuilders.com
2251 Blount RoadPompano Beach, FL 33069 T: 954.977.4211
360 Central Avenue, Suite 800 St. Petersburg, FL 33701
T (813) 316-4611
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al
The Fountains Plaza
LFax Industrial Park In Riviera Beach, on Avenue L off 95 & Blue Heron, minutes from the Port of Palm Beach. This Industrial Complex offers Dock High & Grade Level loading.
6000-13,500’ units with Full AC available
Warehouses in Davie 441 & Griffin 2400’- 4800
Dock Height MULTIPLE
LOCATIONS We have many locations to serve you - Tamarac, Sunrise, Plantation, North Lauderdale, Lauderhill, Davie, North Miami, Cutler Bay, Delray Beach, Mangonia Park, Riviera Beach, Tampa PROPERTY MANAGEMENT Our competant staff of trained technicians and property managers will help ensure your success. LEASING Our helpful leasing agents will walk you through our easy leasing process and are happy to assist you with renewals and upsizing at any time!
Professional Office/Retail
Delray Office 150’ – 7500’
GENET PROPERTY GROUP Small Bay Industrial • Office • Retail for Lease
Miami Gardens
Cutler Bay / Homestead
Brokers Welcome! We will gladly show space and pay full commission!
We are with you every step of the way Your business is OUR business – we look forward to your success.
Findng the right location for your needs is our #1 priority. As you
grow we are happy to offer you options – our large South Florida
portfolio allows us to better accommodate the needs of our
Tenants. .
Call us 954-572-9159
teamgfa.com
GFA INTERNATIONAL, INC.Florida’s leading full-service engineering source since 1988 with the experience to handle any project that you can build.
Environmental Due DiligenceIndustrial Hygiene ConsultingEnvironmental Health & SafetyGeotechnical EngineeringConstruction Materials TestingThreshold & Special InspectionsBuilding Code CompliancePlan Review ServicesCondition Assessments40 Year Building Certi�cation
Core services include:
800.226.7522Offices Throughout Florida
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Located on the border of Miami-Dade and Broward Counties, Miami Lakes continues to provide for easy commuting and fast access to all the
business, residential and recreational areas in South Florida.
Managing over 4 million square feet of Of�ce, Industrial and Retail Space in Miami Lakes, The Graham Companies can �nd you the
ideal space to �t your business needs.
For leasing information please contact Steve Style, Vice President of Marketing, 305-817-4025 • [email protected]
The Graham Companies • 6843 Main Street • Miami Lakes, Florida 33014
www.MiamiLakes.com
A Family Tradition of Service Since 1932.
Proud Gemstone Partner of NAIOP South Florida
For more information call:Grover Corlew at 954.516.7001
grovercorlew.com
“We specialize in transforming centrally located suburban office properties intorevitalized spaces that meet the needs of today’s businesses.” ~ Grover Corlew
Real Estate Investment Management Group
Office Properties in Prime Locations Throughout Broward County
Hillsboro Center$18 NNN (excludes electric), 700 West Hillsboro$21 NNN with $10.50 CAM (all inclusive), 600 West Hillsboro• Six-story Class A office tower at 600 West Hillsboro Blvd.• Four two-story office buildings at 700 West Hillsboro Blvd.• Located at southeast corner of Hillsboro Boulevard and I-95• 5:1,000 free surface parking• Flexible floor plans, on-site security and café
50 NE 26th Ave.$17 – $21 Modified Gross • Four-story Pompano-based medical and professional center • Modern suite buildouts to meet tenant design requirements• Two blocks off east Atlantic Boulevard• Near Intracoastal and dining/retail establishments• Covered parking
Spacious modern work environments | Shorter commute times | Ample parkingEasy access to upscale residential neighborhoods, dining, lodging and retail
Campus-like settings with outdoor green spaces
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FROM ROADS AND RAILS TO BRICKS AND MORTAR
BOCA RATON • FORT LAUDERDALE • JACKSONVILLE • MIAMI • ORLANDO • PALM BEACH
STUART • TALLAHASSEE • TAMPA • THE FLORIDA KEYS • VERO BEACH • WEST PALM BEACH
Real estate has fueled Florida’s growth since railway pioneers first stitched the state with tracks.
Today, Gunster advocates for the people and businesses who keep Florida growing — the borrowers, investors and builders — and those who keep it going — the transportation authorities, airports, railways and ports.
Our long-standing client partnerships include the state’s largest companies, which means we play an integral role in some of Florida’s largest deals.
That singular focus on our home soil reaches back to our roots as a firm founded in 1925. Today, with more than 200 attorneys in 18 practices across the state, we are even more immersed in Florida’s growth and its future.
Gunster. Statewide and state wise.
Gunster.com | (954) 468-1391
For more information, contact Heidi Davis Knapik
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37 YEARS SERVING
SOUTH FLORIDA
6420 CONGRESS AVE, SUITE 1900BOCA RATON, FL 33487
PHONE: (561) 241-4999FAX: (561) 241-7367
www.itascaconstruction.com
QUALITY
QUALITY SERVICE INTEGRITY . .
THE QUALITY OF THE PROJECTS WE BUILD IS OF THE HIGHEST PRIORITY IN OUR COMPANY. THE PRODUCT THAT WE PRODUCE IS OUR PRIDE OF WORKMANSHIP ON PUBLIC DISPLAY.
SERVICEITASCA CONSTRUCTION PROVIDES PERSONALIZED SERVICE TO EACH AND EVERY CLIENT REGARDLESS OF THE PROJECT, SIZE OR TYPE. EACH JOB IS THE MOST IMPORTANT WE DO.
INTEGRITYOUR REPUTATION IS OUR MOST VALUABLE ASSET. OUR COMPANYWAS FOUNDED ON THE PRINCIPLE OF PROVIDING THE HIGHESTLEVELS OF QUALITY, SERVICE AND INTEGRITY. WE SEEK TO BUILD LASTING RELATIONSHIPS WITH COMPANIES WHO VALUE THESE IDEALS AND PEOPLE WHO SHARE THIS VISION.
SOUTH FLORIDA(561) 241-4999
TAMPA BAY(813) 975-8900
GEORGIA(770) 449-6700
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OFFICEINDUSTRIAL
RETAILTENANT IMPROVEMENTS
RENOVATIONSBUILD TO SUIT
37 YEARS SERVING
SOUTH FLORIDA
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© 2019 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
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SPECIAL PROJECTS GROUP
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Black Creek Group is an experienced real estate investment management and development firm that has bought or built over $19 billion of investments
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RENOVATIONSBUILD TO SUIT
37 YEARS SERVING
SOUTH FLORIDA
6420 CONGRESS AVE, SUITE 1900BOCA RATON, FL 33487
PHONE: (561) 241-4999FAX: (561) 241-7367
www.itascaconstruction.com
PROUD SPONSOROF THE 2019 NAIOP BROWARD COUNTY
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BergerCommercial.comGreater Fort Lauderdale - Main Office1600 S.E. 17th Street, Suite 200Fort Lauderdale, FL 33316Phone: 954.358.0900
Miami-Dade/Broward County11350 Interchange Circle NorthMiramar, FL 33025Phone: 305.830.0900
Palm Beach County2240 Woolbright Road, Suite 300Boynton Beach, FL 33426Phone: 561.613.0900
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Blue Wave is a state licensed and fully insured Technology Systems Integrator, committed tobuilding long-term partnerships. We build infrastructures designed to meet the unique needsof your business while delivering a lifetime of consistent, superior performance.
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Summary StatisticsQ2 2019 Office Market Broward, FL
Vacancy Rate 9.0%
Change From Q1 2019 (Percent) -0.1%
Absorption (Square Feet) 102,545
New Construction (Square Feet) 102,500
Under Construction (Square Feet) 1,599,847
Market IndicatorsRelative to Prior Period Q2 2019 Q3 2019*
Vacancy
Net Absorption
Construction
Overall Rental Rate
Class A Rental Rate
Note: Construction is the change in Under Construction. *Projected
Asking RentsPer Square Foot Per Year
Overall $31.62
Change From Q1 2019 +1.1%
Class A $38.72
Change From Q1 2019 +0.2%
Steady Activity with Sizable New Office Leases Signed in Broward CountyExecutive SummaryFollowing a strong first quarter in 2019, market activity continued at a steady pace in the second quarter of 2019 with positive absorption and stabilized vacancy rates at 9.0 percent. Furthermore, rental rates recorded a 11 percent year-over-year increase to a high of $31.62 per square foot full service. A number of significant and sizable leases were signed this quarter. In particular, the suburban areas of Sawgrass Park, Sunrise, Southwest Broward and Cypress Creek have been appealing to new and expanding tenants. Medical, technology, legal, accounting and co-working groups continue to be the most active tenants seeking space.
With new construction at its peak since 2015, new product is beginning to hit the market. The recent delivery of University Professional Center to the Plantation market marked the first new office building in 10 years in that submarket. Like most new office construction in Broward, the 63,600 square feet of Class A space features cutting-edge technology for the modern office user as well as space designed to meet the demands of medical office tenants. Another 1.6 million square feet is currently under construction primarily concentrated in Downtown Fort Lauderdale, Hallandale Beach, Plantation and Southwest Broward. New construction in downtown and these submarkets alike are favorable due to the growing population and proximity to an abundance of amenities.
Market Highlights > In Sunrise, Ultimate Software expanded its South Florida operation by leasing over 100,000 square feet at Sawgrass International Corporate Park. Ultimate Software now has 14 locations in South Florida. This is the first location outside of Weston, in addition to 24 other locations within the U.S. and 6 outside of the U.S.
> Another two significant leases include the renewal of Bolton Medical at 799 International Parkway in Sunrise (48,600 square feet) and the renewal of the Florida Attorney General’s lease at 110 Tower in Downtown Fort Lauderdale (42,000 square feet)
> The sale of Royal Caribbean Cruise Lines operations center marked the largest transaction this quarter trading for $45 million or $334 per square foot to Chateau Group. It previously traded for $26 million in 2009, marking a 70 percent increase.
> The Edison building in Southwest Broward is nearing completion, it has been topped off and dried in. Aquila Software signed a 28,980 square foot pre-lease and will be relocating its headquarter here.
Research & Forecast Report
BROWARD COUNTY | OFFICESecond Quarter 2019
Data Note: Colliers tracks all office buildings 10,000+ SF.
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Unemployment rates decreased at the local, state, and national level. The Miami-Fort Lauderdale-West Palm Beach MSA unemployment rate posted 3.1 percent* in May 2019, representing an 11 percent decrease from May 2018. The state of Florida rate posted a 3.4 percent* unemployment for May 2019, well below the national average of 3.6 percent.
*preliminary
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
-200
-100
0
100
200
300
400
2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2
Vaca
ncy
Rat
e
Squa
re F
eet (
Thou
sand
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Net Absorption Completions Overall Vacancy Class A Vacancy
2 South Florida Research & Forecast Report | Q2 2019 | Office | Colliers International
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
May
-12
Aug-
12
Nov
-12
Feb-
13
May
-13
Aug-
13
Nov
-13
Feb-
14
May
-14
Aug-
14
Nov
-14
Feb-
15
May
-15
Aug-
15
Nov
-15
Feb-
16
May
-16
Aug-
16
Nov
-16
Feb-
17
May
-17
Aug-
17
Nov
-17
Feb-
18
May
-18
Aug-
18
Nov
-18
Feb-
19
May
-19
Une
mpl
oym
ent R
ate
Florida Miami-Ft Lauderdale-West Palm Beach MSA USA
Completions, Absorption and Vacancy Rates
Source: Colliers International, CoStar
Source: US Bureau of Labor Statistics
Unemployment Trends
Stabilizing Vacancy RatesOverall, office vacancy rates in Broward County stabilize, decreasing one percent quarter-over-quarter while positive net absorption surpasses completions.
South Florida - Office Market TrendsCoworking Saturates the South Florida MarketAs demand increases for flexible lease options and highly-amenitized space, coworking firms flood the South Florida office market. Approximately 2.7 million square feet in the tri-county area are leased by coworking firms. While Miami-Dade County is the densest coworking market, with nearly 2 million square feet of space leased to coworking firms, coworking firms are expanding to Broward and Palm Beach counties as well.
Coworking offers nontraditional leases to companies of all sizes and types, they provide turn-key desks and offices in a space loaded with amenities such as, food and beverage services, health and fitness centers, conference rooms, printers, outdoor patio areas, scenic views and natural light. These firms focus on meeting the needs of their clients by providing management services and kindling a collaborative and creative environment.
Nationwide, businesses from other sectors are entering the coworking market by partnering with coworking firms or creating their own coworking companies. Office owners, commercial real estate services companies and retailers are among the industries providing coworking space. For example, retailer, Office Depot, recently launched its own coworking company Workonomy and will provide workspaces inside of their existing stores.
In 2019 alone, over 500,000 square feet have been leased by coworking companies, resulting in almost 22 percent of all coworking inventory across South Florida. WeWork and Spaces leased the largest amount of space; 324,120 square feet across 4 locations and 166,765 square feet also across 4 locations, respectively. Though the majority of the square-footage was leased in CBD markets in 2019, suburban markets account for almost 1 million square feet of the total coworking inventory in South Florida. The coworking trend continues to accelerate and shows no signs of letting up; their ability to please clients and provide services not offered by traditional leases will increase the demand for coworking spaces and allow them to expand further into suburban markets.
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3 South Florida Research & Forecast Report | Q2 2019 | Office | Colliers International
PROPERTY TYPE BUILDINGS TOTAL INVENTORY SF DIRECT VACANCY %
TOTAL VACANCY %
NET ABSORP. CURRENT QTR. SF
NEW COMPLETIONS SF
UNDER CONSTRUCTION SF
AVG. DIRECT ASKING RATE
FULL SERVICE
CENTRAL BUSINESS DISTRICT
COMMERCIAL BOULEVARDA 3 235,137 7.9% 7.9% -3,493 0 0 $25.53
B 16 615,427 16.1% 16.1% 32,007 0 0 $22.88
C 12 465,478 1.6% 1.6% 622 0 0 $20.71
Overall 31 1,316,042 9.5% 9.5% 29,136 0 0 $22.94 DOWNTOWN FORT LAUDERDALEA 23 4,711,884 15.2% 15.7% -24,676 0 484,652 $45.93
B 59 1,936,198 8.5% 9.0% -17 0 15,968 $36.04
C 42 1,049,374 9.4% 9.4% 3,964 0 0 $26.89
Overall 124 7,697,456 12.7% 13.2% -20,729 0 500,620 $44.04
FORT LAUDERDALEA 7 993,439 13.8% 15.4% 7,746 0 0 $32.59
B 131 5,017,818 11.2% 11.2% -37,429 0 0 $26.30
C 117 2,361,242 4.5% 4.5% -3,003- 0 0 $21.34
Overall 255 8,372,499 9.6% 9.8% -32,686 0 0 $26.99 HOLLYWOODA 5 582,379 10.7% 11.5% -2,561 0 0 $31.67
B 82 2,658,757 7.0% 7.0% -8,249 0 0 $28.28
C 71 1,467,623 3.8% 4.4% -4,828 0 0 $20.84
Overall 158 4,708,759 6.4% 6.7% -15,638 0 0 $27.50
POMPANO BEACH
A 6 584,114 14.7% 14.7% -48,099 0 405,000 $31.13
B 116 3,528,149 9.2% 9.2% -8,554 0 0 $22.16
C 62 1,292,312 5.4% 5.4% -11,259 0 0 $22.37
Overall 184 5,404,575 8.9% 8.9% -67,912 0 405,000 $23.66
SUBURBAN
CYPRESS CREEKA 22 2,525,016 10.8% 11.6% 14,910 0 0 $29.01
B 95 4,340,611 11.8% 12.2% 53,497 0 0 $23.77
C 40 998,549 7.5% 7.5% -9,056 0 0 $23.64
Overall 157 7,864,176 10.9% 11.4% 59,351 0 0 $25.35 HALLANDALE
A 1 27,744 34.9% 34.9% 0 0 404,227 $56.78
B 16 646,379 15.3% 15.3% -2,697 0 15,000 $33.30
C 21 445,166 8.0% 8.0% -2,438 0 0 $17.28
Overall 38 1,119,289 12.9% 12.9% -5,135 0 419,227 $50.43 NW BROWARD/CORAL SPRINGS
A 13 888,108 9.8% 10.0% 5,991 0 0 $28.56
B 87 2,628,995 10.2% 10.3% -2,565 0 0 $24.97
C 48 1,099,905 3.9% 4.0% 2,854 0 0 $32.39
Overall 148 4,617,008 8.6% 8.7% 6,280 0 0 $26.26
OUTLYING BROWARD COUNTY
A 0 0 0.0% 0.0% 0 0 0 -
B 2 28,296 0.0% 0.0% 0 0 0 -
C 0 0 0.0% 0.0% 0 0 0 -
Overall 2 28,296 0.0% 0.0% 0 0 0 -
SUBMARKET BREAKDOWN
4 South Florida Research & Forecast Report | Q2 2019 | Office | Colliers International
YEAR & QUARTER
# OF BUILDINGS
TOTAL INVENTORY
SFDIRECT
VACANCY %TOTAL
VACANCY %NET ABSORP.
CURRENT QTR. SFNET ABSORP.
YTD SFNEW
COMPLETIONS SF
UNDER CONSTRUCTION
SF
OVERALL AVG. DIRECT
ASKING RATE FS
CLASS A AVG. DIRECT
ASKING RATE FS
2019 Q2 1,516 61,509,425 8.8% 9.0% 102,545 (59,879) 93,600 1,599,847 $31.62 $38.72
2019 Q1 1,515 61,434,825 8.8% 9.1% (162,424) (162,424) 39,319 1,693,447 $31.27 $38.64
2018 Q4 1,513 61,395,506 8.5% 8.8% 181,589 11,411 24,000 1,201,798 $30.39 $37.30
2018 Q3 1,514 61,815,293 9.4% 9.7% 81,556 (170,178) 325,509 853,850 $29.21 $35.98
2018 Q2 1,510 61,528,685 9.1% 9.4% 26,229 (251,734) 0 1,074,184 $28.43 $34.30
2018 Q1 1,510 61,528,685 9.2% 9.4% (277,963) (277,963) 98,156 574,957 $27.40 $32.63
2017 Q4 1,508 61,446,545 8.6% 8.8% 208,441 1,319,591 87,068 572,797 $26.78 $32.00
2017 Q3 1,509 61,417,145 8.9% 9.1% 143,173 1,111,150 0 579,155 $26.90 $31.74
2017 Q2 1,509 61,417,145 9.1% 9.4% 395,954 967,977 104,031 579,155 $26.80 $31.30
2017 Q1 1,507 61,313,114 9.4% 9.9% 572,023 572,023 523,249 557,300 $26.61 $30.85
2016 Q4 1,504 60,822,362 9.6% 10.1% 293,205 784,451 31,397 865,480 $26.55 $31.67
2016 Q3 1,503 60,811,733 10.2% 10.5% 267,094 491,246 28,787 857,489 $26.13 $30.93
2016 Q2 1,503 60,820,875 10.7% 11.0% 224,152 224,152 32,597 799,208 $25.56 $30.62
BROWARD COUNTY OVERALL MARKET
PROPERTY ADDRESS CLASS TENANT NAME SIZE (SF) LEASE TYPE SUBMARKET
1340 Concord Terrace A Ultimate Software 100,710 New Sawgrass Park
799 International Parkway B Bolton Medical 48,600 Renewal Sunrise
110 Tower A Florida Attorney General 42,000 Renewal Downtown Ft. Lauderdale
1200 SW 145th Avenue A Aquila Software 28,890 New Southwest Broward
401 E Las Olas A Motorola Solutions 24,395 New Downtown Ft. Lauderdale
Huntington Square A MD Live 23,000 New Southwest Broward
1300 Sawgrass Corporate Pky A Synechron 20,000 New Sawgrass Park
LEASING ACTIVITY
PROPERTY ADDRESS CLASS BUYER NAME SIZE (SF) SALES PRICE SUBMARKET
Royal Caribbean Center, 14700 Caribbean Way A Chateau Group 134,786 $45,000,000 ($334) SW Broward
U.S. Customs and Border Protection Building, 1800 NE 7th Ave B Gardner-Tanenbaum 39,883 $22,000,000 ($552) Fort Lauderdale
2901 & 3001 Coral Hills Drive (Part of 55 Property MOB Portfolio Sale) A Welltower 108,968 $18,350,000 ($168) Coral Springs
Department of Children & Families, 311 N State Rd 7 C Trammell Crow Co 124,037 $11,000,000 ($89) Plantation
4100 S. Hospital Drive (MOB) B 4100 Hospital Drive (Bruce Clait) 31,346 $10,900,000 ($349) Plantation
SALES ACTIVITY
PLANTATIONA 21 2,453,216 13.0% 13.6% 25,863 63,600 110,000 $35.36
B 107 3,720,053 4.8% 4.9% 49,006 30,000 0 $24.28
C 64 1,484,333 2.8% 2.8% 20,318 0 0 $26.13
Overall 192 7,657,602 7.0% 7.3% 95,187 93,600 110,000 $31.16 SAWGRASS PARK
A 18 2,271,837 8.0% 8.3% 71,995 0 0 $32.58
B 31 1,723,534 5.0% 5.0% (1,853) 0 0 $26.27
C 6 211,484 0.0% 0.0% 0 0 0 $23.57
Overall 55 4,206,855 6.4% 6.6% 70,142 0 0 $28.85
SOUTHWEST BROWARD
A 41 3,826,998 9.2% 9.3% (26,202) 0 165,000 $33.03
B 109 4,203,804 3.5% 3.5% 8,001 0 0 $25.74
C 22 486,066 1.2% 1.2% 2,750 0 0 $26.42
Overall 172 8,516,868 5.9% 6.0% (15,451) 0 165,000 $30.64
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5 South Florida Research & Forecast Report | Q2 2019 | Office | Colliers International
SUBMARKET MAPOFFICE
NW BROWARD / CORAL SPRINGS
OUTLYING BROWARD
PLANTATION
FT LAUDERDALE
DOWNTOWNFT LAUDERDALE
COMMERCIAL BLVD
POMPANO BEACH
HOLLYWOOD
HALLANDALE
SOUTHWEST BROWARD
CYPRESS CREEK
SAWGRASS PARK
6 South Florida Research & Forecast Report | Q2 2019 | Office | Colliers International
This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2019. All rights reserved.
Miami 801 Brickell AvenueSuite 850Miami, FL 33131Tel: +1 305 359 3690Fax: +1 786 735 3178
Coral Gables2121 Ponce de Leon BoulevardSuite 1250Coral, Gables, FL 33134Tel: +1 305 854 7342Fax: +1 786 735 3178
Fort Lauderdale 200 E Broward BoulevardSuite 120Fort Lauderdale, FL 33301Tel: +1 954 652 4600Fax: +1 954 667 7945
Boca Raton2385 NW Executive Center Drive Suite 350Boca Raton, FL 33431Tel: +1 561 353 3650Fax: +1 561 353 3651
West Palm Beach901 Northpoint ParkwaySuite 109West Palm Beach, FL 33407Tel: +1 561 478 6400Fax: +1 561 353 3651
SOUTH FLORIDA REGIONAL OFFICES
www.colliers.com/southflorida
FORT LAUDERDALE
MIAMI
ORLANDO
CLEARWATER
JACKSONVILLE
TAMPA BAY
FORT MYERS
17,000 professionals in 68 countries • US $3.3 billion in annual revenue
• 2 billion* square feet under management
• 69,000 total sale/lease transactions
• $127+ billion USD in total transaction value* Square footage includes office, industrial and retail property un-der management. Residential property is excluded from this total. All statistics are for 2018. BOCA RATON
CONTRIBUTORS
Ryan Kratz | President, Southeast Region | [email protected] Verity Mosquera, MBA | Research & Consulting Manager, South Florida | [email protected] Haley Boatright | Research Analyst, South Florida | [email protected]
WEST PALM BEACH
CORAL GABLES
GAINESVILLE
SARASOTA
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cushmanwakefield.com
Broward CountyIndustrial Q2 2019
MARKETBEAT
Economic Indicators
Market Indicators (Overall, All Property Types)
Overall Net Absorption/Overall Asking Rent4-QTR TRAILING AVERAGE
Overall Vacancy
Q2 18 Q2 19 12-Month Forecast
Broward Employment 853k 864k
Broward Unemployment 3.2% 3.0%
U.S. Unemployment 3.9% 3.6%
* Numbers above are monthly figures, May 2019, FL Dept. Economic OPP.
Q2 18 Q2 19 12-Month Forecast
Vacancy 3.7% 3.4%
YTD Net Absorption (sf) -278k 176k
Under Construction (sf) 1.2M 2.0M
Average Asking Rent* $9.36 $10.01
*Rental rates reflect net asking $psf/year
BROWARD COUNTY INDUSTRIAL EconomyBroward County’s unemployment rate was 3.0% in May 2019, down 20 basis-points (bps) year-over-year (YOY) on 11,200 new jobs added. The County’s labor force rose to be over 1.0 million strong with less than 31,000 currently unemployed. Industrial-using sectors, including Manufacturing, Construction and Trade, Transportation & Utilities all posted positive job gains which contributed to improvement in the industrial market’s fundamentals.
Market SupplyThe overall vacancy rate for industrial space was down 30 bps to 3.4% at the end of the quarter and 210 bps below the 5-year historical average of 5.5%. The strongest YOY gains in occupancy were witnessed in Southwest Broward, the County’s second largest industrial submarket, where vacancy dropped 180 bps to 4.5% even as new availabilities were added in the second quarter. Overall vacancy for warehouse/distribution space fell 20 bps YOY to 3.9%. Tenants moving into vacant space in Southeast Broward were the most active pushing the vacancy rate down 430 bps to 4.3% overall. Nearly 2.0 million square-feet (msf) of speculative warehouse/distribution space was under construction and 85% available for lease. Construction activity throughout Broward County was strong during the first half of the year. A handful of key institutional players including Bridge Development, IDI Logistics and Prologis are driving the speculative warehouse/distribution product under construction. 65% of under construction space, or 1.3 msf, was centered in two submarkets. Southeast Broward and Pompano Beach accounted for a third of the total inventory in Broward County. During this cycle to date, most new projects were part of larger developments with multiple phases spread out over a period of quarters or years. Notable multi-phased developments included Seneca Commerce Center in Southeast Broward, Bergeron Distribution Center in Southwest Broward and Bridge Point Powerline Road in North Broward. During the first half of the year, there were 480,000 sf of construction completions, primarily in the Southwest and North Broward submarkets.
Market PricingCountywide asking rates for warehouse/distribution space increased 8.8% YOY to $9.62 per square foot (psf) triple net (NNN). The lack of available space, pipeline of new construction and landlord confidence in demand pushed rents higher in a land-constrained market. For the second quarter in a row, Southeast Broward led the County in warehouse/distribution rent growth, up 18.2% YOY to $10.50 psfNNN, followed by gains in Central Broward, which had 14.0% bumps in asking rates YOY to $9.03 psf. Overall, all industrial asset classes witnessed a yearly increase in average asking rates, up 6.9% to $10.01 psf NNN, the second quarter in a row where that overall average rent has topped $10.00 psf, NNN.
0%
2%
4%
6%
8%
10%
2015 2016 2017 2018 2019
5- Year Historical Average = 5.0%
$0.00
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
0
100,000
200,000
300,000
400,000
500,000
600,000
2014 2015 2016 2017 2018 2019
Net Absorption, SF Asking Rent, $ PSF
cushmanwakefield.com
MARKETBEAT
Broward CountyIndustrial Q2 2019
New Supply (msf)
Warehouse/Distribution Asking Rents by Submarket (NNN)
Availability by Size SegmentOVERALL VACANCIES IN ONE SUITE
Investment sales volume in Broward County, for all industrial asset classes, totaled 3.9 msf in the first six months of 2019, with nearly 2.8 msf trading across sought-after warehouse/distribution assets. Activity was especially high in Southwest Broward, which accounted for 82.1% of the total sales volume, or just over 2.3 msf. In the first six months of 2019, strong investor appetite for well-positioned warehouse/distribution assets, close to customers and logistic networks was evident and expected to continue through the end of the year.
Market DemandYear-to-date (YTD) leasing activity was 1.5 msf, down almost 30% from the activity recorded at this time in 2018. Most leasing came from submarkets in North and Southwest Broward, which were responsible for 63% of the County’s total industrial leasing activity of 1.0 msf. Tenants from third-party logistics firms and construction companies were responsible for the largest portion of leases signed in 2019. The greatest increases in leasing YOY came in Southeast Broward, which was rose by over 219%. Overall net absorption was positive for the first half of 2019 with the bulk of tenants taking 184,000 sf of space in the first six months in the Pompano Beach submarket and 87,000 sf in the Davie/Plantation/Sunrise submarket. Absorption in office services and manufacturing assets was slightly negative over the first half of the year.
As the expansion continued this cycle, leasing activity and new construction should remain active well into 2020. Tenant confidence in Broward County’s market fundamentals, including strong population and job growth, provide long-term confidence in the growth of the industrial market.
.
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD2019
MS
F
Market Outlook
• Overall rent growth for the remainder of 2019 should remain positive on high occupancies.
• Tenant interest from expanding ecommerce, logistics and building supply companies should drive growth in new construction.
• 2.0 msf of warehouse/distribution space was currently under construction across the County and over 1.0 msf was set to deliver by yearend.
10-Year Historic Average = 552,000 sf
Countywide asking rates for warehouse/distribution space increased 8.8% YOY to $9.62 psf, NNN.
100
4530
25
8
30-4.9K
5K-9.9K
10K-19.9K
20K-49.9K
50K-100K
100K+
$9.0
3
$9.0
6 $10.
50
$9.7
9
$0.00
$2.00
$4.00
$6.00
$8.00
$10.00
Central Broward North Broward Southwest Broward Hollywood/Hallandale
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MARKETBEAT
About Cushman & WakefieldCushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estateoccupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employeesin 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and projectmanagement, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow@CushWake on Twitter.
Copyright © 2019 Cushman & Wakefield. All rights reserved. The information contained within this report is gathered from multiplesources considered to be reliable. The information may contain errors or omissions and is presented without any warranty orrepresentations as to its accuracy.
Broward CountyIndustrial Q2 2019
Key Lease Transactions Q2 2019
PROPERTY SF TENANT TRANSACTION TYPE SUBMARKET
2200 SW 45th Street 104,688 Toyota Tsusho America New Lease Central Broward
5607 Hiatus Road 66,270 Sonny's Enterprises New Lease North Broward
3420-3470 NW 53rd Street 56,820 GA Telesis Composite Repair Group, LLC Renewal* Central Broward
2900 Commerce Parkway 51,863 Convey Health Solutions New Lease Southwest Broward
Key Sales Transactions Q2 2019
PROPERTY SF SELLER/BUYER PRICE / $PSF SUBMARKET
201 W Broward Boulevard 221,815 Bridge Development Partners/ASB Capital MGMT $38,215,638/$172 Central Broward
450 E Copans Road 50,200 Beaver Properties/Steven Cohen $6,600,00/$131 North Broward
3851 NW 126th Avenue 34,197 VLO Investments/Ron Livni $3,500,000/$102 North Broward
3651 NW 120th Avenue 23,798 Glass & Mirror/Joseph Dagostino $2,800,000/$118 North Broward
cushmanwakefield.com
SUBMARKET TOTAL BLDGS INVENTORY
(SF)
YTD INVESTOR
SALES ACTIVITY(SF)
OVERALLVACANCY
RATE
YTDOVERALL NETABSORPTION
(SF)
UNDER CNSTR
(SF)
YTD CONSTRUCTION
COMPLETIONS(SF)
OVERALLWEIGHTED AVG.
NET RENT(MF)*
OVERALLWEIGHTED AVG.
NET RENT(OS)*
OVERALLWEIGHTED AVG.
NET RENT(W/D)*
Central Broward 497 21,367,129 429268 2.9% -65,669 231,964 0 $16.28 $12.40 $9.03
Ft. Lauderdale - Central 174 8,405,515 359,268 2.2% 51,031 0 0 $0.00 $12.42 $8.51
Ft. Lauderdale - East/Central 190 5,784,359 0 2.0% -45,893 81,964 0 $0.00 $0.00 $9.67
Ft. Lauderdale - Airport/Dania 133 7,177,255 70,000 4.6% -70,807 150,000 0 $16.28 $12.36 $9.11
North Broward 726 38,559,000 1,150,368 2.8% 186,245 785,130 212,063 $8.08 $11.59 $9.06
Pompano Beach 454 22,543,263 784,859 2.8% 184,102 785,130 212,063 $10.87 $11.41 $9.25
Deerfield Beach 141 8,692,907 307,514 2.7% -21,799 0 0 $0.00 $11.03 $8.78
Coral Springs/Margate 131 7,322,830 57,995 2.8% 23,942 0 0 $5.95 $17.50 $8.71
Southwest Broward 314 23,504,247 2,318,528 4.5% -21,251 363,779 205,440 $10.67 $15.37 $10.50
Davie/Plantation/Sunrise 167 10,059,258 1,034,684 4.5% 87,244 114,774 205,440 $10.67 $15.60 $11.05
Pembroke Pines/Miramar/Weston 147 13,444,989 1,283,844 4.5% -108,495 249,005 0 $0.00 $14.59 $10.19
Southeast Broward 133 7,567,582 47,000 4.3% 76,175 603,139 62,176 $14.65 $0.00 $9.79
BROWARD TOTALS 1,670 90,997,958 3,945,164 3.4% 175,500 1,984,012 479,679 $10.34 $13.38 $9.62
*Rental rates reflect asking $psf/year FLEX = Flex Space MF = Manufacturing OS = Office Service/Flex W/D = Warehouse/Distribution
ASSET TYPE TOTAL BLDGS
INVENTORY(SF)
YTDINVESTOR SALES
ACTIVITY (SF)
OVERALL VACANCY
RATE
YTD OVERALL NET ABSORPTION
(SF)
UNDER CNSTR
(SF)
YTD LEASING ACTIVITY
(SF)**
YTD CONSTRUCTION
COMPLETIONS (SF)
OVERALL AVERAGE
ASKING RENT
DIRECT AVERAGE
ASKING RENT
Warehouse/Distribution 1,074 66,777,820 2,837,421 3.9% 210,711 1,984,012 1,247,481 479,679 $9.62 $9.60
Manufacturing 261 11,776,562 681,946 2.0% -7,980 0 7,020 0 $10.34 $10.34
Office Service/Flex 335 12,443,576 425,797 2.1% -27,231 0 248,645 0 $13.38 $13.38
* Renewals are not included in Leasing Activity.
**Leasing activity includes only new and expansion leases and does not include Renewals
MARKETBEAT
About Cushman & WakefieldCushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estateoccupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employeesin 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and projectmanagement, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow@CushWake on Twitter.
Copyright © 2019 Cushman & Wakefield. All rights reserved. The information contained within this report is gathered from multiplesources considered to be reliable. The information may contain errors or omissions and is presented without any warranty orrepresentations as to its accuracy.
Broward CountyIndustrial Q2 2019
Cushman & Wakefield, LLC515 E Las Olas Boulevard Suite 900Fort Lauderdale, FL 33301cushmanwakefield.com
For more information, contact:Chris OwenDirector, Florida Research Tel: +1 407 541 [email protected]
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Investor Sentiment Boosted by Strong ConsumptionAnd Multiple Retailer Expansions in South Florida
More retailers targeting South Florida with aggressive growth plans. Robust capital and population migration to South Florida will power the retail sector through another year, bolstered by healthy consumer spending trends. The region is on pace to grow by more than 200 people every day, fueling a broad spectrum of retail expansions. Necessity-based retailers are chasing strong household growth farther inshore, bringing a new Costco to Coral Springs, a Floor & Decor to Kendall and multi-ple grocers and fitness centers to the region. Luxury brands remain in expansion mode as well in efforts to capture robust tourism spending, locating in high-end corridors in the major urban-cores. Operations re-main tight across many submarkets, squeezed by a shortage of develop-able land and rising demand among other property types, keeping rents at all-time highs.
Delivery schedule swells against backdrop of vigorous demand, limited availability. Developers were underway on nearly 5 million square feet in the third quarter, more than 60 percent of which is rising in Miami-Dade County. Some of the largest projects coming down the pipeline are large mixed-use developments in response to shifting retail trends and greater urbanization. River Landing in Miami illustrates this trend with 345,000 square feet of retail next year along with offices and residences in a highly trafficked pocket of the metro. Other major devel-opments include Miami Worldcenter, Dania Pointe and multiple gyms, grocers and home-improvement retailers. Just over 3 million square feet is scheduled for delivery this year in South Florida.
Retail 2019 Outlook
* Cap rates trailing 12 months through 2Q19; 10-year Treasury up to March 29
Sources: CoStar Group, Inc.; Real Capital Analytics
Vacancy Rate TrendsMetro United States
Vac
ancy
Rat
e
0%
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9%
12%
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Local Retail Yield TrendsRetail Cap Rate 10-Year Treasury Rate
Asking Rent TrendsMetro United States
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Employment vs. Retail Sales TrendsEmployment Growth Retail Sales Growth
Squa
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thou
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Retail Completions
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1,500
2,000
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18171615141312111009
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24%
Single-Tenant Multi-Tenant
19*
18171615141312111009 19*
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12%
Miami• Urban infill assets are being pursued in Little Havana and the Wynwood
area where investors are recording first-year returns in the mid-5 to mid-6 percent range.
• Robust household formation farther inshore has been a target of investment recently, boosting investor competition in Kendall, South Dade and the Miami Airport submarket.
Fort Lauderdale• Cap rates for multi-tenant assets were in the mid-6 to low-7 percent
territory over the past year, keeping local and out-of-state buyers active in the search for remaining upside.
• Single-tenant properties with a national credit retailer traded with first-year returns in the mid-4 to mid-6 percent band. Hollywood, Pompano Beach and Fort Lauderdale were primary targets.
West Palm Beach• Multi-tenant cap rates are in the mid-7 percent territory, keeping
investor perceptions elevated and boosting liquidity in the market. Favorable demographic trends and an affluent population are also a major draw for investment.
• Palm Beach County has registered more interest from investors and developers as tertiary markets become more in favor for their stable job gains and elevated growth expectations.
Investment Trends
Metro VacancyY-O-Y
Basis Point Change
Asking Rent
Y-O-Y Change
Miami 4.7% 70 $33.45 4.4%
Fort Lauderdale 4.2% 0 $23.95 3.6%
West Palm Beach 4.3% -30 $24.95 1.1%
MARKET REPORTQ 3 / 1 9RETAIL
Southeast Florida Metros
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CONSTRUCTION
RENT
2.2% increase in total employment Y-O-Y
• Over the trailing 12-month period ended in June, 25,900 jobs were created in Miami-Dade County, a greater pace of employment growth than the 1.3 percent expansion recorded one year ago.
• The education and health services sector led employment growth with the creation of 9,600 jobs over the past four quarters, followed by the leisure and hospitality sector with 5,600 workers added to company payrolls.
40 basis point increase in vacancy Y-O-Y
• Net absorption trended lower, totaling 310,000 square feet to lift the vacancy rate to 4.2 percent in the second quarter, building on the 20-basis-point increase posted one year ago. Multi-tenant vacancy dipped 20 basis points to 4.8 percent.
• Operations remained extremely tight at under 3 percent in multiple submarkets, including Coral Way, Hialeah Gardens and Aventura, where recent supply additions have been minimal.
740,000 square feet completed Y-O-Y
• Supply growth over the past year slowed substantially from the nearly 1.2 million square feet delivered during the prior yearlong stretch and was headlined by Downtown Miami.
• The retail portion of Virgin MiamiCentral was the largest delivery of the past year, adding 127,000 square feet downtown. Deliveries were also strong in Kendall, where 150,000 square feet was completed, 82,000 square feet being a new Floor & Decor.
0.4% decrease in the average asking rent Y-O-Y
• The average asking rent declined to $33.79 per square foot in the second quarter, reversing the 2.9 percent rise posted one year earlier. Rents in the multi-tenant segment fell 5.0 percent to $31.96 per square foot.
• Limited supply growth and tight vacancy rates supported double-digit rent gains in multiple submarkets, including in West Miami, Aventura and the Miami Airport area.
VACANCY
* Forecast
2Q19 – 12-Month Trend
Vacancy Rate TrendsMetro United States
Vac
ancy
Rat
e
0%
3%
6%
9%
12%
Rat
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Local Retail Yield TrendsRetail Cap Rate 10-Year Treasury Rate
Asking Rent TrendsMetro United States
Year
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Cha
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Employment vs. Retail Sales TrendsEmployment Growth Retail Sales Growth
Squa
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thou
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Retail Completions
0
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1,500
2,000
Completions Absorption
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-24%
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0%
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24%
Single-Tenant Multi-Tenant
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18171615141312111009 19*
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6%
9%
12%
MIAMI
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6869
Demographic Highlights
$1,728 Per Person
Five-Year Population Growth**
$4,915 Per Household
Retail Sales Forecast**
2Q19 Retail Sales per Month
2Q19 Median Household Income
$55,658U.S. Median
Five-Year Household Growth**2019 Job Growth*
2.2%U.S. Average
U.S.
U.S.
U.S.
1.1%
$1,550
$4,017
Metro
1.3%
Metro
$64,784
146,100 or Annual Growth
0.6% Annual Growth
1.5% 72,300 or Annual Growth
U.S. 1.0% Annual Growth
17.9%U.S.
Metro
17.0%* Forecast ** 2018-2023
SALES TRENDS
• Multi-Tenant: Healthy investor sentiment over the past year supported a 3.7 percent increase to the average sale price, pushing past $410 per square foot.
• Single-Tenant: Deal flow rose moderately, contributing to a 1.8 percent increase to pricing to just above $500 per square foot for the first time on record.
Outlook: Higher yields than other gateway markets on top of a highly afflu-ent population and a robust tourism trends will hold investor sentiment elevated through the year. Smaller submarkets of Miami that have been inundated with capital over the past few years will remain major targets.
Strong Property Metrics, Favorable Yields Maintain Healthy Investment Outlook
Vacancy Rate TrendsMetro United States
Vac
ancy
Rat
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6%
9%
12%
Rat
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Local Retail Yield TrendsRetail Cap Rate 10-Year Treasury Rate
Asking Rent TrendsMetro United States
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Employment vs. Retail Sales TrendsEmployment Growth Retail Sales Growth
Squa
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Retail Completions
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Completions Absorption
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-6%
0%
6%
12%
19*18171615141312111009
19*171513110907050301
0%
3%
6%
9%
12%
SUBMARKET TRENDS
Lowest Vacancy Rates 2Q19
Submarket Vacancy Rate
Y-O-Y Basis Point
Change
Asking Rent
Y-O-Y % Change
Coral Way 1.5% -10 $31.09 0.1%
West Miami 1.7% -120 $31.30 28.5%
Hialeah Gardens 2.0% -30 $21.30 4.3%
Aventura 2.4% 40 $46.28 20.0%
Miami Airport 2.4% 10 $30.11 10.0%
South Dade 2.9% -90 $24.02 11.8%
Kendall 3.1% 30 $33.27 1.4%
Coral Gables 3.2% 100 $41.72 -1.4%
Medley/Hialeah 3.3% 60 $29.60 -0.2%
Northeast Dade 3.5% 50 $24.24 -18.6%
Miami (City) 4.4% -50 $23.26 -3.6%
Overall Metro 4.2% 40 $33.79 -0.4%
* Trailing 12 months through 2Q19 over previous time period
Sources: CoStar Group, Inc.; Real Capital Analytics
EMPLOYMENT
CONSTRUCTION
RENT
1.7% increase in total employment Y-O-Y
• Job growth over the trailing 12-month period ended in June was on par with the prior yearlong stretch as employers created 14,200 positions, primarily in the professional and business services sector, which added 10,000 workers.
• The education and health services sector was a major contributor to employment gains as well, adding 3,700 workers to company payrolls. The jobless rate rested at a tight 3.3 percent in June.
0 basis point change in vacancy Y-O-Y
• Net absorption over the past four quarters lined up with supply growth to keep the vacancy rate at 4.2 percent in the second quarter. One year earlier a 40-basis-point increase was posted.
• Vacancy at multi-tenant properties climbed 10 basis points in the second quarter from the same time last year to 5.0 percent. Tenant demand was greatest in the Plantation submarket with net absorption of more than 200,000 square feet.
680,000 square feet completed Y-O-Y
• Deliveries over the past year grew from the nearly 630,000 square feet added to the county during the prior period, headlined by the completion of a 157,000-square-foot Costco in Coral Springs.
• Other major projects finalized over the past year include a building at the new Pembroke Pines City Center that is more than 100,000 square feet and occupied by Publix, along with a phase of the Dania Pointe development that is 60,000 square feet.
2.6% increase in the average asking rent Y-O-Y
• Rent growth over past year ended in June slowed from the 7.3 percent pace registered one year ago, bringing the average asking rent to $23.66 per square foot.
• In the multi-tenant segment a 3.4 percent rent increase was posted, pushing the average asking rate up to $19.58 per square foot. Holly-wood and Cypress Creek recorded double-digit rent gains.
VACANCY
* Forecast
2Q19 – 12-Month Trend
Vacancy Rate TrendsMetro United States
Vac
ancy
Rat
e
0%
3%
6%
9%
12%
Asking Rent TrendsMetro United States
Year
-ove
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hang
eYe
ar-o
ver-
Year
Cha
nge
Employment vs. Retail Sales TrendsEmployment Growth Retail Sales Growth
Squa
re F
eet (
thou
sand
s)
Retail Completions
-2,000
-1,000
0
1,000
2,000
Completions Absorption
18171615141312111009
Year
-ove
r-Ye
ar A
ppre
ciat
ion
Price Per Square Foot Trends
-24%
-12%
0%
12%
24%
Single-Tenant Multi-Tenant
19*
18171615141312111009 19*
18171615141312111009 19*
18171615141312111009 19*-14%
-7%
0%
7%
14%
-10%
-5%
0%
5%
10%
19*18171615141312111009
FORT LAUDERDALE
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7071
Demographic Highlights
$2,106 Per Person
Five-Year Population Growth**
$5,375 Per Household
Retail Sales Forecast**
2Q19 Retail Sales per Month
2Q19 Median Household Income
$62,473U.S. Median
Five-Year Household Growth**2019 Job Growth*
1.8%U.S. Average
U.S.
U.S.
U.S.
1.3%
$1,550
$4,017
Metro
1.3%
Metro
$64,784
132,200 or Annual Growth
0.6% Annual Growth
1.9% 71,900 or Annual Growth
U.S. 1.0% Annual Growth
18.7%U.S.
Metro
17.0%* Forecast ** 2018-2023
SALES TRENDS
• Multi-Tenant: Yield-chasing investors contributed to a 6.3 percent increase to the average sale price, resting at $255 per square foot over the past year.
• Single-Tenant: Broad-based investor demand lifted pricing 5.2 percent to average $461 per square foot. Buyers placed greater focus on assets in Hollywood, Fort Lauderdale proper and Pompano Beach.
Outlook: Tight operations and healthy rent gains along the coastal corridor will maintain investor sentiment, aided by strong commercial investment surrounding Fort Lauderdale and a new transit line.
Development Boom, Robust Household Formation Boost Liquidity Across the Market
Vacancy Rate TrendsMetro United States
Vac
ancy
Rat
e
0%
3%
6%
9%
12%
Asking Rent TrendsMetro United States
Year
-ove
r-Ye
ar C
hang
eYe
ar-o
ver-
Year
Cha
nge
Employment vs. Retail Sales TrendsEmployment Growth Retail Sales Growth
Squa
re F
eet (
thou
sand
s)
Retail Completions
-2,000
-1,000
0
1,000
2,000
Completions Absorption
18171615141312111009
Year
-ove
r-Ye
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ppre
ciat
ion
Price Per Square Foot Trends
-24%
-12%
0%
12%
24%
Single-Tenant Multi-Tenant
19*
18171615141312111009 19*
18171615141312111009 19*
18171615141312111009 19*-14%
-7%
0%
7%
14%
-10%
-5%
0%
5%
10%
19*18171615141312111009
SUBMARKET TRENDS
Lowest Vacancy Rates 2Q19
Submarket Vacancy Rate
Y-O-Y Basis Point
Change
Asking Rent
Y-O-Y % Change
Sawgrass Park 0.6% 10 $20.31 -6.4%
Southwest Broward 2.7% 60 $28.93 2.2%
Commercial Blvd. 2.9% -210 $16.06 3.7%
Hallandale 3.1% 40 $23.68 4.0%
Hollywood 4.3% 30 $24.92 12.3%
Plantation 4.4% -170 $21.07 -3.0%
NW Broward/Coral Springs 4.5% -30 $19.39 -0.5%
Fort Lauderdale (City) 4.7% 30 $23.64 4.0%
Downtown Fort Lauderdale 4.9% 120 $37.13 -2.5%
Cypress Creek 5.3% -90 $23.09 30.4%
Pompano Beach 6.0% 30 $20.91 1.0%
Overall Metro 4.2% 0 $23.66 2.6%
* Trailing 12 months through 2Q19 over previous time period
Sources: CoStar Group, Inc.; Real Capital Analytics
EMPLOYMENT
CONSTRUCTION
RENT
2.2% increase in total employment Y-O-Y
• Job growth over the past year picked up from the 0.9 percent pace of expansion posted last June as 14,700 workers were added to company payrolls. The jobless rate fell 10 basis points to rest at a tight 3.5 percent in June.
• The education and health services sector added the most jobs during the past year, bringing on 4,450 workers, followed by the creation of 3,600 jobs in the professional and business services sector.
30 basis point decrease in vacancy Y-O-Y
• Net absorption reached 660,000 square feet over the trailing 12-month period ended in June, compressing the vacancy rate to 4.3 percent after registering a 20-basis-point climb a year earlier.
• Tenant demand was greatest in the multi-tenant segment where vacancy fell 80 basis points to 4.4 percent in June on net absorption of 530,000 square feet. Tenant demand was greatest in Boynton/Lantana with net absorption of 143,000 square feet.
450,000 square feet completed Y-O-Y
• Developers finalized 300,000 square feet in the first half of the year, bringing the year-over-year total well above the 170,000 square feet built during the prior yearlong stretch.
• Supply growth was greatest in the Boynton/Lantana submarket where the Cobblestone Commons were completed in the first quarter. The 110,000-square-foot shopping center is anchored by PetSmart and organic grocer Earth Fare.
1.7% increase in the average asking rent Y-O-Y
• After a 5.4 percent increase was posted one year ago, the average ask-ing rent climbed to $24.22 per square foot in the second quarter.
• The average asking rent for multi-tenant space rose 7.4 percent to $23.17 per square foot, headlined by the Boynton/Lantana submarket, which was up 31.8 percent to $24.98 per square foot. Strong multi-tenant rent growth was also recorded in Delray Beach with a 22.6 percent increase to $28.36 per square foot.
VACANCY
* Forecast
2Q19 – 12-Month Trend
Vacancy Rate TrendsMetro United States
Vac
ancy
Rat
e
0%
3%
6%
9%
12%
Asking Rent TrendsMetro United States
Year
-ove
r-Ye
ar C
hang
eYe
ar-o
ver-
Year
Cha
nge
Employment vs. Retail Sales TrendsEmployment Growth Retail Sales Growth
Squa
re F
eet (
thou
sand
s)
Retail Completions
-600
0
600
1,200
1,800
Completions Absorption
18171615141312111009
Year
-ove
r-Ye
ar A
ppre
ciat
ion
Price Per Square Foot Trends
-22%
-11%
0%
11%
22%
Single-Tenant Multi-Tenant
19*
18171615141312111009 19*
18171615141312111009 19*
18171615141312111009 19*-16%
-8%
0%
8%
16%
-12%
-6%
0%
6%
12%
19*18171615141312111009
WEST PALM BEACH
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arket Research
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7273
Demographic Highlights
$1,734 Per Person
Five-Year Population Growth**
$4,180 Per Household
Retail Sales Forecast**
2Q19 Retail Sales per Month
2Q19 Median Household Income
$66,405U.S. Median
Five-Year Household Growth**2019 Job Growth*
2.5%U.S. Average
U.S.
U.S.
U.S.
2.1%
$1,550
$4,017
Metro
1.3%
Metro
$64,784
156,998 or Annual Growth
0.6% Annual Growth
2.8% 85,400or Annual Growth
U.S. 1.0% Annual Growth
30.4%U.S.
Metro
17.0%* Forecast ** 2018-2023
SALES TRENDS
• Multi-Tenant: An attractive yield profile brought more capital to Palm Beach County recently, pushing pricing up 6.6 percent over the past year to $290 per square foot.
• Single-Tenant: Stable transaction velocity supported a 2.8 percent increase to the average price, climbing past $420 per square foot. West Palm Beach proper and North Palm Beach led sales activity.
Outlook: Palm Beach County outpaces the rest of South Florida in popula-tion growth, particularly among the younger cohort, which favors dining out and experiential retail. This motivates investors to continue deploying capital this year.
Attractive Yield Profile, Strong Demographics Lead Investors to Chase Remaining Upside
SUBMARKET TRENDS
Lowest Vacancy Rates 2Q19
Submarket Vacancy Rate
Y-O-Y Basis Point
Change
Asking Rent
Y-O-Y % Change
Palm Springs/Lake Worth 1.3% -140 $20.25 12.5%
Boca Raton 2.4% 20 $30.50 -4.4%
Jupiter 2.7% -210 $25.99 7.2%
Boynton/Lantana 3.8% -80 $22.40 10.9%
Royal Palm Beach/Wellington 4.0% -30 $22.45 6.4%
West Palm Beach (City) 5.1% -90 $20.44 10.2%
Palm Beach 5.4% -130 $25.41 12.8%
Delray Beach 5.6% 140 $31.39 13.4%
North Palm Beach 5.8% 130 $22.41 -23.6%
Overall Metro 4.3% -30 $24.22 1.7%
* Trailing 12 months through 2Q19 over previous time period
Sources: CoStar Group, Inc.; Real Capital Analytics
Vacancy Rate TrendsMetro United States
Vac
ancy
Rat
e
0%
3%
6%
9%
12%
Asking Rent TrendsMetro United States
Year
-ove
r-Ye
ar C
hang
eYe
ar-o
ver-
Year
Cha
nge
Employment vs. Retail Sales TrendsEmployment Growth Retail Sales Growth
Squa
re F
eet (
thou
sand
s)
Retail Completions
-600
0
600
1,200
1,800
Completions Absorption
18171615141312111009
Year
-ove
r-Ye
ar A
ppre
ciat
ion
Price Per Square Foot Trends
-22%
-11%
0%
11%
22%
Single-Tenant Multi-Tenant
19*
18171615141312111009 19*
18171615141312111009 19*
18171615141312111009 19*-16%
-8%
0%
8%
16%
-12%
-6%
0%
6%
12%
19*18171615141312111009
NA
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Atlanta Office:
Michael Fasano First Vice President/Regional Manager1100 Abernathy Road N.E., Bldg. 500, Suite 600Atlanta, GA 30328(678) 808-2700 | [email protected]
Austin Office:
Craig Swanson Vice President/Regional Manager9600 North Mopac Expressway, Suite 300Austin, TX 78759(512) 338-7800 | [email protected]
Baltimore Office:
Bryn Merrey Senior Vice President/Division Manager100 E. Pratt St., Suite 2114Baltimore, MD 21202Tel: (202) 536-3700 | [email protected]
Boston Office:
John Horowitz First Vice President/Regional Manager100 High Street, Suite 1025Boston, MA 02110(617) 896-7200 | [email protected]
Charlotte Office:
Benjamin Yelm Regional Manager201 South Tryon Street, Suite 1220Charlotte, NC 28202(704) 831-4600 | [email protected]
Chicago Area Offices:
Richard Matricaria Executive Vice President of Investment Brokerage333 West Wacker Drive, Suite 200, Chicago, IL 60606(312) 327-5400 | [email protected]
David Bradley Regional Manager | Chicago Downtown333 West Wacker Drive, Suite 200, Chicago, IL 60606(312) 327-5479 | [email protected]
Steven Weinstock First Vice President/Regional ManagerOne Mid America Plaza Suite 200Oakbrook Terrace, IL 60181(630) 570-2250 | [email protected]
Michael Glass First Vice President/District [email protected]
Cleveland Office: 5005 Rockside Road, Suite 800Independence, OH 44131(216) 264-2000
Columbus Office:230 West Street, Suite 100Columbus, OH 43215(614) 360-9800
Dallas Office:
Tim Speck First Vice President/District Manager5001 Spring Valley Road, Suite 100WDallas, TX 75244(972) 755-5200 | [email protected]
Fort Worth Office:
Mark McCoy Regional Manager300 Throckmorton Street, Suite 1500Fort Worth, TX 76102(817) 932-6100 | [email protected]
Denver Office:
Skyler Cooper Regional Manager1225 17th Street, Suite 1800Denver, CO 80202(303) 328-2000 | [email protected]
Detroit Office:
Steven Chaben Senior Vice President/Regional ManagerTwo Towne Square, Suite 450Southfi eld, MI 48076(248) 415-2600 | [email protected]
Fort Lauderdale Office:
Ryan Nee District Manager5900 N. Andrews Avenue, Suite 100Ft. Lauderdale, FL 33309(954) 245-3400 | [email protected]
Charleston Office:
Benjamin Yelm Regional Manager151 Meeting Street, Suite 450Charleston, SC 29401(843) 952-2222 | [email protected]
Edmonton Office:
Rene H. Palsenbarg Regional Manager10180 101 Street, Suite 3400Edmonton, Alberta T5J 3S4(604) 675-5200 | [email protected]
Cincinnati Office:
Colby Haugness Regional Manager600 Vine Street, 10th FloorCincinnati, OH 45202(513) 878-7700 | [email protected]
Cincinnati Office:
Colby Haugness Regional Manager600 Vine Street, 10th FloorCincinnati, OH 45202(513) 878-7700 | [email protected]
Encino Office:
Jim Markel Vice President/Regional Manager16830 Ventura Boulevard, Suite 100Encino, CA 91436(818) 212-2700 | [email protected]
Louisville Office:
Richard Matricaria Executive Vice President of Investment Brokerage9300 Shelbyville Road, Suite 1012Louisville, KY 40222(502) 329-5900 | [email protected]
Miami Office:
Scott Lunine Vice President/Regional Manager5201 Blue Lagoon Drive, Suite 100Miami, FL 33126(786) 522-7000 | [email protected]
Milwaukee Office:
Todd Lindblom Regional Manager13890 Bishops Drive, Suite 300Brookfi eld, WI 53005(262) 364-1900 | [email protected]
Minneapolis Office:
Jon Ruzicka Regional Manager1350 Lagoon Avenue Suite 840Minneapolis, MN 55408(952) 852-9700 | [email protected]
Nashville Office:
Jody McKibben Vice President/Regional Manager6 Cadillac Drive, Suite 100Brentwood, TN 37027(615) 997-2900 | [email protected]
New Haven Office:
J.D. Parker Executive Vice President of Investment Brokerage265 Church Street, Suite 210New Haven, CT 06510(203) 672-3300 | [email protected]
Los Angeles:
Adam Christoff erson Senior Vice President/Division Manager(818) 212-2700 | adam.christoff [email protected]
Jim Markel Vice President/Regional Manager | Encino(818) 212-2700 | [email protected]
Tony Solomon First Vice President/Regional Manager | West L.A. (310) 909-5500 | [email protected]
Enrique Wong First Vice President /Regional Manager | Downtown L.A.(818) 212-2700 | [email protected]
Damon Wyler Vice President/Regional Manager | Long Beach(562) 257-1200 | [email protected]
Memphis Office:
Jody McKibben Vice President/Regional Manager5100 Poplar Avenue, Suite 2505Memphis, TN 38137(615) 997-2860 | [email protected]
Montreal Office:
Thierry Lessoil Regional Manager1000 de la Gauchetière West Suite 4230Montreal, Quebec H3B 4W5(514) 629-6000 | [email protected]
Indianapolis Office:
Josh Caruana Vice President/Regional Manager600 E. 96th Street, Suite 500Indianapolis, IN 46240(317) 218-5300 | [email protected]
Kansas City Office:
Richard Matricaria Sr. Vice President/Division Manager7400 College Boulevard, Suite 105Overland Park, KS 66210(816) 410-1010 | [email protected]
Las Vegas Office:
Adam Christofferson Senior Vice President/Division Manager3800 Howard Hughes Parkway, Suite 1550Las Vegas, NV 89169(702) 215-7100 | adam.christoff [email protected]
Jacksonville Office:
Justin West, Vice President/Regional Manager5220 Belfort Road, Suite 120Jacksonville, FL 32256(904) 672-1400 | [email protected]
Houston Office:
Ford Noe Regional ManagerThree Riverway, Suite 800Houston, TX 77056(713) 452-4200 | [email protected]
Adam Christoff ersonSenior Vice President/Division Manageradam.christoff [email protected]
16830 Ventura Boulevard, Suite 100Encino, CA 91436(818) 212-2700
John VorsheckSenior Vice President/Division [email protected]
4660 La Jolla Village Drive, Suite 900San Diego, CA 92122(858) 373-3100
The information contained in this report was obtained from sources deemed to be reliable. Every
effort was made to obtain accurate and complete information; however, no representation, warranty
or guarantee, express or implied, may be made as to the accuracy or reliability of the information
contained herein. Note: Metro-level employment growth is calculated based on the last month of the
quarter/year. Sales data includes transactions valued at $1,000,000 and greater unless otherwise
noted. This is not intended to be a forecast of future events and this is not a guaranty regarding a
future event. This is not intended to provide specific investment advice and should not be considered
as investment advice.
Sources: Marcus & Millichap Research Services; Bureau of Labor Statistics; CoStar Group, Inc.;
Experian; Moody’s Analytics; Real Capital Analytics; TWR/Dodge Pipeline; U.S. Census Bureau
National Retail Group
Scott M. HolmesSenior Vice President, National Director | National Retail Group
Tel: (602) 687-6689 | [email protected]
Prepared and edited by
Michael MurphyResearch Analyst | Research Services
For information on national retail trends, contact:
John ChangSenior Vice President, National Director | Research Services
Tel: (602) 707-9700 | [email protected]
Price: $750
© Marcus & Millichap 2019 | www.MarcusMillichap.com
Perc
ent o
f Dol
lar V
olum
e
Retail Mortgage Originations By Lender
2Q19* Retail Acquisitions By Buyer Type
Listed/REITs, 6.0%
Equity Fund& Institutions, 13.8%
Other, 2.8%Cross-Border, 27.7%
Private, 49.7%
0%
25%
50%
75%
100%
1817161514
CMBSReg'l/Local BankNat'l Bank/Int'l BankFinancial/InsurancePvt/Other
* Trailing 12 months through 2Q19
Include sales $2.5 million and greater
Sources: CoStar Group, Inc.; Real Capital Analytics
CAPITAL MARKETSCAPITAL MARKETS
By DAVID G. SHILLINGTON, President, Marcus & Millichap Capital Corporation
• Fed trying to extend economic runway but hitting headwinds. The Fed-eral Reserve’s decisive action, including their rate drop in July, will support the economic growth cycle, but may be outweighed by the escalating trade war. Uncertainty and caution increased following August 1 announcement that additional tariff s would be levied, sparking a fl ight to safety and the recent inversion of the 10-year and two-year Treasurys. Though the Fed’s 25-basis-point reduction of the overnight rate and early end to quantitative tightening could pose some infl ation risk, the Fed has communicated a willingness to let the economy “run hot” in an eff ort to spur growth. Should core infl ation rises above 2 percent, it will not be seen as an immediate risk. Falling interest rates, a byproduct of the trade war and the Fed’s eff orts to boost the economy, will bolster leveraged yields for investors. With the yield on the 10-year Treasury now down 70 basis points from the cycle peak last October and at their lowest level since 2016, investment options that may not have penciled even 30 days ago have been reinvigorated. This should help moderate the buyer/seller expectation gap that had widened earlier in the year.
• Lenders shift focus to tenant blends as transforming sector opens new doors. The evolving nature of the retail sector is providing opportunities for investors and giving underwriters more confi dence in the long-term outlook of retail. Lending habits remain relatively conservative; however, a wide range of fi nancing is available for strong proposals. Underwriters are beginning to focus more on tenant mixes while emphasizing the inclusion of tenants with sustainable business models before they sponsor a deal. Active lenders include local, regional and national banks, insurance companies, debt funds and CMBS lenders. Net-leased assets and premier, mixed-use structures remain the most desirable asset types. Meanwhile, outlying malls and non-credit tenants will be heavily scrutinized and underwritten in a very conservative manner. Loan to Value (LTV) ratios are in the 60% to 70% range with typical debt service coverage (DSC) ratios above 1.30x depending on borrower, asset and location factors. Mezzanine and bridge loan structures have been more frequently used in this environment, with owners fi nancing capital improvements at higher leverage ratios on short-term debt before seeking long-term fi nancing options once their operations have been stabilized.
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7475
2019 BROWARD BUS TOUR ITINERARY
2019 Type Name of Project/Building Sponsoring Firm
1 Registration Miramar Park of Commerce MPC-23B Miramar Park of Commerce
2 Walk Through Prologis Seneca Park Prologis
3 Lunch Plantation Walk Encore Capital Management
4 Drive By Rock Lake Business Center Cushman & Wakefield
5 Drive Through Bridge Point Powerline Road Bridge Development Partners
6 Stop Copans 95 1731 Duke Realty
7 Drive By Pompano Citi Centre Sterling Organization
8 Drive By HTC Butters
9 Drive By East Pompano Industrial Center JLL
10 Stop One Financial Plaza Tower Commercial Real Estate
11 Drive Through AutoNation Building Stiles
12 Stop The Main Las Olas Stiles
13 Walk Through 550 Building Berger Commercial Realty
14 Stop CenterPoint Distribution Center CenterPoint Properties
15 Drive By Liberty 595 Logistics Center Liberty Property Trust
16 Drive Through Metropica CBRE
17 Stop Lake Shore Plaza Workspace Property Trust
18 Walk Through Weston Town Center Weston TC, LLC
19 Walk Through The Edison Avison Young
20 Cocktail Party Miramar Park of Commerce MPC-23B Miramar Park of Commerce
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NA
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7677
NAIOP SOUTH FLORIDA CHAPTER
6750 North Andrews Avenue Suite 200, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: [email protected]
2019 Broward County Bus Tour
Project Name Project Address
City / Zip
Miramar Park of Commerce Miramar Parkway & Palm Avenue Miramar, FL 33025
Building Information Owner / Developer
Type (office, Warehouse, etc.)
Status (New, Completed, Renovated) Year
Build / Completion Date Number of Buildings
Building Size (s) Number of Floors
Floor Size Parking Ratio
Minimum Available Maximum Contiguous
Total Available Rental Rate / Operating Expense
Land Information Owner / Developer
Type (Land for Sale, Build-to-Suit) Total Acres
Zoning Site Size
Price
Contact Information Contact Company
Address Phone e-mail
Additional Information
Sunbeam Properties & Development Office, Flex, Manufacturing, R&D, Distribution New and 2nd Generation 1985-Present Varied by building 71 35,000-442,000 square feet 1 Varied by building Up to 10:1000 4,046 square feet 56,494 square feet (new construction) Varied by building Starting at $11.00 psf gross Sunbeam Properties & Development Land for lease, Land for sale, Build-to-suit 120+ PID 2-75 Acres Varies Sunbeam Properties & Development 10212 USA Today Way, Miramar, FL 33025 954-450-7900 [email protected] Foreign Trade Zone, Two Hotels on site, Two on site Banks
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7879
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8081
Hangin’ with 5-0 Summer CampHangin’ with 5-0 Summer CampBridges Gap Between Miramar Police
and At-Risk Youth
Sunbeam Properties & Development is celebrating 11 consecutive years of sponsoring Hangin’ with 5-0,a free six-week summer camp for at-risk youth in Miramar. The nine to 14-year-olds who participate inHangin’ with 5-0 are selected by school resource officers and guidance counselors for the program, which
included trips to the movies, excursions to the beach, live animal shows and more alongside Miramar’s finest.
Sunbeam’s sponsorship has provided free, one-of-a-kind summer camp experiences for more than 850 Miramar students over the past decade.
“A hallmark of Sunbeam Properties is our commitment to giving back to the city where we liveand work. By supporting local at-risk students with the unique experience of Hangin’ with 5-0,
we can continue to establish a solid foundation in our community for a better tomorrow.” ~ Sunbeam Properties Vice President Maridee Bell
10212 USA Today WayMiramar, FL 33025 954.450.7900
The world-class Miramar Park of Commerce is home to South Florida’s burgeoning aviationcommunity. With aviation-related tenants accounting for more than 400,000 sq. ft. of space,the Miramar Park of Commerce and its aviation hub continue to bolster
the regional economy and business environment through employmentopportunities, contributions to the city and state’s tax roll and daily supportof local retailers, housing providers and more.
10212 USA Today WayMiramar, FL 33025 954.450.7900
South Florida’s Bustling
Continues to Expand at Miramar Park of Commerce
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8283
www.prologis.com
30,000 – 169,029 SF Industrial Space For Lease
Prologis Seneca Park 2500 Commerce Center Way Pembroke Park, FL 33025 USA
LOCATION • State-of-the-art design located in an established Class “A”
Industrial Park • Convenient transportation access via I-95, I-595, Florida
Turnpike, and I-75 • Excellent location to service Broward and Dade Counties • Strong labor force with ample amenities in the immediate
area
FACILITY • 222,145 SF – total building size • 30,000 SF – 169,029 SF available • Build-to-spec office • 40 dock high doors with potential for 6 additional dock high
doors. • 32’ clear ceiling height • 44’ x 50’ column spacing • 120’ truck court • ESFR sprinkler system • LED lighting • Ample parking • 3Q 2019 occupancy
Template Placeholder Map
NAIOP SOUTH FLORIDA CHAPTER
6750 North Andrews Avenue Suite 200, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: [email protected]
2019 Broward County Bus Tour
Project Name Project Address
City / Zip
Prologis Seneca Park 2500 Commerce Center Way Pembroke Park, Florida
Building Information Owner / Developer
Type (office, Warehouse, etc.)
Status (New, Completed, Renovated) Year
Build / Completion Date Number of Buildings
Building Size (s) Number of Floors
Floor Size Parking Ratio
Minimum Available Maximum Contiguous
Total Available Rental Rate / Operating Expense
Land Information Owner / Developer
Type (Land for Sale, Build-to-Suit) Total Acres
Zoning Site Size
Price
Contact Information Contact Company
Address Phone e-mail
Additional Information
Prologis & Easton Group Joint Venture Warehouse New 2019 June 1, 2019 1 222,145 SF 1 1/1,000 30,000 SF 169,029 SF 169,029 SF Prologis & Easton Group Joint Venture Speculative – development Industrial +/- 665,110 (4 buildings total) Prologis 450 E. Las Olas Boulevard, Suite 880, Ft. Lauderdale, FL 954-587-9202 [email protected] This newly constructed logistics facility, in the South-Broward submarket includes ample parking and modern features ideal for industrial warehouse environments. The central location provides accessibility to the Fort Lauderdale-Hollywood & Miami International Airport, Port Everglades and PortMiami, making the warehouse ideal for logistics activities.
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8485
NAIOP SOUTH FLORIDA CHAPTER
6750 North Andrews Avenue Suite 200, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: [email protected]
2019 Broward County Bus Tour
Project Name Project Address
City / Zip
Plantation Walk 321 N. University Dr. Plantation, 33324
Building Information Owner / Developer
Type (office, Warehouse, etc.)
Status (New, Completed, Renovated) Year
Build / Completion Date Number of Buildings
Building Size (s) Number of Floors
Floor Size Parking Ratio
Minimum Available Maximum Contiguous
Total Available Rental Rate / Operating Expense
Land Information Owner / Developer
Type (Land for Sale, Build-to-Suit) Total Acres 27 acres
Zoning Site Size
Price
Contact Information Contact Company
Address Phone e-mail
Additional Information
Encore Capital Management Retail Under Construction 4thQ 2020 Delivery/3rdQ 2021 Opening 11 1 1,200 8,764 86,000 $45-60sf/$15.77sf Colliers International 2121 Ponce de Leon Blvd., Suite 1250, Miami, FL. 33134 305-854-7342 [email protected]/[email protected]
NAIOP SOUTH FLORIDA CHAPTER
6750 North Andrews Avenue Suite 200, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: [email protected]
2019 Broward County Bus Tour
Project Name Project Address
City / Zip
Plantation Walk 321 N. University Dr. Plantation, 33324
Building Information Owner / Developer
Type (office, Warehouse, etc.)
Status (New, Completed, Renovated) Year
Build / Completion Date Number of Buildings
Building Size (s) Number of Floors
Floor Size Parking Ratio
Minimum Available Maximum Contiguous
Total Available Rental Rate / Operating Expense
Land Information Owner / Developer
Type (Land for Sale, Build-to-Suit) Total Acres
Zoning Site Size
Price
Contact Information Contact Company
Address Phone e-mail
Additional Information
Encore Capital Management Office Construction completed 2019 2019 One office building with potential Phase II 172,959 Seven 26,454 5/1000 3,000 RSF 16,000 RSF TBD $25.50/12.92F NKF 1801 Military Trail, suite 202, Boca Raton, Fl 33431 954-401-9974 [email protected] Amenity rich mixed use site on 32 acres. 140,000 sf of retail, 700 apartments, 260 room hotel, 2,600 space garage within Phase I. Located in central Broward within Plantation.
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8687
LIVE
Encore has developed The Rise brand of apartments into award-winning,
luxury and hip places to live across the country. They are located in major
urban markets throughout Florida, California, Oregon, Arizona, Texas,
and New Jersey.
The Rise Plantation Walk will be home to 700 residences that are certain to
become a sought after address in South Florida.
APARTMENTS
Now leasing retail and office spaceFor more information, please contact us.
Steven Henenfeld
(305) 854-7342
Jay Adams
954-401-9974
plantationwalk.com
LIVE
LUXURY APARTMENTS
700PLAY
RETAIL SQUARE FEET
140,000WORK
OFFICE SQUARE FEET
177,000
Now leasing retail and office spaceFor more information, please contact us.
Steven Henenfeld
(305) 854-7342
Jay Adams
954-401-9974
plantationwalk.com
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8889
PLAY
Designed by award-winning architects, Plantation Walk will feature
140,000 square feet of retail space. Plantation Walk will offer unique
shops, chef-driven restaurants, and entertainment venues as well as events,
activities, and gatherings all year round. The team will be making an
announcement about our first retail tenants very soon!
RETAIL
Now leasing retail and office spaceFor more information, please contact us.
Steven Henenfeld
(305) 854-7342
Jay Adams
954-401-9974
plantationwalk.com
WORK
Plantation Walk features 177,000 square feet of Class A office space perfect
for emerging companies or Fortune 500 firms alike. Currently, Aetna
occupies 85,000 square feet.
With easy walkable access to the projects shopping, dining, and
entertainment venue, The Office at Plantation Walk is becoming one of the
most desirable places to work in the region.
OFFICE
Now leasing retail and office spaceFor more information, please contact us.
Steven Henenfeld
(305) 854-7342
Jay Adams
954-401-9974
plantationwalk.com
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9091
NAIOP SOUTH FLORIDA CHAPTER
6750 North Andrews Avenue Suite 200, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: [email protected]
2019 Broward County Bus Tour
Project Name Project Address
City / Zip
Rock Lake Business Center 3150-3250 W 33rd Street Pompano Beach, FL 33069
Building Information Owner / Developer
Type (office, Warehouse, etc.)
Status (New, Completed, Renovated) Year
Build / Completion Date Number of Buildings
Building Size (s) Number of Floors
Floor Size Parking Ratio
Minimum Available Maximum Contiguous
Total Available Rental Rate / Operating Expense
Land Information Owner / Developer
Type (Land for Sale, Build-to-Suit) Total Acres
Zoning Site Size
Price
Contact Information Contact Company
Address Phone e-mail
Additional Information
IDI Logistics Industrial Under construction 2019/2020 4 88,286 SF – 150,955 SF 1 150,955 SF 494,425 SF TBD/TBD Chris Metzger Cushman & Wakefield 225 NE Mizner Blvd, Suite 300, Boca Raton, FL 33432 954-771-0800 [email protected]
ROCK LAKE BUSINESS CENTERLOCATED IN THE HEART OF SOUTH FLORIDA• Quick access to two major interstates allowing easy and cost-efficient distribution to the rest of Florida and the Southeast.
• Centrally located within the three-county South Florida market.
• Great visibility and direct access to Florida’s Turnpike.
BUILDING B119,222 SF40 Dock Doors2 Drive-In Ramp155 Auto Spaces54’W x 42’D Typical54’W x 60’D Staging
BUILDING D135,962 SF38 Dock Doors2 Drive-In Ramp140 Auto Spaces54’W x 53’D Typical54’W x 60’D Staging
UN
DE
R C
ON
ST
RU
CT
ION
Building Depth: 185’125’/185’ Shared Truck Court
32’ ClearRear-Load Configuration
ESFR Sprinkler
BUILDING A88,286 SF28 Dock Doors1 Drive-In Ramp97 Auto Spaces54’W x 42’D Typical54’W x 60’D Staging
BUILDING C150,955 SF39 Dock Doors2 Drive-In Ramp155 Auto Spaces54’W x 53’D Typical54’W x 60’D Staging
FUT
UR
E D
EV
ELO
PM
EN
T
Building Depth: 220’125’/185’ Shared Truck Court
32’ ClearRear-Load Configuration
ESFR Sprinkler
YEARS
NICK [email protected]
CHRIS [email protected]
RICK [email protected]
MATTHEW G. [email protected]
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9293
NAIOP SOUTH FLORIDA CHAPTER 6750 North Andrews Avenue Suite 200, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: [email protected]
2019 Broward County Bus Tour
Project Name Project Address
City / Zip
Bridge Point Powerline Road 1971-1991 N. Powerline Road Pompano Beach, FL 33069
Building Information Owner / Developer
Type (office, Warehouse, etc.)
Status (New, Completed, Renovated) Year
Build / Completion Date Number of Buildings
Building Size (s) Number of Floors
Floor Size Parking Ratio
Minimum Available Maximum Contiguous
Total Available Rental Rate / Operating Expense
Land Information Owner / Developer
Type (Land for Sale, Build-to-Suit) Total Acres
Zoning Site Size
Price
Contact Information Contact Company
Address Phone e-mail
Additional Information
Bridge Powerline, LLC Warehouse, Class A Completed 2019 July 3 172,927 sf, 172,927 sf, 121,978 sf 1 1/1,000 30,000 sf 172,927 294,905 sf $8.25 NNN psf, and$2.75 psf CBRE Tony Hoover and Larry Dinner 5100 Town Center Circle, Boca Raton, FL 33486 561-394-2100 [email protected] Building one, 172,927 sf is fully leased. Class A warehouse space with 32’ clear height. Contact agents for Details on remaining availability and rates.
CONTACT US
TONY HOOVERSenior Vice President+1 561 393 [email protected]
LARRY DINNERSenior Vice President+1 954 331 [email protected]
DEVELOPED BY:
www.cbre.us/bridgepointpowerline
FOR LEASE
BRIDGE POINT POWERLINE ROAD1971-1981N POWERLINE ROADPompano Beach, FL
Currently under construction, project delivery is slated for the 1st Quarter 2019. Bridge Point Powerline Road is a state-of-the-art ±521,560 SF institutional showroom and distribution park. The park offers direct access on Powerline Road and lends itself to various uses such as typical distributors or image conscious heavy of ce and showroom users.
This project is located in the heart of the Pompano Beach Industrial Submarket, midpoint between the Florida Turnpike and I-95, the shortest distance between the two interstate highways in Broward County.
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9495
SQ. FT. AVAILABLEBuilding 2 - ±172,927 SFBuilding 3 - ±121,978 SF
ROOFSingle ply 45-mil mechanically fastened
TPO roo ng system; R value of 10 (R-10); 10-year warranty
ZONING General Industrial, Pompano Beach LOADING Dock high
PARKING RATIOBuilding 2 - 1.3/1,000Building 3 - 1.1/1,000
MIN-MAX TRUSS HEIGHTS ±32’ Clear
OFFICES To suit ELECTRICITY To suit
FIRE SPRINKLERED ESFR COLUMN SPACING54’ x 53’
60’ Speed bay
ELECTRICAL1600 amp, 277/480 volt, 3-phase,
4-wire electrical serviceBASE RENT Contact Broker for details
CLASS A INDUSTRIAL PARK
© 2019 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been veri ed for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners, and the use of such logos does not imply any af liation with or endorsement of CBRE. Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited.
SITE PLAN
LEA
SED
LEA
SED
BLDG 3SUBJECT
BLDG 2SUBJECT
FOR LEASEBRIDGE POINT POWERLINE ROAD
1971-1981N POWERLINE ROAD
Pompano Beach, FL
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9697
NAIOP SOUTH FLORIDA CHAPTER
6750 North Andrews Avenue Suite 200, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: [email protected]
2019 Broward County Bus Tour
Project Name Project Address
City / Zip
Copans 95 1731 1731 West Copans Road Pompano Beach, FL 33064
Building Information Owner / Developer
Type (office, Warehouse, etc.)
Status (New, Completed, Renovated) Year
Build / Completion Date Number of Buildings
Building Size (s) Number of Floors
Floor Size Parking Ratio
Maximum Contiguous Total Available
Rental Rate / Operating Expense
Land Information Owner / Developer
Type (Land for Sale, Build-to-Suit) Total Acres
Zoning Site Size
Price
Contact Information Contact Company
Address Phone e-mail
Additional Information
Duke Realty Warehouse Distribution/ Manufacturing New 2019 Sept 2019 1 100,876 1 7” unreinforced 71 Standard / 3 Handicap 100,876 100,876 $8.10 / $2.85
Duke Realty Pre-Lease 4.96 General Industrial I-1 Approx. 300’ x 725’
Stephanie Rodriguez/Duke Realty 2400 N. Commerce Parkway Suite 405 954-453-5671 [email protected]
PRIME INDUSTRIAL SPACE CENTRALLY LOCATED
Park Central Business Park is a seven-building, 714,847-square-foot industrial campus located in the heart of Broward County. From here your client can connect quickly to I-95, Florida’s Turnpike and other major roadways, giving them convenient access to surrounding South Florida cities and beyond.
Nearby amenities also make Park Central a great business location. Outdoor gathering spots and walking trails in the park make the work day more enjoyable, while nearby restaurants, hotels and shops provide time-saving services.
Talk to Duke Realty’s South Florida team about leasing opportunities in Park Central Business Park.
dukerealty.com
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9899
NEW WAREHOUSE/SHOWROOM SPACE IN A GREAT LOCATION
Located “just minutes from the interstate” is Copans 95 1731, Duke Realty’s new 100,661-square-foot industrial building. In addition to ready access to I-95, Florida’s Turnpike and other major South Florida roadways, the building includes modern warehouse features such as 32’ clear height and a 110’ truck court.
Talk to Duke Realty’s Florida team about locating your client in Copans 95 1731, the newest, most efficient warehouse/showroom space in the market.
dukerealty.com
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100101
NAIOP SOUTH FLORIDA CHAPTER
6750 North Andrews Avenue Suite 200, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: [email protected]
2019 Broward County Bus Tour
Project Name Project Address
City / Zip
Pompano Citi Centre 1955 N. Federal Hwy. Pompano Beach, FL 33062
Building Information Owner / Developer
Type (office, Warehouse, etc.)
Status (New, Completed, Renovated) Year
Build / Completion Date Number of Buildings
Building Size (s) Number of Floors
Floor Size Parking Ratio
Minimum Available Maximum Contiguous
Total Available Rental Rate / Operating Expense
Land Information Owner / Developer
Type (Land for Sale, Build-to-Suit) Total Acres
Zoning Site Size
Price
Contact Information Contact Company
Address Phone e-mail
Additional Information
Sterling Organization Office Renovated 2002 and 2020 2002 and 2020 Six 600,000 2 and 3 20,000 - 80,000 4.0 / 1,000 900 sq. ft. 55,000 sq. ft. 78,000 sq. ft. $14.00 / $8.54 N/A Robert Vreeland Sterling Organization 302 Datura Street, West Palm Beach, FL 33401 561-319-5900 [email protected] Mixed-use project with office, retail, medical, restaurants and entertainment along with a multi-family residential component planned to be delivered in 2021.
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102103
NAIOP SOUTH FLORIDA CHAPTER
6750 North Andrews Avenue Suite 200, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: [email protected]
2019 Broward County Bus Tour
Project Name Project Address
City / Zip
Hillsboro Technology Center Hillsboro Technology Drive Deerfield Beach, 33441
Building Information Owner / Developer
Type (office, Warehouse, etc.)
Status (New, Completed, Renovated) Year
Build / Completion Date Number of Buildings
Building Size (s) Number of Floors
Floor Size Parking Ratio
Minimum Available Maximum Contiguous
Total Available Rental Rate / Operating Expense
Land Information Owner / Developer
Type (Land for Sale, Build‐to‐Suit) Total Acres
Zoning Site Size
Price
Contact Information Contact Company
Address Phone e‐mail
Additional Information
Bristol Group and Butters Construction & Development Industrial distribution and office space Completed (Buildings A‐F), Proposed (Buildings G & H) 2017 Completed (Buildings A‐F), Proposed Summer 2020 (Buildings G & H) 8 140,000‐246,000 SF (Industrial) 1 N/A 1.3/1000 25,000‐246,000 SF 246,000 SF with 120 additional tractor trailers TBD Butters Realty & Management 6820 Lyons Technology Circle, Suite 100, Coconut Creek JC Conte‐954‐336‐8001/Brian Ahearn‐954‐937‐4540
Bristol Group and Butters Construction & Development 75± Acres B‐2
Hillsboro Technology Drive, Deerfield Beach, FL 33442
HILLSBORO TECHNOLOGY CENTER- FOR LEASE
Butters Realty & Management6820 Lyons Technology Circle #100Coconut Creek I FL. 33073 I www.Butters.com
No warranty or representation is made to the accuracy of the foregoing information. Terms or sale or lease or availability are subject to change or withdrawal without notice.
JC ConteEVPT: 954-418-7198M: [email protected]
Brian T. Ahearn, CCIMSenior Vice PresidentT: 954-361-6198M: [email protected]
For more information contact:
BUILDINGS E & FREADY FOR OCCUPANCY
Two New Industrial Buildings 30,000 - 150,000 Sq. Ft. Building E: 32’-6” Average Clear Height in Warehouse Area (Sloped Roof System) Building F: 34’-6” Average Clear Height in Warehouse Area (Sloped Roof System) Build-To-Suit Office ESFR Fire Sprinklers LEED Design Elements 150’ & 180’ Bay Depths 175’ Truck Court (4) 9’ x 10’ Dock Overhead Doors Per Bay (2) 12’ x 14’ Drive In Loading Doors
BUTTERS
BUILDINGS G & HSUMMER 2020
Two New Industrial Buildings with Units Ranging from 17,500 – 152,000 Sq. Ft. Building G: 33’-6” Average Clear Height in Warehouse Area (Sloped Roof System) Building H: 34’ Average Clear Height in Warehouse Area (Sloped Roof System) Build-To-Suit Office ESFR Fire Sprinklers Building G: 41 Overhead Doors w/ 6 knock out panels Building H: 24 Overhead Doors w/ 20 knock out panels 170’ & 210’ Bay Depths, 4 Docks Per Bay 52’ & 58’-8” Column Spacings (2) 16’ x 14’ Drive In Loading Doors (5) 12’ x 14’ Drive In Loading Doors
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104105
NAIOP SOUTH FLORIDA CHAPTER
6750 North Andrews Avenue Suite 200, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: [email protected]
2019 Broward County Bus Tour
Project Name Project Address
City / Zip
East Pompano Industrial Center 1300-1380 NW 48th Street, Pompano Beach, FL
Building Information Owner / Developer
Type (office, Warehouse, etc.)
Status (New, Completed, Renovated) Year
Build / Completion Date Number of Buildings
Building Size (s) Number of Floors
Floor Size Parking Ratio
Minimum Available Maximum Contiguous
Total Available Rental Rate / Operating Expense
Land Information Owner / Developer
Type (Land for Sale, Build-to-Suit) Total Acres
Zoning Site Size
Price
Contact Information Contact Company
Address
Phone e-mail
Additional Information
Black Creek Group Warehouse Under Construction Phase I: 2Q 2020 Phase II: 2Q 2022 Four Building A: 220,890 sf Building B: 214,966 sf Building C: 214,966 sf Building D: 159,494 sf +/- 25,000 sf 220,890 sf 810,316 sf Negotiable Rental Rate / $2.65 psf OpEx Sky Groden and Jeremy Cain at JLL 200 E Broward Boulevard, Suite 1030 Fort Lauderdale, FL 33301 305-960-8416 / 954-233-3464 [email protected], [email protected]
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106107
PHASE I(DELIVERING 2Q | 2020)
PHASE II(DELIVERING 2Q | 2022)
AB
NEW CLASS A CONSTRUCTION DELIVERY 2Q | 2020
LEASED BY OWNED BY
BUILDING HIGHLIGHTS
Building A 220,890 SQ FT
Building B 214,966 SQ FT
• 185 Building Depth
• 32’ Clear Height
• Rear Load – Dock High
• Easy I-95 Access Within 2 Miles
• Build-To-Suit Options Available
• Divisible to +/- 18,500 SF
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FOR LEASE
SKY [email protected] +1 (954) 817-0188
JEREMY [email protected] +1 (954) 899-2480
2 INDUSTRIAL WAREHOUSE BUILDINGS BEING DELIVERED 2Q | 2020
LEASED BY
OWNED BY
435,856 TOTAL LEASABLE SQ FT
EAST POMPANO INDUSTRIAL CENTER
1380 NE 48TH STREET, POMPANO BEACH, FL
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108109
NAIOP SOUTH FLORIDA CHAPTER
6750 North Andrews Avenue Suite 200, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: [email protected]
2019 Broward County Bus Tour
Project Name Project Address
City / Zip
One Financial Plaza 100 SE 3rd Ave Fort Lauderdale, FL 33394
Building Information Owner / Developer
Type (office, Warehouse, etc.)
Status (New, Completed, Renovated) Year
Build / Completion Date Number of Buildings
Building Size (s) Number of Floors
Floor Size Parking Ratio
Minimum Available Maximum Contiguous
Total Available Rental Rate / Operating Expense
Land Information Owner / Developer
Type (Land for Sale, Build-to-Suit) Total Acres
Zoning Site Size
Price
Contact Information Contact Company
Address Phone e-mail
Additional Information
W-Crocker Fin Place Owner VIII, LLC Office Renovated Renovated in 2019 Built in 1972 Renovated in 2019 Built in 1972 1 281,906 sf 28 11,205 sf 2.30/1,000 sf 1,200 sf 11,213 sf 29,501 sf $35-$36 NNN / $15.88 Laurel Oswald 100 SE 3rd, Suite 1605, Ft. Lauderdale, FL 33394 954.628.5355 [email protected] PROPERTY FEATURES
• 28-story Class A office tower two blocks from Las Olas Blvd.
For more information, please contact:LAUREL OSWALDExecutive Director 305.867.3625 [email protected]
TOWER COMMERCIAL REAL ESTATE100 SE 3rd | Suite 1605 | Ft. Lauderdale, FL 33394
954.628.5355 www.tower-cre.com
JON BLUNKPresident 305.400.9887 [email protected]
CRISTINA GLARIASenior Vice President 305.867.3626 [email protected]
New East Building Entrance Along Financial Plaza Drive With Additional Retail Spaces Available
NA
IOP
|
Prop
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s NA
IOP | Properties
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110111
NAIOP SOUTH FLORIDA CHAPTER
6750 North Andrews Avenue Suite 200, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: [email protected]
2019 Broward County Bus Tour
Project Name Project Address
City / Zip
AutoNation Building 200 SW 1st Avenue Fort Lauderdale 33301
Building Information Owner / Developer
Type (office, Warehouse, etc.)
Status (New, Completed, Renovated) Year
Build / Completion Date Number of Buildings
Building Size (s) Number of Floors
Floor Size Parking Ratio
Minimum Available Maximum Contiguous
Total Available Rental Rate / Operating Expense
Land Information Owner / Developer
Type (Land for Sale, Build-to-Suit) Total Acres
Zoning Site Size
Price
Contact Information Contact Company
Address Phone e-mail
Additional Information
Stiles Office Completed 2007 2007 1 204,337 17 20,911 2.5/1,000 1,276 SF 12,296 SF 21,153 SF Rental = $28.00-$30.00 Estimated OpEx = $16.39/SF Stiles Corporation 301 E Las Olas Blvd, Fort Lauderdale FL 33301 954.627.9400 [email protected]
NA
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s NA
IOP | Properties
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112113
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NA
IOP
|
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ertie
s NA
IOP | Properties
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114115
NAIOP SOUTH FLORIDA CHAPTER
6750 North Andrews Avenue Suite 200, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: [email protected]
2019 Broward County Bus Tour
Project Name Project Address
City / Zip
The Main Las Olas 201 E Las Olas Fort Lauderdale
Building Information Owner / Developer
Type (office, Warehouse, etc.)
Status (New, Completed, Renovated) Year
Build / Completion Date Number of Buildings
Building Size (s) Number of Floors
Floor Size Parking Ratio
Minimum Available Maximum Contiguous
Total Available Rental Rate / Operating Expense
Land Information Owner / Developer
Type (Land for Sale, Build-to-Suit) Total Acres
Zoning Site Size
Price
Contact Information Contact Company
Address Phone e-mail
Additional Information
Stiles/Shorenstein Office Under Construction Delivery November 2020 Delivery November 2020 1 369,809 SF 25 (Office Tower) 25,199 SF 3:1,000 TBD 240,000 SF $40-45NNN / OpEx $16.00 Stiles Corporation 301 E Las Olas Blvd, Fort Lauderdale, FL 33301 954.627.9400 [email protected]
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116117
NA
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118119
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IOP
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ertie
s NA
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120121
NAIOP SOUTH FLORIDA CHAPTER
6750 North Andrews Avenue Suite 200, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: [email protected]
2019 Broward County Bus Tour
Project Name Project Address
City / Zip
200 E Las Olas Downtown Fort Lauderdale
Building Information Owner / Developer
Type (office, Warehouse, etc.)
Status (New, Completed, Renovated) Year
Build / Completion Date Number of Buildings
Building Size (s) Number of Floors
Floor Size Parking Ratio
Minimum Available Maximum Contiguous
Total Available Rental Rate / Operating Expense
Land Information Owner / Developer
Type (Land for Sale, Build-to-Suit) Total Acres
Zoning Site Size
Price
Contact Information Contact Company
Address Phone e-mail
Stiles Corporation Office Completed 1990 1990 1 287,300 21 20,387 2.3/ 1000 2,887 rsf 42,770 rsf 79,000 $36.00 psf NNN/ $15.18 psf Avison Young 500 W Cypress Creek Rd 954 903- 3900 [email protected]
THE INFORMATION CONTAINED HEREIN WAS OBTAINED FROM SOURCES BELIEVED RELIABLE; HOWEVER, AVISON YOUNG MAKES NO GUARANTEES, WARRANTIES OR REPRESENTATIONS AS TO THE COMPLETENESS OR ACCURACY THEREOF.
THE PRESENTATION OF THIS PROPERTY IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, OR CONDITIONS, PRIOR TO SALE OR LEASE, OR WITHDRAWAL WITHOUT NOTICE.
Contact Us: 954.903.3900
Justin CopePrincipal [email protected]
Greg MartinPrincipal [email protected]
Lisa BlumerSenior [email protected]
200 East Las Olas“The Original Las Olas Address”
200 EAST LAS OLAS
Property Video
NA
IOP
|
Prop
ertie
s NA
IOP | Properties
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122123
NAIOP SOUTH FLORIDA CHAPTER
6750 North Andrews Avenue Suite 200, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: [email protected]
2019 Broward County Bus Tour
Project Name Project Address
City / Zip
550 Building 550 S. Andrews Ave Fort Lauderdale, FL 33301
Building Information Owner / Developer
Type (office, Warehouse, etc.)
Status (New, Completed, Renovated) Year
Build / Completion Date Number of Buildings
Building Size (s) Number of Floors
Floor Size Parking Ratio
Minimum Available Maximum Contiguous
Total Available Rental Rate / Operating Expense
Land Information Owner / Developer
Type (Land for Sale, Build-to-Suit) Total Acres
Zoning Site Size
Price
Contact Information Contact Company
Address Phone e-mail
Additional Information
Class A Office- Restaurant - Retail Blackhawk Investments, LLC Office with ground floor restaurant/ retail components New construction 2020 1 95,532 Sq.Ft. 7 13,136 Sq.Ft. 3.5/ 1,000 1,500 Up to 4 floors / 52,544 Sq.Ft 95,532 Office- $26-28 + $13 CAM. Rest $55 + 10 Retail $35 + 10 Berger Commercial Realty 1600 SE 17 Street suite 200 954-358-0900 [email protected] Brokers- Joseph Byrnes, Jonathan Thiel and John Forman
550 BUILDING - SOLO SHOPPES
OFFICE/RETAIL PROPERTY FOR LEASE
550 South Andrews Avenue, Fort Lauderdale, FL 33301Experience the power of market knowledge
Joseph Byrnes Jona than Th ie l John Forman
Senior Vice President Senior Sales Associate Sales Associate
954.652.2048 954.652.2020 954.652.2026
[email protected] [email protected] [email protected]
bergercommercial.com Berger Commercial Realty Corp.2240 Woolbright Road, Suite 300 1600 Southeast 17th Street, Suite 200
Boynton Beach, FL 33426 Fort Lauderdale, FL 33316
Phone: 561.613.0900 • Fax: 561.877.8363 Phone: 954.358.0900 • Fax: 954.358.0901Information furnished regarding this property is from sources deemed reliable, but no warranty or representation as to
the accuracy thereof and it is submitted subject to errors, omissions, prior sale, lease or withdrawal without prior notice.
Joseph Byrnes Jonathan Thiel John FormanSenior Vice President Senior Sales Associate Sales Associate954.652.2048 954.652.2020 [email protected] [email protected] [email protected]
Berger Commercial Realty Corp. | bergercommercial.com
1600 Southeast 17th Street, Suite 200, Fort Lauderdale, FL 33316 | P: 954.358.0900 • F: 954.358.0901 | 2240 Woolbright Road, Suite 300, Boynton Beach, FL, 33426 | P: 561.613.0900 F: 561.877.8363Information furnished regarding this property is from sources deemed reliable, but no warranty or representation as to the accuracy thereof and it is submitted subject to errors, omissions, prior sale, lease or withdrawal without prior notice.
PROPERTY HIGHLIGHTS• Seven-story, 95,532 SF Class A Office Building
• 13,136 sf floor plates
• Office suites from 1,500 SF to full floors
• On-site 634 car parking garage
• Highest available parking ratio available in Downtown FortLauderdale
• Ground floor patio restaurant and retail opportunities
• Located adjacent to the new 700,000 SF Broward CountyCourthouse
• CBD location, yet away from congestion, providing ease of accessto major transportation routes
• Office rent starting at $28 PSF NNN
• Restaurant & retail rent from $35 to $55 PSF NNN
• Building signage available
• Key location in the fast emerging SOLO District of Downtown FortLauderdale
NA
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ertie
s NA
IOP | PropertiesN
AIO
P |
Pr
oper
ties N
AIO
P | PropertiesNA
IOP
|
Prop
ertie
s NA
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124125
Joseph Byrnes Jona than Th ie l John Forman
Senior Vice President Senior Sales Associate Sales Associate
954.652.2048 954.652.2020 954.652.2026
[email protected] [email protected] [email protected]
bergercommercial.com Berger Commercial Realty Corp.2240 Woolbright Road, Suite 300 1600 Southeast 17th Street, Suite 200
Boynton Beach, FL 33426 Fort Lauderdale, FL 33316
Phone: 561.613.0900 • Fax: 561.877.8363 Phone: 954.358.0900 • Fax: 954.358.0901Information furnished regarding this property is from sources deemed reliable, but no warranty or representation as to
the accuracy thereof and it is submitted subject to errors, omissions, prior sale, lease or withdrawal without prior notice.
Joseph Byrnes Jonathan Thiel John FormanSenior Vice President Senior Sales Associate Sales Associate954.652.2048 954.652.2020 [email protected] [email protected] [email protected]
Berger Commercial Realty Corp. | bergercommercial.com
1600 Southeast 17th Street, Suite 200, Fort Lauderdale, FL 33316 | P: 954.358.0900 • F: 954.358.0901 | 2240 Woolbright Road, Suite 300, Boynton Beach, FL, 33426 | P: 561.613.0900 F: 561.877.8363Information furnished regarding this property is from sources deemed reliable, but no warranty or representation as to the accuracy thereof and it is submitted subject to errors, omissions, prior sale, lease or withdrawal without prior notice.
GROUND FLOOR - RESTAURANT/RETAIL1
1st Floor Lobby & Restaurant
550 BUILDING
OFFICE/RETAIL PROPERTY FOR LEASE
550 South Andrews Avenue, Fort Lauderdale, FL 33301
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NA
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|
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s NA
IOP | Properties
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126127
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|
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IOP | PropertiesN
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128129
NAIOP SOUTH FLORIDA CHAPTER
6750 North Andrews Avenue Suite 200, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: [email protected]
2019 Broward County Bus Tour
Project Name Project Address
City / Zip
CenterPoint Distribution Center @ Port Everglades 3423 McIntosh Road, Ft Lauderdale Hollywood, FL 33316
Building Information Owner / Developer
Type (office, Warehouse, etc.)
Status (New, Completed, Renovated) Year
Build / Completion Date Number of Buildings
Building Size (s) Number of Floors
Floor Size Parking Ratio
Minimum Available Maximum Contiguous
Total Available Rental Rate / Operating Expense
Land Information Owner / Developer
Type (Land for Sale, Build-to-Suit) Total Acres
Zoning Site Size
Price
Contact Information Contact Company
Address Phone e-mail
Additional Information
CenterPoint Properties Warehouse / Distribution Under Construction. To be completed in 2020 2020 2020 2 IWS BTS: 145,007 SF / Speculative Bldg #1: 151,690 SF One Floor 6” Reinforced Concrete Floor 262 Car Parks 50,000 SF 151,690 SF 151,690 SF CenterPoint Properties Build-to-Suit Industrial 16.66 Acres CenterPoint Properties 200 East las Olas Blvd Ft. Lauderdale, FL [email protected] [email protected] [email protected]
PROPERTY FEATURES
+ ±50,000 - ±151,200 SF Available
+ Total building size: ±151,200 SF on ±7.14 acres
+ 32’ Clear ceiling height
+ 36 Dock High Doors
+ 2 Oversized Drive-in Doors (12’ x 14’)
+ Located in Port Everglades / FTZ
+ Q3 2020 Delivery
+ 1/2 mile from the Fort Lauderdale - Hollywood International Airport and located adjacent to entrance of Port Everglades
+ Located just outside secure checkpoint
+ In the heart of South Florida’s highway system
+ Interstate I-95, I-595 and Florida Turnpike access via direct on-ramp
+ Asking $9.25 NNN
FOR LEASE
CBRE, Inc.
CONTACT US
CENTERPOINT DISTRIBUTION CENTER @ PORT EVERGLADES3413 MCINTOSH ROADHOLLYWOOD, FL 33312
TOM O’LOUGHLINSenior Vice President+1 954 356 [email protected]
LARRY DINNERSenior Vice President+1 954 331 [email protected]
LARRY GENETSenior Vice President+1 954 331 [email protected]
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130131
SITE PLAN
FOR LEASECENTERPOINT DISTRIBUTION CENTER @ PORT EVERGLADES
+-+-➔
BUILDING #1 SITE DATA:
GROSS BUILDING AREA: - -- ±151,200 SF WAREHOUSE AREA: - - - -±144,200 SFOFFICE AREA:- - - - - -±7,500 SFDRIVE-IN DOORS: - - - -- 2 DOOR DOCK DOORS:- - - - - -±36 DOORS CAR POSITIONS:- - - - -±126 COMMON AREA CAR POSITIONS:- ±42 TOTAL CAR PARKING AVAILABLE: ±168
(±25) CARP ARKS
(±36) DOCK DOORS 0
I
0 \0
+-➔
-- --------------------------------------------------------------- - ----------------------------------------- ----- ------------ --
OFFICE ±3,500 SF
------------d PRIMARY 1
TRUCK ACCESS
BUILDING #1 SITE PLAN HOLLYWOOD, FLORIDA AUGUST 12, 2019
±540'-0" (10 BAYS @ 54'-0") . . BUILDING #1
. + 151,200 SF+7.14 ACRES
. oI
0 00 N
0 I
0 \0
0 0 N N
OFFICE ±3,500 SF
tt.V·CenterPoint
FOR LEASECENTERPOINT DISTRIBUTION CENTER @ PORT EVERGLADES
LOCATION
ACCESS
3413MCINTOSH ROADHOLLYWOOD, FL 33312
CENTERPOINT DISTRIBUTION CENTER @ PORT EVERGLADES
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132133
AVAILABILITY
AVAILABILITY
CBRE, Inc.
BUILDING SF WAREHOUSE OFFICE LOADING
BUILDING 1 ±151,200 SF ±144,200 SF±7,500 SF
OR To-Suit
36 Dock High Doors2 Oversized Ramps
FOR LEASECENTERPOINT DISTRIBUTION CENTER @ PORT EVERGLADES
3413MCINTOSH ROAD, HOLLYWOOD, FL 33312
© 2019 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners, and the use of such logos does not imply any affiliation with or endorsement of CBRE. Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited.
LEASED
AVAILABLE
±151,200 SF
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134135
NAIOP SOUTH FLORIDA CHAPTER
6750 North Andrews Avenue Suite 200, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: [email protected]
2019 Broward County Bus Tour
Project NameProject Address
City / Zip
Liberty 595 Logistics Center 4020‐4030 S. State Road 7 Dania Beach, 33314
Building InformationOwner / Developer
Type (office, Warehouse, etc.)Status (New, Completed, Renovated)
YearBuild / Completion Date
Number of BuildingsBuilding Size (s)
Number of FloorsFloor Size
Parking RatioMinimum Available
Maximum ContiguousTotal Available
Rental Rate / Operating Expense
Land InformationOwner / Developer
Type (Land for Sale, Build‐to‐Suit)Total Acres
ZoningSite Size
Price
Contact InformationContact Company
AddressPhonee‐mail
Additional Information
Liberty Property Trust Warehouse Distribution and Manufacturing New, under construction 2020 3rd Qtr. 2020 2 Building 1 is 208,800 SF; Building 2 is 112,320 SF One .88:1000 car parking 26,000 SF 208,800 SF 321,120 SF $8.95, NNN / $2.50 Liberty Property Trust Liberty Property Trust 750 Park of Commerce Blvd., Suite 110, Boca Raton 561.981.4860 [email protected]
ESFR sprinklers; impact glass; LED lighting 54’ column spacing 4 Dock doors, per bay typical; trailer staging spaces
available Unparalled access to I‐595, I‐95, I‐75 & Florida’s
Turnpike
Building 1 | 208,800 SF1,160' 18
0'
36' CLEAR HT
TRAILER STAGING SPACES
Building 2 | 112,320 SF702' 16
0'
36' CLEAR HT
180'60'
60'
60'
US
441
TO I-
595
42ND
AVE
POWELLS RD
LAKE
LIBERTY 595LOGISTICSCENTER
Property Highlights
libertyproperty.com
■ Building 1 | 208,800 SF
■ Building 2 | 112,320 SF
■ 36' Clear Height
■ 180' Shared Truck Court
■ 54' Column Spacing
■ Available 3rd Qtr. 2020
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136137
NAIOP SOUTH FLORIDA CHAPTER
6750 North Andrews Avenue Suite 200, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: [email protected]
2019 Broward County Bus Tour
Project Name Project Address
City / Zip
METROPICA 1700 Metropica Way Sunrise / 33323
Building Information Owner / Developer
Type (office, Warehouse, etc.)
Status (New, Completed, Renovated) Year
Build / Completion Date Number of Buildings
Building Size (s) Number of Floors
Floor Size Parking Ratio
Minimum Available Maximum Contiguous
Total Available Rental Rate / Operating Expense
Land Information Owner / Developer
Type (Land for Sale, Build-to-Suit) Total Acres
Zoning Site Size
Price
Contact Information Contact Company
Address Phone e-mail
Additional Information
Metropica Lands, LLC Class A Office Under Construction Delivery Proposed Q1 2021 1 170,000 SF 7 ±25,000 SF 4:1,000 500 SF 26,000 SF ±26,609 $30.00 - $32.00/PSF NNN Metropica Lands, LLC Build to Suit 65.00 Acres PUD - - Metropica 1800 NW 136th Avenue, Sunrise, FL 33323 954-320-7132
www.livemetropica.com
B R A N D N E W C L A S S A O F F I C E W I T H I N A
MODERN CITY
1700 Metropica Way, Sunrise, FL 33323
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138139
ATL
AN
TIC
OC
EA
N
NEW DOWNTOWNMetropica’s contemporary office towers put corporate tenants in the center of West Broward
County’s vibrant economy with exceptional access to major transportation hubs that connect to
countless domestic and international markets. Metropica’s 65-acre master planned community
offers 170,000 square feet of Class A office space set atop street-level retail, putting businesses
and their employees in the heart of the action. In addition, a 480,000 square foot business park
campus with adjoining parking garages on the northern portion of the site offers exceptional
convenience.
From a luxury boutique hotel to trend-setting retailers, including restaurants, fine jewelry and
fitness studios, the shopping and services you need are immediately outside the offices
at 1700 Metropica.
W E L C O M E T O T H E
EVERGLADES
SUNRISE
SAWGRASS MILLS MALL
MIRAMAR
PLANTATION
BOCA RATON
MIAMI
FORT LAUDERDALE-HOLLYWOOD
INTERNATIONAL AIRPORT
FORT LAUDERDALE
ATLA
NTIC
OC
EA
N
LAUDERDALE EXECUTIVE AIRPORT
595
95
869
91
SAWGRASS
EX
PR
ES
SW
AY
METROPICAFUTUREPHASES
Residential Towers1900 luxury residences
at completion
Metropica OneDesigned by YOO
Delivery 2018
Town CenterPhase One
Build to Suit O�ce Space
± 450,000 SF O�ce50,000 SF Retail
400,000 SF Retail255 Room Luxury Boutique Hotel
170,000 SF Class A O�ce345 Rental Apartments
170,000 SF of office space — new construction
7 stories
Delivery proposed in Q1 2021
± 25,000 SF floor plates
Floor to ceiling 12’ glass
14' slab to slab height
Parking ratio: 4:1,000 structured parking reserved parking available
Valet service
Balconies on select floors overlooking retail
Building shared conference center
Front desk concierge / security
Wi-Fi connectivity in common areas
Building signage available
P R O P E R T Y D E T A I L S
±26,609 SFS I N G L E T E N A N T F L O O R
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140141
Christopher Gallagher
Senior Vice President
+1 954 770 4211
Carol Ellis-Cutler
First Vice President
+1 954 381 6499
© 2019 CBRE, Inc. This information has been obtained from sources
believed reliable. We have not verified it and make no guarantee, warranty
or representation about it. Any projections, opinions, assumptions or
estimates used are for example only and do not represent the current or
future performance of the property. You and your advisors should conduct
a careful, independent investigation of the property to determine to your
satisfaction the suitability of the property for your needs. Photos herein are
the property of their respective owners and use of these images without the
express written consent of the owner is prohibited. PMStudio_June 2019.
CBRE, Inc. | Licensed Real Estate Broker
WWW. L I V E M E T R O P I C A . C O M
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142143
NAIOP SOUTH FLORIDA CHAPTER
6750 North Andrews Avenue Suite 200, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: [email protected]
2019 Broward County Bus Tour
Project Name Project Address
City / Zip
Lake Shore Plaza 1301 International Parkway Sunrise 33323
Building Information Owner / Developer
Type (office, Warehouse, etc.)
Status (New, Completed, Renovated) Year
Build / Completion Date Number of Buildings
Building Size (s) Number of Floors
Floor Size Parking Ratio
Minimum Available Maximum Contiguous
Total Available Rental Rate / Operating Expense
Land Information Owner / Developer
Type (Land for Sale, Build-to-Suit) Total Acres
Zoning Site Size
Price
Contact Information Contact Company
Address Phone e-mail
Additional Information
Workspace Property Trust Office Completed 2005 1 140,160 Five Approximately 28,000 SF 4/1,000 SF 2,841 SF 29,574 SF 80,586 SF $23.00/NNN $12.48/RSF OPEX Workspace Property Trust Workspace Property Trust – Jonathan Guffey, Director 3350 SW 148th Ave, Suite 124, Miramar, FL 33027 813.967.5068 [email protected] Energy Star Certified Hurricane Impact Glass Minutes from Interstate 75, Sawgrass Expressway, Interstate 595, Sawgrass Mills Mall, shopping centers, hotels, eateries, banking and schools
• Energy Star Certified Building
• Parking Ratio 4/1,000 SF
• Outdoor Eating Area with Lake View
• Close Proximity to Shopping andRestaurants
1st Floor 12,598 SF Contiguous
2,841 SF - Suite 140 - Available Now 2,652 SF - Suite 150 - 11.2020 3,494 SF - Suite 160 - 11.2020 3,611 SF Suite 130 - 11.2020 6,634 SF - Suite 100 - 11.2020
2nd Floor 27,670 SF - Suite 200 - 11.2020
4th Floor 29,574 SF - Suite 400- 11.2020
5th Floor 10,744 SF Contiguous
4,626 SF - Suite 530 - 11.2020 6,118 SF - Suite 520 - 11.2020
Outdoor Eating Area
1301 International Parkway Sunrise, FL 33323
Jonathan Guffey - Director813.967.5068
Fitness Center
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144145
NAIOP SOUTH FLORIDA CHAPTER
6750 North Andrews Avenue Suite 200, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: [email protected]
2019 Broward County Bus Tour
Project Name Project Address
City / Zip
Weston Town Center 1675 Market St. Weston, FL 33326
Building Information Owner / Developer
Type (office, Warehouse, etc.)
Status (New, Completed, Renovated) Year
Build / Completion Date Number of Buildings
Building Size (s) Number of Floors
Floor Size Parking Ratio
Minimum Available Maximum Contiguous
Total Available Rental Rate / Operating Expense
Land Information Owner / Developer
Type (Land for Sale, Build-to-Suit) Total Acres
Zoning Site Size
Price
Contact Information Contact Company
Address Phone e-mail
Additional Information
Weston TC LLC Office Completed 2004 1 23,414 rentable square feet 2 1st Floor – 10,499 sq. ft.; 2nd Floor – 12,915.50 sq. ft. 1 space for every 200 square feet Shared Weston TC, LLC 24 acres Weston Leasing 1675 Market St., Suite 213, Weston, FL 33326 954-349-5900 [email protected]
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146147
CONTACT: Kara Morabito • 561-400-5629 • [email protected]
Beth Azor • 305-970-0416 • [email protected]
Weston Town Center
Ultimate Software HQ: 2,000 local employees
Cleveland Clinic Florida230 hospital beds
157,000 SQFT OF LUXURY RETAILERS, RESTAURANTS, AND OFFICE SPACE!Join Publix, Starbucks, The Cheese Course, Japan Inn, Bocas House, Primetime, Duffy’s, Delvecchio’s, Grazianos, and more!
SubjectProperty
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Weston Town Center
10,498 sqftFully built out
former real estate office space in the heart of Weston!
Includes 3 conference rooms, 10 private offices, 42 cublicles,
2 bathrooms, and 1 kithcen
Large lobby, open work area, and conference room!
2000 Main St, Weston, FL 33326
CONTACT: Kara Morabito • 561-400-5629 • [email protected]
Beth Azor • 305-970-0416 • [email protected]
DEMOGRAPHICINFORMATION:
z Median Household Income: $121,917 z Population: 77,903 within 3 miles z Daytime Population: 61,089 within 3 miles z Avg. Home Price: $450,000
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148149
UPCOMINGEVENTS
Follow Uswestontowncenter.net1675 Market Street Weston, FL 33326 | 954-349-5900
October 11th
October 20th
October 31st
November 17th
December 1st
December 13th
Feb 16th 2020
Artisan Market
Home and Health Expo
Halloween Spooktacular
Craft and Talent Show
Christmas Tree Lighting
Artisan Market
Food and Wine Festival
T H E W E S T O N T O W N C E N T E RE xper i ence ]
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Prime 2,073 sq. ft. location for a Hair Salon and much more. Immediate Occupancy. Move In Condition
Weston Town Center is the downtown of Weston, which hosts signature events that draw thousands of
patrons from accross the region
Come join a great mix of retail & restaurant uses some of which are listed below.
Weston Leasing
W E S T O N L E A SI N G: G R AC E VA L D E S - G R AC E VA L D E S @ W E S T O N L E A SI N G F L .CO M1675 M A R K E T S T R EE T, SU I T E 213, W E S T O N , F L 3 3 326(95 4) 3 49 -59 0 0
Follow Us
T H E W E S T O N T O W N C E N T E RE xper i ence ]
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150151
Shopping Center Unit Location Square Footage
2,073 sq ft
800 sq ft524 sq ft486 sq ft
1,032 sq ft
Weston Town Center (Retail) 1660 Market Street
1730 Main Street STE 2061730 Main Street STE 212 1725 Main Street STE 219
16634 Saddle Club Rd
Weston Town Center 2nd Floor (Offices)
Bonaventure Town Center Shoppes (Retail)
SERVING WESTON’S FINEST SHOPPING CENTERS
Bonaventure Town Center
Saddle Club Rd & Bonaventure Blvd.
Weston Town Center
Royal Palm Blvd and Bonaventure Blvd
AVAILABILITY
Waterways Shoppes II
Royal Palm Blvd and Weston Rd
Weston Leasing
W E S T O N L E A SIN G: G R A C E VA L D E S - G R A C E VA L D E S @ W E S T O N L E A S I N G F L .C O M1675 M A R K E T S T R E E T, S U I T E 213 , W E S T O N , F L 3 3 326(95 4) 3 49 - 59 0 0
Follow Us
Come join a great mix of retail & restaurant uses some of which are listed below.
NOWFULLYLEASED
T H E W E S T O N T O W N C E N T E RE xper i ence ]
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152153
NAIOP SOUTH FLORIDA CHAPTER
6750 North Andrews Avenue Suite 200, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: [email protected]
2019 Broward County Bus Tour
Project Name Project Address
City / Zip
The Edison 1200/1400 SW 145th Avenue Pembroke Pines, FL 33027
Building Information Owner / Developer
Type (office, Warehouse, etc.)
Status (New, Completed, Renovated) Year
Build / Completion Date Number of Buildings
Building Size (s) Number of Floors
Floor Size Parking Ratio
Minimum Available Maximum Contiguous
Total Available Rental Rate / Operating Expense
Land Information Owner / Developer
Type (Land for Sale, Build-to-Suit) Total Acres
Zoning Site Size
Price
Contact Information Contact Company
Address Phone e-mail
Additional Information
TPA Group Office NEW 2019 Phase I 2019/ Phase II 2021 2 +/- 165,000 sf (each) 3 +/- 55,000 sf 5.5/1,000 10,000 sf 166,000 sf Phase I - $26.50 / Est. $12.00 Avison Young 500 W. Cypress Creek Road, Suite 350, Ft. Lauderdale 954-903-3900 [email protected]
Greg MartinPrincipal
Justin CopePrincipal
THE EDISONP E M B R O K E P I N E S
1200 SW 145TH AVENUE, PEMBROKE PINES, FL
PHASE I - FOR LEASE
PHASE II - UNDER CONSTRUCTION1400 SW 145TH AVENUE, PEMBROKE PINES, FL
A CAMPUS BUILT TOATTRACT. ENGAGE. RETAIN.
THE EDISONP E M B R O K E P I N E S
Two, Class A three-story office buildings 165,000 sf each
Total Building Area: 330,000 square feet
Efficient floor plans with minimal interior columns
High ceilings / large windows for natural lighting
5,000 sf central amenity: The HUB @ Edison - will serve as a conference center, break area, coffee bar, and fitness gym (including showers)
Abundant surface parking 5.5/1,000 square feet
24/7 building access
Building signage available - excellent visibility from Interstate 75
Dynamic indoor and outdoor collaboration spaces
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Your design + build partner from concept to completion
CHICAGO MIAMI LOS ANGELES NEW JERSEY
pdbgroup.com
UPCOMINGEVENTS
10/23/19 - NAIOP Signature Speaker
Series with...
Anthony "The Mooch" Scaramucci
5:00 PM - 7:00 PM
Location: The Ritz Fort Lauderdale
*Sponsorship opportunities available*
11/7/19 Miami Dade County Bus Tour
"The Art of the Game"
7:30 AM - 5:00 PM
Location: WeWork - Wynwood
*Sponsorship opportunities available*
For tickets & sponsorship opportunities, log on to www/naiopsfl.org/events