Fort Lauderdale Commercial€¦ · Fort Lauderdale is known as the “Venice of America” with 165...
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PRESENTED BY: ALAN KAYE 954-558-8058 [email protected] OFFERING MEMORANDUM • Commercial Strip Center • Great E. Ft. Lauderdale Location • Excellent Corner Exposure • 50,000 Trips Daily • List Price: $1,700,000 Fort Lauderdale Commercial E. Oakland Park Blvd. Ft. Lauderdale, Florida 33334
Transcript of Fort Lauderdale Commercial€¦ · Fort Lauderdale is known as the “Venice of America” with 165...
PRESENTED BY: ALAN KAYE 954-558-8058
OFFERING MEMORANDUM
• Commercial Strip Center
• Great E. Ft. Lauderdale Location
• Excellent Corner Exposure
• 50,000 Trips Daily
• List Price: $1,700,000
Fort Lauderdale Commercial E. Oakland Park Blvd. Ft. Lauderdale, Florida 33334
FORT LAUDERDALE COMMERCIAL
PRESENTED BY: ALAN KAYE 954-558-8058
PHOTOS
PRESENTED BY: ALAN KAYE 954-558-8058
CONFIDENTIALITY AND DISCLAIMER
CONFIDENTIALITY AND DISCLAIMER This is a confidential Offering Memorandum, which is intended solely for your limited use and benefit in determining whether you desire to express any further interest in acquiring 991-997 E. Oakland Park Blvd, Fort Lauderdale, Florida 33334, (the “Property”). You are bound by the Confidentiality Agreement executed in connection with your receipt of this Offering Memorandum.
This Offering Memorandum was prepared by Douglas Elliman Commercial Florida, a Florida limited liability Company broker. It contains selected information pertaining to the Property and does not purport to be all- inclusive or to contain all of the information, which prospective investors may desire. It should be noted that all or any of the market analysis projections are provided for general reference purposes and are based on assumptions relating to the general economy, competition and other factors beyond our control and, therefore, are subject to material variation.
Additional information and an opportunity to inspect material related to the Property will be made available to interested and qualified prospective capital sources. Neither the Owner, Broker, nor any of their respective officers have made any representation or warranty, expressed or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents, and no legal commitments or obligations shall arise by reason of this Offering Memorandum or its contents.
It is essential that all parties to real estate transactions be aware of the health, liability and economic impact of environmental factors on real estate. Broker does not conduct investigations or analyses of environmental matters and, accordingly, urges interested parties to retain qualified environmental professionals to determine whether hazardous or toxic wastes or substances (such as asbestos, pcbs, other contaminants or petrochemical products stored in underground tanks) or other undesirable materials or conditions are present at the Property, and if so, whether any health danger or other liability exists.
Various laws and regulations have been enacted at the federal, state and local levels dealing with the use, storage, handling, removal, transport and disposal of toxic or hazardous wastes and substances. Depending on past, current and proposed uses of the Property, it may be prudent to retain an environmental expert to conduct a site investigation and/or building inspection. If such substances exist or are contemplated to be used at the Property, special governmental approvals or permits may be required.
Consequently, legal counsel and technical experts should be consulted where these substances are or may be present. In this Offering Memorandum, certain documents are described in summary form. The summaries do not purport to be complete descriptions of the full agreements involved, nor do they purport to constitute any legal analysis of the provisions of the documents. This brochure shall not be deemed an indication of the state of affairs of the Owner nor constitute an indication that there has been no change in the business or affairs of the Owner since the date of preparation of this Offering Memorandum. Duplication of the Offering Memorandum in part or whole without expressed written consent of Broker is not authorized.
Location – 991-997 E. Oakland Park Blvd, Fort Lauderdale, Florida 33344 PROPERTY ADDRESS 991-997 E. Oakland Park Blvd
Fort Lauderdale, Florida 33334
LOCATION A
BUILDING TYPE One & Two Story Strip Center
LAND SIZE 17,740 +/- Square Feet
BUILDING SIZE 6,031 +/- Square Feet
YEAR BUILT 1981
CONSTRUCTION CBS Construction
PARKING 24 Parking Spots
ELECTRICITY FPL
WATER CITY OF FORT LAUDERDALE
SEWER CITY OF FORT LAUDERDALE
ZONING CITY ZONING
TAX ID: # 4942 23 05 2960
LOCATION A SUMMARY
Fort Lauderdale Commercial Center is a newly painted, commercial plaza on the very heavily trafficked Oakland Park Blvd east-west artery in the dynamic City of Fort Lauderdale in eastern Broward County. With close proximity to I-95, the property benefits from over 50,000 trips daily. There are over 22,000 residents within a 1-mile radius and almost 150,000 residents within a 3-mile radius of the subject.
Location, Location, Location: This two- and three-story property is situated in a premier east Fort Lauderdale location in the path of progress on the NW corner of East Oakland Park Blvd and NE 10th Avenue. There is easy access heading west with two curb cuts and ingress and egress off of Oakland Park Boulevard and NE 10th Avenue, and with a turn-in off Oakland Park Blvd for traffic heading east. The property has great exposure on this highly visible corner site and is situated directly south of the Oakland Park Elementary School.
Built in 1981 of CBS construction, the property has great curb appeal and was ahead of its time with a meticulously crafted state-of-the-art modern design by an architect family member of ownership. The property was built in sections with a central exterior staircase in the middle and several interior staircases within the suites. It consists of 6,031 +/- square feet on a 17,740 +/- square foot corner lot. With its unique design, the property would be perfect for medical office, an architectural firm, a design firm, an Internet marketing firm, or any company that is looking for a hip corporate setting with high vaulted ceilings and either first floor space or a combination of two floors. There are also balconies in the rear of several suites; a loft in one suite and ample parking with 24 parking spots. The property is fully leased with four local businesses with below market rents. This is an excellent opportunity for an owner/user or an investor to acquire a well-located unique property in a highly desirable urban area with high traffic counts and redevelopment everywhere.
Fort Lauderdale is known as the “Venice of America” with 165 miles of inland waterways. This location will always be in demand due to the high traffic counts and is situated minutes from downtown Fort Lauderdale, the Fort Lauderdale-Hollywood International Airport, Fort Lauderdale Executive Airport, Holy Cross Hospital, Port Everglades, the Brightline Fort Lauderdale station, Las Olas Blvd, Galleria Mall, Coral Ridge Mall, Broward Center for The Performing Arts and the beautiful Fort Lauderdale beaches. It is served by the Fort Lauderdale Police and Fire-Rescue Departments.
The property is being offered at only $1,700,000.
PRESENTED BY: ALAN KAYE 954-558-8058
EXECUTIVE SUMMARY
PROPERTY OVERVIEW
SALE PRICE $1,700,000 PRICE PER FOOT $281.88
ALAN KAYE
MARKET OVERVIEW
FORT LAUDERDALE The City of Fort Lauderdale is located in the east-central portion of Broward County, Florida approximately 23 miles north of Miami and 42 miles south of Palm Beach. Fort Lauderdale is part of the South Florida metropolitan area which is home to over 6,250,000 people. Broward County is part of what is commonly referred to as the South Florida Gold Coast which consists of Miami-Dade County to the south, Broward County in the center and Palm Beach County to the north. The Broward County seat, Broward County Courthouse, and the Federal Courthouse are all located within the City of Fort Lauderdale which is the largest and most prominent City in Broward County with almost 185,000 residents. Created in 1915, Broward County is the second most populated county in the state with almost 1,953,000 residents and the 18th most populated county in the United States. It is also the second largest county in the state with a total area of approximately 1,319.63 square miles with about 1,205.40 square miles of land and 114.24 square miles of water. Fort Lauderdale is bounded to the east by the Atlantic Ocean; to the south by Dania Beach and Hollywood; to the west by Plantation; and to the north by Pompano Beach, Deerfield Beach and Palm Beach County. The City shares boundaries with nine other municipalities, as well as unincorporated areas of the County. It is the seventh largest city in Florida and the largest of Broward County’s 30 municipalities.
Incorporated in 1911, Fort Lauderdale encompasses more than 33 square miles and is known as the "Venice of America" due to the Atlantic Ocean, the New River and 165 miles of scenic inland waterways. It has become a world-class international business center and one of the most desirable locations for new, expanding or relocating businesses. Once known strictly as a tourism-based economy, Fort Lauderdale now supports a diverse range of industries, including marine, manufacturing, finance, insurance, real estate, technology, avionics/aerospace, and film and television production. The City provides an outstanding quality of life with a semi-tropical climate and many cultural, entertainment, and educational amenities as well as the world-famous beaches. Las Olas Boulevard has gained international acclaim for fashion, fine dining and entertainment. The downtown historic district features the Broward Center for the Performing Arts, Museum of Discovery and Science, Museum of Art and Old Fort Lauderdale Village & Museum. In addition, downtown is home to Broward Community College, Florida Atlantic University, Florida International University, the award-winning Broward County Main Library and the International Swimming Hall of Fame. Residents benefit from the Fort Lauderdale Police and Fire-Rescue Departments and Holy Cross Hospital. Fort Lauderdale has become a very attractive business environment and a great place to live, work and raise a family.
PRESENTED BY: MARKET OVERVIEW
954-558-8058
MARKET OVERVIEW
FORT LAUDERDALE COMMERCIAL CENTER
PRESENTED BY: ALAN KAYE 954-558-8058
EXECUTIVE SUMMARY
PRESENTED BY: ALAN KAYE 954-558-8058
AERIAL VIEW
MARKET OVERVIEW
FORT LAUDERDALE COMMERCIAL CENTER
REGIONAL VIEW
PRESENTED BY: ALAN KAYE 954-558-8058
HIGHLIGHTS & DEMOGRAPHICS
CoStar reports as follows:
Business Employment Type
• Fort Lauderdale-Hollywood International Airport• Fort Lauderdale Executive Airport• Fort Lauderdale Beach• Holy Cross Hospital
• Las Olas Boulevard Trade, Transportation & Utilities
• High Taylor Birch State Park Professional & Business Services
• Galleria Mall Retail
• International Swimming Hall of Fame Education & Health Services Government
Distance from 991 E. Oakland Park Fort Lauderdale Leisure & Hospitality
FINANCIAL HIGHLIGHTS:
• SALE PRICE $1,700,000
• PRICE PER FOOT $281.88
Fort Lauderdale Commercial Center
AREA HIGHLIGHTS Area Amenities & Transportation CoStar’s Daytime Employment
Major Employment Sectors Within Fort Lauderdale Market
954-558-8058
PRESENTED BY: ALAN KAYE CONTACT
REGIONAL VIEW
PRESENTED BY: ALAN KAYE 954-558-8058
HIGHLIGHTS & DEMOGRAPHICS
HOLLYWOOD
AIRPORT
$2.3 BILLION IN RENOVATIONS
Source: Capa - Centre for Aviation
ANNUAL INTERNATIONALPASSENGERGROWTH 18% from
2012
Source: Capa - Centre for Aviation
FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT Fort Lauderdale–Hollywood International Airport (FLL), located in Fort Lauderdale, 3 miles from downtown. The airport is near cruise line terminals at Port Everglades and is popular among tourists bound for the Caribbean. Since the late 1990s, FLL has become an intercontinental gateway.
It is the largest base for Spirit Airlines, catering mainly to the airline's international to domestic network, and is a focus city for Allegiant Air, JetBlue Airways, Norwegian Long Haul and Southwest Airlines. Airports Council International data for the 12 months ending November 2015 listed FLL as the 4th fastest growing airport with total traffic up 9.4 percent (behind Seattle, Washington Reagan, and Chicago O’Hare, respectively).
In 2016, passenger traffic, FLL ranked 21st in the U.S. with a total passenger traffic of 29,205,002 up 9.2 percent over 2015. Domestic traffic was up 8.4 percent and international traffic increased by 10.1 percent.
Source: ISG - Miami Report
Terminal 4 Redevelopment and Expansion $450MIL West2015/East2017
In-LineBaggageSystem $100MIL Terminal1&2Complete
TerminalConcourseA $150MIL Early 2017
Terminal Renovation Program $300MIL Early2017forTerminals1,2& 3
NoiseMitigationProgram $175MIL Ongoing
In-Progress Projects $334MIL Ongoing
REGIONAL VIEW
PRESENTED BY: ALAN KAYE 954-558-8058
HIGHLIGHTS & DEMOGRAPHICS
PORT EVERGLADES
Port Everglades is Florida’s “powerhouse port” and one of the most diverse
seaports in the United States. It has been one of the top three cruise ports
in the world accommodating 3.8 million passengers, is one of the most
active containerized cargo ports in the United States and South Florida’s
main seaport for petroleum products such as gasoline and jet fuel.
This Port is a self-supporting Enterprise Fund of Broward County
Government with operating revenues of approximately $162.6 million in
Fiscal Year 2016. The port does not rely on local taxes for operations. The
total value of economic activity at Port Everglades is more than $30 billion.
Over 224,000 Florida jobs are impacted by the Port, including over 13,000
employees who work for companies that provide direct services to Port
Everglades.
The Port surpassed the world record for single-day passengers for the
second time in a row. In mid-March 2016, it was more than 54,700 cruise
passengers, up from 53,485 passengers in December when the Port broke
the previous record. In 2016, Port Everglades had more than 3.8 million
cruise passengers.
954-558-8058
BRIGHTLINE A MODERN RAILWAY
Brightline is a privately run higher-speed rail route between Miami, Fort Lauderdale and West Palm Beach. Brightline began operating over its current route in January 2018 and the company is currently building an extension to the Orlando International Airport which is expected to enter service in 2022.
As of August 2020, it is the only privately owned and operated intercity passenger railroad in the United States. The line was developed starting in March 2012 as All Aboard Florida by Florida East Coast Industries, a Florida real estate developer owned by Fortress Investment Group. Construction began in November 2014 on stations and improvements to tracks owned by the Florida East Coast Railway, which at the start of construction, was also owned by Fortress (it was sold in January 2018).Fortress Investment Group is also investing in the construction of XpressWest, a high speed rail route between Las Vegas and Southern California. The route is being advertised as “A Brightline Company.”In late 2018, it was announced that Virgin Group would become a minority investor in the railroad and would provide rights to rebrand the service as Virgin Trains USA. In August 2020, railroad managers announced that Virgin had not provided the agreed investment money and the company would be ending its branding deal, returning to the previous Brightline brand.The Fort Lauderdale station is located at 101 N.W. 2nd Ave., and the 60,000 SF station and platform includes a modern, multi-story lobby with an elevated passenger lounge for travelers, and parking facilities. The station is north of Broward Boulevard and east of Interstate 95 and is two blocks from the city’s Sun Trolley system which shuttles people to downtown destinations, the beaches and the Fort Lauderdale-Hollywood International Airport. Broward County’s bus system also has a stop near the station. The West Palm Beach Station is located at 501 Evernia Street between Rosemary Avenue and Quadrille Boulevard.
PRESENTED BY: ALAN KAYE
MARKET OVERVIEW
954-558-8058
PROPERTY INSPECTION
Prospective purchasers will be given an opportunity to visit and inspect the property at their convenience by scheduling an appointment with ALAN KAYE of DOUGLAS ELLIMAN COMMERCIAL.
Property Tours should be scheduled with as much advance notice as possible. Prospective purchasers may not visit the property without ALAN KAYE of DOUGLAS ELLIMAN COMMERCIAL.
PRESENTED BY: ALAN KAYE CONTACT
Contact
ALAN KAYE
Douglas Elliman Commercial
954-558-8058
444 E. Palmetto Park Road, Boca Raton Florida 33432
