Offering Memorandum 800 Old Griffin Road · 2020-04-16 · Executive Summary 800 Old Griffin Road |...

Offering Memorandum

800 Old Griffin RoadDania Beach, Florida 33004

Executive Summary

800 Old Griffin Road | Offering Memorandum 2

Overview

Conness Crissy Real Estate Advisors, as exclusiverepresentative for the Owner, is pleased to presentthe opportunity to acquire a 4.13 AC propertylocated at 800 Old Griffin Road in Dania Beach, FL.800 Old Griffin Road (“The Property”) comprises a27,893 Square Foot free-standing industrialbuilding.

The building was originally constructed for thepurpose of a commercial tomato cannery andremained as such until the current owner purchasedit in 1988. The Property is particularly well situatedwith superb proximity to both Fort Lauderdale /Hollywood International Airport & Port Everglades,as well – U.S. Highway 1 immediately to the East andInterstate 95 less than 1 mile to the west.

Purchase Price: $2,900,000 Contact

Patrick Conness(954) [email protected]

Mike Crissy(954) [email protected]

mailto:[email protected]


Executive Summary


Investment Highlights

• Unique Owner/User, Investment or Redevelopment Opportunity

• Currently positioned as a multi-tenant income producing asset with additional value-added revenue opportunities

• 4.13 Acre total site size

• 60,027 SF (1.38 AC) outside storage yard

• 650 linear feet of frontage along Dania Cutoff Canal

• Central Southeast Broward location near Port Everglades, Fort Lauderdale/Hollywood Int’l Airport & recently developed 102 AC mixed use project, Dania Pointe

• Easy access to major thoroughfares including I-95, I-595 & Florida Turnpike

27,893 SF

Executive Summary


Locations Highlights800 Griffin Road is located in a high-growth area where available land for development is virtually nonexistent. Due to the lack of available land, this corridor is often characterized by extremely high barriers to entry. Notable area highlights include:

Fort Lauderdale / Hollywood International Airport (FLL) – Ranked 18th in the U.S. in total passenger traffic and 10th in international passengers. With 350 departures per day, FLL offers service to over 75 U.S. cities and 33 countries.

Port Everglades (PE) - Known as Florida’s powerhouse global gateway, PE is not only the leading container port in all Florida but also home to one of the busiest exotic cruise ports in the entire world.

Dania Pointe Mixed Use Project (DP) – DP is South Florida’s premier 102-AC mixed-use development project, consisting of 1 million SF of retail, restaurants, Class A office space, hotels and apartments.

FT. LAUD/HOLLYWOOD INT’L AIRPORT

PORTEVERGLADES

DANIA POINTE MIXED USE PROJECT SITE

Griffin Road

Property Description


Address 800 Old Griffin Road, Dania Beach, FL 33004

Folio Numbers (1) 504234140270, (2) 504234140271, (3) 504234000202, (4) 504234140120

Property Size 4.13 Acres

Building Size 27,893 Square Feet

Storage Yard 60,027 Square Feet (1.38 Acres)

Waterfront Frontage 650+ Linear Feet fronting Dania Cutoff Canal

Ceiling Height Varies from 14’ to 30’

Loading Doors Nine (9) Total Grade Level Doors. Seven (7) Standard, Two (2) Oversized

Power Heavy 3-Phase

Zoning MA (Marine)

Property Overview



Current Property Photos



Net Rentable Square Footage

Existing Building 27,893 Square Feet

Existing Building Breakdown

*Refer to Floor Plan (page 9) Bay 1 2,416 SFBay 2 1,784 SFBay 3 1,784 SFBay 4 11,949 SFOpen-Air Storage 9,960 SF

Existing Site Data *Refer to Site Plan (page 12)Parcel “A” 4,603 SFParcel “B” 37,927 SFParcel “C” 13,573 SFParcel “D” 8,859 SFParcel “E” 51,472 SFParcel “F” 3,283 SFParcel “G” 60,027 SF

Total Site 179,744 Square Feet (4.13 Acres)

Proposed Building Total

32,886 Square Feet (Includes addition of 2nd Floor office area totaling 4,129 SF)

Proposed Coverage Building 32,886 Square FeetParking Area 49,285 Square FeetLandscape 87,413 Square Feet



Boundary Survey



Existing Floor Plan

Open-Air Storage+/- 9,960 SF

Bay 1+/- 2,416 SF

Bay 2+/- 1,784 SF

Bay 3+/- 1,784 SF

Bay 4+/- 11,949



Existing Elevations Plans



Property Rendering



Proposed Site Plan



Proposed Floor Plans

First Floor

Bay 1+/- 4,545 SF

Bay 2 +/- 4,545 SF

Bay 4+/- 11,949

Bay 3 +/- 4,545 SF



Proposed Floor Plans

Second Floor

2nd Floor Office+/- 4,891 SF



Proposed Elevation Plans

Financial Summary


Unit Gross Rent ($/SF)

Square Feet Tenant Name Start Date Gross Monthly Rent

Bays 1 & 3 $7.14 4,200 (2,416 -Bay 1)1,784 - Bay 3)

Compressed Air 10/94 $2,530

Bay 2 $7.40 1,784 Paper Knight 5/97 $1,100

Bay 4 $7.84 11,949 US Metal Fab 02/17 $7,959

West Parking Lot Self Park FLL 06/19 $750

Outside Storage Mobiklift 06/13 $282

Total Monthly Gross Rent $12,621

Total Annual Gross Rent $151,452

Annual Insurance $17,040

Annual Real Estate Taxes $38,285

Net Operating Income $96,127

Current Rent Roll & Expenses

Financial Summary


Unit Gross Rent ($/SF) Square Feet Tenant Name Gross Monthly Rent

Gross Annual Rent

Bay 1 $14.52 4,545 TBD $5,500 $66,000

Bay 2 $14.52 4,545 TBD $5,500 $66,000

Bay 3 $14.52 4,545 TBD $5,500 $66,000

Bay 4 $8.03 11,949 US Metal Fab $8,000 $96,000

2nd Floor Office $15.00 4,891 TBD $6,114 $73,365

West Parking Lot TBD $1,000 $12,000

Outside Storage Lot (1.38 AC)

TBD $10,000 $120,000

Total Estimated Monthly Gross Rent $41,614

Total Estimated Annual Gross Rent $499,365

Estimated Insurance $42,000

Estimate Real Estate Taxes $48,000

Projected Net Operating Income $409,365

ProformaUpon completion of the west end re-build, the open aired storage will go away making way for 3 warehouse bays totaling13,635 SF (4,545 SF each) with 32’ clear height and 16’6” oversized roll up doors. The Second Floor office will be added directly above the existing office and the 1.38 AC storage lot will be developed for RV/Automotive parking.

Contact


For more information, please contact:

www.ConnessCrissy.com

400 SE 12th Street, Unit DFort Lauderdale, FL 33316

Patrick Conness(954) 600-3664

[email protected]

Mike Crissy(954) 579-3530

[email protected]

http://www.connesscrissy.com/



Offering Memorandum 800 Old Griffin Road · 2020-04-16 · Executive Summary 800 Old Griffin Road |...

Documents

Transcript of Offering Memorandum 800 Old Griffin Road · 2020-04-16 · Executive Summary 800 Old Griffin Road |...