Plaza V Office Tower
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OFFERING EXCLUSIVE Plaza V MEMORANDUM LISTING 7820 Arlington Expressway Office Tower Jacksonville, FL 32211 ACTUAL PROPERTY PHOTO The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended CONFIDENTIALITY to be reviewed only by the party receiving it from Tiktin Real Estate Investment Services and should not be made available to any other person or entity without the written consent of Tiktin Real Estate Investment Services. This AND DISCLAIMER Pricing Analysis has been prepared to provide summary, unverified information to the current ownership, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Tiktin Real Estate Investment Services has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Pricing Analysis has been obtained from sources we believe to be reliable; however, Tiktin Real Estate Investment Services has not verified, and will not verify, any of the information contained herein, nor has Tiktin conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. NON-ENDORSEMENT NOTICE: Tiktin Real Estate Investment Services, Inc. (“Tiktin”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this Pricing Analysis. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Tiktin, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Tiktin, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. 2 Mark J. Wohl Adam J. Tiktin INVESTMENT First Vice President Investments President/Broker TIKTIN REAL ESTATE INVESTMENT SERVICES TIKTIN REAL ESTATE INVESTMENT SERVICES SALES Tel: (305) 363-4750 Tel: (305) 363-4750 Tel: (844) 4 - TIKTIN Tel: (844) 4 - TIKTIN Fax: (305) 675-0774 Fax: (305) 675-0774 [email protected] [email protected] Joseph Phelps Cliff Weisner Senior Financial Analyst Senior Associate TIKTIN REAL ESTATE INVESTMENT SERVICES TIKTIN REAL ESTATE INVESTMENT SERVICES Tel: (305) 363-4750 Tel: (305) 363-4750 Tel: (844) 4 - TIKTIN Tel: (844) 4 - TIKTIN Fax: (305) 675-0774 Fax: (305) 675-0774 [email protected] [email protected] Alejandro Snyder Jennifer Becker Investment Associate Public Relations Director TIKTIN REAL ESTATE INVESTMENT SERVICES TIKTIN REAL ESTATE INVESTMENT SERVICES Tel: (305) 363-4750 Tel: (786) 972-4857 Tel: (844) 4 - TIKTIN Tel: (844) 4 - TIKTIN Fax: (305) 675-0774 Fax: (305) 675-0774 [email protected] [email protected] This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. 3 EXECUTIVE SUMMARY TABLE OF Investment Overview . .6 PROPERTY DESCRIPTION CONTENTS Property Details . .7 Site Plan. .8 Birds Eye View . 9 Local Map . .10 Regional Map . .11 MARKET OVERVIEW Market Overview . 13 COMPETITIVE PROPERTY SET Sales Comparables Map. .15 Sales Comparables . .16-18 DEMOGRAPHICS Demographic Summary . .20-21 4 EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS ■■ Tremendous Value-Add Opportunity ■■ Significantly Below Building Replacement Cost and Below Land Cost EXECUTIVE ■■ Arlington CRA District SUMMARY ■■ CCG-2 Zoning ■■ 3.5:1,000 SF Parking Ratio ■■ Minutes From Downtown Jacksonville INVESTMENT OVERVIEW Tiktin Real Estate Investment Services is pleased to present the Plaza V Office Tower. Located at 7920 Arlington Expressway in Jacksonville, Florida. This vacant 6-story structure sits on nearly 5 acres zoned CCG-2 alongside a major thoroughfare, with traffic counts in excess of 60,000 vehicles per day in the Arlington sub-market. This 1970’s Class C office building was occupied by a number of government agencies and was once home to the Federal Bureau of Investigation (FBI) southern command for many years. Now vacant, the “As-Is” property has been vandalized and without power (FPL) adding to the demise of its visible condition. The site does not have electricity, and due to liability concerns, no on-site showings are scheduled. Given these concerns and objections, a savvy value-add investor will immediately recognize the potential upside in a redevelopment project that has a higher and better use or bank on the expanding office market demands. Global online marketplace leader, Ten-X, has been engaged for a web-based auction from April 1st- 3rd. Please visit www.ten-x.com and/or www.tiktinrealestate.com for information and registration. Contact Tiktin Real Estate Investment Services Listing Agent: Mark Wohl 305-363-4750 6 PROPERTY DETAILS THE OFFERING Property: Plaza V Office Tower Property Address: 7820 Arlington Expressway Jacksonville, FL 32211 SITE DESCRIPTION Gross Office Area: 84,456SF PROPERTY Lot Size: 209,958 SF (4.81 Acres) Ownership: FEE SIMPLE DESCRIPTION Year Built/Renovated: 1975/2010 Number of Stories: 6 Stories On Site Parking: 297 Spaces Parking Ratio: 3.51/1,000 SF Topography: FLAT PARCELS Number of Tax Parcels: 1 APN: 142483-0100 CONSTRUCTION Foundation: Concrete Framing: Concrete Exterior: Concrete Parking Surface: Asphalt Roof: Flat MECHANICAL HVAC: N/A Fire Protection: N/A Utilities: City of Jacksonville ZONING PUD: CCG-2 ACCESS POINTS Arlington Expressway UTILITIES Gas: N/A Electric: N/A Water: N/A Sewer: N/A Trash: N/A 7 PROPERTY DESCRIPTION SITE PLAN 8 PROPERTY DESCRIPTION AERIAL PHOTO 9 PROPERTY DESCRIPTION LOCAL PHOTO SUBJECT PROPERTY 10 PROPERTY DESCRIPTION REGIONAL MAP SUBJECT PROPERTY 11 MARKET OVERVIEW JACKSONVILLE OVERVIEW Jacksonville is a large city in northeastern Florida where the St. John’s River meets the Atlantic Ocean. A regional business center, it has many museums and cultural offerings. Swimming MARKET and surfing are popular at nearby barrier island beaches such as Jacksonville Beach and Neptune OVERVIEW Beach. Championship golf courses in the area include Ponte Vedra Beach’s TPC Sawgrass, headquarters of the PGA Tour. Jacksonville is a seaport city and the seat of Duval County, Florida, United States. With an estimated 868,031 residents as of 2015, Jacksonville is the most populous city in both the state of Florida and the southeastern United States. As of 2015, it is estimated to be the 12th most populous city in the United States and largest city by area in the contiguous United States. The Jacksonville metropolitan area has a population of 1,573,606 and is the 40th largest in the United States and fourth largest in the state of Florida. The city is situated on the banks of the St. Johns River, in the First Coast region of North Florida, about 25 miles (40 km) south of the Georgia state line and 340 miles (550 km) north of Miami. Prior to European settlement the Jacksonville area was inhabited by Native American people known as the Timucua. In 1564, the French established the short-lived colony of Fort Caroline at the mouth of the St. Johns River, becoming one of the earliest European settlements in the continental United States. In 1822, a year after the United States gained Florida from Spain, the town of Jacksonville was platted along the St. Johns River. Established at a narrow point in the river known as Wacca Pilatka to the Seminole and the Cow Ford to the British, the enduring name derives from the first military governor of the Florida Territory and seventh President of the United States, Andrew Jackson. Jacksonville is the cultural, commercial and financial center of North Florida. A major military and civilian deep-water port, the city's riverine location supports two United States Navy bases and the Port of Jacksonville, Florida's third largest seaport. The two US Navy bases, Blount Island Command and the nearby Naval Submarine Base Kings Bay, form the third largest military presence in the United States. Jacksonville serves as the headquarters of various banking, insurance, healthcare, logistics, and other institutions such as CSX Corporation, Fidelity National Financial, FIS, Landstar System, Ameris Bancorp, Atlantic Coast Financial, Black Knight Financial Services, EverBank, Rayonier Advanced Materials, Regency Centers, Stein Mart, Web.com, Fanatics, Gate Petroleum, Haskell Company, Interline Brands, Sally Corporation, and Southeastern Grocers. Jacksonville is also home to several colleges and universities,