SUNSET SQUARE AT LAGO MAR

1 5 7 8 0 S W 72nd S t r e e t , 33193

OFFERING MEMORANDUM

With direct frontage onto the bustling Sunset Drive and SW 157th Avenue, it is hard to replicate the exposure that this +/- 3,518 SF freestanding Property possesses. Anchored by a Publix Shopping Center and several other national credit tenants, this corner out-parcel provides unparalleled visibility to the quarter of a million cars passing the property weekly. In addition, the flexible BU-1A zoning designation allows for a myriad of permitted uses making this a perfect opportunity for an end-user, investor, or developer. 15780 SW 72nd Street, Miami, FL 33193 OFFERING OVERVIEW SUNSET SQUARE AT LAGO MAR table of contents

Offering Overview Table of Contents / Directions 2 Executive Summary 3

Property Overview Executive Summary 4 Property Photos 5-6 Site Aerial Map 7-8

Area Overview New Multifamily Deliveries 9 Comparable Sales 10 Income Analysis 11 Lease Comparable 12 Sub-Market Information & 13-14 Kendall Highlights

Disclosure 15

directions

FROM FL-836: From the Dolphin Expressway West (FL-836) take NW 137th Ave south. Turn right on SW 8th street and make a left onto SW 157th Ave. Continue on SW 157th Ave and then the property will be on the right.

Disclaimer: The information and summary of calculations in this report is for our client only, and is based on current information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. This analysis does not constitute a recommendation to make a specific business decision, to lease a specific space, or agree to specific business terms, nor take into account every particular objective, financial situation, or need of Page 2 individual clients. Clients should consider whether any advice or recommendation in this summary report is suitable for their particular circumstances and, if appropriate, seek additional professional advice, including tax, accounting, and legal advice. Blanca Commercial Real Estate is not providing and does not provide tax, accounting, or legal advice. The price and value of office space for lease and availability of office space referred to in this analysis fluctuates. Past Privileged and Confidential rental and vacancy rates is not a guide to future rental and vacancy rates, and the rental rates, terms and conditions assumed in this analysis and report are not guaranteed. www.blancacre.com 15780 SW 72nd Street, Miami, FL 33193 OFFERING OVERVIEW SUNSET SQUARE AT LAGO MAR executive summary

Blanca Commercial Real Estate, Inc. has been appointed as the exclusive agent for the marketing and sale of 15780 SW 72nd Street, Miami, FL 33193 (“Property”).

The Property is being offered on an “as-is, where is” basis for the fee simple interest.

Located on the Southwest corner of Sunset Drive and SW 157th Avenue in the thriving Kendall commercial district, this 3,518 +/- SF Property sits on half an acre at the forefront to a Publix anchored shopping center. Previously a First Bank Florida branch, this offering presents a turn-key bank facility equipped with two drive-thru lanes and a plethora of surface parking (5.7 spaces per 1000 sf). In addition, a BU-1A zoning designation offers a myriad of permitted uses. Complemented by direct street frontage, pylon signage, and a weekly traffic count of just under a quarter of a million cars (according to the Florida Department of Transportation), the property possesses premium exposure for any potential business enterprise or retail establishment.

Adding to the property’s marketability is its proximity to all major thoroughfares. Minutes away from , Dolphin Expressway, Palmetto Expressway, and the Florida Turnpike, one can easily reach all areas of . In addition to the property’s accessibility, Kendall’s submarket dynamics add to the property’s appeal. This area property inquiries and tours benefits from favorable demographics and one of the highest occupancy rates in Dade County leading to strong demand for commercial space that can only continue Cary Cohen, Executive Vice President to improve in the foreseeable future. As a result, this property is not only a treasure for 305.377.6590 | [email protected] an end-user but also provides a solid opportunity for an investor or developer.

Disclaimer: The information and summary of calculations in this report is for our client only, and is based on current information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. This analysis does not constitute a recommendation to make a specific business decision, to lease a specific space, or agree to specific business terms, nor take into account every particular objective, financial situation, or need of Page 3 individual clients. Clients should consider whether any advice or recommendation in this summary report is suitable for their particular circumstances and, if appropriate, seek additional professional advice, including tax, accounting, and legal advice. Blanca Commercial Real Estate is not providing and does not provide tax, accounting, or legal advice. The price and value of office space for lease and availability of office space referred to in this analysis fluctuates. Past Privileged and Confidential rental and vacancy rates is not a guide to future rental and vacancy rates, and the rental rates, terms and conditions assumed in this analysis and report are not guaranteed. www.blancacre.com 15780 SW 72nd Street, Miami, FL 33193 PROPERTY OVERVIEW SUNSET SQUARE AT LAGO MAR executive summary

▪ LIST PRICE: $2,200,000 ($ 625.35 PSF)

▪ Folio: 30-4932-010-0020

▪ Location: 15780 SW 72nd Street

Miami, FL 33193

▪ Property Type: Retail/Office Property

▪ Building Size: +/- 3,518 SF

▪ Parcel Size: +/- 22,002 SF

▪ Property Tax 2016: $ 18,499.52

▪ Zoning: BU-1A Limited Business

▪ Features : Turn-Key Bank Branch

Two Drive Thru Lanes

5.7 Per 1000 SF Parking

Ratio (20 spots)

Disclaimer: The information and summary of calculations in this report is for our client only, and is based on current information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. This analysis does not constitute a recommendation to make a specific business decision, to lease a specific space, or agree to specific business terms, nor take into account every particular objective, financial situation, or need of Page 4 individual clients. Clients should consider whether any advice or recommendation in this summary report is suitable for their particular circumstances and, if appropriate, seek additional professional advice, including tax, accounting, and legal advice. Blanca Commercial Real Estate is not providing and does not provide tax, accounting, or legal advice. The price and value of office space for lease and availability of office space referred to in this analysis fluctuates. Past Privileged and Confidential rental and vacancy rates is not a guide to future rental and vacancy rates, and the rental rates, terms and conditions assumed in this analysis and report are not guaranteed. www.blancacre.com 15780 SW 72nd Street, Miami, FL 33193 EXTERIOR PHOTOS SUNSET SQUARE AT LAGO MAR

Disclaimer: The information and summary of calculations in this report is for our client only, and is based on current information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. This analysis does not constitute a recommendation to make a specific business decision, to lease a specific space, or agree to specific business terms, nor take into account every particular objective, financial situation, or need of Page 5 individual clients. Clients should consider whether any advice or recommendation in this summary report is suitable for their particular circumstances and, if appropriate, seek additional professional advice, including tax, accounting, and legal advice. Blanca Commercial Real Estate is not providing and does not provide tax, accounting, or legal advice. The price and value of office space for lease and availability of office space referred to in this analysis fluctuates. Past Privileged and Confidential rental and vacancy rates is not a guide to future rental and vacancy rates, and the rental rates, terms and conditions assumed in this analysis and report are not guaranteed. www.blancacre.com 15780 SW 72nd Street, Miami, FL 33193 INTERIOR PHOTOS SUNSET SQUARE AT LAGO MAR

Disclaimer: The information and summary of calculations in this report is for our client only, and is based on current information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. This analysis does not constitute a recommendation to make a specific business decision, to lease a specific space, or agree to specific business terms, nor take into account every particular objective, financial situation, or need of Page 6 individual clients. Clients should consider whether any advice or recommendation in this summary report is suitable for their particular circumstances and, if appropriate, seek additional professional advice, including tax, accounting, and legal advice. Blanca Commercial Real Estate is not providing and does not provide tax, accounting, or legal advice. The price and value of office space for lease and availability of office space referred to in this analysis fluctuates. Past Privileged and Confidential rental and vacancy rates is not a guide to future rental and vacancy rates, and the rental rates, terms and conditions assumed in this analysis and report are not guaranteed. www.blancacre.com 15780 SW 72nd Street, Miami, FL 33193 SITE AERIAL SUNSET SQUARE AT LAGO MAR

Coral Gables US 1 Pinecrest

Palms at Town FL Turnpike & Country Shops at Kendall Kendall 54,000 students Lakes Plaza

Kendall Plaza

Subject Property

Miami SW 157th Ave Executive Airport

West Sunset Square

Disclaimer: The information and summary of calculations in this report is for our client only, and is based on current information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. This analysis does not constitute a recommendation to make a specific business decision, to lease a specific space, or agree to specific business terms, nor take into account every particular objective, financial situation, or need of Page 7 individual clients. Clients should consider whether any advice or recommendation in this summary report is suitable for their particular circumstances and, if appropriate, seek additional professional advice, including tax, accounting, and legal advice. Blanca Commercial Real Estate is not providing and does not provide tax, accounting, or legal advice. The price and value of office space for lease and availability of office space referred to in this analysis fluctuates. Past Privileged and Confidential rental and vacancy rates is not a guide to future rental and vacancy rates, and the rental rates, terms and conditions assumed in this analysis and report are not guaranteed. www.blancacre.com 15780 SW 72nd Street, Miami, FL 33193 SITE AERIAL SUNSET SQUARE AT LAGO MAR

1. Signature at Phase I- 396 units Kendall Phase I Phase II- 150 units and II Delivered 2016 To Be Delivered 2018 2. Modera Metro 422 units Subject To Be Delivered 2017 Property 3. Pearl 412 units Sunset Drive Dadeland Delivered 2017 4. Altis at 321 Units Kendall Square Delivered 2014

5. Bridges at 228 units Kendall Place Delivered 2013

5 2

1

3

4

Disclaimer: The information and summary of calculations in this report is for our client only, and is based on current information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. This analysis does not constitute a recommendation to make a specific business decision, to lease a specific space, or agree to specific business terms, nor take into account every particular objective, financial situation, or need of Page 8 individual clients. Clients should consider whether any advice or recommendation in this summary report is suitable for their particular circumstances and, if appropriate, seek additional professional advice, including tax, accounting, and legal advice. Blanca Commercial Real Estate is not providing and does not provide tax, accounting, or legal advice. The price and value of office space for lease and availability of office space referred to in this analysis fluctuates. Past Privileged and Confidential rental and vacancy rates is not a guide to future rental and vacancy rates, and the rental rates, terms and conditions assumed in this analysis and report are not guaranteed. www.blancacre.com 15780 SW 72nd Street, Miami, FL 33193 NEW MULTIFAMILY DELIVERIES SUNSET SQUARE AT LAGO MAR

Developers have been extremely active in delivering new multi-family product in the Kendall Submarket. Due to favorable demographics and a beautiful suburban setting, Kendall will continue to attract new population waves in the foreseeable future.

Signature at Kendall Altis at Kendall Square Bridges at Kendall Place 546 Unit Class A Multi Family Complex 321 Unit Class A Multi Family Complex 228 Unit Class B Multi Family Complex Phase I Delivered 2016 Delivered in 2014 Delivered in 2013 Phase II to be delivered end of 2017

Distance to Subject Property: 3 miles Distance to Subject Property: 2.4 miles Distance to Subject Property: 1.3 miles

Disclaimer: The information and summary of calculations in this report is for our client only, and is based on current information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. This analysis does not constitute a recommendation to make a specific business decision, to lease a specific space, or agree to specific business terms, nor take into account every particular objective, financial situation, or need of Page 9 individual clients. Clients should consider whether any advice or recommendation in this summary report is suitable for their particular circumstances and, if appropriate, seek additional professional advice, including tax, accounting, and legal advice. Blanca Commercial Real Estate is not providing and does not provide tax, accounting, or legal advice. The price and value of office space for lease and availability of office space referred to in this analysis fluctuates. Past Privileged and Confidential rental and vacancy rates is not a guide to future rental and vacancy rates, and the rental rates, terms and conditions assumed in this analysis and report are not guaranteed. www.blancacre.com 15780 SW 72nd Street, Miami, FL 33193 COMPARABLE SALES SUNSET SQUARE AT LAGO MAR

15699 SW 88th street 14995 SW 88th Street 16201 N Kendall Drive Sold: 05/31/2017 Sold: 11/22/2016 Sold: 05/05/2016 Price PSF: $1,677.26 Price PSF: $1,439.01 Price PSF: $1,409.36

Disclaimer: The information and summary of calculations in this report is for our client only, and is based on current information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. This analysis does not constitute a recommendation to make a specific business decision, to lease a specific space, or agree to specific business terms, nor take into account every particular objective, financial situation, or need of Page 10 individual clients. Clients should consider whether any advice or recommendation in this summary report is suitable for their particular circumstances and, if appropriate, seek additional professional advice, including tax, accounting, and legal advice. Blanca Commercial Real Estate is not providing and does not provide tax, accounting, or legal advice. The price and value of office space for lease and availability of office space referred to in this analysis fluctuates. Past Privileged and Confidential rental and vacancy rates is not a guide to future rental and vacancy rates, and the rental rates, terms and conditions assumed in this analysis and report are not guaranteed. www.blancacre.com 15780 SW 72nd Street, Miami, FL 33193 INCOME ANALYSIS SUNSET SQUARE AT LAGO MAR

Assuming a 5 year hold, investors will be able to attain an unlevered return of 23%!

Investment Assumptions Valuation

Capital Stack 5 Year Hold Potential Gross Income $193,490 $55.00 Debt 60% Equity 40% Expense Reimbursement $26,385

Debt Assumptions Effective Gross Income $219,875 30 Year Amortization Interest Rate 4.75% Operating Expenses ($26,385) $7.50 Debt Service ($6,885.74) Remaining Mortgage Balance ($1,207,776.73)

Return Analysis 6% Exit Cap Net Operating Income $193,490 Unlevered IRR 23% Levered IRR 41% Capitalization Rate 8.80%

Purchase Price $2,200,000

Disclaimer: The information and summary of calculations in this report is for our client only, and is based on current information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. This analysis does not constitute a recommendation to make a specific business decision, to lease a specific space, or agree to specific business terms, nor take into account every particular objective, financial situation, or need of Page 11 individual clients. Clients should consider whether any advice or recommendation in this summary report is suitable for their particular circumstances and, if appropriate, seek additional professional advice, including tax, accounting, and legal advice. Blanca Commercial Real Estate is not providing and does not provide tax, accounting, or legal advice. The price and value of office space for lease and availability of office space referred to in this analysis fluctuates. Past Privileged and Confidential rental and vacancy rates is not a guide to future rental and vacancy rates, and the rental rates, terms and conditions assumed in this analysis and report are not guaranteed. www.blancacre.com 15780 SW 72nd Street, Miami, FL 33193 LEASE COMPARABLES SUNSET SQUARE AT LAGO MAR

1467 SW 56th Street 8525 Mills Drive- Phase II 10001 S Sedano’s Plaza Outparcel Signed: 01/13/2017 Signed: 05/11/2017 Signed: 11/1/2016 Rate: $50 PSF NNN Rate: $58 PSF NNN Rate: $50 PSF NNN

Disclaimer: The information and summary of calculations in this report is for our client only, and is based on current information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. This analysis does not constitute a recommendation to make a specific business decision, to lease a specific space, or agree to specific business terms, nor take into account every particular objective, financial situation, or need of Page 12 individual clients. Clients should consider whether any advice or recommendation in this summary report is suitable for their particular circumstances and, if appropriate, seek additional professional advice, including tax, accounting, and legal advice. Blanca Commercial Real Estate is not providing and does not provide tax, accounting, or legal advice. The price and value of office space for lease and availability of office space referred to in this analysis fluctuates. Past Privileged and Confidential rental and vacancy rates is not a guide to future rental and vacancy rates, and the rental rates, terms and conditions assumed in this analysis and report are not guaranteed. www.blancacre.com nd AMENITIES & AREA HIGHLIGHTS 15780 SW 72 Street, Miami, FL 33193 SUNSET SQUARE AT LAGO MAR

KENDALL: HIGHLIGHTS DEMOGRAPHICS

▪ Anchored by exclusive tenants such as: Macy’s, Nordstrom, Saks Fifth 1 Mile 3 Mile Avenue, and Regal Cinema, the Dadeland and Falls open air shopping mall attracts shoppers from all across the globe. ▪ The West Kendall Baptist Hospital, Miami-Dade’s first brand new Population 40,739 199,819 hospital in 35 years, ranks among the “20 Most Beautiful Hospitals in the U.S” and operates minutes away from the subject property. ▪ Experiencing rapid population growth in the last seven years, Kendall Households 12,568 62,620 will continue to beat the national population growth rate by over 570%. Average Age 37.7 38.9

LOCATION AND ACCESS Median HH Income $48,828 $56,927 ▪ Possessing unparalleled exposure, the site has access to a complete transportation nexus: SR 826/ Palmetto Expressway, Florida Turnpike, Kendall Drive, US-1.

▪ Adding to the areas accessibility, Miami-Dade toll board is submitting Daytime Employees 2,980 23,692 a proposal to extend the Dolphin Expressway (SR 836) to West Kendall.

Population Growth (2010-2017) + 8.07 % + 10.04 %

Population Growth(2017-2022) + 4.54 % + 4.85%

Disclaimer: The information and summary of calculations in this report is for our client only, and is based on current information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. This analysis does not constitute a recommendation to make a specific business decision, to lease a specific space, or agree to specific business terms, nor take into account every particular objective, financial situation, or need of Page 13 individual clients. Clients should consider whether any advice or recommendation in this summary report is suitable for their particular circumstances and, if appropriate, seek additional professional advice, including tax, accounting, and legal advice. Blanca Commercial Real Estate is not providing and does not provide tax, accounting, or legal advice. The price and value of office space for lease and availability of office space referred to in this analysis fluctuates. Past Privileged and Confidential rental and vacancy rates is not a guide to future rental and vacancy rates, and the rental rates, terms and conditions assumed in this analysis and report are not guaranteed. www.blancacre.com 15780 SW 72nd Street, Miami, FL 33193 SUBMARKET RETAIL INFORMATION SUNSET SQUARE AT LAGO MAR

• Deliveries and Net Absorption have been trending upwards and will continue on this trajectory for years to come.

• Due to increased demand for retail property in Kendall, vacancy will remain low for the foreseeable future.

Disclaimer: The information and summary of calculations in this report is for our client only, and is based on current information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. This analysis does not constitute a recommendation to make a specific business decision, to lease a specific space, or agree to specific business terms, nor take into account every particular objective, financial situation, or need of Page 14 individual clients. Clients should consider whether any advice or recommendation in this summary report is suitable for their particular circumstances and, if appropriate, seek additional professional advice, including tax, accounting, and legal advice. Blanca Commercial Real Estate is not providing and does not provide tax, accounting, or legal advice. The price and value of office space for lease and availability of office space referred to in this analysis fluctuates. Past Privileged and Confidential rental and vacancy rates is not a guide to future rental and vacancy rates, and the rental rates, terms and conditions assumed in this analysis and report are not guaranteed. www.blancacre.com 15780 SW 72nd Street, Miami, FL 33193 DISCLOSURE SUNSET SQUARE AT LAGO MAR

Blanca Commercial Real Estate(“Blanca”) has been retained as exclusive real estate agent regarding the sale of 15780 SW 72nd Street, Miami, FL 33193 (“Property”).

This confidential Offering Memorandum was prepared by Blanca Commercial Real Estate, and has been reviewed by Owner. It contains selected information pertaining to the Property and does not purport to be all-inclusive, nor to contain all the information that a prospective purchaser may desire. All financial projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors that, therefore, are subject to material change or variation. An opportunity to inspect the Property will be made available to qualified prospective purchasers.

Sources of information contained within this Offering Memorandum include, but are not limited to: Beacon Council, CoStar, Florida Department of Labor, and the US Census Bureau.

In this Offering Memorandum, certain documents including leases and other materials, are described in summary form and do not purport to be complete, nor necessarily accurate, descriptions of the full agreements involved, nor do they constitute a legal analysis of such document. Interested parties are expected to independently review all documents.

This Offering Memorandum is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement, or advice as to the value of the Property by Blanca Commercial Real Estate or the Owner. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or terminate discussions with any party at any time with or without notice. Owner shall have no legal commitment or obligation to any purchaser reviewing this Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Owner and any conditions to Owner’s obligations thereunder have been satisfied or waived. Blanca Commercial Real Estate is not authorized to make any representations or agreements on behalf of Owner.

This Offering Memorandum is-the property of Blanca Commercial Real Estate and may be used only by parties approved by Blanca Commercial Real Estate. The Property is privately offered and by accepting this Offering Memorandum, the party in possession hereof agrees that this Offering Memorandum and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Offering Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Blanca Commercial Real Estate and Owner. The terms and conditions set forth apply to this Offering Memorandum in its entirety.

Disclaimer: The information and summary of calculations in this report is for our client only, and is based on current information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. This analysis does not constitute a recommendation to make a specific business decision, to lease a specific space, or agree to specific business terms, nor take into account every particular objective, financial situation, or need of Page 15 individual clients. Clients should consider whether any advice or recommendation in this summary report is suitable for their particular circumstances and, if appropriate, seek additional professional advice, including tax, accounting, and legal advice. Blanca Commercial Real Estate is not providing and does not provide tax, accounting, or legal advice. The price and value of office space for lease and availability of office space referred to in this analysis fluctuates. Past Privileged and Confidential rental and vacancy rates is not a guide to future rental and vacancy rates, and the rental rates, terms and conditions assumed in this analysis and report are not guaranteed. www.blancacre.com BLANCA COMMERCIAL REAL ESTATE

investment contact:

CARY COHEN 1450 AVENUE, Suite 2060 MIAMI, FL 33131 | 305.377.6590 [email protected] C A R Y C O H E N David Maggard

305.520.2311 305.520.2453 BLANCA COMMERCIAL REAL ESTATE [email protected] [email protected] 1450 , Suite 2060 MIAMI, FL 33131 | 305.577.8850 www.blancacre.com LICENSED REAL ESTATE BROKER