605 LINCOLN ROAD

FULL FLOOR OFFICE CONDO FOR SALE 2 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale

ABOUT THE ASSET

605 Lincoln Road is a boutique office building located in the heart of South ’s premier outdoor shopping, dining, and entertainment destination.

The 5th floor office condo being offered for sale features the following:

▪▪ Central location in boutique office building in located on the corner of Lincoln Road and Pennsylvania Avenue

▪▪ Steps away from the and the newly renovated Beach Convention Center ▪▪ 10,033 SF full floor with abundant natural light 605 LINCOLN R0AD ▪▪ Elevator opens directly into the private reception area

▪▪ Flexible single-tenant floor plan that can be easily converted for multi-tenant use

▪▪ 7 transferable parking spaces available leased from the City of Miami Beach in adjacent parking garage

www.blancacre.com 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale 3 FEATURES

PRIVATE CONFERENCE RECEPTION ROOM

EXECUTIVE ABUNDANT OFFICE NATURAL LIGHT

WRAP AROUND PRIME VIEWS LINCOLN ROAD LOCATION

www.blancacre.com 4 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale

by the List Price: $4,950,000 02-3234-168-0330, 02-3234-168-0360, Folio Number: 02-3234-168-0370, 02-3234-168-0410, numbers 02-3234-168-0430, 02-3234-168-0440 Office Space: 10,033 SF (Entire 5th Floor)

Parking Spaces: 7 Spaces (Rear of Building)

Year Built: 1932; Renovated 2010

2018 Real Estate Taxes: $50,079.47

Zoning: CD-3 (Miami Beach)

Demographics 1 Mile 3 Miles Population 31,648 59,085 Households 18,461 32,684 Average Age 41.70 43.20 Median HH Income $52,462 $55,426 Daytime Employees 36,029 73,157 Projected Population Growth ‘18-’23 2.7% 3.6% Projected Household Growth ‘18-’23 2.1% 3.1%

www.blancacre.com 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale 5 location

▪▪ An upscale business environment strategically located in the heart of Lincoln Road Mall, one of the world’s top destinations for business, entertainment and dining MIAMI BEACH

▪▪ One block away from Miami Beach Convention CONVENTION CENTER P Center, home to events including Art Basel, DADE BLVD. eMerge Americas, and International Auto Show

▪▪ Quick and easy access to MacArthur Causeway, CITY FILMORE I-95, Port of Miami, and Miami’s most dynamic neighborhoods HALL THEATER 17TH STREET P P ▪▪ Nearby office tenants: WeWork, Morgan Stanley, P P P NY Film Academy, Raymond James, and Jeffrey P Group 605 LINCOLN RD.

▪▪ Neighboring retailers: H&M, Swatch, Sugar, Nike, LINCOLN ROAD MALL WASHINGTON AVE. JEFFERSON AVE.

COLONY PENNSYLVANIA AVE. MICHIGAN AVE. Crocks, New World Symphony, Starbucks, Spris, MERIDIAN AVE. LENOX AVE.

Sushisamba, Lulu Lemon, Guess, Zara, Forever 21 THEATER and more 16TH STREET ALTON ROAD ALTON

15TH STREET

www.blancacre.com 6 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale NEARBY NEIGHBORHOODS

South Beach: Recognized worldwide as a mecca of beautiful beaches and glamorous lifestyle

Cultural District: Arts and Entertainment 605 district which is home to Adrienne Arscht LINCOLN Center for the Performing Arts ROAD

Downtown Miami: the city’s central business district

Brickell: Miami’s Financial District

Wynwood: Home to art galleries, retail stores, antique shops, eclectic bars, artisanal eateries and one of the largest open-air street-art installations in the world

Design District: A neighborhood dedicated to innovative fashion, design, architecture and dining experiences

www.blancacre.com 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale 7 access BROWARD COUNTY DADE COUNTY

NW 67TH AVENUE MIAMINW 47TH AVENUE GARDENS DRIVE 75

826

OKEECHOBEE ROAD Opa-Locka Airport NW 135TH STREET

NW 119TH STREET Access to all major highways, including NW 103RD STREET

I-95, SR-836 and SR-826 95 INTERSTATE NW 79TH STREET

Drive Times: 826 NW 58TH STREET

ARD

LEJEUNE ROAD V mia NW 7TH AVENUE NW 27TH AVENUE N E • Miami International Airport 112 L miami international airport U 605 NW 177TH AVENUE Miami O B International

18 Minutes 95 E LINCOLN RD. Airport N

XPRE Y IN E SSW A

LPH AY C 836 DO S

836 I

B downtown

FLORIDA’S TURNPIKE FLORIDA’S • Downtown Miami 1 NW 8TH STREET 17 Minutes

PALMETTO EXPRESSWAY PALMETTO Y NW 87TH AVENUE A NW 107TH AVENUE HW IG E H XI DI • Brickell District H T U SO

20 Minutes coral gables SW 8 AVE

SUNSET DRIVE

• Coconut Grove Biscayne 25 Minutes SW 22 RD Bay 874

SW 24 RD SW 137TH AVENUE Tamiami Airport

SW 152ND STREET

Laidlaw Creative BLANCA

ID - Signature ver: 02.28.09 Final SW 184TH STREET

Pantone Process Blue

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SW 264TH STREET 8 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale

OFFICE MARKET SNAPSHOTMARKET SNAPSHOT Miami Beach Highlights

Miami Beach Class A Historical Performance

YEAR-OVER-YEAR HIGHLIGHTSYEAR OVER YEAR HIGHLIGHTS

▪▪ Miami Beach weighted. Miami average Beach weighted asking average rents asking have increased morerents than have 40% increased since more 2008 than 40% since 2008 ▪▪ Miami Beach enjoys the lowest direct . vacancy rate within theYear relevantto date, Miami submarkets; Beach has completed 24,000 SF in office lease transactions currently at 5.5% for Class A space . Miami Beach enjoys the lowest direct ▪▪ No new office deliveries scheduled for the vacancy rate within the relevant next 24 months submarkets; currently at 5.5% for Class A space

. No new office deliveries scheduled the next 24 months

PAGE | 7

www.blancacre.com 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale 9 drivers

Nearby redevelopment renaissance Stability

Greater Miami Beach Convention Center and Favorable interest rates provide stability to surrounding areas occupancy costs

Strategic Location Growing Business Community

Access to all major highways and prime Community of innovators, entrepreneurs and commercial corridors global companies

Foreign Investments Design

One of the top submarkets in the United States Attractively designed boutique building in for foreign investment good operating condition

www.blancacre.com 10 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale

The financial benefits of owning the 5th floor at 605 Lincoln Road, include: financial ■■ An estimated 41.43% in net occupancy savings vs. leasing a suite on Miami Beach over a 5 year 10033 period Ownership Lease Own 1 2 3 4 5 $ PSF Gross Occupancy Cost $ PSF 5 Year ■■ Fixed Debt Service benefit vs. FMV Base Rent with 3% annual increases Market Rent (Gross) $484,092 $48.25 Estimated Operating Expenses $180,594.00 $18.00 $18.54 $19.10 $19.67 $20.26 Estimated OPEX $25,083 $2.50 benefitsAnnual Mortgage Payment $229,393.13 $22.86 $22.86 $22.86 $22.86 $22.86 Net Occupancy Cost $509,175 $50.75 Gross Occupancy Cost $409,987 $40.86 ■■ Operating expense$41.40 $41.96 control$42.53 benefit$43.12

Net Occupancy Cost PSF Tax Savings $ PSF ■■ Tax benefit of real estate depreciation, mortgage interest and operating expense deductions Lease $509,175 $50.75 Operating Expenses $180,594 $18.00 $902,970.00 $18.54 $19.10 $19.67 $20.26 Own $296,397.72 $29.54 Annual Depreciation Deduction $111,794.87 $11.14 $558,974.36 $11.14 $11.14 $11.14 $11.14 Total Savings $212,777.03 $21.21 Annual Interest Deduction $161,968.78 $16.14 $773,537.84■■ Equity growth$15.80 benefit$15.44 realized$15.06 upon$14.66 proceeds of an eventual refinancing or sale transaction % Savings 41.79% Gross Occupancy Cost adjusted for Tax Items $454,357.65 $45.29 $2,235,482.20 $45.48 $45.68 $45.87 $46.06 ■ Opportunity to benefit from value of surrounding new infrastructure and development projects Tax Rate 25% ■ Tax Savings $113,589.41 $11.32 $558,870.55 in Miami Beach$11.37 $11.42 $11.47 $11.52 Net Occupancy Cost Lease $2,545,873.75 Gross Occupancy Cost $409,987 $41 $2,049,935.66 $41.40 $41.96 $42.53 $43.12 Own $1,491,065.11 Less: Tax Savings $113,589.41 $11.32 $558,870.55 $11.37 $11.42 $11.47 $11.52 Total Savings $1,054,808.64 Net Occupancy Cost $296,397.72 $29.54 $1,491,065.11 $30.03 $30.54 $31.07 $31.61 41.43%

Building Value $4,360,000.00 Depreciation $111,794.87 lease vs. buy analysis Lease vs. Own Analysis NET OCCUPANCY COST OVER 5 YEARS $57.12 Own Lease $53.84 $55.46 Year 1 $29.54 $50.75 $52.27 LEASE: $2,545,873.75 Year 2 $30.03 $52.27 $50.75 Year 3 $30.54 $53.84 41.43% Year 4 $31.07 $55.46 TOTAL SAVINGS OWN: $1,491,065.11 Year 5 $31.61 $57.12 TO OWN TOTAL SAVINGS $31.61 $29.54 $30.03 $30.54 $31.07 TO OWN: $1,054,808.64 41.43%

Lease Assumptions: ▪▪ Currently marketed full service lease rate ▪▪ Operating expenses of $18.00 PSF and 3% annual increases

Ownership Assumptions: YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 ▪▪ Operating Expenses of $18.00 PSF and 3% annual Own Lease increases ▪▪ Financing assumption: Note: This analysis does not factor in the initial equity (down payment) required to purchase the asset nor the funds received from the recovery 60% LTV of initial equity in year 5. If included, the overall cost to own would be lower. 5% Interest Rate 25 Year Amortization

www.blancacre.com 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale 11 photos

select features

2 Executive Offices 2 Private Restooms (Men and Women) 16 Private Offices Storage Closet 2 Conference Room Dedicated IT Room Employee Lounge Wrap Around Views

www.blancacre.com 12 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale floor plan

Flexible, single tenant floor plan that can be easily converted for multi-tenant use.

TENANT 2 3,622 RSF

TENANT 1 6,411 RSF

TENANT 2 2,987 RSF

TENANT 1 4,410 RSF

TENANT 2 2,637 RSF

www.blancacre.com 605 LINCOLN ROAD | FULL FLOOR Office Condo For Sale 13

DISCLAIMER

Blanca Commercial Real Estate(“Blanca”) has been retained as exclusive real estate agent regarding the sale of 605 Lincoln Road, 5th Floor, Miami Beach, Florida 33139 (“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 Prop- erty 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.

www.blancacre.com CONTACT infoRMATION CARY COHEN 305.377.6590 [email protected]

DANET LINARES 305.577.8852 [email protected]

JUAN RUIZ 305.577.0251 [email protected]

1450 BRICKELL AVE., SUITE 2060 MIAMI, FL 33131

LICENSED REAL ESTATE BROKER WWW.BLANCACRE.COM