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Alhambra Portfolio DOWNTOWN MIAMI LE JEUNE ROAD ALHAMBRA CIRCLE ALHAMBRA PORTFOLIO ICONIC MIXED-USE PROPERTIES IN THE HEART OF CORAL GABLES, FL Offering Memorandum ALHAMBRA PORTFOLIO NON-ENDORSEMENT 367-371 ALHAMBRA CIRCLE & DISCLAIMER NOTICE CORAL GABLES, FLORIDA 33134 CONFIDENTIALITY & DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confiden- tial. It is intended to be reviewed only by the party receiving it from Marcus & Millichap Real Estate EXCLUSIVELY LISTED BY Investment Services of Florida, Inc. (“Marcus & Millichap”) and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Bro- BENJAMIN H. SILVER chure has been prepared to provide summary, unverified information to prospective purchasers, First Vice President Investments and to establish only a preliminary level of interest in the subject property. The information con- Senior Director, National Office and tained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has Industrial Properties Group not made any investigation, and makes no warranty or representation, with respect to the income Fort Lauderdale Office or expenses for the subject property, the future projected financial performance of the property, the Cell 786.999.4541 size and square footage of the property and improvements, the presence or absence of contam- Office 954.245.3425 inating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the [email protected] physical condition of the improvements thereon, or the financial condition or business prospects License: FL SL3197924 of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the infor- DAVID M. COHEN mation contained herein, nor has Marcus & Millichap conducted any investigation regarding these Senior Associate matters and makes no warranty or representation whatsoever regarding the accuracy or complete- Miami ness of the information provided. All potential buyers must take appropriate measures to verify all Office 786.522.7075 of the information set forth herein. [email protected] License: FL SL3282943 NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. 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 Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. ACTIVITY RYAN NEE Broker of Record License: FL BK3154667 TABLE OF CONTENTS SECTION 1 .......................................EXECUTIVE SUMMARY SECTION 2 ....................................... PROPERTY OVERVIEW SECTION 3 .......................................... MARKET OVERVIEW OFFICES NATIONWIDE AND THROUGHOUT CANADA WWW.MARCUSMILLICHAP.COM THE HEART OF CORAL GABLES DOWNTOWN MIAMI PHILLIPS PARK COCONUT GROVE GUSTO FINO MIRACLE MILE MINORCA AVE ALCAZAR AVE ALHAMBRA CIRCLE BURGER KING LE JEUNE ROAD Alhambra Portfolio Alhambra Portfolio EXECUTIVE SUMMARY Alhambra Portfolio 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, as- sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap ACT ID: 1 OFFERING HIGHLIGHTS ALHAMBRA PORTFOLIO 367 and 371 Alhambra Circle, Coral Gables, Florida 33134 OFFERING PRICE: $8,000,000 Rentable Building Area (RBA): 9,209 SF Total 371 Alhambra: 7,574 SF 367 Alhambra: 1,635 SF 371: 100% (Can Potentially Be Offered Vacant Upon Sale) Occupancy: 367: 0% 367 ALHAMBRA CIRCLE 371 ALHAMBRA CIRCLE Parcel ID: 03-4108-006-2550 Parcel ID: 03-4108-006-2560 Zoning: Commercial High-Rise Intensity Zoning: Commercial High-Rise Intensity Lot Size: 2,500 SF Lot Size: 5,000 SF Year Built: 1956 Year Built: 1947 2 INVESTMENT OVERVIEW Marcus & Millichap, as exclusive agent, is pleased to present for sale ”Alhambra Portfolio” in Coral Gables, Florida (the “Property” or “Subject Property”). The Subject Property is comprised of two buildings totaling 9,209 square feet; 371 Alhambra, a 7,574 square foot iconic property with the landmark restaurant and lounge “The Globe” on the ground floor and second floor modern office space occupied by “Lorraine Travel” and 367 Alhambra, a recently vacant building formerly operating as a single-tenant café with fully equipped kitchen and licensing in place, comprised of 1,635 square feet. Upon a sale, both tenants within the 371 Alhambra building may be willing to vacate providing a unique opportunity for a user to brand, occupy and operate out of this premiere space or for an investor to re-tenant the spaces at this high profile location. The branding opportunity is unparalleled in the city. Additionally, the property falls within the commercial high-rise district and is potentially poised as one of the area’s greatest underdeveloped sites which can be a part of a massive development in the future. Alhambra Portfolio is located in the heart of Coral Gables just off the corner of Lejeune Road with prime frontage along Alhambra Circle, the city’s central business district and the area’s equivalent to Brickell Avenue. Alhambra Circle is one of Miami’s most scenic avenues, with majestic date palm tree’s lining the median and surrounded on both sides by enormous glass office towers and commercial buildings. The avenue has long had tremendous daily pedestrian traffic but limited options for restaurants, which have always benefited the Subject Property, since land values are so prohibitive to creating new space. Additionally the Property is only three blocks north of Miracle Mile, the city’s premiere retail destination and central to dozens of major development projects, which Coral Gables is currently undergoing that will add around 2,000 residential units, hundreds of hotel rooms and hundreds of thousands of square feet of office space. Demand for all commercial, retail and restaurants will benefits greatly from this boom. The Subject Property’s architectural beauty, historical significance, location and branding potential creates a unique opportunity for an owner or investor to capitalize on Coral Gables resurging market by acquiring one of the City’s most premiere and well-known properties. 4 INVESTMENT HIGHLIGHTS ► TROPHY CORAL GABLES BUILDING Located in the Heart of downtown Coral Gables, The Globe has been an Icon to the city since 1997. Known as one of Miami’s best scenes for power lunches, special events, lively happy hours and jazz. The second floor space offers modern open floor plan for creative or professional office. ► UNIQUE BRANDING OPPORTUNITY The Property stands out from its unique mediterranean rival style façade in the middle of the beautiful palm lined avenue of Alhambra Circle. The stunning architecture offers a unique branding opportunity for a new tenant or owner with excellent exposure to traffic and pedestrians alike. ► PREMIERE CLASS A+ LOCATION Alhambra Circle is known as the business district of Coral Gables, the center of downtown and the City. The Subject Property is located Just off of LeJeune Rd providing access from the Dolphin Expressway (Rte. 836) the Miami Airport and all of Miami. The Property is walking distance from Miracle Mile the area’s main shopping district. Additionally surrounded by Hundreds of thousands of square feet of office towers and residential units, there is ample demand for both restaurant and retail space on Alhambra Circle which is constrained but has seen a major resurgence in demand due to significant population growth. ► VALUABLE AND IRREPLACEABLE RESTAURANT SPACE The Subject Property offers two restaurants, one café style and one lounge full service venue. Both Properties provide easy entry into an extremely high barrier marketplace within Coral Gables. Coral Gables has seen a significant amount of restaurant openings in the past year with well known chefs and restaurants flocking to the city from the northeast, and other parts of Miami. The demand for dining has never been higher than now and with the development taking place around the central district, the Subject Property will greatly benefit from these drivers. ► RESURGING CORAL GABLES MARKET Coral Gables is currently experiencing the largest boom in the history of the city with a dozen projects set for completion creating around 2,000 units, hundreds of hotels rooms and thousands of square feet of commercial space. Included in the development wave is the $600 million “The Plaza Coral Gables,”
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