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Rare Worth Avenue Acquisition Opportunity

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Rare Worth Avenue Acquisition Opportunity VIA Rare Worth Avenue Acquisition Opportunity WORTH AVENUE PALM BEACH, FL OFFERING SUMMARY VIA WORTH AVENUE PALM BEACH, FL An inviting and energetic environment in the heart of Worth Avenue INTRODUCTION Holliday Fenoglio Fowler, L.P. (“HFF”), as exclusive advisor, is pleased to present an exceptionally rare opportunity to acquire Via Bice (the “Property”), a multi-tenant retail and office building located along one of the most renowned streets in the country—Worth Avenue in Palm Beach, FL. Since the early 1930’s, Palm Beach has been considered a haven for the ultra-wealthy and Worth Avenue has served as its marquee shopping destination. Recognized as on the “10 Most Iconic Streets” by USA Today, Worth Avenue stretches four blocks from Lake Worth to the Atlantic Ocean. This world-class shopping mecca includes preeminent designers including Gucci, Louis Vuitton, Chanel, Hermes, Cartier, Hublot, Salvatore Ferragamo and Ralph Lauren, to name a few. Via Bice is situated at the epicenter of activity on Worth Avenue and stretches to Peruvian Avenue offering approximately 20,000 square feet of retail and second-level office space. The architecturally appealing buildings are centered along one of the intimate “Via” streets, reminiscent of a European plaza with ornate improvements and lush foliage. This offering represents an exceptionally rare opportunity to acquire an investment property on one of the most iconic streets in the world with the strong potential for growth through lease-up and tenant remerchandising. PROPERTY SUMMARY Address: 313 1/2 Worth Avenue Palm Beach, Florida 33480 Site Size: 0.57-acres Year Built/Renovated: 1987/2000 GLA (SF) 18,712 Occupancy 89.4% Parking 20 spaces Tenant Summary: Tenant GLA % of PSF Rental Revenue Proportion of total In Place ($) Revenue—In Place (%) Bice (Restaurant) 4,635 24.8% $75.35 $349,247 29.7% Leased Shops 12,102 64.7% $68.39 $827,606 70.3% Available 1,975 10.6% $0.00 0 0.0% Total 18,712 100.0% $70.31 $1,176,853 100.0% VIA WORTH AVENUE PALM BEACH, FL West Palm Beach CBD INVESTMENT HIGHLIGHTS Extremely Rare Worth Avenue Acquisition - Seldom do opportunities to acquire retail on Worth Avenue become available and rarely of this scale. Only a Intracoastal Waterway Royal Palm Way fraction of the retail on Worth Avenue has changed hands in the past decade and even fewer involving nearly 20,000 SF. Extraordinarily High Barriers to Entry - Via Bice benefits from significant barriers to entry due to the geographic limitations and restrictive zoning that will VIA continue to limit future competition for retail development. WORTH AVENUE Strong Tenant Demand with Stable Cash Flows – Given the desirability of Select Worth Avenue Tenants PALM BEACH, FL the location, Via Bice has enjoyed long term tenant stability of over ten years. In Valentino Saks Fifth Ave addition to a stable cash flow, the opportunity recognizes healthy growth in NOI Hermes Engel & Volkers through annual rent increases, percentage rent, and below market lease resulting Jimmy Choo Lana Marks Peruvian Avenue in CAGR of 3.1%. Escada Worth Avenue Yachts Ralph Lauren Kate Spade Cartier Brooks Brothers High Volume Restaurant Anchor – Bice Ristorante Group, originally founded Van Cleef & Arpels Tiffany & Co. in 1926, has established itself as the premiere Italian restaurant group. At the Salvatore Ferragamo Chanel Property, Bice is widely recognized as a Palm Beach institution with average sales Michael Kors Vineyard Vines exceeding $1,000 PSF. Malo J McLaughlin Gucci Herve Leger Hublot Peter Millar Hibiscus Avenue Unencumbered by Existing Debt - The Property is being offered on a free and Emilio Pucci 120% Lino clear basis. Louis Vuitton Neiman Marcus High Quality Improvements with Abundant Parking - The Property has been meticulously maintained by current ownership and is one of the few properties Worth Avenue on Worth Avenue that offers abundant on-site and street parking. Thriving Retail Market - Palm Beach continues to experience strong rental rate growth increasing nearly 20% in the past year with current average rents of $150 PSF. West Palm Beach CBD Worth Ave – A Global Luxury Retail Destination – Palm Beach is home to a roster of the most sought after luxury retailers in the industry including Intracoastal Waterway Royal Palm Way Cartier, Chanel, Gucci, Graff Diamonds, Hermes, Cartier, Salvatore Ferragamo, Louis Vuitton, Neiman Marcus, and Saks Fifth Avenue to name just a few. Highly Affluent and Dynamic Market - The Town of Palm Beach is one of the VIA wealthiest areas in the world with a full time population of approximately 10,000 and 20,000 more seasonal residents. Median home values exceed $1,000,000 and include some of the priciest waterfront residences in the US along “Billionaire’s WORTH AVENUE Select Worth Avenue Tenants PALM BEACH, FL Row”. Additionally the town boasts some of the highest-earning households in the country, with an average household income for 2016 of approximately $175,000, Valentino Saks Fifth Ave Hermes Engel & Volkers which is more than double that of Palm Beach County. Jimmy Choo Lana Marks Peruvian Avenue Escada Worth Avenue Yachts DEMOGRAPHICS Ralph Lauren Kate Spade 1-Mile 3-Mile Town of 10-Minute Cartier Brooks Brothers Palm Beach Drive Time Van Cleef & Arpels Tiffany & Co. 2016 Population 6,057 50,580 8,380 253,318 Salvatore Ferragamo Chanel Michael Kors Vineyard Vines 2021 Population 6,433 52,971 8,556 264,500 Malo J McLaughlin 2016-2021 Population Growth 6.2% 4.7% 2.1% 4.4% Gucci Herve Leger Avg. HH Income $115,198 $76,184 $173,695 $59,186 Hublot Peter Millar Hibiscus Avenue Avg. Age 50.6 41.7 64.0 38.6 Emilio Pucci 120% Lino Louis Vuitton Neiman Marcus % Owner Occupied 52.5% 46.0% 85.9% 53.9% % of Housing Values >$300,000 74.2% 42.1% 83.4% 19.7% Worth Avenue Strong Tourist & Snowbird Impact – Palm Beach benefits from strong demand by tourists and “snowbirds” increasing the city’s population more than double during peak season months. In particular, these visitors descend on Worth Avenue as this location is recognized as the #1 shopping and dining destination in the city given its proximity to the beach and supply of hotel rooms nearby. VIA WORTH AVENUE PALM BEACH, FL 250 Luxury Shops, Boutiques, Restaurants and Art Galleries # 3 on the “10 Most Iconic Streets” per USA Today TOP 5 places to shop in the country according to Conde Nast Traveler 6.9 MILLION Yearly visitors to The Palm Beaches $4.55 BILLION in Direct Expenditures from Visitors in 2015 16,000 Hotel Rooms and Luxury Condominiums 160 Public and Private Golf Courses 47 OF THE TOP 50 on the Forbes 400 list of America’s wealthiest people are Palm Beach Islanders VIA WORTH AVENUE PALM BEACH, FL Investment Sales: Capital Markets: Luis Castillo Hermen Rodriguez Danny Finkle Nat Scarmazzi hfflp.com Managing Director Senior Managing Director Senior Managing Director Director [email protected] [email protected] [email protected] [email protected] 1450 Brickell Avenue (305) 448-5498 (305) 448-5332 (305) 421-6544 (305) 421-6545 Suite 2950 Miami, Florida 33131 Telephone: (305) 448-1333 Eric Williams Kimberly Flores Fax: (305) 448-9499 Associate Director Director Analyst www.hfflp.com [email protected] [email protected] (786) 532-2346 (305) 448-4778 Holliday Fenoglio Fowler, L.P. (“HFF”) a Florida licensed real estate broker. Holliday Fenoglio Fowler, L.P. (HFF) and HFF Securities L.P. (HFFS) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF. HFF has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change..
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