2900 BISCAYNE BOULEVARD | AGM, Inc
Total Page:16
File Type:pdf, Size:1020Kb
OFFERING MEMORANDUM DISCLAIMER AGM, Inc. hereby advises all prospective purchases of net leased property as follows: This confidential offering memorandum has been prepared by AGM, Inc. for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. No representation is made by AGM, Inc. or the property owner as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, AGM, Inc., owner and their employees and agents disclaim any responsibility for inaccuracies and expect prospective purchaser to exercise independent due diligence in verifying all such information. Further, AGM, Inc., owner and their employees and agents disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for omissions from, the confidential offering memorandum or any other written or oral communication transmitted or made available to recipient. This confidential offering memorandum may include certain statements and estimates by AGM, Inc. with respect to the projected future performance of the property; these assumptions may or may not be proven to be correct, and there can be no assurance that such estimates will be achieved. The confidential offering memorandum does not constitute a representation that there has been no change in the business or affairs of the property or owner since the date of preparation of the confidential offering memorandum. Analysis and verification of the information contained in the confidential offering memorandum is solely the responsibility of the prospective purchaser. Additional information and an opportunity to inspect the property will be made available upon request to interested and qualified prospective investors or purchasers. Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers regarding the property and/or terminate discussion with any entity at any time with or without notice. Owner shall have no legal commitment or obligation to any entity reviewing the confidential offering memorandum or making an offer to purchase the property unless and until such offer is approved by owner, a written agreement for the purchase of the property has been fully executed, delivered and approved by owner and its legal counsel, and any conditions to owner’s obligation thereunder have been satisfied or waived. This confidential offering memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. This information should not, under any circumstances, be photo copied or disclosed to any third party without the written consent of AGM, Inc. or owner, or used for any other purpose whatsoever other than to evaluate the possible purchase of the property. By accepting the confidential offering memorandum, you agree that you will not use the confidential offering memorandum or any of the contents in any fashion or manner detrimental to the interest of owner or AGM, Inc. BY ACCEPTING THIS CONFIDENTIAL OFFERING MEMORANDUM, YOU AGREE TO RELEASE AGM, INC. AND HOLD IT HARMLESS FROM ANY KIND OF CLAIM, COST, EXPENSE, OR LIABILITY ARISING OUT OF YOUR INVESTIGATION AND/OR PURCHASE OF THIS NET LEASED PROPERTY. 2900 BISCAYNE BOULEVARD | AGM, Inc. 2900 BISCAYNE BOULEVARD MIAMI, FLORIDA OFFERING SUMMARY 02 EXCLUSIVELY OFFERED BY BROKER OF RECORD NIKO MIĆIN DAVID L. PERRY, MBA, MPA AREA OVERVIEW 05 206.210.5208 TERRA REALTY GROUP, LLC. [email protected] Florida Lic.: #BK3215019 PROPERTY OVERVIEW 10 www.agmnetlease.com 2900 BISCAYNE BOULEVARD | AGM, Inc. C OFFERING SUMMARY AGM Net Lease is proud to present for sale and lease a trophy 5,200 SF corner building in the heart of Edgewater on the heavily trafficked Biscayne Boulevard. The property has unparalleled visibility due to its irreplaceable positioning on a signalized intersection of Biscayne Boulevard and 29th Street. This is the only property for lease or sale that has tremendous retail frontage of 110+ feet facing Biscayne with included dedicated parking in the back of the property. Property is zoned T6-36A-O and allows for a construction height of up to 36 stories. With approximately 3,700 residential units in Edgewater only and the increasing density through numerous new developments in the area, this corner is truly generational real estate. 2 2900 BISCAYNE BOULEVARD | AGM, Inc. LOCATION HIGHLIGHTS TROPHY ASSET SIGNALIZED INTERSECTION LOCATION Incredible Biscayne Boulevard corner retail Unparalleled visibility on a highly trafficked signalized opportunity with 110 feet of Biscayne frontage. intersection 3700+ residential units in Edgewater only, with High daily traffic in excess of 35,000 on Biscayne Extremely rare dedicated parking in the back of the more than 1,000 units currently under construction Boulevard, with additional 410,000 cars on the I-95, building - 12 parking stalls and 2,000 proposed within a 1-mile radius from the A1A/836 and I-195, each less than a mile away property Ideal for a national tenant looking to increase their Highly limited retail vacancy on Biscayne Boulevard Walk score of 91/100 - Walkers Paradise presence in a core Miami market 2900 BISCAYNE BOULEVARD | AGM, Inc. 3 LEASE SUMMARY FOR SALE SALE PRICE $7,950,000 BUILDING SIZE 5,200 SF LOT SIZE 10,205 SF BISCAYNE BOULEVARD $/SF BUILDING $1,528/SF 35,000 ADT $/SF LAND $749/SF ZONING T-36A-O FOR LEASE RENT UNDISCLOSED - CALL REPRESENTATIVE LEASE TYPE NNN TAXES 2016 (2017 EXEMPT) $7.36/SF ($38,276) • LANDLORD WILL IMPROVE/REPAVE THE PARKING LOT INSURANCE $2.40/SF ($12,500) • BRAND NEW HVAC SYSTEM CAM TENANT DEPENDANT (ASSUMMING TARGETED SINGLE TENANT OCCUPANCY) • TI ALLOWANCE AVAILABLE NNN TOTAL APPROXIMATELY $10/SF • OWNER/TENANT WILL VACATE THE PREMISES IN JUNE OR JULY OF 2018 4 2900 BISCAYNE BOULEVARD | AGM, Inc. AREA DEMOGRAPHICS MIAMI POPULATION 5 MINUTES 10 MINUTES 15 MINUTES 2010 POPULATION 26,251 146,411 445 951 2016 POPULATION 35,721 166,866 499,586 2021 POPULATION 40,431 181,569 534,376 AVG. HOUSEHOLD INCOME 5 MINUTES 10 MINUTES 15 MINUTES 2016 AVG. HOUSEHOLD INCOME $71,604 $55,233 $62,210 2021 AVG. HOUSEHOLD INCOME $85,504 $65,101 $72,924 Minutes is defined by drive time in specified radii Miami is a major center, and a leader in finance, commerce, culture, media, entertainment, the arts, and international trade. Miami and its suburbs are located on a broad plain between the Florida Everglades to the west and Biscayne Bay to the east, which also extends from Florida Bay north to Lake Okeechobee. In 2012, Miami was classified as an “Alpha−” level world city in the World Cities Study Group’s inventory. In 2010, Miami ranked seventh in the United States and 33rd among global cities in terms of business activity, human capital, information exchange, cultural experience, and political engagement. In 2008, Forbes magazine ranked Miami “America’s Cleanest City”, for its year-round good air quality, vast green spaces, clean drinking water, clean streets, and citywide recycling programs. According to a 2009 UBS study of 73 world cities, Miami was ranked as the richest city in the United States, and the world’s seventh-richest city in terms of purchasing power. Miami is nicknamed the “Capital of Latin America” and is the largest city with a Cuban-American plurality. According to the U.S. Census Bureau, Miami’s metro area is the eighth-most populous and fourth-largest urban area in the U.S., with a population of around 5.5 million. 2900 BISCAYNE BOULEVARD | AGM, Inc. 5 AREA EDGEWATER Edgewater is part of the northern end of Downtown Miami, between I-395 and I-195 and just Other popular locations that are walking distance to Edgewater include: east of Wynwood and Midtown. Like its name implies, the neighborhood also sits just on the • Arts & Entertainment District – aedistrictmiami.com edge of Biscayne Bay directly across from Miami Beach. Additionally, It is also south of the up • Wynwood – wynwoodmiami.com and coming Design District, and just a few minutes away from the airport through the 112. • Adrienne Arsht Center – arshtcenter.org Living in this neighborhood enables one to be just moments away from a wide variety of shopping and entertainment. Some examples include supermarkets such as Publix on 18th • Midtown Miami – midtownmiami.com and Biscayne, easy access to the Metromover located on 15th St and dozens of restaurants • Miami Design District – miamidesigndistrict.net and shops to explore. • Rest of Downtown Miami via Metromover or Trolley. In addition to having some of the most amazing views of Biscayne Bay, some (if not most) of the high rise developments in Edgewater are often newer and less costly than Miami Beach, as well as other areas of Downtown. Many of the Edgewater residential towers are also located within close proximity to transportation, feature phenomenal amenities. 6 2900 BISCAYNE BOULEVARD | AGM, Inc. AREA ZONING T-36A-O Property has one of the most favorable Zoning designations in Edgewater. The Miami Regulation of Use in a T6 zone 21 Zoning Code allows for 36 stories in height and provides for very little restrictions on Regulating use is an important part of any zoning code. Miami 21 Zoning Code prioritizes commercial use. Upside potential of this property is in redevelopment, whether today or building form (shape and bulk) over the regulation of use to allow for mixed-use in the future. development. The T6 zone has the greatest number and variety of uses.