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United Site Services Homestead, Fl (Miami Msa)

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INVESTMENT OPPORTUNITY UNITED SITE SERVICES HOMESTEAD, FL (MIAMI MSA) OFFERED AT: $2,098,000 | 6.25% CAP (6.80% AVG CAP OVER TERM) Actual Property EXECUTIVE SUMMARY TENANT OVERVIEW PROPERTY INFORMATION AREA OVERVIEW TABLE OF CONTENTS EXECUTIVE SUMMARY 4 Offering Summary 5 Investment Highlights 6 Lease Summary & Rent Schedule 7 Lease Abstract TENANT OVERVIEW 9 About United Site Services PROPERTY INFORMATION 13 Property Layout 14 Location Maps 16 Site Plan 17 Property Photos 20 Aerials AREA OVERVIEW 26 Homestead Overview 27 Industrial Submarket Overview 28 Miami Overview 29 Demographics Confidentiality Agreement & Disclosures CAPITAL MARKETS EXPERTS RYAN BARR | Principal RYAN BENNETT | Principal 760.448.2446 760.448.2449 [email protected] [email protected] INDUSTRIAL SPECIALIST GREG PIERATT | Principal 760.929.7837 [email protected] Color Scheme RGB R:145 / G:0 / B:40 CMYK C:0 / M:100 / Y:65 / K:47 RGB R:119 / G:120 / B:123 CMYK C:0 / M:0 / Y:0 / K65 Fonts GOTHAM/ BLACK GOTHAM/ MEDIUM GOTHAM/ LIGHT BROKER OF RECORD: Actual Property South Investment Property, LLC dba Lee & Associates South Florida FL Broker’s Lic# BK3088290 UNITED SITE SERVICES | Homestead, FL | 2 EXECUTIVE SUMMARY UNITED SITE SERVICES HOMESTEAD, FL (MIAMI MSA) UNITED SITE SERVICES | Homestead, FL | 3 EXECUTIVE SUMMARY TENANT OVERVIEW PROPERTY INFORMATION AREA OVERVIEW • Offering Summary • Investment Highlights Lease Summary & Rent Schedule Lease Abstract -- OFFERING SUMMARY -- INVESTMENT HIGHLIGHTS PROPERTY OVERVIEW Offering Price: $2,098,000 790 NW 10th Ave Address: Net Operating Income: $131,127 Homestead, FL 33030 Cap Rate: 6.25% Property Size: Approx 10,000 Sq Ft Avg Cap Rate Over Term: 6.80% Land Size: 2.97 Acres (2 Parcels) Lease Type: Absolute NNN Ownership: Fee Simple Foundation & Load Bearing Walls LL Responsibilities: Year Built: 1975 (See Abstract pg 7 APNs: 10-7813-059-0090 & -0100 Lee & Associates is pleased to exclusively offer for sale the fee simple interest (land & building) in a single-tenant industrial investment property located in Homestead, FL (the “Property”). Built in 1975 and renovated in 2017, the Property consists of a 10,000-square-foot industrial building that sits on two (2) parcels totaling approximately 2.97 acres. The property is leased by United Site Services of Florida, Inc., a wholly owned subsidiary of United Site Services, Inc. United Site Services is the nation’s leader in portable toilet rentals, restroom trailer rentals, and temporary fencing. Founded in 1999, the company has over 100 locations across the U.S. and has revenues of over $500 million (Source: Moody’s). The company offers its services for construction, events, agriculture, seasonal, emergency, government, and industrial markets in the United States. In 2017, United Site Services was acquired by Platinum Equity for a sum of $1.15 Billion. Platinum Equity is a global investment firm with $13 billion of assets under management and a portfolio of approximately 30 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund. The landlord-friendly triple-net (NNN) lease has 8+ years remaining and features 3% annual rent increases that continue throughout the two (5)-Year option periods, offering an investor a long-term passive investment with tremendous income growth. This site ideally suits the unique needs of the tenant with a large 2.97 Acre required fenced outdoor storage yard with a warehouse/storage facility, office, and a fence repair area. The tenant has extremely limited relocation options due their unique use and trend by cities to phase out heavy industrial and outside storage uses. This provides an investor with mitigated vacancy risk long term and there is a high likelihood the tenant will remain at this location long-term. The property is conveniently located on NW 10th Avenue, near south Florida’s three major highways - Hwy 997, Hwy 1 and Ronald Reagan Turnpike - providing for easy access to Downtown Miami, just 34 miles away. The site’s strategic location in the city of Homestead makes it one of the last stops for industrial real estate before going into the Florida Keys. The tenant is centrally located to numerous nurseries, farms, and ranches, and offers proximity to Homestead Air Reserve Base (8.5 miles) and the Homestead-Miami Speedway (6 miles), a 650-acre facility that hosts on-track events nearly 300 days per year; all of these resources offer strong demand for the tenant’s use. The subject property is located within the city of Homestead, a city within Miami-Dade County in southern Florida just 34 miles south of Miami. The city is located near the southern terminus of the Homestead Extension of Florida’s Turnpike where it ends at its junction with U.S. 1, immediately north and east of Florida City. Homestead is primarily a Miami suburb and is a principal city within the Miami Metropolitan Area, the second-most populous in the southeastern United States and the seventh-largest metro in the nation, with an estimated 2018 population of 6.1 million residents. Over the last decade, Homestead has had significant housing development and the population is expected to grow 7.7% by 2023. This growth has spurred new businesses and infrastructure developments in the area and is feeding a strong demand for more distribution in the region. The region has seen tremendous growth in population, commerce and infrastructure development and is within an advantageous distribution point to service both Southern Miami-Dade County and the Florida Keys. UNITED SITE SERVICES | Homestead, FL | 4 EXECUTIVE SUMMARY TENANT OVERVIEW PROPERTY INFORMATION AREA OVERVIEW Offering Summary • Investment Highlights • Lease Summary & Rent Schedule Lease Abstract -- INVESTMENT HIGHLIGHTS -- UNITED SITE SERVICES: STRONG NATIONAL CREDIT TENANT • SALES REVENUES OF OVER PROPERTY FITS TENANT’S UNIQUE NEEDS • IDEAL BUILDING CONFIGURATION • 2.97 ACRE $500 MILLION (2018) • ACQUIRED BY GLOBAL INVESTMENT FIRM IN 2017 FOR $1.15 BILLION SECURE FENCED IN YARD SPACE FOR STORAGE United Site Services is the nation’s leader in portable toilet rentals, restroom trailer rentals, and temporary fencing. This site ideally suits the unique needs of the tenant with a large 2.97 Acre required fenced outdoor storage yard. Founded in 1999, the company has over 100 locations across the United States and has revenues of over $500 In addition, the building is a perfect fit for the tenant’s needs with a warehouse/storage facility, office, and a fence million (Source: Moody’s). The company offers its services for construction, events, agriculture, seasonal, emergency, repair area. Properties that meet this tenant’s requirements are extremely hard to replicate in this market. government, and industrial markets in the United States. STRATEGIC LOCATION ALLOWING DISTRIBUTION TO MIAMI DADE COUNTY & THE FLORIDA In 2017, United Site Services was acquired by Platinum Equity for $1.15 billion. Platinum Equity is a global investment KEYS • 34 MILES FROM DOWNTOWN MIAMI • NEAR ALL MAJOR FLORIDA HIGHWAYS firm with $13 billion of assets under management and a portfolio of approximately 30 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 The property is conveniently located on NW 10th Avenue, near south Florida’s three major highways - Hwy 997, Hwy billion global buyout fund. 1 and Ronald Reagan Turnpike - providing for easy access to Downtown Miami, just 34 miles away. Additionally, the site’s strategic location in the city of Homestead makes it one of the last stops for industrial real estate before going 3% ANNUAL RENT ESCALATIONS • LONG TERM PASSIVE (NNN) LEASE • MINIMAL LL into the Florida Keys. Its proximity to Homestead Air Reserve Base (8.5 miles) and the Homestead-Miami Speedway RESPONSIBILITIES (6 miles) offer strong synergy for the tenant’s use, providing a steady stream of demand. The subject property is leased to United Site Services of Florida, LLC, a wholly owned subsidiary of United Site LOCATED IN HOMESTEAD • PRINCIPAL CITY WITHIN MIAMI METROPOLITAN AREA • GATEWAY TO Services, Inc. United Site Services has 8+ years remaining on a 10-year term. The landlord friendly Triple-Net (NNN) FLORIDA KEYS lease features 3% annual rent increases that continue throughout the two (5)-Year option periods, offering an investor The subject property is located in the city of Homestead, a city within Miami-Dade County in southern Florida just an ideal long-term passive investment with tremendous income growth. 34 miles south of Miami. The city is located near the southern terminus of the Homestead Extension of Florida’s HARD TO REPLICATE SUBJECT PROPERTY WITHIN MARKET • LIMITED RELOCATION OPTIONS Turnpike where it ends at its junction with U.S. 1, immediately north and east of Florida City. Homestead is primarily FOR TENANT DUE TO UNIQUE USE • HIGH LIKELIHOOD OF LONG-TERM TENANCY AT THIS a Miami suburb and is a principal city within the Miami Metropolitan Area, the second-most populous in the LOCATION southeastern United States and the seventh-largest metro in the nation, with an estimated 2018 population of 6.1 million residents. The tenant has extremely limited relocation options due their unique use and trend by cities to phase out heavy industrial and outside storage uses. This provides an investor with mitigated vacancy risk long term and there is a Over the last decade, Homestead has had significant housing development and the population is expected to grow high likelihood the tenant will remain at this location long-term. 7.7% by 2023. This growth has spurred new businesses and infrastructure developments in the area and is feeding a strong demand for more distribution in the region. The region has seen tremendous growth in population, commerce and infrastructure development and is located in an advantageous distribution point to service both Southern Miami- Dade County and the Florida Keys.
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