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Intelliflex | Fort Myers, Fl Offering Memorandum and Disclaimer

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Intelliflex | Fort Myers, Fl Offering Memorandum and Disclaimer OFFERING MEMORANDUM INTELLIFLEX | FORT MYERS, FL 12801, 12811 & 12821 Commerce Lakes Dr, Fort Myers, FL 33913 Bob Johnston, SIOR 115,488 ± SF Principal Commerce Lakes Dr Jerry Messonnier, SIOR Principal Derek Bornhorst, CCIM Senior Vice President 7.9 Acres [email protected] Available Daniels Pkwy Daniels Pkwy Lee & Associates|Naples-Ft. Myers | 6300 Techster Blvd | Suite 1 | Fort Myers, FL 33966 | [email protected] INTELLIFLEX | FORT MYERS, FL OFFERING MEMORANDUM AND DISCLAIMER Lee & Associates|Naples-Ft. Myers (“Agent”) has been engaged by the owner (“Seller”) as the exclusive agent for the sale of Intelliflex in Fort Myers, Florida (the “Property”). The Property is being offered for sale in an “as-is, where-is” condition and Seller and Agent make no representations or warranties as to the accuracy of the information contained in this Offering Memorandum. Neither the enclosed materals nor any information contained herein is to be used for any other purpose or made available to any other person without the express written consent of the Seller. Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from the market at any time and for any reason. Seller and Agent each expressly reserves the right, at their sole and absolute discretion, to reject any and all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time, with or without notice. This offering is made subject to omissions, correction of errors, change of price or other terms, prior sale or withdrawal from the market without notice. Agent is not authorized to make any representations or agreements on behalf of Seller. Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing additional inves- tigation and/or making an offer to purchase the Property unless and until a binding written agreement for the purchase of the Property has been fully executed, delivered, and approved by Seller and any conditions to Seller’s obligations thereunder have been satisfied or waived. Additional information available to registered buyers only. Upon completion of registration, Buyer will be provided access to property rent roll, Argus report, summary of available buildings, zoning information, etc. via Dropbox. Lee & Associates|Naples-Ft. Myers | 6300 Techster Blvd | Suite 1 | Fort Myers, FL 33966 | [email protected] Page 2 No warranty or representation has been made to accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. INTELLIFLEX | FORT MYERS, FL THE INTELLIFLEX STORY The original developer of Intelliflex analyzed the Ft. Myers/Lee County Florida flex building market in the early 2000s and determined three things: (1) the majority of flex buildings were severely “under parked”; (2) the majority of flex developments were too small (10,000 sf to 25,000 sf) to take advantage of operating economies of scale and (3) the majority of buildings were metal construction. After carefully studying the market, the original developer purchased the existing site in the Gateway DRI strategically located between Lehigh Acres and Interstate 75 along the Daniels Road corridor. The Lehigh Acres area is home to many of the blue collar small business owners that service the Southwest Florida area from Naples to Port Charlotte. The Daniels Corridor is one of the busiest in Lee County and the Boston Red Sox chose this area to build their new spring training facility (Jet Blue Park) located just west of the Intelliflex Site. Once the site was chosen, the site plan was designed for 3 buildings totaling 115,488 sf and 300 parking places or 2.6:1,000. The parking requirement for flex buildings in Lee County is 2:1,000 sf. This minimal parking requirement leaves little or no room for users that need ad- ditional office space or small manufacturing users both of which require a minimum of 3:1,000. The developers felt that this larger parking ratio would allow them to attract a wider range of users than standard flex products. In fact, the site is approved for a broad range of uses including: restaurant, retail, office, warehouse and industrial uses. The current tenant mix includes an operating micro-brewery and a gelato manufacturer among others. With the site work complete and the permitting in place, the developer began construction of the 3 buildings using concrete tilt wall construction with steel truss roof and a unit mix of: 1) 58 units at 1,536 sf each with 400± sf office/restroom build-out and 1,136 sf of warehouse with a clear height of 18’ and a 10’ by 12’ grade level door 2) 11 units at 2,400 sf each with 625 sf office/restroom build-out and 1,775 sf of warehouse with a clear height of 18’ and a 10’ by 12’ grade level door. The original developers felt that it was important to build-out all 69 units. It was their experience that when small bay flex users are looking for space they want to move in right away. If a unit is in gray shell condition, the potential ten- ant will not wait for the tenant improvements to be completed and instead will move into a finished unit at another location. Lee & Associates|Naples-Ft. Myers | 6300 Techster Blvd | Suite 1 | Fort Myers, FL 33966 | [email protected] Page 3 No warranty or representation has been made to accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. INTELLIFLEX | FORT MYERS, FL THE INTELLIFLEX STORY The original developer followed a strategy that had worked well for many projects over many years. Unfortunately, the comple- tion of Intelliflex in 2007 coincided with the real estate crash that occurred throughout the country in which SW Florida was one of the hardest hit areas. Property values plummeted, new construction came to a virtual standstill and the blue collar small business owner whose success was directly related to the construction industry suffered. At the peak of the market, flex users in SW Florida were paying on average $7.50 to $9.00 NNN rent with average CAM charge of $3.00 to $3.50 for a total psf rent of $10.50 to $12.50. This would mean that the 1,536 sf units at Intelliflex would be expected to rent for $1,350 per month to $1,600 per month and the 2,400 sf units would rent for $2,100 to $2,500. The developer was now facing a major problem, they were at ground zero of the real estate bubble bursting and there were no new tenants looking for space. The inevitable result was that the lender acquired title. Currently, 31 of the 69 units are occupied (53,664 sf) at an average rental rate of $5.90 psf. Current CAM/operating expenses for Intelliflex are $2.81 psf. The market in SW Florida is on the mend and there has been virtually no spec construction of commercial property in the last 5 years. Flex building vacancy is trending down but remains above 20%. Many vacancies are a result of buildings completed just after the bubble bursting that remain in gray shell condition. Owners of these buildings cannot justify spending $75 psf for a small office/restroom build-out at today’s rental rates. They are caught in a situation where it is more tolerable to continue to carry a vacant gray shell or partially gray shell building than to spend the money to build-out the units to attract tenants at today’s rental rates. Existing office/restroom build-out - Intelliflex’s greatest asset! The original developer built out 100% of the units. {The mon- ey is spent! - estimated at $75 psf for 30,075 sf of office/restroom build-out = $2,255,625} The total cost to reproduce Intellif- lex today EXCLUDING land cost would be $85± psf or approximately $10 million and land cost would be another $10 to $20 psf. As the market returns, Intelliflex will benefit from its excellent location and ability to offer “move in ready” units in a market that is recovering daily with fantastic upside. Intelliflex has the size to benefit substantial- ly from increases in rental rates that will continue to occur as the market rebounds. In addition, there is a 7.9 acre par- cel located across the street from the site that is curbed and guttered with utilities that is available for future development. Summary of Property Benefits: • All the Units are Built Out and Ready for Immediate Occupancy • Excellent Location for Multiple Users with Flexible Zoning • Diverse Tenant Mix • Enhanced Parking Ratio • Concrete Tilt Wall Construction • Well Maintained and Managed Property • Large Property with Superb Upside Potential in Improving Market • Solid Long Term Market Outlook in Sunny SW Florida Lee & Associates|Naples-Ft. Myers | 6300 Techster Blvd | Suite 1 | Fort Myers, FL 33966 | [email protected] Page 4 No warranty or representation has been made to accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. INTELLIFLEX | FORT MYERS, FL TABLE OF CONTENTS SECTION I - OFFERING SUMMARY SECTION III - FINANCIAL SUMMARY Offering Summary .................................................................... 5 Financial Overview ................................................................ 17 Property Overview ................................................................... 6 Aerial View ................................................................................ 7 SECTION IV - ADDITIONAL INFORMATION Regional Map ........................................................................
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