Offering Summary 2 Investment Overview
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OFFERING SUMMARY 2 INVESTMENT OVERVIEW Holliday Fenoglio Fowler, L.P. (“HFF”) is pleased to exclusively offer the opportunity to acquire Sabadell Financial Center (the “Property”), a 5-story office building totaling 102,007 rentable square feet. The Property is situated on approximately 7.3 acres of land in Plantation, Florida. PROPERTY FACTS PROPERTY Sabadell Financial Center ADDRESS 150 South Pine Island Road Plantation, Florida 33324 YEAR BUILT 1984, extensively renovated 2012-2015 PROPERTY SIZE 7.3 acres STORIES 5 PARKING SPACES 390 (3.8 per 1,000 square feet ratio) RENTABLE SQUARE FEET 102,007 PERCENT LEASED 96% WEIGHTED AVERAGE 5.0 years REMAINING LEASE TERM SABADELL 3 FINANCIAL CENTER INVESTMENT HIGHLIGHTS Institutional Quality Asset Sabadell Financial Center is recognized as one of the premier office buildings in suburban Broward County. Institutionally owned and maintained, the Property is 96% leased and commands top rental rates for Class A office space in the Plantation submarket. The Property has recently undergone $1.2 million renovations to the main lobby, common areas, elevators, chillers, and HVAC system. Established Tenancy with History at the Property Tenants at Sabadell Financial Center are a diverse group of established national and regional companies, many of which have been at Sabadell Financial Center for over a decade, including Bankers Life & Casualty (since 2002), E&S Legal Operations (since 2002), Sabadell United Bank (since 2005), Ferencik Libanoff (since 2005), Etcheverry Harrison (since 2005), and Fidelity National Title (since 2006). The weighted average remaining lease term at the Property is 5.0 years, providing secure, long term cash flow for the new owner MAJOR TENANTS Tenant Suite(s) Leased RSF % of Property Quest Workspaces 300 22,649 22.2% Chimpoulis, Hunter 510 7,980 7.8% Ferencik Libanoff 102, 400 7,558 7.4% Matomy U.S.A. 500 6,475 6.3% Bankers Life & Casualty 230 5,672 5.6% HCR Manor Care 540 4,952 4.9% Etcheverry Harrison 105 4,628 4.5% Sabadell United Bank 100 3,854 3.8% TOTAL MAJOR TENANTS 63,768 62.5% 4 NW 44 St. NW 44 St. r d F 869 e R T l . l o l Inverrary 5 d i I r 1 R n i s H Country Club d 1 u v t Springtree e a a i b r W o r H Country Club a ’ N r s Convenient Access and Location N y B way 816 lvd Executive T . u ess Oakland Pa rk Blv d. r Golf Course r Exp n O a p kland Par k Blv i ss d. k a Sabadell Financial Center is located on South Pine r 816 e The g . w d r a R Everglades S NW 28th Ct. Sunrise Lakes D d . y y t Island Road, just north of I-595, which allows for n w Golf Course i k s a P l r Sunrise r s e e I v Country Club h i t e n n convenient access to all parts of the Tri-County area via a n P i U t S P nse trip Sawgrass Su I-75, I-95, and Florida’s Turnpike. Roughly equidistant Mills Sunset Strip Outlet from Miami to the south and West Palm Beach to the Mall 817 Sunrise Blvd. Sunrise Blvd. 838 north, the Property is easily accessible by a large 869 . d d. R l R l . i d o workforce population. Additionally, the Property H R g n s b i o m a N l A Hiatu is just 15 minutes from Fort Lauderdale-Hollywood F m 838 e r ic a International Airport (FLL), Port Everglades, and N W 8th St. n E x p . r d e NW 5th St. R s Downtown Fort Lauderdale. s W y PLANTATION d . SABADELL Central n FINANCIAL CENTER a l Plantation, Florida Park Is Broward Blvd e Fashion n i Broward Blvd. P Mall 842 842 Broward Blvd. Jacaranda Fort . Golf Club Broward Golf Club . Lauderdale Offered at a Discount to Replacement Cost Mall r of D Ave Plantation Country . y t th d i Club s 6 R r 3 e n 1 v o i t n Sabadell Financial Center may be acquired at a s Cocoplum W e U S 595 Park W 84 75 Peters Rd. discount to replacement cost, which exceeds $300 . F Rd SW 14th St. l o go per square foot for office buildings in Broward County. r i . d e e min a v v ’ A A s Fla h h t T t 4 u 8 595 5 4 r n 1 1 823 84 p . W i W d k S S R e l l i Unencumbered by Existing Debt H N o SW 26th St. Arrowhead va D SW 26 th Ct. b r. o Golf & N . 817 d Sports Club R . The Property is being offered on a free and clear d SW 30th St. e n v a A l . s e I d g Rd R e le basis, allowing an investor to take advantage of n s l i Grande Oaks e o i P tu v C Golf Club a today’s strong lending markets to generate significant Hia D levered returns. 5 FORT LAUDERDALE CBD THE FOUNTAINS ATLANTIC OCEAN Fort Lauderdale Dick‘s Sporting Goods HOLLYWOOD International Airport Duy’s Sports Grill Jo-Ann Kohl’s One Plantation Marshalls/Home Goods Luxury Apartments South University Drive WESTFIELD BROWARD MALL Olive Garden Sky Zone Total Wine & More LA Fitness Cornerstone Renaissance Regal Cinemas Broward Stadium Midtown 24 Crossroads Office Office Park Hotel Sears Dillard’s Macy’s Extended Park Champs Sports Express Stay America Apartments Mill Creek Proposed Red Robin Gourmet Burgers Apartments Courtyard Marriott Royal Palm Office LoveCulture JCPenny Hampton Inn Park La Quinta Inn & Suites South Pine Island Road South University Drive PLANTATION MIDTOWN Target Chase Bank West Broward Boulevard SunTrust Bank TGI Friday’s Wells Fargo Bank 842 Citibank The Original Pancake House Hyatt Place Jacaranda Golf Course Einstein Bros. Bagel J. Alexander’s Axis at West Regional One Pine Apartments Library Gatehouse On The Green Apartments West Regional Courthouse 6 Chevron North Pine Island Road FORT LAUDERDALE CBD THE FOUNTAINS INVESTMENT OVERVIEW ATLANTIC OCEAN Fort Lauderdale Dick‘s Sporting Goods HOLLYWOOD International Airport Duy’s Sports Grill An Urbanization and Development Rennaisance Jo-Ann Kohl’s One Plantation The Property is situated in the Plantation Midtown Marshalls/Home Goods Luxury Apartments South University Drive Development District, an 860-acre commercial district in WESTFIELD BROWARD MALL Olive Garden Sky Zone the City of Plantation. The district is slated for an urban Total Wine & More LA Fitness Cornerstone Renaissance renaissance into a live/work/play town center for Plantation Regal Cinemas Broward Stadium Midtown 24 Crossroads Office Office Park Hotel and central Broward County. Plantation Midtown is home Sears Dillard’s Macy’s Extended Park to the recently renovated Westfield Broward shopping mall Apartments Mill Creek Proposed Champs Sports Express Stay America and 12-screen Regal Stadium Cinema, The Fountain Shoppes Red Robin Gourmet Burgers Apartments Courtyard Marriott Royal Palm Office lifestyle center, and five select service hotels. Recently LoveCulture JCPenny Hampton Inn Park completed and planned luxury residential developments South Pine Island Road include the 321-unit One Plantation apartments, 505 units La Quinta Inn & Suites in the Midtown 24 developments, the 147-townhome Strata project, Mill Creek’s proposed 300-unit apartment complex, South University Drive PLANTATION MIDTOWN and 700 residential units as part of the $300 million mixed- use redevelopment of the former Fashion Mall. Target Chase Bank West Broward Boulevard SunTrust Bank Ideal Office Market TGI Friday’s Plantation has a strong reputation as the preferred suburban location for corporations looking to avoid the congestion Wells Fargo Bank of Downtown Fort Lauderdale. Major employers include Citibank Bascom Palmer Eye Institute, DHL, Kaplan University, 842 The Original Magic Leap, University of Miami Sylvester Cancer Center, Pancake House and Virgin Cruises. Within the Plantation submarket, the Hyatt Place Jacaranda Golf Course Einstein Bros. Bagel Property sits in a one square mile micromarket bordered by Broward Boulevard to the north, University Drive to J. Alexander’s Axis at the east, I-595 to the south, and Pine Island Road to the West Regional One Pine west. The office buildings in this micromarket demonstrate Library Apartments exceptional fundamentals with an average occupancy of Gatehouse On The 91% and average rental rates of $20.00 per square foot net. Green Apartments West Regional Courthouse SABADELL 7 FINANCIAL CENTER Chevron North Pine Island Road SALE PROCESS Offering Format and Timeline SABADELL FINANCIAL CENTER • The Property is offered on an “as-is, where-is” basis only to select investors registered through an executed confidentiality agreement. • Offer date will be announced in due course. • Preference will be given to those offers that reflect the most comprehensive underwriting and the fewest or no due diligence requirements or other conditions to close. • Investors should be prepared to disclose their sources of funds and any approval processes necessary to close the transaction. Due Diligence Upon execution of the confidentiality agreement, investors will be given access to an online document center with detailed property information. The purpose of this is to facilitate due diligence and depth of underwriting. As-Is, Where-Is The Property will be sold on an “as-is, where-is” basis without any representations or warranties. hfflp.com MIAMI OFFICE INVESTMENT SALES TEAM DEBT PLACEMENT 1450 Brickell Avenue HERMEN RODRIGUEZ IKE OJALA JORGE PORTELA TRACEY GOO CHRISTINA KONG PAUL STASAITIS MAXX CARNEY Suite 2950 Senior Managing Director Director Associate Director Associate Director Analyst Senior Analyst Senior Managing Director Senior Analyst Miami, FL 33131 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] T.