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Macy's Redevelopment Site Investment Opportunity

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Macy's Redevelopment Site Investment Opportunity Macy’s Redevelopment Site Investment Opportunity JOINT VENTURE OR 100% SALE FLAGLER STREET & MIAMI AVENUE, DOWNTOWN MIAMI CLAUDE PEPPER FEDERAL BUILDING TABLE OF CONTENTS EXECUTIVE SUMMARY 3 PROPERTY DESCRIPTION 13 CENTRAL BUSINESS DISTRICT OVERVIEW 24 MARKET OVERVIEW 42 ZONING AND DEVELOPMENT 57 DEVELOPMENT SCENARIO 64 FINANCIAL OVERVIEW 68 LEASE ABSTRACT 71 FOR MORE INFORMATION, CONTACT: PRIMARY CONTACT: ADDITIONAL CONTACT: JOHN F. BELL MARIANO PEREZ Managing Director Senior Associate [email protected] [email protected] Direct: 305.808.7820 Direct: 305.808.7314 Cell: 305.798.7438 Cell: 305.542.2700 100 SE 2ND STREET, SUITE 3100 MIAMI, FLORIDA 33131 305.961.2223 www.transwestern.com/miami NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE ACCURACY OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITION, WITHOUT NOTICE, AND TO ANY LISTING CONDITIONS, IMPOSED BY THE OWNER. EXECUTIVE SUMMARY MACY’S SITE MIAMI, FLORIDA EXECUTIVE SUMMARY Downtown Miami CBD Redevelopment Opportunity - JV or 100% Sale Residential/Office/Hotel /Retail Development Allowed POTENTIAL FOR UNIT SALES IN EXCESS OF $985 MILLION The Macy’s Site represents 1.79 acres of prime development MACY’S PROJECT land situated on two parcels located at the Main and Main Price Unpriced center of Downtown Miami, the intersection of Flagler Street 22 E. Flagler St. 332,920 SF and Miami Avenue. Macy’s currently has a store on the site, Size encompassing 522,965 square feet of commercial space at 8 W. Flagler St. 189,945 SF 8 West Flagler Street (“West Building”) and 22 East Flagler Total Project 522,865 SF Street (“Store Building”) that are collectively referred to as the 22 E. Flagler St. 1.08 Acres “Property” or as the “Macy’s Site”. Site Size 8 W. Flagler St. 0.71 Acres Macy’s flagship South Florida store is operating under a lease Total Project 1.79 Acres expiring in March 2018 on an absolute NNN basis, while the 100.0% West Building is subject to a separate land lease that runs Percentage Leased through November 2016, and is partially used by Macy’s. Macy’s In-Place NOI $2,085,725 will be vacating the property at the end of their lease and Lease Expirations Macy’s Store 22 E. Flagler St. 3/31/18 moving to the new Miami World Center project. West Building 8 W. Flagler St. 11/1/16 The Property is one of the most desirable redevelopment opportunities in all of the CBD--with frontage on Miami Avenue, JV Interest Partnership is 50% JV Equity with a Devel- Preference oper/Invester Flagler Street, and South First Street--and offers an array of potential high return development opportunities ranging from residential condominiums, apartments, office space, and retail 100% Sale will be Considered Also an Option space. West Site ready for immediate development, while reaping steady and predictable income from Macy’s CLAUDE PEPPER FEDERAL BUILDING 4 MACY’S SITE MIAMI, FLORIDA EXECUTIVE SUMMARY The allowed density can support a condominium project of up to $985 million of sale value on the two sites, based on an average unit size of 1,000 SF applied to a sale price of $550/SF. INVESTMENT HIGHLIGHTS WORLD CLASS REDEVELOPMENT OPPORTUNITY The Macy’s Site is one of the most desirable redevelopment parcels in the Miami CBD, and allows a mixed use project with a massive intensity of use providing a developer with significant flexibility in creating a World Class project as their vision deems fit. Residential, Office, Lodging, and Retail are all allowed by right. The current lease with Macy’s offers investors a stable and predictable income stream during preparations for redevelopment. EPICENTER OF DOWNTOWN “MAIN AND MAIN” LOCATION The Macy Site’s high profile location is at the southwest corner (“West Building”) Immediate Access to All and the southeast corner (“Store Building”) of Flagler Street and Miami Avenue, with frontage along South 1st Street as well. The buildings are directly connected Points of Downtown and to the Miami Avenue Metromover station, providing immediate access to the wealth of amenities in the Downtown/Brickell central business district, including luxury condos, hotels, nightlife, and restaurants-- - a strong draw for both Brickell via Metromover potential residents, office tenants and retailers. West Flagler Street Barlington Group East Flagler Street Sublease Street Level Retail Commercial Macy’s Store Building and and Office Building Ground Level South Miami Avenue Retail Skybridge Street Level RetailStreet 8 West 22 East Flagler Street Flagler Street Elevated Street Level Retail Metromover Station Southwest 1st Street Southeast 1st Street 5 MACY’S SITE MIAMI, FLORIDA EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS (CONT’D) FLAGLER STREET FRONTAGE Flagler Street is the dominant commercial corridor of Downtown Miami, and is the office and retail main street for the market. Amenities abound along this renowned corridor, including numerous high grossing retailers, restaurants, financial institutions and professional offices. The location is the center of Government, with the immediate area home to county and federal courthouses as well as the Miami-Dade County Government Center. 6 MACY’S SITE MIAMI, FLORIDA EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS (CONT’D) ROBUST OFFICE MARKET WITH SUPPLY CONSTRAINED INVENTORY Demand for office space is strong, with no new office construction and a defined inventory with few available sites, creating the perfect recipe for near term rent spikes and stabilized market occupancy. The location, at the center of Downtown, footsteps from the Courthouses, and at the center of Government, is ideal for an office component of new development on the Macy’s Site. MACY’S OFFERS PREDICTABLE INCOME WHILE DEVELOPMENT IS PLANNED The Macy’s Site is under two leases, the east parcel is leased to Macy’s and expires in March of 2018 and the ground lease on the west parcel expires in November of 2016. The combined net income from the leases to the owner is $2,085,725. Macy’s will be moving to a new site at Miami World Center upon expiration of their lease. RENAISSANCE OF DOWNTOWN INTO “24/7” GLOBAL CITY The proliferation of high quality residential and a blossoming amenity base continues to attract a significant expansion of residents living in the CBD, which in turn intensifies demand for office space in this evolving 24/7 City. Seasoned business professionals, young professionals, and international visitors have all chosen to live, work and play in Miami’s urban center because it offers the infrastructure, connections, and lifestyle options that result in a true urban environment in a self contained community. The amenity base includes top restaurants, name brand retailers, grocers, bars, and entertainment venues. Confidence abounds in the market, with the Property ideally located at the epicenter of the expanding amenity base. 7 MACY’S SITE MIAMI, FLORIDA EXECUTIVE SUMMARY ABUNDANCE OF AMENITIES AND LOCATION CONVENIENCE CLAUDE PEPPER FEDERAL BUILDING 8 MACY’S SITE MIAMI, FLORIDA EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS (CONT’D) INTENSE RESIDENTIAL DEMAND Given the intense demand from both local and foreign buyers for residential in the Downtown and Brickell markets, it is likely that residential condos will be the dominant component of any new development on the site. > Accelerated absorption of the condo inventory has emanated not only locally from professionals attracted by the urban lifestyle, but also from Northeast US residents looking to replicate a vibrant urban lifestyle in a tropical environment, as well as a significant demand base from Latin America and Europe. > Accelerated absorption of the condominium inventory has emanated from local professionals attracted by the urban lifestyle, but also from a significant demand base from Latin America and Europe, as well as Northeast US residents looking to replicate a vibrant urban lifestyle in a tropical environment. > The 23,000 Downtown condominium units built since 2003 are almost fully absorbed, with 95% occupancy - up from approximately 62% four years ago, according to the Downtown Development Authority. The market is ripe for new residential development on such a prime site. FOREIGN “ALL CASH” CONDO BUYERS The foreign-Buyer market has intensified demand for residential condominiums and continues to outstrip supply. The robust demand from Latin America, Canada and Europe largely involves high quality buyers prepared to pay all cash for their units, and have considerably strengthened the market, resulting in a transformation of the buyer pool now dominated by cash buyers. CLAUDE PEPPER FEDERAL BUILDING 9 MACY’S SITE MIAMI, FLORIDA EXECUTIVE SUMMARY PROPOSED JOINT VENTURE TERMS The Seller (“Partner”) is seeking to retain a 50% interest in the property and sell the remaining 50% percent equity interest to an outside developer/investor. The seller will also consider a 100% interest sale of the Property. The preference to remain as an ownership partner is driven by the Sponsors’ strong long term belief in the redevelopment opportunity and desire to reap anticipated further upside. SPONSOR/PARTNER OVERVIEW Aetna Realty and United States Realty & Investment Company (U.S. Realty) are two firms with one goal, seeking growth opportunities through real estate investments. Aetna is a private equity investment company focus primary on real estate-related assets and investment instruments. Our firm’s opportunistic investment approach has allowed it to acquire and manage numerous, successful national
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