POMPANO FLEX CENTER 1 9 0 0 N W 3 2 nd S t r e e t Pompano Beach, FL 33064 A ± 10,848 SF flex building with Class “A” finishes. Conveniently located with direct proximity to I-95 and the FL-Turnpike, this 100% air conditioned freestanding building consists of two separately metered bays with four street level doors. Page 2 Privileged and Confidential Table of Contents Property Overview Executive Summary 4-5 Property Photos 6-7 Floor Plan 8-9 Zoning 10 Site Aerial Map 11-12 Buy vs. Rent Analysis 13-14 Sales Comparables 15 Area Overview Sub-Market Information 16-17 Disclosure 18 directions FROM I-95: Exit onto westbound W Copans Road. Turn right onto N Powerline Road. Turn right onto NW 32nd Street. Property will be on the right at the end of the cul-de-sac. Page 3 Privileged and Confidential Executive Summary Blanca Commercial Real Estate, Inc. has been appointed as the exclusive agent for the marketing and sale of 1900 NW 32nd Street, Pompano Beach, FL 33064. The Property is being offered on an “as-is, where -is” basis for the fee-simple interest in the property. Within moments of driving through the gate, it is immediately clear the prestige that accompanies Pompano Flex Center. Fully air conditioned, this ± 10,848 square foot building has over 6,000 square feet of Class “A” office space. Further complimented by warehouse space of the same prominence, the two separately metered bays are serviced by 4 street level doors and a 20’ clear height. Possessing the highest end finishes in every facet, it is evident that no money was spared when designing this property. With a full laundry list of luxury installments from the polished concrete flooring to a military grade surveillance system inclusive of the best in class security cameras and a fully sensored electric gate, with a battery backup, this offering provides a turn-key corporate headquarters in immaculate condition. In addition, located with close proximity to all major property inquiries and tours thoroughfares such as FL Turnpike, I-95, US-441, and N Powerline Road, Pompano Flex Center is at the doorstep of Cary Cohen, Executive Vice President all business hubs in South Florida. 305.377.6590 | [email protected] Page 4 Privileged and Confidential Executive Summary ▪ LIST PRICE: $1,952,640 ($180 PSF) ▪ Folio: 48-42-22-28-0010 ▪ Location: 1900 NW 32nd Street Pompano Beach, FL 33064 ▪ Property Type: Flex/ Industrial ▪ Gross Building Area: ± 10,848 SF Office: ± 6,183 SF (57%) Warehouse: ± 4,665 SF (47%) ▪ Land Area: ± 20,014 SF (+/- 0.46 Acres) ▪ Parking: 23 Spaces (2.20/ 1,000 SF) ▪ Year Built: 1985 ▪ Property Tax 2016: $20,226.36 ▪ Zoning I-1X Special Industrial District ▪ Ceiling Height 20’ Clear Height • Loading Doors 4 Street Level Page 5 Privileged and Confidential Photos Page 6 Privileged and Confidential Photos Page 7 Privileged and Confidential Floor Plan –Suite A Page 8 Privileged and Confidential Floor Plan –Suite B Page 9 Privileged and Confidential Zoning The Special Industrial District (I-1X) is intended to accommodate industrial uses that are inappropriate near residential areas and arterial streets. Permitting a myriad of uses, the district allows for outdoor storage of materials and equipment as well as outdoor manufacturing processes. Development Standards Page 10 Privileged and Confidential A e r i a l +/- 46,077 Daily Powerline Road Traffic Count Street nd NW 32 Page 11 Privileged and Confidential A e r i a l Page 12 Privileged and Confidential Buy vs Rent Analysis Buyer can save $345,944.38 by owning instead of leasing. OWN LEASE Gross Occupancy Cost PSF $ PSF Market Rent (Gross) $130,176 $12.00 Operating Expenses Annual Mortgage Total Estimated Utilities $8,136 $0.75 Net Occupancy Cost $138,312 $12.75 $3.36 $5.69 $9.05 PROJECTED ANNUAL SAVINGS FROM OWNERSHIP Net Occupancy Cost PSF Tax Deductible Expenses Lease $138,312 $12.75 Operating Annual Annual Own $68,630.13 $6.33 Tax Rate Savings Expenses Depreciation Interest Total Savings $69,681.87 $6.42 % Savings 50.38% $3.36 $3.86 $3.68 25% $2.73 5 YEAR PROJECTED ANNUAL SAVINGS FROM OWNERSHIP Net Occupancy Cost Net Occupancy Cost Lease $691,560 Own $345,615.62 Total Savings $345,944.38 $6.33 50.02% * Savings estimates only incorporate operating expenses and deductions. Savings from ownership should be higher when including the sale of the asset. Page 13 Privileged and Confidential Buy vs Rent Analysis Buyer can save 53.03% by owning instead of leasing. Lease vs Own Analysis $16.00 $14.35 $13.93 $13.53 $14.00 $13.13 $12.75 $12.00 $10.00 $8.00 $6.74 $6.33 $6.42 $6.52 $6.63 $6.00 $4.00 $2.00 $0.00 1 2 3 4 5 Own Lease * Assuming LTV of 50% and Interest Rate of 4.25% Page 14 Privileged and Confidential Comparable Sales • Address: 803 Shotgun Road Unit 929 • Address: 4400 N Dixie Highway • Address: 3569-3579 N Dixie Highway • Building Area: ± 5,130 SF • Building Area: +/- 3,750 SF • Building Area: ± 5,268 SF • Land Area: N/A • Land Area: ± 15,021 SF (± 0.25 • Land Area: ± 19,419 SF (± 0.45 Acres) Acres) • Year Built: 2005 • Year Built: 1973 • Year Built: 1988 • Zoning: LI • Zoning: B-2 • Zoning: B-3 • Ceiling: 22’ • Ceiling: 12’ • Ceiling: 18’ • Loading Doors: 1 Street Level • Loading Doors: 6 Street Level • Loading Doors: 2 Street Level • Sale Date: 4/22/2016 • Sale Date: • Sale Date: 9/20/2016 12/15/2017 • Sale Price: $1,250,000 • Sale Price: $750,000 • Sale Price: $1,000,000 • Price per $243.66 PSF • Price per $200 PSF • Price per Square $189.83 PSF Square Foot: Square Foot: Foot: Page 15 Privileged and Confidential Area Overview BROWARD COUNTY – LARGEST PRIVATE EMPLOYERS 1900 NW 32nd Street is located approximately 0.2 miles (0.35 km) east of N Powerline Road and 1.4 miles (2.3 km) west of Interstate 95 in the Pompano Beach industrial COMPANY NAME CITY EMPLOYEES TYPE OF BUSINESS district. Nova Southeastern Davie 7,462 University University Pompano Beach was founded in the late 19th century as a small farming town and railroad station between Miami and West Palm Beach. Within eight years of its Fort Automotive AutoNation 4,000 incorporation in 1908, the town of Pompano moved from Dade County to Palm Beach Lauderdale Retailer County, before finally settling in Broward County upon its establishment in 1915. American Express Plantation 3,500 Financial Services Pompano Beach developed slowly until after World War II. By 1950, the city had grown to nearly 6,000 residents. Rapid growth continued throughout the 20th century due to Spirit Airlines Miramar 1,800 Airline growing immigrants and seasonal “snowbird” populations. By 1990, the city had Fort Software reached over 70,000 residents. As of 2014, the city was estimated to be the ninth- Citrix 1,700 Lauderdale Developer largest municipality in South Florida at a population just above 100,000. JM Family Deerfield Automotive 1,685 During the 2000s, Pompano Beach began redevelopment of its beachfront and historic Enterprises Beach Provider downtown areas increasing tourism significantly. The city is now considered one of the fastest growing areas of Broward County and one of the top vacation destinations in Kaplan Higher Fort 1,665 Online Education Florida. Education Lauderdale Actavis Davie 1,620 Pharmaceuticals newareadevelopment DHL Express Plantation 1,400 Airline Pompano Beach plans to develop an “Innovation District” as part of the goal to renovate Rick Case Fort 1,379 Automotive Sales the downtown center. The plan is to develop 750,000 SF of office, 165,000 SF of retail, Automotive Group Lauderdale 35,000 SF of restaurants, 1,500 residential units, and 420 new hotel rooms. The innovation district will be situated with I-95 to the west, Dixie highway to the east, Computer Ultimate Software Weston 1,327 Atlantic Blvd to the south, and Hammondville Road to the north. Software tiledistrict City Furniture Tamarac 1,266 Furniture Retailer Community Pompano Beach’s largely industrial western section is a major economic driver for the The Castle Group Plantation 1,100 Association city. Known locally as the “Tile District,” the Powerline Road corridor is home to a large Management concentration of tile and marble showrooms. Source: South Florida Business Journal and Greater Fort Lauderdale Alliance Page 16 Privileged and Confidential Area Overview access/transportation nearbyamenities ❖ 1900 NW 32nd Street is conveniently located between numerous transportation ❖ Pompano Park – Located ± 3 miles south of the property, Pompano Park corridors that provide convenient access throughout South Florida. is a large casino and horse racing track operated by Isle of Capri Casinos. ❖ Powerline Road is a major north-south commercial artery in central Broward County. Running north from Fort Lauderdale, it forms the main industrial axis of Pompano ❖ Fort Lauderdale Executive Airport – Located ± 5 miles south of the Beach. property, Fort Lauderdale Executive is Broward County’s main destination for private jets and charter services. The airport serves over ❖ Interstate 95 is the major north-south expressway in South Florida. The interstate 300,000 aircraft operations annually. runs north from Miami, through eastern Broward County and onto the major metro areas of the Northeastern United States. ❖ Broward College North – Located ± 2.9 miles southwest is the second- largest satellite campus of Broward College, the county’s largest ❖ Florida’s Turnpike is a major limited-access toll road running through central community college. The two-year college currently enrolls 67,000 Broward County. It forms the only major north-south expressway through central students across three campuses.