Embed Size (px)
Citation preview
Brian C. de la FéSenior Associate - [email protected]
FOR SALE: A SOUTH FLORIDA OFFICE/RETAIL CENTER
Rosendo Caveiro, CPASenior Vice [email protected]
Michael T. FayPrincipal, Managing Dir. - [email protected]
John K. Crotty, CCIMPrincipal - [email protected]
Joshua LadleSenior Associate - Boca Raton [email protected]
David DuckworthPrincipal - Fort [email protected]
Avison Young is please to exclusively offer for sale The Centre at Cutler Bay (“the Property”), a 2008-built office and retail center in southern Miami-Dade County. The offering represents the opportunity to acquire a 127,072 square foot (105.091 rsf ) center with proven tenured tenancy in a thriving business corridor proximate to South Dixie Highway/US-1, the County’s most traveled north-south roadway.
Address 18901 SW 106th Ave, Miami
Submarket Cutler Bay
Parcel Folio Number 30-6005-081-0020
Year Built 2008
Lot Size 6.7 AC | 290,545 SF
Actual Building Area 127,072 SF
Rentable Building Area 105,091 SF
Zoning BU-2
Occupancy (Feb 2019) 98%
Offering Price Unpriced
CO N TAC T:
N
T H E O F F E R I N G
CENTRE AT CUTLER BAY18901 SW 106th Avenue
Cutler Bay, FL 33157
OFFERS DUE MAY 16, 2019
I N V E S T M E N T H I G H L I G H T S
S T R AT E G I C LO C AT I O N P R O X I M AT E TO C R I T I C A L CO M M E R C I A L A N D R E TA I L CO R R I D O R
1. Just off South Dixie Highway/US-1 and along Marlin Road (SW 189th Street), the Property is located in a strong retail trade area and highly desirable location in southern Miami-Dade County with big box retailers that draw consumers to the area.
2. The South Dixie Highway/US-1 thoroughfare is the most traveled north-south commercial and retail corridor in Miami, and the Property is approximately ½ mile east of the Florida Turnpike, providing easy access to the Property.
M I X E D T E N A N T B A S E N E A R F U L L O CC U PA N C Y
3. Property has a wide variety of tenants, and Internet-resistant users which do well in good economic times and challenging ones. This provides downside protection from significant hits to income if a few tenants vacate.
4. Throughout 2018, the Property has consistently had an average occupancy level exceeding 96%. This strong occupancy shows a robust demand by smaller business owners to be in this market, and in this center.
5. The tenant base consists of different state and local businesses such as children and adult day care centers, career counselling center, offices for accountants, insurance agents, and real estate brokers, church, school, and other retail-type users.
P R O X I M AT E TO A N U P P E R - M I D D L E C L A S S R E S I D E N AT I A L S U B M A R K E T W I T H S T R O N G F U N DA M E N TA L S
6. Aside from an abundance of retail establishments along South Dixie Highway/US-1, the residential neighborhood boasts a stable, upper middle-class resident profile with an average household income of $71,000.
7. During the past 18 months, single-family homes in the immediate area and east of the Property have been selling at an average price ranging from $450,000 to $550,000. Houses have been selling at 97% of the listed price.
S TA B I L I Z E D I N CO M E P R O D U C I N G A S S E T W I T H S T R O N G C A S H F LO W S
8. Consistently near full occupancy and with an effective, hands-on management approach, the operating expenses of the Property are well controlled. Water usage is separately metered and tenants pay for their water consumption.
9. Based upon comparable and nearby centers, there is an opportunity to increase rents and grow income without materially increasing operating costs.
O P P O R T U N I T Y TO A D D VA LU E B Y D E V E LO P I N G A P P R O V E D O U T - PA R C E L
10. Ownership has obtained the approval from Miami-Dade County to develop a stand-alone building (“Building D”) on the east side of the Property, and along SW 106th Avenue with 7,500 sf of rentable space.
11. In addition to the tax benefits associated with the Property's Enterprise Zone location (ad valorem tax abatement and refund of impact fees), a new building will produce additional lease revenues based on triple-net rents ranging from $25 to $28 per square foot with minimal increases to operating expenses.
P H Y S I C A L D E S C R I P T I O N
- YEAR BUILT2008
- LEGAL DESCRIPTION30-6005-081-0020
- SITE/LAND AREA290,545 SF / 6.67 AC
- CONSTRUCTIONConcrete Masonry Unit
- FLOORINGVaries by Unit
- WINDOWSHurricane Panels
- LIGHTINGFlourescent Panel Lights
- EXTERIOR FINISHStucco
- INTERIOR WALLSSheet Rock Dry Wall, Varies by Unit
- CEILINGAll units have acoustical ceiling
- ROOFOriginal Roof (2008)Flat
- PARKING484 Surface Parking SpacesPaving-Asphalt
- UTILITIESFlorida Power and Light
Tenant Spaces Individually Submetered for Water
- SITE AMENITIES / IMPROVEMENTS
Three Passenger Elevators, 2500 LBsEntire Property Repainted, March 2019Eleven Roll-up Overhead DoorsFire Sprinkler System
N
Brian C. de la FéSenior [email protected]
Rosendo Caveiro, CPASenior Vice [email protected]
Michael T. FayPrincipal, Managing Dir. - [email protected]
John K. Crotty, [email protected]
Joshua LadleSenior [email protected]
David DuckworthPrincipal [email protected]
CO N TAC T:
R E TA I L | M I A M I - DA D E CO U N T Y
3.9%Vacancy Rate
1.5M SF12 mo. Deliveries
136M SFOf Inventory
$36.40Market Rent
AADT: 50,500
SW 106TH AVE. | AADT : 1
9,000
MARLIN RD. | AADT: 26,000
BUSW
AY
N
