NNN TIAA BANK - images1.loopnet.com€¦ · 4,663±SF NNN retail condo situated on the ground floor of 55 Merrick, located in the heart of Coral Gables (Miami), Florida. The unit

Actual Building

Price $4,573,326 | 5.20% CAP | NOI $237,813

NNN TIAA BANK(Teachers Insurance and Annuity Association)

20 GiraldaAvenue Coral Gables, FL

Asking Price $4,573,326

CAP Rate 5.20%

NOI $237,813

Years Left on Lease 5.5± Years

Rent Increases 2% Annual

Solid Investments is proud to present the rare opportunity to acquire a4,663± SF NNN retail condo situated on the ground floor of 55 Merrick,located in the heart of Coral Gables (Miami), Florida. The unit is 100%occupied by TIAA Bank (Teachers Insurance and Annuity Association).There are 5.5± years remaining on the Lease with 2% annual rent bumps.

Demonstrating its commitment to this location, TIAA just exercised theirsecond 5-year Option, extending the Lease term another five years,through October 2025.

HUGE Branch Deposits of $393M with a growth rate of 293% since 2011

TIAA Bank has 13 assigned parking spaces in the parking garage with anATM and a drive-through lane. 55 Merrick is an exciting new residential,retail, and office mid-rise development with 167 luxury one to threebedroom condominiums, including deluxe two-stories.

Fortune 100 Financial Services Tenant – TIAA serves over 5 million activeand retired employees participating at more than 15,000 institutions andhas $1 trillion in combined assets under management with holdings inmore than 50 countries (as of 31 December 2017)

The City of Coral Gables is the crown jewel of Miami. With a historydating back to the 1920's. The Coral Gables Central Business District hassome of the most prestigious businesses in the financial andinternational banking sectors. The household income in Coral Gables isone of the highest in all of South Florida. There are exclusive retailshopping centers and high end restaurants within the famous MiracleMile.

Lease Commencement October 26, 2010

Lease Expiration October 31, 2025

Building Size 4,663± SF

Parking Spaces 13 w/ATM & Drive Thru Lane

Options to Renew 1 x 5 year w/Bumps

Year Built 2007

TenantTeachers Insurance and

Annuity Association (TIAA)

Lease Guarantor Corporate

Lease Type Fee Simple Retail Condo

Roof & Structure Tenant Responsible

20 Giralda Ave Coral Gables, FL 33134

No warranty expressed or implied has been made as to the accuracy of the information provided herein, no liability assumed for error or omissions

_________INVESTMENT SUMMARY_____________

▪ Established Location with Multiple Lease Renewals – TIAA Recently Exercised Their 2nd Five Year Option

▪ HUGE Branch Deposits of $393M which is a 293% Growth Rate Since 2011!

▪ The City of Coral Gables is the Crown Jewel of Miami - Rarely Available “Miracle Mile” Location

▪ NNN Lease with Rare 2% Annual Increases

▪ Fortune 100 Financial Services Tenant – TIAA Serves over 5 Million Active and Retired Employees Participatingat more than 15,000 Institutions and has $1 Trillion in Combined Assets Under Management with Holdings inmore than 50 Countries (as of 31 December 2017)

▪ Rare Retail Bank Condo with 13 Assigned Parking Spaces, an ATM and a Drive-Thru Lane

▪ Built-In Customer Base – TIAA Bank is part of 55 Merrick, an 8-story luxury condo development with 167 units

_________PROPERTY HIGHLIGHTS_____________

No warranty expressed or implied has been made as to the accuracy of the information provided herein, no liability assumed for error or omissionsNo warranty expressed or implied has been made as to the accuracy of the information provided herein, no liability assumed for error or omissions

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_________RENT ROLL_______________________


Lease Year NOI Increases CAP Rate

Current - October 31, 2021 $237,813.00 - 5.20%

November 1, 2021 – October 31, 2022 $242,569.26 2% 5.30%




Based in Jacksonville, FL the Teachers, Insurance, and Annuity Association (TIAA) is a financial services organization that providesinvestment and insurance services for those working in education, medicine, culture, and research. The institution was formed throughthe combination of TIAA Direct, TIAA's former banking division, and EverBank. TIAA reached a deal to buy EverBank for $2.5 billion in cashon August 8, 2016.

TIAA has a history that dates back to the late Andrew Carnegie, whose Carnegie Foundation for the Advancement of Teaching created theinitial organization in order to service the pension needs of professors.

The financial services company was founded in 1918 with a $1 million endowment from the Carnegie Foundation. It went by thename TIAA-CREF, short for Teachers Insurance and Annuity Association—College Retirement Equities Fund, until 2016 when it rebrandedunder the shortened name of TIAA.

TIAA Acquisitions

Since 2012, TIAA has made several acquisitions to grow its portfolio and product offerings.

• In April 2014 TIAA announced it would acquire Nuveen Investments in a deal valued at $6.25 billion.

• In August 2016 TIAA agreed to purchase Everbank Financial Corp. for $2.5 billion in cash. The deal was completed in June 2017.

TIAA has demonstrated a history of accepting investment strategies before the strategies became mainstream. In 1979, the company wasone of the first to utilize a broad portfolio of international stocks as part of its investment strategy. In 1990, it added the CREF SocialChoice Account to its lineup, giving customers a socially responsible investing option. In 1992, it introduced the Rollover IRA. In 1995,TIAA offered individuals the ability to invest in directly owned real estate properties. In 1998, the company entered the 529 marketplace.

As of mid-2018, TIAA's CEO was Roger Ferguson. He joined the company in 2008. Previously he was the head of financial services forinsurer Swiss Re and chairman of Swiss Re American Holding Corp. He is also the former vice-chairman of the Board of Governors of theU.S. Federal Reserve System.

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TIAA Explained

In 2010, TIAA shifted its model to become a for-profit financial servicescorporation offering retirement products, 529 College Savings Plans, managedinvestment accounts, checking and savings products, mortgage loans and othermanaged investment accounts.

As of December 2017, TIAA had more than 5 million active and retired employeeaccounts at more than 15,000 institutions, with $1 trillion under management. It isthe number-one-ranked asset manager of real assets in farmland and U.S. tax-exempt assets. It has been ranked the number one 'Best Overall Large Fundcompany,' by the Thomson Reuters Lipper Fund Awards for five years in a row,from 2013-2017.

TIAA Bank Field

Originally named Jacksonville Municipal Stadium, and later Alltel Stadium, the home of the Jacksonville Jaguars got a new name on the eve of the 2010 training camp, when EverBank Financial Corp and the Jaguars introduced EverBank Field on July 27, 2010. The partnership included a five-year naming rights agreement, which was extended by another 10 years in 2014.

On June 4, 2018, EverBank became TIAA Bank and the stadium was renamed TIAA Bank Field.


_________TENANT PROFILE__________________

https://www.investopedia.com/terms/1/529plan.asp

_________Miracle Mile_______________________



CORAL GABLESTHE CITY BEAUTIFULCoral Gables’ founders imagined both a “City Beautiful” and a “Garden City,” with lush green avenues winding through a residential city,punctuated by civic landmarks and embellished with detailed and playful architectural features. Known as The City Beautiful, CoralGables stands out as a planned community that blends color, details, and the Mediterranean Revival architectural style.

INTERNATIONAL

From its inception, Coral Gables was designed to be an international City, and is now home to more than 20 consulates and foreign government offices and more than 140 multinational corporations. As early as 1925, City Founder George Merrick predicted Coral Gables would serve as "a gateway to Latin America." To further establish international ties, the City has forged relationships with six Sister Cities: Aix-en Provence, France; Cartagena, Colombia; Granada, Spain; La Antigua, Guatemala; Province of Pisa, Italy; and Quito, Ecuador (emeritus).

HISTORIC

Coral Gables, The City Beautiful, stands out as a rare pearl in South Florida. It is a cohesive community built on a grand scale that blends color, detail, and the Mediterranean Revival architectural style to create harmony with the environment. Early city planners andvisionaries were influenced by the aesthetics of the City Beautiful Movement that swept across America in the early 1900s. Inspired by the works of landscape architect Frederick Law Olmstead, who designed New York’s Central Park, The City Beautiful Movement encouraged the use of wide tree-lined avenues, monumental buildings, winding roadways, green space, ornate plazas, and fountains. All these elements of style have been and continue to be incorporated throughout the City.

The City continues to promote a Mediterranean architectural aesthetic by offering incentives for buildings designed in this style, paying tribute to George Merrick's initial designs that were largely based on the Andalusia area of Spain. Many properties in the City are on the National Register of Historic Places, and more than 1,000 properties are on the Coral Gables Register of Historic Places. In addition, the Biltmore Hotel is a designated National Historic Landmark.

The City of Coral Gables recently

completed a $25M project to

rejuvenate Miracle Mile

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DEMOGRAPHICS 1-Mile 3-Mile 5-Mile

Total Population 40,573 261,562 529,062

Average HH Income $76,325 $77,149 $77,088

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TRAFFIC COUNTS SW 37th Ave & Giralda Ave

Vehicles Per Day 32,265 VPD



Solid Investments hereby advises all prospective purchasers of Net Leased property as follows:

The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Solid Investmentshas not and will not verify any of this information, nor has Solid Investments conducted any investigation regarding these matters. SolidInvestments makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.

As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all materialinformation before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of thisinvestment opportunity. Solid Investments expressly denies any obligation to conduct a due diligence examination of this Property for Buyer.

Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current orfuture performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and yourtax, financial and legal advisors.

Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased propertyto determine to your satisfaction with the suitability of the property for your needs.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request andcarefully review all Legal and financial documents related to the property and tenant. While the tenant’s past performance at this or otherlocations is an important consideration, it is not a guarantee of future success.

Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’sprojected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant andany guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may beinterrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees,Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of anylong-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and thelease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legalability to make alternate use of the property.

By accepting this Marketing Brochure you agree to release Solid Investments and hold it harmless from any kind of claim, cost, expense, orliability arising out of your investigation and/or purchase of this net leased property.

________NET LEASE DISCLAIMER___________________

Exclusively Marketed By

SOLID INVESTMENTS

DERRICK SCHROEDERNet Leased Specialist

C: 954-296-6955F: 954-944-1830

[email protected]

Documents

NNN TIAA BANK - images1.loopnet.com€¦ · 4,663±SF NNN retail condo situated on the ground floor of 55 Merrick, located in the heart of Coral Gables (Miami), Florida. The unit