Private Offering Memorandum€¦ · • The property’s flexible C zoning designation ... education and personal care. • A strategic location near Ponce Circle Park provides access

Situated in the heart of thriving Downtown Coral Gables,

with a prized location that is walking-distance to Miracle

Mile, this offering presents the unique opportunity to own a

turn-key ± 3,464 SF medical office building that can be

easily converted into a myriad of commercial uses,

including Live/ Work. This property is a prime commercial

investment.

Private Offering Memorandum

Page 2

Privileged and Confidential

Table of Contents

Property Overview

Executive Summary 3-4

Property Photos & 5-6

Building Features

Aerial Map 7

Location Highlights & 8-11

Surrounding Development

Demographics 12

Market Report 13

Sales Comps 14

Disclosure 15

FROM I-95: Exit onto Dolphin Expressway/ SR 836 and bear left at the

fork for LeJeune Road/ Coral Gables. Head south on LeJeune Road

for 4 miles, and then turn left onto Palermo Avenue. Property will be

located about 500 feet on the right, just east of Salzedo Avenue..

directions

Page 3


Executive Summary

Blanca Commercial Real Estate, Inc. has been appointed as the exclusive agent for the marketing and sale of 266 Palermo Avenue, Coral Gables, FL 33134.

The Property is being offered on an “as-is, where-is” basis for the fee-simple interest.

Highlights

• This ± 3,464 SF commercial building sits in the heart of the downtown business & entertainment district of Coral Gables. A dynamic and

affluent urban community with solid real estate fundamentals, rising property values, and international prestige, Coral Gables is a top sub-

market for global real estate investors.

• Situated only steps away from Miracle Mile’s upscale retail corridor, the subject property provides pedestrian access to a full range of dining,

shopping and cultural venues. With the recent upgrades to Miracle Mile’s streetscape enhancing the live/ work/ play experience, and the

widely anticipated delivery of The Plaza providing 161,000 SF of restaurant & retail space + a luxury four-star hotel, this site affords an

unmatched array of amenities.

• The property’s flexible C zoning designation (Commercial District) allows for a myriad of potential business operations at the premises.

Well-established as a surgical facility, this offering provides a turn-key medical space fully equipped with 3 exam rooms (including sink/

plumbing), a private office (with restroom/ shower), a fully functional operating room (with restroom/ shower), a 2nd floor recovery suite that

can be converted to an efficiency apartment (with bedroom, restroom/ shower), and a garage with 2 entry doors. Furthermore, additional

allowable uses include: Office, Live/Work, Day Care, Veterinary Clinic, Spa/Wellness Center, Retail, and Museum/Educational.

• Strong consumer demographic drivers will support continued medical use of the property, or a wide scope of alternate ventures. Recent

reports indicate that Coral Gables has seen a 25% increase in average household income since 2010, equating to an average household

net worth of nearly $ 700,000. Additionally, Coral Gables consumer spending patterns illustrate premium levels for items such as health,

entertainment, gifts, education and personal care.

• A strategic location near Ponce Circle Park provides access to a variety of public transportation options via the renowned Coral Gables

Trolley, a free transit service that connects the 3 mile corridor between Douglas Road Metro Rail & West Flagler Street Metro Bus. The

route travels Ponce de Leon Blvd., with scheduled pick-ups every 10 minutes Monday to Friday between 6.30 am – 8.30 pm.

• Surrounded by a complete nexus of transportation thoroughfares such as: US-1, Coral Way, Dolphin Expressway (SR-836), Palmetto

Expressway (SR-826), Tamiami Trail, Florida Turnpike, and I-95, the subject property offers unparalleled connectivity to Brickell, Downtown

Miami, Doral, Coconut Grove, Miami International Airport and all South Florida destinations.

Cary Cohen Executive Vice President

305.377.6590 | [email protected]

for property inquiries and tours

Page 4


Executive Summary

▪ LIST PRICE: $1,950,000

▪ Folio: 03-4117-005-6360

▪ Location: 266 Palermo Avenue

Coral Gables, FL 33134

▪ Property Type: Mixed-Use

▪ Building Area: ± 3,464 SF

▪ Land Area: ± 2,500 SF

▪ 2017 RE Tax: $19,340.11

▪ Zoning C- Commercial District

▪ Floors 2

Page 5


Building Features

GROUND FLOOR

• Gracious entry foyer with reception desk

• 3 Exam Rooms equipped with Plumbing (sink)

• Library / Den waiting area

• Private Office Space with restroom & shower

• Indoor Garage for 2 vehicles with secure manual door and a Washer/Dryer

ACCESS

• Two entry doors on Palermo Avenue

1st

Floor Photos

Page 6


Building Features

2nd

FLOOR

• Operating Room ready to be certified by Joint Commission

• Operating room is equipped with restroom & shower

• Recovery suite includes bedroom, restroom with shower, nurses’ conference room

• 2nd Floor can be converted to use as efficiency apartments

ACCESS

• Elevator & Stairway access to 2nd Floor

2nd

Floor Photos

Page 7


Aer ia l Map

1

2

3

4

6

7

8

Map Key

1 Subject : 266 Palermo Avenue e

Points of Interest Within Walking Distance e2 Ponce Circle Park

3 The Plaza mixed-use development project

4 Miracle Mile

5 Giralda Plaza

Major Streets & Roads Located < 1 Mile s6 Ponce de Leon Boulevard

7 Douglas Road

8 Le Jeune Road

9 Alhambra Plaza

10 Coral Way

11 Biltmore Way

9

10

5

11

Page 8


Locat ion H igh l igh ts

Coral Gables’ founders imagined both a “City Beautiful” and a “Garden City,” with lush greenavenues winding through a residential city, punctuated by civic landmarks and embellishedwith detailed and playful architectural features. Coral Gables stands out as a plannedcommunity that blends color, details, and the Mediterranean Revival architectural style.

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

Coral Gables is a major employment center, with almost as many people working in the Cityas living there. The Coral Gables economy is comprised of local and international businesses,but unlike other parts of Florida, it is not influenced as strongly by seasonal shifts. The City isespecially desirable to businesses because of its proximity to Miami International Airport, thePort of Miami, and downtown Miami, while also being convenient for executive housing. Inaddition, a vintage style trolley connects many of the commercial districts, Grand Avenue andthe Metrorail.

Attracting national and regional retailers along with an abundance of boutiques and retail shops,

Coral Gables is a preferred shopping destination. Miracle Mile is the center of a true downtowndistrict and The Village of Merrick Park offers 780,000 square feet of retail anchored by NeimanMarcus and Nordstrom. Projected to start construction in 2017, Mediterranean Village will deliveran additional 300,000 square feet of retail and dining options.

Coral Gables is also positioned to support the high-end leisure and corporate traveler, boastingmore than 100 cafes and restaurants, museums, an art cinema and four live theaters, as well asmany fine art galleries.

University of Miami located in Coral Gables, is a research university ranked 50th among thenations top-tier institutions in the U.S. News & World Report ratings of "America's BestColleges." Also located within the City is Northwestern University's prestigious Kellogg School ofManagement Executive MBA Program. Coral Gables' lower schools offer strong academic andinternational programs including an international baccalaureate program at Coral Gables SeniorHigh and at Gulliver Preparatory School. Coral Gables Preparatory Academy was awarded the

Elementary Blue Ribbon School of Excellence Award by the U.S. Department of Education.

Excellent municipal services, high quality of life, convenient access with mass transit connectivityvia the Coral Gables Trolley, responsible growth and a diversified economy make Coral Gables a

highly desirable place to live, work and play.

Page 9



Miracle Mile Streetscape Project

Page 10



Subject :266 Palermo Ave.

Coral Gables Trolley

A free transportation service with stops along Ponce de Leon Boulevard, running a 3 mile route from Douglas Road Metrorail Station, up to West Flagler Street Metro Bus Station.

Page 11


Sur round ing Deve lopmen t

THE PLAZA ( mixed-use development project )

2801, 2901 & 3001 Ponce de Leon Blvd.

266 Palermo Avenue is located just one block west of “The Plaza”,

a transformative mixed-use development project in Coral Gables,

with estimated phased delivery during Years 2019 through 2022.

The project is located on 6.7 acres and has been approved for 170

residential units, 242 hotel rooms, 447,000 square feet of office

space and 161,000 square feet of retail and restaurant space.

1 266 Palermo Avenue 2 New Mixed-use Development Project / The Plaza

1 2

Page 12


Cora l Gab les Demograph i cs

Premium Spending Patterns vs. National Average

National Average 100

Education 191

Entertainment 161

Health Care 145

Personal Care 156

Gifts 183

Transportation 150

Household Operation 179

Consumer Spending in Coral Gables

30.0%

70.0%

Education Levels in Coral Gables

College or GraduateSchool

Other

Population Demographics in Coral Gables

Total Population 126,522

% Increase Since 2000 9.2%

% Increase Since 2010 3.9%

Median Age 37.8

Average Household Income $136,699

% Increase Since 2000 19%

% Increase Since 2010 25%

Average Household Net Worth $662,810

Page 13


Off i ce Marke t Snapshot$

39

.46

$4

0.7

2

$4

1.7

6

$4

3.6

3

$4

3.2

8

$3

5.9

9

$3

7.8

8

$3

8.0

6

$4

1.9

4

$4

2.9

5

$2

9.2

6

$3

1.2

2

$3

3.5

0

$3

6.3

7

$3

6.4

0

2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7

Class A Tier 1 Class A Tier 2 Class B

H I S T O R I C A L P E R F O R M A N C E | W E I G H T E D A V E R A G E A S K I N G R E N T

4 6 . 8 % A R E G R E A T E R T H A N 5 , 0 0 0 S F

M A R K E T S N A P S H O T ( Q u a r t e r - O v e r - Q u a r t e r )

S I N C E 2 0 1 3 , C L A S S A

R A T E S H A V E I N C R E A S E D

B Y 16%

C O M P L E T E D T R A N S A C T I O N S S P A C E A N A L Y S I S ( C L A S S A & B )

0 - 999 RSF2%

1,000 - 1,999 RSF17%

2,000 - 2,999 RSF15%

3,000 - 3,999 RSF13%4,000 - 4,999 RSF

6%

5,000 - 7,499 RSF17%

7,500 - 9,999 RSF13%

10,000 - 19,999 RSF11%

20,000+ RSF6%

53% leases are < 5,000 sf

Coral Gables

Page 14


Sales Comparab les

117 Aragon Avenue


Lot: 2,500 SF

RBA: 1,854 RSF

Price: $1,025,000/$553 per RSF

2506 Ponce de Leon BlvdCoral Gables, FL 33134

Lot: 5,250 SF

RBA: 4,450 RSF

Price: $2,600,000/ $584 per RSF

178 Giralda Avenue


Lot: 2,516 SF

RBA: 4,818 RSF

Price: $3,000,000/ $623 per RSF

1801 Ponce De Leon


Lot: 2,500 SF

RBA: 2,275 RSF

Price: $1,315,000/ $578 per RSF

1 2

3 4

Page 15


Blanca Commercial Real Estate(“Blanca”) has been retained as real estate

agent regarding the sale of the commercial property located at 266 Palermo

Avenue, Coral Gables FL (“Property”).

This confidential Offering Memorandum was prepared by Blanca Commercial

Real Estate, and has been reviewed by Owner. It contains selected

information pertaining to the Property and does not purport to be all-inclusive,

nor to contain all the information that a prospective purchaser may desire. All

financial projections are provided for general reference purposes only and

are based on assumptions relating to the general economy, competition and

other factors that, therefore, are subject to material change or variation. An

opportunity to inspect the Property will be made available to qualified

prospective purchasers.

In this Offering Memorandum, certain documents including leases and other

materials, are described in summary form and do not purport to be complete,

nor necessarily accurate, descriptions of the full agreements involved, nor do

they constitute a legal analysis of such document. Interested parties are

expected to independently review all documents.

This Offering Memorandum is subject to prior placement, errors, omissions,

changes or withdrawal without notice and does not constitute a

recommendation, endorsement, or advice as to the value of the Property by

Blanca Commercial Real Estate or the Owner. Each prospective purchaser is

to rely upon its own investigation, evaluation and judgment as to the

advisability of purchasing the Property described herein.

The Owner expressly reserves the right, at its sole discretion, to reject any or all

expressions of interest or offers to purchase the Property and/or terminate

discussions with any party at any time with or without notice. Owner shall

have no legal commitment or obligation to any purchaser reviewing this

Offering Memorandum or making an offer to purchase the Property unless a

written agreement for the purchase of the Property has been fully executed,

delivered, and approved by the Owner and any conditions to Owner’s

obligations thereunder have been satisfied or waived. Blanca Commercial

Real Estate is not authorized to make any representations or agreements on

behalf of Owner.

This Offering Memorandum is the property of Blanca Commercial Real Estate

and may be used only by parties approved by Blanca Commercial Real

Estate. The Property is privately offered and by accepting this Offering

Memorandum, the party in possession hereof agrees that this Offering

Memorandum and its contents are of a confidential nature and will be held

and treated in the strictest confidence. No portion of this Offering

Memorandum may be copied or otherwise reproduced or disclosed to

anyone without the prior written authorization of Blanca Commercial Real

Estate and Owner. The terms and conditions set forth apply to this Offering

Memorandum in its entirety.

investment contact:

CARY COHEN1450 BRICKELL AVENUE, Suite 2060MIAMI, FL 33131 | 305.377.6590 [email protected]

BLANCA COMMERCIAL REAL ESTATE1450 BRICKELL AVENUE, Suite 2060MIAMI, FL 33131 | 305.577.8850

www.blancacre.comLICENSED REAL ESTATE BROKER

BLANCA COMMERCIAL REAL ESTATEBLANCA COMMERCIAL REAL ESTATE

investment contact:

http://www.blancacre.com/

Documents

Private Offering Memorandum€¦ · • The property’s flexible C zoning designation ... education and personal care. • A strategic location near Ponce Circle Park provides access