BankUnited · BankUnited focuses on the financial needs of growing companies and their executives,...

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Phone: 212.837.1531 Fax: 212.686.0078 aron @exp1031.com www.exp1031.com Price: $4,256,440 | NOI: $228,591| CAP: 5.37% Fixed annual rental increases of 4.00%, bringing the cap rate to 6.27% in 4 years Deposits at this branch are $93,295,000, which is a 13.31% increase over the previous year Broward County is the 2 nd most populous in Florida and part of the Miami metropolitanarea Investment grade tenant with credit ratings of Baa3 by Moody’s and BBB by Fitch Population within 5 miles exceeds 160,000 and has grown by 9.99% from 2010 to 2016 Average household income within 3 miles exceeds$117,000 BankUnited 2200 Weston Rd – Weston, (Broward County) FL 33326

Transcript of BankUnited · BankUnited focuses on the financial needs of growing companies and their executives,...

Page 1: BankUnited · BankUnited focuses on the financial needs of growing companies and their executives, consumers and commercial and middle-market businesses in Florida’sthriving coastal

Phone:212.837.1531Fax:[email protected] www.exp1031.com

Price: $4,256,440 | NOI: $228,591| CAP: 5.37%

Fixed annual rental increases of 4.00%, bringing the cap rate to 6.27% in 4 years

Deposits at this branch are $93,295,000, which is a 13.31% increase over the previous year

Broward County is the 2nd most populous in Florida and part of the Miami metropolitanarea

Investment grade tenant with credit ratings of Baa3 by Moody’s and BBB by Fitch

Population within 5 miles exceeds 160,000 and has grown by 9.99% from 2010 to 2016

Average household income within 3 miles exceeds$117,000

BankUnited

2200 Weston Rd – Weston, (Broward County) FL 33326

Page 2: BankUnited · BankUnited focuses on the financial needs of growing companies and their executives, consumers and commercial and middle-market businesses in Florida’sthriving coastal

BankUnited

InvestmentOverview

PROPERTY OVERVIEW:EXP Realty Advisors exclusively presents for sale a 3,992.50 square foot freestanding bank on a 0.33-acre parcel of land inBroward County Florida, 34 miles north of Miami. The building is 100% leased to BankUnited, an investment grade company with aMoody’s credit rating of Baa3. The rent escalates 4% annually. Deposits at this branch are over $93 million. The tenant recentlyexercised their last five-year option. The bank building was constructed in 2001, and it’s amenities include a double drive-thru anddedicated turn lane. Deposits have exceeded $66 million at this location every year since 2010, with an average year over yeargrowth rate of 9.27%. The property is a pad site to the Waterway Shops of Weston, a 35,989 SF neighborhood shopping center. Theshopping center features thirty tenants including AT&T, Liberty Express, and Pearl Vision, as well as several restaurants and cafes likeOfferdahl’s Cafe, Chill’N Ice and Cream, Mallardi’s Tuscan Grill, Palm Grill, Power Pizza, and Lucille’s American Café. Country IslesPlaza, a Publix anchored shopping center, is approximately 1.5 miles north on Weston Road from the subject property. WesternTown Center, also a Publix anchored shopping center, is approximately

LOCATION OVERVIEW:The subject property is located in Weston, FL, a wealthy suburban community in Broward County. Within a five mile radius, theAverage Household Income is estimated to be $113,881, and the population is 160,885. 33326 is the third wealthiest zip code insoutheast Florida. A number of companies and organizations have large operations in Weston including DHL, Marriott International,Wendy’s, LATAM, Abbott Laboratories, and the Cleveland Clinic. Interstate 75 travels North and South along the Eastern edge of thecity and receives traffic counts of 145,249 vehicles per day.

LEASE SUMMARY:Option Commencement: 11/01/2016Option Expiration Date: 10/31/2021 Current Rent: $212,822Management Fee (6% of Rent): $12,769Administrative Fee: $3,000NOI: $228,591Rental Increases: 4% AnnualOptions: No Remaining OptionsLease Type: NN*

*Tenant pays a management fee to the landlord, which is equal to 6% of base rent and an administrative fee of $3,000 annually,which is not reflected in the $212,822 rent. Landlord pays taxes and insurance and gets reimbursed by the tenant. Landlord alsomaintains the building and the parking lot and is 100% reimbursed for these costs.

TENANT OVERVIEW: BankUnited, Inc. (NYSE: BKU | Moody’s: Baa3)As of September 30, 2016, BankUnited had 98 branches in 15 Florida counties and 6 banking centers in the New York metropolitanarea, total deposits of $18.8 billion, and total assets of $27.3 billion. BankUnited focuses on the financial needs of growing companiesand their executives, consumers and commercial and middle-market businesses in Florida’s thriving coastal regions. The bank offersa broad range of online services, treasury management tools for businesses and traditional depository and lending products.

INVESTMENTSUMMARY

Price: $4,256,440

CAP Rate: 5.37%

NOI: $228,591

Bld. Sq Ft: 3,992.50sf

Land Size: 0.33 acres

Lease Type: NN

Year Built: 2001

This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. INVESTMENTOVERVIEW

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BankUnited

Aerial

Waterway Shopsof Weston

This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. AERIAL

Page 4: BankUnited · BankUnited focuses on the financial needs of growing companies and their executives, consumers and commercial and middle-market businesses in Florida’sthriving coastal

BankUnited

Aerial

59,699 VPD

This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. AERIAL

Page 5: BankUnited · BankUnited focuses on the financial needs of growing companies and their executives, consumers and commercial and middle-market businesses in Florida’sthriving coastal

BankUnited

Aerial

This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. AERIAL

Page 6: BankUnited · BankUnited focuses on the financial needs of growing companies and their executives, consumers and commercial and middle-market businesses in Florida’sthriving coastal

BankUnited

LocationMap

This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. LOCATIONMAP

Page 7: BankUnited · BankUnited focuses on the financial needs of growing companies and their executives, consumers and commercial and middle-market businesses in Florida’sthriving coastal

BankUnited

Tnenat Information

BankUnited Inc.’s Recent Historical Growth

Year Total Assets(B) Total Deposits(B)

2013 $14.90 $10.50

2014 $19.00 $13.50

2015 $23.70 $16.90

2016 $27.90 $19.49

Subject Property's Recent Deposit Growth

Year Total Deposits Increase

2014 $79,309,000 19.72%

2015 $82,188,000 3.63%

2016 $93,295,000 13.51%

This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. INVESTMENTOVERVIEW

Return on Investment Over Time

Rent Period Commencement

Date

Rent Period Expiration Date

Rent Management Fee Administrative Fee NOI Cap Rate

11/1/2016 10/31/2017 $212,822 $12,769 $3,000 $228,591 5.37%

11/1/2017 10/31/2018 $221,335 $13,280 $3,000 $237,615 5.58%

11/1/2018 10/31/2019 $230,188 $13,811 $3,000 $246,999 5.80%

11/1/2019 10/31/2020 $239,396 $14,364 $3,000 $256,760 6.03%

11/1/2020 11/31/2021 $248,972 $14,938 $3,000 $266,910 6.27%

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BankUnited

CAM ReimbursementOverview

2015 CAM Calculation

CAM % Reimbursed 100%

2015 RE Tax Pro-Rata $22,760.69

2015 Insurance Pro-Rata $12,883.22

2015 Other CAM Pro-Rata $15,598.22

Total CAM 2015 $51,242.13

CAM Charged thru December 31, 2015 $51,902.52

Balance Due From (To) Tenant $-660.39

Sales Tax $-39.62

Balance Due + Sales Tax $-700.01

This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. INVESTMENTOVERVIEW

2015 CAM Expenses

Expense Type 2015 CAM Expense

Maintenance & Repair $640.36

Leasing (Garage Storage Reimbursed) $112.55

Landscaping 0

Management Fee $11,845.31

ProfessionalFess $3,000.00

CAM $15,598.22

REAL ESTATE TAXES $22,760.69

INSURANCE $12,883.22

TOTAL $51,242.13

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BankUnited

PropertyPhoto

This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. AERIAL

Page 10: BankUnited · BankUnited focuses on the financial needs of growing companies and their executives, consumers and commercial and middle-market businesses in Florida’sthriving coastal

BankUnited

PropertyPhoto

This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. AERIAL

Page 11: BankUnited · BankUnited focuses on the financial needs of growing companies and their executives, consumers and commercial and middle-market businesses in Florida’sthriving coastal

BankUnited

Survey

This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. SITEPLAN

Page 12: BankUnited · BankUnited focuses on the financial needs of growing companies and their executives, consumers and commercial and middle-market businesses in Florida’sthriving coastal

BankUnited

LocationMap

This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. LOCATIONMAP

Page 13: BankUnited · BankUnited focuses on the financial needs of growing companies and their executives, consumers and commercial and middle-market businesses in Florida’sthriving coastal

BankUnited

LocationMap

This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. LOCATIONMAP

Page 14: BankUnited · BankUnited focuses on the financial needs of growing companies and their executives, consumers and commercial and middle-market businesses in Florida’sthriving coastal

BankUnited

PlatMap

z

This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. PLATMAP

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BankUnited

DemographicData

Contact Us

EXP Realty Advisors118 East 28

th Street Suite #901

New York, NY 10016www.exp1031.com

Our Team

Aron Holewinski‘Associate Director of Sales

Phone: (212) 972-3947E-mail: [email protected]

Robert P. JamesPresident

Phone: (212) 686-0072E-mail: [email protected]

In association withFlorida RE License:

BK3276744

Radius 1Mile 3Mile 5Mile

Population:2021 Projection 6,902 82,579 171,9512016 Estimate 6,504 77,351 160,8552010 Census 6,171 70,884 146,250Growth 2016-2021 6.12% 6.76% 6.90%Growth 2010-2016 5.40% 9.12% 9.99%2016 Population Hispanic Origin 2,660 33,873 67,112

2016 Population by Race:White 5,504 66,706 134,038Black 418 4,858 14,074Am. Indian &Alaskan 19 195 497Asian 353 3,952 8,748Hawaiian & Pacific Island 7 89 167Other 203 1,551 3,331

U.S. ArmedForces: 12 66 159Households:

2021 Projection 2,523 27,560 56,3842016 Estimate 2,376 25,814 52,7582010 Census 2,225 23,458 47,649Growth 2016 - 2021 6.19% 6.76% 6.87%Growth 2010 - 2016 6.79% 10.04% 10.72%Owner Occupied 1,512 20,433 42,416Renter Occupied 864 5,380 10,342

2016 Avg Household Income $107,912 $117,163 $113,8812016 Med HouseholdIncome $90,079 $91,659 $90,9512016 Households by Household Inc:

<$25,000 203 2,818 5,756$25,000 - $50,000 452 3,829 7,790$50,000 - $75,000 324 3,960 8,041$75,000 - $100,000 344 3,450 7,510$100,000 - $125,000 235 3,199 7,113$125,000 - $150,000 217 1,707 3,858$150,000 - $200,000 416 3,170 5,851$200,000+ 182 3,679 6,839

This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. DEMOGRAPHICDATA