Downtown Vero Beach Main Street Historic Restoration ... · Historic Restoration & Redevelopment...

COMREAL | MIAMI - CORAL GABLES, LLC // 51 MERRICK WAY, CORAL GABLES, FL 33134 // COMREAL.COM

JOHN LONARDO, CCIM305.213.4050j [email protected]

LISA [email protected]

Downtown Vero Beach "Main St reet"H is tor ic Restorat ion & Redeve lopment2 0 0 4 & 2 0 2 6 1 4 T H A V E , V E R O B E A C H , F L 3 2 9 6 0

COMREAL | MIAMI - CORAL GABLES , L LC // 51 MERR ICK WAY, CORAL GABLES , FL 33134 // COMREAL.COM TABLE OF CONTENTS // 2

2004 & 2026 14th Ave, Vero Beach, FL 32960 Table Of Contents

Table Of Contents

All materials and information received or derived from The ComReal Companies its directors,officers, agents, advisors, affiliates and/or any third party sources are provided withoutrepresentation or warranty as to completeness , veracity, or accuracy, condition of the property,compliance or lack of compliance with applicable governmental requirements, developability orsuitability, financial performance of the property, projected financial performance of the propertyfor any party’s intended use or any and all other matters.

Neither The ComReal Companies its directors, officers, agents, advisors, or affiliates makes anyrepresentation or warranty, express or implied, as to accuracy or completeness of the any materialsor information provided, derived, or received. Materials and information from any source, whetherwritten or verbal, that may be furnished for review are not a substitute for a party’s active conductof its own due diligence to determine these and other matters of significance to such party. TheComReal Companies will not investigate or verify any such matters or conduct due diligence for aparty unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify allinformation and to conduct their own inspections and investigations including through appropriatethird party independent professionals selected by such party. All financial data should be verifiedby the party including by obtaining and reading applicable documents and reports and consultingappropriate independent professionals. The ComReal Companies makes no warranties and/orrepresentations regarding the veracity, completeness, or relevance of any financial data orassumptions. The ComReal Companies does not serve as a financial advisor to any party regardingany proposed transaction. All data and assumptions regarding financial performance, includingthat used for financial modeling purposes, may differ from actual data or performance. Anyestimates of market rents and/or projected rents that may be provided to a party do not necessarilymean that rents can be established at or increased to that level. Parties must evaluate anyapplicable contractual and governmental limitations as well as market conditions,vacancy factorsand other issues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should bediscussed by the party with a certified public accountant or tax attorney. Title questions should bediscussed by the party with a title officer or attorney. Questions regarding the condition of theproperty and whether the property complies with applicable governmental requirements should bediscussed by the party with appropriate engineers, architects, contractors, other consultants andgovernmental agencies. All properties and services are marketed by The ComReal Companies incompliance with all applicable fair housing and equal opportunity laws.

Contents Confidential i ty & Disclaimer

PROPERTY INFORMATION 3

EXECUTIVE SUMMARY 4

PROPERTY DESCRIPTION 5

BUILDING & GROUNDFLOOR PLAN

6

MEZZANINE & 2ND FLOORPLAN

7

BUILDING 1, 2ND FLOORPLAN

8

LOCATION INFORMATION 9

HISTORIC DOWNTOWNVERO BEACH

10

HISTORIC DOWNTOWNVERO BEACH

11

REGIONAL MAP 12

LOCATION MAPS 13

ZONING MAP 14

ZONING_MAP___PERMITTED_USES_DWTN_DISTRICT.PDF15

HISTORIC DODGERTOWN 20

SALE COMPARABLES 21

SALE COMPS 22

SALE COMPS MAP 24

SALE COMPS SUMMARY 25

RETAIL/OFFICE RENTANALYTICS

26

FACE_RENT_REPORT.PDF 27

DOWNTOWN_VERO_BEACH_MARKET_STUDY.PDF28

VERO_BEACH_ANALYTICS.PDF 30

ADVISORS & COMPANY BIO 32

ADVISOR BIO 33

ADVISOR BIO 2 34

ABOUT_COMREAL_CG_TEAM.PDF 35

COMREAL | MIAMI - CORAL GABLES, LLC // 51 MERRICK WAY, CORAL GABLES, FL 33134 // WWW.COMREAL.COM



PROPERTY INFORMATIONS E C T I O N 1

COMREAL | MIAMI - CORAL GABLES , L LC // 51 MERR ICK WAY, CORAL GABLES , FL 33134 // COMREAL.COM SECTION 1 // 4

Downtown "Main Street" Vero Beach. The property’s buildings share highexposure on the Southeast Corner of Main Street 14th Avenue and 20th Street/State Route 60 at the nexus of the revitalized Downtown Vero Beach HistoricDistrict. The Historic Downtown Vero Beach community is populated withspecialty restaurants, cafes, microbreweries, art galleries, boutique shops,antiques, community parks and recreation, museums, cultural venues, andresidential neighborhoods with small town charm, where the greater VeroBeach community comes together to live, work, socialize and play. Indian RiverCounty & Vero Beach celebrated its Centennial in 2019.

Location OverviewLocation Overview

Property HighlightsProperty Highlights

• Business is not for sale. Building ownership is relocating its business. Sellerwould lease-back space at current location.

• "Main Street" Historic and Mixed-Use Redevelopment Opportunity InDowntown Vero Beach Florida

• High Exposure Flagship Corner Location in Vero Beach's Historic Live, Work,Play Neighborhood

• Affluent Demographics in Indian River County with its Ocean, Beaches,Lakes & Rivers teaming with fish, a walking riverfront, and a ruralwonderland.

• Vero Beach is a major winter tourist and second home destination.

Offering SummaryOffering Summary

Sale Price: $950,000

Price / SF: $39.60

Lot Size: 13,000 Sq.Ft.

Year Built: 1917-1919

Building Size: +/-24,000 SF

Re-Purposed: 1983

Zoning: Downtown District

Market: Vero Beach

2004 & 2026 14th Ave, Vero Beach, FL 32960 section1

Executive Summary


Property OverviewProperty Overview

The Vero Furniture Mart is complex of five contiguousbuildings, operating as retail showrooms of quality furnitureand home furnishings serving Vero Beach for over 36 Years.The linear frontage measures 230' on two streets on a landsize of 13,000 square feet. The building improvementscombine for 24,000 square feet. The buildings are firesprinklered.

The prominent corner flagship historic building is a two storyAmerican Beaux Art architecture style building built in theearly 1900's. A Historic Restoration and Redevelopment ofthe building would become the cornerstone of the "MainStreet" and restore its importance in the 100 year history ofVero Beach. The renovated building spaces would behighly attractive and marketable to a variety of businesses.

Next to the corner on the 14th Ave “Main Street” side of theproperty is a two story structure with a facade that can behistorically restored and the spaces redeveloped andre-purposed. Facing 20th Street and contiguous to thecorner is a one story structure that may be divided andredeveloped. The Downtown District Zoning Designationwas intended to promote the preservation, andredevelopment of the properties in the downtown “MainStreet” district. In the early 90’s the redevelopment of theadjoining Theatre Plaza was the catalyst for therevitalization of the area. Permitted uses include an array ofRetail, Office, Residential, Hospitality and Mixed-use.

In 1914, the Vero downtown existed primarily at theintersection of Osceola Blvd. and Seminole Ave. now 20thStreet and 14th Avenue. The Farmer’s Bank opened in 1914until failing in the Great Depression. In 1925 Indian RiverCitrus Bank occupied the buildings ,and in 1983 the Buildingswere sold to the Vero Furniture Mart.

Vero Beach's 100 Year History & its Pioneers:Vero Beach's 100 Year History & its Pioneers:

https://www.indianrivermagazine.com/center-of-progress/

Welcome to Main Street Vero Beach:Welcome to Main Street Vero Beach:

http://mainstreetverobeach.org

Add HeaderAdd Header

add text...


Property Description



Buildings & Ground Floor Plan



Mezzanines & 2nd Floor Plan



Building 1 - 2nd Floor Plan




LOCATION INFORMATIONS E C T I O N 2


Heritage Center & Indian River Citrus Museum

Theater Plaza

Vero's 1903 Railroad Station & Indian River HistoricalSociety Headquarters

Kilted Mermaid

Pocahontas Park

Pocahontas Apartments & Retail


Historic Downtown Vero Beach


American Icon BreweryCourthouse Executive Center

Shopping The Press Journal Building


Historic Downtown Vero Beach


Vero Beach, FL 32960


Regional Map



Location Maps



Zoning Map


THESE GROUNDS WERE THE HOME TO DODGERSPRING TRAINING CAMPS FROM 1948 – 2008

Because they trained, dined and stayed in housing on site,Historic Dodgertown built unity like no other baseball camp.

History is everywhere as memorabilia adorns Dodgertownthroughout. It is palpable for guests who participate on thesame fields that Dodger legends trod since 1948. Look overthere and you might imagine Jackie Robinson stealing abase, or glance at the pitcher’s mound and think of SandyKoufax throwing a blazing fastball for a strike, or Duke Snidercircling the bases after belting a home run. It all happenedhere!

Today, “Historic Dodgertown” is owned by Indian RiverCounty and is comprised of 79 acres of multi-sport fields andfacilities where guests train, stay and play together. With its10½ perfectly-manicured playing fields, including 7Musco-lighted fields for night games, Historic Dodgertownoffers flexibility and caters to many sports such as.

Historic Dodgertown provides an all-encompassingexperience and includes amenities such as an enjoyabledining room, clubhouse, two full time fitness rooms,competitive-sized swimming pool and Stadium Club lounge.Historic 6,500-seat Holman Stadium is used for games,concerts, shows, special events and fantasy camps.


Historic Dodgertown




SALE COMPARABLESS E C T I O N 3



Sale Comps

SUBJECT PROPERTY

2004 & 2026 14th Ave | Vero Beach, FL 32960

$950,000Sale Price: 13,000 SFLot Size:

1919Year Built: 21,000 SFBuilding SF:

$45.24Price PSF:

825 11th St | Vero Beach, FL 32960


1955Year Built: 12/30/2016Closed:

1

1

Retail Site . Sold for Land Value for $41.74 per Sq.Ft. Lot Size : 4792Sq.Ft. Building was demolished.

2050 11th Ave | Vero Beach, FL 32960

$1,175,000Sale Price: 43,560 SFLot Size:


$235.00Price PSF 01/23/2019Closed:

2

2

Retail Storefront & Office. Lot size 1 Acre. Sale for Land Valueequates to $27.00 . Building 30% leased at sale

1961-1975 14th Ave | Vero Beach, FL 32960




3

3

Storefront Office. 100% Leased



Sale Comps




$98.47Price PSF 6%CAP:

10/22/2018Closed:

4

4

Retail/ Office Investment . New ownership to invest $300-$400k includingroof , windows , HVAC , and upgrades to market rents @ 6.0% proformaCap Rate.



20,000 SFBuilding SF: $70.00Price PSF

09/14/2018Closed:

5

5

Building 40% Leased at sale. New owner to remodel to lease upbuilding to new tenants at market rates in stabilized market.





6

6

Retail Plaza near subject.

1201 19th Pl | Vero Beach, FL 32960




7

7

Two building low rise office portfolio 97.3% leased. Medical andprofessional tenants. Within 4 Block of the subject.


2004 & 2026 14th Ave | Vero Beach, FL 32960SUBJECT PROPERTY


Sale Comps Map

1

825 11th StVero Beach, FL 32960

2

2050 11th AveVero Beach, FL 32960

3

1961-1975 14th AveVero Beach, FL 32960

4


5


6


7

1201 19th PlVero Beach, FL 32960



Sale Comps Summary

SUBJECT PROPERTYSUBJECT PROPERTY PRICEPRICE BLDG SFBLDG SF PRICE/SFPRICE/SF

Vero Furniture Mart2004 & 2026 14th AveVero Beach, FL 32960

$950,000 21,000 SF $45.24

SALE COMPSSALE COMPS PRICEPRICE BLDG SFBLDG SF PRICE/SFPRICE/SF CLOSECLOSE

1 825 11th StVero Beach, FL 32960

$200,000 - - 12/30/2016

2 2050 11th AveVero Beach, FL 32960

$1,175,000 5,000 SF $235.00 01/23/2019

3 1961-1975 14th AveVero Beach, FL 32960

$1,750,000 10,572 SF $165.53 12/19/2017


$825,000 8,378 SF $98.47 10/22/2018


$1,400,000 20,000 SF $70.00 09/14/2018


$484,100 5,940 SF $81.50 01/31/2017

7 1201 19th PlVero Beach, FL 32960

$4,822,566 41,634 SF $115.83 11/29/2018

PRICEPRICE BLDGBLDG SFSF PRICE/SFPRICE/SF

TOTALS/AVERAGES $1,522,381 15,254 SF $99.80




RENT ANALYTICSS E C T I O N 4

Face Rent Analysis Report

# Spaces Min Avg Max # Spaces Min

DIRECT SPACES

Avg Max

SUBLET SPACES TOTAL

Avg

Off/Ret

1 $18.03 $18.03 0 -$18.03 - -Modified Gross $18.03

1 $20.00 $20.00 0 -$20.00 - -Triple Net $20.00

Office

2 $20.00 $22.00 1 -$20.95 - -Full Service Gross $20.95

11 $12.00 $20.00 0 -$14.11 - -Modified Gross $14.11

2 $15.00 $17.00 0 -$15.93 - -Triple Net $15.93

Retail

4 $15.00 $33.60 0 -$17.44 - -Modified Gross $17.44

11 $12.00 $40.00 0 -$21.38 - -Triple Net $21.38

Copyrighted report licensed to ComReal Miami - Coral Gables, LLC - 52342.11/13/2019

Page 1

Address City Property Type Property Size Space Avail Rent/SF/Yr

Class C Office 1,597 SF 1,597 SF $18.031945 20th St Vero Beach1

Class B Office 13,500 SF 2,198 SF $14.001705 19th Pl Vero Beach2

Class B Office 10,450 SF 2,750 SF $12.001505 20th St Vero Beach3

General Retail 2,000 SF 250 SF $33.602044 14th Ave Vero Beach4

Class C Office 22,693 SF 1,710 SF $18.002145 14th Ave Vero Beach5

Class C Office 11,893 SF 2,100 SF $14.002345 14th Ave Vero Beach6


General Retail 5,000 SF 3,500 SF $15.002050 11th Ave Vero Beach8

General Retail 3,612 SF 3,612 SF $22.59901 21st St Vero Beach9


Only properties with valid lat/lon display on map


Page 2

Address City Property Type Property Size Space Avail Rent/SF/Yr

General Retail 21,052 SF 21,052 SF $15.00702-736 21st St Vero Beach11

Class B Office 34,500 SF 6,177 SF $22.00601 21st St Vero Beach12

General Retail 97,182 SF 19,361 SF $12.00-$20.00614-660 21st St Vero Beach13

General Retail 110,250 SF 13,784 SF $20.00-$30.00520-526 21st St Vero Beach14

General Retail 7,517 SF 7,295 SF $18.002145 Indian River Blvd Vero Beach15

General Retail 11,200 SF 3,265 SF $40.002053-2063 Indian River Blvd Vero Beach16

Class B Office 30,000 SF 2,600 SF $15.00-$20.001717 Indian River Blvd Vero Beach17

General Retail 25,219 SF 2,000 SF $17.00703-725 17th St Vero Beach18

General Retail 3,052 SF 3,052 SF $40.001775 US Highway 1 Vero Beach19

Class B Office 25,000 SF 7,599 SF $12.001615 14th Ave Vero Beach20

Only properties with valid lat/lon display on map


Page 3




ADVISORS & COMPANY BIOS E C T I O N 5


JOHN LONARDO, CCIM

Broker

[email protected]: 305.213.4050

PROFESSIONAL BACKGROUND

John C. Lonardo, CCIM, is a 30-year veteran of the South Florida Real Estate commercial real estate market. Lonardo's sales,landlord and tenant representation transactions in office, retail, and industrial product types totals over 4.1 million square feet.

Over the past twenty years John has been based in the high profile Coral Gables office/retail market, completing notableretail and office leasing assignments, as well as sale transactions with top regional, national, local and international clientele,and institutional landlords.

John's early commercial career focused on leasing and sales of industrial distribution, manufacturing and special use facilities,and during the financial downturn servicing and disposition of lender owned properties in the South Florida market.

A resident of South Florida for 40 years, John served as a Director for a South Florida Credit Union, Founder and Chairman forthe Coral Gables American Cancer Society Relay for Life, and founding board member for Rise Charter School of South Dade.Extracurricular interests include road cycling, wine collecting, jazz and classical music, yoga, and travel abroad

EDUCATION

John graduated with a B.S. degree in Analytical Sciences from Ohio University.

In 2002, John achieved the CCIM, Certified Commercial Investment Member, designation.

MEMBERSHIPS

CCIM is a global community of 13,000 members in 30 countries, representing a worldwide referral network. The CCIMdesignation is awarded to real estate professionals upon completion of graduate level curriculum and resume of transactionexperience. CCIMs are recognized as experts in real estate sales, leasing, asset management, market research, andinvestment analysis. John currently serves on the Board of Directors of the Florida CCIM Miami-Dade Monroe District andserved on the Board of the 42,000 member Miami Association of Realtors. He is also a stakeholder, community member of theCoral Gables Business Improvement District.


Advisor Bio


LISA TENN

Retail & Office Specialist

[email protected]: 305.978.9455

PROFESSIONAL BACKGROUND

Lisa A. Tenn joins ComReal Miami – Coral Gables, LLC as an Office and Retail Advisor focused on developing Tenant andLandlord relationships. She brings over 25 years of experience in commercial real estate with extensive knowledgerepresenting tenants and landlords on leasing transactions.

She previously worked with NAI Miami as a Commercial Associate. During her tenure, she was responsible for the leasing ofapproximately 500,000 sq. ft. of retail and office space in the submarkets of Coral Springs, Tamarac, Oakland Park, Hollywood,Miami Gardens, Downtown Miami, Coconut Grove and Little Havana, to include the Shops at Marlins Park, 53,000 sq. ft. ofretail space at the Marlins Ballpark.

Previously, Lisa was a Commercial Associate with Colliers Abood Wood-Fay where she was a Tenant Representation agent inthe Brokerage Services Division, working with clients to fulfill their office space requirements. She represented clients such asBank of the Bahamas with securing their first offshore retail branch bank in Coral Gables; Standard Chartered Bank withsubleasing its premises on Brickell Avenue; Cayman Airways in leasing office space at Blue Lagoon Office Park in the WestAirport Market; and, International Finance Bank with their branch bank and corporate headquarters location on BrickellAvenue.

As a Landlord agent with Capital Realty, Lisa was responsible for the leasing of approximately 400,000 sq. ft. of office space inthe submarkets of Kendall, Airport West, Coral Gables, South Beach and Hollywood. She also represented tenants, includingNavix Technology, in over 37,000 sq. ft. of office space lease transactions and nearly $1,000,000 in real estate sales.

Prior to being an active Salesperson, Lisa was the Marketing Assistant to seven (7) brokers at CRESA Miami. She conductedmarket research, prepared lease analyses, client tour books, designed marketing brochures and presentation packages,proposals and letters.

EDUCATION

Bachelor in Science – Marketing, Florida International UniversityAssociate in Science – Business Administration, Miami-Dade CollegeSalespersons Real Estate License, 1989Member of the Realtor Association of MiamiInternational Council of Shopping Centers (ISCS)CoStar Power Broker 2009, 2010, 2011, 2012, 2014

THE COMREAL COMPANIES51 Merrick Way

Coral Gables, FL 33134305.591.3044


Advisor Bio 2

ABOUT US - COMREAL

Company BiographyCompany BiographyThe ComReal Companies offer preeminent commercial real estate brokerage services. As an industry leader in South Florida, ComReal and its affiliates provide unparalleled local market expertise.

Since its inception in 1979, ComReal has anticipated and met the challenges of the complex and dynamic commercial real estate industry and has positioned itself to respond through technology, and highly trained professionals. ComReal services all facets of the commercial real estate business, from local companies with a single requirement to international firms with large real estate portfolios and complex transactional needs. For multi-site clients, ComReal offers extranet-based systems to manage extensive real estate portfolios and to provide real-time communication with management.

As a service provider, ComReal works with its clients to determine, identify and assess both short and long-term objectives. Drawing upon a wealth of experience, market knowledge and state-of-the-art resources ComReal assists clients in the achievement of their goals, through comprehensive step by step strategic plans to ensure success and timely execution. Committed to excellence, ComReal provides today’s technology driven firms’ unrivaled information and customized services. ComReal offers the best market research information available in the Internet age, including a constant flow of information on market products, trends, and developments that are used to assist in the daily decision-making process. Clients receive the most current and relevant news and studies available as related to their respective interests.

ComReal was ranked #15 in the 2018 South Florida Business Journal’s list of Commercial Real Estate Companies for sales & lease volume!

ComReal's Services:ComReal's Services:

- User Representation- Owner Representation- Investment Property- Property Management

About Us - ComReal

About Us - ComReal

ComReal Coral Gables Team

The ComReal team consists of highly trained and distinguished professionals in their respective areas of expertise. They are committed to excellence, education and high ethical standards.

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