OFFERING MEMORANDUM DORAL CENTER DEVELOPMENT LAND€¦ · Center Development Land, an approximately...

OFFERING MEMORANDUM

CBRE, Inc.

DORAL CENTER DEVELOPMENT LAND 10751 NW 25th STREETDORAL, FLORIDA 33172

AFFILIATED BUSINESS DISCLOSURE AND CONFIDENTIALITY AGREEMENT

CBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).

Your receipt of this Memorandum constitutes your acknowledgement that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written

authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.

This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information

contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.

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 to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.

Disclaimer: This is a rendering of proposed site plans subject to change and city approval.

© 2020 CBRE, Inc. All Rights Reserved.

D O R A L C E N T E R D E V E L O P M E N T L A N D

TABLE OF CONTENTS

04 OFFERING SUMMARY10 DEVELOPMENT PLAN18 COMPARABLES20 AREA OVERVIEW

CONTACT US

LARRY GENETSenior Vice President+1 305 807 [email protected]

JAKE ZEBEDEAssociate+1 305 975 [email protected]

MARKET ADVISORS: MARKET LEASING:

FINANCING INQUIRIES:

PAUL AHMEDSenior Vice President+1 561 331 [email protected]

MACKENZIE FRYFinancial Analyst+1 954 331 [email protected]

TOM O’LOUGHLINSenior Vice President+1 954 356 [email protected]

OFFERING SUMMARY


5O F F E R I N G S U M M A R Y

THE OFFERINGCBRE, as exclusive representative, is pleased to present the opportunity to acquire the Doral Center Development Land, an approximately ±3.72 acre pristine land site located in highly sought after Doral, FL on NW 25th Street off the Palmetto Expressway.

Consisting of an impressive ±550 feet of street frontage (combined area on both NW 25th and NW 27th Streets), the site will be delivered shovel-ready. The site is in the process of being site-plan approved for a developer to build. The area is currently zoned I-Industrial and according to the City of Doral Zoning Code.

The Doral Center Development Land presents a rare opportunity to acquire a critical volume of land in one of the fastest-growing and most promising markets in the country. The zoning code is very flexible to allow for many types of development in the area. This is a well-trafficked area, with average traffic counts approaching 25,500 cars and 3,086 trucks daily. The area has strong demographics, with an average household income of $122,055 annually within a 1 mile radius. The area is also centrally located and easily accessible via the Palmetto Express-way, Dolphin Expressway and Florida Turnpike.

Nearby tenants include Carnival Corporation, Telemundo, IKEA and PepsiCo. Doral is central-ly located in northwest Miami-Dade County, and borders 3 major expressway systems (836, 826, and Florida’s Turnpike). Located near two international airports, several international seaports, railways and highways, Doral provides access to the global marketplace. Being part of Miami-Dade County gives the added advantage of being close to over 2.7 million people and almost 84,000 businesses.

OFFERING HIGHLIGHTS

• Prime ±3.72 acre development site in the heart of Doral

• 7 million habitants in South Florida

• 747,145 people within a 15-minute drive

• 28,586 vehicles per day

• Access from north and south sides of the development

• ±50 parking spaces

• Strategic Miami-Dade County location

• Frontage: 250’ on NW 25th Street and 300’ on NW 27thStreet

• Utilities: Electric, gas, municipal water and sewer are ex-tended to the site.

• 9 Minutes to Miami Airport

• 16 Minutes to Port of Miami

Address 10751 NW 25th Streeet, Doral, FL 33172

Zoning Refer to zoning analysis pg.12

Site Size ±3.72 Acres

Folio No.

Land Available for Sale

35-3030-034-0010

$7,500,000

ASSET OVERVIEW


AMENITIES MAP

821

836

NW

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NW 41st St

NW 12th St

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DORAL CENTERDEVELOPMENT LAND

SURVEY

10(P.B. 48, PG. 58)

BLOCK 1N

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TRAC

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(P.B. 153, PG. 35)

N.W. 25th ST.

N.W. 27th ST.

Owner: Bank of America Folio No.: 35-3030-034-0020

Owner: PROCACCI DORAL, LLC. Folio No.: 35-3030-034-0030

Folio No.: 35-3030-034-0010

Fo

lio N

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5-30

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Owner: Republic National Bank of MiamiFolio No.: 35-3030-008-0010

F.T.Z. SUBDIVISION

TRACT "B"

(P.B. 153, PG. 35)

TRACT "A"TRACT "C"

LEGAL DESCRIPTION:

SITELOCATION

FORD, ARMENTEROS & FERNANDEZ, INC, LB 6557

SYMBOL LEGEND

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11

TITLE REVIEW NOTES:

Note: The right of entry has been released pursuant to Florida Statutes 270.11(2) (b).

NOTE:

ZONING RESTRICTIONS:


AREA ACCESS

DEVELOPMENT PLANS


11D E V E L O P M E N T P L A N S

COMMERCIAL USES PERMITTED

ZONING ANALYSISA. PurposeThe intent and purpose of the industrial district (I) is to allow for industrial uses in the city, which shallincrease the economic activity as being in close proximity to Miami International Airport and to retainand continue allowing industrial uses in the city.

B. Permitted Uses - Generally

(1) Residential uses. (13) Showrooms.

(2) Professional offices. (14) Manufacturing, light.

(3) Medical offices. (15) Places of assembly.

(4) Restaurants. (16) Recreation facilities.

(5) Hotels and Motels. (17) Automotive rental.

(6) Retail and services. (18) Miniwarehouses or self-storage facility.

(7) Educational facilities. (19) Motion picture production studios.

(8) Public schools. (20) Parking lots.

(9) Trade schools. (21) Kennels.

(10) Religious facilities. (22) Banks.

(11) Day care facilities (23) Brewpubs.

(12) Warehouses. (24) Vertical indoor farms.

Typical Development Configuration

Zoning: I – Industrial

The following future uses are permitted in the industrial district (I): Professional Offices, Medi-

cal Offices, Restaurants, Hotels and Motels with a maximum density of 75 units per acre; Re-

tail with 15% ancillary usage; Educational facilities, Public schools, Trade schools, Religious

facilities, Day care facilities, Warehouses, Showrooms, light Manufacturing, Self-Storage (for

which a site plan approval and full construction plans are available for permitting on the

northern third of the site), Places of assembly (banquet halls, private clubs, convention and

auditoriums), Recreation facilities, Automotive rental, Miniwarehouses, Motion picture pro-

duction studios, Parking lots, Kennels., and Banks. FAR is 50% ground floor and 25% above

ground floor. Height is 80 feet which is width of right of way.

12

COMMERCIAL USES PERMITTEDRenderings for proposed Office and Self Storage Buildings.*

* Self Storage use has a site plan approval and full construction plans that are available for permitting on thenorthern third of the site



SITE DATA

OFFICE / RETAIL @DORAL CENTER

3250 NE 1st Avenue . Suite 305 . Miami . Florida . 33133 T. 305 857 9323

jenifer briley + associatesarchitecture . interior design . planning

107XX N.W. 27th STREETMiami, Florida, 33172

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COMMERCIAL USES PERMITTEDPlans for proposed Office and Self Storage Buildings.*

* Self Storage use has a site plan approval and full construction plans that are available for permitting on thenorthern third of the site

14

JOB

NO

.: 1

802-

13

DA

TE: 1

0 - 2

5 - 2

013

C

2013

CA

BR

ER

A R

AM

OS

AR

CH

ITE

CTS

, IN

C.

SCALE: 1/64" = 1'-0"

SITE PLAN


14

Small Bay Warehouse



2

4

3

10109

10

5

10

8

9

1 3

BUILDING 1

3 3

BUILDING 1

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

BUILDING 2

BUILDING 3

TOTAL BUILDING 1

ZONING INFORMATION

TOTAL BUILDING 2TOTAL BUILDING 3

8

JOB

NO

.: 24

04-1

9D

ATE:

01/

23/2

019

C

2019

CAB

RER

A R

AMO

S AR

CH

ITEC

TS, I

NC

.

SCALE: 1/64"=1'-0"SITE PLAN


15

Retail and Warehouse

COMPARABLES


17C O M P A R A B L E S

ADDRESS AREA SALE PRICE/AC

Ocean Cadillac Site17800 State Road 9, Miami, FL 33162

4.750 Acres $9,700,000 $2,042,105

1401 NW 110th Avenue, Sweetwater, FL 33172 3.20 Acres $8,900,000 $2,781,250

Florida International Medical Center3635 Northwest 78th Avenue, Doral, FL 33166

1.99 Acres $6,000,000 $3,015,075

8425 NW 41st Street, Doral, FL 33166 4.00 Acres $19,250,000 $4,807,812

SALES COMPARABLES

1

2

3

4

SALES COMPARABLES

DORAL CENTER DEVELOPMENT LAND

3

2

1

4

AREA OVERVIEW


19A R E A O V E R V I E W

DEVELOPMENT OPPORTUNITY

Paramount Park Development site owners are currently seeking approval to build two warehouse buildings on the site, which is approximately 4.1 acres in size and lies in flood zone ‘X’. The property is zoned I-1 and according to the City of Pompano Beach Zoning Code Chapter 155 section 155.3402 General Industrial (I-1), warehousing is allowed there.

The design of the project has been based on the dimensional standards and requirements set forth further in that same sec-tion. The warehouses would be comprised of 28 individual bays that would be leased to individual businesses of an industri-al or related nature.

South Florida is a region of the U.S. State of Florida. As the name implies, it comprises the southernmost part of the state. While South Florida has no official boundaries or status, and is defined differently by different sources, it commonly refers to Miami-Dade, Broward, and Palm Beach County. The region is the growth engine for the State of Florida as a whole, and has a total population of over 6,200,000. The region’s growth was fourth-fastest in the U.S., according to the Census Bureau. Overall, the State of Florida recently surpassed New York to become the third most populous state in the nation. South Florida’s phenomenal population, economic, and job growth rate is projected to outpace the national average through 2030.

SOUTH FLORIDA

“THE REGIONS ECONOMIC AND JOB GROWTH CONTINUES TO

OUTPACE THENATIONAL AVERAGE”

20

MIAMIGATEWAYTO THEAMERICAS

ANNUALECONOMICIMPACT

OF PORT OF MIAMI$35B

300K JOBS

TAX

SUPPORTED BYINTERNATIONAL TRADE

OVER 1MILLIONCARGO PROCESSEDTEUSANNUALLY THROUGH PORT OF MIAMI

MIAMI INT AIRPORT

1ST ININTERNATIONAL

FREIGHT IN U.S.Source: The Beacon Council, Port of Miami, & Miami International Airport

$1.6BILLIONIN RENOVATION COST

TO PORT OF MIAMI

Miami’s location in the center of the Western Hemi-sphere makes the Miami International Airport (MIA) and Port of Miami critical channels for international trade and commerce. Significant investment in ship-ping and distribution infrastructure has positioned Mi-ami for continued growth within this segment and will further solidify Miami’s position asthe Gateway to the Americas.

NO CORPORATE FRANCHISE TAXNO STATE PERSONALNO TAXES ONNO TAXES ON

INCOME TAXINVENTORIESFOREIGN INCOME


21A R E A O V E R V I E W

DORAL AREA OVERVIEW

The City of Doral enjoys one of the fastest growing local economies in the region. The scale and diversity of its leading companies make Doral a nationally significant local economy with considerable global reach. Doral is home to approximately 6,802 businesses employing 102,235 workers, with total sales revenue in 2016 estimated at over $69.4 Billion.

This total volume of sales revenue, concentrated in such a small geographic area, represents $679,634 per worker, or over $1.35 Million per resident, and as such is one of South Florida’s, and the State’s, most productive local economies. In addition, the City is home to 28 company headquarters. Many of these companies are global leaders in their respective industries, including Carnival Cruise line, Hellmann Worldwide Logistics, World Fuel, Perry Ellis International, DHL Global Forwarding, Amadeus, and US Century Bank. The city also has an important concentration of small but significant businesses that play a crucial role in the City’s economic stability, job creation, and industry diversification.

An estimated 2,720 businesses or 40 percent of all business establishments earn more than $1 million in sales annually. Doral is also the proud of home of the United States Southern Command, a military installation responsible for all operations in Latin America employing over 4,000 service men and women and civilians. According to the Bureau of Economic Analysis, “US Southern Command, which moved its headquarters to Doral more than 20 years ago, has amassed a combined economic impact in Miami-Dade County of 53,151 jobs, $5.4 billion in sales, $5.1 billion in gross regional product and 4 percent of total gross product since 2011.” As a result of all these elements, the City of Doral has rapidly grown into a major jobs center for the region, attracting international corporations across a wide array of industries.

DORAL AREA STATS

84,958

91,702

96,068 0.81

0.93

0.83

1+17+1+25+1+55+A1+62+1+23+1+4+1+3+1+3+A

Master’s/Professional/Doctorate - 17.6%

Bachelor’s - 26.4%

Other - 56.0%

White - 63.6%

Black/African American - 24.3%

American Indian - 0.3%

Asian - 4.6%

Native Hawaiian/Other Pacific Islander - 0.1%

Other Race - 3.6%

Two or More Races - 3.6%

Study Area

US

EDUCATION

RACE & ETHNICITY

EMPLOYMENT

INCOME

3.7% RESIDENTIAL UNEMPLOYMENT RATE

DOWNTOWN DORAL DEVELOPMENT

Capital Markets | Investment Properties

PROCESS AND OFFER INSTRUCTIONS

Distribute Offering Memorandum:Confidential Offering Memorandum distributed to interested parties that have executed a Confidentiality Agreement.

Marketing Period:During the marketing period, interested parties are encourage to: (i) review materials posted to the “Virtual Deal Room” section of www.DoralCenterDevelopment.com; (ii) schedule showings / market tours with exclusive listing brokers (iii) dialoguewith exclusive listing brokers to clarify any information provided in the offeringmemorandum.

Offering Process:Offers are due in writing and should include the following:� Purchase Price

� Earnest Money Deposit

� Inspection Period

� Closing Period

Investor Information:� Description of purchaser’s entity structure and capital source

� Description of purchaser’s debt source and terms (if applicable)

� Please provide details on purchaser’s experience in owningcommercial real estate

� Description of purchaser’s due diligence process

� Description of any contingencies, caveats, and approvals ofwhich the Ownership should be aware in evaluating your offer

Condition of Sale:The property is being offered in its “as is” condition. Purchaser shall confirm by Purchaser’s own due diligence the condition and suitability of the Property, without any reliance upon information provided herein.

Please submit one electronic copy of the offer to Larry Genet at [email protected].

LARRY GENETSenior Vice President+1 305 807 [email protected]

JAKE ZEBEDEAssociate+1 305 975 [email protected]

MARKET ADVISORS: MARKET LEASING: FINANCING INQUIRIES:

PAUL AHMEDSenior Vice President+1 561 331 [email protected]

MACKENZIE FRYFinancial Analyst+1 954 331 [email protected]

TOM O’LOUGHLINSenior Vice President+1 954 356 [email protected]

CONTACT US

OFFERING MEMORANDUM DORAL CENTER DEVELOPMENT LAND€¦ · Center Development Land, an approximately...

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