THE OFFERINGcontent.stockpr.com/.../Stemtech+Square+Teaser+6.pdf · Investment Highlights •...
Transcript of THE OFFERINGcontent.stockpr.com/.../Stemtech+Square+Teaser+6.pdf · Investment Highlights •...
THE OFFERINGBlueGate Partners, LLC (“BlueGate”) has been retained by the owner (the "Owner") regarding the sale of its interest in Stemtech Square which is lo-
cated on the west side of NW 150th Avenue approximately one-quarter mile south of Sheridan Street in Pembroke Pines, Broward County, FL (the
“Property”). The Property is adjacent to and visible from the eastern right-of-way of exit 11 on Interstate-75 (“I-75”) which has an average daily traffic
count of over 150,000 cars at the Sheridan Street interchange. The Property is comprised of two, two-story office buildings totaling 77,193 sf of
leasable office and finished warehouse space and as of February 2015, the Property is 100 percent leased. The Property is anchored by Stemtech,
recently ranked by Inc. Magazine as one of America’s fastest growing companies. The following table outlines the salient features of the Property:
Property Name / Address Rentable SF Occupied SF Rental Occupancy Vacant SF No. Of Suites Primary Tenants
2000 NW 150th Avenue 45,997 45,997 100.0% 0 9 Keller Williams
2010 NW 150th Avenue 31,196 31,196 100.0% 0 5 Stemtech, NEBA
Total 77,193 77,193 100.0% 0 14
Exclusively Offered By:
Investment Highlights
• Superior High Visibility Location With Frontage Along I-75 –
The Property is located on the west side of NW 150th Avenue, ad-
jacent to I-75 and approximately one-quarter mile south of Sheri-
dan Street in Pembroke Pines, FL. The Property has excellent
visibility along I-75 at the Sheridan Street intersection (exit 11)
with a daily traffic count of over 150,000 cars.
• Unmatched Access to Western Broward and Miami-Dade
Counties – The I-75 corridor provides business owners and em-
ployees quick access to the Tri-County area including Miami,
Hialeah, Kendall, Miami Springs and Coral Gables in Miami-Dade
County and Miramar, Weston, Pembroke Pines, Sunrise, Coral
Springs and Plantation in Broward County. In addition, I-75 inter-
sects Interstate-595 at exit 19 approximately eight miles north of
the Property providing owners and employers direct access to
Florida’s Turnpike and Interstate-95.
• Stabilized Property With Little Near Term Rollover – The Prop-
erty is 100 percent leased and features only 21 percent tenant
rollover through the end of 2018.
• Below Market Existing Leases – At $13.45 psf NNN, the Prop-
erty’s average rent psf is approximately 29.3 percent below the av-
erage comparable property rents of $19.05 psf NNN. Broward
County has seen vacancy rates drop by nearly 14 percent since the
recent high of 13.7 percent in 2011 to its current level of 11.8 per-
cent in 4th Quarter 2014, according to CoStar.
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Griffen Rd.
Stirling Rd.
Sheridan St.
Federal Hwy.
17th St.
Pines Blvd.
17th St.
24th St.
Dania Beach Blvd.
Hallandale Beach Blvd.
Ives Dairy Rd.
7th A
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103rd St.
29th St.
Okeechobee Rd.103rd St.
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119th St.
6th Ave.
Glades St. 19th
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12th St.
J.F.K. CausewayNorm
andie Dr.
135th St.
Memorial Hwy.
183rd St.
Pembroke Rd.
Sunrise Lakes Blvd.
Griffen Rd.
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185th Ave.
Stirling Rd.
Arvida Pkwy
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Miramar Pkwy.
57th Ave.
188th St.
95th St.17th Ave.
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Ave.
Hawthorne Rd.
Park Rd.
Washington St.
40th
Ave.
215th St.
12th Ave.
170th St.Wen
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Miami Lake Dr.12th Ave.
32nd Ave.
122nd St.
199th St.
138th St.
67th
Ave.
47th Ave.
42nd Ave.
Florida's T
urnpike
New River Canal Rd.
North - South Expwy.
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203rd St.
202nd St.
87th
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4th Ave.
Miami Gardens Dr.
36th
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Plantation
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NorthMiami
FortLauderdale
TheEverglades
LakeMable
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Carol City
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• Excellent Quality and Well Maintained Buildings – The buildings and
amenities are in excellent condition and provide tenants and potential cus-
tomers with a high quality office location. Recent capital improvements is
2013, 2014, and 2105 include completely renovated lobbies, limited HVAC
upgrades, new building signage and exterior repainting and renovations. In
addition, the buildings have large, easily divisible floor plates allowing the
owner to attract small or large tenants.
• Attractive Anchor Tenant With Long Term Lease – Stemtech, the Stem
Cell Nutrition Company, is a privately held company operating in 30 coun-
tries worldwide. Stemtech received national recognition in 2010, 2013 and
2014 by making Inc.’s coveted Inc. 5,000 list of fastest-growing privately held
companies in America. Stemtech executed a long-term lease that expires in
October 2021 and contains an additional five-year extension.
• Significant Expansion and Conversion Potential – Approximately 5,000
sf of the second floor of 2010 NW 150th Avenue above the warehouse can
be captured. A new investor will have the potential opportunity to construct
and lease the additional square footage. In addition, the existing warehouse
space can be converted to finished office space in the future.
• Affluent Local Neighborhood – The average household income within a
one-mile radius is $87,151, which is approximately 17.5 percent above the U.S.
($74,165). According to the South Florida Business Journal, six of South
Florida’s 25 wealthiest zip codes are located in Pembroke Pines and Weston.
• Impressive Demographic Growth – Since 2000, the population within a
five-mile radius of the Property has dramatically increased by approximately
46.8 percent from 183,177 people to 268,919 people.
• Substantial Employment Growth – According to the U.S. Bureau of Labor
Statistics, Broward County’s current unemployment rate of 4.5 percent is
approximately 55 percent lower than the peak unemployment rate of 10.0
percent in January 2010 and well below the national average of 5.7 percent.
BlueGate and the Owner make no warranty or representation, express or implied, to the accuracy of the information contained herein. The information has been submitted in goodfaith subject to the possibility of errors and omissions; change of price, rental information or other related Property information; or, withdrawal without notice. Purchasers should relysolely on their own independent analysis, due diligence and verification of Property information. Prospective Investors agree that BlueGate and the Owner shall have no liability toprospective purchasers, or purchaser’s representatives or agents resulting from the use of the information contained herein or distributed by BlueGate and the Owner in the future..
ERIC M. BYLIN, Managing Partner DANIEL L. SACHS, Managing Partner [email protected] [email protected] 561.655.1742 212.381.7607
CRAIG J. CALLAWAY, Senior Vice President MARK A. DELILLO, Managing Partner [email protected] [email protected] 561.655.1748 212.381.7606
FLORIDA NEW YORK 420 Royal Palm Way, Suite 310 1450 Broadway, 30th Floor Palm Beach, FL 33480 New York, NY 10018 Tel: 561.655.1743 • Fax: 561.655.1745 Tel: 212.381.7612 • Fax: 917.591.9696