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David Duckworth Vice President
500 W. Cypress Creek Boulevard, Suite 350Fort Lauderdale, FL 33309
D: 954.938.1806 C: 954.558.2885
Partnership. Performance.
Avison Young Overview June 15, 2014
AVISON YOUNGINVESTMENT SALES TEAM
David Duckworth is an award winning commercial real estate advisor with extensive experience selling investment properties throughout South Florida. With his 15 years of experience in the market and vast database of investors he is able to achieve best of market results for his clients. He has a proven track re-cord of success and creates innovative marketing strategies for each property, maximizing final price and terms for his sellers and ensuring competitive and timely transactions.
Mr Duckworth has provided his clients with the highest level of service in the sale of over $500,000 million worth of commercial property since 2001. Early in his career his primary focus was on leasing, giving him a well-rounded understanding of all aspects of the industry.
PROFESSIONAL EXPERIENCE (SELECT ASSIGNMENTS):
BUILDING SALES110,000-sf office campus Plantation102,000-sf office building West Palm Beach92,700-sf office building Sunrise87,000-sf office building Pompano Beach65,000-sf office building Boca Raton62,000-sf office/retail campus Boca Raton62,000-sf office building Weston55,000-sf office building Deerfield Beach55,000-sf office/warehouse building Pompano Beach52,000-sf office building Coral Springs52,000-sf industrial portfolio Riviera Beach50,000-sf office building Weston50,000-sf industrial building Lakeland40,000-sf charter school building Miami40,000-sf office building Cypress Creek37,000-sf office building Plantation34,000-sf office/warehouse building Sunrise33,000-sf office building Ft. Lauderdale26,000-sf office building Ft. Lauderdale25,000-sf retail building Pompano Beach24,000-sf office building Ft. Lauderdale23,000-sf office building Pembroke Pines
LAND SALES566 acres of agricultural land sold Miami-Dade14-acre multi-family site Miami Gardens12.5-acre industrial site Tamarac9-acre charter school site Cooper City7.4-acre multi-family Site Dania Beach6-acre charter School site Cooper City4-acre industrial site Boynton Beach4-acre industrial site Sunrise4-acre retail site in Pembroke Pines3-acre urban infill project Wilton Manors2-acre mid-rise site Dania Beach2-acre retail site in Pompano BeachBuilding pad for 63,000-sf office in PlantationBuilding pad for 50,000-sf medical office in Jupiter
PAST LEASING ASSIGNMENTS220,000-sf SunTrust Tower Ft Lauderdale CBD400,000-sf Flamingo Park of Commerce Miramar100,000-sf Mellon Financial Building Plantation150,000-sf Oakland Commerce Center200,000-sf Cypress Plaza Ft Lauderdale
DAVID DUCKWORTH - VICE PRESIDENT
EDUCATION:Florida International UniversityBachelor Degree in Finance
OTHER:United States Marines 1994‐2000Florida Resident since 1978
CLIENT LIST:Archdiocese of MiamiSunTrust BankFlorida Capital BankFirst Southern BankRegions BankCW CapitalTA Associates RealtyPanattoni DevelopmentGE CapitalHolland BuildersDouglas Development Catholic Charities
Investment Sales Team
WASHINGTON, DC
RALEIGH-DURHAM (2)
SUBURBAN MARYLAND
HALIFAX
NEW YORK CITY
ORANGE COUNTY DALLAS
HOUSTON
ATLANTA
SOUTH FLORIDA (4)
BOSTON
PITTSBURGH
OTTAWA
CHICAGO (2)DETROIT
GUELPH
MISSISSAUGA
MONTREAL
EDMONTON
REGINA WINNIPEG
CALGARYVANCOUVER
LETHBRIDGE
DENVER
RENO
LAS VEGAS
SAN FRANCISCO
LOS ANGELES (4)
NEW JERSEY
TYSONS CORNER,
VA
SOUTH CAROLINA (3)
TORONTO (2)
QUEBEC CITYTORONTO NORTH
CHARLOTTE
SAN DIEGO
SACRAMENTO
SAN MATEO
LONG ISLAND
FAIRFIELD/WESTCHESTER
PHILADELPHIA
TAMPA
COLUMBUS
AUSTIN
OAKLAND CLEVELAND
ORLANDO
Transaction Services- Tenant representation, lease
acquisition and disposition- Investment acquisition
and disposition for owners and occupiers
- Landlord representation—all property types—office, industrial, retail, build-to-suit, land and multi-family
Consulting & Advisory Services- Portfolio review and analysis- Valuation and appraisal- Benchmarking- Transaction management- Asset rationalization- Mergers and acquisitions- Workplace solutions- Acquisitions and dispositions- Property tax services
Management Services- Project management- Property and operations review- Property/facility management- Tenant relations- Financial reporting- Lease administration- Operations consulting- Asset management- Portfolio management
Enterprise Solutions- Integrated services coordination- Transaction management- Optimization strategies- Portfolio lease administration- Project coordination and
reporting
Investment Management- Acquisitions- Asset management- Portfolio strategy- Capital repositioning
A Growing, Multinational Presence
avisonyoung.com ©2014 Avison Young (Canada) Inc. All rights reserved.
Partnership. Performance.
LONDON
THAMES VALLEY
FRANKFURT
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,700 real estate professionals in 62 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.
Avison Young at a Glance Founded: 1978 Total Real Estate Professionals: 1,700+ Offices: 62 Brokerage Professionals: 600+ Property Under Management: Approx. 70 million sf
WASHINGTON, DC
RALEIGH-DURHAM (2)
SUBURBAN MARYLAND
HALIFAX
NEW YORK CITY
ORANGE COUNTY DALLAS
HOUSTON
ATLANTA
SOUTH FLORIDA (4)
BOSTON
PITTSBURGH
OTTAWA
CHICAGO (2)DETROIT
GUELPH
MISSISSAUGA
MONTREAL
EDMONTON
REGINA WINNIPEG
CALGARYVANCOUVER
LETHBRIDGE
DENVER
RENO
LAS VEGAS
SAN FRANCISCO
LOS ANGELES (4)
NEW JERSEY
TYSONS CORNER,
VA
SOUTH CAROLINA (3)
TORONTO (2)
QUEBEC CITYTORONTO NORTH
CHARLOTTE
SAN DIEGO
SACRAMENTO
SAN MATEO
LONG ISLAND
FAIRFIELD/WESTCHESTER
PHILADELPHIA
TAMPA
COLUMBUS
AUSTIN
OAKLAND CLEVELAND
ORLANDO
Transaction Services- Tenant representation, lease
acquisition and disposition- Investment acquisition
and disposition for owners and occupiers
- Landlord representation—all property types—office, industrial, retail, build-to-suit, land and multi-family
Consulting & Advisory Services- Portfolio review and analysis- Valuation and appraisal- Benchmarking- Transaction management- Asset rationalization- Mergers and acquisitions- Workplace solutions- Acquisitions and dispositions- Property tax services
Management Services- Project management- Property and operations review- Property/facility management- Tenant relations- Financial reporting- Lease administration- Operations consulting- Asset management- Portfolio management
Enterprise Solutions- Integrated services coordination- Transaction management- Optimization strategies- Portfolio lease administration- Project coordination and
reporting
Investment Management- Acquisitions- Asset management- Portfolio strategy- Capital repositioning
A Growing, Multinational Presence
avisonyoung.com ©2014 Avison Young (Canada) Inc. All rights reserved.
Partnership. Performance.
LONDON
THAMES VALLEY
FRANKFURT
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,700 real estate professionals in 62 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.
Avison Young at a Glance Founded: 1978 Total Real Estate Professionals: 1,700+ Offices: 62 Brokerage Professionals: 600+ Property Under Management: Approx. 70 million sf
“We foster a culture of honesty and integrity Where client advocacy
is our top priority”
» Avison Young is the world’s fAstest growing commerciAl reAl
estAte services firm.
Pike Rowley
mAnAging director
floridA
AVISON YOUNG AT A GLANCE
TRANSACTION EXPERIENCE
Chase Bank Building
24,000-sf Office Building$4.1MM ($170 psf )
Plantation Technology Park
36,000-sf Single Story Office$2.1MM ($60 psf )
Plantation Key Office Park
110,000-sf Office Campus$8MM ($73 psf )
20% Leased at Sale
Miller Legg Center
23,000-sf Office Building$3.7MM ($161 psf )
American Express Building
52,000-sf Office Building$10.0MM ($192 psf )
Gateway Building
87,000-sf Office Building$10.7MM ($123 psf )
Bank of America II
40,000-sf Office Building$3.4MM ($85 psf )
Ultimate Software Building
61,264-sf Office Building$16.1MM ($263 psf )
Gallery Center
65,000-sf Office Building$6.5MM ($100 psf )
Suntrust Building
15,000-sf Office Building$2.5MM ($167 psf )
Atrium West Building
92,700-sf Office Building$10.9MM ($117 psf )
Bank of America
50,000-sf Office Building$8.5MM ($170 psf )
5
NOTABLE TRANSACTION EXPERIENCE# Property Name Size
1 Ultimate Software BuildingWeston FL 61,264 sf
2 Gateway BuildingPompano Beach, FL 87,000 sf
3 Gallery CenterBoca Raton, FL 65,000 sf
4 Bank of AmericaCoral Springs, FL 50,000 sf
5 American Express BuildingWeston, FL 50,000 sf
6 Bank of America IIFort Lauderdale, FL 40,000 sf
7 Suntrust BuildingLauderdale-By-the-Sea, FL 15,000 sf
8 Miller Legg CenterPembroke Pines, FL 23,000 sf
9 Plantation Key Office ParkPlantation, FL 110,000 sf
10 Spectrum 1600 BuildingFort Lauderdale, FL 26,000 sf
11 Chase Bank BuildingFort Lauderdale, FL 24,000 sf
12 Plantation Technology ParkPlantation, FL 37,000 sf
13 Plum Park Business ParkBoca Raton, FL 65,000 sf
14 Oceanside PlazaPompano Beach, FL 25,000 sf
15 2999 N Powerline RoadPompano Beach, FL 55,000 sf
16 10130 NW 47th StreetSunrise, FL 35,000 sf
17 1299 E Oakland Park BoulevardOakland Park, FL 40,000 sf
18 2025 NE 49th StreetPompano Beach, FL 18,000 sf
19 180 East Dania Beach BoulevardDania Beach, FL 2 Acres
20 1501 NE 26th Street (Suntrust)Wilton Manors, FL 35,000 sf
21 Palm Avenue & Sheridan StreetCooper City, FL 6 Acres
22 6591 S Flamingo RoadCooper City, FL 9 Acres
23 14290 NW 4th StreetSunrise, FL 4 Acres
24 SW 160th and 167th AvenueMiami, FL 566 Acres
25 Atrium West BuildingSunrise, FL 92,700 sf
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ULTIMATE SOFTWARE HEADQUARTERS
BUILDING TYPE: Office
YEAR BUILT: 2000 Ultimate Way - 2000 2002 Ultimate Way - 2001
BUILDING SIZE: 2000 Ultimate Way : +/-39,872 sf 2002 Ultimate Way: +/-21,392 sf Total: +/-61,264 sf
BUILDING HEIGHT: 2000 Ultimate Way - Three Stories 2002 Ultimate Way - Two Stories
OCCUPANCY: 100% (Net Lease)
TERM: 5.5 Years at Closing
LAND SIZE: 2000 Ultimate Way: +/-2.67 Acres 2002 Ultimate Way: +/-1.96 Acres Total: +/-4.63 Acres
SALE PRICE: $16.1 Million ($263 psf )
CAP RATE: 9%
Achieved highest sale price psf for an office building inBroward County in 2012 through our Competitive Bid Process.
NAIOP’s OffIce sAle Of the YeAr - 2012
2000 & 2002 Ultimate Way
Weston, Florida 33326
Investment Sales Team
ATRIUM WEST
BUILDING TYPE: Office
YEAR BUILT: 1983
BUILDING SIZE: 92,700 sf
BUILDING HEIGHT: Two Story
OCCUPANCY: 90%
LAND SIZE: 7 Acres
SALE PRICE: $10.95 Million
CAP RATE: 8%
Ownership purchased the asset in 2012 for $4.88 MM. They renovated the property and increased occupancy from 50% to 90%. We were able to effectively market the prop-erty to a small group with a private offering as request-ed by seller. We used a competitive bid process to drive up the price and achieve a sale price that more than dou-bled their original purchase price just two years earliler.
7771 W oakland Park BoUlevard
sUnrise, Florida 33351
THE TOWERS AT BELVEDERE
BUILDING TYPE: Office
YEAR BUILT: 1983
BUILDING SIZE: 102,000 sf
BUILDING HEIGHT: Five Story
OCCUPANCY: 40%
LAND SIZE: 10 Acres
SALE PRICE: TBD
CAP RATE: TBD
Current assignment with offers that exceed a recent ap-praisal by 30%. Said price is below the loan amount and contract is pending special servicer approval.
1601 Belvedere road, West Palm Beach, Florida 33401
Investment Sales Team
PLUM PARK OFFICE/RETAIL CAMPUS
141 nW 20th street
Boca raton, Florida 33431
BUILDING TYPE: Office/Retail
YEAR BUILT: 1987-1991
BUILDING SIZE: 62,000 sf
BUILDING HEIGHT: Single Story
OCCUPANCY: 57%
LAND SIZE: 10.6 Acres
SALE PRICE: $6.05 Million ($98 psf )
CAP RATE: 5%
Seller received several off-market offers at $5 MM. We market-ed the property and used a competitive bid process to drive up the price. We exceeded our client’s expectations by nearly $1 million.
GALLERY CENTER
608 Banyan trail
Boca raton, Fl 33431
BUILDING TYPE: Office
YEAR BUILT: 1984
BUILDING SIZE: 65,000 sf
BUILDING HEIGHT: Single Story
OCCUPANCY: 70%
LAND SIZE: 5 Acres
SALE PRICE: $6.5 Million ($100 psf )
CAP RATE: 6%
We marketed the property to our vast database of internation-al investors. We were able to locate a Canadian investor and acheived a price which exceeded all local buyers by approxi-mately $500,000.
Investment Sales Team
GATEWAY BUILDING
895 sW 30th avenUe
PomPano Beach, Florida 33069
BUILDING TYPE: Office
YEAR BUILT: 1978
BUILDING SIZE: 87,632 sf
BUILDING HEIGHT: Two Stories
OCCUPANCY: 75%
LAND SIZE: 6 Acres
SALE PRICE: $10,700,000
CAP RATE: 6%
Achieved top of the market price despite the fact that the 24,000-sf vacancy was in “dark shell” condition; requiring over $40 psf in ten-ant improvements.
PLANTATION KEY OFFICE PARK
16
AVISON YOUNG EXPERIENCE - RECENT CASE STUDIES
Sold
Sold
Leased
SoldSold
Sold Sold Sold
Sold
Sold
Ř Sold 110,000 Square Foot defunct office project to Developer
Ř Acted as a consultant for the redevelopment process
Ř Resold and leased the entire project
110,000 sf OffIce cAmPus
1222-1224 n. University drive
Plantation, Florida 33322
• Sold 110,000 square foot defunct office project to Developer.
• Acted as a consultant for the redevelopment process.
• Resold the entire project to end users.
• Total transaction volume of approximately $22 million.
SOLD
110,000 SF Office Campus
Investment Sales Team
ARCHDIOCESE OF MIAMI
17
AVISON YOUNG EXPERIENCE - RECENT CASE STUDIES
PORTFOLIO VALUE: $60,000,000 TOTAL BUILDING SIZE: 260,000 SF
LAND LOCATION: 765 Acres
PRODUCT TYPES: Agricultural Land Church Retail Multi-family Educational Industrial Religious Facilities To date we have completed over $45,000,000 worth oftransactions. We have evaluated each property in theportfolio for its highest and best use, and by doing sowe have been able to generate the maximum value foreach one.
Current Assignment
PORTFOLIO VALUE: $60,000,000
TOTAL BUILDING SIZE: 260,000 sf
LAND SIZE: 765 Acres
PRODUCT TYPES: Agricultural Land Church Retail Multi-Family Educational Industrial Religious Facilities
To date we have completed over $50,000,000 worth of transactions. We have evaluated each property in the portfolio for its highest and best use, and by doing so we have been able to generate the maxi-mum value for each one.
Current Assignment
Investment Sales Team
AVISON YOUNG’S INVESTMENT SALES TEAM MEMBERS
Errol BlumerSenior Financial Analyst
Errol Blumer joined Avison Young in early 2013 as Senior Financial Analyst. Throughout his real estate career, Mr. Blumer has been involved in the transaction of over $350 million in multifamily, retail, office and industrial assets. He is responsible for all underwriting and financial analysis pertaining to dispositions and buyer’s rep-resentation acquisitions, as well as the creation of offering memorandums, proposals and performing in-depth market research.
Prior to joining Avison Young, he was the Transaction Manager for Apartment Realty Advisors (ARA) in the West, Central and North Florida regions. While there Mr Blumer was involved in the creation of marketing materials, underwriting and economic research for all Florida markets, as well as servicing existing client relationships. Before his tenure with ARA, Mr. Blumer was in charge of Acquisitions for Greensprings Properties, a private real estate investment firm based in West Palm Beach, FL. where he was responsible for managing acquisitions in-cluding contract negotiations, due diligence, and closings, as well as financial underwriting and market analy-sis.
EDUCATION:Nova Southeastern UniversityMBA in FinanceGraduate Certificate in Real Estate Development
University of South FloridaDegree in History
Bobby Benton is responsible for the creation and implementation of marketing strategies and services on be-half of brokers and their clients. Mr Benton ensures on-time delivery of all collateral and marketing materials, along with prompt responses to needs throughout a transaction, effectively presenting sales opportunities to the market in a compelling and targeted manner.
Prior to joining Avison Young in 2012, he was part of the Flagler team based in Coral Gables, Florida, where he assisted in providing research, marketing and administrative assistance for the brokerage team. During his time at Flagler Real Estate Services, Mr. Benton concentrated on creating detailed market analysis for numer-ous industrial transactions in South Florida. Aside from research duties, Bobby has handled a wide variety of marketing tasks, including; client outreach, packaging, new business initiatives and database management.
Bobby BentonMarketing Coordinator
EDUCATION:Florida State UniversityDegree in Business Management
AVISON YOUNG CAPITAL MARKETS CAPABILITIES
Avison Young’s North American Capital Markets group offers comprehensive real estate transaction services to a global client base. A trusted advisor to real estate owners and operators for more than 30 years, Avison Young sources investment opportunities and provides investment sales execution for clients throughout Canada, the U.S., Europe and Asia. The Capital Markets group comprises senior professionals who work seamlessly to deliver real estate solutions. Our expertise has expanded organically in all asset classes, including office, industrial, retail, multi-family, hospitality, leisure, and development. We have a proven track record in representing an international range of buyers and sellers, including banks, special servicers, receivers, REITS, pension funds, insurance companies, private equity firms, opportunity funds and hedge funds, and both public and private companies. Our success is measured by our clients’ results, with more than US $2 billion in transactions annually.
Our services include:
Market Knowledge, Global RelationshipsAvison Young’s local, national and international experience, coupled with our research resources, gives us exceptional access to both domestic and international buyers seeking investment and development assets. In a particular area of expertise, we build relationships by bringing off-market investment and sales op-portunities to private and institutional clients.
Debt Financing ExpertiseWe specialize in traditional, innovative and esoteric debt financing solutions. Through our extensive client base of lenders and investors, we maximize value to our clients by presenting a variety of options to optimize the capital stack structure or to restructure existing debt.
Loan & REO AdvisoryAs experts in commercial and residential loan and REO trading, Avison Young’s capital market professionals have access to secondary market investors including private equity funds, hedge funds, insurance companies, banks, REITs and other institutional investors in addition to local investors around the country. With our database of investors, we have the ability to match buyers and sellers resulting in the highest possible pricing. We have had tremendous success in the past trading portfolios on behalf of clients via both a bulk sale or on an individual basis. We have sold, restructured & recapitalized over $3 billion of assets for Funds, Banks and other Institutions in the United States and Europe.
Equity Structured FinanceFor both acquisition or recapitalization, Avison Young can complete your capital stack. Through our extensive database of equity capital investors, domestically and abroad, we specialize in arranging passive promotable equity and structured joint venture partnerships tailored to the individual transactions.
Investment SalesIn today’s fast-moving global real estate investment market, clients require expert representation backed by in-depthknowledge of markets and access to broad financial options. As part of our comprehensive Capital Markets capabilities,Avison Young’s Investment Sales professionals combine our local, national and international market expertise with ourworld-class research and financing resources.
Mortgage ServicesAvison Young’s North American Mortgage Services group provides an important component of our integrated CapitalMarkets solutions platform. We specialize in innovative mortgage solutions, including debt analysis for acquisition, refinanceof conventional, insured or CMBS debt, pre-sale debt alternatives and sale versus finance analysis.Our strong relationships with conventional financing institutions and non-bank lenders give our clients access to a widevariety of financing options with favorable
Avison Young515 East Las Olas Blvd.
Suite 400Ft. Lauderdale, Florida 33301
www.avisonyoung.com
David DuckworthVice PresidentD: [email protected]
Avison Young500 West Cypress Creek Road
Suite 350Fort Lauderdale, FL 33309
www.avisonyoung.com
