Property Condition Report - Real Estate Inspections · CPM Real Estate Inspections, Inc., Boca Raton, FL 33433 1 . Phone: 561 866 9956 - Boca Raton, Florida Property Condition Report

CPM Real Estate Inspections, Inc., Boca Raton, FL 33433 1

www.real-estate-inspections.com Phone: 561 866 9956 - Boca Raton, Florida

Property Condition Report

Subject Property: 63,544 SF Shopping Center - [comprising (5) free standing buildings] Weather: light showers, 89º F Client: REIT As a routine matter, and in order to avoid possible misunderstanding, nothing in this PCR should be construed directly, or indirectly as guaranteed or warrantee for any portions of the Subject Property. To the best of my knowledge and ability, this report represents an accurate appraisal of the present condition of the Subject Property, based on careful evaluation of observed conditions, to the extent reasonably possible.

Inspector: Craig Milliken, PE # 32779 CPM Real Estate Inspections, Inc.

Subject Property

http://www.real-estate-inspections.com/


Scope of Inspection - A visual inspection of the subject property was performed on Monday, June 27th, 2016 at 10:00 AM. This Property Condition Report (PCR) addresses general items of interest that were visible to the inspection attendees during this limited inspection. Building and site system components are typically described as good, fair and poor. For the purposes of this PCR, the definitions of these terms are as follows: Good: Satisfactory as is, above average to average for this type and age of the building system. Fair: Satisfactory as is, in general; however, some conditions may demand prompt attention. Poor: Requires prompt repair, replacement, or significant maintenance. CPM Real Estate Inspections, Inc. (CPMREI) certifies that it has no undisclosed interest in the referenced property. CPMREI’s relationship with the Client is at arm’s length, and CPMREI’s employment and compensation are not contingent upon the findings or estimated costs to remedy any deficiencies due to deferred maintenance and any noted component or system replacements. Reasonable effort was made to view all safely accessible areas of the Subject Property. Concealed items cannot normally be inspected without using invasive procedures or special testing equipment that is beyond the scope of this type of general inspection. This Property Condition Report may not address every problem that may exist with this property at the time of this inspection. CPM Real Estate Inspections, Inc. makes no warranty that there are no other defects with this property. This inspection was performed by: Craig Milliken, PE Professional Engineer, CPM Real Estate Inspections, Inc. Subject Property Description – Information provided by the Miami Dade County Property Appraiser’s office indicates that the subject property consists of (5) commercial buildings containing a total of 63,544 SF and known as Red Palmetto Shoppes. The buildings were completed in 2008. The addresses of and descriptions of the buildings comprising the subject property are: Address Tenant(s) XXXXXXXXXXXXXXX, Miami Lakes, FL 33014 Office Depot XXXXXXXXXXXXXXX, Miami Lakes, FL 33014 Multi-tenant (Elevation Burger, Sushi Bar, Meat market,

Firehouse Subs, Salon & SPA, Dentist and others) XXXXXXXXXXXXXXX, Miami Lakes, FL 33014 Chick-Fil-A XXXXXXXXXXXXXXX, Miami Lakes, FL 33014 TD Bank XXXXXXXXXXXXXXX, Miami Lakes, FL 33014 Nutrition Smart The information contained in this report is based on our visual inspection.


Foundations and Structures – All of the building shell walls are formed with concrete masonry unit (CMU) construction. The CMU shell walls bear on concrete spread footers that are now hidden by backfill. All roofs are framed with steel bar joists that bear on the shell walls and steel girders and columns. All floors are steel reinforced cast-in-place concrete on grade level. There is no crawl space under any of the buildings. The mezzanine in the Nutrition Smart building is framed with steel bar joists that bear on steel girders and columns under it. There are no signs of stress or damage to the structures; however, some of the buildings’ structural elements were not readily accessible during our visit since they were covered by interior finishes; therefore, we cannot issue and opinion regarding the condition of these hidden areas. The portions that were accessible and viewed during our visit were observed to be professionally installed, stable and in good condition. Roofs – All main roofs are framed with steel bar joists. Steel panels and lightweight concrete form the roof decks. The roof decks are covered with asphalt-based BUR water proofing assemblies with Modified Bitumen cap sheets. All roofs are flat designs with a pitch to drain into scupper openings in the parapet walls or internal roof drain openings. Rainwater through the scupper openings is collected into leaders that drain onto the paved drives surrounding the buildings. Internal roof drains openings also exit onto the paved surfaces. The 16000, 16010 and 16250 buildings have corner tower structures that are framed with wood rafters, and plywood sheathing. These towers are covered with metal roof panels that drain onto the flat roof sections. Cory & Associates is the roofing contractor that installed all of the roof coverings. They also provide the maintenance on these roofs for the property management company (Courtelis Company). We spoke with Malcolm Woolnough of Cory & Associates. He stated that there were no reported problems with any of the roofs and there were no planned repairs or maintenance procedures for any of the roofs at this time. All roof coverings are the original 2008 installations. All roofs were observed to be water tight and in good condition. All of the tenants stated that they had no problems with their roofs. With normal maintenance the roof coverings should remain reliable for 10 years. Building Exteriors – All building shell walls are coated with painted stucco. Windows and storefront entrance doors are impact resistant single-glazed glass encased in aluminum frames. Exit doors are metal sheathed assemblies in metal frames. Office depot has one metal roll-up dock door with a truck well. All of the buildings have metal canopy awnings over entrances and windows. The exterior surfaces and elements were observed to be in good condition. Building Interiors – The interiors of the buildings consist of painted drywall partitions, tiled and carpeted floors, wood doors and trim. Each building has private toilet rooms in the tenant spaces. There are fire-rated partition walls between each of the tenant spaces. Penetrations through fire-rated partition walls are properly sealed as required by building code. Interior elements were observed to be in good condition.


Electrical Systems – Each tenant throughout the site is separately metered. All buildings and suites have 120/208 VAC, three-phase service. Each suite and building have distribution panels for lighting, equipment and convenience outlets. The exteriors of the buildings and the parking spaces and drives surrounding the buildings are illuminated with nighttime security lighting fixtures. Electrical rooms in the 16000, 16010 and 16250 buildings are well maintained and code compliant. Components in the load distribution panels and main disconnects are in good condition. The electrical systems on this site were observed to be in good condition. Plumbing – All buildings have PVC waste lines and vents and copper supply lines. There are private toilet rooms in each of the tenant suites and buildings. There are no common-area or public toilet room facilities on the site. Some of the tenants have installed hot water heating devices in their suites or buildings. These are owned and operated by the respective tenants. There are no central boilers or heating devices on the site. All fixtures and exposed plumbing connections were observed to be operational and in good condition. Air Conditioning Systems – There are roof top mounted air conditioning systems on all of the buildings. There are no condensing units at the ground level. The property manager (Carmen Martin) stated that all tenants in all buildings are responsible for maintaining their respective air conditioning systems. All systems were observed to be in good condition except for the following concern.

• Condensate from the air conditioning systems is handled through piping that directs the condensate to internal drain openings or scupper openings in the parapet walls. This is required by building code to allow the roof coverings to remain dry when it is not raining. Several pipes have been intentionally cut to allow condensate to drain directly onto the roof surface. These cut pipes should be repaired.

Life Safety Issues – There appears to be a sufficient number of emergency light fixtures, fire extinguishers and illuminated exit signs in the buildings. The 16000, 16010 and 16250 buildings are protected by fire sprinkler systems and central fire alarm systems. The 16100 and 16200 buildings do not have (and are not required to have) fire sprinkler systems. Fire extinguishers, fire sprinkler systems and fire alarm systems on the site all have current annual inspection tags. The life safety equipment was observed to be in good condition. Parking, Drives and Flatwork – There are asphalt paved drives and parking spaces on all sides of the buildings. All parking spaces are striped and have car stops. The drives and parking spaces were observed to be in good condition.


Topology – Drainage appears adequate around the buildings. There is no indication of past flooding of the parking spaces, drives or structures. Storm drains in the area appear clear of debris and functional. Environmental Concerns – There were no obvious concerns with any environmental issues. This inspection does not include a Phase I Environmental Assessment. Mold – No mildew odor was noted inside the buildings. There were no visible defects noted during this inspection that would contribute to mold growth. Wood Destroying Organisms – There was no visible evidence of any termite activity in any of the buildings. ADA Accessibility – ADA Accessibility requirements became part of the Florida Building Code in 1992. All existing and new buildings are required to comply with this portion of the code. All buildings and the site are ADA compliant. Summary – Overall the buildings appear to be structurally sound, well maintained and in good condition. Additional notes and photos start on page 6. The purpose of this Property Condition Assessment was to identify general items of concern to the client. Information gathered during this limited visual inspection and presented in this report may not address every problem that may exist with the property. CPM Real Estate Inspections, Inc. makes no warranty that all problems have been addressed. If there are any questions concerning this report please contact Craig Milliken, at (561) 866 9956 in Boca Raton, Florida. Thank you for choosing CPM Real Estate Inspections.

Craig Milliken, PE CPM Real Estate Inspections, Inc.


Photo # 1 16000 building Office Depot tenant

Photo # 2 16010 building Multi-tenant


Photo # 3 16100 building Chick-fil-A tenant

Photo # 4 16200 building TD Bank tenant


Photo # 5 16250 building Nutrition Smart tenant

Photo # 6 All buildings have a similar type of construction with CMU shell walls, steel trusses, girders and columns with steel panel and concrete roof decks All visible structural elements are in good condition


Photo # 7 Flat roof deck sections are covered with asphalt-based BUR water proofing assemblies with modified bitumen cap sheets All sections are adequately pitched to drain

Photo # 8 Roofs on the towers at the corners of the buildings are covered with metal panels All are in good condition


Photo # 9 Windows and store front entrance doors are in good condition

Photo # 10 Metal canopy awnings are in good condition throughout the site


Photo # 11 Exit doors are in good condition

Photo # 12 Exterior wall surfaces are in good condition on all buildings


Photo # 13 16000 building Office depot has a truck well loading dock and metal roll-up door All elements are in good condition

Photo # 14 Interior elements of restaurants on the site are in good condition


Photo # 15 Vacant tenant space is in good condition

Photo # 16 Retail space is well maintained by the current tenants


Photo # 17 Electrical rooms and panels are in good condition and code compliant

Photo # 18 Panel components are in good condition throughout the site


Photo # 19 Fire alarm systems for the 16000, 16010 and 16250 buildings have current inspection tags

Photo # 20 Restaurants with cooking grills have current inspection tags on their exhaust hood fire extinguishing systems


Photo # 21 Buildings 16000, 16010 and 16250 are protected by fire sprinkler systems

Photo # 22 Fire sprinkler systems have current inspection tags


Photo # 23 Toilet rooms throughout the site are ADA compliant

Photo # 24 Emergency lighting and illuminated exit signs are in good condition


Photo # 25 Backflow prevention devices for the fire sprinkler systems have current inspection tags

Photo # 26 All tenants are individually metered


Photo # 27 A few condensate drain lines on the roof have been cut or disconnected by air conditioning mechanics They need to be reconnected

Photo # 28 Air conditioning systems on the roofs are maintained by the respective tenants All appear to be in good condition


Photo # 29 Parking spaces and drives are illuminated during evening hours

Photo # 30 Parking spaces and drives are in good condition


Photo # 31 ADA accessible parking spaces are ADA compliant

Photo # 32 The entire site is irrigated by an automatic sprinkler system


Photo # 33 Landscape around the site is well maintained

Documents

Property Condition Report - Real Estate Inspections · CPM Real Estate Inspections, Inc., Boca Raton, FL 33433 1 . Phone: 561 866 9956 - Boca Raton, Florida Property Condition Report