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COLLIERS INTERNATIONAL P. 12505 METROCENTRE BLVD | OFFERING MEMORANDUM
For Sale >Owner/User Development Opportunity
PRESENTED BY:KEVIN MCCARTHYSenior Vice PresidentDIRECT +1 561 951 3403 EMAIL [email protected]
BASTIAN LAGGERBAUERAssociate DIRECT +1 561 281 6656 EMAIL [email protected]
Colliers International South Florida, LLC4500 PGA Boulevard, Suite 110Palm Beach Gardens, FL 33418 DIRECT +1 561 804 9678
1126 S 53rd Court N
Commercial Real Estate Services
WEST PALM BEACH, FL 33407
N Au
stra
lian
Ave
53rd Ct N
53rd Ct
53rd St
1126 S 53RD COURT N | EXECUTIVE SUMMARY
The Offering
The Project is positioned on a combined total of ±3.6 acres located at 1126 S 53rd Court N in West Palm Beach, Florida. The offering is comprised of a ±27,000 SF building on ±2.66 acres and an adjacent ±0.9 acre parcel, which has been serving as a fully paved parking lot with 79 surface spaces. The smaller land parcel is just north of the main building, separated from the main parcel by 53rd Street.
Built in 1982 with an addition added in 1986, the ±27,000-SF building was the site of the former Lincoln College of Technology Mangonia Park Campus. The asset is situated on Australian Avenue, one block west of I-95, east of Military Trail with multiple points of access and connections to major roadways. The property presents the ideal opportunity for an owner/user to leverage a flex/office site with many possible applications and development opportunities.
Asking Price: $3,240,000
The site’s strategic positioning offers the following advantages:• ±3.6 Total acres on two parcels with a two-story
±27,000 SF building
• Direct access to Interstate 95 Interchange on 45th Street
• Ideal for owner/user
• Prime branding opportunity with direct frontage on Australian Avenue
• Development opportunity on adjacent parcel
• Ample parking with ratio of 9.80/1,000 SF
• Centrally located in Palm Beach County, minutes from the Port of Palm Beach, Downtown West Palm Beach and Palm Beach International Airport
• Various possible applications including: educational institution, corporate headquarters, charter school and rehabilitative services
PROPERTY DETAILSProperty Address 1126 S 53rd Court N, West Palm Beach, FL 33407 53rd Street Land, West Palm Beach, FL 33407
Parcel Number 44-43-43-05-22-000-0280 44-43-43-05-22-000-0010
Total Land ±2.6581 Acres ±0.9056 Acres
Building Size ±26,946 SF N/A
Year Built 1982 (Building A); 1986 (Building B) N/A
Property Type Class B Flex Building Paved land for parking or development
# of Stories 2 N/A
Total RSF ±25,946 SF N/A
Parking 185 Surface spaces (6.87/1,000 SF) 79 Surface spaces
Zoning I - Industrial (44-MANGONIA PARK) I - Industrial (44-MANGONIA PARK)
Property Aerial View
53RD STREET
COLLIERS INTERNATIONAL P. 2
AUST
RALI
AN A
VENU
E±0.90 AC
Land Parcel
Main Building
±2.65 AC
Floor Plans FIRST FLOOR - BUILDING A & B
1126 S 53RD COURT N | EXECUTIVE SUMMARY
Floor Plans
COLLIERS INTERNATIONAL P. 4
SECOND FLOOR - BUILDING B
Land Title Survey
1126 S 53RD COURT N | EXECUTIVE SUMMARY
PARCEL DETAIL
PROPERTY DETAILSMain Property Address
1126 S 53rd Court NWest Palm Beach, FL 33407
Parcel Information 44-43-43-05-22-000-0280 - ±2.6581 Acres 44-43-43-05-22-000-0010 - ±0.9056 Acres
Total Land ±3.5637 Acres
Legal Description
Lots 1, 28, 29. 30 and 31, of AUSTRALIAN BUSINESS PARK according to the Plat \hereof, on file in the Office of the Clerk of the Circuit Court in and for Palm Beach County, Florida, as recorded in Plat Book 40.Page 88.
Utilities Water: Palm Beach County Water DepartmentElectric: Florida Power & Light, Co.
Zoning I - Industrial (44-MANGONIA PARK)
Land Title Survey
COLLIERS INTERNATIONAL P. 6
BUILDING DETAIL
Location Overview
The Property is located on Australian Avenue just north of 45th Street, one mile east of Interstate 95. The property allows easy access to Florida’s Turnpike to the west via Beeline Highway to the north. The immediate area is comprised of a mix of commercial, medical, pharmaceutical and retail properties along the 45th Street corridor. The asset is situated in the Mangonia Park neighborhood, with both multifamily and single family residential homes to the north, south, east and west.
The site offers easy access to the Port of Palm Beach, Downtown West Palm Beach, Palm Beach International Airport and the PGA Corridor, in addition to the Fort Lauderdale and Miami markets to the south.
Location Details
1126 S 53RD COURT N | EXECUTIVE SUMMARY
West Palm Beach has substantial access to interstate, seaport, rail and air infrastructure. Florida’s Turnpike and I-95 bisects Palm Beach County offering multiple exits with major east-west thoroughfares for ease of access. The Tri-Rail Train system connects Palm Beach County with Fort Lauderdale and Miami offering passengers public transportation access to all submarkets in South Florida. The area is also served by Palm Beach International Airport with connections to Amtrak and Palm Tran Bus system. The Port of Palm Beach is situated just east of the property with the Bahamas Celebration passenger cruise ship docked at this port, along with import/export ability on the county’s east coast. The port is one of 14 deepwater seaports in the state of Florida and is serviced by the Florida East Coast Railway Company through the port’s industrial rail system.
Transportation Access
DISTANCE TO FLORIDA CITIES DISTANCE DRIVING TIME
Vero Beach 68 miles 1 hour 15 minutes
Fort Lauderdale 49 miles 52 minutes
Miami 75 miles 1 hour 21 minutes
Orlando 165 miles 2 hours 23 minutes
Jacksonville 279 miles 3 hours 55 minutes
Location Details
COLLIERS INTERNATIONAL P. 8
Area Overview
1126 S 53RD COURT N | EXECUTIVE SUMMARY
WEST PALM BEACH MARKET OVERVIEWWest Palm Beach is located in the northeastern end of Palm Beach County, the third most populous county in the state of Florida. Located 60 miles north of Miami and approximately 150 miles southeast of Orlando, West Palm Beach has many amenities to offer residents and visitors alike. The city of West Palm Beach is home to sunny palm-lined streets, breathtaking waterfront views, quaint shopping districts, historic and scenic neighborhoods, and exciting year-round outdoor festivals. Downtown West Palm Beach is home to two retail and entertainment districts – CityPlace and the Clematis Street District. These vibrant pieces of the city are lined with fashionable martini bars, trendy nightclubs, elite boutiques, and fine dining establishments. When the sun sets on West Palm Beach, you can indulge in the most epicurean of tastes by candlelight at one of the many restaurants.
A THRIVING BUSINESS CENTER • A friendly business environment with over 350,000 residents, 15,657 firms, and a choice of more than 30 hotels are located
within a 2-mile radius.• Ranked by Forbes Magazine as the #1 city in Florida for business and careers.• Its ease of access, excellent public transportation infrastructure, and various nearby amenities are attracting investors and
executives alike to this surging market.• The West Palm Beach CBD provides corporate headquarters to some well-known companies, including: Amazon Investment
Group, CRL Media LLC, Branding Arc Inc, and Melchior Investments LLC. • Other businesses including law firms, financial institutions and investment firms drawn to the CBD include Greenspoon Marder
PA, RBC Wealth Management, Holland & Knight LLP, Greenberg Traurig, LLP and Morgan Stanley.
Demographic Snapshot - 5 Mile Radius
2016 Population
185,422 Average Income
$65,598Total Households
85,283
Transportation Access
1126 S 53RD COURT N | EXECUTIVE SUMMARY
Major Employers
PALM BEACH COUNTY LARGEST EMPLOYERS
COMPANY EMPLOYEES PRODUCT/SERVICEPalm Beach County School District 21,656 Education
Palm Beach County Board of Commissioners 5,507 County Government
Tenet Healthcare Corp. 4,595 Healthcare
NextEra Energy, Inc. (HQ), Parent Company of FPL 4,005 Utilities
Hospital Corporation of Amercia-HCA 3,476 Healthcare
Veterans Health Administration 2,700 Healthcare
Florida Atlantic University 2,529 Higher Education
Boca Raton Regional Hospital 2,500 Healthcare
Jupiter Medical Center 2,195 Healthcare
Bethesda Health, Inc. 2,150 Healthcare
The Breakers 2,000 Hotel
Office Depot (HQ) 2,000 Office Supplies
South Florida Water Management District 1,391 Regional Government
City of West Palm Beach 1,372 City Government
Wells Fargo 1,367 Financial Services
Boca Ration Resort & Club 1,292 Hotel
City of Boca Raton 1,290 City Government
Palm Beach State College 1,172 Higher Education
G4S Secure Solutions, USA (HQ) 1,100 Security Services
Source: Palm Beach County Business Development Board, 2015
COLLIERS INTERNATIONAL P. 10
Local Amenities 1. Palm Beach Outlets
2. CityPlace
3. Waterfront and City Commons
4. Downtown West Palm Beach
5. Clematis Street
6. Palm Beach Zoo
7. South Florida Science Center & Aquarium
8. Norton Museum of Art
9. Palm Beach Opera
10. Kravis Center for the Performing Arts
11. Meyer Ampitheatre
12. Palm Beach Photographic Centre
13. Henry Morrison Flagler Museum
14. Palm Beach County Convention Center
15. Palm Beach County History Museum
16. Cruzan Ampitheatre
17. Palm Beach International Airport
41 COLLIERS INTERNATIONAL
WEST PALM BEACH AMENITIES1. Palm Beach Outlets 2. CityPlace 3. Waterfront and City Commons 4. Downtown West Palm Beach5. Palm Beach Zoo6. South Florida Science Center &
Aquarium 7. Norton Museum of Art 8. Palm Beach Opera 9. Kravis Center for the Performing
Arts10. Meyer Ampitheatre 11. Palm Beach Photographic
Centre12. Henry Morrison Flagler Museum13. Palm Beach County Convention
Center14. Palm Beach County History
Museum 15. Cruzan Ampitheatre 16. Palm Beach International
Airport
Local Neighborhoods RIVIERA BEACH PALM BEACH GARDENSDOWNTOWN WEST PALM NORTH PALM BEACH
North Palm Beach is an incorporated village in Palm Beach County located on the northeast corner of the county. The village offers amenities that include Anchorage Park and is home to the North Palm Beach Country Club. The Village is a residential community with a population of approximately 12,180 residents. The village attracts visitors and with its warm weather, sunshine, golf, ocean fishing, boating and sandy beaches.
Palm Beach Gardens is located just north of West Palm Beach with direct access to international airports, rail service, ports and major highways. Palm Beach Gardens provides an opportunity for business success through local access to what makes a business thrive: quality workforce, excellent lifestyle and a diverse business community. With Scripps Florida Research Institute and Max Planck located in Northern Palm Beach County, Palm Beach Gardens is in the middle of it all.
Riviera Beach is a growing harbor city located along the shores of the Atlantic Ocean in southeast Florida. The City’s municipal beach is one of the finest in the state, and an appealing place for sporting events. With an average year-round temperature of 75 degrees, Riviera Beach is also a popular location for business and casual activities. The community and visitors provide an interesting, varied mix of young people, families and retirees from just about anywhere.
West Palm Beach provides visitors with year-round excitement within easy reach of smooth-sand beaches and some of the nation’s most enticing waterways. Of special note are the Norton Museum of Art, which offers incredible sculpture and other masterworks, the Palm Beach Zoo, showstopping events at the downtown Kravis Center of the Performing Arts as well as SunFest – Florida’s largest waterfront music festival, generally held in late April and early May.
1126 S 53RD COURT N | EXECUTIVE SUMMARY
Demographic Summary DEMOGRAPHICS
POPULATION 1 MILE 3 MILES 5 MILES
2000 Population 12,702 77,127 162,282
2010 Population 12,073 82,813 176,021
2016 Population 12,480 87,591 185,422
2021 Population 13,049 92,531 195,531
2000-2010 Annual Rate -0.51% 0.71% 0.82%
2010-2016 Annual Rate 0.53% 0.90% 0.84%
2016-2021 Annual Rate 0.90% 1.10% 1.07%
2016 Male Population 49.5% 48.1% 48.2%
2016 Female Population 50.5% 51.9% 51.8%
2016 Median Age 33.6 37.6 40.4
In the identified area, the current year population is 185,422. In 2010, the Census count in the area was 176,021. The rate of change since 2010 was 0.84% annually. The five-year projection for the population in the area is 195,531 representing a change of 1.07% annually from 2016 to 2021. Currently, the population is 48.2% male and 51.8% female.
RACE AND ETHNICITY
2015 White Alone 14.7% 30.7% 48.5%
2015 Black Alone 72.6% 59.8% 40.6%
2015 American Indian/Alaska Native Alone 0.6% 0.4% 0.4%
2015 Asian Alone 0.4% 2.2% 2.6%
2015 Pacific Islander Alone 0.2% 0.1% 0.1%
2015 Other Race 8.8% 4.1% 4.9%
2015 Two or More Races 2.7% 2.7% 2.9%
2015 Hispanic Origin (Any Race) 17.9% 12.9% 17.4%
HOUSEHOLDS
2000 Households 4,141 30,867 69,811
2010 Households 4,059 33,298 74,953
2015 Total Households 4,140 34,683 78,048
2020 Total Households 4,301 36,430 82,019
2000-2010 Annual Rate -0.20% 0.76% 0.71%
2010-2015 Annual Rate 0.32% 0.65% 0.65%
2015-2020 Annual Rate 0.77% 0.99% 1.00%
2015 Average Household Size 2.96 2.48 2.33
The household count in this area has changed from 74,953 in 2010 to 78,048 in the current year, a change of 0.65% annually. The five-year projection of households is 82,019, a change of 1.00% annually from the current year total. Average household size is currently 2.33, compared to 2.30 in the year 2010. The number of families in the current year is 42,055 in the specified area.
COLLIERS INTERNATIONAL P. 10
Demographic SummaryDEMOGRAPHICS
HOUSEHOLDS 1 MILE 3 MILES 5 MILES2016 Median Household Income $43,481 $39,738 $42,334
2021 Median Household Income $51,517 $44,086 $48,762
2016-2021 Annual Rate 3.45% 2.10 2.87%
AVERAGE HOUSEHOLD INCOME
2016 Average Household Income $56,048 $54,440 $65,189
2021 Average Household Income $61,265 $59,244 $71,222
2016-2021 Annual Rate 1.92% 1.71% 1.79%
PER CAPITA INCOME
2016 Per Capita Income $22,360 $22,138 $27,944
2021 Per Capita Income $24,385 $23,898 $30,347
2016-2021 Annual Rate 1.75% 1.54% 1.79%
HOUSEHOLDS BY INCOMECurrent median household income is $42,334 in the area, compared to $54,149 for all U.S. households. Median household income is projected to be $48,762 in five years, compared to $59,476 for all U.S. households. Current average household income is $65,189 in this area, compared to $77,008 for all U.S. households. Average household income is projected to be $71,222 in five years, compared to $84,021 for all U.S. households. Current per capita income is $27,944 in the area, compared to the U.S. per capita income of $29,472. The per capita income is projected to be $30,347 in five years, compared to $32,025 for all U.S. householdsHOUSING
2016 Total Housing Units 4,097 44,692 109,925
2016 Owner Occupied Housing Units 2,079 16,486 42,266
2016 Renter Occupied Housing Units 1,559 19,662 43,017
2016 Vacant Housing Units 459 8,543 24,642
2021 Total Housing Units 4,279 46,572 114,850
2020 Owner Occupied Housing Units 2,168 17,184 43,988
2020 Renter Occupied Housing Units 1,660 20,706 45,571
2020 Vacant Housing Units 450 8,682 25,291
Currently, 38.4% of the 109,925 housing units in the area are owner occupied; 39.1%, renter occupied; and 22.4% are vacant. Currently, in the U.S., 55.4% of the housing units in the area are owner occupied; 32.9% are renter occupied; and 11.7% are vacant. In 2010, there were 105,760 housing units in the area - 43.0% owner occupied, 34.6% renter occupied, and 22.5% vacant. The annual rate of change in housing units since 2010 is 1.73%. Median home value in the area is $170,339, compared to a median home value of $198,891 for the U.S. In five years, median value is projected to change by 3.75% annually to $204,772.
THIS IS A CONFIDENTIAL MEMORANDUM intended solely for your own limited use to determine whether you wish to express any further interest in the Property. This confidential memorandum contains brief, selected information pertaining to the business and affairs of the Property and has been prepared by Colliers International South Florida, LLC, primarily from information supplied by the Owner. Although this confidential memorandum has been reviewed by representatives of the Owner, it does not propose to be all-inclusive, nor does it contain all the information which a prospective purchaser may require or desire. Neither the Owner, nor any of its officers, directors, employees or agents, nor Colliers International South Florida, LLC, makes any representation or warranty, expressed or implied, as to the accuracy or completeness of this confidential memorandum or any of its contents, and no legal liability is assumed or is to be implied by any of the aforementioned with respect thereto. Prospective offerors are advised to verify the information independently. The Owner reserves the right to change the price or any information in this Memorandum, or to withdraw the Property from the market at any time, without notice. This confidential memorandum shall not be deemed an indication of the state of affairs of the Property or the Owner, nor shall it constitute an indication that there has been no change in the business or affairs of the Property or the Owner since the date of preparation of this memorandum. By your receipt of this confidential memorandum, you agree that the information contained herein is of a confidential nature and you will not disclose this memorandum or any part of the contents to any other person, firm or entity without prior authorization from Colliers International South Florida, LLC.
OFFERING PROCEDUREOffers should be submitted in the form of a non-binding Letter of Intent and must specify the following:PriceLength of Inspection PeriodLength of Closing PeriodAmount of earnest money deposit at execution of a Purchase and Sale Contract, andAmount of additional deposit upon expiration of Inspection Period
PRESENTED BY:KEVIN MCCARTHYSenior Vice PresidentDIRECT +1 561 951 3403 EMAIL [email protected]
BASTIAN LAGGERBAUERAssociate DIRECT +1 561 281 6656 EMAIL [email protected]
Colliers International South Florida, LLC4500 PGA Boulevard, Suite 110Palm Beach Gardens, FL 33418 DIRECT +1 561 804 9678
Commercial Real Estate Services