Overview

  • Multi Family Property, Office
  • Property Type
  • 104
  • Garages
  • 44,862
  • Sq Ft

Description

THE OPPORTUNITY

The information contained herein includes trade secrets and commercial and financial information that are proprietary and highly confidential and valuable. Disclosure of this information to the recipient hereof should in no way be construed as a waiver of confidentiality and the recipient of this document should hold such information in strictest confidence. The recipient hereof must maintain the confidentiality of this information in order to prevent Nadlan Invest Partners Acquisitions, LLC, the respective General Partner and any direct or indirect affiliates and / or affiliated parties (collectively “Nadlan Invest Partners”) from sustaining substantial competitive harm and to protect their interests and the interests of their partners and members.

The anticipated overall performance results set forth in these materials are based principally on projections of future cash flows and / or expectations. While the projections are based on various assumptions that are believed to be reasonable, there can be no assurance that the anticipated returns will actually be realized. Furthermore, there can be no assurance that the investment performance of a particular transaction will be comparable to the past or projected performance of a prior transaction. Nothing herein should be construed to imply that the information herein is correct as of any subsequent date. These materials contain certain forward-looking statements and information that are based on the beliefs of, and information currently available, as well as forward-looking assumptions. In addition, in these materials, the words “will,” “anticipates,” “should,” “believes,” “estimates,” “expects,” “plans,” “intends” and similar expressions are intended to identify forward-looking statements. Such statements reflect the current view with respect to future events and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should one or more underlying assumptions prove incorrect, actual results may vary materially from those described herein.

This presentation is for informational purposes only and is not intended as an offer or solicitation to purchase an interest in Nadlan Invest Partners. An offering of interests will only be made pursuant to the release of private placement memorandum (if applicable), subscription agreement and limited partnership agreement and the disclaimers contained therein. No Distribution; No Offer or Solicitation. This presentation may not, without Nadlan Invest Partners prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient.

INVESTMENTS DESCRIBED HEREIN INVOLVE SIGNIFICANT RISK. INVESTMENT INTERESTS IN THE LIMITED PARTNERSHIP WILL BE AVAILABLE ONLY TO ACCREDITED INVESTORS SUBJECT TO THEIR AGREEMENT AND UNDERSTANDING OF REQUIRED INVESTORS SUITABILITY STANDARDS AND CERTAIN RISK FACTORS. NO INVESTMENT INTERESTS DESCRIBED HEREIN WILL BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS. TRANSFER OF THE INVESTMENT INTERESTS WILL BE RESTRICTED UNDER THE LPA.

INVESTMENT HIGHLIGHTS

2000 Ponce, a 44,862 square foot office building with a structured parking garage built in 2001, represents a unique opportunity to acquire an off-market urban walkable boutique office at a massively discounted basis relative to replacement cost and most other recently traded comps in urban South Florida locations.

PROPERTY SUMMARY

Deal Name2000 Ponce Office
Gross Square Footage103,543 sf
Leasable Square Footage44,862 sf
Address2000 Ponce de Leon Blvd, Coral Gables, FL 33134
Parking Spaces104 (all in a structured parking garage)
Site Size0.5 Acres (21,518.8 sf)
Stories8 (two tenant elevators and one service elevator)
Year Built2001
Purchase Price$14.05 million ($312 psf)
Capex and TILC$5.16 million ($115 psf)
Exit Value$26.70 million ($595 psf)
Exit Stabilized NOI~$1.73 million
Exit Stabilized Cap Rate~6.5%
Projected Hold3 to 5 years
Closing DateEnd of January 2022

Nadlan Invest Partners is acquiring an 8-  story boutique office in an  off-market transaction

  • The current owner is a high-net-worth Latin American  family that has owned this  building since its completion  in 2001
  • The current owner is not a  real estate operator, and the  building offers a variety of  lease-up and value  enhancement opportunities
  • The building was built to a  high-quality standard including a high-end spacious structured parking garage with a replacement cost estimated at double to Nadlan Invest Partners purchase price
  • Recent sales comps of a boutique urban walkable office buildings in South  Florida trade around ~$600  psf on average versus Nadlan Invest Partners going purchase  price basis of about ~$300 psf
  • Nadlan Invest Partners assume a 3-year  lease-up plan resulting in a  stabilized Net Operating  Income of in Year 3 of $1.624 million and Year 4  Net Operating Income of $1.735 million
  • $1.735 million at 6.5%  stabilized cap rate results in  a gross stabilized value of $26.7 million
  • Assets routinely trade in Coral Gables for 4.5% to 5.5% cap rate given the  projected WALT and  asset quality at the time
  • At 4.5% cap rate, stabilized value would be ~$38.5 million or $859 psf and at 5.5% cap rate  stabilized value would be ~$31.5 million or $703  psf
  • Nadlan Invest Partners conservatively  underwrote the high end of  Tenant Improvement  packages and Leasing  Commission packages  totaling ~$5.16 million
  • Nadlan Invest Partners underwrote an  extensive Capex, Tenant  Improvement and Leasing  Commission budget
    • Deferred Maintenance: $78,750
    • Value Add Common Area: $759,375
    • Tenant Improvements: $3,302,766
    • Leasing Commissions: $1,019,900

PROPERTY SUMMARY

2000 Ponce Professional building conveniently located at 2000 Ponce De Leon. Conveniently located on the corner of Navarre and Ponce directly on the Ponce Trolley line. . The 2000 Ponce Building has been exceptionally well maintained and provides a very professional curb appeal. The interior has a combination of private offices and open floor space allowing for a range of uses and easy configuration. The property is centrally located in the Coral Gables CBD within walking distance to Miracle Mile and downtown Coral Gables.

  • Beautiful expanded terraces located throughout offices
  • Fully secured building
  • Card key access after hours
  • Three levels of covered parking
  • Tenant controlled HVAC, 6 zones per floor
  • Fiber optics with 100 telephone lines per floor
  • Minutes to Downtown Miami and Miami International Airport
  • Walking distance to restaurants and hotels

PROPERTY FEATURES

  • 24 Hour Access
  • Atrium
  • Banking
  • Bus Line
  • Conferencing Facility
  • Signage
  • Storage Space
  • Air Conditioning
  • Balcony

PROPERTY FACTS

  • Building Type: Office
  • Year Built/Renovated: 1999/2010
  • Building Height: 7 Stories
  • Building Size: 34,865 SF
  • Building Class: B
  • Typical Floor Size: 4,981 SF
  • Unfinished Ceiling Height: 12’
  • Parking: 105 Covered Parking Spaces at $100/month

LOCATION

LOCATION RATING BY NICHE.COM

Link to Location Rating – Coral Gables

BUSINESS PLAN

  • Nadlan Invest Partners has secured the opportunity to acquire 2000 Ponce, a value-add boutique 44,862 square foot office building located in the heart of Coral Gables, FL one of the most desirable and prestigious communities in the Southeastern United States. The irreplaceable location offers an exceptional walkable amenity base in Miracle Mile, one of South Florida’s most sought-after shopping and dining destinations featuring world-renowned restaurants, boutique shops, and art galleries in a lushly landscaped environment of tree-lined streets. The City of Coral Gables is nationally recognized for its outstanding demographics, abundance of new to market and long-standing employment bases, and for its access to tremendous executive housing and lifestyle amenities.
  • Nadlan Invest Partners is under contract to acquire the asset off-market for $14,050,000 less $200,000 closing credit ($13,850,000 net), a significant discount to replacement cost (~46%) and at a highly attractive basis of $309 PSF, well below comparable sales in similar exceptional locations.
  • Current occupancy includes 4,300 SF of ground floor retail space along with an executive office operation in floors 5-6 with ~30 executive tenants. Sponsorship’s business plan is the following:
  • Nadlan Invest Partners Capital Management, LLC will execute a lease to occupy floors 6 and 7 along with the rooftop amenity space for a total of 17,145 SF (38% of the building).
  • Consolidate the executive office tenants into the 5th floor and continue the operation with improved management standards. Several tenants have indicated their desire to expand which will provide the potential for organic traditional lease-up throughout the building.
  • Lease-up the remainder of the vacancy with a focused strategy. Current ownership is a foreign HNW individual with minimal operational commercial real estate experience that has owned the building for last 20 years since it was built.
  • Significant upside by repositioning the ground floor space for a prospective lease-up. An example being a restaurant or bank branch tenant.
  • Nadlan Invest Partners significant growth, lease commitment, and known intentions to expand provides the transaction an incoming owner user with aligned incentives to add value, stabilize the asset, and takeout the bridge debt with permanent fixed-rate financing.
  • Nadlan Invest Partners had the building remeasured as part of due diligence to latest 2017 BOMA leasable area standards and all underwritten leasing is completed based on BOMA.

 

 

MARKETING BROCHURE

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Property Documents

Nadlan Invest - 2000 Ponce de Leon Blvd (Coral Gables, FL) - Investment Memorandum - 12-1-2021 - Ver 1.1

Details

Updated on January 5, 2022 at 10:46 am
  • Price: $26,700,000
  • Property Size: 44,862 Sq Ft
  • Land Area: 103,543 Sq Ft
  • Garages: 104
  • Property Type: Multi Family Property, Office
  • Property Status: AirBNB, Cash Flow Investment, For Sale, Turn Key
  • Address 2000 Ponce de Leon Blvd
  • City Coral Gables
  • State/county Florida
  • Zip/Postal Code 33134
  • Area Miami-Dade County, South Florida
  • Country United States

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