WESTON OFFICE PORTFOLIO | Weston, FL · 2017. 7. 18. · PROPERTY STATS Address 1040 Weston Road,...
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1991 YEAR BUILT 82.8% PORTFOLIO OCCPANCY 60,755 COMBINED SQUARE FEET 3.55 ACRES • Two high-quality, well located, institutionally owned office properties with upside potential through increased occupancy, rent growth, and converting to BOMA standard measurements. • Extremely high barrier-to-entry market and considered the best suburban office market in Broward County. • Stable rent roll that sustains market fluctuations; featuring a mix of quality medical tenants; the S&P A+ rated Chase Bank and professional tenants. • Evenly disbursed expiration schedule with no major roll in any given year. • Limited common areas make property management less intensive and offers tenants more usable square footage. • Buildings in close proximity to each other allows for economies of scale and lower property management expenses. Partnership. Performance. WESTON OFFICE PORTFOLIO | Weston, FL PORTFOLIO HIGHLIGHTS (Click here to view the Virtual Tour) David Duckworth Principal 954.938.1806 [email protected] John K. Crotty Principal 305.447.7865 [email protected] Michael T. Fay Principal 305.447.7842 [email protected] CALL FOR OFFERS DUE JULY 27, 2017
Transcript of WESTON OFFICE PORTFOLIO | Weston, FL · 2017. 7. 18. · PROPERTY STATS Address 1040 Weston Road,...
1991YEAR BUILT
82.8%PORTFOLIO OCCPANCY
60,755COMBINED
SQUARE FEET
3.55ACRES
• Two high-quality, well located, institutionally owned office properties with upside potential
through increased occupancy, rent growth, and converting to BOMA standard measurements.
• Extremely high barrier-to-entry market and considered the best suburban office market in
Broward County.
• Stable rent roll that sustains market fluctuations; featuring a mix of quality medical tenants; the
S&P A+ rated Chase Bank and professional tenants.
• Evenly disbursed expiration schedule with no major roll in any given year.
• Limited common areas make property management less intensive and offers tenants more
usable square footage.
• Buildings in close proximity to each other allows for economies of scale and lower property
management expenses.
Partnership. Performance.
WESTON OFFICE PORTFOLIO | Weston, FL
PORTFOLIO HIGHLIGHTS (Click here to view the Virtual Tour)
David DuckworthPrincipal 954.938.1806 [email protected]
John K. CrottyPrincipal 305.447.7865 [email protected]
Michael T. FayPrincipal 305.447.7842 [email protected]
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PROPERTY STATS
Address 1040 Weston Road, Weston, FL 33326
Building Type 3-story office building
Building Area 25,482 sf
Year Built 1990
Lot Size 1.35 ac
Current Occupancy 79.4%
JP Morgan Chase Bank features an S&P credit rating of A+ and a lease term that runs through December 2023
This branch boasts deposits exceeding $193 million, making it highly likely that they will renew
64% of the rent roll is made up of medical related tenants
Property is within walking distance to numerous dining options
Above market parking ratio of 4.6/1,000
Upside potential with increasing rental rates; particularly with the medical tenants that would have limited options elsewhere
INVESTMENT HIGHLIGHTS
CHASE BANK BUILDING | Weston, FL
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PROPERTY STATS
Address 1625 N Commerce Parkway, Weston, FL 33326
Building Type 3-story office building
Building Area 33,651 sf
Year Built 1991
Lot Size 2.2 ac
Current Occupancy 86.1%
Landmark building with amazing exposure onto Weston Road
Only 9% of the rent roll expires before 2019
New roof installed May 2013, with warranty through May 2023
Remaining rent roll is extremely stable, being made up of smaller medical and professional tenants
Unused bank drive-thru lanes can be converted into additional parking in order to accommodate more medical tenants
Above market parking ratio of 4.4/1,000; with opportunity to add additional spaces
INVESTMENT HIGHLIGHTS
WESTON COMMERCE CENTER | Weston, FL
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Incorporated in 1996, Weston is a conceived master-planned community that has grown into one of South Florida’s most-desirable townships from both a residential and economic perspective. This vibrant city is home to over 65,000 residents whose diverse population enjoys an unrivaled lifestyle in its highly-affluent residential communities surrounded by numerous nearby amenities. Weston was voted the “Safest City to Live in Florida” by ValuePenguin in 2016 and enjoys the lowest crime rate per capita in the county – along with an overall great quality of life and unmatched beauty. From an economic standpoint, Weston has the lowest combined property taxes, millage rate, municipal taxes and fees in the county, and is home to numerous Fortune 500 companies in conjunction with world-class healthcare.
AREA OVERVIEWPOPULATION 1 MILE 3 MILE 5 MILE
Estimated Population (2017) 12,180 79,267 161,109
Projected Population (2022) 12,977 84,575 171,805
Census Population (2010) 11,072 72,195 144,738
Census Population (2000) 11,169 65,900 120,830
Projected Annual Growth (2017-2022) 797 5,308 10,696
Historical Annual Growth (2010-2017) 1,108 7,072 16,371
Historical Annual Growth (2000-2010) -97 6,294 23,908
HOUSEHOLD INCOME
Estimated Average Household Income (2017) $96,242 $127,661 $127,441
Estimated Median Household Income (2017) $80,227 $108,981 $106,541
WESTON OFFICE PORTFOLIO | Weston, FL
David DuckworthPrincipal 954.938.1806 [email protected]
John K. CrottyPrincipal 305.447.7865 [email protected]
Michael T. FayPrincipal 305.447.7842 [email protected]
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