OFFERING MEMORANDUM
CITY PLAZA SHOPPING CENTER BOCA RATON, FLORIDA
PREPARED: SEPTEMBER 2014
City Plaza Shopping Center - Boca Raton, Florida
TABLE OF CONTENTS Sale Prospectus
David Remland – Remland Commercial, Inc. (561) 809-8610
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I. EXECUTIVE SUMMARY
Project Description …………………………………………………………………………………............. 3
Property Overview …………………………………………………………………………………............. 4
Tenant Overview…………………………………………………………………………………................. 4
Investment Contact .…………………………………………………………………………………............4
Property Description …..………………………………………………….…………………………............5
II. VISUAL OVERVIEW
Site Plan / Tenant Suite Layout .…………………………………………………………………….............8
Aerial Views ………..……………………………………………………………………………….............9
Building Photos.………….…………………..……………………….……...…………………..................12
III. DEMOGRAPHICS
Market Profile (1,3,& 5 mile) ……..……………………………………..………………………................14
Traffic Counts ….…………………..…………………………………..………...………………................15
IV. FINANCIAL ANALYSIS
2014/15 Projected Rent Roll .……………..……………………………………………………..................17
Operating Expenses ………………..…………………………………….………………………................18
City Plaza Shopping Center - Boca Raton, Florida
EXECUTIVE SUMMARY Sale Prospectus
David Remland – Remland Commercial, Inc. (561) 809-8610
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PROJECT DESCRIPTION City Plaza is an upscale shopping plaza anchored located in one of the highest income demographic areas of Palm Beach County. The plaza has been has been completely redeveloped in 2014 including a brand new façade, new roof, all new air conditioning units, new upgraded electric panels, completely repaved and restriped parking lot and all new landscaping. City Plaza also has an above average parking ratio of 5.6 spaces per 1,000 SF (57 total spaces for 10,289 SF). All retail spaces have direct street frontage directly onto either W. Palmetto Park Rd. or N.W. Boca Raton Blvd. GEOGRAPHIC LOCATION City Plaza is located on W. Palmetto Park Rd. just east of Federal Hwy. in Downtown Boca Raton, Palm Beach County. The location of this commercial site is on one of Palm Beach County’s major East-West thoroughfares between I-95 and Federal Hwy. offering excellent visibility, good access to the targeted trade area, and excellent placement with respect to competing commercial locations.
City Plaza Shopping Center - Boca Raton, Florida
EXECUTIVE SUMMARY Sale Prospectus
David Remland – Remland Commercial, Inc. (561) 809-8610
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PROPERTY OVERVIEW: City Plaza Property Address: 199 W. Palmetto Park Rd., Boca Raton, Florida 33432
Subdivision: Boca Raton Hills Sec 1
Total Site Area: 1.0103 acres (44,009 sf)
Total Parking Spaces: 57
Parking Ratio: 5.6 spaces per 1,000 SF
Total Rentable SF: 10,289
Zoning: DDRI (Downtown Development of Regional Impact)/A
TENANT OVERVIEW: Suite# Tenant Comments Square Feet A Little Caeser’s Franchisee w/multiple locations 1,432
B Available 627
C Gianna’s Edge Salon 20 years in Boca salon business 1,450
D Tendler Orthodontics Been in downtown Boca since 2004 2,718
E The Seed Cafe Coffee & Juice Cafe 1,300
F Gravity & Oxygen Fitness Established 10 year business 2,762 Total Space 10,289
Asking Price: 6.25% Cap Rate on $289,432.00 NOI ($4,630,912.00) David Remland Broker/Principal Remland Commercial
Phone: (561) 809-8610 Email: [email protected] Website: www.remlandcommercial.com
City Plaza Shopping Center - Boca Raton, Florida
EXECUTIVE SUMMARY Sale Prospectus
David Remland – Remland Commercial, Inc. (561) 809-8610
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Parcel: 1.0103 acres (44,009 SF) Retail Space (10,289 SF) Zoning: The Property DDRI/A (Downtown Development of Regional Impact) in
the jurisdiction of the City Of Boca Raton, Florida.
Real Estate Taxes: Florida statutes provide for assessment and collection of yearly ad
valorem taxes on real and personal property. However, taxes are assessed and collected on the local and county level. The assessment of the Property is established each year as of January 1 by the Palm Beach County Property Appraiser’s Office at 100% of “Just Value,” defined as market value less normal closing costs and sales commissions, taking into account fairness and uniformity standards. The tax due is computed according to annual millage rates established by the city, county, and state.
2013 Taxes: $39,999.41
City Plaza Shopping Center - Boca Raton, Florida
EXECUTIVE SUMMARY Sale Prospectus
David Remland – Remland Commercial, Inc. (561) 809-8610
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Parcel Control #: Parcel Control No: 06-43-47-19-31-001-0080
Landscaping: All New Landscaping includes grass, shrubs, and trees along the
perimeters of the Property, within islands in the asphalt-paved areas, and along a small portion of the building perimeters.
Signage: There is one (1) monument sign located on the corner of W. Palmetto
Park Rd & N.W. Boca Raton Blvd.
Parking Lot: Accesses to the newly asphalt-surfaced Property parking lots throughout
the Property are provided from W. Palmetto Park Rd. on the north side of the site and from N.W. Boca Raton Blvd. on the west side of the site. The surface lot accommodates newly striped 57 parking spaces.
Tenant Fronts: The typical door features anodized aluminum framework with tinted glass.
Electrical: Each suite is separately metered.
City Plaza Shopping Center - Boca Raton, Florida
EXECUTIVE SUMMARY Sale Prospectus
David Remland – Remland Commercial, Inc. (561) 809-8610
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Utilities: Water / Sewer: City Of Boca Raton
Electricity: Florida Power & Light Natural Gas: Florida Public Utilities. Roof: The brand new roof includes open web steel joist supported metal decks,
with rolled mineral roofing materials.
City Plaza Shopping Center - Boca Raton, Florida
VISUAL OVERVIEW Sale Prospectus
David Remland – Remland Commercial, Inc. (561) 809-8610
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City Plaza Shopping Center - Boca Raton, Florida
VISUAL OVERVIEW Sale Prospectus
David Remland – Remland Commercial, Inc. (561) 809-8610
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City Plaza Shopping Center - Boca Raton, Florida
VISUAL OVERVIEW Sale Prospectus
David Remland – Remland Commercial, Inc. (561) 809-8610
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City Plaza Shopping Center - Boca Raton, Florida
VISUAL OVERVIEW Sale Prospectus
David Remland – Remland Commercial, Inc. (561) 809-8610
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City Plaza Shopping Center - Boca Raton, Florida
VISUAL OVERVIEW Sale Prospectus
David Remland – Remland Commercial, Inc. (561) 809-8610
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City Plaza Shopping Center - Boca Raton, Florida
VISUAL OVERVIEW Sale Prospectus
David Remland – Remland Commercial, Inc. (561) 809-8610
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City Plaza Shopping Center - Boca Raton, Florida
DEMOGRAPHICS Sale Prospectus
David Remland – Remland Commercial, Inc. (561) 809-8610
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City Plaza Shopping Center - Boca Raton, Florida
DEMOGRAPHICS Sale Prospectus
David Remland – Remland Commercial, Inc. (561) 809-8610
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Street From To Date Traffic Count W. PALMETTO PARK RD.
12th St. N.W. Boca Raton Blvd 2013
36,851
W. PALMETTO PARK RD.
N.W. Boca Raton Blvd Federal Hwy. 2013 21,663
N.W. BOCA RATON BLVD.
W. Palmetto Park Rd. Glades Rd. 2013 9,007
City Plaza Shopping Center - Boca Raton, Florida
FINANCIAL ANALYSIS Sale Prospectus
David Remland – Remland Commercial, Inc. (561) 809-8610
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FINANCIAL INFORMATION
- 2014/15 Rent Roll -
- 2014/15 Projected Expenses -
City Plaza Shopping Center - Boca Raton, Florida
FINANCIAL ANALYSIS Sale Prospectus
David Remland – Remland Commercial, Inc. (561) 809-8610
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City Plaza Shopping Center - Boca Raton, Florida
FINANCIAL ANALYSIS Sale Prospectus
David Remland – Remland Commercial, Inc. (561) 809-8610
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City Plaza
PROJECTED CAM CHARGES
$ PER SQ FT EXPENSE
Electric $0.88 $9,000.00
Water $0.24 $2,500.00
Maintenance & Repairs $0.20 $2,000.00
Janitorial $0.00 $0.00
Security $0.00 $0.00
Legal & Accounting $0.49 $5,000.00
Landscaping $0.29 $3,000.00
Management $1.55 $16,000.00
Insurance $1.46 $15,000.00
Trash $0.48 $4,916.00
Real Estate Taxes $3.91 $40,000.00 PROJECTED TOTAL $9.50 $97,299.00
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