The Capital Bank Center at Aventura - Aventura, Florida 33180 20295 NE 29th Place
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ASSET SOLUTIONS GROUP
The Capital Bank
Center at Aventura
20295 NE 29th Place
Aventura, Florida 33180
O F F E R I N G M E M O R A N D U M
A ±28,094 SF, Class “A” office building with a ground-floor bank branch
in the heart of Aventura.
The Capital Bank Center at Aventura
T A B L E O F C O N T E N T S
table of contents
Offering Overview
Table of Contents / Directions 2
Offering 3
Property Overview
Executive Summary 4
Property Aerial 5
Floor Plan 7
Rent Roll 9
Featured Tenant 10
Interior Photos 11
Financial Analysis
Income & Expenses 12
Lease vs. Own Analysis 13
Comparable Sales 14
Area Overview
Market Aerial 15
Regional Aerial 16
directions
Market Summary 17
Employment & Demographics 18 FROM I-95: Exit onto eastbound NE 203rd Street. Proceed over U.S.
Highway 1 and turn right on NE 29th Place. Property is on the left.
Transportation & Amenities 19
Disclosure 20
2
The Capital Bank Center at Aventura
O F F E R I N G O V E R V I E W
offering
Flagler Real Estate Services, LLC has been appointed as the
exclusive agent for the marketing and sale of The Capital Bank
Center at Aventura located in Aventura, Florida, 33180
(“Property”)
The Property is being offered on an “as-is, where-is” basis for the
fee-simple interest in the property.
This ± 28,094 SF Class “A” office building is conveniently located
within walking distance of major local amenities including
Aventura Mall, Aventura Hospital, and Turnberry Isle.
The Capital Bank Center at Aventura represents a unique
opportunity for an owner/user or investor to acquire a highly
desirable and well-maintained office building in a premier
market. An owner/user can occupy an entire floor with tenants
to offset occupancy costs. As an investment, this trophy asset
contains a credit tenant, Capital Bank, operating a drive-thru
bank branch.
property inquiries and tours
Inquiries and tour request should be directed to the following:
CaryCohen
Vice President
305.520.2311
Cary.Cohen@flaglerdev.com
3
The Capital Bank Center at Aventura
P R O P E R T Y O V E R V I E W E X E C U T I V E S U M M A R Y
PRICE: $10,000,000 ($355.95 PSF)
Folio: 28-1234-059-0020
20295 NE 29th Place
Location:
Aventura, FL 33180
Property Type: Office Building
Tenancy: Multi-Tenant
Year Built: 1997, renovated 2007
Building Area: ±28,094 SF
Land Area: ±1.15 acres (±50,057 SF)
80 spaces, 12 covered
Parking:
2.85/1,000 SF
2013 Taxes: $79,158.27
Zoning: B-2 – Community Business District
4
The Capital Bank Center at Aventura
P R O P E R T Y O V E R V I E W P R O P E R T Y A E R I A L
5
The Capital Bank Center at Aventura
P R O P E R T Y O V E R V I E W P R O P E R T Y A E R I A L
6
The Capital Bank Center at Aventura
P R O P E R T Y O V E R V I E W F L O O R P L A N
floor plan – capital bank and parking lot
7
The Capital Bank Center at Aventura
P R O P E R T Y O V E R V I E W F L O O R P L A N
floor plan – unit 100A
8
The Capital Bank Center at Aventura
P R O P E R T Y O V E R V I E W R E N T R O L L
RENT ROLL
Lease Term
Unit(s) Tenant Type SF % Start End Rent Annualized Rent Increases Renewal Options
6/25/2016: $33.99 2x two-year
Bank Capital Bank, N.A.1 MG 3,0351 15.18% 6/25/2013 6/14/2018 $33.00 $100,155.00
6/25/2017: $35.01 renewal options
100A VACANT 1,579 7.99%
8/1/2015: $29.20
2x two-year
200 Fromberg, Perlow & Kornik, P.A. NNN 4,482 23.00% 6/25/2013 7/31/2018 $28.08 $125,854.56 8/1/2016: $30.37
renewal options
8/1/2017: $31.59
201 Rocket Learning Partners, LLC MG 3,143 15.70% 7/20/2012 8/19/2017 $28.50 $89,575.50
300 Kenneth R. Hodor, MD P.A. MG 7,625 38.13% 12/1/2007 11/30/2014 $28.50 $217,312.50
Totals 19,864 $532,897.68
Note 1: Capital Bank is not paying rent for the drive-thru area
9
The Capital Bank Center at Aventura
P R O P E R T Y O V E R V I E W F E A T U R E D T E N A N T
2013 Financial Summary
Total Revenue: $346.72 million
Total Assets: $6.802 billion
CapitalBank
Capital Bank Financial Corp. (NASDAQ: CBF) is a national bank
holding company formed in 2009. Headquartered in Coral Gables,
Florida, the company operates 163 bank branches in Florida, North
Carolina, South Carolina, Tennessee and Virginia. Operating as
Capital Bank, N.A., the bank holds approximately $6.8 billion in total
assets as of 2014.
Growing from a small holding company in 2009 to a major regional
bank by 2012, the company was named a Five-Star Superior Bank
by the independent rating agency BauerFinancial. Capital Bank’s
Initial Public Offering occurred on September 20, 2012.
Corporate Headquarters – Coral Gables, FL
10The Capital Bank Center at Aventura
P R O P E R T Y O V E R V I E W I N T E R I O R P H O T O S
Unit 300 – 7,625 SF
11The Capital Bank Center at Aventura
F I N A N C I A L A N A L Y S I S I N C O M E & E X P E N S E S
INCOME & EXPENSES
REVENUE $ PSF
Gross Rental Income $532,897.68 $18.97
CAM Reimbursement Revenue $32,011.00 $1.14
Total Rental Revenue $564,908.68 $20.11
OPERATING EXPENSES
Elevator $1,981.50 $0.07
Fire Alarm $907.54 $0.03
Insurance $36,501.78 $1.30
Janitorial $1,461.52 $0.05
Landscape $4,625.00 $0.16
Real Estate Taxes $75,991.94 $2.70
Repairs and Maintenance $4,202.68 $0.15
Telephone $1,914.86 $0.07
Utilities
Electric $6,809.84 $0.24
Waste $3,788.00 $0.13
Water $993.61 $0.04
Total Operating Expenses $139,178.27 $4.95
Net Operating Income $425,730.41 $15.15
Price $10,000,000 $355.95
Cap Rate 4.26%
12The Capital Bank Center at Aventura
F I N A N C I A L A N A L Y S I S L E A S E V S . O W N A N A L Y S I S
LEASE OWN
$ PSF $ PSF
Market Rent $236,375.00 $31.00 GROSS OCCUPANCY COST
Operating Expenses $47,639.49 $6.25 Operating Expenses $139,178.27 $18.25
Net Occupancy Cost $284,014.49 $37.25 Mortgage Payment $545,382.30 $71.53
Less: Rental Revenue ($347,596.18) (45.59)
Gross Occupancy Cost $306,283.05 $40.17
PROJECTED SAVINGS FROM OWNERSHIP TAX SAVINGS
Net Occupancy Cost PSF Gross Occupancy Cost $306,283.05 $40.17
LEASE $284,014.49 $37.25 Annual Depreciation $179,487.18 $23.54
OWN $232,219.39 $30.46 Less: Annual Principal Payments ($189,515.58) ($24.85)
TOTAL SAVINGS $51,795.10 $6.79 Gross Occupancy Cost Adjusted for Tax Items $296,254.65 $38.85
% SAVINGS 18.24% Tax Rate 25%
Tax Savings $74,063.66 $9.71
Gross Occupancy Cost $306,283.05 $40.17
Less: Tax Savings ($74,063.66) ($9.71)
Net Occupancy Cost $232,219.39 $30.46
13The Capital Bank Center at Aventura
F I N A N C I A L A N A L Y S I S C O M P A R A B L E S A L E S
comparable sale competing property
Address: 2925 Aventura Blvd Address: 18901-18909 NE 29th Ave
Aventura, FL 33180 Aventura, FL 33180
Building Area: ±32,932 SF Building Area: ±23,746 SF
Land Area: ±2.74 acres (±119,354.4 SF) Land Area: ±1.5 acres (±65,340 SF)
Year Built: 1983 Year Built: 2003
Tenancy: Multi-Tenant Tenancy: Multi-Tenant
Occupancy: 100% Occupancy: 99%
Parking Ratio: 5.00/1000 SF Parking Ratio: 3.60/1000 SF
Sale Price: $19,300,000 Asking Price: $14,900,000
Price per Square Foot: $586.06 PSF Price per Square Foot: $627.47 PSF
Sale Date: 4/25/2014
Buyer: 385 Rena Realty Corp
Seller: Tanglewood 2925 LLC
14The Capital Bank Center at Aventura
A R E A O V E R V I E W M A R K E T A E R I A L
Gulfstream Park - 0.9 mi.
Aventura Hospital - 0.5 mi.
Turnberry Isle - 0.25 mi.
Aventura Mall - 0.25 mi.
15The Capital Bank Center at Aventura
A R E A O V E R V I E W R E G I O N A L A E R I A L
16The Capital Bank Center at Aventura
A R E A O V E R V I E W M A R K E T S U M M A R Y
AVENTURA new area development
In October 2013, Aventura Optima Plaza was completed. The LEED
Platinum medical office complex on Biscayne Boulevard contains
114,000 square feet of Class A office space. The large office complex
utilizes unique design features that maximize energy efficiency, including
heat-blocking windows and a rooftop garden. The building is the
second LEED Platinum-certified building in Miami-Dade County.
In February 2014, Aventura Mall announced its intention to add a
241,000- square foot, three-story expansion on the northeast end of the
mall between the current Macy’s and JC Penny department stores. In
addition to the concourse expansion, the mall will add a seven-level
parking garage.
In April 2014, the Aventura city commission approved a massive mixed-
use development to the west of Biscayne Boulevard. The project is
slated to include five towers ranging from seven to ten stories. In total,
the project will include two office buildings, a 134-unit residential
building, a 200-bed assisted living facility, and a 230-room hotel. Most
The Capital Bank Center at Aventura is located on NE 29th Place at the
buildings will also include ground-floor retail, and the city agreed to add
corner of NE 203rd Street, 0.3 miles (0.5 km) east of Biscayne Boulevard, and
deceleration lanes on 30th Avenue and 207th Street.
1.5 miles (2.5 km) east of Interstate 95 in the city of Aventura.
Before the 1960s, most development in the Aventura area occurred to the
west of Biscayne Boulevard around the former train stations of Ojus and
Fulford. In the early 1970s, developers began work on Turnberry Isle Resort
and Golf Club, the first major development project in modern Aventura.
After rapid growth through the 1980s, the city of Aventura was finally
incorporated in 1995.
Aventura has flourished since incorporation as a premier residential, office,
and retail district. Along with neighboring Sunny Isles, Aventura has gained
a reputation for upscale living and high-end retail amenities. Aventura Mall,
the United States’ third largest shopping mall, has been a major regional
attraction since its construction in 1983. The city has benefited from its
strategic location as midway point between Miami and Fort Lauderdale,
South Florida’s two most prominent cities.
Proposed Mixed-Use Development
17The Capital Bank Center at Aventura
A R E A O V E R V I E W E M P L O Y M E N T & D E M O G R A P H I C S
employment demographics
The largest center of employment in Aventura is the Aventura Mall, Aventura and neighboring Sunny Isles are demographically one of
whose 300 individual stores and services employ thousands of workers the strongest areas of Miami-Dade County. Traditionally a very high-
from across South Florida. Other major retail centers in Aventura income area, the average household income is nearly $90,000 within
include Aventura Commons, the Promenade Shops, and Landmark a 1-mile radius.
Plaza.
Aventura has long had a large proportion of retirees contributing to
Aside from being a leading retail district, Aventura is considered a the relatively high average age. With the development of many
regional hub for healthcare services. Major hospitals in the area high-rise condominium towers in the area over the last decade,
include Aventura Hospital & Medical Center and Mount Sinai young professionals and wealthy foreign nationals are increasingly
Hospital-Aventura. Additionally, the area is home to multiple large drawn to the area. It is expected that this trend will continue as
medical complexes containing dozens of private practices and residential development shows no sign of slowing.
clinics.
Drawn by the high-end retail amenities and proximity to the Atlantic DEMOGRAPHIC REPORT
Ocean, many signature hotels operate in Aventura and nearby
areas. Four- and five-star hotels in the area include the Marriott 1-MILE 3-MILE 5-MILE
Autograph Collection, Trump International Beach Resort, Acqualina
Resort & Spa, and Weston Diplomat. 2014 Estimated Population 24,419 187,380 381,548
2019 Projected Population 26,138 204,331 414,541
MIAMI-DADE COUNTY – TOP 5 PRIVATE EMPLOYERS
2014-2019 Population Growth 7.04% 9.05% 8.65%
COMPANY NAME CITY EMPLOYEES TYPE OF BUSINESS
Average Age 43.2 43.1 40.7
University of Miami Coral Gables 16,000 University
2014 Estimated Households 11,040 83,493 156,161
Baptist Health South Various 13,376 Hospital 2019 Projected Households 11,811 90,934 169,583
Florida
2014-2019 Household Growth 6.98% 8.91% 8.59%
Publix Various 10,800 Supermarkets
Median Household Income $63,856 $44,995 $42,406
American Airlines Coral Gables 9,000 Airlines Average Household Income $88,807 $68,756 $62,344
Median Housing Value $226,013 $171.666 $162,507
Alorica Miami Gardens 5,000 Commercial Services
Annual Household Consumer Spending $28,239 $24,528 $23,609
Sources: CoStar & Beacon Council 18The Capital Bank Center at Aventura
A R E A O V E R V I E W T R A N S P O R T A T I O N & A M E N I T I E S
access/transportation nearby amenities
The Capital Bank Center at Aventura is conveniently located between Aventura Mall – Located 2 minutes south along NE 29th Place, the mall
numerous transportation corridors that provide convenient access is the third largest mall in America with over 2.7 million square feet of
throughout South Florida. retail space (www.aventuramall.com/).
NE 203rd Street (Ives Dairy Road) is major east-west commercial artery Aventura Hospital & Medical Center – located 2 minutes northwest
in northern Miami-Dade County. The road runs from Miami Gardens in along Biscayne Boulevard, this HCA-operated hospital is the main
the west to Aventura in the east. acute surgical center in Aventura. (www.aventurahospital.com/).
Biscayne Boulevard/Federal Highway (US-1) is the major north-south Turnberry Isle Resort & Golf Club – Located directly east of the property,
corridor in South Florida. A major U.S. Highway running from Key West Turnberry Isle is an upscale resort featuring a Robert Trent Jones golf
to Maine, U.S. 1 is the main commercial corridor connecting Miami, course, country club, and five-star Marriott Autograph Collection hotel.
Fort Lauderdale, and West Palm Beach. (www.turnberryislemiami.com/).
Interstate 95 located 1.5 miles (2.5 km) west of the property, is the Gulfstream Park – Located 3 minutes north along Biscayne Boulevard is
major north-south expressway in South Florida. The interstate runs an historic thoroughbred racetrack and casino serving as one of the
north from Miami to the major metro areas of the Northeastern United nation’s premier horse racing venues. (www.gulfstreampark.com/).
States.
Sun Life Stadium – located 13 minutes west along Ives Dairy Road, Sun
Fort Lauderdale-Hollywood International Airport is located 7.5 miles (12 Life Stadium is the home of the NFL’s Miami Dolphins and the FedEx
km) north of the property via Federal Highway. The airport is the major Orange Bowl Game. (www.sunlifestadium.com/).
international gateway for Broward County and the main airport for
cruise passengers arriving and departing from nearby Port Everglades.
The airport is the 21st busiest in the United States, serving over 23 million
passengers annually.
Miami International Airport is located 17 miles (27.5 km) south of the
property via Interstate 95. In passenger traffic, the airport is ranked 25th
in the world and serves more than 38 million passengers annually. Due
to its strategic location, it is the largest gateway between the United
States and Latin America, and is a major hub for American Airlines. It
is also a major cargo hub for FedEx, UPS, and LAN Cargo.
Aventura Mall – Aventura, FL 19The Capital Bank Center at Aventura
D I S C L O S U R E
Flagler Real Estate Services, Inc (“FRES”) has been retained as exclusive has been fully executed, delivered, and approved by the Owner and
real estate agent on behalf of B & H Aventura Offices LLC. (“Owner”) any conditions to Owner’s obligations thereunder have been satisfied or
regarding the sale of the Capital Bank Center at Aventura, an office waived. FRES is not authorized to make any representations or
building at 20295 NE 29th Place in Aventura, Miami-Dade County, Florida agreements on behalf of Owner.
(“Property”).
This Offering Memorandum is-the property of FRES and may be used
This confidential Offering Memorandum was prepared by FRES, and has only by parties approved by FRES. The Property is privately offered and
been reviewed by Owner. It contains selected information pertaining to by accepting this Offering Memorandum, the party in possession hereof
the Property and does not purport to be all-inclusive, nor to contain all agrees that this Offering Memorandum and its contents are of a
the information that a prospective purchaser may desire. All financial confidential nature and will be held and treated in the strictest
projections are provided for general reference purposes only and are confidence. No portion of this Offering Memorandum may be copied
based on assumptions relating to the general economy, competition or otherwise reproduced or disclosed to anyone without the prior written
and other factors that, therefore, are subject to material change or authorization of FRES and Owner. The terms and conditions set forth
variation. An opportunity to inspect the Property will be made available apply to this Offering Memorandum in its entirety.
to qualified prospective purchasers.
Sources of information contained within this Offering Memorandum
include, but are not limited to: the Beacon Council, CoStar, Florida
Department of Labor, and the US Census Bureau.
In this Offering Memorandum, certain documents including leases and
other materials, are described in summary form and do not purport to
be complete, nor necessarily accurate, descriptions of the full
agreements involved, nor do they constitute a legal analysis of such
document. Interested parties are expected to independently review all
documents.
This Offering Memorandum is subject to prior placement, errors,
omissions, changes or withdrawal without notice and does not
constitute a recommendation, endorsement, or advice as to the value
of the Property by FRES or the Owner. Each prospective purchaser is to
rely upon its own investigation, evaluation and judgment as to the
advisability of purchasing the Property described herein.
The Owner expressly reserves the right, at its sole discretion, to reject any
or all expressions of interest or offers to purchase the Property and/or
terminate discussions with any party at any time with or without notice.
Owner shall have no legal commitment or obligation to any purchaser
reviewing this Offering Memorandum or making an offer to purchase Turnberry Isle Resort & Golf Club – Aventura, FL
the Property unless a written agreement for the purchase of the Property
20MIAMI-DADE COUNTY
2855 LeJeune Road
4th Floor
Coral Gables, Florida 33134
305.520.2300
investment contact:
CARY COHEN ZACHARY GRABER
305.520.2311 305.520.2453
Cary.Cohen@flaglerdev.com Zachary.Graber@flaglerdev.comYou can also read
