LAND BROKER UPDATE

PRESENTED BY

BRUCE ERHARDT

2011 NAIOPTAMPA BAY

BIG PICTURE

“So goes economic

growth / business activity, so goes

the land business.”

Big Picture

Florida - Governor Scott

“Be like Texas.”

Big Picture

Regional – Super region Gainesville, Space Coast,

Orlando and Tampa. Distribution,

healthcare, education, Green City –

Kitson, tourism, agricultural, business

services, cross business services, life

sciences.

Big Picture

Local Drivers –USF, Tourism, TIA, MacDill, Port of

Tampa/Manatee. Growth financial

services, cross business services -

CitiGroup, PWC, T. Rowe Price, J.P.

Morgan.

Big Picture

Local land sales YTDin Pasco, Hillsborough and Pinellas –

there have been 164 land sales over

$250,000. Eshenbaugh Land Company

has done 26. According to Dean

Saunders, YTD 35,000 acres of

conservation easements, 57,000 acres

ag, 10,000 acres for recreation have

been sold. Total of 102,000.

Big Picture

PRODUCT PEAK 2005-2007 NOW COMMENT

Single Family $32,000/unit $5,000 to $10,000/unit Class A $15,000

Multifamily For Sale$30,000 TH$100,000 Condo

$2,500 to investors$15,000 to investors

3 to 5 years before there is a demand

Multifamily Rental$21,000 – 3 story$35,000 structured

$10,000 in Hillsborough $15,000 - $20,000 in Pinellas suburban$15,000 - $18,000 structured parking close in Tampa

How long of a cycle? Will lenders keep it going?

Office $22/bldg. ft. Suburban Under $10.00/bldg. ft.Users, government, and medical

Office Condo $35/bldg. ft. No market today

The 400,000 sf that were built in and around Seven Oaks and Cypress Creek are almost full

Retail – Community Center $6.00-$8.00/sf $4.00-$5.00/sfPower centers are not active. Target, Home Depot

Industrial$8.00-$10.00 (Outlier $16 bldg. ft.)

$3.00-$4.00/bldg. ft.Users, Plant City developers

Values – Peak to Now

Residential single family – closer the

better. Shortage of A lots. Golf is out, trails and wide

sidewalks are #1 amenity, according to ULI.

Multifamily Residential – Close in,

higher density.

Trends

Retail – Necessity tenants like Publix, Wal-Mart,

Convenience stores/gas, CVS, Wal-Mart, Fast Food.

Target, Home Depot and Lowe’s have been out of the

Tampa market for three years.

Industrial – Western hemisphere Map, Supply

chain – Florida becomes like Singapore, supplying

Europe, Africa, Central and South America. Parts made in

the US, assembled in Europe and consumed outside the

U.S.

Trends

Big Picture

Office – Large users – Pasco got 1, maybe a second

in the 50 acres+ range; Hillsborough has 5 – 10 acre

office park sites, A quality. Quality is important.

Government – Lower impact fees. The market

is demanding clarity, certainty and speed (just as

important as fees).

Trends

Growth markets - SR 54-SR 56 Corridor.

Wesley Chapel, Lakewood Ranch and Pinellas

redevelopment.

Growth in the “B” and “C”

markets. Not every employer is an “A”.

Trends

Deals of Note

Three purchases by Canadian – Frank Stronach, totaled $49,876,800 for 30,376 acres.

Raise cattle.