offering memorandum 800 old griffin road · 2020-04-16 · executive summary 800 old griffin road |...
TRANSCRIPT
Offering Memorandum
800 Old Griffin RoadDania Beach, Florida 33004
Executive Summary
800 Old Griffin Road | Offering Memorandum 2
Overview
Conness Crissy Real Estate Advisors, as exclusiverepresentative for the Owner, is pleased to presentthe opportunity to acquire a 4.13 AC propertylocated at 800 Old Griffin Road in Dania Beach, FL.800 Old Griffin Road (“The Property”) comprises a27,893 Square Foot free-standing industrialbuilding.
The building was originally constructed for thepurpose of a commercial tomato cannery andremained as such until the current owner purchasedit in 1988. The Property is particularly well situatedwith superb proximity to both Fort Lauderdale /Hollywood International Airport & Port Everglades,as well – U.S. Highway 1 immediately to the East andInterstate 95 less than 1 mile to the west.
Purchase Price: $2,900,000 Contact
Patrick Conness(954) [email protected]
Mike Crissy(954) [email protected]
Executive Summary
800 Old Griffin Road | Offering Memorandum 3
Investment Highlights
• Unique Owner/User, Investment or Redevelopment Opportunity
• Currently positioned as a multi-tenant income producing asset with additional value-added revenue opportunities
• 4.13 Acre total site size
• 60,027 SF (1.38 AC) outside storage yard
• 650 linear feet of frontage along Dania Cutoff Canal
• Central Southeast Broward location near Port Everglades, Fort Lauderdale/Hollywood Int’l Airport & recently developed 102 AC mixed use project, Dania Pointe
• Easy access to major thoroughfares including I-95, I-595 & Florida Turnpike
27,893 SF
Executive Summary
800 Old Griffin Road | Offering Memorandum 4
Locations Highlights800 Griffin Road is located in a high-growth area where available land for development is virtually nonexistent. Due to the lack of available land, this corridor is often characterized by extremely high barriers to entry. Notable area highlights include:
Fort Lauderdale / Hollywood International Airport (FLL) – Ranked 18th in the U.S. in total passenger traffic and 10th in international passengers. With 350 departures per day, FLL offers service to over 75 U.S. cities and 33 countries.
Port Everglades (PE) - Known as Florida’s powerhouse global gateway, PE is not only the leading container port in all Florida but also home to one of the busiest exotic cruise ports in the entire world.
Dania Pointe Mixed Use Project (DP) – DP is South Florida’s premier 102-AC mixed-use development project, consisting of 1 million SF of retail, restaurants, Class A office space, hotels and apartments.
FT. LAUD/HOLLYWOOD INT’L AIRPORT
PORTEVERGLADES
DANIA POINTE MIXED USE PROJECT SITE
Griffin Road
Property Description
800 Old Griffin Road | Offering Memorandum 5
Address 800 Old Griffin Road, Dania Beach, FL 33004
Folio Numbers (1) 504234140270, (2) 504234140271, (3) 504234000202, (4) 504234140120
Property Size 4.13 Acres
Building Size 27,893 Square Feet
Storage Yard 60,027 Square Feet (1.38 Acres)
Waterfront Frontage 650+ Linear Feet fronting Dania Cutoff Canal
Ceiling Height Varies from 14’ to 30’
Loading Doors Nine (9) Total Grade Level Doors. Seven (7) Standard, Two (2) Oversized
Power Heavy 3-Phase
Zoning MA (Marine)
Property Overview
Property Description
800 Old Griffin Road | Offering Memorandum 6
Current Property Photos
Property Description
800 Old Griffin Road | Offering Memorandum 7
Net Rentable Square Footage
Existing Building 27,893 Square Feet
Existing Building Breakdown
*Refer to Floor Plan (page 9) Bay 1 2,416 SFBay 2 1,784 SFBay 3 1,784 SFBay 4 11,949 SFOpen-Air Storage 9,960 SF
Existing Site Data *Refer to Site Plan (page 12)Parcel “A” 4,603 SFParcel “B” 37,927 SFParcel “C” 13,573 SFParcel “D” 8,859 SFParcel “E” 51,472 SFParcel “F” 3,283 SFParcel “G” 60,027 SF
Total Site 179,744 Square Feet (4.13 Acres)
Proposed Building Total
32,886 Square Feet (Includes addition of 2nd Floor office area totaling 4,129 SF)
Proposed Coverage Building 32,886 Square FeetParking Area 49,285 Square FeetLandscape 87,413 Square Feet
Property Description
800 Old Griffin Road | Offering Memorandum 8
Boundary Survey
Property Description
800 Old Griffin Road | Offering Memorandum 9
Existing Floor Plan
Open-Air Storage+/- 9,960 SF
Bay 1+/- 2,416 SF
Bay 2+/- 1,784 SF
Bay 3+/- 1,784 SF
Bay 4+/- 11,949
Property Description
800 Old Griffin Road | Offering Memorandum 10
Existing Elevations Plans
Property Description
800 Old Griffin Road | Offering Memorandum 11
Property Rendering
Property Description
800 Old Griffin Road | Offering Memorandum 12
Proposed Site Plan
Property Description
800 Old Griffin Road | Offering Memorandum 13
Proposed Floor Plans
First Floor
Bay 1+/- 4,545 SF
Bay 2 +/- 4,545 SF
Bay 4+/- 11,949
Bay 3 +/- 4,545 SF
Property Description
800 Old Griffin Road | Offering Memorandum 14
Proposed Floor Plans
Second Floor
2nd Floor Office+/- 4,891 SF
Property Description
800 Old Griffin Road | Offering Memorandum 15
Proposed Elevation Plans
Financial Summary
800 Old Griffin Road | Offering Memorandum 16
Unit Gross Rent ($/SF)
Square Feet Tenant Name Start Date Gross Monthly Rent
Bays 1 & 3 $7.14 4,200 (2,416 -Bay 1)1,784 - Bay 3)
Compressed Air 10/94 $2,530
Bay 2 $7.40 1,784 Paper Knight 5/97 $1,100
Bay 4 $7.84 11,949 US Metal Fab 02/17 $7,959
West Parking Lot Self Park FLL 06/19 $750
Outside Storage Mobiklift 06/13 $282
Total Monthly Gross Rent $12,621
Total Annual Gross Rent $151,452
Annual Insurance $17,040
Annual Real Estate Taxes $38,285
Net Operating Income $96,127
Current Rent Roll & Expenses
Financial Summary
800 Old Griffin Road | Offering Memorandum 17
Unit Gross Rent ($/SF) Square Feet Tenant Name Gross Monthly Rent
Gross Annual Rent
Bay 1 $14.52 4,545 TBD $5,500 $66,000
Bay 2 $14.52 4,545 TBD $5,500 $66,000
Bay 3 $14.52 4,545 TBD $5,500 $66,000
Bay 4 $8.03 11,949 US Metal Fab $8,000 $96,000
2nd Floor Office $15.00 4,891 TBD $6,114 $73,365
West Parking Lot TBD $1,000 $12,000
Outside Storage Lot (1.38 AC)
TBD $10,000 $120,000
Total Estimated Monthly Gross Rent $41,614
Total Estimated Annual Gross Rent $499,365
Estimated Insurance $42,000
Estimate Real Estate Taxes $48,000
Projected Net Operating Income $409,365
ProformaUpon completion of the west end re-build, the open aired storage will go away making way for 3 warehouse bays totaling13,635 SF (4,545 SF each) with 32’ clear height and 16’6” oversized roll up doors. The Second Floor office will be added directly above the existing office and the 1.38 AC storage lot will be developed for RV/Automotive parking.
Contact
800 Old Griffin Road | Offering Memorandum 18
For more information, please contact:
www.ConnessCrissy.com
400 SE 12th Street, Unit DFort Lauderdale, FL 33316
Patrick Conness(954) 600-3664
Mike Crissy(954) 579-3530