net-lease investment opportunity

NET-LEASE INVESTMENT OPPORTUNITY
441
FLORIDA’S
TURNPIKE
95
Boca
Raton
PALM BEACH CO.
A1A
BROWARD CO.
27
Coral
Springs
869
Sunrise
75
The Fort Lauderdale and surrounding Broward County
markets of Plantation, Sunrise, Hollywood, and Pembroke
Pines enjoy a robust, diversified business climate. In recent
years, all have substantially outpaced the national economic
growth rate.
1
Pompano
Beach
Airpark
BELLSOUTH
OFFICE
BUILDING
Fort Lauderdale is located in the middle of the South
Florida metropolitan area, which extends from Boca Raton
and Palm Beach on the north down to Miami and Kendall
to the south. Together, the area is home to more than
5.4 million residents and is one of the world’s top tourist
destinations as well.
Pompano
Beach
Fort
Lauderdale
Plantation
Fort Lauderdale
International Airport
A strong infrastructure, anchored by Port Everglades and
the Fort Lauderdale-Hollywood International Airport, as
well as the economic advantages offered by no or low tax
structures and multiple free trade zones, have cemented
Broward County’s position as “the place to be“ when it
comes to doing business on a global scale.
75
With its growing population base, pro-business climate,
abundant area amenities, and an outstanding quality of
life, Fort Lauderdale and Broward County will continue to
attract businesses, both big and small. As such, the area
is expected to continue to outperform the nation in terms
of job growth and other economic indicators.
Pembroke
Pines
Hollywood
BROWARD CO.
DADE CO.
821
27
Hialeah
95
997
FLORIDA’S
TURNPIKE
Miami
826
A1A
195
Miami
International
Airport
836
Miami
Beach
net-lease Investment OPPORTUNITY
41
Coral
Gables
BellSouth Office Building
1
2001 NW 64th Street, Ft. Lauderdale, Florida
Kendall
For Additional Information, Contact:
Kevin Markwordt, CCIM
404.842.6508
NW
404.842.6506
21
S
Jon Kleinberg
TA
VE
[email protected]
[email protected]
Tower Place 200, Suite 900
3348 Peachtree Road, NE Atlanta, GA 30326
t: 404.842.6600
f: 404.842.6601
www.transwestern.net/Atlanta
We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted
subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or
estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.
NW 64TH
ST
Exclusively
Offered
By:
HIGHLIGHTS
Address:
2001 NW 64th Street
Fort Lauderdale, FL 33309
County:
Broward
Zoning:
AIP (Airport, City of Fort Lauderdale)
Site Size:
4.26 acres
Building Size:
47,400 square feet
Year Built:
2001
Percent Leased:
100% through July 31, 2013
Tenant:
BellSouth Advertising and Publishing Corporation,
a wholly-owned subsidiary of AT&T
Lease Term:
Through July 31, 2013; termination right on July 31,
2011 with 12 months’ notice and penalty of four
months’ escalated rent plus taxes and operating
costs
Parking:
216 spaces, including 8 handicapped spaces
Parking Ratio:
4.6 spaces per 1,000 square feet
Developer:
The Alter Group
Construction:
Concrete slab foundation, tilt-up concrete walls
with interior steel columns, steel joist-and-girder
metal roof with insulated rubber system
T LANTIC BLVD
WEST A
Fern
Forest
Nature
Center
Palm Aire
Spa Resort And
Country Club
Margate
Estates
95
841
POMPANO
BUSINESS
PARK
BELLSOUTH
OFFICE
BUILDING
FORT LAUDERDALE
EXECUTIVE AIRPORT
NW 56TH ST
COMM
870
E R CI
AL BLVD
North
Andrews
Gardens
DIXIE HWY
NW 64TH ST
CYPRESS CREEK BLVD
RE
WS
AVE
NW 6 9 TH ST
AND
FLORIDA’S
TURNPIKE
NW 12TH AVE
Limited Competitive Set — The competitive set for the
BAPCO facility consists of only 20 Class A office buildings
located nearby in Cypress Creek. Together, these office
properties have a current vacancy rate of 7.5% and rents
that range from $24.61 to $32.16 PSF. The BAPCO building
is now achieving a full-service rental rate of $26.50 PSF.
845
NW 9TH AVE
Quality Construction — The BAPCO office building was
built by The Alter Group, one of the nation’s top developers. The Class A facility features tilt-up concrete walls with
stucco finishes, an upscale interior buildout, and well-maintained landscaping. The property’s 216 parking spaces create an above-average ratio of 4.6 per 1,000 square feet.
Collier
Park
NW 21ST AVE
Stabilized Asset — BAPCO recently executed a lease renewal that extends their occupancy in the building through
July 2013. They have been the sole tenant in the building
since it was built for them in 2001.
Tight Office Submarket — The Cypress Creek office submarket, also known as “Uptown” Fort Lauderdale, is enjoying vacancy rates that are less than the Broward average.
Known as a location of choice for technology, financial, and
service firms, Cypress Creek’s Class A sector has an overall
vacancy rate of 8.0%. This is due to the high cost of land in
Broward County, very limited new development since the
1980s, and Cypress Creek’s historic and current strong tenant demand for space. The submarket led Broward in terms
of leasing activity in 2007. The bulk of these leases were in
Class B buildings, again underscoring the tight Class A sector.
High-Credit Tenancy — Formed in 1983 as a subsidiary of
BellSouth, BAPCO was headquartered in Atlanta and employed 3,200 workers. Acquired by AT&T in 2006, the company is the nation’s largest publisher of telephone directories, delivering their Real Yellow Pages books to 83 million
customers in 22 states, as well as the YellowPages.com web
site.
441
811
Oak Tree
Golf Club
NW 21ST AVE
Transwestern is pleased to exclusively present this opportunity to acquire a 47,400-square-foot, single-story office
building that is 100% leased by BellSouth Advertising and
Publishing Corporation (“BAPCO”), now a wholly-owned
subsidiary of telecommunications giant AT&T. Located in
the heart of Ft. Lauderdale’s prestigious Cypress Creek or
“Uptown” office submarket, the BAPCO office building offers the following benefits to investors:
Strategic Location — Situated between I-95 on the east
and Florida’s Turnpike on the west, the BAPCO office building sits one block north of Cypress Creek Boulevard, the
primary traffic artery through one of Broward County’s top
office submarkets. The facility sits between the exclusive
Palm Aire resort and the Fort Lauderdale Executive Airport,
and is surrounded by abundant retail amenities and upscale
residential neighborhoods.
NW 31ST AVE
Investment Summary
Bellsouth OFFICE BUILDING
NW 40TH AVE
NET-LEASE INVESTMENT OPPORTUNITY
Twin
Lakes
EAST PROSPECT RD