VANDERBILT FINANCIAL CENTER - OFFICE CONDO › d2 › i_Zie2F3... · 2019-08-30 · Market North...

VANDERBILTFINANCIALCENTER -OFFICECONDO9045 STRADA STELLCOURT - 201-205NAPLES, FL 34109

Todd [email protected]

SVN | KOVA | 9130 GALLERIA COURT, SUITE 100, NAPLES, FL 34109 OFFERING MEMORANDUM

Disclaimer

SUITE 201-205: VANDERBILT FINANCIAL CENTER | 9045 STRADA STELL COURT, NAPLES, FL 34109 SVN | KOVA | Page 2The information presented here is deemed to be accurate, but it has not been independently verified. We make no guarantee, warranty or representation. It is your responsibility to independently confirm accuracy and

completeness. All SVN® offices are independently owned and operated.

The material contained in this Offering Brochure is furnished solely for the purpose of considering the purchase of theproperty within and is not to be used for any other purpose. This information should not, under any circumstances, bephotocopied or disclosed to any third party without the written consent of the SVN® Advisor or Property Owner, or usedfor any purpose whatsoever other than to evaluate the possible purchase of the Property.

The only party authorized to represent the Owner in connection with the sale of the Property is the SVN Advisor listed inthis proposal, and no other person is authorized by the Owner to provide any information or to make anyrepresentations other than contained in this Offering Brochure. If the person receiving these materials does not chooseto pursue a purchase of the Property, this Offering Brochure must be returned to the SVN Advisor.

Neither the SVN Advisor nor the Owner make any representation or warranty, express or implied, as to the accuracy orcompleteness of the information contained herein, and nothing contained herein is or shall be relied upon as a promiseor representation as to the future representation of the Property. This Offering Brochure may include certain statementsand estimates with respect to the Property. These Assumptions may or may not be proven to be correct, and there canbe no assurance that such estimates will be achieved. Further, the SVN Advisor and the Owner disclaim any and allliability for representations or warranties, expressed or implied, contained in or omitted from this Offering Brochure, orany other written or oral communication transmitted or made available to the recipient. The recipient shall be entitled torely solely on those representations and warranties that may be made to it in any final, fully executed and delivered RealEstate Purchase Agreement between it and Owner.

The information contained herein is subject to change without notice and the recipient of these materials shall not lookto Owner or the SVN Advisor nor any of their officers, employees, representatives, independent contractors or affiliates,for the accuracy or completeness thereof. Recipients of this Offering Brochure are advised and encouraged to conducttheir own comprehensive review and analysis of the Property.

This Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expresslyreserves the right, at its sole discretion, to reject any or all expressions of interest to purchase the Property andexpressly reserves the right, at its sole discretion, to terminate negotiations with any entity, for any reason, at any timewith or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the OfferingBrochure or making an offer to purchase the Property unless and until the Owner executes and delivers a signed RealEstate Purchase Agreement on terms acceptable to Owner, in Owner’s sole discretion. By submitting an offer, aprospective purchaser will be deemed to have acknowledged the foregoing and agreed to release the Owner and theSVN Advisor from any liability with respect thereto.

To the extent Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchasershould not rely on any such correspondence or statements as binding Owner. Only a fully executed Real Estate PurchaseAgreement shall bind the property and each prospective purchaser proceeds at its own risk.

1PROPERTY INFORMATIONTenant Profile

Property Highlights

Property Details

Existing Floor Plan

Condo Floor Plans

2LOCATION INFORMATIONNaples Area

Nearby Amenities

Nearby Amenities - Retailer Map

Ritz-Carlton Naples Locations

Regional Map

5-10-15 Minute Drive Times

3DEMOGRAPHICSDemographics Map

4SALE COMPARABLESClosed Sale Comparables

Sale Comps Summary

Sale Comps Map

5FINANCIAL ANALYSISFinancial Summary

6SVN | KOVA ADVISOR BIOTodd Sabin

OFFERING MEMORANDUMSUITE 201-205: VANDERBILT FINANCIAL CENTER | 9045 STRADA STELL COURT, NAPLES, FL 34109

OFFERING SUMMARY

Sale Price: $3,550,000

Available SF: 12,104 SF

Price PSF: $293.29

CAP Rate (Today) 6.91%

Cap Rate (Blended Over First 3 Yrs): 7.12%

2008

Renovated: 2015

Zoning: PUD

Total Condo Fees (2018): $76,605.07

Total RE Taxes (2018): $35,774.59

PROPERTY OVERVIEWThe Subject Property (Suite 201-205) is an excellent opportunity to purchase astabilized class “A” office condo secured with a national credit tenant within theVanderbilt Financial Center. Located in the heart of North Naples at the primeintersection of Vanderbilt Beach Road and Airport Pulling Road adjacent to the“Shoppes at Vanderbilt.” The property offers easy access, great parking & close byamenities and restaurants.

PROPERTY HIGHLIGHTS• Class "A" professional space

• National credit tenant

• Extensive upgrades minimizing risk to Landlord

• Features state-of-the-art air-conditioned server room with external generatorinstalled for this tenant only

• Signature building & location

• Professionally managed property

• Plenty of parking

• Below market rent (Building rates range between $24.00 - $30.00 PSF)

• Minimal ownership management required

• 5 Contiguous Suites that can be demised and sold separately later on

Property Overview



1 PROPERTYINFORMATION

9045 Strada Stell CourtNaples, FL 34109

SUITE 201-205: VANDERBILT FINANCIAL CENTER | 9045 STRADA STELL COURT, NAPLES, FL 34109 SVN | KOVA | Page 5

OVERVIEW

Company: Fischer International

Founded: 1982

Lease Rate: $19.67 PSF

Headquarters: Naples, FL

Website: www.fisc.com

TENANT HIGHLIGHTS

• Security Product

• Driven by Visionaries

• Commitment Corporate Culture

Fischer International Systems Corporation is privately-held andis headquartered in Naples, Florida. Fischer InternationalSystems Corporation has a distinguished history of innovationin the security industry.

Fischer International systems Corporation is a technologycompany driven by visionaries, all having a single focus: toprovide unparalleled value to our customers. This commitmenthas always been part of our corporate culture.

It began in 1982, when we introduced the first PC securityproduct to the marketplace and continues today.Fischerprovides service to Fortune 500 corporations, as well asinstitutional customers, in a variety of industries, including thefinancial, retail, manufacturing, transportation, healthcare,government, and educational marketplaces.

COMPANY OVERVIEW

Tenant Profile



Property Name: Ste 201-205 Vanderbilt Financial Center

Property Address: 9045 Strada Stell Ct, Naples, FL 34109

Property Type: Office Condo.

Price PSF: $293.29 PSF

Lease Expiration: August 31, 2022

Renewal Options: Two (2) Five (5) Yr Extensions

Escalations: 3% Annually

Current Base Rent $20.26 PSF

Total Condo Fees

(2018):$76,605.07

Total Taxes (2018): $35,774.59

Parking Spaces: 185

Year Built: 3.7

Tenant

Investments:

Features state-of-the-art air-conditioned

server room with external generator

installed for this Tenant only.

Cross Streets: Corsea del Fontana Way & Strada Stell Ct

Year Built: 2008

Year Built-Out: 2015

Number of stories: 5

Property Highlights



SALE PRICE $3,550,000

LOCATION INFORMATION

Building Name Suite 201-205: Vanderbilt Financial

Center

Street Address 9045 Strada Stell Court

City, State, Zip Naples, FL 34109

County/Township Collier

Market North Naples

Cross Streets Corsea del Fontana Way & Strada Stell

Court

Side Of Street North

Road Type Paved

Market Type Large

Nearest Highway I-75

Nearest Airport RSW Southwest Florida International

BUILDING INFORMATION

Building Size 12,104 SF

Cap Rate 6.91%

Price / SF $293.29

Year Built 2008

Last Renovated 2015

Building Class A

Occupancy % 100%

Tenancy Single

Number Of Floors 5

Load Factor Yes

Construction Status Existing

Condition Excellent

Floor Coverings Granite and Marble

PROPERTY DETAILS

Property Type Office

Property Subtype Office Building

Zoning PUD

Lot Size 0.38 Acres

Corner Property Yes

Traffic Count 34,600

Traffic Count Street Airport & Vanderbilt

PARKING & TRANSPORTATION

Parking Type Surface

Parking Ratio 3.7

Number Of Spaces 185

UTILITIES & AMENITIES

Handicap Access Yes

Freight Elevator Yes

Number Of Elevators 2

Central HVAC 2- 60 ton Roof Top Chiller units VAV

Individual Unit Controls

Broadband Fiber Optics / Cable

Exterior Description Reinforced Concrete

Property Details



Existing Floor Plan



Condo Floor Plans (Original Layout)



2 LOCATIONINFORMATION



NAPLES, FL

Naples, located in the western and coastal area of CollierCounty, is the largest of the three incorporated cities in CollierCounty. Collier County is home to approximately 360,846 (2017Projection) total residents plus an additional 72,170 residentsconstituting as "seasonal residents." Naples is one of thewealthiest cities in the United States with the sixth highest percapita income. Major industrial sectors in the county includeservices, retail trade, finance, insurance, real estate, agriculture,and construction.

Away from the crowds and stress of bigger cities, Naples andCollier County offer deep resources for everything from start-upbusiness loans and workforce training to accelerators that canjump-start a business, allow it to expand or move here from aforeign country or out of state. If you're looking for a place toestablish and grow your business, consider Collier County. Thecounty is the 10th fastest growing metropolitan area in thecountry, according to the U.S. Census Bureau. It was the topfastest growing area in the country for 2016 in a ranking by theUS Conference of Mayors.

The following other recent awards attributed to Naples are:

* Top 100 Best places for Business and Careers* Top 10 in Job Growth* Happiest & healthiest city in America two years in a row

(Gallup-Heathways)* Cleanest city in America - by realtor.com

The subject are is projected to include nearly 11,845 householdswithin a five minute drive of Galleria Plaza by 2021, with anaverage household income of over $74,000. Given the medianage of 54.5 many of the nearby residents will remain in thework force for another decade. With most office environmentsmoving towards a live, work, play culture - the need forimmediately surrounding amenities has increase.

Naples Area



THE CONVENIENCE OF IMMEDIATE AMENITIES AVAILABLE TO 9045 STRADA STELL COURT MAKE IT ONE OF THE MORE DESIRABLE OFFICE PARKS IN THE NORTH NAPLES SUB-MARKET. THE FOLLOWING ARE SOME OF IT'S NEARBY AMENITIES.

THE SHOPPES AT VANDERBILT

The convenience of immediate amenities available to9045 Strada Stell Court make it one of the moredesirable office parks in the North Naples sub-market.The following are some of it's nearby amenities.

The Shoppes at Vanderbilt is within walking distanceof 9045 Strada Stell Court and is one of Naples bestshopping and dining experiences. This beautifullylandscaped 30 acre plaza offers multiple breakfast,lunch and dinner restaurant options, all with outdoorseating to meet a variety of mid-day meetings, lunchon the go or happy hour gatherings.

The Shoppes at Vanderbilt has something foreveryone with a total 225,000 sf of retail space thatoffers a wide variety of services, whether you areworking out in one of its fitness centers, shopping,dining or simply enjoying the weekend farmersmarket.

THE SHOPS AT MERCATO

The Shops at Mercato is Naples premier retail diningand shopping experiences located on mile away from9045 Strada Stell Court. The Center is anchored byWhole Foods Market, Nordstrom Rack and SilverspotCinema, a 12 screen luxury theater.

With its downtown core atmosphere, Mercato offers 12notable restaurants such as The Capital Grille, RaccoTaco, Blue Martini, as well as the Pub Tavern, just toname a few. The center features twenty upscaleretailers and luxury residential condominiums.Mercato hosts a vibrant year-round event calendarwith most events free and open to the public.

Nearby Amenities





Nearby Amenities - Retailer Map

BRIEF OVERVIEW

• Naples, FL is the only city in the world with two Ritz-Carlton

Resorts and 9045 Strada Stell Court is conveniently located

between both the Ritz-Carlton Beach Resort & Ritz-Carlton Golf

Resort.

THE RITZ-CARLTON BEACH RESORT

• 450 luxury guest rooms, including 35 suites and 70 Ritz-Carlton

Club Level rooms and suites, each with a view of the beach and

Gulf of Mexico

• An exclusive world-class spa featuring more than 30 treatment

rooms that combine relaxation and body therapies with wellness

and nutrition programs and a complimentary fitness center

• More than 42,000 SF of meeting and event space with 20

luxurious conference rooms, banquet and meeting space

• Access to the Tiburon Golf Club, offering two 18-hole Greg Norman

designed championship golf courses, instruction and pro shop,

located at the nearby Ritz-Carlton Golf Resort

• An exquisite ballroom that seats 1,000 guests

THE RITZ-CARLTON GOLF RESORT



• A 36 hole championship golf course, Tiburon, designed by Greg

Norman which hosts two major professional golf tournaments

annually

• 11 breakout rooms, 5 of which have covered terraces and

spectacular views of the Tiburon Golf Club

• 295 luxury guest rooms and suites with 14 unique meeting rooms

with a total of 16,500 SF of meeting and conference space

• Full-service Business Center providing copying, faxing and mailing

services plus internet access

• The latest Fiber Optic technology for telephone usage, data

streamlining, and video-conferencing

Ritz-Carlton Naples Locations



Regional Map



5-10-15 Minute Drive Times



3DEMOGRAPHICS



POPULATION 1 MILE 3 MILES 5 MILES

Total population 5,613 52,121 104,786

Median age 51.6 49.5 51.5

Median age (Male) 48.8 48.4 50.5

Median age (Female) 53.1 50.1 52.3

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

Total households 2,338 21,947 44,870

# of persons per HH 2.4 2.4 2.3

Average HH income $110,049 $103,056 $110,240

Average house value $311,194 $463,493 $525,656

* Demographic data derived from 2010 US Census

Demographics Map



4 SALECOMPARABLES



Subject Property

9045 Strada Stell Court, Naples, FL 34109

$3,550,000

$3,550,000Sale Price: 0.38 AcresLot Size:

2008Year Built: 12,104 SFBuilding SF:

$293.29Price PSF: 6.91%CAP:

The subject property is five contiguous suites combined for one Tenant. Suite 201-205 is an excellent opportunity to purchase a stabilized class “A” office condo secured with a national credit tenantwithin the Vanderbilt Financial Center. Located in the heart of North Naples at the prime intersection of Vanderbilt Beach Road and Airport Pulling Road adjacent to the “Shoppes at Vanderbilt.” Theproperty offers easy access, great parking & close by amenities and restaurants.

1

Vanderbilt Financial Center9045 Strada Stell Court | Naples, FL 34109

$1,600,000Sale Price: 5,674 SFBuilding SF:

$281.99Price PSF: 03/22/2017Closed:

1

Grey shell condo

2

Vanderbilt Galleria9015 Strada Stell CT | Naples, FL 34109

$695,000Sale Price: 2,292 SFBuilding SF:


2

Dental office premium

3

The Plaza At The Galleria9170 Galleria Ct | Naples, FL 34109

$700,000Sale Price: 2000Year Built:

1,532 SFBuilding SF: $456.92Price PSF:

04/04/2017Closed:

3

Closed Sale Comparables



100% vacant

4

9010 Strade Stell CtNaples, FL 34109

$460,000Sale Price: 1,832 SFBuilding SF:


4

5

9150 Galleria CourtNaples, FL 34109

$3,100,000Sale Price: 2001Year Built:


01/03/2018Closed:

5

6

9045 Strada Stell Court, Suite 305Naples, FL 34109

$630,000Sale Price: 2008Year Built:


04/06/2017Closed:

6

Closed Sale Comparables



1

2

3

4

5

6

SUBJECT PROPERTY PRICE BLDG SF PRICE/SF CAP # OF UNITS

Suite 201-205: Vanderbilt FinancialCenter9045 Strada Stell CourtNaples, FL 34109

$3,550,000 12,104 SF $293.29 6.91% 1

SALE COMPS PRICE BLDG SF PRICE/SF CAP # OF UNITS CLOSE

Vanderbilt Financial Center9045 Strada Stell CourtNaples, FL 34109

$1,600,000 5674 SF $281.99 - - 03/22/2017

Vanderbilt Galleria9015 Strada Stell CTNaples, FL 34109

$695,000 2292 SF $303.23 - - 02/28/2018

The Plaza At The Galleria9170 Galleria CtNaples, FL 34109

$700,000 1532 SF $456.92 - - 04/04/2017

9010 Strade Stell CtNaples, FL34109

$460,000 1832 SF $251.09 - 1 07/17/2018

9150 Galleria CourtNaples, FL34109

$3,100,000 14000 SF $221.43 - - 01/03/2018

9045 Strada Stell Court, Suite 305Naples, FL34109

$630,000 1972 SF $319.47 - - 04/06/2017

PRICE BLDG SF PRICE/SF CAP # OF UNITS CLOSE

Totals/Averages $1,197,500 4,550 SF $263.19 - 1

Sale Comps Summary



9045 Strada Stell Court, Naples, FL 34109SUBJECT PROPERTY


VANDERBILT FINANCIAL CENTER 29015 Strada Stell CTNaples, FL 34109

VANDERBILT GALLERIA

39170 Galleria CtNaples, FL 34109

THE PLAZA AT THE GALLERIA 4Naples, FL34109

9010 STRADE STELL CT

5Naples, FL34109

9150 GALLERIA COURT 6Naples, FL34109

9045 STRADA STELL COURT, SUITE 305

Sale Comps Map



5 FINANCIALANALYSIS



FISCHER INTERNATIONAL SYSTEMS

SALE PRICE $3,550,000

Price per SF $293.29

CAP Rate 6.91%

Square Footage 12,104

Annual Escalations 3%

YEAR NOI CAP RATE AT $3.55M

9/1/2019-8/31/2020 $245,216.85 6.91%

9/1/2020-8/31/2021 $252,573.36 7.11%

9/1/2021-8/31/2022 $260,150.56 7.33%

BLENDED CAP RATE 7.12%

RENEWAL OPTION - TERM 1

9/1/2022-8/31/2023 $267,955.07 7.55%

9/1/2023-8/31/2024 $275,993.73 7.77%

9/1/2024-8/31/2025 $284,273.54 8.01%

9/1/2025-8/31/2026 $292,801.74 8.25%

9/1/2026-8/31/2027 $301,585.80 8.50%


RENEWAL OPTION - TERM 2

9/1/2027-8/31/2028 $310,633.37 8.75%

9/1/2028-8/31/2029 $319,952.37 9.01%

9/1/2029-8/31/2030 $329,550.94 9.28%

9/1/2030-8/31/2031 $339,437.47 9.56%

9/1/2031-8/31/2032 $349, 9.85%


Financial Summary



6 SVN | KOVAADVISOR BIO



9130 Galleria Court, Suite 100Naples, FL 34109T 239.315.7015C [email protected]

PROFESSIONAL BACKGROUND

In August 2016, Mr. Sabin joined SVN® | KOVA Naples as a Partner andManaging Broker and heads up the brokerage division in Naples. In his firstyear, SVN® | KOVA Naples was awarded their first CoStar Power BrokerAward for "2016 Top Firm Award“ and 2017 “Top Sales Transactions”. Agraduate of Western Michigan University, he began his commercial realestate career with Phoenix Properties in Kalamazoo Michigan. In 2005, herelocated to Naples and joined Cameron Real Estate Services, Inc. (CRES),where he established himself for 10 years. He specialized in commercialsales, leasing and property management. At CRES, he was the firms leadingLeasing and Sales agent numerous years compiling over $40m in salestransactions, hundreds of leases, and managed 18 commercial propertiesranging from office, retail, and industrial. In 2015, Costar named Todd, top 10Commercial Sales Agents in Southwest Florida. Todd previously served onthe Collier County Economic Development Center Business Recruitment andReal Estate Advisory Board, NABOR, NABOR Commercial Real EstateCommittee, and Florida Commercial Broker Network. While Todd is awayfrom the office, he currently coaches the Boys’ Varsity Soccer Team atCommunity School of Naples (CSN) and previously coached several NaplesSharks travel soccer teams from 2005-2011.

EDUCATION

Attended Western Michigan University (WMU) and holds a Bachelor’s Degreein Business Management, and Associates Degrees in Finance, Real Estate,and Psychology.

MEMBERSHIPS & AFFILIATIONS

Member of the 2008 Leadership Collier ClassNaples Chamber of CommerceNaborICSCCCIMNaples Ventures

TODD SABIN

Managing Director

Todd Sabin



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