South Harbor Plaza · Downtown Miami y 46,500 Found out from website pdf Recreate PMS Bask at Harbor Park 310 Units 18 ADDITIONAL DEVELOPMENT PARCEL South Harbor Plaza ADAM FEINSTEIN

1SOUTH HARBOR PLAZA

South Harbor PlazaOFFERING SUMMARY

Infill Retail Investment Opportunity with Redevelopment Potential

Infill Location with Superb Demographics and Robust Trade Area • 750 feet of frontage along 17th Street Causeway • Ideal Redevelopment Site

17th Street Causeway Fort Lauderdale, Florida

South Harbor Plaza

2SOUTH HARBOR PLAZA

South Harbor Plaza

91,634SQUARE FEET (GLA)

±8.22TOTAL SITE AREA

92% OCCUPANCY

1979YEAR BUILT

750’MAIN ROAD FRONTAGE 17TH STREET

36,598 POPULATION

2-MILE

$115,166 AVG. HOUSEHOLD

INCOME 2-MILE

$

71,625 DAILY EMPLOYEE

COUNT 2-MILE

EXECUTIVE SUMMARY

Cushman & Wakefield’s Retail Investment Advisors is pleased to offer for sale South Harbor Plaza, a 91,634 sf strip center with an irreplaceable location in the city of Fort Lauderdale. Originally completed in 1979 and still owned by its original developer, the center sits on an 8.22-acre parcel with 750’ of frontage on 17th Street Causeway – Fort Lauderdale’s most exciting and growing corridor. The 17th Street Causeway provides direct access from the mainland to Fort Lauderdale’s famous white sandy beaches, some of the most prestigious neighborhoods in South Florida, the Broward County Convention Center, Pier Sixty Six, and a variety of beach-side hotels ranging from value to luxury flags.

This offering represents a unique investment opportunity with a secure income stream and a significant long term redevelopment opportunity along this dense corridor. The same owners are also offering a separate developable outparcel formerly operated as a bank drive-thru at the southwest corner of the site which is 0.68 acres.

MAJOR TENANTS

1300 SE 17th Street Fort Lauderdale, Florida

South Harbor Plaza

3SOUTH HARBOR PLAZA

South Harbor Plaza

Unique investment opportunity in one of Fort Lauderdale’s most coveted

areas

LOCATION

Infill trade area experiencing a wave of vertical development

NEVER BEFORE OFFERED INFILL

Significant upside through long-term redevelopable

potential of entire site and prime 0.68 acre former

bank parcel

Internet-resistant and diverse tenant mix

ideally tailored to serve surrounding trade area,

with no single tenant accounting for more than

10% of the revenue

VALUE-ADD DIVERSE INCOME TENURE

Many tenants have been operating at the property

for several years and are mainstays of the

community

Irreplaceable location with 750’ of frontage along the 17th Street Causeway at

the entrance to The Harbor Shops, anchored by Publix,

T.J. Maxx, and LA Fitness

OFFERING HIGHLIGHTS

4SOUTH HARBOR PLAZA

South Harbor Plaza

595

95

SE 17th StreetSE 17th StreetS

Fede

ral H

ighw

ayS

Fede

ral H

ighw

ay51

K V

PD

51K

VP

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Las Olas BoulevardLas Olas Boulevard

PIER SIXTY-SIXHOTEL & MARINA

Harbor BeachHarbor BeachHomes up to $39MHomes up to $39M

(Median Home (Median Home Value $3.7M)Value $3.7M)

Rio VistaRio VistaHomes up to $29MHomes up to $29M

(Median Home (Median Home Value $1.2M)Value $1.2M)

Las OlasLas OlasHomes up to $20MHomes up to $20M

(Median Home (Median Home Value $3.2M)Value $3.2M)

DowntownDowntown Fort Lauderdale Fort Lauderdale

BAHIA MARHOTEL

46.5K VPD46.5K VPD

501 SEVENTEEN

2-MILE RADIUS

North

Flagler VillageFlagler Village

HimmarsheeHimmarshee

Government/Government/Hospital DistrictHospital District

95

95

4SOUTH HARBOR PLAZA

LOCATION HIGHLIGHTS

South Harbor Plaza

Davie BoulevardDavie Boulevard

PRIME LOCATION• 17th Street Causeway is the primary gateway

to access Fort Lauderdale’s most attractive destinations, including Fort Lauderdale Beach, Pier Sixty-Six, and the various marinas that host the Fort Lauderdale International Boat Show as well as the newly redeveloped Broward County Convention Center.

• Center is proximate to major employment hubs including Port Everglades, Fort Lauderdale International Airport, and Downtown Fort Lauderdale. Port Everglades annually generates 4M annual visitors and 700K transient employees working on cruise and cargo ships.

• Subject is only a 10 minute drive from the Davie Boulevard interchange with I-95 and a 5 minute drive from Fort Lauderdale Beach.

SIGNIFICANT DEVELOPMENT IN THE TRADE AREA• Approximately $3 billion planned in nearby

developments including a new mixed-use Whole Foods project and renovations to the Broward Convention Center, Pier Sixty-Six, and Port Everglades.

• Broadstone Harbor Beach and Bask at Harbor Park are two new 8-story multi-family developments completed in 2017 and 2018, respectively. Together, they account for 704 residential units with an average asking rent between $2.3K - $2.5K per month. Both developments are within 0.5 miles of South Harbor Plaza.

EXCEPTIONAL 2-MILE DEMOS • Average Household Incomes are amongst the

highest in the county at +$115K • Significant daytime employment with over

71K employees in the area from Downtown Fort Lauderdale, Port Everglades, Fort Lauderdale Beach, and Fort Lauderdale Airport.

• Densely populated trade area with 36K residents living in the surrounding communities.

• The median home price in the surrounding neighborhoods of Harbor Beach, Las Olas Isles, and Rio Vista is $2.7M.

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South Harbor Plaza

TENANCY SF % OF GLA

% OF REVENUE

Shop Tenants

National / Regional (11) 18,777 20.5% 22.0%

Local (29) 50,908 55.6% 64.0%

Available (6) 7,135 7.8% 0.0%

Storage 900 1.0% 0.0%

Total Shop Tenants 77,720 85.0% 86.0%

Office Tenants

1st Floor Office (1) 4,000 4.4% 5.6%

2nd Floor Office (7) 9,914 10.8% 8.4%

Total Office Tenants 13,914 15.0% 14.0%

Total GLA 91,634 100.0% 100.0%

*National / Regional shop tenants include Batteries Plus, Berkshire Hathaway, Carrabbas, Signarama, GNC, Luxury Yacht Group (occupies three separate suites), Patronus Medical, Stretch Zone, and U.S. Pak-N-Ship

MAJOR TENANTS

• Internet-resistant and diverse tenant mix featuring service, office, medical, marine, and restaurant uses.

• Most tenants have short-term leases, providing landlord with more flexibility for future redevelopment. Carrabba’s, Press & Grind, Carlo’s & Pepe’s and JG Physical Therapy have early termination options. WALT (excluding these tenants) – 2.14 Years

• No single tenant accounts for more than 10% of the revenue

TENANCY HIGHLIGHTS

TENANCY OVERVIEW

National52,108 SF

23.5%

National vs Local Tenancy

(Based on GLA)

Local52,108 SF

56.9%

Office9,914 SF

10.8%

Available7,135 SF

7.8%

Storage 900 SF

1.0%

TENANCY HIGHLIGHTS

6SOUTH HARBOR PLAZA

South Harbor Plaza

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

FINANCIAL HIGHLIGHTSLEASE EXPIRATIONS

10-YEAR NOI GROWTH

• Secure income stream with growth potential through lease-up of 7,135 sf (7.8% of GLA) of vacant space

• 76% of the GLA covered by tenants with below-market rents

• Exceptional CAGR > 5.36%

• Former Bank Parcel drive-thru provides additional value-add potential through lease up or in a redevelopment scenario

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

-

5,000

10,000

15,000

20,000

25,000

Lease Expirations

SF Expiring % of GLA

5.36% 5.36% CAGRCAGR

FINANCIAL HIGHLIGHTS

NorthSE 17th Street

SE 17th Street

Downtown MiamiDowntown Miami

46,500Vehicles Per Day

Found out from website pdfRecreate PMS

Bask at Harbor ParkBask at Harbor Park310 Units 310 Units

Built in 2018Built in 2018

ADDITIONAL DEVELOPMENT

PARCELSouth Harbor Plaza

ADAM FEINSTEINExecutive Director+1 305 533 2863 [email protected]

MITCHELL HALPERNDirector+1 305 533 2855 [email protected]

MARK GILBERTVice Chairman+1 305 533 [email protected]

KHAMBREL ROACHFinancial Analyst+1 786 792 5203 [email protected]

RETAIL INVESTMENT ADVISORS TEAM

SPENCER KINSELLASenior Financial Analyst+1 305 351 2464 [email protected]

SCOTT QUICKFinancial Analyst+1 305 533 2869 [email protected]

ANDREW WINIGFinancial Analyst+1 786 792 5206 [email protected]

AZAM MALIKFinancial Associate+1 786 792 5202 [email protected]

©2020 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) REFERENCED HEREIN OR AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). ANY PROJECTIONS, OPINIONS OR ESTIMATES ARE SUBJECT TO UNCERTAINTY AND DO NOT SIGNIFY CURRENT OR FUTURE PROPERTY PERFORMANCE.

HEIDI PECKHAUSSenior Marketing Specialist+1 305 533 2890 [email protected]