HomeMy WebLinkAboutBack-Up DocumentsLease Comps Summary
Lease Comps Report
Deals Gross Asking Rent Per SF Gross Starting Rent Per SF Avg. Months On Market
8 $25.58 $23.84 6
LEASE COMPARABLES
Lease C„tmiparables
SUMMARY STATISTICS
Rent Deals Low Average Median High
Gross Asking Rent Per SF 8 $23.00 $25.58 $24.26 $26.90
Gross Starting Rent per SF 8 $22.00 $23.84 $23.53 $24.90
Gross Effective Rent Per SF 8 $22.00 $23.99 $24.20 $24.91
Asking Rent Discount 8 -5.4% 7.3% 4,2% 11.5%
TI Allowance 2 $0.00 $0.00 $0.00 $0.00
Months Free Rent 3 0 1 1 2
Lease Attributes Deals Law Average Median High
Months on Market 8 1 6 7 14
Deal Size 8 915 4,246 2,364 12,051
Lease Deal in Years 5 1.0 3.8 3.0 7.0
Floor Number 8 1 4 5 9
2/6/2018
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Lease Comps Summary
Property Name -Address
50Forty on 7th
if 5040 NW 7th St
V50Forty on 7th
5040 NW 7th St
▪ 50Forty on 7th
5040 NW 7th St
„Cy 4550 NW 7th St
▪ 50Forty on 7th
5040 NW 7th St
4 3555 NW 7th St
9 Ocean Bank
780 NW 42nd Ave
A Ocean Bank
780 NW 42nd Ave
Lease
Rating SF Leased Floor Sign Date Type
- 1 9,280 9th 5/2/2015 New $23.001fs Effective
Lease Comps Report
Rents
Rent
Rent Type
lk * 7 - 1,687 7th 10/1/2014 New $24.00/fs Effective
* * * 1 3,028 5th 5/1/2014 New $23.00/fs Effective
1,265 1st 11/3/2015 New $24.50/mg Effective
lc. 915 6th 10/1/2014 New $22.00/fs Effective
* * 7 12,051 1st 5/1/2011 New $21.01/nnn Effective
91r * 4,049 4th 8/31/2009 New $22.881+elec Effective
* * * - 1,700 5th 8/31/2009 New $22.89/+elect Effective
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Lease Comps Details
Lease Comps Report
5040 NW 7th St - 50Forty on 7th
Miami, FL 33126 - Miami Airport Submarket
MARKET AT LEASE
Vacancy Rate 2015 02 YOY
Current Building 39.9% it
Submarket 3-5 Star 9.8% a
Metro Overall 10.2% 1
Gross Asking Rent Per SF 2015 Q2 YOY
Current Building 525.20
Submarket 3-5 Star $25.57
Metro Overall $30.35
Submarket Leasing Activity 2015 Q2 YOY
12 Mo. Leased SF 1,621,586
Months On Market 18.5 it
TENANT
City of Miami
Government
Other General Government Support -921190
LEASE RENTS
9,280 SF
May 2015
Office
Direct
9th Floor
Ste 900
LEASE TERM
Jul 2015
Jun 2022
7 Years
$26.00/FS
$23.00/FS
$23.001FS
CONCESSIONS AND BUILDOUT
11.54%
PROPERTY EXPENSES
TIME ON MARKET TIME VACANT
PROPERTY
$1.861SF (2016)
$6.771SF (2008-Est)
Mar 2014 Mar 2014
Jun 2015 Jul 2015
14 Months 16 Months
Office 82,763 SF
Built 1986 9
Multi 9,148 SF
B 39.9%
Reinforced Concrete 1.33
Surface Spaces @ $...
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Lease Comps Details
Lease Comps Report
0 5040 NW 7th St - 50Forty on 7th
Miami, FL 33126 - Miami Airport Submarket
MARKET AT LEASE
Vacancy Rate
Current Building
Submarket 3-5 Star
Metro Overall
2014 Q4 YOY
32.9%
10.2 /° T
11.3%
Gross Asking Rent Per SF 2014 04 YOY
Current Building 524.16
Submarket 3-5 Star $24.66
Metro Overall 529.89
Submarket Leasing Activity 2014 Q4 YOY
12 Mo. Leased SF 1,587,586
Months On Market 19.7
• Iwo., aui-. a, ui.,.i
TENANT
South FL Pain & Rehab Westdale
Medical
Offices of Chiropractors - 621310
LEASE RENTS
1,687 SF
Oct 2014
Office
Direct
7th Floor
450
LEASE TERM
Oct 2014
Nov 2016
$25.00/FS
$24.00/FS
$24.00/FS
CONCESSIONS AND BUILDOUT
4.00%
PROPERTY EXPENSES
TIME ON MARKET TIME VACANT
PROPERTY
$1.66/SF (2016)
$6.77/SF (2008-Est)
Mar2014 Mar2014
Oct 2014 Oct 2014
7 Months 7 Months
Office 82,763 SF
Built 1986 9
Multi 9,148 SF
B 32.9%
Reinforced Concrete 1,33
Surface Spaces @ $...
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Lease Comps Details
5040 NW 7th St - 50Forty on 7th
Miami, FL 33126 - Miami Airport Submarket
TENANT
Lease Comps Report
OMNI Orthopedic & Spine Center, Inc.
Medical
LEASE RENTS
3,028 SF
May 2014
Office
Direct
5th Floor
590
LEASE TERM
Jun 2014
Jun 2019
$25.001FS
$23.001FS
$23.00/FS
CONCESSIONS AND BUILDOUT
8.00%
PROPERTY EXPENSES
TIME ON MARKET TIME VACANT
Mar 2014
Jun 2014
2 Months
MARKET AT LEASE
Vacancy Rate 2014 Q2 YOY PROPERTY
$1.661SF (2016)
$6.77/SF (2008-Est)
Mar 2014
Jun 2014
3 Months
Current Building 55.8% Office 82,763 SF
Submarket 3-5 Star 11.6% . Built 1986 9
Metro Overall 11,9% ' Multi 9,148 SF
B 55.8%
Gross Asking Rent Per SF 2014 Q2 YOY Reinforced Concrete 1.33
Current Building 525.00
Surface Spaces @ $...
Submarket 3-5 Star 524.61
Metro Overall 529.73
Submarket Leasing Activity 2014 Q2 YOY
12 Mo. Leased SF 1,478,060 v
Months On Market 22.2
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Lease Comps Details
Lease Comps Report
0 4550 NW 7th St
Miami, FL 33126 - Miami Airport Submarket
MARKET AT LEASE
Vacancy Rate 2015 Q4 YOY
Current Budding 0.0% - - 0.0
Submarket 1-3 Star 9.0% v
Metro Overall 9.3°% s
Gross Asking Rent Per SF 2015 Q4 YOY
Current Building $23.24
Submarket 1-3 Star $24.35
Metro Overall $31.01
Submarket Leasing Activity 2015 Q4 YOY
12 Mo. Leased SF
Months On Market
1,748,501
14.0
TENANT
One Family Healthy, LLC
Medical
LEASE RENTS
1,265 SF
Nov 2015
Office
Direct
1st Floor
LEASE TERM
Dec 2015
Dec 2016
1 Year
$23.24/MG
$24.50/MG
$24.50/MG
CONCESSIONS AND BUILDOUT
-5.42%
PROPERTY EXPENSES
TIME ON MARKET TIME VACANT
Oct 2015
Dec 2015
1 Months
PROPERTY
$5.10/SF {2016)
Dec 2015
Office 1,265 SF
Built 1947 1
Single 1,265 SF
C 0.0%
Masonry 0.14
6 free Surface Spac...
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Lease Comps Details
Lease Comps Report
0 5040 NW 7th St - 50Forty on 7th
Miami, FL 33126 - Miami Airport Submarket
MARKET AT LEASE
Vacancy Rate
Current Building
Submarket 3-5 Star
Metro Overall
2014 04 YOY
32.9%
10.2% T
11.3% T
Gross Asking Rent Per SF 2014 04 YOY
Current Building $24.16
Submarket 3-5 Star $24.66 T
Metro Overall $29.89
Submarket Leasing Activity 2014 Q4 YOY
12 Mo. Leased SF 1,587,586
Months On Market 19.7
TENANT
Gerizim USA
LEASE RENTS
915 SF
Oct 2014
Office
Direct
6th Floor
630
LEASE TERM
Oct 2014
Sep 2015
TIME ON MARKET
PROPERTY
$23.00/FS
$22.00IFS
$22.001FS
CONCESSIONS AND BUILDOUT
4.35%
PROPERTY EXPENSES
$1.66(SF (2016)
$6.771SF (2008-Est)
TIME VACANT
Mar 2014 Mar 2014
Oct 2014 Oct 2014
7 Months 7 Months
Office 82,763 SF
Built 1986 9
Multi 9,148 SF
B 32.9%
Reinforced Concrete 1.33
Surface Spaces @ $...
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Lease Comps Details
3555 NW 7th St
Miami, FL 33125 - Miami Submarket
MARKET AT LEASE
Lease Comps Report
-0: -#
TENANT
Florida High School for Accelerated Learning
Personal Services
LEASE RENTS
LEASE TERM
12,051 SF $23.001NNN
May 2011 $21.001NNN
Office/Medical $21.01/NNN
Direct
lst Floor
May 2011
Apr 2016
5 Years
CONCESSIONS AND BUILDOUT
8.70%
2 Months
Partial Build -Out
PROPERTY EXPENSES
TIME ON MARKET TIME VACANT
Vacancy Rate 2011 Q2 YOY
Current Building 0 0% 0.0%
Submarket 1-3 Star 6.7%
Metro Overall 14.1% r PROPERTY
Gross Asking Rent Per SF 2011 Q2 YOY
Current Building S26.90
Submarket 1-3 Star 525.26
Metro Overall 529.16 ►
Submarket Leasing Activity 2011 02 YOY
12 Mo. Leased SF 88,028
Months On Market 10.3
Ihr,twiwiRirik.,,�
Aug 2010
May 2011
9 Months
$2.50/SF (2011)
$1.50/SF (2011)
$4.00ISF (2011)
Sep 2010
May 2011
8 Months
Office 12,000 SF
Built 1965 1
Multi 12,000 SF
C 0.0%
Masonry 0.88
35 Surface Spaces a.,.
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Lease Comps Details
780 NW 42nd Ave - Ocean Bank
Miami, FL 33126 - Miami Airport Submarket
MARKET AT LEASE
LEASE RENTS
4,049 SF
Aug 2009
Office
Direct
4th Floor
LEASE TERM
Sep 2009
Sep 2012
3 Years
Lease Comps Report
-
$22,00l+ELEC
$22.00l+ELEC
$22.881+ELEC
4% Annual
CONCESSIONS AND BUILDOUT
0.00%
1 Month
Partial Build -Out
PROPERTY EXPENSES
TIME ON MARKET TIME VACANT
Jun 2009
Sep 2009
3 Months
PROPERTY
$5.231SF (2011)
Feb 2009
Sep 2009
7 Months
Office 110,000 SF
Vacancy Rate 2009 03 YOY Built 1984 6
Current Building 10.5% Multi 17,752 SF
Submarket 2-4 Star 12.5% B 10.5%
Metro Overall 13.0% Masonry 4.01
300 free Covered Sp...
Gross Asking Rent Per SF 2009 Q3 YOY
Current Building $23.53
Submarket 2-4 Star $25.58 Y
Metro Overall $30.82 p
Submarket Leasing Activity 2009 Q3 YOY
12 Mo. Leased SF 785,642
Months On Market 12.0
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Lease Comps Details
0 780 NW 42nd Ave - Ocean Bank
Miami, FL 33126 - Miami Airport Submarket
TENANT
Lease Comps Report
Physicians Management Network
Medical
LEASE RENTS
1,700 SF
Aug 2009
Office
Direct
5th Floor
LEASE TERM
$22.00/+ELEC
$22.001+ELEC
$22.891+ELEC
4% Annual
CONCESSIONS AND BUILDOUT
0.00%
Sep 2009 0 Months
Sep 2012 Full Build -Out
3 Years
PROPERTY EXPENSES
TIME ON MARKET TIME VACANT
MARKET AT LEASE
Vacancy Rate 2009 Q3 YOY
Current Building 10.5%
Submarket 2-4 Star 12.5% 3 PROPERTY
Dec 2008
Sep 2009
9 Months
$5.23/SF (2011)
Dec 2008
Sep 2009
9 Months
Metro Overall 13.0% Office 110,000 SF
Built 1984 6
Gross Asking Rent Par SF 2009 03 YOY
Multi 17,752 SF
Current Building S23.53
B 10.5%
Submarket 2-4 Star 525.58 v
Metro Overall $30.62 T Masonry 4.01
300 free Covered Sp...
Submarket Leasing Activity 2009 Q3 YOY
12 Mo. Leased SF 785,642
Months On Market 12.0
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Rents
Lease Comps Report
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Gross Asking Rent Per SF Gross Starting Rent Per SF
Gross Effective Rent Per SF
Avg. Months Free Rent
$25.58 $23.84 $23.99
DEALS BY GROSS ASKING, GROSS STARTING, AND GROSS EFFECTIVE RENT
4
2
<$22
$22-$23 S23-$24
S24-$25
1.0
r 1
$25-$2ti >526
Gross Asking Rent ■ Gross Starting Rent • Gross Effectiv9 Rent
DEALS BY ASKING RENT DISCOUNT
DEALS BY MONTHS FREE RENT
2/6/2018
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Lease Comparables
9,280 SF Office Lease Signed May 2015 for $23.00 Full Service Gross (Effective)
5040 NW 7th St - 9th Floor Direct, Leased by City of Miami
Miami, FL 33126 - Miami Airport Submarket
$25.001FS
$23.001FS
$23.001FS
Jul 2015
7 Years
Jun 2022
New Lease
15 Mos
***
Office Class B
82,763 SF
19861
Cardinal Commercial Develop...
Govt, General NEC
ID8 11/3820681
1,687 SF Office Lease Signed Oct 2014 for $24.00 Full Service Gross (Effective)
5040 NW 7th St - 7th Floor Direct, Leased by South FL Pain & Rehab Westdale
Miami, FL 33126 - Miami Airport Submarket
$25.00IFS
$24.001FS
$24.001FS
Oct 2014
Nov 2016
New Lease
7 Mos
Office Class B
82,763 SF
19861
Cardinal Commercial Develop...
Chiropractors
11)11115187631
3,028 SF Office Lease Signed May 2014 for $23.00 Full Service Gross (Effective)
5040 NW 7th St - Partial 5th Floor Direct, Leased by OMNI Orthopedic & Spine Center, Inc.
Miami, FL 33126 - Miami Airport Submarket
$25.001FS
$23.00IFs
$23.001FS
Jun 2014
Jun 2019
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New Lease
3 Mos
Office Class B
82,763 SF
1986/
Cardinal Commercial Develop...
Health Practitioners, NEC
ID#1144.51284
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Page 1
Lease Comparables
1,265 SF Office Lease Signed Nov 2015 for $24.50 Modified Gross (Effective)
4550 NW 7th St - 1st Floor Direct, Leased by One Family Healthy, LLC
Miami, FL 33126 - Miami Airport Submarket
$23.241MG
$24.50!MG
$24.501MG
Dec 2015
1 Year
Dec 2016
New Lease
4 Mos
Office Class C
1,265 SF
19471
Fonseca Pablo J
ID# 122545211
915 SF Office Lease Signed Oct 2014 for $22.00 Full Service Gross (Effective)
5040 NW 7th St - 6th Floor Direct, Leased by Gerizim USA
Miami, FL 33126 - Miami Airport Submarket
$ 23.001F S
$22.001FS
$22.001FS
Oct 2014
Sep 2015
New Lease
9 Mos
Office Class B
82,763 SF
19861
Cardinal Commercial Develop...
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u
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12,051 SF Office/Medical Lease Signed May 2011 for $21.01 Triple Net (Effective)
3555 NW 7th St - Partial 1st Floor Direct, Leased by Florida High School for Accelerated Learning
Miami, FL 33125 - Miami Submarket
523,OOINNN
$21.001NNN
$21.01/NNN
May 2011
5 Years
Apr 2016
Spread Over ...
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New Lease Office Class C
10 Mos 12,000 SF
Partial Build... 19651
Lydia I. Gomez Revocable Trust
Sc h ool s, Elem en1Sec onda ry
fr
CoStar
ID# 112367711
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Page 2
Lease Comparables
4,049 SF Office Lease Signed Aug 2009 for $22.88 Plus Electric (Effective) r u,
780 NW 42nd Ave - Partial 4th Floor Direct
Miami, FL 33126 - Miami Airport Submarket
$22.00!+ELEC Sep 2009 Spread Over ... New Lease Office Class B
$22,00I+ELEC 3 Years Steps 6 Mos 110,000 SF
$22.88!+ELEC Sep 2012 Partial Build... 1984/
Ocean Bank
10# 111801157
u
1,700 SF Office Lease Signed Aug 2009 for $22.89 Plus Electric (Effective)
780 NW 42nd Ave - Partial 5th Floor Direct, Leased by Physicians Management Network
Miami, FL 33126 - Miami Airport Submarket
$22.00I+ELEC Sep 2009 0 Mos New Lease Office Class B
$22.00I+ELEC 3 Years Steps 12 Mos 110,000 SF
$22.89I+ELEC Sep 2012 Full Build -Out 1984!
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Page 3
Lease Comparables
Address
Tenant SF Leased StartDate Starting Rent Free Rent Escalations
Landlord Type Term Effective Rent TI Allow Expenses
Itr
Af<ji
ax' �:J
11t1ril
`f�
50Forty on 7th
5040 NW 7th St
Miami, FL 33126
Miami Airport Submarket
City of Miami 9,280
Cardinal Commercial Development, New Direct
Jul 2015
7 Years
$23.001FS
$23.001FS
larre,011,
Ili11113
50Forty on 7th
5040 NW 7th St
Miami, FL 33126
Miami Airport Submarket
50Forty on 7th
5040 NW 7th St
Miami, FL 33126
Miami Airport Submarket
4550 NW 7th St
Miami, FL 33126
Miami Airport Submarket
South FL Pain & Rehab Westdale 1,687
Oct 2014 $24.04IFS
Cardinal Commercial Development, New Direct $24.00!FS
OMNI Orthopedic & Spine Center, ... 3,028
Jun 2014 $23.00IFS
Cardinal Commercial Development, New Direct $23.00IFS
One Family Healthy, LLC
Fonseca Pablo J
1,265
New Direct
Dec 2015
1 Year
$24.5OIMG
$24.501MG
50Forty on 7th
5040 NW 7th St Gerizim USA 915 Oct 2014 522.00/FS
Miami, FL 33126 Cardinal Commercial Development, New Direct $22.00IFS
Miami Airport Submarket
3555 NW 7th St
Miami, FL 33125
Miami Submarket
Florida High School for
Lydia I. Gomez Revocable Trust
12,051
New Direct
May 2011
5 Years
$21.00/NNN
$21,01/NNN
Spread Over
$4.001SF
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Lease Comparables
Address
Ocean Bank
780 NW 42nd Ave
Miami, FL 33126
Miami Airport Submarket
Ocean Bank
780 NW 42nd Ave
Miami, FL 33126
Miami Airport Submarket
Tenant
Landlord
Ocean Bank
SF Leased
Type
4,049
New Direct
StartDate
Term
Sep 2009
3 Years
Starting Rent
Effective Rent
$22.00i+ELEC
$22.881+ELEC
Free Rent Escalations
TI Allow Expenses
Spread Over Steps
Physicians Management Network
Ocean Bank
1,700
New Direct
Sep 2009 $22.001+ELEC 0 Mos Steps
3 Years $22,891+ELEC
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