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VALUATION & ADVISORY SERVICES
CBR'
Valuation & Advisory Services
200 S. Orange Ave.
Suite 2100
Orlando, FL 32801
T 386-672-3339
F 407-839-3132
www.cbre.com
July 5, 2017
Mr. Mark Burns
Leasing Manager
CITY OF MIAMI
444 SW 2nd Avenue
Miami, Florida 33130
RE: Bayshore Landing
2546 - 2560 South Bayshore Drive
Miami, Miami -Dade County, Florida
CBRE File No. 17-397M1-1318-1
Dear Mr. Burns:
At your request and authorization, CBRE, Inc. has prepared the following Consultation Report.
The purpose of the analysis is as follows:
• Provide an estimate of the gross rent payable to the City of Miami based on the proposed
5th amendment to the existing land lease of the subject.
• Compare the estimated land rent at the subject, based on the proposed 5th amendment,
to the rental amounts paid by other City owned waterfront land leases
• Determine the fair market return to the City on a per square foot of land area basis
• Determine if the fair market rent per square foot is at least as high per square foot, as
similar City owned waterfront land parcels
Our gross rent estimate assumes that all building and dock renovations replacements have been
completed.
- - BpE
Mr. Mark Burns
July 5, 2017
Page 2
DEFINITIONS
For the purpose of assignments completed pursuant to the Uniform Standards of Professional
Appraisal Practice (USPAP), the following definitions apply:
APPRAISAL: (noun) the act or process of developing an opinion of value; an opinion of value.
(adjective) of or pertaining to appraising and related functions such as appraisal practice or
appraisal services. Comment: An appraisal must be numerically expressed as a specific amount,
as a range of numbers, or as a relationship (e.g., not more than, not less than) to a previous
value opinion or numerical benchmark (e.g., assessed value, collateral value).
Since our assignment did not include developing an opinion of value, the requested report is not
an appraisal.
APPRAISAL CONSULTING: the act or process of developing an analysis, recommendation, or
opinion to solve a problem, where an opinion of value is a component of the analysis leading to
the assignment results. Comment: An appraisal consulting assignment involves an opinion of
value but does not have an appraisal or an appraisal review as its primary purpose.
Since the purpose of the analysis is to estimate market rent, to compare that market rent to other
City owned waterfront contract rents and determine a fair market return to the City; these
appraisal services are referred to as Appraisal Consulting and the reporting of these conclusions
is delivered to the client in the form of a Consulting Report. Therefore, our analysis is presented
in the following Consultation Report.
The subject is a mixed-use waterfront development including retail, office, restaurant, parking
and marina uses. According to the Miami -Dade County Property Appraiser's web -site, the street
address for the two subject tax parcels are 2546 - 2560 South Bayshore Drive in Miami, Miami -
Dade County, Florida. The improvements were constructed in 1989 and are currently under
significant renovation. The City owned upland land area is 2.19 acres, the City owned
submerged land is 3.92 acres and the State owned submerged land is .49 acres. Therefore, the
total City owned land is 6.11 acres and the total land area is 6.60 acres. Our conclusions are
summarized below.
CONCLUSIONS
Our conclusions are included below.
• To estimate the gross land rent payable to the City of Miami based on the proposed 5th
Amendment to the existing land lease. The gross land rent was estimated to be
$1,462,040, which is equal to $5.49 per SF of City owned land.
• Compare the estimated land rent at the subject based on the proposed 5'h amendment, to
the rental amounts paid by other waterfront land leases in order to determine the fair
market return on a "per square foot of land" basis.
• Determine if the estimated rent at the subject based on the proposed amendment will be
at least as high per square foot of land area as similar City owned waterfront land
parcels.
• The market rents currently being paid for City owned waterfront land leases ranged from
$1.02 per SF to $4.55 per SF. The above referenced estimated gross land rent for the
CBRE
Mr. Mark Burns
July 5, 2017
Page 3
subject is greater than all of the comparables. Therefore, this contract rent is at least as
high as market rent.
The report, in its entirety, including all assumptions and limiting conditions, is an integral part of,
and inseparable from, this letter.
The following Consultation sets forth the most pertinent data gathered, the techniques employed,
and the reasoning leading to the opinion of value. The analyses, opinions and conclusions were
developed based on, and this report has been prepared in conformance with, the guidelines and
recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP),
the requirements of the Code of Professional Ethics and Standards of Professional Appraisal
Practice of the Appraisal Institute.
The intended use and user of our report are specifically identified in our report as agreed upon in
our contract for services and/or reliance language found in the report. No other use or user of
the report is permitted by any other party for any other purpose. Dissemination of this report by
any party to non -client, non -intended users does not extend reliance to any other party and CBRE
will not be responsible for unauthorized use of the report, its conclusions or contents used
partially or in its entirety.
It has been a pleasure to assist you in this assignment. If you have any questions concerning the
analysis, or if CBRE can be of further service, please contact us.
Respectfully submitted,
Jeff H. Carson, MAI, MRICS
Vice President
Cert Gen RZ1612
Phone: (386) 672-3339
Fax: (407) 839-3132
Email: Jeff. CarsongCBRE.Com
�;� 4F
James E. Agner, MAI, AI-GRS, SGA, MRICS
Senior Managing Director —
Florida/Caribbean
Cert Gen RZ382
Phone: (305) 381-6480
Fax: (305) 381-6442
Email
Brian L. Finnell, MAI, CCIM
Managing Director — Orlando/Jacksonville
Cert Gen RZ914
Phone: (407) 839-3117
Fax: (407) 839-3132
Email: Brian. L.Finnell@cbre.com
CBRE
Certification
Certification
We certify to the best of our knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and
limiting conditions and are our personal, impartial and unbiased professional analyses, opinions, and
conclusions.
3. We have no present or prospective interest in or bias with respect to the property that is the subject of
this report and have no personal interest in or bias with respect to the parties involved with this
assignment.
4. Our engagement in this assignment was not contingent upon developing or reporting predetermined
results.
5. Our compensation for completing this assignment is not contingent upon the development or reporting
of a predetermined value or direction in value that favors the cause of the client, the amount of the
value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly
related to the intended use of this Consultation.
6. This Consultation assignment was not based upon a requested minimum valuation, a specific
valuation, or the approval of a loan.
7. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in
conformity with the Uniform Standards of Professional Appraisal Practice, as well as the requirements
of the State of Florida.
8. The reported analyses, opinions, and conclusions were developed, and this report has been prepared,
in conformity with the requirements of the Code of Professional Ethics and Standards of Professional
Appraisal Practice of the Appraisal Institute.
9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its
duly authorized representatives.
10. As of the date of this report, Jeff Carson, MAI and Brian Finnell, MAI and James Agner, MAI have
completed the continuing education program for Designated Members of the Appraisal Institute.
11. Jeff Carson, MAI has, while Brian Finnell, MAI and James Agner, MAI have not made a personal
inspection of the property that is the subject of this report.
12. No one provided significant real property Consultation assistance to the persons signing this report.
13. Valuation & Advisory Services operates as an independent economic entity within CBRE, Inc. Although
employees of other CBRE, Inc. divisions may be contacted as a part of our routine market research
investigations, absolute client confidentiality and privacy were maintained at all times with regard to
this assignment without conflict of interest.
14. Jeff Carson, MAI and Brian Finnell, MAI have, and James Agner, MAI has not provided any services, as
an appraiser or in any other capacity, regarding the property that is the subject of this report within the
three-year period immediately preceding acceptance of this assignment.
Jeff H. Carson, MAI, MRICS Brian L. Finnell, MAI, CCIM
Cert Gen RZ 1612 Cert Gen RZ914
James E. Agner, MAI, AI-GRS, SGA, MRICS
Cert Gen RZ382
CBRE
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Second Floor Under Construction ■Rear External Stairs
Executive Summary
Executive Summary
Property Name
Bayshore Landing
Location
2546 - 2560 South Bayshore Drive, Miami, Miami -
Dade County, Florida 33133
Highest and Best Use
As If Vacant
Waterfront Mixed Use Development
As Improved
Continued Waterfront Mixed Use
Property Rights
Sandwich Leasehold Interest
Date of Report
July 5, 2017
Date of Inspection
June 19, 2017
Estimated Exposure Time
12 Months
Estimated Marketing Time
12 Months
City Owned Upland Land
2.19 AC
95,600 SF
City Owned Submerged Land
3.92 AC
170,562 SF
Total City Owned Land
6.11 AC
266,162 SF
State Owned Submerged Land
0.49 AC
21,334 SF
Total Land Area
6.60 AC
287,496 SF
Improvements
Property Type
Waterfront Commercial
Number of Buildings
4
Number of Stories
2
First Floor Retail Area - Rentable
13,458 SF
Second Floor Office Area - Rentable
15,861 SF
Net Rentable Area
29,319 SF
Proposed Wet Slips
108 Slips
Proposed Side Tie Dockage
400 LF
Condition
Under Renovation/Replacement
Buyer Profile
Investor -National
Financial Indicators
Current Occupancy
95.4%
Stabilized Occupancy
96.0%
Stabilized Credit Loss
1.0%
CONCLUSIONS
Consultation Premise
Lease Year
Estimated 5th Amendment Land Rent
Oct 1, 2017 - Sept 30, 2018
$1,462,040
Is the Estimated 5th Amendment Land Rent At Least As High Per SF As Similar City Owned Waterfront Land Parcels
Yes
Compiled by CBRE
vii CBRE
Executive Summary
STRENGTHS, WEAKNESSES, OPPORTUNITIES AND THREATS (SWOT)
Six of the most important aspects of a coastal waterfront parcel or development are:
1 . Waterward proximity from the nearest open water access
2. Waterward access from the adjacent channel
3. Waterward exposure from the adjacent channel
4. Landward proximity from the nearest major highway
5. Landward access from the adjacent roadway
6. Landward exposure from the adjacent roadway
Strengths/ Opportunities
• Landward access and exposure are good. The subject is located at the signalized intersection
of South Bayshore Drive and Aviation Avenue. South Bayshore Drive is a heavily traveled
neighborhood collector route which provides excellent local access.
• Landward proximity from the nearest highway is good. From landward, the subject is located
about two miles south of Interstate 95, which provides regional access.
• Waterward proximity to the nearest inlet is good. From waterward, the subject has direct
access out to the Atlantic Ocean.
• Coconut Grove is a very well maintained coastal submarket that is located south of downtown
Miami Central Business District. As such, residential demand for this area by affluent
property owners is very high.
• The waterward access and exposure from the main channel in Biscayne Bay is typical of the
area and adequate for large vessels of at least 100 LF, according to the current rent roll.
Weaknesses/ Threats
• The ownership interest being appraised represents the sandwich leasehold interest. For some
buyers the lack of a fee simple interest in the land parcel can be a negative factor.
EXTRAORDINARY ASSUMPTIONS
An extraordinary assumption is defined as "an assumption directly related to a specific
assignment, as of the effective date of the assignment results, which if found to be false, could
alter the appraiser's opinions or conclusions." '
• We have assumed that all of the renovations at the subject will be complete on or before
October 1, 2017.
• We have not inspected the subject property below the waterline. We have assumed that these
improvements are in good working condition.
• We have assumed that the marina basin is of adequate depth for all of the existing vessels to
ingress and egress safely, without dragging the bottom.
• We have assumed that the existing building improvements comply with all federal, state and
local requirements.
1 The Appraisal Foundation, USPAP, 2016-2017 ed., U-3.
CBRE
Executive Summary
• We have assumed that there are no adverse easements or encroachments that would
negatively affect the utility or value of the subject.
• We have assumed that the subject improvements and use are compliant with the existing
zoning and land lease requirements.
• We have assumed that all of the physical and financial data that was provided for this
analysis is complete and correct.
• The use of any extraordinary assumptions may affect the assignment results.
HYPOTHETICAL CONDITIONS
A hypothetical condition is defined as "a condition, directly related to a specific assignment,
which is contrary to what is known by the appraiser to exist on the effective date of the
assignment results, but is used for the purposes of analysis." 2
• None.
2 The Appraisal Foundation, USPAP, 2076-2077 ed., U-3.
IX
CBRE
Table of Contents
Table of Contents
Certification......................................................................................................................... i
SubjectPhotographs............................................................................................................
ii
ExecutiveSummary ............................................................................................................vii
Tableof Contents.................................................................................................................x
Introduction........................................................................................................................
1
AreaAnalysis......................................................................................................................
5
NeighborhoodAnalysis.......................................................................................................
8
SiteAnalysis......................................................................................................................
17
ImprovementsAnalysis......................................................................................................
24
Zoning..............................................................................................................................
28
TaxAssessment Data.........................................................................................................
30
2017 CBRE Marine Industry Report ....................................................................................
31
2017 CBRE Restaurant Industry Report ...............................................................................
51
OfficeMarket Analysis.......................................................................................................
58
RetailMarket Analysis.......................................................................................................
60
Highestand Best Use........................................................................................................
62
ValuationMethodology.....................................................................................................
64
ProjectedLand Rent...........................................................................................................
65
MarketLand Rents.............................................................................................................
70
Conclusions......................................................................................................................
71
Assumptions and Limiting Conditions................................................................................ 72
ADDENDA
A Waterfront Land Lease Comparables
B Operating Data
C Legal Description Data
D Pr6cis METRO Report
Qualifications
x
CBRE
Introduction
Introduction
OWNERSHIP AND PROPERTY HISTORY
There are three ownership parties involved in the subject property; the City of Miami owns the fee
simple interest in the upland and part of the submerged land, the Florida Department of
Environmental Protection owns the fee simple interest in the Sovereign Submerged Land Lease,
(SSLL), area and Aligned Bayshore Marina LLC is the tenant to the City of Miami property and the
subtenant, (through the City of Miami), to the submerged land that is owned by the State.
Therefore, the ownership interests owned by the City of Miami and Aligned Bayshore Marina LLC
are both sandwich leasehold interests.
The lease of City lands and sublease of State lands was originally signed in September of 1985.
Since then it has been assigned and amended several times. The most recent amendment was
dated February 2015. Shortly after the 0 Amendment, the property was purchased by Aligned
Bayshore Marina LLC. The ownership interest held by Aligned Bayshore Marina, LLC was
acquired in May 2015. According to Jose Hevia of Aligned Bayshore Marina LLC, the total
consideration was $28,500,000, which included the sandwich leasehold interest in the land and
building as well as the going concern, furniture, fixtures, equipment and the existing inventory.
Out of the total transaction price, $6,950,000, was recorded in OR Book 29630, beginning at
Page 2569 of the Miami -Dade County Public Records as the depreciated value of the
improvements. This allocation was consistent with the Miami -Dade County Property Appraiser's
estimate of depreciated improvement value at the time of sale.
The 5th Amendment is being proposed to the current lease. If the proposed 5' Amendment
passes, it would provide for the following changes and additions:
• Remaining Lease Term would change from 18 years to 50 years
• Two 10 -year options would be being added
• Minimum Rent would change to the greater of $200,000 or:
• Office/Retail will change from 10% of gross receipts to 11.75%, plus
• Marina rent will change from 15% of gross revenue to 16.75%
Additionally, Aligned Bayshore Marina LLC will agree to invest $4,000,000 in capital
improvements over the life of the lease plus the two 10 -year extensions. The 18 -page document
also outlines a sliding -scale transfer fee which would be payable to the City upon any sale of the
property and details regarding a refinancing fee. Approval of this 5th Amendment is scheduled
to go before the voters on July 13'h, 2017.
To the best of our knowledge, there has been no other sales activity regarding the subject
property during the three years prior to the date of this valuation.
CBRE
Introduction
To the best of our knowledge, there is no current listing activity regarding the subject property.
To the best of our knowledge, are no current contracts, LOI's or other written offers to purchase
the subject property.
INTENDED USE OF REPORT
This consultation is to be used by the client identified below as well as Aligned Bayshore Marina
LLC, for decision making purposes regarding the proposed 5" Amendment to the lease
agreement between the City of Miami and Aligned Bayshore Marina LLC. No other use is
permitted.
INTENDED USER OF REPORT
This consultation is to be used by the client, which is the City of Miami as well as Aligned
Bayshore Marina LLC, which is the only other intended user. No other user may rely on our
report.
Intended Users - the intended user is the person (or entity) who the appraiser intends
will use the results of the consultation. The client may provide the appraiser with
information about other potential users of the consultation, but the appraiser
ultimately determines who the appropriate users are given the consultation problem to
be solved. Identifying the intended users is necessary so that the appraiser can report
the opinions and conclusions developed in the consultation in a manner that is clear
and understandable to the intended users. Parties who receive or might receive a
copy of the consultation are not necessarily intended users. The appraiser's
responsibility is to the intended users identified in the report, not to all readers of the
consultation report. 3
PURPOSE OF THE CONSULTATION
The purpose of the analysis is as follows:
• Provide an estimate of the gross rent payable to the City of Miami based on the proposed
5th amendment to the existing land lease of the subject.
• Compare the estimated land rent at the subject, based on the proposed 5th amendment,
to the rental amounts paid by other City owned waterfront land leases
• Determine the fair market return to the City on a per square foot of land area basis
• Determine if the fair market rent per square foot is at least as high per square foot, as
similar City owned waterfront land parcels
PROPERTY INTEREST ANALYZED
The interest owned by the Aligned Bayshore Marina LLC, (upon which the gross rents paid to the
City are estimated), represents the sandwich leasehold position, which is the bundle of property
3 Appraisal Institute, The Appraisal of Real Estate, 14th ed. (Chicago: Appraisal Institute, 2013), 50.
2 CBRE
C 2017 CBRE. Inc.
Introduction
rights that are leased/subleased from the City and then subleasing to the various tenants at the
subject. Fee Simple, Leased Fee, Leasehold and Sandwich Lease are defined as follows:
Fee Simple Interest - Absolute ownership unencumbered by any other interest or
estate, subject only to the limitations imposed by the governmental powers of taxation,
eminent domain, police power and escheat.'
Leased Fee Interest - A freehold (ownership interest) where the possessory interest has
been granted to another party by creation of a contractual landlord -tenant
relationship (i.e., a lease).'
Leasehold Interest - The tenant's possessory interest created by a lease.'
Sandwich Lease — A lease interest in which an intermediate, or sandwich, leaseholder
is the lessee of ne party and the lessor of another. '
SCOPE OF WORK
The scope of the assignment relates to the extent and manner in which research is conducted,
data is gathered and analysis is applied. CBRE, Inc. completed the following steps for this
assignment:
Competency
The appraisers have the necessary consultation education, experience in this property type and
geographical competence necessary to produce a credible result.
Extent to Which the Property is Identified
The property is identified through the following sources:
• postal address
• assessor's records
• legal description
• Alta survey
Extent to Which the Property is Inspected
CBRE conducted an interior and exterior inspection of the buildings as well as a surface
inspection of the land and site improvements. We did not inspect the roofs or any improvements
below the waterline.
Type and Extent of the Data Researched
CBRE reviewed the following:
• real estate tax data
4 Dictionary of Real Estate Appraisal, 78.
5 Dictionary of Real Estate Appraisal, 113.
6 Dictionary of Real Estate Appraisal, 113.
7 Dictionary of Real Estate Appraisal, 256.
_� r CBRE, 1-
3
Introduction
• zoning requirements
• flood zone status
• demographics
• comparable data
Type and Extent of Analysis Applied
CBRE, Inc. analyzed the data gathered through the use of appropriate and accepted consultation
methodology to arrive at a probable value indication via each applicable approach to value. The
steps required to complete each approach are discussed in the methodology section.
Data Resources Utilized in the Analysis
DATA SOURCES
Item: Source(s):
Site Data
Gross Land Area
ALTA Survey Prepared by Mojarena & Associates, Revised 4-10-2015
State Owned Submerged Land
BOT File No. 1300-340-16
City Owned Upland
Google Maps Measuring Tool
City Owner Submerged land
Residual from the above inputs
Improved Data
Building Area
Rent Roll Provided by Aligned Bayshore Marina, LLC.
No. Bldgs.
Miami -Dade County Property Appraiser
Parking Spaces
ALTA Survey Prepared by Moiarena & Associates, Revised 4-10-2015
Year Built/Developed
Miami -Dade County Property Appraiser
Economic Data
Deferred Maintenance:
Inspection
Building Costs:
Marshall Valuation Service and local contractors
Income Data:
Subject and Comparables
Expense Data:
Subject and Comparables
Compiled by CBRE
4 CBRE
Area Analysis
Area Analysis
Florida
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0 2017 CBff, Inc.
L44 J;1=
Area Analysis
Moody's Economy.com provides the following Miami -Miami Beach -Kendall, FL metro area
economic summary as of March 2017. The full Moody's Economy.com report is presented in the
Addenda.
RECENT PERFORMANCE
The economy in Miami -Miami Beach -Kendall is sending mixed signals. The metro division's
unemployment rate has increased over the last six months. Wage growth exceeds the national
rate but lags that in the rest of Florida, with nearly all job gains over the last year occurring in
services. House prices have increased 7.5%, exceeding the statewide and national pace.
BANKING
Financial services will provide a stable source of jobs and income over the next five years, but the
sector will underperform the metro division's economy. Numerous factors present challenges to
growth in Miami -Miami Beach -Kendall, home to the East Coast's largest concentration of
international banks south of New York City. First, U.S. banks should benefit from President
Trump's promise to scale back Dodd -Frank, but his exact plans remain unclear, and the eventual
benefit could be wiped away by the destabilizing effects of the administration's more restrictive
trade and immigration policies and the Federal Reserve's higher interest rates. Also, banking in
Miami -Miami Beach -Kendall will suffer because of its close ties to Latin America, where several
major economies including Brazil, Argentina and Venezuela remain mired in recession. Finally,
finance jobs in the metro division are threatened by industry consolidation. Miami -Miami Beach -
Kendall is the headquarters of four financial institutions with more than $5 billion in local
deposits and assets, but none ranks among the 50 largest banks in the nation. Each can be
absorbed by a bigger out-of-town rival that is eager to break into the lucrative South Florida
market, as was recently the case with Sabadell United, Miami -Miami Beach-Kendall's fifth-largest
bank. Despite these headwinds, banking will expand moderately because the metro division
remains an attractive destination for affluent U.S. retirees and wealthy expatriates from Latin
America.
6 CBRE
MIAMI -MIAMI BEACH-KENDALL, FL - ECONOMIC INDICATORS
Indicators
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Gross Metro Product (C09$ Bil)
104.4
106.3
108.4
111.1
113.8
114.9
119.4
125.3
130.2
134.3
138.9
143.8
% Change
0.2
1.8
2.0
2.5
2.4
1.0
3.9
5.0
3.9
3.1
3.4
3.6
Total Employment (Ths)
1,007.3
1,031.3
1,056.5
1,089.3
1,125.8
1,157.7
1,182.5
1,206.1
1,224.4
1,234.6
1,237.9
1.245.6
% Change
2.2
2.4
2.4
3.1
3.4
2.8
2.1
2.0
1.5
0.8
0.3
0.6
Unemployment Rate (%)
9.4
8.3
7.5
6.8
5.9
5.4
4.9
3.5
2.9
3.2
3.7
3.8
Personal Income Growth (%)
4.8
2.6
0.4
7.4
5.0
4.6
6.0
7.3
7.0
6.2
5.3
5.4
Median Household Income ($ Ths)
41.7
42.0
42.4
42.9
43.8
45.2
46.9
49.1
51.2
52.9
54.4
56.1
Population (Ths)
2,578.9
2,610.1
2,640.3
2,666.6
2,689.6
2,722.0
2,760.2
2,799.8
2,839.5
2,878.7
2,916.6
2,954.4
% Change
2.8
1.2
1.2
1.0
0.9
1.2
1.4
1.4
1.4
1.4
1.3
1.3
Net Migration (Ths)
57.7
18.0
16.8
15.2
10.6
22.2
28.1
29.6
29.7
29.5
28.2
28.5
Single-Fomily Permits (#)
962.0
1,819.0
2,266.0
2,077.0
2,800.0
2.845.6
3,278.9
5,997.3
7,641.7
7,109.2
6,946.7
7,367.7
Multifamily Permits (#)
1,656.0
3,250.0
8,050.0
5,654.0
9,817.0
6,316.3
7,543.6
7,927.6
7,007.0
4,919.1
5,176.7
5,993.1
Fhfo House Price (1995Q1 =100)
182.9
185.9
207.7
233.2
256.8
281.9
296.6
300.2
291.1
281.0
277.2
279.3
Source: Moody's Economy.com
RECENT PERFORMANCE
The economy in Miami -Miami Beach -Kendall is sending mixed signals. The metro division's
unemployment rate has increased over the last six months. Wage growth exceeds the national
rate but lags that in the rest of Florida, with nearly all job gains over the last year occurring in
services. House prices have increased 7.5%, exceeding the statewide and national pace.
BANKING
Financial services will provide a stable source of jobs and income over the next five years, but the
sector will underperform the metro division's economy. Numerous factors present challenges to
growth in Miami -Miami Beach -Kendall, home to the East Coast's largest concentration of
international banks south of New York City. First, U.S. banks should benefit from President
Trump's promise to scale back Dodd -Frank, but his exact plans remain unclear, and the eventual
benefit could be wiped away by the destabilizing effects of the administration's more restrictive
trade and immigration policies and the Federal Reserve's higher interest rates. Also, banking in
Miami -Miami Beach -Kendall will suffer because of its close ties to Latin America, where several
major economies including Brazil, Argentina and Venezuela remain mired in recession. Finally,
finance jobs in the metro division are threatened by industry consolidation. Miami -Miami Beach -
Kendall is the headquarters of four financial institutions with more than $5 billion in local
deposits and assets, but none ranks among the 50 largest banks in the nation. Each can be
absorbed by a bigger out-of-town rival that is eager to break into the lucrative South Florida
market, as was recently the case with Sabadell United, Miami -Miami Beach-Kendall's fifth-largest
bank. Despite these headwinds, banking will expand moderately because the metro division
remains an attractive destination for affluent U.S. retirees and wealthy expatriates from Latin
America.
6 CBRE
Area Analysis
AIRPORT
Trump's skepticism regarding trade and the uncertainty surrounding his travel policy present new
risks to Miami International Airport. According to the Airport Council International, Miami -Miami
Beach-Kendall's airport is the second busiest in the nation for both international passengers and
international freight. Trump's promise to renegotiate foreign trade agreements and his attempts
to prohibit travelers from particular countries threaten these rankings and the airport's 37,000
jobs. Growth at the airport is in further danger if America's thawing relationship with Cuba is
rechilled under the current administration. Following liberalized travel regulations adopted under
President Obama, American Airlines instated 12 daily nonstop flights between Miami -Miami
Beach -Kendall and Cuba, but these routes and several others across the U.S. can be canceled by
Trump.
MAJOR PROJECTS
Growth in construction will be robust, as groundbreakings on major projects have become
routine in Miami -Miami Beach -Kendall. The Miami Central train station, which will connect a new
intercity train line and local transit options, will open later this year. The Miami Worldcenter,
which will include high-end retail, hundreds of residences, and an 1,800 -room hotel, will open in
2018. Over the next few years, the "tallest building in Florida" distinction will pass among multiple
towers in Miami -Miami Beach -Kendall as developers race to erect ever -taller skyscrapers. And the
county commission recently approved preliminary plans for a $3 billion shopping center that will
be America's largest mall once it is completed.
CONCLUSION
In the near term, a bevy of construction projects in Miami -Miami Beach -Kendall will help the
metro division overcome policy challenges from the new administration in Washington DC. Over
the forecast horizon, Miami -Miami Beach-Kendall's international character, combined with its
high -skilled, bilingual workforce, will help it best the U.S. in household income growth.
CBRE
.,17: f RE. In=
Neighborhood Analysis
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LOCATION
Neighborhood Analysis
The subject is in the Coconut Grove District of Miami. Coconut Grove is an upscale coastal
suburban location. The City of Miami is situated in Miami -Dade County, about 27 miles south of
Fort Lauderdale. Coconut Grove (commonly called "The Grove") is an urban -village with a
mixture of commercial and residential development of upper income households, luxury hotels,
art galleries, theatres, bistros, boutiques, high-rises and waterfront estates. Coconut Grove
encompasses 3.1 square miles and is located about 5 miles south of the Miami Central Business
District.
General neighborhood characteristics are summarized below.
NEIGHBORHOOD CHARACTERISTICS
Location:
(urban, suburban, rural)
Suburban
Built -Up:
(575%, 25-50% <25%)
25%-75%
Growth Rate / Change:
(rapid stable, slow)
Stable
Change in Present Land Use:
(not likely, likely•, rcrkrt ;;:r, .r'r
Not Likely
(•) From:
n/a
to n/a
Neighborhood Boundaries
North:
Rickenbacker Causeway
South:
SW 72nd Street
East:
Biscayne Bay
West:
US Highway 1
Source: CBRE
8
0 2017 ®Pf, 1—
CBRE
Neighborhood Analysis
NEIGHBORHOOD HOUSING TRENDS
The neighborhood housing trends and home prices are summarized as follows:
NEIGHBORHOOD HOUSING TRENDS
Property Values:
(increasing, .stable, declining)
Stable
Demand/Supply:
(shortage, in balance, orersnpph)
In Balance
Marketing Time:
( 3 months, 3-0 months, G months)
3 - 6 Months
Low High
Predominant
Price ($000's):
$100 $1,000+
$565
Age (yrs.):
1 70+
20
Source: CBRE
LAND USE
Land uses within the subject neighborhood consist of a mixture of commercial and residential
development. The immediate area surrounding the subject consists primarily of marinas and
restaurants along the waterfront as well as high rise residential condominium towers and office
buildings on the west side of South Bayshore Drive. This mixed use coastal district is surrounded
by established high-end residential communities.
Coconut Grove
Major retail developments located in the vicinity of the subject include; Mayfair in the Grove (FKA
Streets of Mayfair), Village Shops, Commodore Centre, Grove Harbor, Grove Square, Florentino
Plaza and CocoWalk. Major developments located along South Bayshore Drive, include Grove
Hill Towers, Coconut Grove Bayshore Condominium, Grand Bay Office Plaza, SBC Office Tower
(f/k/a Terremark Centre), Bayview Executive Plaza, The Mutiny, Sonesta Hotels & Suites, the Ritz
Carlton Hotel & Condominium Residences and Grove at Grand Bay.
The Grove at Grand Bay (Terra Group) is a high-end luxury residential project. This project will
consist of two, 20 -story residential towers with a total of 97 high-end luxury residential
condominium units, a 10,220 SF office unit and a 2,550 SF commercial unit with a total
allowable building area of 778,655 SF, including the garage. The subject units will consist of the
two-, three-, four-, five-, six and seven -bedroom floor plans.
The residential areas vary from multi- million -dollar, waterfront homes and high-rise
condominiums in East Grove along Biscayne Bay to lower income housing in the adjacent
community of West Grove.
CocoWalk consists of about 665,000 square feet in an open air complex of retail, restaurants,
and bars. The complex contains a 16 screen Paragon Theater that was refurbished and had a
grand reopening in the Summer of 2010. The atmosphere of this open-air mall continues to
attract visitors and several annual festivals help to put CocoWalk in a very high profile position.
9 CBRE
Neighborhood Analysis
Mayfair in the Grove (FKA Streets of Mayfair) — spread out over two and half blocks, this open air
shopping plaza provides 268,532 SF of commercial space set in a low-rise office building with
ground floor retail space set in a lifestyle center layout. There are about 43,000 SF of retail space
that includes specialty shops, restaurants, a bookstore and a two vacant nightclubs. Along with
the ground floor retail, the majority of the property includes good quality, Class B office space.
Commodore Plaza is a street lined development with sidewalk cafes, restaurants and retail
shopping.
The area is a very affluent neighborhood with a 2016 average household income within a 1 -mile
radius of $101,045. However, this is skewed downward somewhat by low-income developments
in West Grove with many of West Grove residents living with public assistance. In addition to
local residents, the retail and entertainment related properties surrounding Cocowalk attract
thousands of tourists.
The Ritz Carlton Hotel is 1 15 -room hotel which occupies the first 8 floors of one of the two 21 -
story towers and 174 condominium units on the remaining floors. Mutiny Hotel and Park has
recently completed renovation of their condo/hotel property. Residence Inn by Marriott completed
a renovation of an old apartment complex and converted it into a 140 -room, extended stay
hotel.
The Mayfair Hotel and Spa is located at 300 Florida Ave adjacent to the subject. The Mayfair
Hotel and Spa is one of the signature properties of Coconut Grove, but has had financial
difficulties in the recent past with numerous contractor liens and a foreclosure lawsuit. The
foreclosure lawsuit consists of 132 units of the 179 -unit condo -hotel at the Mayfair Hotel and
Spa.
The local waterfront land use patterns are summarized as follows.
IN
Neighborhood Analysis
NEIGHBORHOOD LAND USE
Present Land Use %
Single Unit Residential: 30% Industrial: 0%
Multi -Housing: 25% Agricultural: 0%
Commercial: 40% Vacant Land 5%
Commercial Land Use Patterns
Primary Commercial Thoroughfares: US Highway 1, Brickell Avenue,
Bayshore Drive, South Dixie Highway,
US 41
Local Waterfront Developments: Bayshore Landing
Sea Isle Marina
Miamarina
Miami Beach Marina
Rickenbacker Marina
Grove Harbour Marina
Dinner Key Marina
Coral Reef Yacht Club
Grove Isle Hotel & Spa
Grove Key Marina
Source: CBRE
West Grove
West Grove has historically been a lower income neighborhood in Miami -Dade County.
However, West Grove is proposed to go under a revitalization/rehabilitation program, with one
project, Gibson Plaza currently under construction. Gibson Plaza (Pinnacle Housing Group) will
consist of a 5 -story mixed -used residential development with a total of 56 rental apartment units,
most of them affordable housing units tailored to elderly, low-income tenants, along with a job -
training center run by Miami -Dade College on the ground floor. The development is expected to
cost to about $264,000 per unit. It will be located in West Grove area along the north side of
Grand Avenue at Plaza Street.
In addition, Pointe Group is moving ahead with a development project that will consist of six
square blocks of businesses and homes at the east end of Grand Avenue at a cost of about $200
million, a reduction from its first reported price of more than $300 million. However, at present
ground has not been broken on any of these developments.
GROWTH PATTERNS
According to demographic growth trends, the subject area reflects strong increases in growth
patterns in population and households. This is due to the large number of new high-rise condo
projects that were completed in the past 15 years that include South 27 Lofts, Lofts at Mayfair,
Grovernor House, Grove Garden, Gateway to the Grove, Cocostyle Lofts, Cloisters on the Bay,
11 CBRE
Neighborhood Analysis
Beacon Harbour, Residences at Vizcaya, Sonesta Hotel Coconut Grove and Ritz-Carlton Coconut
Grove.
ACCESS
Primary access to the subject neighborhood is provided by US 1, which extends from the southern
terminus of 1-95 a few miles north of the subject. US 1 is the major artery traversing this part of
Miami. It is a 6 -lane roadway with traffic flow in a north/south direction. US 1 connects with
Interstate 95 about 3 miles north of the subject. All points throughout Florida can be accessed
from 1-95 and other connecting highways. The commute to the Miami Central Business District is
about fifteen to twenty minutes.
Regional access for the subject neighborhood is provided by South Bayshore Drive, which runs
along Biscayne Bay and provides access to the Brickell office submarket, as well as to the
downtown Central Business District. Main Highway and Ingraham Highway provide north/south
access to South Miami and the Coral Gables area of Coco Plum and Pinecrest area.
DEMOGRAPHICS
Selected neighborhood demographics in 1-, 3-, and 5 -mile radii from the subject are shown in
the following table:
12 CBRE
C _: 17 CBRE. 1,_.
Neighborhood Analysis
SELECTED NEIGHBORHOOD DEMOGRAPHICS
2550 South Boyshore Drive
1 Mile
3 Miles
5 Miles
Miami, Florida
Population
2021 Total Population
17,171
171,629
450,239
2016 Total Population
16,264
163,745
424,479
2010 Total Population
15,468
157,519
394,879
2000 Total Population
14,259
147,380
352,146
Annual Growth 2016 - 2021
1.09%
0.94%
1.19%
Annual Growth 2010 - 2016
0.84%
0.65%
1.21%
Annual Growth 2000 - 2010
0.82%
0.67%
1.15%
Households
2021 Total Households
8,009
70,077
181,332
2016 Total Households
7,614
66,958
170,226
2010 Total Households
7,306
64,681
156,120
2000 Total Households
6,773
60,230
134,188
Annual Growth 2016 - 2021
1.02%
0.91%
1.27%
Annual Growth 2010 - 2016
0.69%
0.58%
1.45%
Annual Growth 2000 - 2010
0.76%
0.72%
1.53%
Income
2016 Median Household Income
$58,484
$40,495
$39,170
2016 Average Household Income
$101,045
$75,247
$70,623
2016 Per Capita Income
$47,231
$31,011
$28,807
2016 Pop 25+ College Graduates
6,706
44,313
100,840
Age 25+ Percent College Graduates - 2016
53.5%
36.4%
32.4%
Source: ESRI
CONCLUSION
The recent construction projects in the neighborhood clearly show that Miami's investment
community considers Coconut Grove to be a good long term play. The subject area is one of the
major tourist destinations in Miami -Dade County. It is known for its unique retail stores, marinas,
restaurants, bars and cutting edge office space catering to the arts, design and advertising
segments. Coconut Grove is also known for its arts and culture, with frequent festivals, shows,
and events that annually draw millions of people to the area. Most of the developments that took
place in the Coconut Grove area in this recent construction boom were high-rise residential
condominiums. As site specific residential development continues to be feasible, developers are
targeting sites preferably with water frontage or views, as well as high-density sites in order to
construct high-end residential developments. This trend will continue as existing high-end
residential projects are absorbed and new condo projects currently under construction and
planned, are completed.
The subject property is located in the heart of the Coconut Grove waterfront district. We project
that well positioned waterfront properties in the Coconut Grove submarket will continue to
appreciate in the near and long-term.
13 CBRE
02017 CM, x.
Site Analysis
PLAT MAP
14 CBRE
SITE PLAN
SOUTH BAYSHORE DRIVE
Site Analysis
15 CBRE
<K7-
15 CBRE
Site Analysis
Site Analysis
The following chart summarizes the salient characteristics of the subject site.
SITE SUMMARY AND ANALYSIS
Physical Description
City Owned Upland Land
City Owned Submerged Land
Total City Owned Land
State Owned Submerged Land
Total Land Area
Road Frontage
Road Frontage
Water Frontage
Shape
Topography
Zoning District
Flood Map Panel No. & Date
Primary Flood Zone
Secondary Flood Zone
Adjacent Property Uses
Utilities
Water
Sewer
Electricity
2.19 Acres
3.92 Acres
6.11 Acres
0.49 Acres
6.60 Acres
South Bayshore Drive 236 Feet
Aviation Avenue 225 Feet
Biscayne Bay 300 Feet
Irregular
Generally level, At Road Grade
Miami 21 - CB - Civil Space
1208-6CO4-761 11 -Sep -09
VE
Waterfront Mixed Use
Provider Adequacy
City of Miami Assumed
City of Miami Assumed
FP&L Assumed
Other Yes No Unknown
Detrimental Easements X
Encroachments X
Deed Restrictions X
Reciprocal Parking Rights X
Source: Various sources compiled by CBRE
CITY OF MIAMI LAND LEASE
The upland and part of the submerged land is owned by the City of Miami. The initial City of
Miami lease was dated September 20, 1985 and expires on May 31, 2035. This lease has gone
through four revisions to date. The most recent revision was dated February 26, 2015. The
current land rental rates are percentage rents based on gross revenues from office, retail and
marina. The office and retail gross rents paid to the city are calculated as 10% of the gross
revenues. The gross rent from the marina component is calculated as 15% of marina revenues.
17
ykF. I.
Site Analysis
The 5th Amendment is being proposed to the current lease. The proposed 5 1 Amendment would
provide for the following changes and additions:
• Remaining Lease Term will change from 18 years to 50 years
• Two 10 -year options are being added
• Minimum Rent will change to the greater of $200,000 or:
• Office/Retail will change from 10% of gross receipts to 11.75%, plus
• Marina rent will change from 15% of gross revenue to 16.75%
Therefore, the current percentage rents are proposed to be 1.75% more than the current lease
rates.
STATE OF FLORIDA SUBMERGED LAND SUBLEASE
The subject property benefits from a sovereignty submerged land lease, (SSLL) from the Florida
Board of Trustees, (BOT), to the upland land owner, which is the City of Miami. This submerged
land is then subleased and incorporated into the lease from the city. This lease is identified as
BOT Lease 1300-340-16. This is a renewable lease which began on March 28, 2017. The
initial term of the current lease will expire on July 1, 2024. The submerged land that is included
in the SSLL contains 21,344 SF and is located on the south side of the far right pier.
The current State SSLL allows development of 31 wet slips, a restaurant, a fuel dock, sewage
pump -out facilities and live -aboard vessels. The lease amount reported on the lease was
$2,602.12. A copy of the most recent renewal of this lease is included in the addenda of this
report.
INGRESS/EGRESS
The subject has excellent visibility from South Bayshore Drive. The only access from Bayshore
Drive is to a loading dock that services large delivery trucks. However, customer and tenant
ingress and egress is available to the site via a single ingress point and a single egress point
along Aviation Avenue. These adjacent rights of way are described below.
South Bayshore Drive is a four -lane generally north/south neighborhood collector route that
traverses the waterfront of Biscayne Bay. Street improvements include asphalt paving, concrete
sidewalks and street lighting.
Aviation Avenue has its eastern terminus adjacent to the subject. The portion of Aviation Avenue
that is southeast of South Bayshore Drive, serves as a shared drive for the subject to the north and
a City -owned metered parking lot to the south. Aviation Avenue is a two-lane northwest to
southeast minor roadway. Street side parking is metered.
18
CBRE
Site Analysis
SITE COMMENTS
The subject site is very well located, having frontage and exposure from South Bayshore Drive as
well as Aviation Avenue, which is a wide side street. The subject is located at a signalized
intersection, further enhancing its desirability and exposure to drive-by traffic. The subject has
water frontage on Biscayne Bay, which then provides easy access to the Atlantic Ocean.
The only negative aspect of the subject is the lateral channel depth between the subject basin and
the harbor -line. This channel is reported to be maintained at a depth of minus four and a half
feet at low tide, which is a somewhat limiting factor for larger vessels at low tide. However,
larger vessels can access the subject through this channel at high tide, as evidenced by the 80 to
100 foot yachts that were moored at the subject during our inspection.
SITE CONCLUSION
If the subject site were vacant, it would be an extremely desirable waterfront development site. In
its improved condition, the location, beauty, and functionality of this waterfront parcel, are highly
desirable aspects of this existing waterfront development.
19 CBRE
Improvements Analysis
RETAIL PLAN — FIRST FLOOR
20 CBRE
Improvements Analysis
OFFICE PLAN — SECOND FLOOR
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21
4" 2017 ®K, 1-
CBRE
Improvements Analysis
MONTY'S RESTAURANT FLOOR PLAN
22 CBRE
PROPOSED DOCK PLAN
re -0 T24 T" T2 -A T14) Ti -c TI -8 Tr -A
617 614L 2121
N2 513L 211E
179
N1 9121 210L
NO 911L 2W 179
609 NOL 205L 171
a06 909E 207E 176
607 am ML 176
ON I 9071. t0aL 174
am 9aL 204L 177
sa 5061. 21 172
W3104L 29: 171
417 69te: 03L 201L 170
6N 902L 290L
w 129
- u
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122
J-
121
900
129 ;� 120
403L 409L 410L 411L 4121 119
407 11a
4" 127 117
406 116
404 110
4W -
114
402 126 117
401 112
111
710
_ 129 110
309
150
750
107
mT 124 -
107
709
JYltiritq:' 106
Res[ai{�?t 706 106
r 750 127 150
_........ 703 107
702 102
301
104
e +: ok Tr6nsk171k4
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Improvements Analysis
Improvements Analysis
Improvements Analysis
The following chart shows a summary of the improvements.
IMPROVEMENTS SUMMARY AND ANALYSIS
Property Type
Waterfront Commercial
Number of Buildings
4
Number of Stories
1 and 2
Wet Slips
108
Side Tie Dockage
400
Net Rentable Area
29,319 SF
Year Built
1989 Renovated: 2017
Actual Age
28 Years
Effective Age
5 Years
Total Economic Life
45 Years
Remaining Economic Life
40 Years
Age/Life Depreciation
11.1%
Source: Various sources compiled by CBRE
IMPROVEMENT DESCRIPTION & RATING
Protection
Amenities
Pool, exercise room, tennis X
Comparative Rating
Improvement Summary Description
Good Avg. Fair Poor
Foundation
Reinforced concrete
X
Frame
Steel
X
Exterior Walls
Painted masonry
X
Interior Walls
Textured and painted drywall
X
Roof
Built-up composition
X
Ceiling
Suspended acoustical tile
X
HVAC System
Roof mounted HVAC units
X
Exterior Lighting
Mercury vapor fixtures
X
Interior Lighting
Recessed fluorescent fixtures
X
Flooring
Carpet and vinyl tile
X
Plumbing
Assumed adequate
X
Elevators/Stairwells
Two passenger elevators and
X
two stairwells
Life Safety and Fire
Sprinklered and smoke detectors
X
Protection
Amenities
Pool, exercise room, tennis X
courts, playground, controlled
access gates
Furnishings
Personal property excluded N/A
Parking
Asphalt paved open parking X
Landscaping
Grass, gravel and natural forest X
courtyards with irrigated planted
beds
Source: Various sources compiled by CBRE
RESTAURANT COMPONENT
The restaurant component, which is owner occupied and not included in the rentable building
area as reported above), includes a 5,720 SF full commercial kitchen, a 6,104 SF air conditioned
dining and bar area and 11,173 SF of open-air waterfront, thatched -roof dining and bar areas.
24
CBRE
Improvements Analysis
Therefore, the gross building area of the restaurant is 11,824 SF and the total restaurant area
including building area and covered outside area is 22,997 SF.
The floor areas of the kitchen are improved with non -slip clay tile. The walls are improved with
wipe -board and the ceilings are painted and sealed dry wall. The cooking area is very well
organized, including various food preparation stations, ovens, fry stations, a warming table and
a grill. The kitchen component is very well organized.
The air conditioned dining and bar area are beautifully appointed. The floors are stained
smooth concrete. The walls are improved with plate glass and wood covered concrete columns.
The bare ceiling is covered in flat black texture spray. The ceiling is improved with hanging
incandescent lamps and exposed air-conditioning duct -work. There is a large wooden bar in the
center of the room. It is improved with multiple television screens, beer taps and reach in
coolers.
The outdoor patio dining and bar area are situated adjacent to the water with excellent views of
the marina and the bay. The floors are improved with concrete pavers and the roofs are
thatched palmetto fronds. The seating areas are improved with wood tables and benches and
chairs. There are also two bars and a stage for a live band. The outdoor seating area is very
attractive and well maintained.
MARINA COMPONENT
The marina component includes three fixed piers that will contain a total of 108 wet slips and
400 lineal feet of side -tie dockage. From a landward perspective, (looking east out on the bay),
they could be described as A -Dock on the far right, B -Dock in the middle and C -Dock on the far
left. The far right and far left piers are fixed concrete with wooden finger piers, non -metered
utility pedestals, mooring cleats and safety equipment. The columns, supports and deckling are
precast concrete and for the most part, these components were in good condition. In one or two
locations, the concrete columns have settled slightly, causing the concrete decking to shift slightly
and crack at the edges. For the most part, these are cosmetic repairs and not a safety issue. The
far right pier has been improved with a series of electric lifts, allowing these slip tenants to store
their vessels out of the water.
The middle pier is a fixed wood structure containing 1 1 wet slips. The pilings, stringers and deck
boards are of pine construction. The deck utilities and improvements are similar to the other two
piers. Overall, the existing docks suffer from physical deterioration due to age.
The land tenant is proposing the conversion of the side tie dockage on the right side of A -Dock,
into 21 new Stern -To wet slips, thereby increasing the gross revenue from the marina component.
The slips on A and B Docks are to remain the same as the current configuration. The proposed
wet slip matrix for the subject is included below.
25 CBRE
Improvements Analysis
OFFICE/RETAIL BUILDINGCOMPONENT
The office/retail building is a two story, glass and steel structure that is currently being renovated.
There are 5 retail tenant suites on the first floor with 13,458 SF of rentable retail area. The first
floor retail areas are elevated above the surrounding elevations by about three feet of elevation.
This elevation is continued outside the building in the form of an elevated walkway that is
aesthetically attractive. The new design for the first floor retail areas incorporated a "street -side
retail" look with glass store fronts and attractive fenestration. Currently the retail occupancy is
100%.
26
__1 RE. I. _
CBRE
-
Wet Slip Matrix
A -Dock
Wet Slip Type
Slips
Lineal Footage
50 LF
Stern -To
23
1,150 LF
60 LF
Stern -To
12
720 LF
70 LF
Stern -To
2
140 LF
90 LF
Stern -To
2
180 LF
100 LF
Side -Tie
NA
400 LF
28 Thousand Pound Lift
Lift Slip
13
364 LF
A -Dock Total
52
2,954 LF
B -Dock
30 LF
Stern -To
2
60 LF
40 LF
Stern -To
8
320 LF
60 LF
Stern -To
1
60 LF
B -Dock Total
11
440 LF
C -Dock
25 LF
Stern -To
5
125 LF
30 LF
Stern -To
1
30 LF
40 LF
Stern -To
7
280 LF
50 LF
Stern -To
7
350 LF
60 LF
Stern -To
3
180 LF
70 LF
Stern -To
2
140 LF
90 LF
Stern -To
1
90 LF
28 Thousand Pound Lift
Lift Slip
11
308 LF
32 Thousand Pound Lift
Lift Slip
4
128 LF
40 Thousand Pound Lift
Lift Slip
4
160 LF
C -Dock Total
45
1,791 LF
Total
108
5,185 LF
Source: Aligned Bayshore Marina LLC
OFFICE/RETAIL BUILDINGCOMPONENT
The office/retail building is a two story, glass and steel structure that is currently being renovated.
There are 5 retail tenant suites on the first floor with 13,458 SF of rentable retail area. The first
floor retail areas are elevated above the surrounding elevations by about three feet of elevation.
This elevation is continued outside the building in the form of an elevated walkway that is
aesthetically attractive. The new design for the first floor retail areas incorporated a "street -side
retail" look with glass store fronts and attractive fenestration. Currently the retail occupancy is
100%.
26
__1 RE. I. _
CBRE
-
Improvements Analysis
The second floor is accessed by a front lobby that leads to an elevator. The building contains 16
office suites with 15,861 SF of rentable office area. The second floor common areas include a
second floor landing that is adjacent to the elevator as well as restrooms, hallways, one set of
internal stairs and a 1,200 SF maintenance shop. There is also one set of external stairs on the
bayside. Currently there is one vacant office unit on the second floor that contains 735 SF of
rentable area. Therefore, the office occupancy is currently 95.4%.
SITE IMPROVEMENTS
According to the Alta survey, the development includes asphalt paving for 41 parking spaces.
During our inspection we observed business signage, a large canvas canopy, lush landscaping
and brick pavers. The property also benefits from a prestressed concrete seawall that was in
good condition, showing minimal physical deterioration. Overall, the site improvements were in
good condition, with no significant deferred maintenance.
CONDITION ANALYSIS
Based on our inspection of the subject, the building renovations appeared to be about 90% to
95% complete. The renovation of the starboard side of the side -tie dockage on C -Dock have not
yet begun due to the permitting process, the City must sign off first, before DEP will sign the
reconfiguration permit. Based on our estimates, the entire renovation project should be
completed by October 15}, which is the first day of the next land rent cycle.
IMPROVEMENTS CONCLUSION
The improvements were built and are being renovated with good quality materials, are/will be in
good condition. The architecture, fenestration and colors are attractive. The buildings and site
improvements will be well above average for their age in regard to improvement design and
layout, as well as interior and exterior amenities.
This property represents an excellent income producing property that is expected to enjoy high
occupancy levels combined with increasing rents, well into the foreseeable future. Overall, this
property would be highly marketable in its current condition and configuration.
27
CBRE
31:18:)
RIN
-dVW ONINOZ
BUIUOZ
Zoning
The following chart summarizes the subject's zoning requirements.
ZONING SUMMARY
Current Zoning Miami 21 - CB - Civil Space
Legally Conforming Assumed
Uses Permitted Wide Variety of commercial uses, open space
and other uses deemed beneficial to the
citizens of Miami.
Zoning Change Not likely
Source: Planning & Zoning Dept.
Miami 21 was enacted by Ordnance 13114 on October 22, 2009. According to the current
zoning map for the City of Miami, the subject is zoned SC, Civil Space. CS is a zoning
designation that is used to designate city owned property that is leased to tenant -operators. The
use of this space is intended to provide land and businesses that serve the needs of the public
and cannot be used for any use that is not open to the public such as private condominiums.
According to pages 3 and 4 of the land lease from the City of Miami to the Company, the
permitted uses include a very wide variety of public commercial uses including restaurant, retail,
marina and many others. A complete list can be found in the land lease document.
29
CBRE
s
Tax Assessment Data
Tax Assessment Data
The following summarizes the local assessor's estimate of the subject's assessed value, special
assessments and taxes. These assessments do not include any furniture, fixtures or equipment.
The estimated tax obligation over the oncoming 12 months is also shown.
AD VALOREM TAX INFORMATION
Assessors Market Value
Parcel Description
2016
Pro Forma
01-4122-001-1630
Upland & Submerged Land
$1,737,210
$1,737,210
01-4122-001-1631
Building & Courtyard Footprint
6,200,000
6,200,000
Subtotal
Assessed Value @
Ad Valorem Milage (per $1,000 A.V.)
Ad Valorem Taxes
Special Assessments:
Total Taxes & Assessments
Less Early Payment Discount
Net Taxes & Assessments
Source: Assessors Office
$7,937,210 $7,937,210
100% 100%
$7,937,210 $7,937,210
21.825600 21.825600
$173,234 $173,234
$173,234 $173,234
($6,929) ($6,929)
$166,305 $166,305
Since the land is owned by the City, the above assessed values do not include a land value
component. Based on the foregoing, the total taxes for the subject have been estimated as
$166,305 for the base year of our analysis, based upon an assessed value of $7,937,210. It is
important to note that because the subject land is leased from the City, the assessed value is
based on the depreciated value of the improvements only, without regard for the land value
component.
DELINQUENCY
According to the Miami -Dade County Tax Collector's web -page, the taxes and assessments for
the current year have been paid. Additionally, the taxes and assessments for the previous years
have been paid and there are no outstanding balances due at this time.
30 CBRE
.: - ,RE I.,
2017 CBRE Marine Industry Report
2017 CBRE Marine Industry Report
UNITED STATES MARKET
The market analysis forms a basis for assessing market area boundaries, supply and demand
factors, and indications of financial feasibility. Primary data sources utilized for this analysis
include:
• National Marine Manufacturers Association, "2015 Recreational Boating Statistical
Abstract" Published in August 2016, (This is the most current edition as of June 2017)
• US Coast Guard
• Department of Highway Safety and Motor Vehicles
• Association of Marina Industries
• Marine Dock Age "2015 Industry Trends", Published March 2016
• Rental Surveys of Competitive Properties
• Dozier's Waterway Guide
• Marinas.com
• Claritas Demographic Data
• Interviews with Local Market Participants
• The County Property Appraiser
• Subject Property Data
According to the most recent edition of the National Marine Manufacturers Association, (NMMA),
Recreational Boating Statistical Abstract, the NMMA Statistical Abstract and the Recreational
Boating Economic Study, recreational boating continues to be a very important contributor to the
U.S. economy. The following is a snapshot of the current market position and trends in the
boating industry.
CIE
■
2011 CBRE Marine Industry Report
EXECUTIVE SUMMARY
• U.S. expenditures on boats, engines, accessories, and related costs totaled 535.9 billion in 2015, up 2.2% from 2014. �!
• There were 11.9 million registered boats In the U.S. In 2015.
• Annual retail sales of new boats, engines and marine accessories in the U.S. totaled $17.5 billion in 2015, up 6.9% from 2014.
• Unit sales were up across nearly all traditional powerboat segments and up 6.8% in total in 2015.
- Outboard boats, the largest segment of recreational boats, represented four of fire new traditional powerboats sold, and were up 7.6%.
a Average price of an outboard boat Including trailer in 2015 was $38,385.
- Jet boats, while low in volume, totaled 4,400 units In 2015, and were up 25.7% In 2015.
- Inboard skUwakeboard boats, or towboats, were up 9.9% to a total of 7,800 units.
a These boats had an average price tag of $87,903 In 2015.
- Stemdrlve boats continued to lag, down 7.2% but the pace of decline moderated. In 2013, the segment was down 8.5%
and In 2014, It was down 7.99L
• New boat sales (including personal watercraft and sailboats), increased 7.4% to 243,600 units in 2015.
- In 2015, 54,900 personal watercraft were sold, up 14.6% from 2014.
a With an average price of just $11,204, personal watercraft are a gateway to boating.
- Sailboat sales were down 25.3% In 2015 to levels consistent with historical trends (5,600 units), driven by the volatile less than 20 foot category.
• Ninety-five percent of boats on the water (powerboats, personal watercraft, and sailboats) In the U.S. were less than 26 feet.
• Estimated value from sales of new and pre -owned traditional powerboats In 2015 totaled $15.9 billion, up 4.5% from 2014.
• An estimated 958,000 pre -owned boats (powerboats, personal watercraft, and sailboats) were sold in 2015, up 1.9% from 2014.
• New boat imports totaled $1.8 billion, up 56.6% in 2015; units were up 10.9% to 412,204.
• New boat exports totaled $1.4 billion, down 18.5% in 2015; units were down 7.3% to 107128.
• Engine sales, including outboard, inboard and sterndrive engines, totaled 266,500 units, up 9.6% in 2015.
• Outboard engines sales were up 8.7% to 237,500 units; retail sales reached $2.9 billion, up 13.6%.
• Aftermarket accessory sales totaled $6 billion In 2015, an Increase of 5.6%.
On the following pages, we have presented several tables, charts and exhibits depicting the
boating industry in the United States. Within this study, we will focus on the following areas; New
Boat Sales, Powerboat Sales, Activity Specific Boats and national boat registrations.
NEW BOAT SALES BY CATAGORY
New boat sales increased 7.4% to a total of 243,600 total units in 2015. Corresponding dollars
totaled $8.6 billion, up 4.8% from 2014.
Jet boats posted the greatest increase in unit sales (up 25.7%), followed by personal watercraft
(up 14.6%), inboard ski/wakeboard boats (up 9.9%) and outboard boats (up 7.6%). Sailboats
were down 25.3% in 2015 to levels consistent with historical trends (5,600), driven by the volatile
less than 20' category. Sterndrive boat sales continue to lag, down 7.2% in 2015.
Source: NMMA/SSI%fSC
C 2017 CW, b.,
32
CBRE
2017 CBRE Marine Industry Report
Now 206 iemsds dw 6rhpahc. am=ad hamelam mdemc am
Retail expenditures for recreational boating products and services rose 2.2% in 2015 to a total of
$35.9 billion, compared to $35.1 billion in 2014. A total of 243,600 new boats were sold in 2015,
up 7.4% compared to 2014.
Source: NMMA/SSI/TSC
33 CBRE
Cak'
"M 2M tCHAIAM
OudXWd boats
ToW WINS mm 1".800 MO.= 7.6%
RQta/wlloo0 oldolwsi 53347 53" 14.4%
Average unit cosi 523.112 524.570 5.3%
t]UNNOrd QnR'
Taal units sold 218-,00 237,500 82%
Rem1 write "n of dollars! 52530 =273 13.6%
Ararage unit Cost 561.583 M096 4.4%
goat tra9ou
Total WINS sold 166.300 1!0.400 8.5%
RMV*W"Sdd*O 511291 90.310 6.4%
Average unit cost $U52 $1.719 -19%
MOW boats-sldmanrbowd boats
Total units sold 7100 7.400 9.9%
Befall ak a Oftnn d dors) $0.587 $OAK 16]%
Average unit cost $82.718 $97.903 63%
IYrboard beaus-aubm
Tool nits said 2.200 2.100
am wfMc "aa of dotes 52162 S2nG -GL0%
kwage WIN oast 51.028]66 5966.13 40%
SWndan boats
Total nits said 13.900 4.900 72%
Rem1 vdue "ms d dolars) 51020 511924 -9.4%
Average uR Wst MM SRG43 -2.4%
Persord.ialaraalt
Total units said 47900 54.900 11.61%
Remi V" "ons o(dalaes) $0.553 311615 11.2%
Arewgr unit cost S11550 91.24 3.0%
let boas
Total arts said 3.500 4,400 251%
RMvalue "ons dddars) 50.162 902011 261%
Average WIN cost $46.247 947,339 24%
SaIllboats
Total we sold 7.500 SAW -25.3%
Rem1 wtMQ 011io6 d dols) 50.258 50.195 -241%
Average WIN cyst 534IX 931876 19%
Total rear boat sales
units 226.900 243.600
Total ddlars tea) $8.199 38.582
Paoca dwW arts 10.0% 7.4x
Pacat dusgr do4an 117% 4.17%
Now 206 iemsds dw 6rhpahc. am=ad hamelam mdemc am
Retail expenditures for recreational boating products and services rose 2.2% in 2015 to a total of
$35.9 billion, compared to $35.1 billion in 2014. A total of 243,600 new boats were sold in 2015,
up 7.4% compared to 2014.
Source: NMMA/SSI/TSC
33 CBRE
Cak'
2017 (BRE Marine Industry Report
Retail expenditures for recreational boating products and services rose 2.2% in 2015 to a total of
$35.9 billion, compared to $35.1 billion in 2014. A total of 243,600 new boats were sold in 2015,
up 7.4% compared to 2014.
Source: NMMA/SSI/TSC
NEW BOAT SALES BY YEAR
TABLE 1.4 U.S. recreational marine retail expenditures and new boat unit sales
TEAR
TOTAL DOUMfS KW BOATS
fMUX 161 1TIiOUSMM
TEAR
TOM DOUMK KW BOATS
f mixm 11NOUS"M
1970
53440
436.5
1993
MR
496.8
1971
$3.610
447.5
1994
$14.071
576.2
1972
$3.900
6310
1995
$17126
663.8
1973
$4145
726.0
1996
sum
634.8
1974
$1.607
729.0
1997
$18.438
593.0
1975
$4.800
592.1
1998
$19663
MA
1976
$5333
6E.9
1999
:22321
582.5
1977
$5.920
57LO
2000
:27736
577.5
1978
56.690
576.3
2001
SA984
88L0
1979
$7.500
585.5
2002
$33.990
4043
1980
$7370
5313
2003
530.418
3971
1981
$8150
543.5
2004
$36.000
407.9
1982
$8.100
4531
2005
$37M
4078
1983
$9375
5141
2006
$37799
3931
1984
$12340
584.0
2007
534.911
3663
1985
$13184
553.3
2008
$32190
278.9
1986
$14479
569.4
2009
$29.507
207.0
1987
$16.500
624.5
2010
$28.974
1881
1988
$17.927
65L8
2011
:30.345
190.3
1989
$17.143
5521
2012
$32.535
20L7
1990
513.731
435.5
20L3
533154
2062
1991
$10.564
426.8
20M
535.109
226.9
1992
SIM
444.6
2D15
$35.866
243.6
Based on the above data table, new boat sales have increased from 2010 to 2015. However, the
industry has not fully recovered from the recession that began in 2007.
NEW BOAT SALES BY MONTH
Seasonality is based on the average number of new boat registrations recorded monthly from 2001 to
2015. An analysis of monthly numbers indicates that wholesale shipments tend to be spread evenly
throughout the year, while 74.9% of retail sales occurred from April through September.
Source: NMMA/SSI
C 2017 CBRE. Inc.
34
CBRE
2017 CBRE Marine Industry Report
TABLE 1.9 Seasonality of new traditional powerboat sales
2015 2015 2001-2M 2001-2ots
MOWN MI110LE&W YETAL WHOLESUE GET71L
AM"
6.9%
3.0%
7.096
3.0%
Fdm"
8.0%
41%
8.0%
4.4%
Mardi
11.4%
8.4%
102%
9.0%
Aprd
10.1%
126%
9.9%
12.6%
May
9.6%
161%
9.5%
16.0%
Jule
9.5%
16.7%
98%
16.4%
Jdy
6.4%
15.0%
6.3%
14.5%
At9v
8.0%
9.46
79%
9.6%
selA r
8.9%
S$%
9.0%
52%
0ciobe►
72%
3.7%
8.0%
32%
Nobe"
7.1%
2-96
7.4%
2.5%
December
61%
Z5%
6.5%
2.4%
554746784
11458182.00
$417166.079
$49703d70
$518796.664
It is clear that the retail sales of new boat units has a season, and that season is April through July,
where the percentage of total annual sales ranged from 12.6% in April up to 16.4% in July.
NEW BOAT SALES BY STATE
The top 20 states accounted for 74.5% of the total spent on new powerboats, outboard engines,
trailers and accessories in 2015.
Spending increased 7.6% in the top 20 states as a whole in 2015 compared to 2014.
Source: NMMA
TABLE 111 Top 20 states: new powerboat, engine. trailer and accessory retail sales
smE
am
los %CHU=
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Am
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M2
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0.45
525113 KQB
U.3R.OB1.763
fL892.693930
ft759.16496
St447344%S
fto86.791.000
SU07.088.882
StW93J81
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2
81%
SL392.691F71
St1B6,B 295
SL154052350
SM44=2
St024744959
$529.358667
$%3.877770
SUlU285.450
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3
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564593993
$160.522.408
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5342153.054
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5309.033.596
5324675.40
$394.547504
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7.65
SK3.25t177
5587774397
5557.305.785
554746784
11458182.00
$417166.079
$49703d70
$518796.664
NC
6
9.4%
ti31S7030
$580700.746
5496401.167
11502689M
$4229%500
S373A4.516
548ASM
5522396296
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5560.276147
$6M.556.020
$53Z963.370
5395.582.632
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$452]07.454
5316148.321
5309.723.300
$291613.091
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$477416.525
11513.54028
s450055
$364645.002
5384.60.839
5450573%
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1D
1L95
$612,3N=
S457J29744
$382..07246
s415.534981
534278731
5263.636.824
530786.056
s382.ou"
=
r
ass
5503.028.2D9
11447311536
5386.056239
11327.67&719
5290126103
S3WAS4187
5349.M4Z7
5397,869987
Sc
12
D.S%
5412.661"
SM726M
$36U%.430
5'759164.889
$278131096
523D297JI2
5252943.426
5 KLM070
611
13
345
S410i11o81
SML4V$S
$102704324
5374314.92
S332.673J69
95109436
S281072.404
113337179.435
DE
14
-SA
SKUSLU17
5543710.027
"95527.915
1156226.049
$457.680756
540923.653
s398.502603
$502708.578
TN
16
7.4%
maw
5361.511600
5305.929124
5329605226
5270.602167
SWUM
SM)50.SSD
5299.099.430
MO
6
635
S37061.501
$31 AMM
$3211.749 547
5339.999.567
S211SM.497
$223,63.975
5t13A74J 26
S290.15L891
am
0
725
S36497i M
$328325.078
!29'1.3/9962
113DL w
5246.978786
$208.77&761
11711363231
5271.028179
181
to
335
5a$tSKM
113x.550.719
$30.371.10
$317.%&&
$289299.406
5268.824.607
SM 09.695
$343,368.881
L
19
145
3342,1 ?wn
$334.90742
538..523935
$32396&730
MOWN
$242.29&055
S24J28
$294771.119
NJ
20
6R
Sftl�
5292)87586
SMAF251
SM KA4%
5240.909.328
519716907
s23429M
s305.9131D5
bdtop 20$On
NAMMM M
$UD4J 2.711
S11X771.315.S30
$10.570.561522
SS.68i.OLM
$1112.044,454
$1.991781970
59.77L7079o5
Psatidww
745%
710►
73.5
73.35
73.45
7L3i
72A%
7295
P=Mdmp
7.6%
UA%
1.95
21.75
20^
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-U2S
-ills
admM at stats
51 M45LC14
54.25711 M
$Irn LX M
53.84L9V,828
S3.E1981396
52191.100173
$3.016.360.100
S3 4.4056
TOW
IVSB-%ZL601
$16.31&563.037
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$17.40.418.093
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Sites irsr�dOdw��YaAOepf�rra�rdYB�C�a larse 6r,¢ gad
C 2017 COBE, bac.
35
CBRE
2017 CBRE Marine Industry Report
As evidenced above, Florida is the number one seller for new powerboat, engine, trailer and
accessory sales.
OUTBOAD BOAT SALES BY STATE
Florida held the top spot in fiberglass outboard boat sales, followed by Texas and North Carolina, all
of which have held the top three spots for eleven consecutive years. South Carolina ranked fourth for
the second year in a row, while Alabama and Louisiana swapped positions, with Alabama moving up
to fifth and Louisiana falling to sixth.
Source: SSI
TABLE 2.7 Comparison of top 20 states: outboard boat sales
RAM:
2005
200,
2001
2006
NBERQASS OUTBOARD BOATS
2009 2010 2011
2012
2013
20%4
1
FL
F
FL
FL
FL
FL
FL
FL
FL
F_
FL
2
TX
TX
TX
TX
TX
TX
TX
TX
TX
T�
TX
3
NC
NC
NC
NC
NC
NC
NC
NC
NC
Nr
NC
4
SC
SC
LA
LA
LA
OH
LA
LA
LA
SL
sC
S
VA
LA
SC
AL
OH
LA
SC
SC
5C
LA
AL
G
LA
AL
AL
SC
VA
SC
AL
LL
AL
AL
LA
7
GA
VA
VA
JA
OA
AL
NY
GA
GA
VA
NY
8
NY
GA
GA
GA
SC
NY
off
NY
NY
N1
GA
9
AL
A
NY
OK
AL
VA
VA
VA
VA
GA
VA
10
W
;A
OK
NY
NY
OK
GA
N_'
NJ
N!
NJ
1t
CA
KJ
NJ
MA
GA
GA
PA
W
MD
MC
MI
12
MD
MD
CA
NJ
PA
PA
NJ
MA
VA
W.
MD
13
MA
MA
MA
PA
MD
1U
OK
Th
MA
"I.
MA
14
TN
TN
MD
MD
IL
MA
MD
W
TN
W
TN
15
MO
Ms
Th
MS
MA
MD
MA
MN
M4
M'
WI
15
VP
OK
MS
TN
TN
AR
AR
014
MN
a
ON
17
ON
0
OH
CA
NJ
Tk
IL
AK
ON
Mh
CA
18
OK
Mo
IL
A.R
AR
0
YF
MD
AR
CF
MN
19
MN
OH
W
CH
CA
IL
TN
MO
MO
DE
DE
20
FA
AR
MO
MD
WI
MS
MI
- CA
CA
MS
- MO
ACTIVITY SPECIFIC BOATS
Summary
Cruising boat sales declined 4% in 2015 to a total of 3,117 units, primarily due to a drop in
sterndrive cruiser sales, which fell 12.4% to 917 units. Watersport boat sales increased for the fourth
consecutive year, up 2.7% compared to 2014; sales totaled 27,550 units. The growth in sales was
propelled by inboard ski/wakeboard sales (up 9.9%) and outboard runabout bowrider sales (up
5.6%). Sterndrive runabout bowrider sales were down 2.9% in 2015. Offshore fishing boat sales
totaled $2.4 billion in 2015, up 6.8% from 2014. Boat trailer retail sales totaled $310 million in
2015, a 6.4% increase from 2014. Unit sales increased 8.5% to 180,400 while the average retail
selling price fell 1 .9% to $1,719.
36 CBRE
ERt Ire
2017 CBRE Marine Industry Report
UNITED STATES BOAT REGISTRATION DATA
Summary
There were 12.1 million boats registered and documented in the U.S. in 2015, relatively unchanged
(up 0.8%) compared to 2014; 84,915 more boats were registered in 2015 than were registered in
2014.
Florida again led all states in boat registrations in 2015, followed by Minnesota, Michigan, California
and Wisconsin. The Great Lakes region accounted for 26.5% of boats registered by the states in
2015. It also had the most boats per capita with one registered boat for every 6.4 households.
Outboard boats accounted for 75% of total traditional powerboats (equipped with an outboard,
inboard, sterndrive, or jet engine) registered in 2015. Additionally, 94.9% of the traditional
powerboats registered were smaller than 26'.
In 2015, 93% of all boats registered were equipped with an engine (inboard, outboard, sterndrive, jet
boat, personal watercraft, and auxiliary powered sailboats). This remained flat compared with 2014
registrations.
37 CBRE
207' _EFc
2017 CBRE Marine Industry Report
TABLE 7.1 Total recreational boats in use
YEAR
REGISTERED
DOCUMENTED
BUATSMIWONSI
NOl4TLEGISTER9
BOATS(MW6NSi
TOTAL
MHIJOP&
1989
10.8
4.9
15.7
19W
Ito
5.0
16.0
1991
111
52
16.3
1992
It1
51
16.3
1993
113
49
16.2
1994
11.4
48
16.2
19K
t1j
3 6
15.4
1956
12.1
38
15.8
19+7
12.4
38
16.2
1996
12.7
37
t6.4
1999
12.8
3.6
16.5
2000
12.9
4.0
15.8
2001
t3_o
4.0
T70
2002
1t9
4.2
17.2
2003
12.9
4.3
17.2
2004
t29
45
17.4
2005
130
4.6
17.7
2006
t28
4.0
'6 8
2007
13.0
4.0
169
2008
128
3.7
16.5
2009
t28
38
16.6
2010
125
37
16.2
2011
12.3
17
16.0
2012
12.2
39
16.0
2013
121
3.8
15.9
2014
12.0
36
15.6
206
W
35
w
K:
j
RECREATIONAL BOATING REGISTRATIONS BY TYPE
TABLE 7.2 Recreational boats in use by type
aufeaBo 10wfA Stra+09Xwrf Pe+9awAt
awls Boas BUMS WAi®CWFT strewn
YM 02MON4 ONIMM 1R1M1 OKL Ms1 OK11W
2017 CBRE Marine Industry Report
Ofl® TOW
1rixk" 01LUONS)
1997
81
to
16
to
11
29
162
1998
81
to
14
U
U
29
16.1
1999
82
0.9
16
U
L6
29
16.5
2000
83
to
16
U
1.6
D
169
20018A
11
16
U
16
V
11.0
2002
8.3
1.1
U
U
16
3.1
nZ
2003
8.4
1.1
16
U
16
33
nZ
2001
8A
11
U
U
1*6
3.1
171
l2005
t5
11
U
U
L6
3.6
m
2006
83
11
16
U
L6
3.1
169
20078.3
L1
U
U
L6
3.1
16.9
2009
83
12
16
13
is
26
16.5
2009
8.3
12
L6
U
15
27
16.6
2010
81
t1
is
U
16
26
162
2011
80
11
is
13
16
26
Wo
2012
7.9
11
11
12
16
27
16.0
2013
7.9
11
is
12
t6
28
15.9
2014
79
11
11
11
L6
26
tS.6
2015
7.2
U
U
U
is
2.6
10
As indicated above, outboard boat registrations accounted for 50% of total boat registrations in
2015.
RECREATIONAL BOAT REGISTRATIONS BY STATE
On the following page, we have included a 10 -year data table that depicts the historical vessel
registration volume by state. U.S. boat registrations increased 0.7% in 2015 to 11.9 million. The
top five states for boat registrations in 2015 were unchanged from 2014, and included Florida,
Minnesota, Michigan, California and Wisconsin, in that order.
Boat registrations in California increased 6% from 2014 to 2015, in keeping with the state's trend
of gains every other year; this trend may be attributed to its two-year registration renewal cycle.
The states in the top 20 also remained the same in 2015 from 2014. However, Georgia moved
from twelfth to eleventh, switching with Pennsylvania, while Iowa moved up two spots from
twentieth to eighteenth and Illinois dropped from fifteenth to seventeenth.
Source: USCG
0 2017 CIM ka
39
CBRE
2017 (BRE Marine Industry Report
TAM 7.4 U.S. state recreational boat registrations
1s6
71616 SATE 2006 2006 204
2003
1009
2M
!1014
IDR
-
2m
nu
206
+ cT4wr�
'6314
I
Flom
973,859
988652
991.680
974.59
919.030
914,535
889.895
510.031
8)0749
6!3.507
MM
t8%
2
mnxwb
853.489
862.937
866.496
867,446
811715
813.916
808783
817..996
808]14
809,292
MR=
42%
3
Medd
944338
828,529
830.743
81052
MOO
SIZO66
803391
804.088
MM
789.458
717.637
472%
4
CaMwraa
963758
893.828
964881
858853
906.988
BD.008
855243
716,584
824190
728.679
772542
6.0%
5
wncmm
639.198
635751
617.366
634.546
SM 304
615335
628743
6ZLW
613.516
627,352
623,28
43]% �
6
Tam
610%
595934
599.567
591.428
622.84
596.830
SM580.064
19701
575.402
566.897
S72AU
to%
7
SordlCww
416M
436.015
442.040
436.844
435.528
435,491
417745
460.54
466.589
462.680
SOX=
8.96
8
Oho
42M
44256
4152n
41&SB6
424877
430)0
432JM
444732
449.541
459.718
474.135
3.1%
9
NewTbrk
508.536
497,974
494.020
485.50
479361
475.M
467.828
463.539
456.909
151862
446,512
42%
ID
NDdh CMft
362781
3702M
37586
Sri,879
405.663
404846
392.566
394711
3%884
382670
374623
-is%
11
6twrO
318112
336.579
344,597
350.479
352.054
353.950
322346
323716
319JM
32LM
321.657
18%
4
349.159
344.190
342.427
338.316
337147
365872
334590
332.431
329.578
322.195
32=
-t0%
13
Lour um
308.104
306366
301249
302)53
303.1%
302741
302974
305,081
307.44
307,059
306,731
-0.1%
14
mkss"
326719
324826
321M
371253
314.131
297.794
302.M
3007N
291562
294.009
29300
411%
6
Alebm
265M
MAN
274,M
272558
270.726
274771
265,526
258.374
265.626
262,926
261163
417%
6
Tommo a
267561
21687
2749%
2n475
269.361
266185
259.904
259.632
258767
256.862
237.2
On
17
O9mrs
380865
383.66
379.454
378.208
373.530
370522
311.365
368224
310.853
274.906
236,513
-14.0%
8
bna
243.924
231335
20)67
23-333
247790
209.660
22B,743
235,095
202.886
221.939
236.4"
6S%
9
m
245.073
24&091
251.440
249M
249275
245.940
242.413
239.58
237.551
236.521
234,052
-1.0%
20
WA007bn
26M3
270627
M789
24,393
261845
2311"
234,543
234684
229.403
226.662
278,528
OLDS,
21
Mena
2%.696
14.678
244474
27L532
268.424
29M
28197
214,457
214.889
22466
209267
-t2%
22
OWahonra
26913
MS%
223.758
196.052
205.079
209.457
199.337
20-069
1942M
192.600
203AD
5.9%
23
Maryland
2058Q
2D4.M
202.892
99.051
MAN
93253
8&623
85626
81544
4BS73
17syn
01%
24
Karbrdry
116157
171,951
MY%
113.981
176.535
TAX3
Ml*
175186
IM22
1%358
1/2.36
-42%
25
MOW
20SAN
199.89
20605
199104
96.805
205.925
20296
99.5%
237,466
206.283
1111"
-170%
26
Oregon
81.640
186.487
1840/
80.063
M552
2634
M -M
169188
66.64
63358
te1S1S
29%
27
Newmm
199.D6
205.967
83347
85-M
U1994
69150
166.037
60.345
154.AB
62BB9
61450
-09%
28
M SWP
208.166
799.433
180356
19138
194X
6626
66)43
133.556
130.959
733,406
1x991
to
29
Massadwsctts
64026
118.40
145.496
WSJ13
142.625
141999
139991
139123
737668
135750
OC678
471%
30
M¢orsa
116.343
145.023
144,570
WIV
IX463
MM
M665
W=
125.46
124.425
121076
413%
31
Marro
114756
113276
112218
1D9.657
109769
MM
MCC
10&502
87211
106.328
97.475
11%
32
Caar Ckd
108702
108.701
IMS39
110650
109213
10&078
105.499
103.992
DL887
99.658
9679/
412%
33
NewNanpshw
M2268
101.297
10D"
%M
95402
94.777
91.950
923M
92.046
9229
90,979
08%
34
we
85.083
88.164
9164
81026
90.501
87.662
84.290
85,749
F-Im
8&270
KIM
48%
35
NebrasM
82921
63.313
33,722
BUM
80.019
83.832
84.471
86148
97.078
86,718
R.B63
GA
36
Calarado
98.54
98,067
W055
95.330
91M
91424
89321
87.221
111549
83.683
84.111
45%
37
Kansm
97748
95671
93900
91.067
94522
893M
B&ON
85.810
83.422
82.06
10:971
-1.3%
38
Nor01 Dolmas
44,498
49638
53.59
46,067
51,609
56.48
47531
2799
693M
51560
69.E
29.9%
39
Utah
75.635
76.481
76921
73.009
7249
70321
68.427
70.144
66.012
66.801
66.497
475%
` 40
Maraw
70616
BL935
79.651
84,988
81394
52.105
42.985
5442
63.438
47,427
60.067
26A
41
Debwarm
5279
59.92
6L%9
56669
6LS23
62.983
57,657
58.50
59,86
59331
59,167
02%
42
SoulhDWmla
53A38
53.430
53.570
56.604
60.094
56.624
56.615
58.449
57209
57209
58,972
3.1%
43
Alssla
49.127
49.533
2548
47,534
48292
48891
50219
50.142
49.939
50323
50781
L3%
44
wegvh"
50.061
57,422
6104
48.930
57,46
4.510
51.752
57.095
6L961
48M
50.324
45%
45
Nevada
57726
59957
59.895
57.59
%A53
53.44
5484
50.199
46.327
44.96
44791
-54%
46
Rho* hbnd
436%
41M
43.6"
42.524
4259
45930
40.909
40.451
39.602
36291
ADA75
104%
47
New Maam
38863
38,794
31LDO
33.304
36.544
37340
37.44
36$6
34862
34647
38„833
-2]%
40 CBRE
07077 CBRE, Lc.
am@= S14JTE
2006
2001
204
204
2009
2010
2011
no
2053
2044
205
'Sva.14
48 van"
32756
32090
34482
34429
3DAD
30.M
28.807
28.961
30:008
27561
28,19
U%
49 %-"
26279
26296
26.956
Z7243
27.965
AM
28]64
2&620
2&OBI
ZM7
27x11
22%
50 HAVIN
6.302
IW9
6,094
6.404
15709
14835
13375
IC098
%258
2033
1D107
-10.2%
51 DEL dCAN"
2528
2425
2,866
2.922
2)98
IOU
2,889
2X
2,622
1963
2,110
BAS
USTmames
68.422
69241
ASA
70.129
7OLM
73M
35.579
X435
28.835
29.334
19701
t3%
TOW U.S. 129421M
MAWS 4.875.568 4.W2192
U32LM 4.431,9X
4113.935
12101.936 12044.317
11.782134 1.17.049
ftco dmp
115
49%
t0%
-LI%
62%
42%
.2.f16
4i%
447%
-11%
07%
40 CBRE
07077 CBRE, Lc.
2017 CBRE Marine Industry Report
UNITED STATES MARINE INDUSTRY REPORT - CONCLUSION
U.S. expenditures on boats, engines and accessories totaled $35.9 billion in 2015, up 2.2% from
2014. There were 11.9 million registered boats in the U.S. in 2015. Annual retail sales of new
boats, engines and marine accessories in the U.S. totaled $17.5 billion in 2015, up 6.9% from
2014. Unit sales were up across nearly all traditional powerboat segments and up 6.8% in total
in 2015. Outboard boats, the largest segment of recreational boats, represented four of five new
traditional powerboats sold, and were up 7.6%. Average price of an outboard boat including
trailer in 2015 was $38,385. Jet boats, while low in volume, totaled 4,400 units in 2015, and
were up 25.7% in 2015. Inboard ski/wakeboard boats, or towboats, were up 9.9% to a total of
7,800 units. These boats had an average price tag of $87,903 in 2015. New boat sales
(including personal watercraft and sailboats), increased 7.4% to 243,600 units in 2015. In
2015, 54,900 personal watercrafts were sold, up 14.6% from 2014. With an average price of
just $11,204, personal watercraft are a gateway to boating.
Ninety-five percent of boats on the water (powerboats, personal watercraft, and sailboats) in the
U.S. were less than 26 feet. Estimated value from sales of new and pre -owned traditional
powerboats in 2015 totaled $15.9 billion, up 4.5% from 2014.
The above industry snapshot for 2015 sends a clear message, recreational boating is growing
and is expected to continue into the foreseeable future.
41 CBRE
2017 CBRE Marine Industry Report
2017 CBRE MARINE INDUSTRY REPORT - STATE OF FLORIDA
REGISTRATION ANALYSIS
The following group of exhibits depicts the Florida vessel registration levels for the years 2005,
2010, 2015 and 2016. These tables present a large amount of data, both regionally and on a
county by county basis. We will also discuss the current market position and the recent trends in
the Florida boating and marina market.
42
-:1 7 ®RE, h,
A =1\1#
2017 CBRE Marine Industry Report
43
CBRE
2005 CALENDAR YEAR VESSEL STATISTICAL REPORT
Tim O5thMUQhlMIr2OO5-
1
�
COUNTY
CLASS A•1
CLAS 3 A-2
CLASS
1
CLA36 2
CLASS 3�_CLASS
4
CLASS 5 CANOES DEAL
PLEB 'CO
TOTAL
< THAN 12
12-ICII
16-26"11
26-38'11
40-14'11
108'1 110
_
AL��OII�A
1
17
3
T75� 505 /
1
39
1
- 2
- 2
- 0cr
BAKER
253
0
1022
3
935
3
19
0
1
0
0
01
Q
0
11
0
0
221,401
B
2147
BAY
3258
34
9682
115
8124
282
12133
170
181
147
13
45
01
1
80
0
2171
19521
794
2050
BRADFORD
252
0
695
8
970
14
23
1
1
01
0
D
01
01
27'
0
1
21781
23
2202
BREVARD
6229
34
9643
'177
18903
543
2544
158
400
451
9
16
0
0
6:53
6
631
38581
979
40191
BROWARD
10412
110
6370
132
22214
449
7837
218
1691
130
156
54
9
11
260
1
1050
48949
1105
51105
CALHOUN
106
0
1024
12
304
9
110
0
0
0
0
0
4
0
2
1449
21+
1472
CHARLO
3122
22
3478
531
12305
366
2413
325
121
2
2
1
0
1901
0
171
21834
5431
22548
CITRUS
1591
5
5405
IW
9154
412
3921
138
25
131
0
01
0
0
1811
0
113
16739
671
17523
CLAY
2166
9
2688
8577
93
807
21
1901
101
61
1
1
01
96
0
84
12709
161
t
COLLIER
3984
20
2976
56
12254
470
3144
ITS
533
641
24
5
1
Dj
22131
3
156
231101
798
24072
COLUMISIIA
549
1
1804
13
2250
35
60
6
41
21
0
0
01
01
441
1
9
4711
581
4778
DADS
11487
131
6662
1711
27758
913
8458
431
1598120
161
43
15
6
2671
3
770
56306
1818
58MM
065070
3D9
5
799
121
988
39
1631
10
23
2,
0
D
0
0
351
1
2
2317
691
2388
DHSMV
2891
26
408
303
880
702
287
107
106
251
13
21
2
7
141
4
20
1980'
1171
3171
DIVE
OWAL
1901
5516
11
21
907
8175
441
109
1371
16706
1-y54
3131 2191
35
93
8
360
11
361
0
161
0
39,
0
8
0 18;_ 0 L 4
0' 2511 0, 237
2546
33223
284
6111
2834
34071
EWAMBIA
2397
19
5888
38
8258
143
1129
83
135
51
11
S
0
01
75
0
138
17873
339
18350
FLAGLER
726
51
1172
271
2327
413501
9
66
41
1
D!
0
0
511
130
46931
87
4810
FRANKLIN
177
8
964
164
1257
530
1851
104
18
361
11
16
0
0
111
1
27
2619
868
3498
GADSDEN
183
3
1411
241
946
161
361
2
4
2
0
0
0
0
12
0
2
2594
471
2843
GILCHRIST
1419
1
684
11'
800
201
171
1
2
21
01
11
0
01
261
0
0
1678
361
1714
GLADES
106,
6
389
31,
90335
30
1
16
0
0
D
D
0
10i
0
18
1454
73
1546
GULF
322
25
1421
7
1034
133'
102
31
13
15
1,
1
01
01
61
0
71
2899
277
3183
NA115LTON I
HARDE6
67
265
0
1
479
622
0,
8
339
711
01
5
3;
141
0
0
0
11
0
01
0
0
0
0
01 _01
01 01
41
17+
0
0'
0 892,
0 1630
0
15
892
1645
HENDRY
446
61
752
261
1475
72
2671
22
78
4i
01
0
0
Ol
191
0
17
3036
130
3183
HERMAN
1448
2
2774
43
4656
75
344
50
17
6.
0
0
0
D
156
2
26
9345
178
9549
HIGHLAND
1706
11
3145
45
_
5350
51
107
5
11
1
0
D
0
0'
781
1
64
15X397'
11410575
HLLS
8551
59
10663
141
22925
446
3201
134
590
73
32
35
3
11 619,
2
254
46584
8911 47729.
HOLNES
162
1
1379
10
372
5
18
1
1
0
0
0
0
D
41
0
4
1936'
171
1957
OJD.RWM
1286
15
2860
98,
_
5732
213
683
49
12
tot
0
1
01
1721
3 j
75
10909
3681
11372
JACKSON
4061
51
2745
13
1344
11
55
5
_165
14
ol
0
11
0
01
15;
0
0
45791
351
4614
JEFFERSO
—
1144 35
2
6
1
0
0
0
4
151
0
4
12541
20
1278
LAFAYETTE
101
Oi
421
1
344
71
6
1
2
0
0
01
0
0'
71
01
1
883'
9
893
LAKE1
31321
111
54171
49
12977
100
4421
19
53
11
0
O1
0
01
1531
11
142
22174
1811
22497
LEE
7156
841
8954
1011
27855+
717
58611
214
850
80
141
53+
4.
01
362
51
362;
490561
12561
50675
LEON
1508
18
5751
B0
5694
124
3941
26
52
8,
3
D'
0,
0
133,
2
341
13533
13805
LEVY
286
0
1482
561
1993 242
781
56
13
6,
1
1,
0'
D
41,
0
60'
3894'
361
4315
LJBERTY
71
0
761
91
2351
9
_
7i
1
1 0!
0
0
0
D
21
0
41
1077
191
1100
WORM
166
0
591
0!
4461
16
0
1
1
Oj
0
0'
0
7
0
01
1227
5
1232
MANATEE
3254
51
4018
87;
99841
328
105
338
481
61
111
01
0
1961
1
413:
19654
629
20696
MARION
2417
4
6485
64,
104741
152
_18581
350'
36
37
2
1
p1
0''
0
282'
D
70
20046
258
20374
TIN
2223
11
2277
67
91261
297
25471
109
457
431
28
5
11
0
961
0
3N
16755
532
17861
ROE
4386
64
32331
2911
144211 1394
40471
829
680
317
34
25
11
0
721
1
195
26874
2921
U 1
6381
11
2D50 371
26281
85
2751
37
47
71
21
12
0,
0
35!
01
18
5675'
183
5876
3788
15
4770
40'
68771
131
16611
117
22711817I
11'
0
0
53
1
191:
19363
433
19987
HO
430
11
1433
73
3853
86
1191
6
9
O
1'
0;
D
D
18
0
25
5863
186
6074
NGE
8326
35
6649
77;
17535
142
1209;
24
174
61
2,
1,
6•
0
355
1
4�
34256
286
34947
1707
7
2271
401
4733;
81
2421
6
26
21
Ot
01
01
0
671
0
68!
90481
136
9252
PALM BCH
8752
76
6009
1891
216601
514
59821
213
1128
801 102 151
5
D
2451
2
418'
43863
1D59.
45350
ASCD
4422
14
6308
55
13125;
228
1210,
149
98
511
5
12;;
0
11
3701
1
131'
25536
511
25178
01SU AS
POLK
11023
4889
75
16
8709
----
10512
147 478
--- -
161 155121
604 6307
1T7 7161
357
25
985
171
137,
14
31
6
23'.
- -1
3
11
0
0
728
245
2
0
780
138
5467p
32052'
1345
- 416
56695
32606
UTNAM
878
18
2991
1121
43091
171
228'
70
51
5i
21
3i
0'
D
35,
0
34;
W94
319
9047
SANTA R
2137
8
4803
531
63871
1372
6471
26
_
B2
111
2.
01
0
0
37:
0
451
14055'
230
14330
SARASOTA
3690
26
4314
42j 12782 226 2571
96
438
391
ZZ
6
2'
0
338;
0'
344,
724357
437
25138
EMMIOLE
3984
23
4389
69
9657'
102
916
12
148
17
8
0+
1;
0
182'
1
2111
19283
224
19718
STJOHNS
1820
21
3148
77
5789
1471
10031
38
17S
291
31
2i
0'
01
771
0
114
120151
314
12443
STIUCE
18(X31
16
2870
75
74091
247
10241
88
173
7
21
1'
3
01
92,
0
172+
133731
454
1
SUMTER
346
1
i733
251
1744
2D
58l
7
4
01
0
0
0{
D�-
501
0
171
3935
53
4005
SUWANNFA
325
1
12991
6.
1218
17
421
2
31
11
0'
01
0'
D
351
0
8
2822
27
2957
TAYLOR
275
1
16531
26117641
%
Bfi37
4
6
0
D
Oi
0
8
0
25
3622
159
4006
UNION
91
0
349
31
360
2
71
1
0
D
0
D1
DI
0
101
D
1:
817
6
824
USIA
4102
25
Mll
1901
15459'
339
1345!
67
226
461
1d
61
0'
0
321i
3
316.
298181
678
30810
VMKLLLA
311
5
1809;
53'
19211
183
1551
52
28
01
1
0
0
31!
0
6
42551
3D8
4569
ALTON
7131
5
2428
261
1854',
56
189
14
__14J
28
5
2
1,
0
0
201
0
8
5232
107
5347
ASHINGT
230
2
1387
71.
614
17
33'
2
1
11
p
D+
0
0
12':
0
0'
2257
33
221
i
TALE
rTOi
159064 1263 228821 45541 485192113967[-780-281 4945 13293 194'3 744;
4551
68
27 86491 501
93051 973859 272041 1010370
43
CBRE
2017 CBRE Marine Industry Report
2010 AWsbMkal Venal Slabs6es by County
44
0 2017 ®RE, Mc.
A =10 =
CLASS A-1
CLASS A,2
I CWS 1
CLASS 2
1 CLASS 3
CLASS 4
CLASS 6
2
CLASS3
CLASS
4
COUNTY
c THAN 12'
12 . IV 11"
11111 -Wil"
26 - 38' 11"
40 -Will"
86 -109.11"
177 MORE
CANOES
DEAL
PLEB COMM TOTAL
AUICHUA
Plos
1178
Comm
15
PNe
3151
Comb
83
PNs
5,571
Comm PNs
133 241 1
_�
18
PNs
34
Comm
4
PNs Comm PMa Comm_
0 0 0 0
PMs
285
mm
2
64
10760
255
11,080
BAKER
294
0
938
2
1,071
3
20 1
1
0
0
0
0
0
0
78
0
5
2,339
6
2,350
BAY
3,035
43
5,787
125
8,107
331
1,269
185
219
127
10
29
0
1
133
0
160
18,560
821
19,541
BRADFORD
300
0
810
6
1,170
12
34
1
1
0
0
0
0
0
30
0
1
2,375
19
395
BREVARD
5,773
25
8,611
139
17,255
487
2,432
139
359
39
9
11
1
0
690
4
523
35,130
844
36,487
BROWARD
9.119
43
5,167
114
18,816
373
6,734
200
1,M
115
121
28
14
8
252
2
521
41,572
883
42,976
CALHOUN
103
0
1,072
8
404
14
19
1
3
0
0
0
0
0
6
0
0
1807
23
1,630
CHARLOTTE
2,878
13
2,928
38
11,692
364
2,306
71
338
18
1
1
1
0
211
0
110
20,365
503
20,968
CITRUS
1,490
16
4,756
61
9
399
421
119
38
12
1
0
0
0
231
0
62
16,232
607
16,91)l
CLAY
2,354
2
2,595
19
6,6=
89
764
21
241
16
4
4
1
0
129
0
0
22
151
12,381
COLLIER
3,854
25
2,622
67
71,282
528
3,100
156
528
55
25
4
0
0
231
4
128
21,652
839
22,619
COLUMBIA
485
0
1,716
6
2,256
20
55
3
4
0
1
0
0
0
52
4
14
4,560
33
4,616
DADE
12,451
119
6.038
165
28,463
924
9,789
469
1,621
117
196
45
13
9
288
2
815
58.859.
1.853,
61.357
DESOTO
324
6
733
12
1,010
41
153
10
26
0
0
0
0
0
29
1
0
2,275
70
2,345
DHSMV
SW
42
871
310
2,998
651
715
136
150
14
13
3
0
7
42
13
18
5,644
1,176
6838
DIXIE
161
6
863
43
1,397
171
50
32
6
10
0
0
0
0
22
1
14
2,499
263
2 776
DUVAL
5,148
23
6,699
93
15,430
343
2,049
84
377
31
25
26
4
0
315
0
176
30,247
602
31,025
69CJMBIA
2,332
17
4,700
39
8,110
163
1,087
66
149
41
5
3
2
0
78
0
114
16,463
329
16,906
FLAGLER
873
2
1,184
30
!U
35
423
7
69
3
1
0
0
0
61
0
21
5,265
77
5,363
FRANKLIN
190
18
801
244
_J
1,250
803
172
88
23
34
2
9
0
0
15
1
13
2,453
7197
3,663
GADSDEN
162
3
1,216
9
1,063
20
42
1
6
1
0
0
0
0
16
0
6
2.525
34 1
2,565
GILCHRIST
148
0
609
6
898
22
21
2
0
1
1
1
0
0
30
0
1
1,707
32
1,740
GLADES
60
0
338
26
720
27
29
2
8
1
0
0
0
0
14
0
6
1,169
56
1,231
GULF
280
45
1,271
66
1,100
158
105
31
11
16
0
2
0
0
11
0
2
2,778
318
3,098
HAMILTON
81
0
512
3
390
1
4
1
0
0
0
0
0
0
11
0
5
998
5
1,008
HARDEE
215
1
561
6
789
10
20
1
3
0
0
0
0
0
22
0
0
1,610
18
1,628
HENDRY
393
6
638
27
1,385
64
267
10
89
4
0
4
0
0
19
1
20
2,791
116
2,927
HERNANDO
1,287
5
2,558
47
4,968
88
370
83
21
9
2
0
0
1
201
1
10
9,407
204
9.621
HIGHLANDS
1,384
8
2,374
29
4,722
35
119
4
10
1
1
0
0
0
76
2
51
8,686
79
8 816
HILLS
7,871
43
8,756
101
22,385
384
3,142
93
449
45
36
26
1
0
654
5
168
43,294
697
41,159
HOLMES
192
0
1,375
7
571
4
24
1
1
0
0
0
0
0
6
0
1
2,169
12
7,182
IND.RIVER
1,294
12
2,570
96
556
227
699
58
150
9
12
0
1
0
181
2
61
10,467
404
5,928
JACKSON
415
1
2,598
10
1,693
10
68
2
17
0
0
0
1
0
21
0
3
4,813
23
4,839
JEFFERSON
83
0
639
2
518
16
42
0
12
1
2
0
0
0
17
0
6
1,313
19
1,338
LAFAYETTE
91
0
406
3
472
6
5
1
1
0
0
0
0
0
6
0
0
981
10
991
LAKE
3,169
7
4,817
39
13,015
114
317
18
36
4
2
0
1
0
192
0
91
21,770
182
22,043
LEE
6,490
83
5846
78
24,301
656
5,247
169
801
62
24
28
1
0
456
4
278
43,166
1 080
41524
LEON
1,283
10
5,087
59
5,993
120
391
35
IS
9
4
0
7
0
175
7
29
12,979
240
13,248
LEVY
378
3
1,357
38
2,306
214
702
58
22
9
2
0
0
0
60
0
15
4,167
322
4,504
LIBERTY
58
0
772
13
289
10
5
1
2
0
0
0
0
0
1
0
8
1,127
24
1159
MADISON
137
0
510
1
527
6
N
0
2
1
0
0
0 1
0 1
10
0
0
1,197
8
1,205
44
0 2017 ®RE, Mc.
A =10 =
1
CLASS
A-2
C
1
C
2
CLASS3
CLASS
4
COUNTY
< THAN 17
/2 - IV 11"
16 - 26' 11"
26.39' 11"
40-64'11"
65 -109' 11"
117 MORE
CANOES IDEAL
PLES COMM
TOTAL
MANATEE _
Pin
270
Comm
48
PiesComm
3.281
-72-"9.257
PMs
Comm PNe
320 1,671
100
PNa
312
Comm
21
Pbe Comm PNs Camp
23 5 0 0
PNe CLm�
205 1 2
178
17,676
968
18,422
MARION
2,386
5
5,696
41
10,453
136
385
41
50 1
7
0
1
0
0
342
0
78
19,312
231
19,621
MARTIN
2,052
11
1,942
57
8,008
318
2,381
114
414
35
26
4
2
0
88
0
230
14,883
539
15,652
MONROE
3,461
40
2,636
220
12,565 1,220
3,994
665
784
277
53
19
1
0
80
40
126
23,574
2,481
26,181
NASSAU
826
1
1,968
3D
2,934
76
289
38
56
13
0
3
1
0
62
0
25
6.136
158
6,319
OKALOOSA
3,440
26
4,206
45
7,891
145
1,598
116
234
98
14
12
0
0
61
1
147
17,444
443
18,034
EECHOBEE
385
8
1,204
61
3,227
100
106
10
12
0
1
0
0
0
18
0
8
4,963
179
6,140
ORANGE
7,468
21
5,244
56
15,778
159
1,185
26
191
5
8
1
2
0
311
1
233
30,187
269
30,689
OSCEOLA
1,765
6
1,736
32
4,487
87
269
9
21
2
0
1
0
0
68
0
16
8,346
137
8,499
PALM BCH
7,893
62
4,994
148
19,597
511
5,962
246
984
76
91
12
7
0
267
2
306
39,795
1,057
41,158
PASCO
4,233
18
5,118
51
12,309
222
1,239
122
97
36
1
8
0
0
426
2
103
23,423
459
23,985
RNELLAS
9,594
67
7,275
127
23,779
583
5,701
334
914
95
29
19
1
0
793
5
597
48,086
1,230
49,913
POLK
4,418
17
8,600
171
15,395
196
697
17
142
9
4
2
0
0
288
1
88
29,744
413
30.245
PUTNAM
902
18
2,522
90
4,506
161
241
11
47
6
2
1
0
0
1 49
0
33
8,269
287
8 589
SANTA ROSA
2,123
3
4,437
67
6,748
143
710
24
69
12
2
0
0
0
54
0
38
14,143
249
14,430
SARASOTA
3,564
27
3,654
34
11,357
179
2,565
79
449
34
22
4
0
1
314
1
223
21,958
359
22,540
SEMNOLE
3,644
15
3,945
71
9,112
113
897
12
152
14
6
0
1
0
280
1
124
17,937
226
19,287
ST. JOHNS
2,371
9
2,921
71
6,438
167
1,033
39
211
26
8
2
0
0
119
0
92
13,101
314
13,507
ST. LUCIE
1,768
12
2,359
84
7,221)
272
980
81
154
17
1
1
2
0
96
2
74
12,5W
469
13,123
SUMTER
381
1
1,595
16
2,151
16
62
6
9
0
0
0
0
0
57
0
13
4,255
39
4,307
SUWANNEE
301
2
1,167
6
1,361
17
53
3
11
1
2
0
0
0
35
0
8
2,930
29
2,967
TAYLOR
244
0
1,543
28
1,816
89
74
20
7
6
0
0
0
0
17
0
19
3,701
143
3,863
UNION
80
0
363
2
465
2
12
0
0
0
0
0
0
0
8
0
0
928
4
932
LUSO►
3,894
22
7,388
189
14,367
351
1 306
63
218
35
11
6
0
0
344
1
205
28,0211
667
28,91M
AKULLA
295
2
1,880
40
2,187
198
160
55
25
11
0
2
0
0
39
0
5
4,5W
3D8
4899
ALTON
689
9
2,226
27
2,186
86
215
12
40
12
3
0
0
0
26
0
5
5386
126
5 518
ASHNGTON
226
1
1.387
6
740
7
19
1
1
1
0
0
0
0
12
0
0
2385
16
2401
TOTALS
149,9W68 1 093 198 589 4113 460 579 13 930 76.840 4,569 12,845
1,656
807
328
59
27
9,754
115
6,314 1901,737125,8341 941,589
44
0 2017 ®RE, Mc.
A =10 =
2011 CBRE Marine Industry Report
2015 Alphabetical Vessel Statlatics by Courcy
45
C 2017 CBRE, he
CBRE
CLASS A4
CLASS A-2
CLASS 1
CLASS 2
CLASS 3
CLASS 4 I
CLASS S
COUNTY
< THAN 12'
12 -1511'
16 -Wil"
21111-31111`111"
40 -" 11"
05-IWII-1
110 MDRE
CANOES
DEAL
PLEB
COW
TOTAL
______
Hl1A
PNs
950
_
10
Plan;
2 885
Comm
71
►Ns
5468
Comm Phs
121 337
_
21
PNs
136
Comm
3
Plea Comm ►hs Comm
29 0 1 0
Plus
269
Comm
1
47
10 078
227
10,350
BAKER
290
1
856
1
1,187
7
25
1
3
0
0
0
0
0
30
0
0
2,M
10
2 401
BAY
2,705
25
4,984
118
7,999
330
1,245
128
225
111
8
22
1
0
115
1
134.
17,282
735
18,151
BRADFORD
278
0
702
2
1,196
5
23
2
0
0
0
0
0
0
31
0
3
2,232
9
2,244
BREVARD
5,018
29
7,709
131
16,408
493
2,229
134
356
28
7
7
1
1
720
7
453
32,448
830
33,731
BROWARD
8,999
45
4,963
111
18,511
4D4
6,832
233
1,432
114
195
22
12
4
257
1
536
41,201
934
42,671
CALHOUN
81
0
927
10
469
20
15
0
1
1
0
0
0
0
8
0
0
1501
31
1,532
CHARLOTTE
2,88U4
46
2,707
48
12,430
398
360
74
382
13
5
0
2
0
215
3
95
20.%5
582
21662
CITRUS
1.299
14
4,117
57
9,225
374
359
103
43
10
0
0
0
0
232
0
46
15,275
558
15 879
CLAY
2,152
5
2,338
21
6,182
75
865
20
389
10
22
1
2
51
140
0
25
12,090
183
12,298
COLLIER
3,903
19
2,463
59
11,040
556
3,255
169
548
56
37
5
2
0
282
5
137
21,530
869
22,536
COLUMBIA
388
1
1,489
5
2,263
33
40
5
7
0
0
0
0
0
50
0
8
4,237
44
4,289
DADE
13,869
153
5,957
184
28.840.
932
10 851
481
2,234
119
491
28
42
16
361
1
! 763
62,W
1,914
65,322
DESOTO
283
16
724
18
1,028
39
104
8
16
0
0
0
0
0
38
1
2
2,193
82
2,277
DHSMV
545
103
314
358
1670
698
532
150
140
14
14
1
1
6
32
12
0
3,248
1,342
4,590
DUDE
104
4
755
37
1,276
184
33
31
7
8
0
0
0
0
16
1
16
2,191
265
2,472
DUVAL
4,309
20
5,747
90
13,806
370
1,712
76
328
31
21
19
5
0
350
0
123 ! 26,278
606
27,007
ESCAMBA
2,107
17
3 714
33
7,795
185
1,135
71
172
31
6
2
1
0
89
0
84
15,019
339
15,442
FLAGLER
866
7
1 166
28
2,581
32
370
2
79
1
3
1
1
0
65
0
21
5 131
71
5,223
FRANKLIN
170
23
714
175
1,241
678
153
69
34
29
1
8
0
0
10
1
13
2,323
983
3,319
GADSDEN
115
2
1,042
10
1,070
14
35
2
5
0
0
0
0
0
15
0
: 3
2,282
28
2,313
GILCHRIST
128
D
540
2
916
20
23
5
1
1
1
0
0
0
33
0
0
1,642
28
1,670
GLADES
71
0
734
19
29
0
13
_
0
0
0
0
0
15
0
5
1,207
32
1,244
GULF
207
39
1,227
168
116
25
12
11
0
1
1
0
13
1
2
2,705
303
3,010
HAMPTON
65
0
383
8
11
0
0
0
0
0
0
0
10
0
3
907
11
921
HARDEE
175
0
803
14
23
0
2
0
0
0
0
0
33
0
! 2
1569
20
1,591
HENDRY
373
4
1,416
54
251
8
71
13
0
17
0
0
34
0
26
2,806
111
2,943
HERNANDO
1,341
9
4,861
84
346
55
30
7
2
0
0
0
244
2
18
9,154
196
9,368
HIGHLANDS
1,232
4
22191194890
29
112
6
8
0
0
0
0
0
82
0
34
8543
58
8635
HILLS
7,055
48
21,151
418
3,114
101
474
37
38
22
5
0
733
8
1 131
39,701
732
40,563
HOLMES
167
0
595
8
27
2
0
0
0
0
0
0
16
0
3
2,049
19
2,071
IND.RIVER
1,162
8
2,380
87
5,568
246
672
54
153
12
10
0
2
0
170
3
j W
10,117
410
10,587
CKSON
345
0
2,298
11
1,901
13
59
3
5
1
1
0
0
0
23
0
2
4,632
28
4,662
JEFFERSON
104
0
1 549
2
509
10
41
0
8
0
1
0
0
0
18
0!
4
1,230
12
1,246
LAFAYETTE
76
0
356
4
481
4
14
0
0
0
0
0
0
0
7
0
1
934
8
943
LAKE
2,679
8
4,238
34
1 713
124
496
20
58
1
2
0
0
0
211
0
84
20,397
187
20,668
LEE
6,323
95
5,504
77
25,812
730
5,714
181
796
52
29
16
2
4
563
5
274
44,743
1,160
46,177
LEON
1,160
5
4,830
33
6,371
114
424
31
88
5
6
0
0
0
191
2
3
13,070
190
13,263
LEVY
294
3
1,242
44
2,174
211
74
55
19
4
4
0
0
1
57
0
i 28
3,864
318
4,210
LIBERTY
43
0
700
8
345
7
8
2
1
1
0
0
0
0
2
0!
4
1,099
18
1,121
MADISON
100
0
465
1
563
3
13
1
3 1
0
0
0
0 1
0 1
13
0
! 0-
1,157
5
1,162
45
C 2017 CBRE, he
CBRE
CLASS A-1
CLASS A-2
CLASS 1
CLASS 2
CLASS 3
CLASS 4 ;
CLASS S
COUNTY
< THAN 17
12. IV 11"
16 - 26' 11'
26 - 3511'
40 - 64' 11'
65-11WII-1
117 MORE
CANOES
DEAL
PLES COMM
TOTAL
_
NMNATEE _
Pies
2,794
__
51
Piss
2999 ,
Comm Pies Comm Pies CommPies
76 8,8527 429 1,7341116
401
Comm_
20
Plec Comm.
47 -6-1 0
Comm
0
_Plas
247
Comm
-5--;-67'
17,074
703
17,940
MARION
2,180
5
4,953
43
10,341 1 130
367 31
40
5
1
0
0
0
3138
1
66
18,190
215
18,471
MARTIN
2,088
13
1,962
49
8,624 313
2,735 111
506
27
58
5
1
0
103
1
238
16,079
519
16,836
MONROE
3,552
50
2,608
326
13,532 11,285
4,538 726
990
299
73
12 '
3
0
77
2
174
25,373
2,700
28,247
NASSAU
758
2
1,783
28
2,931 1 72
271 29
50
15
2
5 1.
0
0
75
0
21
5,870
151
6,042
OKALOOSA
OKEECHOBEE
3,426
330
18
5
3,741
1,063
45
50
8,270 1 195
3,155 85
1,679 112
119 12
268
12
92
1
13
1
12 a
0
0
0
0
0
75
26
1
0
204
11
17,472
4,706
475
153
18,151
4,870
ORANGE
6538
24
4,376
64
139961 152
925 1 21
145
2
7
0
2
0
292
1
203
26,281
264
26,748
OSCEOLA
1,743
3
1,596
29
4,312 95
218 1 6
22
1
0
1
0
0
77
0
13
7,966
135
8,116
PALM BCH
PASCO
6_912
3,877
45
14
4,439
4,907
139
56
18,330 479
12.486 210
5,907 255
1,258 122
1,010
101
77
27
170
3
14
4 t
19
1
0
0
241
475
1
1 T
238
93
37 028
23,108
1,010
434
38_276
23,635
PINELLAS
9,448
84
6,381
145
23247 626
5,781 280
961
80
39
14
2
1
908
13
500
46,767
1,243
48,510
POLK
3,767
13
7,509
161
150118 227
685 19
160
8
12
3
2
0
319
0
59
27,542
431
28,032
PUTNAM
687
12
2,075
78
4,286 161
206 8
56
8
2
1
1
0
61
1 0
46
7,374
268
7,6118
SANTA ROSA
2,117
16
4,037
58
6,962 132
721 30
62
9
2
ol
1
0
59
0
36
13,961
245
14,242
SARASOTA
2,947
25
3,306
30
11,538' 229
2,605 91
441
26
23
4 1
0
0
301
0
217
21,161
405
21,783
SEMINOLE
3,251
12
3,856
54
9,185 123
733 l 14
126
11
7
1
2
0
360
2
93
17,520
217
17,830
ST. JOHNS
2,092
15
2,981
85
6,875 217
1,029 41
228
29
12
3 1
0
0
167
0
72
13,384
390
13,846
ST. LUCIE
1,685
13
2,181
87
7 064 300
1,q81 85
187
10
15
1
0
0
127
0
112
12,340
496
12.948
SUMTER
397
1
1,509
18
2,231 23
66 2
8
0
2
0
0
0
75
0
13
4,288
44
4,345
SUWANNEE
244
2
1 000
6
1 333 1 13
46 1
2
0
4
0
0
0
34
1
2
2,663
23
2.688
TAYLOR
167
1
1,414
36
1 893 87
54 23
3
4
0
0
0
0
14
0
18
3,545
151
3,714
UNION_
VOLUSM
79
3,291
1
27
386
6,642 1
0
196
515 5
14.217 410
14 ! 1
1,218 61
0
222
0
19
0
11
0
4
0
1
0
0
16
414
0
1
0
217
1,010
26,016
7
718
1,017
26,951
WAKULLA
265
12
1,758 1
59
Z469 196
165 , 33
22
8
0
1
0
0
43
0
7
4 722
309
5.038
WALTON
704
7
1,971
26
425 89
252 11
44
11
7
0 -
1
0
33
0
9
5,437
144
5590
WASHINGTON
203
1
1255
10
867 11
26 3
1
0
D
0
0
0
17
0
0
2 369
25
2.394
TOTALS
139,957 1235 178092 4064 460125'145267$510:4.573 14349
1,513
1444
263 ! 117
84
10,737
85
6018 883332 26:363 915,713
45
C 2017 CBRE, he
CBRE
2017 CBRE Marine Industry Report
2016A#ftbmWW V98W 5taMIM h'Om^II'
46
02017 CBRE, I-
CBRE
CLASS A l
i c, AIR
Apt
CLASSI
s j
CIA558
CLA36
CDUNTY
1 4TRW Irr
12-16`11`
16.09'11" 25-WIV
40-54'11"
56-10 11"
"WNKUE
CANOES;
DEAL
PLEi
Dow
TOTAL
....r. i�
put cow
QOI>
i?3
Pin
Ok `I Mm
r
ALACHUA986
8
ZBR2
6,587 126 984
20
1S
4
41
0
1
0
m
1
37
10,X2
331
10,5.10
6AIUE5t
291
1
SW
2
1.261 6< 22
2
1
0
0
0
D
D
27 i
0
0
2.454
11
2,475
Y
Z673
10
4A73
101
5.103 303 tM
119
216
102
13
16
D
D
122
1
135
17,2C
886
18.00
SNAOPORO
780
0
710
4
1,274 8 23
2
2
0
0
0
0
0
30
0
2
2386
14
Z30
WJMWD
k041
25
7,633
127
16604 470 2.160
137
378
25
11
7
1
1
728
7
480
37,731
806
31099
614018ARD
OA03
55
5064
106
1961 423 7.088
213
1546
118
213
21
19
4
287
1
*6
42773
941
44212
CALHOUN
90
0
959
9
517 1 19 13
1
1 1
2
0
0
D
D
9
0
0
1
31
1 62D
07ARLOTTE
2972
42
2-711
46
12934 414 427
60
398
12
7
0
2
0
231 T
1
93
21693
6M
22310
CUTRU6
CLAY
1,337
Z176
72
2
4,100
Z4(1
59
19
9686 384 361
6.347 73 . 903
103
25 1
40
421
10
11
0
26
0
1
0
2
0
47
247
134
1
0
50
29
1 e
12408
569
178
16440
12616
COLLIER
3969
15
2,430
fib
111172 969 13,350
175 1
555
54
42
4
1
0
277
5
TW
21,816
677
22,80
COLUMBIA
DADS
DESOTO
OHBMV -+
407
4,853
779
GM
T
222
11
110
1470
6,8�_
739
267
S 1 2.421 ' 21 1
15D 28.854 _9_13 _ 1_11112 489 2_,288_
14 r 1.096 44 97 10 } 16
385 11 595_720 559 151 -1146
0
118
0
l7_
0
508
0 _
1 12
0
25
0
1
0
40
0
1
0 56 _
16 358
0 41
=-^-
5 I 32
0
1
T
17
8
808
2
0
4,415
63,6±0
2,258
3.2x1
34
1,904
80
1386
4,455
66422
2350
4.639
U00E
123
5
759
43
1,299 1195 48
39
17
3
0
0
0
0
201
13
256
289
2,568
K
4,413
19
5,6=
91
13,676 300 1,6W
73 320
27
2C
17
4
0
341
0
117
26,080
567
26,764
58CAMSIA
2.120
16
3
32
. 7,930 1 188 1.138
64 + 178
31
6
2
1
1
1 82
0
7A
15,115
NA
15,503
FLAOL,R
944
6
1.155
26
2.786 37 1 368
3
83
2
3
1
0
0
so
0
29
5.405
75
512
FRAIEO III
174
21
723
185
1.268 596 159
67
35
33
1
8
0
0
8
1
6
2388
891
1255
SAOSDSW
107 1
2
tum
10
_
1 1.060 f 13 1 38
4
5
0
D
0
0
0
19
0
4
257
29
2290
GILCHRIST
135
a
I 553
2
982 17 ' 11 1
S i
a
1
1
0
0
0
1 34
0
0
1 705
25
1.730
GLADES
75
0
i 343
12 740 12 36
1 i
10
0
0
0
0
0
16
0
5
1,229
25
1,259
GULF
205
39
1,155
58
1 1,ZM 168 114 1
24 !
15
12
1
2
1
0
11
1
2
27M
3D4
3.086
HAMILTON
67
0
1 405
3 388 7' 10
0
1
0
0
0
0
0!
10
0
4
861
10
895
HARDEE
78D
7
1 568
8
} 816 1 14 23 1
0
1
0
0
0
0
0
35
0
4
1,623
23
1650
MEMORY
373
4
1 880
12
1,457 46 1 259 1
3
76
14
2
14
0 I
0
29
0
22
2856
93
2,971
WANAN00
HIGHLANDS
1,439
t-
1,277
70
5
2,370
2233
'31
---- -
10.
4,940 83 ! 361
t �.. ___ t _---
- 5189 94 121
61
-�-
8
32
i-
6
---
-0
- 3
D
0
--
0
0
'--- -
D
0 � 2_59
--^ ----
0 87
3
0
17
-
9,413
- --
8,894
197
-----
64
9.627
-
6,986
HULLS
7,095
54
1 15,899
107
21491 429 13156, 93 1
501
35
49
21
1
1
719
10
128
X-910
744
40.762
HOLMES
155
0'
1,212
9
637 10 j 26
2 1
1
0
0
0
0
0
13
0
2
Z044
21
Z067
IND.WVER
JACKSON
1,181
343
9
0
2,401
2.298
00 5.741 213!-703
14 1,-952�-18 63
53 ,_151_
4 i
8
7
1
11
1
0
0
2 0 106
0 0�-25
1
0
61
0
10356
4,091
_383 10.8m
35 4,725
E ""WN
LAFAYETTE
_
_ 85
74
0 568
0 f 351
_ 2
2
r,
533 13 I 41
4813 11
0
0. 1
8
0
0
0
1
1 0
0
0
0
0(
0
0!
j Z2 _-_
8
1
0
5
0
1,256
905
16
5
_12�
970
LAKE
2,743
8
4,20.T
34 1 13,045 119 1 518
19 1
64
3
1 1
0
0
0
1 220
0
97
20,801
183
21 071
LW
6,440
85
5,479
66
26,4B71744 i 5,909
181
840
53
24
17
4
4
572
5
275
45,759
1,155
47189
LEON
1,085
5
4,701
32
6307 106 37627
67
6
3
0
1
0
166
0
2
12725
178
12906
LEVY
3011 t
3
1265
34
2.315 223 I 75
59_
21
5
0
0
0
._6_D
0
32
4.049
328
4,409
LI690TY
44
0
670
8
349 6 7
2
1
_9
1
0
0
0
0
2
0
2
1,073
19
1,094
N MADISON
103
0
459
3
571 3 t i
1
2
0
0
0
0
0
i 9
D
0
1 167
7
1.174
LINTY
CLASS A•1
-THAN/2'
CLASS M2 y CLAW 1 CLAW 2
12-16'11" 16-2517" 26-W 11'
CLAW 3
40 -Wil"
CLASS 4
05-151'11"
CLA 566
1/OMORE
r CWOESDEAL
PLEE�CO
TOTAL
_ PMO_Comm_
MANATEE 2806
49
Pis Comm_ rhs +Camm�Pl�s_
2987 69 8 7A8T 442 1 1853
_
172
P_Ms
429
C-kwm ►lisom
C_n 011 Com _k -m -TCI
2P +42 ~~ 8 2 01 255 5 151
17,082
714
18 527
MARION
1 Z272 1
6
4,952
41
10,002 125 379 1
32
47
4
2
0
0
0
307 1
0
59
13,5611
206
18,5W
MARTIN
MONROE
NASSAU -
KALOOSA
2,130
9.725
617 t
3,636
8
47
2
17
2 0.29 49 9,078 t 327_x2 _831 _
2,610 326 13.783 1280 4,805
_.
1606 x_77 1 3,075 73 291
3,668 36 8,555 211 1,099
110
723
31
118
541
1.126
52
261
26
__304
16
83
63 1
94
2
10
3
76
5
13
3
2
_ 1D
0
0
0
0
103
8fi _ _
r 78
80
1
1 _
D
1
US
t 174
18
195
1 778 522
26, _2899
6,122 154
17,909 479
17 548
28106
6,290
18,563
OKESCHODEE' 324
5
1 072
49
32613 261 102 127
13
11
1
D
0
0
0
24
1
10
4.619
171
5.0m
ORANGE
6,768
27
4,165 '
76
13.977 153 958
21
149
0
10
0
1
0
289
1
176
28 35
278
26,789
OSCEOLA
1,777
3
1,573
23
4.252 95 ? 219
8
17
1
0 I
D
0
0
73
0
14
7,911
130
8 055
PALM BCH
6950
d0.
4,368 +
137
t7 910 181
1,007
09
174 i
15
20
1
24D
1
267
36,493
990
37,7W
PASC0
PUNALW_
POLK
4,002
9,709
3,875
14
74
17
t-58247257
4805 40. 12786 206 1274 103
8,366 1Y5~ p,62t 16`090 Tis
7,470 i 161 15523 239 1 702 22
99
1,012
154
30
80
7
_ 1 +
58
9
3
18
2
_ 1
2
0
0
1
D
495
- 699
329
1
10_
0
87
514
i 52
b43
40,029
28,0.62
406
1211
448
24136
49754
28,582
PUTNAM
553
12
2,054
69
4,293 162 202
10
55
5
2
1
1
0
51
0
41
7 311
259
7.671
SAWAROSA
2,179
24
3,942
54
7165 135 739
34
62
9
2 ,
0
0
0
01
0
37
1415D
256
14,443
6ARA6DTA
3018 1
25
3,315
31
11,888 719
2,091
750
83
18
483
126
22
-13
25
6 i
4
1
D
0
0
D -~358
295
0
2
230
92
21,896
170.81
394.
208
22328,
18,281
896NOIE 9437 12 3 883 950421 111
6T..IOHIIS 2068
Si.L11C7Y 1.712
SUmm 386
14
10
0
3,028 92
Z149 817,D10
1,515 } 15
7,422 202 , 1,(Y73,
289 1,166 1
2351 24 74
48
83206
2
2A1
10
26
13
1
12
16 I
2
3
1
0
0
0
0
0
0
0
173
117
78
1
0
2
72
87
11
14015 386
12,3_76 477
4,416 44
14,473
12,950
4,471
SUWANNEE
2411
2
995
6
7 387 13 612
5
D
5 1
9
0
0
36
1
2
2,736
24
762
TAYLOR
170
2
1 388
34
1,945 91 57
20
5
3
0 1
0
0
0
12
0
14
3,577
150
3.741
UNION
84
1
3T7 1
2
502 6 11
0
0
0
D 1
D
0
D
16
0
0
99D
8
996
VOLUMA
WAKULLA
WALTON
YYASHKKiiON
3,283
270
728
206
31
1!-
9
1
6,676 184 14086 � 413 1.277
1148 _ 51 25E 169
1�
1,93.0 23 y 2499 Y 95 271
1 8 066 11 28
53
33
13
2
227
23
50
1
T7
10
13
0
12 1
0
6
0
4
1
0
0
1
0 _
0
0
1
0
0
0
412
39
28
18
0
11
0
0
225
7_
10
0
25,573
4770
5,522
300.
705
296
153
23
27,506
50.79
5,668
400
TOTAL6
143.490 1.286 176966: 3,964 470,567 144561807004,533 16.0001 1,492
1,581, 250
115
82
10,923
87
16013 899.M26152 931450
46
02017 CBRE, I-
CBRE
2017 CBRE Marine Industry Report
As indicated in the data tables, the 10 -year trend in vessel registration is down 9.6% from
1,030,370 vessels in 2005, to 931,450 vessels at the end of 2016.
However, over the past three years, the annual vessel registration data shows that the marine
industry has begun a clear rebound. The Florida year over year vessel registrations for the past
several years is summarized below.
Year
State of Florida
Change
2010
946,579
2011
922,491
-2.5%
2012
901,969
-2.2%
2013
896,632
-0.6%
2014
899,635
+0.3%
2015
915,713
+1.8%
2016
931,450
+1.7
From 2010 to 2013 vessel registration decreased at the state level. However, over the past three
years, the trend has been positive. This state level data is consistent with the detailed market and
economic national data from the same time period.
BARRIERS TO ENTRY
Barriers to entry into the Florida marina market generally include lack of good waterfront
development sites.
Over the past 2 to 3 years, dry slip occupancies along Florida's Atlantic Coast have risen back up
to their former levels of 90% and above, with some markets reporting 100% occupancies
combined with a waiting list for the most popular slip lengths. The Atlantic Market is led by the
Southeast Florida submarket, which consists of Miami -Dade, Broward and Palm Beach Counties.
Therefore, the primary barrier along the Atlantic Coast is undeveloped land that is suitable for
marina development.
Marina occupancies along the west coast of Florida are generally 5% to 15% below their east
coast counterparts. However, dry slip occupancies still lead over wet slips. There are two primary
barriers to entry along Florida's west coast and they are good waterfront sites that are adequate
for marina development and the financial constraints caused by generally lower rental rates and
occupancies.
47
CBRE
2011 CBRE Marine Industry Report
The third geographic region is the Panhandle of Florida. This region continues to struggle to
break out of recession. In this market, land is plentiful. However, water depth at the shoreline
and an adequate channel leading to the deep waters of the Gulf of Mexico are often a problem.
These physical limitations combined with diminished the marina financial fundamentals do not
support new marina development. However, expansion, in specific circumstances could be
financially feasible for marinas that are very well maintained and are very well located.
DEMAND GENERATORS
Boat storage options include wet slips, dry rack storage, surface storage as well as on -trailer
storage. The demand for these boat storage options within the market is a function of
population, disposable income, marina location, proximity to popular fishing and family
destinations, the relative rental rates for wet versus dry storage, quality of the facility, fuel prices
etcetera.
A very important element in the boat storage business is location, proximity to popular boating
destinations, as well as the service and reliability associated with the facility. Full service marinas
have a significant competitive advantage over limited service or no service storage options as
they create an "All Inclusive" boating experience. The inclusion of an amenity package such as
restaurants, lounges and family recreational amenities such as an outdoor pool can give a
marina property an additional competitive advantage.
48 CBRE
2017 CBRE Marine Industry Report
ECONOMIC SIGNIFICANCE
OF RECREATIONAL BOATING IN
FLORIDA
TOTAL ANNUAL Number of Recreational Boats" 865,287
ECONOMIC IMPACT Recreational Boating Industry Businesses 5,539
OF RECREATIONAL BOATING:
Total lobs 82,752
1$10eWBILLION Annual Recreational Boating -Related Spending $4.3
RECREATIONAL BOATS IN FLORIDA ANN
TOTAL BOATS' 865,287
REGISTERED b BOATS 865,281
Power boats 122,142
PWLs 97,375
Sailboats 23AO4 POWER BOATS PWCS SARBBOATS OTHER BOATS
Other HOUSEHOLDS PER BOAT r 866 84% 11% 3% 2%
'Tad WatsaareOered bads as aWed bPstates tothe USO6.
ESTIMATED JOBS IMPACT OF RECREATIONAL
BOATING -RELATED SPENDING IN FLORIDA
27,015
EST. TOTAL JOBS 82,752 INDUCED106S
YLUONS
ESL TOTAL LABOR INCOME 53,4341 15,104
Est Direct Income 31Al2.4 INDIRECT JOBS
EstAndirectlincome $8392
EA. Induced Income 311825
40,833
DIRKTJOBS
RECREATIONAL BOATING -RI
BUSINESSES IN FLORIDA
TOTAL BUSINESSES 5,539
Boat Building 172
Motor/Engine ft. 23
Accessary/Suypiles M ar 492
Dealers /Wholesaler., 732
Ptc,
4,120
BOAT BUDDING
• MOTOR/EN6. WAL
• ACUSUPHIES MILK
RECREATIONAL BOATING
INDUSTRYSALES IN FLORIDA
HuxBoat Building 9,954.7
Motor/ Engine Mtgr. 31605
Accessary/Slgrplies Migr. $8919
TOTAL MFG R. SALES S3,DI31
Dealers/Wholesalers 33381.7
Boat Services $6508.0
TOTAL RETAIL & SERVICES SALES $9,8893
• BOAT BUIIDIN6 • D1.10" 1ESALEBS
• MOTOWEN6A6R i BOAT SERYNS
• ACUS10013 WA
• DLRs/wHOIESAIERS
• BOATSENVI($
Soma' MMIY'sregela lroraope,' ReOe�lpetl M,mweawiu tffie �I Ntlilynsiri UaRaq
49 CBRB
81,954.7 Ma.LION
8180.5 MILLION
$897.9 M6LON
53,381.7 HUMN
No3s6,508.0 MCLK)N
f W w T� R w w
Soma' MMIY'sregela lroraope,' ReOe�lpetl M,mweawiu tffie �I Ntlilynsiri UaRaq
49 CBRB
2011 CBRE Marine Industry Report
CONCLUSION — STATE OF FLORIDA
The supply and demand characteristics of Florida's three marine regions are significantly
different. The east coast of Florida is the leading region, followed by the west coast region and
then the Florida Panhandle. Within the east coast region, the southeast Florida submarket still
remains the hottest marketplace with the highest rental rates, the lowest vacancy and the longest
waiting lists in the state. This area clearly has the fundamentals necessary to support new marina
development as well as marina expansion, reconfiguration, redevelopment and condo
conversion. From an investment perspective, the west coast market is primarily a buy and hold,
or value added play. In the Florida Panhandle, marinas can be purchased at a fraction of the
east coast pricing levels. Therefore, this region is ripe for low bid acquisition with a long term
holding strategy.
Florida vessel registration data showed increasing vessel registrations over the past 3 years. Our
forecast for the state of Florida is for intense competition to purchase well-maintained and
located marine properties on the east coast. We also expect marina investors to continue buying
west coast marinas as value added investments with 5 to 10 year projected holding periods. The
Panhandle will continue to see acquisitions at discounted prices that allow for long term holding
periods of 10 years or more.
50 CBRE
2011 CBRE Restaurant Industry Report
2017 CBRE Restaurant Industry Report
According to the National Restaurant Association's 2017 Restaurant Industry Forecast report,
restaurant and foodservice sales are projected to total $798.7 billion in 2017, up 4.3 percent
from the 2016 sales volume of $766.0 billion.
Eating Places are projected to have $571.4 billion in sales in 2016, Bars and Taverns are
projected to have a sales level of $19.7 billion, Managed Services, a sales level of $53.5 billion,
Lodging Placed a sales level of $36.0 billion, and Retail, Vending, Recreation and Mobile, a sales
volume of $75.2 billion.
Although this represents the eighth consecutive year of real sales gains, growth will remain
dampened by historical standards. Significant variances among geographic regions and industry
segments will also affect restaurant sales performance.
In inflation adjusted terms, sales are projected to increase 1.7% in 2017, up slightly from the
1.5% gain registered in 2016. Although this represents the eighth consecutive year of real sales
gains, growth will remain dampened by historical standards. Significant variances among
geographic regions and industry segments will also affect restaurant sales performance.
The following table illustrates the most recent food and drink sales trends within the industry.
RESTAURANT INDUSTRY FOOD -AND -DRINK SALES
2013 F&D Sales 2014 F&D Sales Percent 2015 F&D Sales Percent 2016 F&D Sales Percent 2017 Projected Percent
$000 5000 Chane 5000 Chane 5000 Chane F8D Stoles
Change
( ) ( ) 9 ( ) 9 I 1 9 , , 9
COMMERCIAL RESTAURANT SERVICES
5624,102,139
5651,089,436
4.3%
5684,630,820
5.2%
5705,743,179
3.1%
5736,322,100
4.3%
Eating Places
5463,243,775
5483,073,189
4.3%
5508,644,278
5.3%
$528,599,841
3.9%
5551,695,290
4.4%
Fullservice restaurants
$226,932,703
$235,789,078
3.9%
5247,100,666
4.8%
5254,107,809
2.8%
5263,001,582
3.50%
Limited -service (quickservice)
$190,801,950
$199,388,038
4.5%
5210,872,789
5.8%
5221,896,402
5.2%
5233,656,911
5.3%
Cafeterias, grill -buffets & buffets
$6,759,712
$6,854,348
1.4%
$7,039,415
2.7%
$5,887,845
-16.4%
$5,681,770
-3.5%
Snack 8 nonalcoholic beverage bars
$31,659,730
$33,667,368
6.3%
$35,889,414
6.6%
538,434,085
7.1%
$40,751,369
6.0%
Social Caterers
$7,089,680
57,380,357
4.1%
57,741,994
4.9%
58,273,700
6.9%
$8,604,648
4.0%
Bors and taverns
$18,129,757
$18,619,260
2.7%
$19,270,934
3.5%
$19,301,182
02%
$19,783,712
2.5%
TOTAL EATING -AND -DRINKING PLACES
$481,373,532
5501,692,449
4.2%
$527,915,212
5.2%
$547,901,023
3.8%
5571,478,992
4.3%
NONCOMMERCIAL RESTAURANT SERVICES
554,402,607
$56,714,607
4.2%
$58,093,429
2.4%
$57,647,840
-0.8%
$59,651,100
3.5%
MILITARY RESTAURANT SERVICES
$2,484,617
$2,523,508
1.6%
$2,575,203
2.0%
52,653,348
3 09%
$2,733,269
3.0%
TOTAL INDUSTRY SALES
S680,989,363
$710,327,551
4.3%
S745,299,452
4.9%
$766,044,367
28%
S798,706,469
4.3%
Source Nasional Restaurant Association 2017 Forecast
2017 National Restaurant Association
The Association is projecting that the restaurant industry's workforce will increase slightly to 14.7
million in 2017. Restaurants will remain the nation's second-largest private -sector employer,
providing jobs and careers for about one in 10 working Americans.
The following tables illustrate those states with the highest projected industry growth.
51
CBRE
2017 CBRE Restaurant Industry Report
TOP 10 STATES FOR 2017 SALES GROWTH
1
Florida
6.2%
2
Utah
6.0%
3
Nevada
5.8%
4
Arizona
5.7%
5
Oregon
5.6%
6
Georgia
5.4%
7
South Carolina
5.3%
8
Washington
5.3%
9
Idaho
5.2%
10
California
5.2%
Source: National Restaurant Association:
2017 Forecast
The top 10 states for sales volume is reflected in the following table.
TOP 10 STATES BY 2017 SALES VOLUME
1
California
$82.2 billion
2
Texas
$54.1 billion
3
New York
$43.3 billion
4
Florida
$41.7 billion
5
Illinois
$25.2 billion
6
Pennsylvania
$21.5 billion
7
Ohio
$20.9 billion
8
Georgia
$19.6 billion
9
North Carolina
$18.6 billion
10
Massachusetts
$17.0 billion
Source: National Restaurant Association:
2017 Forecast
2017 STATE AND REGIONAL OUTLOOK
Regions of the country with the most favorable economic conditions and the strongest population
growth are expected to fare the best in restaurant sales. The following chart illustrates the
breakdown of the U.S. into regions along with individual state forecasts:
52
I _. CBRE, I"
2017 (BRE Restaurant Industry Report
Stab Eco -r .1 Indicators Restaurant Sales (5000)
Pv7ecW Percent Change. 2016 - 2017
Deiaware
Total
EMPloy11114fft
Real Disposable
Personallncome
Total
Population
2016
2017
Percent
change
Connecticut
0.8%
13%
01%
$7251.856
$7.542428
40%
Maine
09%
15%
0.0%
$2,209.213
S2,T79 257
32%
Massachusetts
14%
19%
0.5%
$16351531
$17,027.425
4.1%
New Hampshire
15%
23%
02%
$2,582,388
$2693.608
43%
Rhode Island
1.0%
16%
02%
$2314,292
$2.392091
34%
Vermont
1.1%
1.6%
02%
$994.638
$1,027.685
33%
New England
1.2%
1.7%
0.3%
$31,703,917
$32,962,495
4.0%
New Jersey
10%
14%
02%
5)5,706.758
316.302.003
58%
New York
1.1%
18%
0.1%
541,821,807
$43,317,950
36%
Pennsylvania
10%
1.7%
00%
$20,629,185
$21.497.587
42%
Middle Atlantic
1.0%
1.6%
03%
$78,157,7SI
$61,117340
3.8%
Deiaware
15%
17%
0.9%
$1.945.488
82.032,445
45%
District of Columbia
0.8%
1.3%
0.9%
53571631
13,753.079
51%
Florida
25%
391A
22%
?39,248,095
$41,681,452
62%
Georgia
1.9%
28%
1.6%
$18,622960
S19.634522
54%
Maryland
12%
17%
0.6%
$11.637.561
SiZO83.994
38%
North Carolina
18%
24%
13%
S17919AW
518,6111709
44%
South Carolina
19%
29%
12%
$8.938.029
$9,401,621
53%
Virginia
1.5%
22%
08%
316.101,586
S16930,760
45%
West Virginia
0.1%
07%
00%
$2.667.200
52 .753,101
35%
South Atlantic
1.6%
2.6%
1.4%
S120,546,216
$126,767663
S.2%
Illinois
10%
16%
0.0%
$24,307158
$25,197,590
37%
Indiana
12%
20%
0.4%
$11.126,041
$11,596239
42%
Michigan
13%
21%
0.0%
515,259.516
$15887.140
41%
Ohio
12%
18%
01%
$20,333,052
$20.944,678
30%
VNs own
72%
19%
03%
18,328.224
$8.600,978
33%
East North Central
1.2%
lA%
03%
S79,3S3r961
$111=16,626
3,6%
Alabama
12%
16%
02%
$7738,249
$8,086.074
4S%
Kentucky
1.1%
15%
0.3%
$7,568034
17,863287
39%
Mississippi
09%
13%
0.1%
54370569
$4538948
3,991
Tennessee
1.6%
2,5%
0.8%
$11,639,3S4
$12.175.622
46%
East South Central
1.3%
L9%
0.4%
$31.316,206
$32,663,931
4.3%
Iowa
11%
1791
01%
$4,203504
$4,356317
36%
Kansas
1.0%
17%
0.6%
$4610.080
$4,788,148
39%
Minnesota
1491
2.1%
0.6%
$9.416774
$9.733.433
34%
Missouri
12%
18%
0.4%
%10.132,856
SI0,480.647
34%
Nebraska
10%
16%
0.6%
$2.842526
S2„953.163
3.9%
North Dakota
018%
15%
0.8%
$1,273,746
$1.304.402
24%
South Dakota
14%
20%
07%
11.277,(95
$1,332.782
43%
Nest North Central
1.2%
LB%
0.5%
$33,757162
$34,646,092
3.S%
Arkansas
10%
16%
0.4%
$4,279,811
$4,416,993
3296
Louisiana
0.7%
1496
03%
58.636.431
18.906.479
3.1%
Oklahoma
0.7%
1.5%
0.6%
%.412361
$6,611,970
31%
Texas
LB%
2S%
17%
$52034,165
$54,063768
39%
West South Central
1.5%
2.2%
13%
$71,362,766
$74,001,210
3.7%
Arizona
2,2%
3.5%
2.1%
$11367572
$12.015,524
57%
Colorado
2..0%
31%
1.4%
$11521.373
512710.905
53%
Idaho
17%
2.7%
11%
52,169,491
$228-4.224
52%
Montana
0.8%
15%
08%
$1752110
11.832,484
46%
Nevada
24%
3.6%
22%
56.810,366
$7.208,451
58%
New Mexico
0.7%
13%
03%
53.292985
$3.391.419
3.0%
Utah
25%
3.9%
15%
&1.363,685
54,624.565
6.0%
Wyoming
06%
1.2%
0.641
$984,779
51,023.064
39%
Mountain
2.0%
3.1%
1.6%
$42,262,363
$44,469,636
S.3%
Alaska
0.5%
16%
05%
$1,552.351
$1,60,914
43%
California
77%
25%
09%
$78.179,741
581.240,200
5.2%
Hawaii
7.1%
16%
0.7%
$4,446,835
$4,630223
43%
Oregon
2.1%
32%
0.9%
$7,341831
$7,750,363
5.6%
Washington
19%
2,9%
12%
$12851,928
$13,533.OBI
5.3%
Pacific
1.7%
2.6%
0.9%
$104,372,667
$109,772,761
52%
Source. National Restaurant Association
Note: Sales figures are In Current dollar& and are hot adjusted for menu price Inflation
National Restaurant Association 2017 Restaurant Industry Outlook I Restaulant.org
53
0 2017 CBIS, Inc.
CBRE
2017 CBRE Restaurant Industry Report
NATIONAL QUICK SERVICE RESTAURANT DINING MARKET REPORT — 2Q 2016
The following has been obtained from The Boulder Group's Second Quarter 2016 Quick Service
Dining Market Report. The Boulder Group focuses on the brokerage of net leased assets and
thus tracks the net leased market closely, publishing an annual newsletter for net leased casual
dining properties.
Cap rates in the net lease quick service restaurant (QSR) sector declined to 5.70% in the second
quarter of 2016 representing a compression of 10 basis points from the prior year. Cap rates for
properties leased to franchisees declined by 10 basis points to 5.80% while cap rates for
corporate leased properties experienced a 20 basis point decline to 5.45%. While cap rates
decreased, the supply of QSR properties increased by approximately 26% year over year.
Spread
Sector Closed Asking (bps)
QSR Sector 5.65% 5.45% 20
The QSR sector differs from other net lease retail sub -sectors as almost three-quarters of the
properties are leased to franchisees rather than corporate entities. Cap rates for QSR properties
leased to franchisees are influenced by the strength of the guarantor that can range from a one
unit operator to a franchisee with hundreds of restaurants. Cap rates for corporately guaranteed
QSR leases achieved a 35 basis point premium over franchisee backed assets during the second
quarter of 2016. 1031 and private investors tend to pay a premium for corporate guaranteed
leases as there is less perceived risk. The cap rate spread between corporately guaranteed and
franchisee guaranteed leases increased by 10 basis points in the second quarter due to a higher
concentration of upper end credit tenants like Panera and Starbucks. Corporately guaranteed
ground leases to tenants including Chick-Fil-A and McDonalds represented the lowest cap rates
in the sector of 4.00% and 4.10% respectively
54
2017 CBRE Restaurant Industry Report
1031 and private investors continue to dominate the acquisitions of net lease assets, priced below
$10 million. In the second quarter of 2016, the median asking price for single tenant QSR
properties was $1.83 million. QSR properties garner strong demand from investors as they offer
a viable alternative to dollar stores for 1031 exchange buyers with low equity requirements
(below $2 million). The attractive qualities of QSR properties include leases which typically feature
recognizable tenants with long lease terms, no landlord responsibilities and rental escalations
Lease Term Remaining Cap Rate
20+
022015
Q2 2016
Sector
(Previous)
(Current)
QSR Sector
5.80%
5.70%
Retail Net Lease Market
6.40%
6.18%
OSR Premium (bps)
60
48
1031 and private investors continue to dominate the acquisitions of net lease assets, priced below
$10 million. In the second quarter of 2016, the median asking price for single tenant QSR
properties was $1.83 million. QSR properties garner strong demand from investors as they offer
a viable alternative to dollar stores for 1031 exchange buyers with low equity requirements
(below $2 million). The attractive qualities of QSR properties include leases which typically feature
recognizable tenants with long lease terms, no landlord responsibilities and rental escalations
Lease Term Remaining Cap Rate
20+
5.35%
15-19
5.50%
10-14
5.75%
Under 10
6.60%
The low cap rate environment for net lease properties including QSR has made sale leaseback
transactions attractive to franchise operators. In turn, franchisees are able to secure favorable
value for their real estate to aid in expansion plans, existing store remodeling or existing debt
paydown. Due to the attractiveness of the market for sale leaseback transactions, the recent
supply of properties in the QSR sector has increased.
Corporate Franchise Spread
Cap Rate Cap Rate (bps)
5.45% 5.80% 35
55
0 2017 ®RE, Mc.
CBRE
2017 CBRE Restaurant Industry Report
The single tenant net lease QSR sector will remain active as supply remains abundant for assets
with long term leases. The attractive sale leaseback environment for QSR operators will continue
to add supply to the market. Lower price points, rental escalations and typical NNN lease
structures of this asset type continue to attract private and 1031 exchange investors.
NATIONAL NET LEASED INVESTMENT TRENDS
PwC Investor Survey — 3rd Quarter 2016
As the commercial real estate industry extends its expansion and interest rates linger at historically
low levels, investors remain drawn to the national net lease market. "Attractive and relatively
stable long-term yields compared to other asset classes,
combined with the security of a decent residual real
estate value, make net lease investments appealing,"
explains a participant.
In addition, investors cite tenant stability and the passive
nature of most net lease agreements as positive
attributes for investing in this niche sector. When looking
at potential net lease asset investments, participants rank
the underlying credit rating of the tenant at 8.4 on an
importance scale of 1 (low) to 10 (high), compared to a
rating of 7.0 for the asset's underlying real estate value.
Despite eager investor interest, this market's average
overall cap rate posts its first decline since the beginning
of 2010 (see Table 32). However, 80.0% of investors still
believe current market conditions favor sellers. Over the
next six months, most investors foresee cap rates holding
steady while some expect an increase of up to 50 basis
KEY 3Q16 SURVIEY STATS
Market Conditions Favor:
Buyers o.0%
=
Seller 60.0`316
=
Months of Free (tent:
Average
0)
Range
(t)
`i, of participants using
0 )
Portfolio :Ulo ation:
Sale leasehackc 20.0%
Net lease sales 39.0%
tcr3t exchanges 19.0%
=
Build to suit 22.0%
=
s
V, &, = dewy W f ojn pior quarter
01 fi p%of 1-4i1i ilyut- ire t*d iaige free rel.l.
points and others foresee a decrease of 25 to 50 basis points. Combined, the outlook for overall
cap rates in this market is a decline of six basis points.
56
CBRE
2017 CBRE Restaurant Industry Report
Table a:
NATIONAL Nti l' LEASE
MARKET
Third Quarter 2o16
CURRENT
LAST QUARTER
1 SEAR AGO
3 YEARS AGO
5 YEARS AGO
DISC x)Q111 rr RATE (QtR.r
Range
6.00%-10.00%
6.od%-1oo0%
6.od%-10.00%
7.00%,- 9.00%
7.00%-9.00%
Avenge
8.20%
S.00%
SAo%
7.94%
7-97%
Cbaage (Bab Fbints)
+20
+20
+26
+23
OVERALL CAP RATE (OARr
Razige
525%-9—%
525%- 9.00%
Sao% - 9—%
6.od% - &W%
5.25%-10.25%
Avenge
6.8S%
6.75%
613%
7.18%
Bag%
Ctnage (ends Fbints)
+10
+2
-33
_La
RESMUAL CAP RATE
Runge
6.00% - god%
6.od% - 9•on%
7.00%- 900%
7.00%- 9.00%
7A0% - =00%
Avenge
770%
7.63%
7.81%
8.133%
8$S%
Cbaage (Basis Fbiats)
+7
®u
.43
- us
MARKET RENT CHANGE*
Runge
000% - 3oO%
0.00% - 3.00%
0.00% - 3.00%
Om% - 3oO%
(30019 - 4.00%
Avenge
ISO%
1.80%
1.80%
tg5%
1."
Cbtnge (Bads Mats)
0
0
445
+73
SENSE CHANGE'
Range
GAO%..g00%
0.00%,3.00%
0.00%-3.00%
Om%,,,300%
0.00%..,,.3.00%
Avenge
L70%
L70%
L70%
L90%
L82%
Cbsage (Basis Fbints)
O
O
-20
-12
MARKETING TIME,
ft%e
2-12
2. 12
1-12
2••12
1 °18
Avenge
0
48
43
49
53
(:Hauge (•. a. --)
s
A
•
•
�. )!*w alai bsdior
b. aM ffMe ntdge
c lawswb
CONCLUSION
Despite consumers' cautious outlook and their curtailed spending behavior, the restaurant
industry has held up relatively well overall. While the average restaurant usage of many American
consumers may be down somewhat from pre -recession levels, there are roughly 14 million more
of them in the pool of potential customers than there were in 2007. As a result, total restaurant
industry sales continue to trend upward, albeit at a moderate pace. It's clear that American
consumers haven't abandoned restaurants, but rather choose their visits more carefully until their
financial situation improves. Given the positive underlying economic fundamentals, as well as
elevated levels of pent-up demand among consumers, the stage is set for an improving business
environment for restaurants well into 2017.
57
02017®RE, ke.
Local Office Market Analysis
Local Office Market Analysis
MARKET OVERVIEW
The following discussion illustrates some general observations in the surrounding office market.
Market Summary
Market statistics for the Miami -Dade Market and the subject submarket are shown in the
following table:
Total Office Market Statistics
Avera ura 1
46
1,864,443
119.730
S(rayvr Corridor
121
2,799,179
340,672
Brie ;r41
71
9.488,168
1.009.825
INFANAWMO
99
2,1601k3
211$171
Garai Gables
440
10.959.617
858.690
con.4 way
225_
2.353.717
73.438
Dow+gerwn Miami
- 81
11.672,880
1.934AW
ILmWa�
531
11.702263
899,742
M"kTr`l W"h
336�Oe
4.246.031
241.597
MPanu
561
6.681.589
226.474
Mlatbl Aleport
417
18.719283 1.520,529
M6am1 Beach
159
4,467,436
232.153
Whail Lakes
140
3.542.091
563.690
M6rpa1-ode Central V.W.MN
61
435,447
0
Nunlrast Dade
510
6.363.767
612.014
Huth,b* Mlam►•Dade Cray
5
172.432
0
"Lh Dade
217
2264.200 1
159.672
A*si Mlaml
312
1.851,501 `
15.072
Fust ; ,„ 'of 2017
121.630
8.5%
(3996)
0
198,002 543.60
343,272
12396
(11.647)
0
8.643 $37.97
1,094.422
11.5%
74.693
O
145.000 $43.35
2l71',i62
4LG*
ZTAM
i.o+s,OM
'4 !97,65
874.229 '
8.0%
(6.473)
O
309,970 $38.68
75.538
3.2%
(28x686)
0
64.912 525,77
1.961.783
16.7%
461.112))
4D
318A00 $37.91
--922.495
7.9%
27.32745.614
8.000 I $29.97
241,597
5.7%
40.819
0
2,136 526:10
226.474
3.4%
161,419
0
9$671 $31.09
1.558.402
8.3%
4.365
O 452.492 528.14
244,665
5.596
(27,237)
0
13.900 1 541.53
563.845
15.9%
18.959
0
70,220
521.92
O
0.0%
0
r
O
i 0
521.58
618.604
9.7%
60.598
0
174.747
524.48
0
0.0%
0
0
0
50.00
159.672
7.196
3.810
0
33.480
$21.94
15.072
0.8%
2.827
0
r
0 ± S2265
At the end of the first quarter of 2017, the Miami -Dade Office market showed a vacancy rate of
9.1 % with minimal deliveries, but significant office product under construction which shows wide
spread optimism for office space in the market. The average rental rate was quoted as $33.73
per SF.
When compared with the market, the Coconut Grove submarket, (highlighted above), was mixed
relative to the market average. The vacancy rate of 9.6% was inferior to the market average and
the rental rate of $37.65 per SF was superior to the market.
Market Trends
The table below presents the several sets of market trends for the Miami -Dade general office
market.
58
O 2017 Off, b.,
■
Local Office Market Analysis
Total Office Market Statistics First Gmarte►2017
From the first quarter of 2016 to the same period in 2017, the vacancy rate for the general office
market strengthened from 10.0%, down to 9.1%. This lower vacancy is especially encouraging
with considering that the average rental rate increased over the same period from $31.52 per SF,
up to $33.73 per SF.
Coconut Grove Submarket Trends
201-1 1q
39
2.1b0,113
207.142
9.6%
2016 4q
98
2.014.113
129.100
..
P�Hod
2017
# Bids
d
Total RBA
1 1,734,876
01roct SF
1 9
Total SIF
9,218,862
Voc %
9.176
Absorption # Bid, Total RBA
293 6015 _ 2 157 614
0 Bldf
33
Totol RBA
•
1 2 673•
Rott-
3. T3
2016421 4,33) : 101_66),615
20163e� 4,136 1 101614 581
2016 2 4,334 10157
f
2015 4,335 101,147,695
2014 A, 331 101 2 988
9,254,381
0,383,765
9785,141
9,599,545 F
11,722,263
9,445,206 ` 23%
_91625,236 0.5%
9,977,1S1 9-8%
9,733,196 96%
11,877,(L4 11.7%
233,064 2 63,953
390,590 i 3 38,675
376.182 r 2 160136
_
1,452,915 11 210,>08
1.623,822 4 136,979
33
33 1
'3 _
22 f
n
1,995,351 $33.43
1,812 907 $32.79
71� 60185 ' $32.14
1,408,476 $31.01�
697,974 $29.84
2013
4,325
101,365377
6.2%
13,028,715
12.9%
689,689 4 171,998 1
10
757,059
2015 2q
2012
?011
4,327
4,3TT'.
101,313,064
101,640,3.58
_12,858,839
13,458,278
14,112x,098
13,665,591
14,360,271
13.5%
14 -M
967,386 7 303,496
809,724 77 - 1,127,025
10 862,068
i0 - 493,664
$79.02
4 $26.69
9014 4q
98 1
104082,010 I
13,77d5�
14,2111201
14,296
7124 1 1S 2,143,920
9
7,340,176
$29.50
2009
1 4,305
98,075 853
12 384 036
12,9511114
�- -
20141q 96
- ( /Q3,b45) 1 31 1,871,246 `
54 2,186
20,630 L 5 ,1
18
4_00
2 8// 679
$0A5
532 77
_ _I3.2`k,
1008 1 4,2701 95,919,475_ 9,417,241 10,07,891 10,4%
20 07 J
2006
2C�G5
4,216 91840007
4,164 91,323,539
4,126 f 89,037,771
7,716,467 I
6,223,352_
5,723,814
8,127053.
X406,263
5,922,228
8.796
7.0%
6.796
795 ,817 ,678 I 37 1:877
1,801,733 25 _ 21023IA23
2,998,575 I 23 709,910
68
56
43
_4,642,771
51879.919
38`8997593
5,114,093
_ S31.32
527.22
SUM
From the first quarter of 2016 to the same period in 2017, the vacancy rate for the general office
market strengthened from 10.0%, down to 9.1%. This lower vacancy is especially encouraging
with considering that the average rental rate increased over the same period from $31.52 per SF,
up to $33.73 per SF.
Coconut Grove Submarket Trends
201-1 1q
39
2.1b0,113
207.142
9.6%
2016 4q
98
2.014.113
129.100
6.3%
2.016 3q
98
2.,044.113
136,362
6.7%
2016 2q
9R
2,044,113
149,271
Z3%
2016
106,000
Z04C113
148,686
7.69E
2015 4q
98
2,044,113
126,932
6.2%
201.5 3q
98
2.044,113
134,765
6.6%
2015 2q
98
2,044,1
146,234
7.1%
20151q
98
9131
2,044,113
147.977
7.2%
9014 4q
98 1
2,044,113
137.507
6.796
201.1 3q
98 i
2,044.113
172,497
&4% 1
2014 2q
998
2.044,113
173,866
8,5%
�- -
20141q 96
_
2.044.1151
187.540_
9.2%
2,013 4q'� 98
2,044,113
176.291
113%
2013 39_
98
2,044,113
173.777
8.5%
2013 2q
98
2,044.113
143•179
7,0%
Z1.938
1
I W.000
0
..s .t
7.262
0 0
1
106000
$31.43
12.909
U
0 !
I
106.000
$36.96
4.285
0
0
�--
106,000
x36.33
a2r,nr41
11
i'
106k10� �.!(3,S7:S9
7.833
0
01' 1
106,000
S31-38
10.469
0
0 !
]
106.000
S31106
0
0
1 1
106.000 _
$ 32.87
_2,743_
(10.470)
0
0
6
0
531.39
0
0
0
0
S31.04
_34,990
1.369
0
0
O
0
531.32
13.674
0
0
0
01
$30.82
(17.249)
0
g.
�R-.._�
, 0
530.35
3,486
0
0
0
0
$3054
(29978) p
0
0
O
0 1
$29.70
10.631
0
0
0
0
$29.41
Again, we have considered the 2016 Q1 performance with that of 2017 Q1. During this
interval, the vacancy for office space within the submarket increased from 7.5% to 9.6%. During
the same period, there have been no new office buildings being brought into inventory. This long
term historical restriction of supply has allowed office buildings in this submarket to raise rents
from $37.39 per SF, up to $37.65 per SF. Overall, the office segment in the Coconut Grove
submarket is preforming very well in terms of rental rates and the submarket vacancy is still lower
than the average for this market,
59 CBRE
C 2017 ®RE, Inc.
Local Retail Market Analysis
Local Retail Market Analysis
MARKET OVERVIEW
The following discussion illustrates some general observations in the surrounding office market.
Market Summary
Market statistics for the Miami -Dade Market and the subject submarket are shown in the
following table:
General Retail Market Statistics
, 1,r 2n17
Awa v2 523,4aa U o O.orn iv OU
ymCorridor 203 1.751.322 90.3390333 5.2% (5.746) 0 42,075 S 1
am S9 Im9.999 10.583 10.583 1.0% 3.760 1 50.000 595.51
wt Grove t?,7+ -_ 901.541 45.219 50,175 5.6% 110.364) 0 543.80
Gables 323 u2.203.547 39.71.0 1� 39.710 ih% (5,029) f 0 34.uuu 3o39.86
way 287 1,753.490 46,928 46.928 2.7% 3.782 + 19.292 19D30 (31.78
down Miami 130 2.419999 1 266.318 1 266.318111.0% 13,551 0 158.064 $30.11
111 y 19 5.428.415 138,638 138" 2.0% (4.912) 1 0 58.769 635.72
.y/Hialeah 679 5.705.268 45.640 45.640 0.8% 17,338 0 31.128 92622
1 2.226 11.840.242 716.201 725,628 6.1% 9.627 79.648 132.958 $49.20
4- _
I Airport 454 4,863.619 27254 1 27.254 0.6% 10.498 3.075 91,868 141.51
1 Beach 521 5.276.021 197.412 199,112 38% 92.743 79964 47.991 F 560.94
I lakes 112 2.080.397 I 7AG5 7985 0.491 43086 43966 0 $19.07
1 Dade Genual Cwntyl385 r 1.522.745 24.996 24.996 16% 3,296 4.682 13,835 i $20.46
east Dade 810 5.557.931 70.775 72.375 13%20.974 4,786 346,627 r $28.26
Ing Miami -Dade Cnry 15 97.235 0 Q 1 O.O% O 0 0 $0.00
Dade 641 5.431.527 72J559 7ZO59 1.3% 4.374 2.381 ~ 5.952$1552
Minn" 421 2.231.6071 18.958 16,988 0.896 (6.237) 0 15.683 $34.14
As of the first quarter of 2017, the Miami -Dade retail market showed a vacancy rate of only 3.0%
with moderate deliveries, but significant retail product under construction. The average rental
rate was quoted as $42.66 per SF.
When compared with the market, the Coconut Grove submarket, reflected a slightly higher
vacancy of 4.65, but a much higher average rental rate of $46.89 per SF
Market Trends
The table below presents the several sets of market trends for the Miami -Dade the general retail
market.
Z11
02017 CBRE. Mc.
L - ■
General Retail Market Statistics
2016
2015
Local Retail Market Analysis
2.7%( 259,905 1 10 78,728 �!
S0 .
_
3.1% 74,763 s 5 109,166
45
_ _
W-__ -
3.1% 104,785 6 104,548
i
25 [
3.2% _ (S3,i169J J 5 '41220
2016 4q
311% 91.914 7-44909 1
22 I
First &wrtw 2017
2014 7,951 _ 60,567,513 i 1,852,212 1,865,381 3.1% 986y588 3r. 783985 27 430,753 534.48
2013 77,929 59,963c966 2,223,064 2,234,353 337% 366,414 32 467,956 31 __ 839,840 532.25
2012 7,8=95 _59,514,370 2,136,272 2_151,171 3.696 297,060 29 328,022 4 23 294,412 530.51
_2411 - 7,864 58,957,203 1,865,110 1,891,064 ' 3.2% 487_003 _ 25 264,700 •_ 31 [ _493_010 1 _524.60
^2010 t 7,833 58,624.1261 27023,267 2,044,990 3S` 079,299 _ 15 142,184 2i I 15:,397 $ A.17
2009 ;.8i7-1- 57.632,247 2,105.631 2,132,410 3.7% 999.407 17 1,225 501 1 _ 18 1,006,45 S24.40
7008 7.794 56.:.40.370 1.810.503 1.839.940 3.3%-4 348099 34 63� 20 I 1.264.347 , S27.75
From the first quarter of 2016 to the same period in 2017 the vacancy rate for the general retail
space remained stable and very strong between 3.0% and 3.1%. This very low vacancy is
especially encouraging with considering that the average rental rate increased over the same
period from $36.93 per SF, up to $42.66 per SF.
Coconut Grove Submarket Trends
2017 Iq -
148
1.613.145
73.741
1.6%
17-1331
0
2016 4q
148
1.613.145 I
66.408
4.1%
2.284
O
2016 3y
148 1
1.0133451
68.092
4.336
-.0071
0
201624
148
1.613.145
63.685
3.9%
6.187
O
2016 Iq
_
MW
5.996
1 AS -9m
13
2015 49
150
1.629.368
70.098
4.3%
12193
O
2015 3q
150
1,629,368
82,292
5.1% (
9,971
0
2015 2q
150
1,629.368
92.263
5.7%
(1.532)
0
2015 Iq
150
1,629,368
90,731
5.6%
10.37.4
0
2614 49
150
1,629.368
101.055
6.2%
4218
O
7014 3q
150
1,629,368
105,273
615%
(19,5701
O
2014 22q
150
1,629.368
851703
5.3%
7296
O
20141q
150
1,629.368
92.998
5.7%
(1,8461
0
2013 4q
I50 I
1.629,368
91,152
5.6%�
6.074
0
2013 3cl
149
1.619.107
86,986
5.4%'241
2013 2n
149
1 GI 0.107
87.212
!, 4%
, 1 7 6-99)
0
1
6.626
$46.89
1
6,626
S41.32
1
6,626
S41.23
0
_
0 i
$43.49
11 ;
351.34
0
0
$4791
_
0 1
0S4R
76
0 I
0+
$48.44
O 0
0 0
0 O
1 111,26
S4R 41
f 45.39
547.31
$47-71
S 40 7.7
f40.0
$41.11
Again, we have compared the 2016 Q1 performance with that of 2017 Q1. During this interval,
the vacancy for retail space within the submarket went down from 5.3%, down to 4.6%. During
the same period, there have been no new buildings brought into inventory. However, retail rents
in the submarket declined from $51.34 down to $46.89 per SF. However, when the larger
history of average rental rates is considered, the $51.34 average rent for Q1 2016 appears to
aberrant. In our opinion, the retail segment in the Coconut Grove submarket is preforming very
well.
61 CBRE
0 2017 CARE, h..
Highest and Best Use
Highest and Best Use
In consultation practice, the concept of highest and best use represents the premise upon which
value is based. The four criteria the highest and best use must meet are:
• legally permissible;
• physically possible;
• financially feasible; and
• maximally productive.
The highest and best use analysis of the subject is discussed below.
AS VACANT
Physically Possible
The subject property includes a sufficient amount of upland and submerged land to support a
variety of waterfront uses. The site is located at a signalized intersection and has excellent
visibility and exposure from two public roads as well as waterfrontage on Biscayne Bay. These
physical characteristics suggest that the highest and best use of the site would be waterfront
development.
Legally Permissible
The subject property is zoned CS, Civil Service, which allows a variety of public access waterfront
uses including marinas, restaurants, retail and office uses. However, private uses such as
condominium development that would preclude the public are not permitted. The existing land
lease from the City of Miami also lists a wide variety of permitted public access land uses.
Therefore, the legal characteristics of the subject suggest mixed use waterfront development that
is consistent with the existing zoning and land lease from the City of Miami.
Financially Feasible
As indicated in the market study sections of this report, marinas, office buildings and public
restaurants are all exhibiting strong rent and occupancy levels. The local submarket includes
various riverfront commercial and residential uses including marinas, restaurants, retail and
office buildings. As discussed in the Market Analysis section of this report, the local market is
nearly at full capacity and the market is strengthening. Therefore, the financial aspects of this
submarket suggest mixed use waterfront development.
Maximally Productive
Considering the, physical, legal and financial factors, it is our opinion that a mixed-use
waterfront development would be reasonable and appropriate.
62 CBRE
Highest and Best Use
Conclusion As If Vacant
Based on the foregoing, it is our opinion that the highest and best use of the subject as if vacant
would be for mixed use waterfront development, consistent with the existing zoning and land
lease requirements, time and circumstances warranting.
AS IMPROVED
Physically Possible
The existing building and site improvements include a waterfront restaurant, marina and an
office/retail building. The existing office/retail building is currently under renovation. The
renovation plan of repurposing of the ground floor space into street -side retail is physically
possible. The restaurant appears to be optimally designed and requires no obvious renovations
or replacements. However, it is possible that a new second story could be added on the
waterfront.
The existing marina improvements are reasonably well organized and built. The two concrete
docks are very strong and functional. The three piers show some signs of deferred maintenance.
However, with relatively minor renovation, the subject piers will be usable for many years to
come.
Legally Permissible
All three of the existing uses are legally permissible.
Financially Feasible
Based on the valuation of the subject, the project is financially feasible in its current configuration.
Therefore, it is our opinion that the current renovations to the marina and the office/retail are
financially feasible.
Maximally Productive
The physical, legal and financial factors that influence the highest and best use of the subject
support the continued use of the subject to include completion of renovation at the subject for
maximum productivity.
Conclusion As Improved
Based on the foregoing, it is our opinion that the highest and best use of the subject as improved
is for completion of the current renovations and continued use as a mixed use waterfront
development.
63
CBRE
Consultation Methodology
Valuation Methodology
This valuation does not fit into the traditional framework of valuation based on the cost, sales
comparison and or income approaches to value.
Projected Land Rent
The gross land rent payable to the City is estimated by analyzing the gross revenues earned at
the subject property over the recent past. The fiscal year used to calculate gross revenues for the
subject is from October 1 to September 30". Based on the historical gross revenue data, as well
as the completion of the current renovation project at the subject, we have projected the gross
revenues for the next fiscal year, which begins in about 4 months. According to the developer,
that should be sufficient time to complete the building and dock renovations.
We have estimated the gross rent payable to the City based on the percentage rents included in
the proposed 5'h Amendment to the lease agreement between the City of Miami and Aligned
Bayshore Marina LLC. The final element of this analysis will be to divide the projected gross
revenue payable to the City by the gross land area leased from the City. The result of this
analysis will be the gross land rent per square foot of gross land area.
Market Land Rent
The second part of this analysis will be the comparison of the estimated gross land rent on a "per
square foot of gross land area" basis, to the unit rental amounts paid for other City owned
waterfront land leases. The result of this analysis will be a determination if the proposed unit rent
to be paid by the subject based on the proposed 5" amendment is at least as much as other City
owned waterfront land leases on the basis of gross rent per square foot of gross land.
64 CBRE
Projected Land Rent
Projected Land Rent
Historical Revenues Earned
The following is an itemized monthly statement of revenues earned at the subject and organized
by revenue category. Applying the revenue category names used below, the following is a
summary of the percentage rents that will be applicable to the subject property based on the
proposed 5" Amendment.
• Raw Bar, Raw Bar Misc. and Gross Revenues Office 11.75%
• Marina Dockage and Marina Miscellaneous 16.75%
6/19/2017
ALIGNED SAYSHORE HOLDINGS
ANNUAL GROSS SALES
Oct 2015 - May 2017
BASIS FOR CITY OF MIAMI LEASE CALCULATION
Oct -14
$615503.00
$63 461.DO
5127,279 00
4 569.00
5810,812.00
Nov -14
$S72.20500
565,482.00
51015:771 OO
3.20800
5747,366 00
Dec -14
$632,096-00
568,6B6.00
$119,785.00
3,35200
$824419.00
Jan -15
$731,200.87
$74,019.00
5119.162,00
6,421.00
5930,802.87
Feb -15
$634 281.97
$72,736.00
$130,235.00
15,111.00
5852,423.97
Mar -15
$866,875 29
$73.27100
5130.43S.M1
7,58700
$1.078.168 29
�1 r•15
$749,204 S8
$74,000.00
5133,014.00
4,489 DO
5960.707. S8
1-2 ,.2011 ___55_2695732
546.960.00
587,34400
3.17800
5664,439 32
May 21-31, 2015
5310,776.13
-
528,678.55
$50,OS3.57
-
5389,S96 25
Jun -15
5558,204.79
-
563,48106
5159,55445
576800
5787,008.30
Jul -15
5551,84628
$2.16.02
570,240.58
5144,00149
4,34156
5770,645.93
Aug -15
5529,548 05
5233.26
$73,031 52
5119,498.21
2 597.67
$724,908 71
Sep -15
$407,237.68
$76,495-18
5137410.61
1,85131
$622,994.7"c
TOTAL
$7,685,936.96
5449.28
$850,541.89
$1,564,24333
63,033.54
$10,164,205.00
Oct -15
$593571.23
531673
571,897,05
$146,72589
5,548.51
824,05941
Nov -15
$563,143 96
5190.04
$78,073.63
$139,840.10
2,601:03
763,848 76
Dec -1S ,
$670.145.10
5148.80
S74,709.52
$132,401.22
5,78190
683,18654
Jan -16
$641434 41
5506.86
$78,793.22
5141,844 92
7 947 76
670,527.19
Feb -16
$683,459.21
557E.57
568,52D.68
5141,502 43
8.224 59
902,285.48
Mar -16
S795.642 38
$451.93
568.520.68
$133,152.36
1.549.56
999,316.91
Apr -16
5828,073.82
5567.05
563,734.76
5129.531.00
4,111.10
1.026,017 75
May -16
$736,00763
5609.18
$60.084.87
S137,200,00
3,562.72
93746440
Jun -16
$513,065 52
$585.88
$61,091.82
5152,482.50
3.979.93
731,208.65
Jul -16
$627,903.13
5765,54
556,519AD
$148,039.36
1.532.67
834,760.10
Aug, 16
$473,301.19
$345.05
$63,101 69
5154,081.00
3,066.92
693,895.85
Sep -16
5472.337.75
$0.01)
574,205.12
5155.47000
3,23400
705,296.87
TOTAL
57,598,138.33
$5,065.65
$825,252.46
$1,712,270.78
51,140.69
10,191,867.91
OR -16
5576,419 40
$65&.93
S51.703.65
$146,372 26
3,676 26
778,840 50
Nov,16
$601,322.33
5329.46
SS1,703.65
5159,171.09
3,574 79
816,101.32
Dec -16
$720,431.02
$355.23
$51,703.65
$164,627.00
3.825 22
940,942.12
Jan -17
$664,183.87
$226.92
$51,703.65
5160,585.00
3,D97 90
879,797.24
Feb -17
$759.88599
5341.50
549,81525
5166,044.36
2,239.79
976,326.89
Mar -17
5804,758.86
5337.10
$48,728.56
$156,20000
6,967.01
1.016,991.53
Apr -17
$790,2 12.53
$365.00
548,72856
S157.196 00
12.979.96
1.009482.05
May -17
5755485 76
5439.32
560,331.14
$156,093.65
7,471 Sl
979,821 38
TOTAL TO DATE (8 months)
$5,672,699.76
$3,063.46
$414,418.11
$1,266,289.36
43,832.34
7,400,303.03
C.�n�, sali�� c�clurin sal•� ani u�r• lav svrv,[ri ea•� h,�: uunl� am cna �,�h.,ct�
5a.rd �,n F�io� �wni-r s �e�wds
e= -_�F: "
65
CBRE
Projected Land Rent
October 2014 through September 2015 Percentage Rents
The gross revenues at the 11.75% rate are $8,536,928, which generates $1,003,089 to the City.
The gross revenues at the 16.75% rate are $1,627,277, which generates $272,569 to the City.
The total of the above two components provides a land rent based on the proposed 5th
Amendment of $1,275,658. The City owned land area of the subject is 266,334 square feet.
When the projected gross revenue for this period is divided by the City owned land area, the
result is a gross land rent of $4.79 per SF of City owned land area. Therefore, this historical
revenue multiplied by the proposed 5'h amendment lease rate is higher than all of the
comparable land rents.
October 2015 through September 2016 Percentage Rents
The gross revenues at the 11.75% rate are $8,423,396, which generates $989,749 to the City.
The gross revenues at the 16.75% rate are $1,763,411, which generates $295,371 to the City.
The total of the above two components provides a land rent based on the proposed 5th
Amendment of $1,285,120. The City owned land area of the subject is 266,334 Square Feet.
When the projected gross revenue for this period is divided by the City owned land area, the
result is a rent per SF of $4.82 per SFD of City owned land area, which is also higher than any of
the comparable land leases.
Projected 2017-2018 Land Rent
Our projected land rent for the subject will be based on the current contract rents at the subject
as well as the new dock configuration.
Office/Retail Component
The following is the contract rent schedule for the office/retail building.
CBRE
- -1 1 2R� 11
1I
Projected Land Rent
7/1,7017
ALIGNED BAYSHORE MARINA
Current Rent Roll
TMAt TOTA-L
300
5tarbucio
Sq
2,060
Ft
2 060
Base Rent
56,009.33 $35.00
CAM Rent , CAM
$2ARS. 17 $14.50 $8,497 50 54950
$594.83
Monthly
59,097.33
Lrose
06/05/13
Din -
06/D4/23
102
florin Yacht lmemalloml
2,717
3,125
$13,28346 551.07
$3,77550 $14.50 $17,05896 $6552
$1,194.13
518,25308
07/011/7
06/30;27
104
Sushi Maki
3,000
3,240
$11,42910 $4233
$3,91500 514.50 $15,34410 55683 51,074.09
$16.41819
03101/17
03/01/22
104
Sushi Maki Outdoor
460
460
5555 83 51450 5555 83 51450
538,91
$594 74
03/01/17
03/01/22
106
Compm
44234
4,573
520.959 51 55500
$5,524 72 $14.50 $26,484 30 569.50 511853.90
$28.33920
05/30/17
07/31/27
200
639
735
52,143.31 540.00
589794 514.50 $3,031 26 $54 50
5732.19
53,243 4A
204
Southern Pmt./Eapo/Steul Chem
2,200
2,2wl
5353380 519.28 1
$2,65833 1 514.50 $6.19I 13 153379
5433.45 I
$6,62559
08/01112
1 07/31122
205
Am Mahe Sales/Thm
1800
1.946
$5.675.83 535.00
$2.35142 SIA 50 58.0272'_ 549.50
5561.91
S8.S8916
07/01/16
07/01/21
206-A
Gab 11C
1,393
1 393
$3 830 75 533.00
$1.693 23 514 50 $5.513 96 547.50
$38598.
55,899 94
02/01/17
C2101122
2069 Chimarine, 11C
510
597
51,10000 52249
$70929 $1450 51.80929 53699
512665
51.93594
05/01/17
05/01/18
207
Grande Yachts Imematbnai
796
915
$2,668 75 S35 00
51.105 63 S14 50 $3.774 38 S4950
S26421
54,038 58
09/01/16
08/31/17
207-A Hatteras unin America
1.115
1,282
$3.35209 53138
$1,54908 53450 $4,91)138 $4598
$34308
$5,24426
05/01/16
05/31/21
201
prime Marina Group
2.240
2,576
57,51333 $3500
53,11267 $1450 $10,62600 $4950
5743.82
$11,36982
03/01/161
03/02/21
211
Daeid Avellar Nrbktt P.A.
2,543
2.543
$7,417.08 535.00
53,07179 S1a 50 510,A89.% 549.50
5734.)9
51112417
07/01/16
06/30/26
212
P.0ormaoce YscM Saltl (Salonai
1,560
1,685
$5,067.01 $36.05
$2,03604 51450 $7,09806 55055
5496.86
$7,594.97
06/01/16
OT/01/20
Malas
r Vrnl muwrnr.Ti 2a,�a/I [Y,l LYI pYl,sas 1 I ila,alY 1 I !t[e,s/! 1 I aa,a+e 1 aul,au 1
TOTAL ANNUAIRED $1,102,010 5414.464 51,516,474 $106,153 $1.622,627
Based on the foregoing, the contact rents for office and retail areas are $1,622,627.
Raw Bar Component
Our projection of Raw Bar and Raw Bar Miscellaneous revenues are estimated based on the
previous two year of revenues for these two line items at the subject.
The 2014 to 2015 revenues for this component were $7,686,386.
The 2015-2016 revenues for this component were $7,603,204.
The current year annualized revenues are $8,513,645.
Due to the fact that the current lease year includes the busy winter season, we have reconciled
between the current annualized year and the most recent completed lease year. It is our opinion
that the Raw Bar component will be $7,800,000.
Marina Component
The gross revenues for the marina component are estimated based ion the current Dockage and
electrical rates for 2017, which is included below.
67
CBRE
Projected Land Rent
Dock Rates
Annual
Seasonal
Monthly
Transient Rate
30' Slip
$30/Ft/Month
$36/Ft/Month
$46/Ft/Month
$3.00/Ft/Day
40' Slip
$32/Ft/Month
$38/Ft/Month
$47/Ft/Month
$3.50/Ft/Day
50' Slip
$34/Ft/Month
$41/Ft/Month
$48/Ft/Month
$4.00/Ft/Day
60' Slip
$36/Ft/Month
$45/Ft/Month
$49/Ft/Month
$4.00/Ft/Day
70'+ Slip
$38/Ft/Month
$48/Ft/Month I
$52/Ft/Month
$4.50/Ft/Day
80'+ Slip
$40/Ft/Month
$50/Ft/Month I
$54/Ft/Month
$5.00/Ft/Day
Lff-t Rates Annual
28K $1,600 Flat Rate
32K $1,800 Flat Rate
40K $2,200 Flat Rate
Electric Power
Annual
Seasonal
Monthly
Transient
30 AMPS
$90.00
$90.00
$90.00
$6.00
50 AMPS 30-49 Ft
$210.00
$210.00
$210.00
$7.00
50 AMPS 50-64 Ft
$255.00
$255.00
$255.00
$8.50
50 AMPS 651+
$300.00
$300.00
$300.00
$10.00
Twin 50 AMPS 1
$650.00
$650.00 1
$650.00
$25.00
100 AMP Single
$650.00
$650.00
$650.00
$25.00
100 AMP Triple
$950.00
$950.00
$950.00
$35.00
Electric Sail Boat
Annual
Seasonal Monthly
Transient
30 AMPS
$90.00
$90.00
$90.00
$6.00
50 AMPS 30-49 Ft
$90.00
$90.00
$90.00
$7.00
50 AMPS 50-64 Ft
$120.00
$120.00
$120.00
$8.50
50 AMPS 65'+
$150.00
$150.00
$150.00
$10.00
Twin 50 AMPS 1
$600.00
$600.00 1
$600.00
$25.00
100 AMP Single
$600.00
$600.00
$600.00
$25.00
100 AMP Triple
$900.00
$900.00
$900.00
$35.00
Based on the foregoing, we have estimated the gross revenues from wet slips, including rents,
taxes and utilities. It is important to note that we have chosen to be very conservative by using the
annual lease rates, which are lower than the seasonal rate and the monthly rate.
68
O 2017 ®RE, Inc.
CBRE
Projected Land Rent
DIRECT CAPITALIZATION SUMARA4y
Slip Type
Slips
Rate
Month
Total
25 LF
5 Slips
$30.00
$3,750
$45,000
30 LF
3 Slips
$30.00
$2,700
32,400
40 LF
15 Slips
$32.00
$19,200
230,400
50 LF
30 Slips
$34.00
$51,000
612,000
60 LF
16 Slips
$36.00
$34,560
414,720
70 LF
4 Slips
$38.00
$10,640
127,680
80 LF
3 Slips
$40.00
$9,600
115,200
28K Lift
24 Lifts
$1,600.00
$38,400
460,800
32K Lift
4 Lifts
$1,800.00
$7,200
86,400
40K Lift
4 Lifts
$2,200.00
$8,800
105,600
Side Tie Dockage
400 LF
$40.00
$16,000
192,000
Utilities
4,583.33
55,000
Miscellaneous Fees
1,000.00
12,000
Potential Gross Income
$1,720.83
$2,230,200
Vacancy and Collection
5.00%
(1 1 1,510)
Effective Gross Income
2,118,690
Compiled by CBRE
Projected Subject Land Rent Conclusion
The office/retail component is estimated to produce a revenue of $1,622,627. Therefore, the
projected rent at 1 1.75% is estimated to be $190,659.
The Raw Bar component is estimated to produce a revenue of $7,800,000. Therefore, the
projected rent at 11.75% is estimated to be $916,500.
The Marina Component is estimated to produce a revenue of $2,118,690. Therefore, the
projected rent at 16.75% is estimated to be $354,881.
Based on these three inputs, we have estimated the proposed 5'h Amendment rent from the
subject property to be $1,462,040.
69 CBRE
Market Land Rents
Market Land Rents
COMPARABLE WATERFRONT LAND RENTS
The following map and data table include a representative sample of City owned, privately
leased waterfront properties in the local submarket.
WATERFRONT LAND LEASES - BASE RENT
Historical Bayshore Landing 2546 - 2560 South $1,074,633 6.69 Acres. $3.69
Bayshore Drive,
Miami, Florida
Projected Bayshore Landing 2546 - 2560 South $1,462,040 6.69 Acres. $5.02
Bayshore Drive,
Miami, Florida
Compiled by CBRE
Based on the preceding analyses, the estimated gross land rent payable to the City of Miami
based on the proposed 5'h Amendment of $5.02 per SF of land area owned by the City is at least
as high as any of the waterfront land lease comparables.
70 CBRE
Base Land Rent
Comp. No. Name
Location
2016 Land Rent
Land Area
Per SF
1 Bayside Marketplace Land Lease
401 and 501 Biscayne
$2,238,571
16.85 Acres.
$3.05
Boulevard, Miami, FL
2 Grove Harbour Land Lease
2640 South Bayshore
$754,629
13.55 Acres.
$1.28
Drive,
Miami, FL
3 Grove Bay Land Lease
300 Alton Road,
$1,400,000
7.06 Acres.
$4.55
Miami Beach, FL
Historical Bayshore Landing 2546 - 2560 South $1,074,633 6.69 Acres. $3.69
Bayshore Drive,
Miami, Florida
Projected Bayshore Landing 2546 - 2560 South $1,462,040 6.69 Acres. $5.02
Bayshore Drive,
Miami, Florida
Compiled by CBRE
Based on the preceding analyses, the estimated gross land rent payable to the City of Miami
based on the proposed 5'h Amendment of $5.02 per SF of land area owned by the City is at least
as high as any of the waterfront land lease comparables.
70 CBRE
Conclusions
Conclusions
The purpose of this consultation was twofold:
• To estimate the gross land rent payable to the City of Miami based on the proposed
5 I Amendment to the existing land lease. The gross land rent was estimated to be
$1,462,040, which is equal to $5.02 per SF of City owned land.
• Compare the estimated land rent at the subject based on the proposed 5,h
amendment, to the rental amounts paid by other waterfront land leases in order to
determine the fair market return on a "per square foot of land" basis that the
proposed rents at the subject are estimated to be at least as high per square foot of
land as similar City owned waterfront land parcels. The market rents currently being
paid for City owned waterfront land leases ranged from $1.02 per SF to $4.55 per
SF. The above referenced estimated gross land rent for the subject is greater than all
of the comparables. Therefore, this contract rent is at least as high as market rent.
71 CBRE
BRE. In_
Assumptions and Limiting Conditions
Assumptions and Limiting Conditions
Unless otherwise specifically noted in the body of the report, it is assumed that title to the property or properties
appraised is clear and marketable and that there are no recorded or unrecorded matters or exceptions to title that
would adversely affect marketability or value. CBRE, Inc. is not aware of any title defects nor has it been advised of
any unless such is specifically noted in the report. CBRE, Inc., however, has not examined title and makes no
representations relative to the condition thereof. Documents dealing with liens, encumbrances, easements, deed
restrictions, clouds and other conditions that may affect the quality of title have not been reviewed. Insurance
against financial loss resulting in claims that may arise out of defects in the subject's title should be sought from a
qualified title company that issues or insures title to real property. `
Unless otherwise specifically noted in the body of this report, it is assumed: that the existing improvements on the
property or properties being appraised are structurally sound, seismically safe and code conforming; that all
building systems (mechanical/electrical, HVAC, elevator, plumbing, etc.) are in good working order with no major
deferred maintenance or repair required; that the roof and exterior are in good condition and free from intrusion
by the elements; that the property or properties have been engineered in such a manner that the improvements, as
currently constituted, conform to all applicable local, state, and federal building codes and ordinances. CBRE, Inc.
professionals are not engineers and are not competent to judge matters of an engineering nature. CBRE, Inc. has
not retained independent structural, mechanical, electrical, or civil engineers in connection with this consultation
and, therefore, makes no representations relative to the condition of improvements. Unless otherwise specifically
noted in the body of the report: no problems were brought to the attention of CBRE, Inc. by ownership or
management; CBRE, Inc. inspected less than 100% of the entire interior and exterior portions of the improvements;
and CBRE, Inc. was not furnished any engineering studies by the owners or by the party requesting this
consultation. If questions in these areas are critical to the decision process of the reader, the advice of competent
engineering consultants should be obtained and relied upon. It is specifically assumed that any knowledgeable
and prudent purchaser would, as a precondition to closing a sale, obtain a satisfactory engineering report relative
to the structural integrity of the property and the integrity of building systems. Structural problems and/or building
system problems may not be visually detectable. If engineering consultants retained should report negative factors
of a material nature, or if such are later discovered, relative to the condition of improvements, such information
could have a substantial negative impact on the conclusions reported in this consultation. Accordingly, if negative
findings are reported by engineering consultants, CBRE, Inc. reserves the right to amend the consultation
conclusions reported herein.
Unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on
the property was not observed by the appraisers. CBRE, Inc. has no knowledge of the existence of such materials
on or in the property. CBRE, Inc., however, is not qualified to detect such substances. The presence of substances
such as asbestos, urea formaldehyde foam insulation, contaminated groundwater or other potentially hazardous
materials may affect the value of the property. The value estimate is predicated on the assumption that there is no
such material on or in the property that would cause a loss in value. No responsibility is assumed for any such
conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain
an expert in this field, if desired.
We have inspected, as thoroughly as possible by observation, the land; however, it was impossible to personally
inspect conditions beneath the soil. Therefore, no representation is made as to these matters unless specifically
considered in the consultation.
All furnishings, equipment and business operations, except as specifically stated and typically considered as part of
real property, have been disregarded with only real property being considered in the report unless otherwise
stated. Any existing or proposed improvements, on or off-site, as well as any alterations or repairs considered, are
assumed to be completed in a workmanlike manner according to standard practices based upon the information
submitted to CBRE, Inc. This report may be subject to amendment upon re -inspection of the subject subsequent to
repairs, modifications, alterations and completed new construction. Any estimate of Market Value is as of the date
indicated; based upon the information, conditions and projected levels of operation.
It is assumed that all factual data furnished by the client, property owner, owner's representative, or persons
designated by the client or owner to supply said data are accurate and correct unless otherwise specifically noted
in the consultation report. Unless otherwise specifically noted in the consultation report, CBRE, Inc. has no reason
to believe that any of the data furnished contain any material error. Information and data referred to in this
paragraph include, without being limited to, numerical street addresses, lot and block numbers, Assessor's Parcel
Numbers, land dimensions, square footage area of the land, dimensions of the improvements, gross building
areas, net rentable areas, usable areas, unit count, room count, rent schedules, income data, historical operating
expenses, budgets, and related data. Any material error in any of the above data could have a substantial impact
72 CBRE
.__F.FF. I,
Assumptions and Limiting Conditions
on the conclusions reported. Thus, CBRE, Inc. reserves the right to amend conclusions reported if made aware of
any such error. Accordingly, the client -addressee should carefully review all assumptions, data, relevant
calculations, and conclusions within 30 days after the date of delivery of this report and should immediately notify
CBRE, Inc. of any questions or errors.
6. The date of value to which any of the conclusions and opinions expressed in this report apply, is set forth in the
Letter of Transmittal. Further, that the dollar amount of any value opinion herein rendered is based upon the
purchasing power of the American Dollar on that date. This consultation is based on market conditions existing as
of the date of this consultation. Under the terms of the engagement, we will have no obligation to revise this
report to reflect events or conditions which occur subsequent to the date of the consultation. However, CBRE, Inc.
will be available to discuss the necessity for revision resulting from changes in economic or market factors affecting
the subject.
7. CBRE, Inc. assumes no private deed restrictions, limiting the use of the subject in any way.
8. Unless otherwise noted in the body of the report, it is assumed that there are no mineral deposit or subsurface
rights of value involved in this consultation, whether they be gas, liquid, or solid. Nor are the rights associated
with extraction or exploration of such elements considered unless otherwise stated in this consultation report.
Unless otherwise stated it is also assumed that there are no air or development rights of value that may be
transferred.
9. CBRE, Inc. is not aware of any contemplated public initiatives, governmental development controls, or rent controls
that would significantly affect the value of the subject.
10. The estimate of Market Value, which may be defined within the body of this report, is subject to change with
market fluctuations over time. Market value is highly related to exposure, time promotion effort, terms, motivation,
and conclusions surrounding the offering. The value estimate(s) consider the productivity and relative
attractiveness of the property, both physically and economically, on the open market.
1 1 . Any cash flows included in the analysis are forecasts of estimated future operating characteristics are predicated
on the information and assumptions contained within the report. Any projections of income, expenses and
economic conditions utilized in this report are not predictions of the future. Rather, they are estimates of current
market expectations of future income and expenses. The achievement of the financial projections will be affected
by fluctuating economic conditions and is dependent upon other future occurrences that cannot be assured.
Actual results may vary from the projections considered herein. CBRE, Inc. does not warrant these forecasts will
occur. Projections may be affected by circumstances beyond the current realm of knowledge or control of CBRE,
Inc.
12. Unless specifically set forth in the body of the report, nothing contained herein shall be construed to represent any
direct or indirect recommendation of CBRE, Inc. to buy, sell, or hold the properties at the value stated. Such
decisions involve substantial investment strategy questions and must be specifically addressed in consultation form.
13. Also, unless otherwise noted in the body of this report, it is assumed that no changes in the present zoning
ordinances or regulations governing use, density, or shape are being considered. The property is appraised
assuming that all required licenses, certificates of occupancy, consents, or other legislative or administrative
authority from any local, state, nor national government or private entity or organization have been or can be
obtained or renewed for any use on which the value estimates contained in this report is based, unless otherwise
stated.
14. This study may not be duplicated in whole or in part without the specific written consent of CBRE, Inc. nor may this
report or copies hereof be transmitted to third parties without said consent, which consent CBRE, Inc. reserves the
right to deny. Exempt from this restriction is duplication for the internal use of the client -addressee and/or
transmission to attorneys, accountants, or advisors of the client -addressee. Also exempt from this restriction is
transmission of the report to any court, governmental authority, or regulatory agency having jurisdiction over the
party/parties for whom this consultation was prepared, provided that this report and/or its contents shall not be
published, in whole or in part, in any public document without the express written consent of CBRE, Inc. which
consent CBRE, Inc. reserves the right to deny. Finally, this report shall not be advertised to the public or otherwise
used to induce a third party to purchase the property or to make a "sale" or "offer for sale" of any "security", as
such terms are defined and used in the Securities Act of 1933, as amended. Any third party, not covered by the
exemptions herein, who may possess this report, is advised that they should rely on their own independently
secured advice for any decision in connection with this property. CBRE, Inc. shall have no accountability or
responsibility to any such third party.
15. Any value estimate provided in the report applies to the entire property, and any pro ration or division of the title
into fractional interests will invalidate the value estimate, unless such pro ration or division of interests has been set
forth in the report.
73 CBRE
_ __ nQT i-
Assumptions and Limiting Conditions
16. The distribution of the total valuation in this report between land and improvements applies only under the existing
program of utilization. Component values for land and/or buildings are not intended to be used in conjunction
with any other property or consultation and are invalid if so used.
17. The maps, plats, sketches, graphs, photographs and exhibits included in this report are for illustration purposes
only and are to be utilized only to assist in visualizing matters discussed within this report. Except as specifically
stated, data relative to size or area of the subject and comparable properties has been obtained from sources
deemed accurate and reliable. None of the exhibits are to be removed, reproduced, or used apart from this
report.
18. No opinion is intended to be expressed on matters which may require legal expertise or specialized investigation
or knowledge beyond that customarily employed by real estate appraisers. Values and opinions expressed
presume that environmental and other governmental restrictions/conditions by applicable agencies have been
met, including but not limited to seismic hazards, flight patterns, decibel levels/noise envelopes, fire hazards,
hillside ordinances, density, allowable uses, building codes, permits, licenses, etc. No survey, engineering study or
architectural analysis has been made known to CBRE, Inc. unless otherwise stated within the body of this report. If
the Consultant has not been supplied with a termite inspection, survey or occupancy permit, no responsibility or
representation is assumed or made for any costs associated with obtaining same or for any deficiencies discovered
before or after they are obtained. No representation or warranty is made concerning obtaining these items.
CBRE, Inc. assumes no responsibility for any costs or consequences arising due to the need, or the lack of need,
for flood hazard insurance. An agent for the Federal Flood Insurance Program should be contacted to determine
the actual need for Flood Hazard Insurance.
19. Acceptance and/or use of this report constitutes full acceptance of the Contingent and Limiting Conditions and
special assumptions set forth in this report. It is the responsibility of the Client, or client's designees, to read in full,
comprehend and thus become aware of the aforementioned contingencies and limiting conditions. Neither the
Appraiser nor CBRE, Inc. assumes responsibility for any situation arising out of the Client's failure to become
familiar with and understand the same. The Client is advised to retain experts in areas that fall outside the scope
of the real estate consultation/consulting profession if so desired.
20. CBRE, Inc. assumes that the subject analyzed herein will be under prudent and competent management and
ownership; neither inefficient or super -efficient.
21. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations
and laws unless noncompliance is stated, defined and considered in the consultation report.
22. No survey of the boundaries of the property was undertaken. All areas and dimensions furnished are presumed to
be correct. It is further assumed that no encroachments to the realty exist.
23. The Americans with Disabilities Act (ADA) became effective January 26, 1992. Notwithstanding any discussion of
possible readily achievable barrier removal construction items in this report, CBRE, Inc. has not made a specific
compliance survey and analysis of this property to determine whether it is in conformance with the various detailed
requirements of the ADA. It is possible that a compliance survey of the property together with a detailed analysis
of the requirements of the ADA could reveal that the property is not in compliance with one or more of the
requirements of the ADA. If so, this fact could have a negative effect on the value estimated herein. Since CBRE,
Inc. has no specific information relating to this issue, nor is CBRE, Inc. qualified to make such an assessment, the
effect of any possible non-compliance with the requirements of the ADA was not considered in estimating the value
of the subject.
24. Client shall not indemnify Appraiser or hold Appraiser harmless unless and only to the extent that the Client
misrepresents, distorts, or provides incomplete or inaccurate consultation results to others, which acts of the Client
approximately result in damage to Appraiser. Notwithstanding the foregoing, Appraiser shall have no obligation
under this Section with respect to any loss that is caused solely by the active negligence or willful misconduct of a
Client and is not contributed to by any act or omission (including any failure to perform any duty imposed by law)
by Appraiser. Client shall indemnify and hold Appraiser harmless from any claims, expenses, judgments or other
items or costs arising as a result of the Client's failure or the failure of any of the Client's agents to provide a
complete copy of the consultation report to any third party. In the event of any litigation between the parties, the
prevailing party to such litigation shall be entitled to recover, from the other, reasonable attorney fees and costs.
74 CBRE
Addenda
ADDENDA
Addenda
Addendum A
WATERFRONT LAND LEASE COMPARABLES
len#al Survey Land - Mixed-Use No. 1
Property Name
Bayside Marketplace & Garage
Address
401 Biscayne Boulevard
ease Term
501 Biscayne Boulevard
Survey Date
Miami, FL 33132
aunty
Miami -Dade
Govt./Tax ID
01-0100-000-0522, 0523 and 0525
Land Area Net
16.850 act 733,986 sf
Land Area Gross
16.850 act 733,986 sf
Site Development Status
Finished
Utilities
All Available
Maximum FAR
N/A
Min Land Bldg Ratio
N/A
Shape Irregular
Topography Level, At Street Grade
Flood Zone Class N/A
Flood Panel No./ Date N/A
Zoning T6-8 O Urban Core Transect District Open
Entitlement Status Fully Entitled/Planning Permissions
Reimbursements NNN Rent Changes/Steps Annual CPI
Occupancy
100%
:Want Size733,986
- 733,986 sf
ease Term
900 - 900 Mo(s).
Survey Date
06/2017
Verification
N/A
Free Rent 0 - 0 Mo(s).
TI Allowance $0.00 - $0.00 per sf
Reimbursement Amount $0.00 per sf
Total Oper. & Fixed Exp. $0.00 per sf
Annual Base Rent $3.02 - $3.02 per sf
Free
Tenancy Term Type of Rent TI Annual
Tenant Name Use Type Size (Mo.) Lease Start Date Reimbs. Rent Chances / Steps (Mo.) Allowance Base Rate
No actual leases available for this property.
This is a waterfront land lease that is owned by the City of Miami and is leased to Bayside marketplace, LLC. The property includes three parcel
numbers and appears to include the submerged portion od parcxel number 01-0100-000-0520.
As of the Effective Date of Amendment 4 and the 1 st of each month thereafter shall pay in equal monthly installments the annual sum of $1,540,000.
Minimum Base Rent and Tower Fixed Rent shall be increased on the anniversary of the Effective Date of each year by the percentage of CPI
Escalation from the prior year. Said increase shall be capped at 3% per year. The CPI Escalation year for Minimum Base Rent is to begin with 1/1/16.
The Tower Fixed Rent increase will be done on January First of the second full lease year. Such CPI increases are to be calculated by the City and
sent within 60 days after the commencement of the CPI Escalation. On the 10th Anniversary of the Opening Date of the Tower and every 10 years
thereafter, the Tower Fixed Rent shall be determined by an appraisal but will be capped at 10% over the prior year. Percentage Rent: Commencing on
the Effective Date of Amendment 4, Developer shall pay 6% of gross revenues over the initial breakpoint of $25,659,000. The breakpoint adjusts each
rental year by the CPI with the rent and becomes the new rent amount divided by 6%. Commencing on the Tower Fixed Rent Commencement Date,
$1,059,082 will be due in monthly installments on the first day of the first calendar month following the Tower Rent Commencement Date and on the
first of each month following. Commencing on the Opening Date and payable 150 after the end of each Lease Year, Tower Percentage Rent shall be
1 % of Tower Gross Receipts over $55,000,000. The breakpoint adjusts annually with the Tower Fixed Rent adjustment by the same percentage as the
rent. In addition, 6% of Tower Valet Gross Receipts are due as well.
Submerged Land Fees: The City remains responsible for complying with the original terms of the Release of Deed Restrictions and Reverter with the
Board of Trustees of the State requiring the City to deposit 7.4% of finds into a land acquisition trust fund, however, should the State amend or increase
the fees then Developer becomes responsible for any additional payments.
01017 cm,1_ CBRE
Lease Abstract Bayside Marketplace, LLC - Retail
Location: 401 Biscayne Boulevard, Miami, FL
Square Footage: Maximum allowable leasable area of 267,000SF for Retail and
Restaurant which does not include the allowable square footage for the
Tower
Lease Executed: January 14`h, 1985
Possession Date: November 5`h, 1985
Rent Commencement
Date: April 8"', 1987
Effective Date: September 24, 2014
Opening Date: The date the tower opens to the general public
Rental Year: January 1" — December 31" of each year
Tower Fixed Rent
Commencement Date: The earlier of. is 9/24/18 (which may be extended 1 year if construction
is delayed) or ii: the date the Tower opens to the general public. If
Skyrise fails to complete the construction of the Tower by this date,
Developer shall have the right to cancel the Tower Sublease, complete
the construction of the Tower, and find a replacement operator, in which
case, Developer will not be obligated to pay the Tower Fixed Rent until
9/24/20 (which may also be extended 1 year) or the Opening Date or
Developer may terminate the Tower Sublease and demolish the Tower
and in this case they will have no obligation to pay the Tower Rent
Tower Percentage Rent: Commencing on the Tower Opening Date
Amendments: Amended and Restated — 10/17/85
Amendment I — 8/19/86 — minor changes
Amendment 2 — 11/24/87 — change of exhibit B-1
Amendment 3 — 4/15/92 — change to section 5.8
Amendment 4 — 9/24/14 — multiple changes — extending term, increasing
payments
Agreement and release of Deed Restrictions — 10/21/85 — Establishes the
Biscayne Bay/Miami River Land Acquisition Trust Fund to provide
funds to purchase land adjacent to the bay and river for public access and
enjoyment of these waterways or to make improvements on these lands
including shoreline enhancement, landscaping, erosion control,
boardwalk and park furniture, fishing piers and docks and conservation
measures. City is to pay 7.4 % of rents received annually from Bayside
Center retail parcel lease, on April 8`h of each year.
Term: 75 years Commencing on the first day of the month following the
possession date. (12/1/85-11/30/60)
Options: Three 15 year options and one 8 year option a total of 53 years which
must be exercised the latter of 2 years prior to the commencement of the
option term or within 30 days of written notice from landlord after the 2
year period has passed.
Option 1: 12/1/60-11/30/75
Option 2: 12/1/75-11/30/90
Option 3: 12/1/90-11/30/2105
Option 4: 12/t/2105-11/30/2113
At the beginning of each option period, the Minimum Base Rent shall be
adjusted to Fair Market Value as determined by an Appraisal but will be
capped at 15% each. The CPI escalation will not apply for the years that
this increase is done.
Minimum Base Rent: As of the Effective Date of Amendment 4 and the 1 S` of each month
thereafter shall pay in equal monthly installments the annual sum of
$1,540,000.
Increases: Minimum Base Rent and Tower Fixed Rent shall be increased on the
anniversary of the Effective Date of each year by the percentage of CPI
Escalation from the prior year. Said increase shall be capped at 3% per
year. The CPI Escalation year for Minimum Base Rent is to begin with
1/1/16. The Tower Fixed Rent increase will be done on January First
of the second full lease year. Such CPI increases are to be calculated
by the City and sent within 60 days after the commencement of the CPI
Escalation.
On the 10' Anniversary of the Opening Date of the Tower and every
10 years thereafter, the Tower Fixed Rent shall be determined by an
appraisal but will be capped at 10% over the prior year.
Percentage Rent: Commencing on the Effective Date of Amendment 4, Developer shall
pay 6% of gross revenues over the initial breakpoint of $25,659,000.
The breakpoint adjusts each rental year by the CPI with the rent and
becomes the new rent amount divided by 6%.
Tower Rent: Commencing on the Tower Fixed Rent Commencement Date,
$1,059,082 will be due in monthly installments on the first day of the
first calendar month following the Tower Rent Commencement Date
and on the first of each month following.
Tower Percentage Rent: Commencing on the Opening Date and payable 150 after the
end of each Lease Year, Tower Percentage Rent shall be 1 % of Tower
Gross Receipts over $55,000,000. The breakpoint adjusts annually with
the Tower Fixed Rent adjustment by the same percentage as the rent.
In addition, 6% of Tower Valet Gross Receipts are due as well.
Submerged Land Fees: The City remains responsible for complying with the original terms of
the Release of Deed Restrictions and Reverter with the Board of
Trustees of the State requiring the City to deposit 7.4% of finds into a
land acquisition trust fund, however, should the State amend or
increase the fees then Developer becomes responsible for any
additional payments.
Late Fees: Any payment not received after 10 days written notice from the City
shall accrue interest at 2% above the prime rate charged by Citibank,
NA ("Default Rate") and an administrative charge of .5%. If this
happens more then once in any rental year, the Default Rate shall
increase to 12% per annum.
Renovation Work: Developer shall expend no less than $27,000,000 in Capital
Improvements to the property and provide copies of invoices and
receipts and demonstrate achievement of the minimum investment.
Bonding: Developer shall post payment and performance bonds in favor of the
City in the form stipulated in Fla Statute 255.05 for 100% of the cost
of any renovations not including the Skyrise Tower construction and/or
renovations to the Tower.
Alterations and
Renovations: Developer may make renovations that it deems necessary, provided that
no renovation materially alters the exterior appearance of the property
or the overall character and appearance of the public circulation areas
without written approval from the City Manager.
Tower Building Height
And Max SF: Shall be as permitted in the applicable land development regulations
permitted in the development warrant file #13-0077 dated 1/13/14
which modifies class II special permit #10-0143.
Retail Max SF: Developer may only build up to 267,000SF of enclosed retail space,
including restaurants at the retail and garage parcels collectively. This
amount does not include the Tower.
Minority Participation
Agreement: Bayside is to establish a non-profit foundation tasked with creating and
administering loan programs for minority businesses, creating a
scholarship fund for minorities and providing assistance to local
community development organizations with the integration of resources
towards the economic development of minority business enterprises.
Minority Foundation
Contribution: Beginning on the Effective Date, developer is to contribute $350,000 in
quarterly installments on the last day of March, June, September and
December of each calendar year, increased by 2% each Rental Year.
Notice Address: Bayside Marketplace, LLC
c/o General Growth Properties, Inc.
110 North Wacker Drive
Chicago, IL 60606
Attn: Chief Legal Officer
Bayside Marketplace, LLC
c/o General Growth Properties, Inc.
1245 Worcester Street #1218
Bayside Center Limited Partnership
Natick, MA 01760
Attn: John Charters
Refinancing: Any previous cap on financing is hereby removed. Developer shall not
refinance or finance over 80% of the fair market value of the Leasehold
interest and fee interest in the improvements of the Property as
determined by appraisal conducted by Developer's Leasehold
Mortgagee.
Financing
Participation Interest: City shall have a 1 time right to participate in any refinancing of the
property in an amount equal to 3% of the first $125,000,000 financed
equaling $3,750,000.
Up Front Payment: 30 days prior to the referendum, Developer shall deposit $10,000,000 in
escrow to be delivered to the City upon approval of the Ground Lease
Referendum pending any appeal.
Foundation
Contribution: From and after the effective date of Amendment 4, Developer shall pay a
Foundation Contribution in the amount of $350,000
Sales Reporting: Within 90 days following the end of each rental year (by April I")
Developer shall furnish a Certified Financial Report
In addition, Developer shall provide within 15 days following the end of
each calendar month, a written statement of gross receipts for the prior
month.
Transfer Fee: In the event of a Transfer Fee Transaction, the Developer shall pay the
City a fee as follows:
9/24/14-9/23/19 — 2% of the Gross Sale Amount
9/24/19-9/23/24 — 1.5% of the Gross Sale Amount
9/24/24-9/23/34 — I% of the Gross Sale Amount
And .75% anytime thereafter
Taxes: Tenant is to pay any and all taxes when they become due.
Security Deposit: N/A
Audit Rights: Upon 10 days written notice, but not more than once a year, tenant will
make available all records pertaining to the property to an authorized
representative of the City designated by the City Manager.
Default: Tenant shall be found in default of the lease for the following reasons:
(i) Failure to make rental payments per the lease within 10 days
after receiving written notice.
(ii) Failure to perform in accordance with any terms of the lease
within 60 days after receiving written notice or if 60 days is not
sufficient to cure the default, then diligent measures to
commence the curing of the default must commence within that
timeframe.
(iii) Bankruptcy
Building Maintenance: Tenant shall any and all improvements in a first class manner.
Ownership of Improvements: Upon expiration or termination of the lease, title to all
improvements constructed on the property shall vest to the city.
Permitted Uses: Retail, recreation, parking and office.
Prohibited Uses: Permanent or temporary housing, coin entertainment, games of
chance or casino gambling (without consent of the city should it
become legal), any illegal, immoral or disreputable use.
-Cn :BRE. 1-
Lease Abstract Bayside Marketplace, LLC - Garase
Location: 401 Biscayne Boulevard, Miami, FL
Square Footage:
Lease Executed: January 14`x', 1985
Possession Date: November 5"', 1985
Rent Commencement
Date: April W", 1987
Effective Date: September 20i, 2014
Rental Year: January 1" — December 31" of each year
First Parking Garage
Expansion Opening
Date: The date the parking garage expansion is open to the public
Amendments: Amendment 1 — 10/17/85 — Multiple changes, rent payment times,
exhibit changes
Amendment 2 — 12/13/88 — Port Boulevard Bridge
Amendment 3 — 4/15/93 — changes to transfer language
Amendment 4 - 9/24/14 — multiple changes — extending term, increasing
payments
Term: 75 years Commencing on the first day of the month following the
possession date. (12/1/85-11/30/60)
Options: Three 15 year options and one 8 year option a total of 53 years which
must be exercised the latter of 2 years prior to the commencement of the
option term or within 30 days of written notice from landlord after the 2
year period has passed.
Option 1: 12/1/60-11/30/75
Option 2: 12/1/75-11/30/90
Option 3: 12/1/90-11/30/2105
Option 4: 12/1/2105-11/30/2113
At the beginning of each option period, the Minimum Base Rent shall be
adjusted to Fair Market Value as determined by an Appraisal but will be
capped at 15% each. The CPI escalation will not apply for the years that
this increase is done.
Minimum Base Rent: As of the Effective Date of Amendment 4 and the 1" of each month
thereafter shall pay in equal monthly installments the annual sum of
$675,000.
Additional Minimum
Base Rent: Commencing on the date the First Parking Garage Expansion is open to
the public, Developer shall pay an additional annual amount of $241,920
in equal monthly installments.
Percentage Rent: Commencing on the Effective Date of Amendment 4, Developer shall
pay 15% of gross revenues over the initial breakpoint of $4,507,000. The
breakpoint adjusts each rental year by the CPI with the rent and becomes
the new rent amount divided by 15%.
Increases: Minimum Base Rent and Additional Minimum Base Rent shall be
increased on the anniversary of the Effective Date of each year by the
percentage of CPI Escalation from the prior year. Said increase shall be
capped at 3% per year. The CPI Escalation year for Minimum Base Rent
is to begin with 1/l/16. Such CPI increases are to be calculated by the
City and sent within 60 days after the commencement of the CPI
Escalation.
Alterations and
Renovations: Developer may make renovations that it deems necessary, provided that
no renovation materially alters the exterior appearance of the property or
the overall character and appearance of the public circulation areas
without written approval from the City Manager.
Renovation Work: Developer shall expend no less than $27,000,000 in Capital
Improvements to the property and provide copies of invoices and receipts
and demonstrate achievement of the minimum investment.
Bonding: Developer shall post payment and performance bonds in favor of the
City in the form stipulated in Fla Statute 255.05 for 100% of the cost of
any renovations of the garage parcel.
Retail/Garage
Max SF: Developer may only build up to 267,000SF of enclosed retail space,
including restaurants at the retail and garage parcels collectively. This
amount does not include the Tower.
First Parking
Garage Expansion: Developer agrees to expand the Garage to add 448 additional parking
spaces
Future Parking
Garage Expansion: Developer has the right to further expand the garage up to an additional
296 spaces it its sole discretion.
Transfer Fee: In the event of a Transfer Fee Transaction, the Developer shall pay the
City a fee as follows:
9/24/14-9/23/19 — 2% of the Gross Sale Amount
9/24/19-9/23/24 — 1.5% of the Gross Sale Amount
9/24/24-9/23/34 — l % of the Gross Sale Amount
And .75% anytime thereafter
Financing
Participation Interest: City shall have a 1 time right to participate in any refinancing of the
property in an amount equal to 3% of the first $125,000,000 financed
equaling $3,750,000.
Up Front Payment: 30 days prior to the referendum, Developer shall deposit $10,000,000 in
escrow to be delivered to the City upon approval of the Ground Lease
Referendum pending any appeal.
Retail Liner: Once constructed, the retail liner will be governed by the Retail lease and
any gross receipts received by the retail tenants will be used to calculate
the Retail Percentage Rent, not the Garage's.
Notice Address: Bayside Marketplace, LLC
c/o General Growth Properties, Inc.
110 North Wacker Drive
Chicago, IL 60606
Attn: Chief Legal Officer
Bayside Marketplace, LLC
c/o General Growth Properties, Inc.
1245 Worcester Street # 1218
Bayside Center Limited Partnership
Natick, MA 01760
Attn: John Charters
Sales Reporting: Within 90 days following the end of each rental year (by April 1st),
Developer shall furnish a Certified Financial Report
In addition, Developer shall provide within 15 days following the end of
each calendar month, a written statement of gross receipts for the prior
month.
Late Fees: Any payment not received after 10 days written notice from the City
shall accrue interest at 2% above the prime rate charged by Citibank,
NA ("Default Rate") and an administrative charge of .5%. If this
happens more then once in any rental year, the Default Rate shall
increase to 12% per annum.
Taxes: Tenant is to pay any and all taxes when they become due.
Security Deposit: N/A
Audit Rights: Upon 10 days written notice, but not more than once a year, tenant will
make available all records pertaining to the property to an authorized
representative of the City designated by the City Manager.
__ '_BRt,
Default:
Building Maintenance
Tenant shall be found in default of the lease for the following reasons:
(iv) Failure to make rental payments per the lease within 10 days
(v)
(vi)
Ownership of Improvements
Permitted Uses:
' EPE, 1-
after receiving written notice.
Failure to perform in accordance with any terms of the lease
within 60 days after receiving written notice or if 60 days is not
sufficient to cure the default, then diligent measures to
commence the curing of the default must commence within that
timeframe.
Bankruptcy
Tenant shall any and all improvements in a first class manner.
Upon expiration or termination of the lease, title to all
improvements constructed on the property shall vest to the city.
Public parking and management office.
Property Name
Grove Harbour Waterfront Land Lease
Address
2640 South Bayshore Drive
Miami, FL 33133
>unty
Miami -Dade
uovt.rrax ID
01-4122-002-0011
Land Area Net
13.550 ac/ 590,238 sf
Land Area Gross
13.550 ac/ 590,238 sf
Site Development Status
Finished
Utilities
All Available
Maximum FAR
N/A
Min Land Bldg Ratio
N/A
Shape
Irregular
Topography
Level, At Street Grade
Flood Zone Class
N/A
Flood Panel Nod Date
N/A
Zoning
CS -Civil Space
Entitlement Status
Fully Entitled/Planning Permissions
Free
Tenancy Term Type of Rent TI Annual
property.
This is a waterfront land lease that is owned by the City of Miami and leased to Alan Lima. The land includes 6.95 acres of uplands and 6.6 acres of
submerged land. The subject site is improved with a 18,462 SF Fresh Market and 14,597 SF of retail and office area. The marina component includes
200 outside dry slips, 76 inside dry slips and 58 wet slips for a total of 334 slips.
This land lease includes a base rent of $600,000.00 or $50,000.00 per month plus use tax subject to increases every 5 years or a percentage rent for
the month that began 60 days prior in the amount of:
• 15% of gross revenue from the marina
• 10% of gross revenue from the boatyard
• 5% of gross revenue from the marina service facility. In the event there is a sublease of the service facility, tenant shall pay 5% of the floor rents and
25% of any percentage rent collected.
• 5% of revenue from the marine fueling facility.
• 5% of marketplace vendor fees from $04200,000
• 10% of the marketplace vendor fees from $200,001-$500,000
• 10% of the marketplace vendor fees above $500,000
• 10% of restaurant sales even if subleased.
• 10% of the floor rent and 37.5% of the subtenants percentage rent payable to lessee for subtenants other than restaurants and marketplace
subtenants located outside of the historic hangars
• 10% of floor rents and 50% of percentage rents paid to lessee by Marketplace subtenants located outside of the historic hangars until the city
receives 3% of the subtenants gross revenues, after that the City shall receive 37.5% of the subtenants percentage rent payable to the lessee via
blease agreement.
02017CRK, Mc CBRE
Stepped Every 5 years
Reimbursements
NNN
Rent Changes/Steps
Occupancy
100%
Free Rent
0 - 0 Mo(s).
mant Size
590,238 - 590,238 sf
TI Allowance
$0.00 - $0.00 per sf
'ase Term
480 - 480 Mo(s).
Reimbursement Amount
$0.00 per sf
Survey Date
06/2017
Total Oper. & Fixed Exp.
$0.00 per sf
Verification
N/A
Annual Base Rent
$1.02 - $1.02 per sf
Free
Tenancy Term Type of Rent TI Annual
property.
This is a waterfront land lease that is owned by the City of Miami and leased to Alan Lima. The land includes 6.95 acres of uplands and 6.6 acres of
submerged land. The subject site is improved with a 18,462 SF Fresh Market and 14,597 SF of retail and office area. The marina component includes
200 outside dry slips, 76 inside dry slips and 58 wet slips for a total of 334 slips.
This land lease includes a base rent of $600,000.00 or $50,000.00 per month plus use tax subject to increases every 5 years or a percentage rent for
the month that began 60 days prior in the amount of:
• 15% of gross revenue from the marina
• 10% of gross revenue from the boatyard
• 5% of gross revenue from the marina service facility. In the event there is a sublease of the service facility, tenant shall pay 5% of the floor rents and
25% of any percentage rent collected.
• 5% of revenue from the marine fueling facility.
• 5% of marketplace vendor fees from $04200,000
• 10% of the marketplace vendor fees from $200,001-$500,000
• 10% of the marketplace vendor fees above $500,000
• 10% of restaurant sales even if subleased.
• 10% of the floor rent and 37.5% of the subtenants percentage rent payable to lessee for subtenants other than restaurants and marketplace
subtenants located outside of the historic hangars
• 10% of floor rents and 50% of percentage rents paid to lessee by Marketplace subtenants located outside of the historic hangars until the city
receives 3% of the subtenants gross revenues, after that the City shall receive 37.5% of the subtenants percentage rent payable to the lessee via
blease agreement.
02017CRK, Mc CBRE
Lease Abstract — Grove Harbour Marina and Caribbean Marketplace, LLC.
Location: 2640 S Bayshore Drive, Miami, FL
Square Footage: 13.55 Acres (6.95 upland 6.6 submerged)
Lease Executed: March 12, 1999
Amendments: Amendment 1 (1/23/02) —misc. changes
Amendment 2 (12/3/02) — Leasehold mortgagee additions
Amendment 3 (8/l/03) — Performance bond
Amendment 4 (12/23/04) — Extension of time for completion of
improvements
Amendment 5 (5/17/05) — Additional extension for improvements
Letter Agreement (3/17/11 ) — Restaurant sublease
Rent Commencement
Date: 12/4/02
Term: 40 years (12/4/02-12/3/42)
Lease Year: 12/4-12/3
Options: N/A
Security Deposit: $150,000 and shall increase each time the minimum rent is adjusted so
that the amount is equal to 50% of the annual minimum rents.
Notice Address: Alan Lima
8360 W. Flagler Street #200
Miami, FL 33144
And
Ramon Rasco, ESQ
Rasco Reininger & Perez, P.A.
5200 Blue Lagoon Drive, Suite 700
Miami, Florida 33126
Rent: On or before the I st of each month, tenant is to pay the greater of.
Minimum Annual Rent in the amount of $600,000.00 or $50,000.00 per
month plus use tax subject to increases every 5 years.
Or
Percentage Rent for the month that began 60 days prior in the amount of:
• 15% of gross revenue from the marina
• 10% of gross revenue from the boatyard
• 5% of gross revenue from the marina service facility. In the
event there is a sublease of the service facility, tenant shall pay
5% of the floor rents and 25% of any percentage rent collected.
• 5% of revenue from the marine fueling facility.
• 5% of marketplace vendor fees from $04200,000
• 10% of the marketplace vendor fees from $200,0014500,000
• 10% of the marketplace vendor fees above $500,000
• 10% of restaurant sales even if subleased.
• 10% of the floor rent and 37.5% of the subtenants percentage
rent payable to lessee for subtenants other than restaurants and
marketplace subtenants located outside of the historic hangars
• 10% of floor rents and 50% of percentage rents paid to lessee by
Marketplace subtenants located outside of the historic hangars
until the city receives 3% of the subtenants gross revenues, after
that the City shall receive 37.5% of the subtenants percentage
rent payable to the lessee via sublease agreement.
Payment to the State: The City is to pay any state fees up to $47,200 per year beginning in year
3. Tenant is responsible to reimburse City for any payments over
$47.200.
Increases: At the end of the 7'1' year (12/4/09) and every 5 years thereafter (12/4/14,
12/4/19, 12/4/24, 12/4/29, 12/4/34, 12/4/39) the city is to have an
appraisal of the fair market rent done to adjust the minimum annual
rents. Lessee is to pay 50% of the cost of the appraisal.
Construction
Requirements: Lessee shall be required to design, construct and maintain a bay walk
along the sea wall edge- at Biscayne Bay and a twenty foot wide
landscape buffer between the western edge of the Subject Property
and South Bayshore Drive which incorporates a bike path
Hazardous Materials
Handling Procedures: On or before January 4th of each Lease Year, Lessee shall engage a
licensed consultant to update the Approved Handling Procedures to bring
them into compliance with current Environmental Laws and shall make
them available upon request. The licensed consultant shall perform:
(1) a records review;
(2) site reconnaissance;
(3) interviews with Lessee, Lessee's Subtenants, and local governmental
officials.
Marina Maintenance
Fund: Commencing I year after the CO has been issues, tenant is to deposit in
an account 2.5% of gross sales of the marina, or $35,000 per year
whichever is greater for capital improvements. Once the fund reaches
$350,000 the payments may be reduced.
Financial Reporting: Within 60 days following the end of each lease year (February 3`d)
tenant is to deliver a statement of annual gross revenues prepared and
certified by an independent CPA.
Within 90 days following the end of each lease year (March 3`d) tenant is
to deliver a gross revenue report prepared and certified by a CPA.
Within 120 days after the end of each calendar year (May 1 S`), lessee is to
provide an unaudited financial statement prepared by a CPA.
Environmental Audit: Prior to November 4`h of each year, lessee shall hire a consultant to
perform an audit assessing the handling of hazardous materials,
reviewing records and interviewing tenant and subtenants.
In the last year of the term, upon written notice from the City, tenant will
have performed by a licensed consultant, an end term audit assessing the
environmental condition of the property and improvements.
Late Fees: 5% of amount due if paid 15 days after the 1 st of the month.
Taxes: Lessee is to pay any and all taxes when they become due.
Tax Abatement
Payment to the City: Should lessee be successful in obtaining a tax abatement on the
historic property, they will contribute to the City on an annual basis
an amount equal to 50% of the abated taxes.
Subleasing: Lessee has the right to sublease any portion of the property at lessee's
discretion provided that the sublease is subordinate to the lease, the term
shall be less than the lease term, and lessee is to give the City a list of all
subtenants and subleases on an annual basis.
Violation/Default: Tenant shall be found in default of the lease for failure to perform the
following:
• Pay rent when due after 15 days written notice.
• Failure to perform any other covenants of the lease after 30 days
written notice unless that is not sufficient time to cure.
Insurance: Tenant shall maintain the following insurance requirements per the lease:
1. Commercial General Liability — Including contractual liability, products and
completed operations, personal injury, liquor liability, and premises and
operations coverage against all claims in amounts not less than $2,000,000 for
Bodily Injury and Property Damage Liability. City of Miami included as an
Additional Insured
II. Business Automobile Liability — covering all Owned, Hired or Non -Owned
Autos with limits of $1,000,000 for BI and property.
III. Worker's Compensation — as required by the state.
IV. Business Interruption — covering all risk for the payment of minimum rent
and debt service payments for the full period of reconstruction following a total
loss.
V. Equipment breakdown — covering repair and replacement of all boilers,
machinery and breakdown of all major mechanical, hydraulic and electrical
equipment serving the improvements. City is to be named loss payee and insured.
VI. Umbrella Policy/Excess Liability — of $3,000,000 per occurrence to extend
coverage of the marina and pollution coverage with city as additional insured.
VII. liquor Liability (if applicable) $ 1,000,000. City is additional insured.
VIII. Pollution/Environmental impairment liability - $1,000,000 per occurrence
covering damage by any hazardous substance. City is additional insured,
IX. Marina Operators Legal Liability - $1,000,000 with city as additional
insured.
X. Property Coverage
All Risk property coverage against fire, windstorm and flood with extended
coverage for vandalism, malicious mischief, sprinkler leakage and flammable
materials used for cooking insuring 100% of the replacement costs of all
improvements excluding foundation and excavation with a maximum deductible
of $5,000 for all perils except wind. 5% of the insured value shall be max
deductible for wind. City is to be listed as loss payee and insured. Commencing
on the 7°i year and every 5 years after, the insured replacement cost shall be
adjusted by an insurance appraiser selected and paid for by the lessee.
The above policies shall provide the City of Miami with a 30 day written notice
of cancellation or material changes in accordance to policy provisions.
City reserves the right to amend the required coverage.
Premises Maintenance: Tenant shall maintain the property in good order and appearance
and take all steps necessary to prevent deterioration of the
improvements.
Services and Utilities: Tenant is responsible for all utilities and services.
Assignment and Subletting
or Transfer of Stock: The City is entitled to 3% of the net proceeds of any transfer or
sale. Transfers must be approved by the city.
Ownership of Improvements: Upon expiration or termination of the lease, title to all
improvements constructed on the property shall vest to the city.
Permitted Use: Boatyard facility, marina, boatyard/marina office, marine
fueling facility, charter boat concession operations, food
service concessions, convenience services/boater amenities,
marina related retail, boat dealer, marine trade schools,
public/urban community market, historic interactive facility,
historic facility related retail, meeting/conference facility,
educational facility, related offices, supporting restaurants,
prepared food service concessions, parking, recreational
amenities, and other ancillary uses.
Prohibited Uses: No illegal business, adult entertainment, jet ski rental, no
hauling and or storage of vessels 28ft and under, entertainment
vessels that provide gambling, casino gambling, or games of
chance or reward, unless Lessee obtains the prior consent of
the Lessor.
Property Name
Grove Bay Waterfront Land Lease
Address
3349-2285 Pan American Drive
Occupancy
3351-3377 Pan American Drive
Free Rent
Miami, FL 33133
)unty
Miami -Dade
Govt./Tax ID
01-4122-002-0025, 0030 and 0040
Land Area Net
7.020 ac/ 305,791 sf
Land Area Gross
7.020 ac/ 305,791 sf
Site Development Status
Finished
Utilities
All Available
Maximum FAR
N/A
Min Land Bldg Ratio
N/A
Shape
Irregular
Topography
Level, At Street Grade
Flood Zone Class
N/A
Flood Panel No./ Date
N/A
Zoning
CS -Civil Space
Entitlement Status
Fully Entitled/Planning Permissions
IK Ic gr_�
Reimbursements
NNN
Rent Changes/Steps
CPI every 5 years
Occupancy
100%
Free Rent
0 - 0 Mo(s).
.pant Size
305,791 - 305,791 sf
TI Allowance
$0.00 - $0.00 per sf
lase Term
600 - 600 Mo(s).
Reimbursement Amount
$0.00 per sf
Survey Date
06/2017
Total Oper. & Fixed Exp.
$0.00 per sf
Verification
N/A
Annual Base Rent
$6.21 - $6.21 per sf
Tenancy Term Type of
2017 CM, k -
Free
Rent Tl Annual
CBRE
This is a waterfront land lease that is owned by the City of Miami and leased to Grove Bay Investment Group, LLC. The land area was estimated using
the measuring tool on Google earth. According to this source, the land area includes 7.02 acres, which is equal to 305,791 SF.
The Minimum Base Rent is payable on the 15th day of each month in monthly installments as follows:
• from the Possession Date of the Lease until the operation date, the lessee shall pay $1.4 million per annum or $116,666.67 per month (initial minimum
base rent)
• On the operation date (6 months after the CO for the parking garage is received) the rent increases to $1.8 million per annum or $150,000 per month.
• Upon the parking facilities conditions precedent being met, the base rent shall increase to $1.9 million per year or $158,333.33 per month for the 24
month.
• Thereafter, the Minimum Base Rent shall increase to $2.0 million per annum or $166,666.67 per month.
• On the first day of the 16th, 31st, 51st and 66th years, the minimum base rent shall be adjusted based on fair market rent as determined by appraisal.
• The increases above are subject to change as follows:
1. If the PF conditions precedent are met after 1/1/18, the rent will remain at $1.9 million
2. If the PF conditions precedent are met after 6/1/18, the rent will remain at $1.8 million subject to the CPI increases every 5 years and the reappraisal
every 10.
• The amounts above are based on the assumption that the retail area will be 40,000 SF at $10 PSF for a value of $400,000 of the base rent described.
If the SF increases or decreases, so shall the base rents.
Greater of the Minimum base rent or the Percentage rent shall be paid by the 15th of each month after the possession date
The Percentage Rent shall be an amount equal to the sum of:
• 5% percent of the Gross Revenues from the Formal Dining Restaurants;
• 10.3% percent of the Gross Revenues from the Casual Restaurants;
• 15% percent of the Gross Revenues from marina operations (non -fuel);
• 15% percent of marina gross fuel profits (gross fuel profits defined as gross fuel sale price per gallon minus cost of delivered fuel per gallon);
• 5% percent of the Gross Revenue from any Marine Retail Store (excluding any Marine Retail Store within the Parking Facilities Retail Area, which
shall pay rent pursuant to (vi) below) and any ancillary sales from any other source within the Property, excluding those sources identified in subparts
(i), (ii), (iii), (iv) or (vi); and
• $10 per square foot per annum for all occupied or vacant retail spaces within the Parking Facilities Retail Area and within the Other Permitted Retail
Areas Commencing with each of the Lease Years following Lease Years 15, 30, 50 and 65 (each, an "Adjustment Lease Year"), the 4.1.3 Rent shall be
adjusted as follows: (1) as of the commencement of the first Adjustment Lease Year, the 4.1.3 Rent shall be increased to $11.50 per square foot per
annum; and (2) as of the commencement of each subsequent Adjustment Lease Year, the 4.1.3 Rent shall be adjusted to equal the product of (x) the
4.1.3 Rent in effect immediately preceding such Adjustment Lease Year, times (y) 50% of the percentage increase in Minimum Base Rent, as
determined pursuant to Section 4.3.2, that will take effect as of the commencement of each applicable Adjustment Lease Year.
,- EFCb CBRE
Addenda
Addendum B
OPERATING DATA
1' _BU, i,
Lease Abstract — Grove Bay Investment Group, LLC.
Location:
Square Footage:
Lease Executed:
Effective Date:
Amendments:
Rent Commencement
Date:
Possession Date:
Operation Date:
Parking Facilities
Conditions Precedent:
Term:
Lease Year:
Options:
3385 Pan American Drive, Miami, Florida
3349 Pan American Drive, Miami, Florida
3351 & 3377 Charthouse Drive, Miami, Florida
10/24/13
11/6/13
Certain terms were amended in the Grove Bay Parking Facilities
Agreement dated 2/8/16 pertaining to the Parking Garage and the Trust
Fund Contribution.
Six (6) months following receipt of a Certificate of Occupancy for the
Parking Facilities, including the Parking Facilities Retail Area. To be
established through written documentation.
Obtaining certificate of completion or CO, completion of the retail area
to Grey Shell Standards with a CO, parking agreement and management
agreement with MPA /City/Lessee
50 years 11/6/13 — 11/5/63
11/6-11/5
Two 15 year options which must be exercised by written notice not less
than 365 days prior to expiration or within 30 days after written notice by
the City that the tenant has missed their 365 day window.
Option 1 — 1 ] /6/63 — 11/5/78
Option 2 — 11/6/78 — 11/5/93
Security Deposit: On the effective date, lessee is to submit $900,000 which is to be held by
the City in an interest bearing account in which the interest is to be paid
annually to the lessee within 15 days following the end of each calendar
year. Said deposit shall increase each time the minimum rent is adjusted
so that the amount is equal to 50% of the annual minimum rents.
Notice Address: Grove Bay Investment Group, LLC
2950 SW 27'h Ave
Miami, FL 33133
And
Holland & Knight LLP
Attn: Richard A. Perez
701 Brickell Ave, Suite 3000
Miami, Florida 33131
Rent: Minimum Base Rent is payable on the 15th day of each month in monthly
installments as follows:
• from the Possession Date of the Lease until the operation date, the
lessee shall pay $1.4 million per annum or $116,666.67 per month
(initial minimum base rent)
• On the operation date (6 months after the CO for the parking
garage is received) the rent increases to $1.8 million per annum or
$150,000 per month.
• Upon the parking facilities conditions precedent being met, the
base rent shall increase to $1.9 million per year or $158,333.33
per month for the 24 month.
• Thereafter, the Minimum Base Rent shall increase to $2.0 million
per annum or $166,666.67 per month.
• On the first day of the 16`n 31 S` 51 st and 66`n years, the minimum
base rent shall be adjusted based on fair market rent as determined
by appraisal.
• The increases above are subject to change as follows:
1. If the PF conditions precedent are met after 1/1/18, the
rent will remain at $1.9 million
2. If the PF conditions precedent are met after 6/1/18, the
rent will remain at $1.8 million subject to the CPI
increases every 5 years and the reappraisal every 10.
• The amounts above are based on the assumption that the retail area
will be 40,000 SF at $10 PSF for a value of $400,000 of the base
rent described. If the SF increases or decreases, so shall the base
rents.
Greater of the Minimum base rent or the Percentage rent shall be paid
by the 15" of each month after the possession date
The Percentage Rent shall be an amount equal to the sum of:
• 5% percent of the Gross Revenues from the Formal Dining
Restaurants:
• 10.3% percent of the Gross Revenues from the Casual
Restaurants;
• 15% percent of the Gross Revenues from marina operations (non-
fuel)-,
• 15% percent of marina gross fuel profits (gross fuel profits defined
as gross fuel sale price per gallon minus cost of delivered fuel per
gallon);
• 5% percent of the Gross Revenue from any Marine Retail Store
(excluding any Marine Retail Store within the Parking Facilities
t 201'_uRE i.
Retail Area, which shall pay rent pursuant to (vi) below) and any
ancillary sales from any other source within the Property.
excluding those sources identified in subparts (i), (ii), (iii), (iv) or
(vi); and
$10 per square foot per annum for all occupied or vacant retail
spaces within the Parking Facilities Retail Area and within the
Other Permitted Retail Areas Commencing with each of the Lease
Years following Lease Years 15, 30, 50 and 65 (each, an
"Adjustment Lease Year"), the 4.1.3 Rent shall be adjusted as
follows: (1) as of the commencement of the first Adjustment
Lease Year, the 4.1.3 Rent shall be increased to $11.50 per square
foot per annum; and (2) as of the commencement of each
subsequent Adjustment Lease Year, the 4.1.3 Rent shall be
adjusted to equal the product of (x) the 4.1.3 Rent in effect
immediately preceding such Adjustment Lease Year, times (y)
50% of the percentage increase in Minimum Base Rent, as
determined pursuant to Section 4.3.2, that will take effect as of the
commencement of each applicable Adjustment Lease Year.
Submerged Lands
Fees: Lessee is to pay all submerged lands fees and any fees associated with the
state's approval and waiver within 30 days of being billed. The fee is to be
paid to the City and then the City will pay the DEP.
Increases: The lease is subject to a CPI increase every 5 years with a cap of 5%,
except for the 16'h. 31 ", 51" and 66`h years which will be increased as
determined by an appraisal.
In addition, the PSF rents on the vacant or occupied retail spaces within
the parking facility shall be adjusted on the first day of each year as
described below:
• 16`h year - $11.50 PSF
• 315` year — 50% if the increase to the Minimum rent as determined
by appraisal
• 51st year— 50% if the increase to the Minimum rent as determined
by appraisal
• 66`h year - 50% if the increase to the Minimum rent as
determined by appraisal
Security deposit is to increase to at all times be 50% of the minimum
base rent.
Facility Parking Spaces: The Parking Facilities will consist of a 3 level parking garage containing
not less than 333 parking spaces and 80 surface spaces within the
Parking Property and approximately 40,000 SF of first floor Retail space.
Parking Trust Fund: Lessee is to contribute $12,000 per parking space needed to meet their
parking requirement per the RFP which is $4,000,000. On the effective
- . _ ' =ERE.
date, lessee shall transfer $1,242,500 of the good faith escrowed funds
with the remaining $2,757,500 to be put in a separate limited account by
Grove Bay within 30 days of the MPA delivering notice that they have
received the necessary permits to construct the parking facilities. The City
will return the Parking Trust Fund Contribution if the MPA has not
acquired the necessary permits and commenced construction within 12
months of the Possession Date (by 10/31/16).
Capital Infrastructure
Account: Lessee agrees to contribute 1% of gross revenues to an escrow account to
fund capital improvement costs. Lessee is to provide the fund balance on
an annual basis.
Charitable
Contribution: Lessee is to make a $30,000 annual payment each lease year to help fund
a charitable hospitality related organization selected by lessee in
consultation with the city manager.
Leasehold
Improvements: Lessee's Obligations:
• Within 180 days of the effective date (by 5/4/14) lessee shall
submit plans for commencement and completion of the
construction and acquisition and installation of the leasehold
improvements. Lessor is to approve or deny the plans within 10
days after receipt.
• Within 180 days of the possession date (4/28/16) lessee is to install
new dry rack storage slips.
• Lessee shall complete construction of the leasehold improvements
within 365 days after receiving permits.
• Lessee is to expend no less than $17,970,000 on the project and to
provide receipts.
• Prior to commencement of construction, lessee is to have their GC
provide a performance bond for 100% of the hard costs to
construct the leasehold improvements.
Annual Reporting: Within 90 days following the end of each lease year (February 3rd), tenant
is to deliver a gross revenue report prepared by an independent CPA.
Monthly Reporting: Within 15 days after the end of each month, lessee is to provide a statement
of gross revenues for the preceding month.
Environmental Testing: Lessee shall conduct a phase II environmental assessment and soil analysis
of the property before and after the lease term.
Upon lessors request but not more than every 5 years lessee shall conduct
soil analysis testing at lessees cost. If remediation is needed, lessee shall
be responsible for the first $1,000,000 and every dollar after that shall be
split 50/50.
Audit Right: Lessor has the right to audit with 10 days written notice.
Late Fees: .5% of amount or $100 for each day late, if paid after the 15'h of the month.
Taxes: Lessee is to pay any and all taxes when they become due.
Subleasing: Lessee has the right to sublease any portion of the property at without
lessor's approval as long as it is for a permitted use.
Transfer Fee: During the first 5 years is 2% of the gross sale amount
Between years 5-10 is 1.5% of gross sale amount
Between years 10-20 is I% of gross sale amount
After year 20 is .75% of gross sale amount
Default: Lessee shall be found in default of the lease for failure to perform the
following:
• Pay rent when due after 10 days written notice.
• Cease business for a period of 30 days
• Bankruptcy not dismissed after 90 days
• Assignment is made for creditors
• Appointment of a receiver that is not dismissed after 90 days.
• Removal of leasehold improvements or HE
• Failure to perform any other covenants of the lease after 60 days
written notice unless that is not sufficient time to cure.
Termination: If the Lease has not been approved by the City Commission and public
referendum by November 15, 2013, then Lessee shall have the right at
any time thereafter, to terminate this Lease by written notice
Premises Maintenance: Tenant shall maintain the property in good order and appearance and take
all steps necessary to prevent deterioration of the improvements.
Preventative
Maintenance: Lessee is to provide daily janitorial services, landscape maintenance,
exterior window cleaning, vermin control, maintenance and cleaning of
kitchen equipment and grease trap, painting of exterior and window and
door caulking not less than every 4 years.
Structural Inspection: On the 10'x' and 200' lease year, and every 5 years thereafter, lessee is to
have a qualified engineer perform a physical inspection of the property to
include Structural, Plumbing, Electrical, Life Safety, HVAC and any
trade fixtures. Said report along with a proposed plan for the
recommendations is due by the end of said lease year.
Services and Utilities: Lessee is responsible for all utilities and services.
Ownership of
Improvements: Upon expiration or termination of the lease, title to all permanent
improvements constructed on the property shall vest to the city.
Permitted Use: Full-service, dry storage marina, with ancillary minor boat repair
functions, other ancillary marine -related services, fuel sales, other
related
food services, one or more casual restaurants, one or more formal
restaurants, retail uses and such other uses as contemplated in the
Proposal and for no other purpose or use of any kind. The marina shall
provide for dry storage racks or comparable storage equipment,
accommodating the storage of a minimum of 400 boats. Vessels stored
at the marina shall be 28 feet or lesser in length.
Prohibited Uses: Adult novelty shops, gun shops and pawn shops.
6/19/2017
ALIGNED BAYSHORE HOLDINGS
ANNUAL GROSS SALES
Oct 2015 - May 2017
BASIS FOR CITY OF MIAMI LEASE CALCULATION
Oct -14
$615,503.00
$63,461.00
$127,279.00
4,569.00
$810,812.00 I21
Nov -14
$572,205.00
$65,482.00
$106,471.00
3,208.00
$747,366.00 IZI
Dec -14
$632,096.00
$68,686.00
$119,785.00
3,852.00
$824,419.00 121
Jan -15
$731,200.87
$74,019.00
$119,162.00
6,421.00
$930,802.87 IZI
Feb -15
$634,281.97
$72,736.00
$130,235.00
15,171.00
$852,423.97 Izl
Mar -15
$866,875.29
$73,271.00
$130,435.00
7,587.00
$1,078,168.29 121
Apr -15
$749,204.58
$74,000.00
$133,014.00
4,489.00
$960,707.58 Izl
May 1-20, 2015
$526,957.32
$46,960.00
$87,344.00
3,178.00
$664,439.32 IZI
May 21-31, 2015
$310,776.13
$28,678.55
$50,053.57
-
$389,508.25
Jun -15
$558,204.79
-
$63,481.06
$159,554.45
5,768.00
$787,008.30
Jul -15
$551,846.28
$216.02
$70,240.58
$144,001.49
4,341.56
$770,645.93
Aug -15
$529,548.05
$233.26
$73,031.52
$119,498.21
2,597.67
$724,908.71
5ep-15
$407,237.68
-
$76,495.18
$137,410.61
1,851.31
$622,994.78
TOTAL
$7,685,936.96
$449.28
$850,541.89
$1,564,243.33
63,033.54
$10,164,205.00
Oct -15
$593,571.23
$316.73
$77,897.05
$146,725.89
5,548.51
824,059.41
Nov -15
$563,143.96
$190.04
$78,073.63
$139,840.10
2,601.03
783,848.76
Dec -15
$670,145.10
$148.80
$74,709.52
$132,401.22
5,781.90
883,186.54
Jan -16
$641,434.41
$506.88
$78,793.22
$141,844.92
7,947.76
870,527.19
Feb -16
$683,459.21
$578.57
$68,520.68
$141,502.43
8,224.59
902,285.48
Mar -16
$795,642.38
$451.93
$68,520.68
$133,152.36
1,549.56
999,316.91
Apr -16
$828,073.82
$567.05
$63,734.78
$129,531.00
4,111.10
1,026,017.75
May -16
$736,007.63
$609.18
$60,084.87
$137,200.00
3,562.72
937,464.40
Jun -16
$513,068.52
$585.88
$61,091.82
$152,482.50
3,979.93
731,208.65
Jul -16
$627,903.13
$765.54
$56,519.40
$148,039.36
1,532.67
834,760.10
Aug -16
$473,301.19
$345.05
$63,101.69
$154,081.00
3,066.92
693,895.85
5ep-16
$472,387.75
$0.00
$74,205.12
$155,470.00
3,234.00
705,296.87
TOTAL
$7,598,138.33
$5,065.65
$825,252.46
$1,712,270.78
51,140.69
10,191,867.91
Oct -16
$576,419.40
$668.93
$51,703.65
$146,372.26
3,676.26
778,840.50
Nov -16
$601,322.33
$329.46
$51,703.65
$159,171.09
3,574.79
816,101.32
Dec -16
$720,431.02
$355.23
$51,703.65
$164,627.00
3,825.22
940,942.12
Jan -17
$664,183.87
$226.92
$51,703.65
$160,585.00
3,097.80
879,797.24
Feb -17
$759,885.99
$341.50
$49,815.25
$166,044.36
2,239.79
978,326.89
Mar -17
$804,758.86
$337.10
$48,728.56
$156,200.00
6,967.01
1,016,991.53
Apr -17
$790,212.53
$365.00
$48,728.56
$157,196.00
12,979.96
1,009,482.05
May -17
$755,485.76
$439.32
$60,331.14
$156,093.65
7,471.51
979,821.38
TOTAL TO DATE (8 months)
$5,672,699.76
$3,063.46
$414,418.11
$1,266,289.36
43,832.34
7,400,303.03
Gross sales exclude sales and use tax, services fees, discounts, and chargebacks
Based on prior owner's records
ALIGNED BAYSHORE HOLDINGS
ANNUAL GROSS SALES
Oct 2014 - Sep 2015
CITY OF MIAMI LEASE CALCULATION
Oct -14
$615,503.00
- $63,461.00
$127,279.00
4,569 IZI
Nov -14
$572,205.00
- $65,482.00
$106,471.00
3,208 IZI
Dec -14
$632,096.00
- $68,686.00
$119,785.00
3,852 IZI
Jan -15
$731,200.87
- $74,019.00
$119,162.00
6,421 IZI
Feb -15
$634,281.97
- $72,736.00
$130,235.00
15,171 IZI
Mar -15
$866,875.29
- $73,271.00
$130,435.00
7,587 IZI
Apr -15
$749,204.58
- $74,000.00
$133,014.00
4,489 IZI
May 1-20,2015
$526,957.32
- $46,960.00
$87,344.00
3,178 IZI
May 21-31, 2015
$310,776.13
- $28,678.55
$50,053.57
-
Jun -15
$558,204.79
- $63,481.06
$159,554.45
5,768
Jul -15
$551,846.28
$216.02 $70,240.58
$144,001.49
4,342
Aug -15
$529,548.05
$233.26 $73,031.52
$119,498.21
2,598
Sep -15
$407,237.68
- $76,495.18
$137,410.61
1,851
TOTAL
$7,685,936.96
$449.28 $850,541.89
$1,564,243.33
$63,033.54
RAW BAR Base
Overage
OFFICE/RETAIL Rents
MARINA Dockage
Miscellaneous
RENT CALCULATIONS
$1,000,000.00 8.0% $80,000.00
$6,686,386.24 10.0% $668,638.62
$850,541.89 10.0% $85,054.19
$0.00
$1,564,243.33 15.0% $234,636.50
$63,033.54 10.0% $6,303.35
TOTAL $1,074,632.67
TOTAL PERCENTAGE RENT DUE $1,074,632.67
SALES TAX 7.0% $75,224.29
TOTAL ANNUAL $1,149,856.95
MONTHLY $95,821.41
Gross sales exclude sales and use tax, services fees, discounts, and chargebacks
zi Based on prior owner's records provided by the City
ALIGNED BAYSHORE HOLDINGS
ANNUAL GROSS SALES
Oct 2015 - Sep 2016
CITY OF MIAMI LEASE CALCULATION
Oct -15
$593,571.23
$316.73
$77,897.05
$146,725.89
5,549
Nov -15
$563,143.96
$190.04
$78,073.63
$139,840.10
2,601
Dec -15
$670,145.10
$148.80
$74,709.52
$132,401.22
5,782
Jan -16
$641,434.41
$506.88
$78,793.22
$141,844.92
7,948
Feb -16
$683,459.21
$578.57
$68,520.68
$141,502.43
8,225
Mar -16
$795,642.38
$451.93
$68,520.68
$133,152.36
1,550
Apr -16
$828,073.82
$567.05
$63,734.78
$129,531.00
4,111
May -16
$736,007.63
$609.18
$60,084.87
$137,200.00
3,563
Jun -16
$513,068.52
$585.88
$61,091.82
$152,482.50
3,980
Jul -16
$627,903.13
$765.54
$56,519.40
$148,039.36
1,533
Aug -16
$473,301.19
$345.05
$63,101.69
$154,081.00
3,067
Sep -16
$472,387.75
$0.00
$74,205.12
$155,470.00
3,234
TOTAL $7,598,138.33
$5,065.65
$825,252.46
$1,712,270.78
$51,140.69
RAW BAR Base
Overage
OFFICE/RETAIL Rents
MARINA Dockage
Miscellaneous
RENT CALCULATIONS
$1,000,000.00 8.0% $80,000.00
$6,603,203.98 10.0% $660,320.40
$825,252.46
10.0%
$82,525.25
$0.00
$1,712,270.78
15.0%
$256,840.62
$51,140.69
10.0%
$5,114.07
TOTAL
$1,084,800.33
TOTAL PERCENTAGE RENT DUE
$1,084,800.33
SALES TAX
7.0%
$75,936.02
TOTAL ANNUAL
$1,160,736.35
iu Gross sales exclude sales and use tax, services fees, discounts, and chargebacks
MONTHLY $96,728.03
Effective
1/1/2017
Prime Marina Miami
Dockage & Electrical Rates 2016
Dock Rates
Annual
Seasonal
Monthly
Transient Rate
30' Slip
$30/Ft/Month
$36/Ft/Month
$46/Ft/Month
$3.00/Ft/Day
40' Slip
$32/Ft/Month
$38/Ft/Month
$47/Ft/Month
$3.50/Ft/Day
50' Slip
$34/Ft/Month
$41/Ft/Month
$48/Ft/Month
$4.00/Ft/Day
60' Slip
$36/Ft/Month
$45/Ft/Month
$49/Ft/Month
$4.00/Ft/Day
70'+ Slip
$38/Ft/Month
$48/Ft/Month
$52/Ft/Month
$4.50/Ft/Day
80'+ Slip
$40/Ft/Month
$50/Ft/Month
$54/Ft/Month
$5.00/Ft/Day
Lift Rates AnnUat
28K $1,600 Flat Rate
32K $1,800 Flat Rate
40K $2,200 Flat Rate
Electric Power
Annual
Seasonal
Monthly
Transient
30 AMPS
$90.00
$90.00
$90.00
$6.00
50 AMPS 30-49Ft
$210.00
$210.00
$210.00
$7.00
50 AMPS 50-64Ft
$255.00
$255.00
$255.00
$8.50
50 AMPS 65'+
$300.00
$300.00
$300.00
$10.00
Twin 50 AMPS
$650.00
$650.00
$650.00
$25.00
100 AMP Single
$650.00
$650.00
$650.00
$25.00
100 AMP Triple
$950.00
$950.00
$950.00
$35.00
Electric Sail Boat
Annual
Seasonal
Monthly
Transient
30 AMPS
$90.00
$90.00
$90.00
$6.00
50 AMPS 30-49Ft
$90.00
$90.00
$90.00
$7.00
50 AMPS 50-64Ft
$120.00
$120.00
$120.00
$8.50
50 AMPS 65'+
$150.00
$150.00
$150.00
$10.00
Twin 50 AMPS
$600.00
$600.00
$600.00
$25.00
100 AMP Single
$600.00
$600.00
$600.00
$25.00
100 AMP Triple
$900.00
$900.00
$900.00
$35.00
Dock Rates
Annual
Seasonal
Monthly
Transient Rate
30' Slip
$30/Ft/Month
$36/Ft/Month
$46/Ft/Month
$3.00/Ft/Day
40' Slip
$32/Ft/Month
$38/Ft/Month
$47/Ft/Month
$3.50/Ft/Day
50' Slip
$34/Ft/Month
$41/Ft/Month
$48/Ft/Month
$4.00/Ft/Day
60' Slip
$36/Ft/Month
$45/Ft/Month
$49/Ft/Month
$4.00/Ft/Day
70'+ Slip
$38/Ft/Month
$48/Ft/Month
$52/Ft/Month
$4.50/Ft/Day
80'+ Slip
$40/Ft/Month
I $50/Ft/Month
$54/Ft/Month
$5.00/Ft/Day
Lift Rates Annual
28K $1,600 Flat Rate
32K $1,800 Flat Rate
40K $2,200 Flat Rate
Electric Power
Annual
Seasonal
Monthly
Transient
30 AMPS
$90.00
$90.00
$90.00
$6.00
50 AMPS 30-49 Ft
$210.00
$210.00
$210.00
$7.00
50 AMPS 50-64Ft
$255.00
$255.00
$255.00
$8.50
50 AMPS 65'+
$300.00
$300.00
$300.00
$10.00
Twin 50 AMPS
$650.00
$650.00
$650.00
$25.00
100 AMP Single
$650.00
$650.00
$650.00
$25.00
100 AMP Triple
$950.00
$950.00
$950.00
$35.00
Electric Sail Boat
Annual
Seaso al
Monthly
Transient
30 AMPS
$90.00
$90.00
$90.00
$6.00
50 AMPS 30-49 Ft
$90.00
$90.00
$90.00
$7.00
50 AMPS 50-64Ft
$120.00
$120.00
$120.00
$8.50
50 AMPS 65'+
$150.00
$150.00
$150.00
$10.00
Twin 50 AMPS
$600.00
$600.00
$600.00
$25.00
100 AMP Single
$600.00
$600.00
$600.00
$25.00
100 AMP Triple
$900.00
$900.00
$900.00
$35.00
Addenda
Addendum C
LEGAL DESCRIPTION DATA
The Company covenants and agrees to provide each and
every Essential Service as required in its use of the Property,
as hereinafter listed, if allowed by law; and subject to the
issuance--of-a. certificate of use and occupancy with City zoning
'approva'l -The Essential Services will be provided during the
entire term of this lease (subject to interruption for reasonable
periods if due to a loss of a tenant or concessionaire providing
Essential Services) unless and until the Company files a request
in writing for permission to discontinue a use or service and the
reasons therefor and said permission is granted by the City
Manager. The City Manager shall only permit discontinuance of an
Essential Service or use if he or she finds that it is no longer
essential and that the discontinuance of said Essential
Service(s) or use is in the greater interest of the public.
Essential Services required in the use of the Property:
1. A restaurant;
2. Retail facilities;
3. A marina, including an adequate number of spaces for
transient vessels;
In addition, the following list of uses may be provided
for by the Company or the tenant(s) of the Property:
(a) A refreshment stand;
(b) Boat rentals;
(c) Bait and tackle shop;
(d) Convenience food store for the benefit of marina
tenants;
(e) Marine supply store, including diving gear;
(f) Outboard motor sale and incidental service;
(g) Marine clothing sales;
(h) Marine furniture sales and incidental manufactur-
ing;
(i) Boat tours;
(j) Fishing area;
(k) Sporting goods store;'
-3-
(1)
Antique store;
(m)
Art galleries and book store open to the general
public;
yr -
(o)
Bicycle sales and repair;
(p)
China and crockery;
(q)
Confectionery or ice cream store;
(r)
Clothing;
(s)
Photographic sales;
(t)
Gift shop;
,(u)
Bobby shop;
(v)
Jewelry and watch sales, repair and service;
(w)
Leather goods - sales and incidental assembly and
repair;
(x)
Lounges;
(y)
News stand or sundry;
(z)
Barber shop, beauty parlor, and shoe polishing
stand;
(aa)
Travel and ticket agency;
(ab)
Sailmaker;
(ac)
Arts and crafts;
(ad)
Office for management and rental of the Property;
(ae)
marine fuel pumps;
(af)
Any related or allied uses to the 'above if approved
by the City Manager which approval may not be
unreasonably withheld or delayed. All Marina
operations, including rental of all boat slips
shall be directly controlled and operated by the
Company unless the consent of the City Manager is
given in writing to do otherwise on such conditions
as are mutually agreeable to the City Manager and
the Company.
4. NON-DISCRIMINATION: The Company agrees that there will
be no discrimination under any circumstances against any person
-4-
.-_
4-
.- - ' 7,9RE, I-
OF MIAMI -DADS COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS
FOLLOWS:
BEGIN AT THE SOUTHWESTERLY CORNER OF SAID LOT 24, SAID CORNER BEING IN THE
MEAN HIGH WATER LINE OF BISCAYNE BAY; THENCE SOUTH 40 DEGREES 23 MINUTES 32
SECONDS EAST ALONG THE SOUTHEASTERLY EXTENSION OF THE SOUTHWESTERLY
LINE OF SAID LOT 24, A DISTANCE OF 538.57 FEET TO A POINT IN THE BULKHEAD LINE
ESTABLISHED FOR THIS AREA AS SHOWN ON MAP IN PLAT BOOK 74, PAGE 3 (SHEET 5),
OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA; THENCE' NORTH 21
DEGREES 41 MINUTES 51 SECONDS EAST ALONG SAID BULKHEAD LINE A DISTANCE OF
84.87 FEET TO THE INTERSECTION WITH THE SOUTHEASTERLY EXTENSION OF
NORTHEASTERLY LINE OF THE SAID SOUTHWESTERLY ONE-HALF OF LOT 23; THENCE
NORTH 40 DEGREES 23 MINUTES 32 SECONDS WEST ALONG SAID SOUTHEASTERLY
EXTENSION A DISTANCE OF 497.47 FEET TO THE MEAN HIGH WATER LINE OF BISCAYNE
BAY; THENCE SOUTHWESTERLY ALONG SAID MEAN HIGH WATER LINE BOUNDARY OF
SAID SOUTHWESTERLY ONE-HALF OF LOT 23 AND OF SAID LOT 24, A DISTANCE OF 75.00
FEET, MORE OR LESS, TO THE POINT OF BEGINNING.
PARCEL 5:
A PARCEL OF SUBMERGED LAND MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT THE INTERSECTION OF THE SOUTHEASTERLY EXTENSION OF THE
SOUTHWESTERLY LINE OF LOT 24, BLOCK 43, OF THE PLAT OF "NEW BISCAYNE
AMENDED", AS SHOWN IN PLAT BOOK "B", AT PAGE 16, OF THE PUBLIC RECORDS OF
MIAMI-DADE COUNTY, FLORIDA WITH THE MIAMI-DADE COUNTY BULKHEAD LINE AS
SHOWN IN PLAT BOOK 74, AT PAGE 3, (SHEET 5), OF THE PUBLIC RECORDS OF MIAMI-
DADE COUNTY, FLORIDA; THENCE RUN NORTH 21 DEGREES 41 MINUTES 51 SECONDS
EAST ALONG SAID BULKHEAD LINE FOR A DISTANCE OF 84.87 FEET, TO ITS
INTERSECTION WITH THE SOUTHEASTERLY EXTENSION OF THE NORTHEASTERLY LINE
OF THE SOUTHWESTERLY 1/2 OF LOT 23, BLOCK 43 OF THE AFORESAID PLAT OF "NEW
BISCAYNE AMENDED"; THENCE RUN SOUTH 40 DEGREES 23 MINUTES 32 SECONDS EAST
ALONG THE SOUTHEASTERLY EXTENSION OF SAID NORTHEASTERLY LINE OF THE
SOUTHEASTERLY 1/2 OF LOT 23 FOR A DISTANCE OF 283.73 FEET (285.72 FEET
CALCULATED) TO A POINT; THENCE RUN SOUTH 49 DEGREES 36 MINUTES 28 SECONDS
WEST FOR A DISTANCE OF 115.68 FEET (114.64 FEET CALCULATED) TO A POINT; THENCE
RUN NORTH 40 DEGREES 23 MINUTES 32 SECONDS WEST FOR A DISTANCE OF 225.0 FEET
TO A POINT ON THE MIAMI -DARE COUNTY BULKHEAD LINE; THENCE NORTH 21
DEGREES 41 MINUTES 51 SECONDS EAST ALONG SAID BULKHEAD LINE FOR A DISTANCE
OF 44.86 FEET TO THE POINT OF BEGINNING OF THE HEREIN DESCRIBED TRACT OF
SUBMERGED LAND. (SEE DEED 19448, RECORDED IN DEED BOOK 3130, PAGE 260).
PARCEL 6:
A PARCEL OF SUBMERGED LAND IN BISCAYNE BAY IN SECTION 22, TOWNSHIP 54 SOUTH,
RANGE 41 EAST, MIAMI-DADE COUNTY, FLORIDA, LYING SOUTHEASTERLY OF LOTS 20,
21, 22 AND THE NORTHEASTERLY HALF OF LOT 23, BLOCK 43, "RHODES NEW BISCAYNE
AMENDED", ACCORDING TO THE PLAT THEREOF RECORDED IN PLAT BOOK "B", AT PAGE
16, OF THE PUBLIC RECORDS OF MIAMI -DARE COUNTY, FLORIDA, MORE PARTICULARLY
DESCRIBED AS FOLLOWS:
COMMENCE AT THE SOUTHWEST CORNER OF THE SE 1/4 OF SECTION 15, TOWNSHIP 54
SOUTH, RANGE 41 EAST, MIAMI-DADE COUNTY, FLORIDA; THENCE NORTH 87 DEGREES
30 MINUTES 21 SECONDS EAST, ALONG THE SOUTH LINE OF THE SE 1/4 OF SAID SECTION
15, FOR A DISTANCE OF 34.46 FEET TO A POINT ON THE MONUMENT LINE OF KIRK
STREET, AS ESTABLISHED BY THE CITY OF MIAMI, FLORIDA; THENCE SOUTH 38
DEGREES 09 MINUTES 56 SECONDS EAST, ALONG THE SAID MONUMENT LINE OF KIRK
STREET, FOR A DISTANCE OF 128.73 FEET TO A POINT ON THE MONUMENT LINE OF
SOUTH BAYSHORE DRIVE, AS ESTABLISHED BY THE CITY OF MIAMI, FLORIDA; THENCE
SOUTH 51 DEGREES 56 MINUTES 48 SECONDS WEST, ALONG THE SAID MONUMENT LINE
OF SOUTH BAYSHORE DRNE, FOR A DISTANCE OF 1,528.96 FEET TO THE INTERSECTION
THEREOF WITH THE PROLONGATION NORTHWESTERLY OF THE NORTHEASTERLY LINE
OF LOT 20, BLOCK 43 OF "RHODES NEW BISCAYNE AMENDED", PLAT BOOK "B", AT PAGE
16, OF THE PUBLIC RECORDS OF MIAMI -DADS COUNTY, FLORIDA; THENCE SOUTH 40
DEGREES 23 MINUTES 32 SECONDS EAST, ALONG THE PROLONGATION
NORTHWESTERLY OF THE NORTHEASTERLY LINE OF THE SAID LOT 20 AND ALONG THE
NORTHEASTERLY LINE OF THE SAID LOT 20 FOR A DISTANCE OF 724.46 FEET TO THE
INTERSECTION THEREOF WITH THE MIAMI-DADE COUNTY BULKHEAD LINE, AS
ESTABLISHED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY,
FLORIDA (POINT OF BEGINNING); THENCE SOUTH 49 DEGREES 33 MINUTES 29 SECONDS
WEST, ALONG THE SAID MIAMI-RADE COUNTY BULKHEAD LINE FOR A DISTANCE OF
3.97 FEET; THENCE SOUTH 21 DEGREES 41 MINUTES 51 SECONDS WEST, ALONG THE SAID
MIAMI-RADE COUNTY BULKHEAD LINE, FOR A DISTANCE OF 184.49 FEET TO THE
INTERSECTION WITH THE PROLONGATION SOUTHEASTERLY OF THE SOUTHWESTERLY
LINE OF THE NORTHEASTERLY HALF OF LOT 23 OF SAID BLOCK 43; THENCE NORTH 40
DEGREES 28 MINUTES 32 SECONDS WEST, ALONG THE PROLONGATION SOUTHEASTERLY
OF THE SOUTHWESTERLY. LINE OF THE NORTHEASTERLY HALF OF THE SAID LOT 23 FOR
A DISTANCE OF 497.6 FEET, MORE OR LESS, TO THE FACE OF AN EXISTING CONCRETE
BULKHEAD; THENCE, NORTHEASTERLY ALONG THE FACE OF AN EXISTING CONCRETE
BULKHEAD LINE, FOR A DISTANCE OF 10 FEET MORE OR LESS; THENCE
SOUTHEASTERLY, ALONG THE FACE OF AN EXISTING BULKHEAD FOR A DISTANCE OF 82
FEET, MORE OR LESS; THENCE NORTHEASTERLY ALONG THE FACE OF AN EXISTING
BULKHEAD FOR A DISTANCE OF 53.9 FEET, MORE OR LESS; THENCE SOUTHEASTERLY
ALONG THE FACE OF AN EXISTING BULKHEAD FOR A DISTANCE OF 74.3 FEET, MORE OR
LESS; THENCE NORTHEASTERLY ALONG THE FACE OF AN EXISTING BULKHEAD FOR A
DISTANCE OF 12 FEET, MORE OR LESS; THENCE NORTHWESTERLY, ALONG THE FACE OF
AN EXISTING BULKHEAD FOR A DISTANCE OF 52 FEET, MORE OR LESS; THENCE
NORTHEASTERLY, ALONG THE FACE OF AN EXISTING BULKHEAD, FOR A DISTANCE OF
17 FEET, MORE OR LESS; THENCE SOUTHEASTERLY, ALONG THE FACE OF AN EXISTING
BULKHEAD, FOR A DISTANCE OF 156.75 FEET, MORE OR LESS; THENCE NORTHEASTERLY,
ALONG THE FACE OF AN EXISTING BULKHEAD, FOR A DISTANCE OF 31 FEET, MORE OR
LESS, THENCE NORTHWESTERLY, ALONG THE FACE OF AN EXISTING BULKHEAD, FOR A
DISTANCE OF 19 FEET, MORE OR LESS; THENCE NORTHEASTERLY FOR A DISTANCE OF 33
FEET, MORE OR LESS, TO A POINT IN THE PROLONGATION SOUTHEASTERLY OF, THE
NORTHEASTERLY LINE OF THE SAID LOT 20; THENCE SOUTH 40 DEGREES 23 MINUTES 32
SECONDS EAST, ALONG THE PROLONGATION SOUTHEASTERLY ON THE
NORTHEASTERLY LINE OF THE SAID LOT 20 FOR A DISTANCE OF 164.4 FEET, MORE OR
LESS, TO THE POINT OF BEGINNING.
PARCEL 7:
A PARCEL OF SOVEREIGNTY LAND, NOW FILLED, LYING IN BISCAYNE BAY IN SECTION
22, TOWNSHIP 54 SOUTH, RANGE 41 EAST, MIAMI-DADE COUNTY, FLORIDA, BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCE AT THE SOUTHWEST CORNER OF THE SE 1/4 OF SECTION 15, TOWNSHIP 54
SOUTH, RANGE 41 EAST, MIAMI-DADE COUNTY, FLORIDA; THENCE NORTH 87 DEGREES
30 MINUTES 21 SECONDS EAST, ALONG THE SOUTH LINE OF THE SE 1/4 OF THE SAID
SECTION 15, FOR A DISTANCE OF 34.46 FEET TO A POINT ON THE MONUMENT LINE OF
KIRK STREET, AS ESTABLISHED BY THE CITY OF MIAMI, FLORIDA;. THENCE SOUTH 38
DEGREES 09 MINUTES 56 SECONDS EAST, ALONG THE SAID MONUMENT LINE OF KIRK
STREET, FOR A DISTANCE OF 128.73 FEET TO A POINT ON THE MONUMENT LINE -OF
SOUTH BAYSHORE DRIVE, AS ESTABLISHED BY THE CITY OF MIAMI, FLORIDA; THENCE
SOUTH 51 DEGREES 56 MINUTES 48 SECONDS WEST, ALONG THE SAID MONUMENT LINE
OF SOUTH BAYSHORE DRIVE, FOR A DISTANCE OF 1,528.96 FEET TO THE INTERSECTION
THEREOF WITH THE PROLONGATION NORTHWESTERLY OF THE NORTHEASTERLY LINE
OF LOT 20, BLOCK 43 OF "RHODES NEW BISCAYNE AMENDED", PLAT BOOK "B", AT PAGE
16, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA; THENCE SOUTH 40
DEGREES 23 MINUTES 32 SECONDS EAST, ALONG THE PROLONGATION
NORTHWESTERLY OF THE NORTHEASTERLY LINE OF THE SAID LOT 20 AND ALONG THE
NORTHEASTERLY LINE OF THE SAID LOT 20 FOR A DISTANCE OF 323 FEET MORE OR LESS
TO A POINT ON THE ORIGINAL HIGH TIDE LINE OF BISCAYNE BAY AS SAID HIGH TIDE
LINE IS SHOWN ON THE SAID PLAT OF 'RHODES NEW BISCAYNE AMENDED"; (POINT OF
BEGINNING); THENCE CONTINUE SOUTH 40 DEGREES, 23 MINUTES 32 SECONDS EAST
ALONG THE PROLONGATION SOUTHEASTERLY OF THE NORTHEASTERLY LINE OF THE
SAID LOT 20; FOR A DISTANCE OF 237 FEET, MORE OR LESS, TO THE EXISTING HIGH TIDE
LINE OF BISCAYNE BAY; THENCE SOUTHWESTERLY, MEANDERING THE HIGH TIDE LINE
OF BISCAYNE BAY FOR A DISTANCE OF 33 FEET, MORE OR LESS, TO A POINT ON THE
FACE OF AN EXISTING BULKHEAD; THENCE SOUTHEASTERLY ALONG THE FACE OF AN
EXISTING BULKHEAD FOR A DISTANCE OF 19 FEET, MORE OR LESS; THENCE
SOUTHWESTERLY ALONG THE FACE OF AN EXISTING BULKHEAD FOR A DISTANCE OF 31
FEET, MORE OR LESS; THENCE NORTHWESTERLY, ALONG THE FACE OF AN EXISTING
BULKHEAD FOR A DISTANCE OF 156.75 FEET, MORE OR LESS; THENCE SOUTHWESTERLY
ALONG THE FACE OF AN EXISTING BULKHEAD FOR A DISTANCE OF 17 FEET, MORE OR
LESS; THENCE SOUTHEASTERLY ALONG THE FACE OF AN EXISTING BULKHEAD FOR A
DISTANCE OF 52 FEET, MORE OR LESS; THENCE SOUTHWESTERLY ALONG THE FACE OF
AN EXISTING BULKHEAD FOR A DISTANCE OF 12 FEET, MORE OR LESS; THENCE
NORTHWESTERLY ALONG THE FACE OF AN EXISTING BULKHEAD FOR A DISTANCE OF
74.3 FEET, MORE OR LESS; THENCE SOUTHWESTERLY ALONG THE FACE OF AN EXISTING
BULKHEAD FOR A DISTANCE OF 53.9 FEET, MORE OR LESS; THENCE NORTHWESTERLY
ALONG THE FACE OF AN EXISTING BULKHEAD FOR A DISTANCE OF 82 FEET MORE OR
LESS TO A POINT ON THE ORIGINAL HIGH TIDE LINE OF BISCAYNE BAY AS SHOWN ON
THE SAID PLAT OF "NEW BISCAYNE AMENDED"; THENCE NORTHEASTERLY
MEANDERING THE SAID ORIGINAL HIGH TIDE LINE OF BISCAYNE BAY FOR A DISTANCE
OF 157 FEET, MORE OR LESS TO THE POINT OF BEGINNING. AND ALL LANDS ALSO
DESCRIBED IN WARRANTY DEED DATED APRIL 17, 1968 AND FILED IN OFFICIAL
RECORDS BOOK 5913, PAGES 253 AND 254 OF THE PUBLIC RECORDS OF DADE COUNTY,
FLORIDA. THE AFORESAID PARCELS ARE TO BE USED AS AN EASEMENT FOR INGRESS
EGRESS FOR THE FOLLOWING PARCELS OF SUBMERGED LAND:
PARCEL A2:
A PARCEL OF SUBMERGED LAND IN BISCAYNE BAY BEING IN SECTION 22, TOWNSHIP 54
SOUTH, RANGE 41 EAST, MIAMI-DADE COUNTY, FLORIDA, BEING MORE PARTICULARLY
DESCRIBED AS FOLLOWS: COMMENCE AT THE NORTHERLY CORNER OF LOT 20, BLOCK
43 "RHODES AMENDED PLAT OF NEW BISCAYNE", ACCORDING TO THE PLAT THEREOF
AS RECORDED IN PLAT BOOK B, AT PAGE 16, OF THE PUBLIC RECORDS OF MIAMI -DADS
COUNTY, FLORIDA; THENCE SOUTH 40°23'32" EAST ALONG THE NORTHERLY LINE OF
SAID LOT 20 AND ITS SOUTHEASTERLY PROLONGATION THEREOF FOR 691.46 FEET,
MORE OR LESS, TO A POINT OF INTERSECTION WITH THE MIAMI-DADE COUNTY
BULKHEAD LINE (U.S. HARBOR LINE) AS RECORDED IN PLAT BOOK 74, AT PAGE � (SHEET
5), OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA; THENCE CONTINUE
SOUTH 40°23'32" EAST ALONG THE SAID SOUTHEASTERLY PROLONGATION OF THE
NORTHEASTERLY LINE OF LOT 20 FOR 270.0 FEET; THENCE SOUTH 49°33'29" WEST FOR
41.09 FEET, MORE OR LESS TO THE POINT OF BEGINNING OF THE HEREIN DESCRIBED
SUBMERGED PARCEL OF LAND; THENCE SOUTH 39°25'15" EAST, 90.15 FEET; THENCE
SOUTH 50034'45" WEST, 92.00 FEET; THENCE NORTH 39°25'15" WEST, 88.51 FEET; THENCE
NORTH 49033'29" EAST, 92.01 FEET TO THE POINT OF BEGINNING. CONTAINING 0.19+
ACRES.
PARCEL B2:
A PARCEL OF SUBMERGED LAND IN BISCAYNE BAY BEING IN SECTION 22, TOWNSHIP 54
SOUTH, RANGE 41 EAST, MIAMI-DADE COUNTY, FLORIDA, MORE PARTICULARLY
DESCRIBED AS FOLLOWS: COMMENCING AT THE INTERSECTION OF THE
SOUTHEASTERLY EXTENSION OF THE SOUTHWESTERLY LINE OF LOT 24, BLOCK 43, OF
THE PLAT OF "NEW BISCAYNE AMENDED", AS SHOWN IN PLAT BOOK "B", AT PAGE 16,
OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA, WITH THE MIAMI-DADE
COUNTY BULKHEAD LINE AS SHOWN IN PLAT BOOK 74, AT PAGE 3 (SHEET 5), OF THE
PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA; THENCE RUN S 21°41'51" W
ALONG SAID BULKHEAD LINE FOR A DISTANCE OF 44.86 FEET TO THE POINT OF
BEGINNING OF THE HEREIN DESCRIBED PARCEL OF SUBMERGED LAND; THENCE S
40°23'32" E, 225.00 FEET; THENCE N 49°36'28" E, 92.14 FEET; THENCE S 40°23'32" E, 63.39
FEET; THENCE S 49036'28" W, 120.25 FEET; THENCE N 40°23'32" W, 273.50 FEET TO A POINT
ON THE AFORESAID MIAMI-DADE COUNTY BULKHEAD LINE; THENCE N 21°41'51" E ON
SAID BULKHEAD LINE, 31.81 FEET TO THE POINT OF BEGINNING. CONTAINING 0.315±
ACRES.
PARCEL C2:
A PARCEL OF SUBMERGED LAND IN BISCAYNE BAY BEING IN SECTION 22, TOWNSHIP 54
SOUTH, RANGE 41 EAST, MIAMI-DADE COUNTY, FLORIDA, LYING SOUTHEASTERLY OF
LOT 24, BLOCK 43, OF "SAMUEL RHODES PLAT OF NEW BISCAYNE", AS RECORDED IN
PLAT BOOK "B", PAGE 16, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA,
BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGIN AT THE SOUTHWESTERLY CORNER OF SAID LOT 24, SAID CORNER BEING THE
MEAN HIGH WATER LINE OF BISCAYNE BAY; THENCE S 40°23'32"E ALONG THE
SOTITHF.ASTERLY EXTENSION OF THE SOUTHWESTERLY LINE OF SAID LOT 24. FOR 538.57
FEET TO A POINT IN THE MIAMI-DADS COUNTrY BULKHEAD LINE ESTABLISHED FOR THIS
AREA AS SHOWN ON MAP IN PLAT BOOK 74, PAGE 3 (SHEET 5), OF THE PUBLIC RECORDS
OF MIAMI-DARE COUNTY, FLORIDA; THENCE S 21°41'51" W ALONG SAID BULKHEAD
LINE, 67.75 FEET TO A POINT ON THE SOUTHEASTERLY LINE EXTENSION OF THE
SOUTHWESTERLY RIGHT-OF-WAY LINE OF AVIATION AVENUE; THENCE N 40°23'32" W,
ALONG SAID SOUTHEASTERLY EXTENSION LINE OF SAID SOUTHWESTERLY RIGHT-OF-
WAY LINE, 88.93 FEET; THENCE N 49136118" E, 25.98 FEET; THENCE N 40023'32" W, 460.24
FEET; THENCE S 57°28'54" W, 26.23 FEET TO A POINT ON THE ,AFOREMENTIONED
SOUTHEASTERLY EXTENSION OF THE SOUTHWESTERLY RIGHT-OF-WAY LINE OF
AVIATION AVENUE; THENCE N 40023'32 W ON THE AFOREMENTIONED EXTENSION OF
THE AFORESAID RIGHT-OF-WAY LINE, 25.24 FEET TO THE FACE OF AN EXISTING
CONCRETE BULKHEAD; THENCE N 57028'54" E ALONG THE FACE OF AN EXISTING
CONCRETE BULKHEAD FOR A DISTANCE OF 60.57 FEET TO THE POINT OF BEGINNING.
CONTAINING 0.49+ ACRES.
Addenda
Addendum D
PRECIS METRO REPORT
ECONOMIC DRIVERS I EMPLOYMENT GROWTH RANK I RELATIVE COSTS I VITALITY
NExpansion ■
STRENGTHS
s Strong ties to Latin America.
» Luxury status attracts international capital.
• International trade poised to accelerate.
s Well-developed shipping and distribution
infrastructure.
WEAKNESSES
» High household debt burden.
4 Congested roads and airport.
a Industrial structure that leaves economy
susceptible to business cycle downturns.
HORTTERM
RECOVERY
m
111.1
At Risk
37
1st
Moderating Recession
2017-2022
130.2
In Recession
Lowest -402
STRENGTHS
s Strong ties to Latin America.
» Luxury status attracts international capital.
• International trade poised to accelerate.
s Well-developed shipping and distribution
infrastructure.
WEAKNESSES
» High household debt burden.
4 Congested roads and airport.
a Industrial structure that leaves economy
susceptible to business cycle downturns.
HORTTERM
* I
LONGTERM
111.1
KISKEXPOSURE
37
1st
Highest -1
2017-2022
130.2
134.3
Lowest -402
UPSIDE
International ties boost construction, finance and
trade by more than expected.
A Commercial development and transit hub shift
MIA's growth path upward.
» Stronger population growth.
DOWNSIDE
s Foreclosures undermine house prices, balance
sheets suffer.
a International immigration weakens.
» Strong dollar slows international tourism.
A a2 COUNTY
/�+� AS OF APR 11, 2016
He:�:=.-. Worst -408
Recent Performance. The economy in Mi-
ami -Miami Beach -Kendall is sending mixed sig-
nals. The metro division's unemployment rate
has increased over the last six months. Wage
growth exceeds the national rate but lags that in
the rest of Florida, with nearly all job gains over
the last year occurring in services. House prices
have increased 7.5%, exceeding the statewide
and national pace.
Banking. Financial services will provide a sta-
ble source of jobs and income over the next five
years, but the sector will underperform the metro
division's economy. Numerous factors present
challenges to growth in MIA, home to the East
Coast's largest concentration of international
banks south of New York City. First, U.S. banks
should benefit from President Trump's promise
to scale back Dodd -Frank, but his exact plans
remain unclear, and the eventual benefit could
be wiped away by the destabilizing effects of
the administration's more restrictive trade and
immigration policies and the Federal Reserve's
higher interest rates. Also, banking in MIA will
suffer because of its close ties to Latin America,
where several major economies including Brazil,
Argentina and Venezuela remain mired in reces-
sion. Finally, finance jobs in the metro division are
threatened by industry consolidation. MIA is the
headquarters of four financial institutions with
more than $5 billion in local deposits and assets,
but none ranks among the 50 largest banks in the
nation. Each can be absorbed by a bigger out-of-
town rival that is eager to break into the lucrative
South Florida market, as was recently the case
with Sabadell United, MIA's fifth-largest bank.
Despite these headwinds, banking will expand
moderately because the metro division remains
an attractive destination for affluent U.S. retirees
and wealthy expatriates from Latin America.
Airport. Trump's skepticism regarding trade
and the uncertainty surrounding his travel policy
U.1-100% 1 U.s.-100% Best -1, Worst --401
present new risks to Miami International Airport.
According to the Airport Council International,
MIA's airport is the second busiest in the nation
for both international passengers and inter-
national freight. Trump's promise to renegoti-
ate foreign trade agreements and his attempts
to prohibit travelers from particular countries
threaten these rankings and the airport's 37,000
jobs. Growth at the airport is in further danger if
America's thawing relationship with Cuba is re -
chilled under the current administration. Follow-
ing liberalized travel regulations adopted under
President Obama, American Airlines instated 12
daily nonstop flights between MIA and Cuba, but
these routes and several others across the U.S.
can be canceled by Trump.
Major projects. Growth in construction will
be robust, as groundbreakings on major projects
have become routine in MIA. The MiamiCentral
train station, which will conned a new intercity
train line and local transit options, will open later
this year. The Miami Worldcenter, which will in-
clude high-end retail, hundreds of residences,
and an 1,800 -room hotel, will open in 2018.
Over the next few years, the "tallest building
in Florida" distinction will pass among multiple
towers in MIA as developers race to erect ever -
taller skyscrapers. And the county commission
recently approved preliminary plans for a $3 bil-
lion shopping center that will be America's larg-
est mall once it is completed.
In the near term, a bevy of construction
projects in Miami -Miami Beach -Kendall will
help the metro division overcome policy chal-
lenges from the new administration in Wash-
ington DC. Over the forecast horizon, MIA's
international character, combined with its
high -skilled, bilingual workforce, will help it
best the U.S. in household income growth.
Kwame Donaldson 1-866-275-3266
March 2017 help@economy.com
104.4
106.3
108.4
111.1
113.8
114.9
Gross metro product (C09S bit)
119.4
125.3
130.2
134.3
138.9
143.8
0.2
1.8
2.0
2.5
2.4
1.0
% change
3.9
5.0
3.9
3.1
3.4
3.6
1,007.3
1,031.3
1,056.5
1,089.3
1,125.8
1,157.7
Total employment (ths)
1,182.5
1,206.1
1,224.4
1,234.6
1,237.9
1,245.6
2.2
2.4
2.4
3.1
3.4
2.8
% change
2.1
2.0
1.5
0.8
0.3
0.6
9.4
8.3
7.5
6.8
5.9
5.4
Unemployment rate (°.6)
4.9
3.5
2.9
3.2
3.7
3.8
4.8
2.6
0.4
7.4
5.0
4.6
Personal income growth (%)
6.0
7.3
7.0
6.2
5.3
5.4
41.7
42.0
42.4
42.9
43.8
45.2
Median household income (S ths)
46.9
49.1
51.2
52.9
54.4
56.1
2,578.9
2,6101
2,640.3
2,666.6
2,689.6
2,722.0
Population (ths)
2,760.2
2,799.8
2,839.5
2,878.7
2,916.6
2,954.4
2.8
1.2
1.2
1.0
0.9
1.2
% change
1.4
1.4
1.4
1.4
1.3
1. d
57.7
18.0
16.8
15.2
10.6
22.2
Net migration (ths)
281
29.6
29.7
29.5
28.2
28.5
962
1,819
2,266
2,077
2,800
2,846
Single-family permits (#)
3,279
5,997
7,642
7,109
6,947
7,368
1,656
3,250
8,050
5,654
9,817
6,316
Multifamily permits (#)
7,544
7,928
7,007
4,919
5,177
5,993
182.9
185.9
207.7
233.2
256.8
281.9
FHFA house price (1995Q1=100)
296.6
300.2
291.1
281.0
277.2
279.3
64 MOODY'S ANALYTICS / Pr2cis® U.S. Metro / South / March 2017
PRECIS@ U.S. METRO SOUTH )) Miami -Miami Beach -Kendall FL
3 -MO MA
Seg 16 Oct 16 Nov 16 Dec 16 Ian 17 Feb 17
Employment, change, the
Unemployment rate, % 5.4
Labor force participation rate, %
Employment -to -population ratio, %
Average weekly hours, # 35.0
Industrial production, 2007=100 103.0 103.0
Residential permits, single-family, #
Residential permits, multifamily, #
Unchanged from prior 3 -mo MA
Sources. BLS, Census Bureau, Moody'sAnaWcs
10
8
6
4
2
0
-2
-4
-6
12 13 14 15 16 17
- Government - Goods producing
- Private services
Sources: BLS Moody'sAnalytics
% CHANGEYRAGO
125
120
115
110
105
100
95
90
85
07 08 09 10 11 12 13 14 15 16 17F 18F 19F 20F 21F 22F 23F 24F 25F 26F
MIA - FL - U.S.
5.5 5.5 5.5
. 60.7
57.457.4 �
IM 35.4 ND
ID
% CHANGE YR AGO, 3 -MO MA
Jun 16 Oct 16 Feb 17
Total
2.9
2.8
2.5
Mining
24.9
25.1
7.5
Construction
10.8
9.3
2.1
Manufacturing
4.8
2.2
2.0
Trade
-0.5
0.1
0.7
Trans/Utilities
4.2
2.9
3.7
Information
3.3
2.7
1.2
Financial Activities
1.8
0.3
0.4
Prof & Business Svcs.
4.7
4.9
2.3
Edu & Health Svcs.
3.6
3.7
4.6
Leisure & Hospitality
4.6
3.6
2.5
Other Services
2.1
3.1
6.2
Government
1.2
2.0
2.1
Sources: BLS Moody'sAnalytics
JAN 2007=100
Sources. BLS, Moody'sAnalytics
Total
Unit labor
Energy
State and local taxes
Office rent
U.S: 100
0 20 40 60 80 100 120 140
2009 2014
Source: Moody'sAnalytics
% OF ADULTS 25 AND OLDER
100%
80%
60%
40%
20%
0%
MIA FL U.S.
■ < High school ■ High school
■ Some college College
■ Graduate school
Sources: Census Bureau, Moody'sAnalytics, 2015
MOODY'S ANALYTICS / Prkis® U.S. Metro / South / March 2017
20t"r K, s:..
125
120
115
110
105
100
95
JAN 2002=100
07 10 13 16
MIA FL U.S.
Source: Moody'sAnalytics
1998Q1=100, NSA
350
300
250
200
150
100
50
98 01 04 07 10 13 16
MIA - FL U.S.
Sources: FHFA, Moody'sAnalytics
HOMEOWNER, % HOUSES FOR SALE
0 1 2 3 4
RENTAL, % INVENTORY FOR RENT
0 2 4 6 8 10
MIA 0 FL U.S.
Sources: Census Bureau, ACS, Moody'sAnalytics, 2015
a75
70-74
65-69
60-64
55-59
50-54
45-49
40-44
35-39
30-34
25-29
20-24
15-19
10-14
5-9
0-4
0 1 2 3 4 5 6 7 8
E MIA - U.S.
Sources: Census Bureau, Moody'sAnalytics, 2015
65
PRECIS® U.S. METRO SOUTH » Miami -Miami Beach -Kendall FL
TOP EMPLOYERS
Baptist Health Systems of Southern Florida
14,627
University of Miami
13,428
Publix Super Markets Inc.
12,000
Jackson Health System
10,010
American Airlines
9,939
Miami -Dade Community College
6,787
AT&T
6,629
Wells Fargo & Co.
5,100
American Sales & Management
3,500
Macy's
3,368
Miami Children's Hospital
3,345
Royal Caribbean Intl./ Celebrity Cruise
3,331
Mount Sinai Medical Center
3,221
JPMorgan Chase and Co.
3,200
Florida Power & Light Co.
3,178
Florida International University
3,132
Carnival Cruise Lines
3,065
Winn-Dixie Stores Inc.
3,000
Veterans Affairs Medical Center 2,300
Sources Guide to Military Installations, 2077, South Florida Business
Journal 201 4, The Beacon Council Api12007
PUBLIC
Federal 19,955
State 18,512
1" A 101,891
2016
INDUSTRIAL DIVERSITY
Most Diverse (U.S.)
v.W
Least Diverse
EMPLOYMENT VOLATILITY
Due to U.S. fluctuations Relative to U.S.
100%
1b096
60%'
r
40% t t
i
20%
0%
ENotdueto U.S. NDueto U.S. E MIA ■ U.S.
COMPARATIVE EMPLOYMENTAND INCOME
ector
Mining
%of Total Employment
MIA FL U.S.
0.0% 0.0% 0.4%
Average Annual Earnings
MIA FL U.S.
$5,467 $7,023 $110,528
_
Construction
3.8%
5.6%
4.7%
$54 575
$50,987
$64,354
Manufacturing
3.6%
4.2%
8.6%
$55,504
$68,746
$80,667
Durable
57.1%
67.6%
62.5%
nd
$7Z931
$82,450
Nondurable
42.9%
32.4%
37.5%
nd
$60,466
$77,689
Transportation/Utilities
6.1%
3.3%
3.8%
$58,753
$58,935
$67,456
Wholesale Trade
6.4%
4.0%
41%
$75,006
$76,500
$82,548
Retail Trade
12.7%
13.2%
11.0%
$35,761
$33,779
$34,289
Information
1.7%
1.6%
1.9%
$144170
$88,771
$110,216
Financial Activities
6.8%
6.5%
5.7%
$37,488
$37,441
$54,785
Prof. and Bus. Services
14.5%
15.3%
14.0%
$52,015
$52,409
$67,615
Educ. and Health Services
15.4%
14.8%
15.7%
$52,776
$52,875
$53,853
Leisure and Hosp. Services
12.2%
14.0%
10.8%
$33,659
$28,369
$27,201
Other Services
4.7%
4.2%
3.9%
$28,963
$32,615
$36,830
Govermnent
121%
131%
15.4%
$80,557
$71,992
$75,980
Sources: Percent oftotal employment -BLS, Moody's Analytics, 2016, Average annual earnings -BEA, Moody's Analytics, 2015
$THS
06 07 08 09 10 11 12 13 14 15
Sources: BEA, Moody's Analytics
66
s 2017 cam. k..
HIGH-TECH
EMPLOYMENT
Ths % oftotal
MIA 28.6 2.5
U.S. 6,937.1 4.8
HOUSING -RELATED
EMPLOYMENT
Ths % oftotal
MIA 110.5 9.5
U.S. 13,565.7 9.4
Source: Moody's Analytics, 2016
INTO MIAMI FL
29,394
Austin TX
Number of
West Palm Beach FL
Migrants
Fort Lauderdale FL
19,270
New York NY
5,134
West Palm Beach FL
2,828
Orlando FL
2,410
Tampa FL
1,882
Austin TX
1,812
Atlanta GA
1,515
Cape Coral FL
1,137
Los Angeles CA
1,033
Washington DC
998
Total in -migration
69,524
FROM MIAMI FL
Fort Lauderdale FL
29,394
Austin TX
6,477
West Palm Beach FL
4,120
Orlando FL
3,902
New York NY
3,699
Tampa FL
2,916
Atlanta GA
2,508
Cape Coral FL
1,895
Houston TX
1,646
Jacksonville FL
1,255
Total out -migration
93,489
Net migration
-23,965
NET MIGRATION, #
25,000
20,000 -
15,000 -
10,000 -
5,000 -
0
n%,$
12 13 14 15
2012 2013 2014 2015
Domestic -17,928 -20,868 -27,047 -32,172
Foreign 35,916 37,691 42,254 42,761
Total 17,988 16,823 15,207 10,589
Sources: IRS (top), 2014, Census Bureau, Moody's Analytics
NAICS Industry
Location Employees
Quotient (ths)
6211
Offices of physicians
1.3
24.7
5411
Legal services
2.5
223
1 GVF
Federal Government
0.9
19.7
5221
Depository credit intermediation
12
15.4
GVL
Local Government
0.9
100.6
0 6221
General medical and surgical hospitals
1.3
44.8
i GVS
State Government
0.5
18.2
4811
Scheduled air transportation
4.5
15.1
7225
Restaurants and other eating places
1.0
81.3
3 7211
Traveler accommodation
22
319
O 4451
Grocery shores
12
25.2
5613
Employment services
0.7
19_4
Source: Moody's Analytics, 2016
MOODY'S ANALYTICS / Pr6cis® U.S. Metro / South / March 2017
Addenda
Addendum E
QUALIFICATIONS
- .-BRE i,_
PROFESSIONAL PROFILE
JAMES E. AGNER, MAI,
AI-GRS, SGA, MRICS
_, hUjlhj Gilu,io;
Florida -Caribbean Region
Valuation and Advisory Services
T. + 1 305 3816480
F. + 1 305 3816441
james.agnet@cbre.com
www.cbre.com/James.Agner
CLIENTS REPRESENTED
— LNR Partners
— Bank of America Merrill
Lynch
— SunTrust Bank
— PNC Bank
— Mercantil
— Popular Community Bank
— 5/3 Bank
— Sabodell
— Santander Bank
— Regions Bank
— TD Bank
— Bank United
— BB&T Bank
— CitiBank
— Deutsche Bank
— Ocean Bank
. 1 k..
James Agner is the Senior Managing Director of the Valuation & Advisory
Services for the Florida -Caribbean Region. Located in the CBRE Miami
office since 1995, Mr. Agner has over thirty years of real estate appraisal
and consulting experience throughout the State of Florida, with primary
experience in South Florida and in the Caribbean. Mr. Agner is a
designated member of the Appraisal Institute (MAI) and General Review
Specialist (AI-GRS), member of the Society of Golf Appraisers (SGA), and
Royal Institution of Chartered Surveyors (MRICS) and is licensed as a
Certified General Real Estate Appraiser in the State of Florida and
Georgia. He also has provided expert witness testimony in the Circuit
Courts — State of Florida and United States Bankruptcy Courts.
As Senior Managing Director, Mr. Agner leads a valuation and advisory
staff in Miami and Palm Beach Counties that provides exceptional quality
appraisal work and client service in South Florida, Treasure Coast and the
Florida Keys. He also coordinates all activities for Florida and in the
Caribbean, including overseeing new business development, client
relations and appraisal quality control production. Mr. Agner is also the
National Director of the Golf Valuation Group and the Net Lease
Valuation Group for CBRE.
CREDENTIALS
Professional Affiliations/Accreditations/Certifications
■ Appraisal Institute - Designated Member (MAI), Certificate No. 7791
■ Appraisal Institute — General Review Specialist (AI-GRS), Certificate No. 69150
■ Society of Golf Appraisers (SGA), Certificate No. 25
■ Royal Institution of Chartered Surveyors - Member (MRICS), Certificate No. 7505662
■ Certified General Real Estate Appraiser, State of Florida, RZ382
■ Certified General Real Estate Appraiser, State of Georgia, #345321
■ Licensed Real Estate Broker, State of Florida, BK402088
EDUCATION
■ Florida State University, Tallahassee, FL, Bachelors of Science in Business
Administration, Marketing - 1981
CBRE
STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
FLORIDA REAL ESTATE APPRAISAL BD
2601 BLAIR STONE ROAD
TALLAHASSEE FL 32399-0783
AGNER, JAMES E
777 BRICKELL AVENUE
MIAMI FL 33131
Congratulationsl With this license you become one of the nearly
one million Floridians licensed by the Department of Business and
Professional Regulation. Our professionals and businesses range
from architects to yacht brokers, from boxers to barbeque
restaurants, and they keep Florida's economy strong.
Every day we work to improve the way we do business in order
to serve you better. For Information about our services, please
log onto www.myfloridalicense.com. There you can find more
information about our divisions and the regulations that impact
you, subscribe to department newsletters and learn more about
the Department's initiatives.
Our mission at the Department is: License Efficiently, Regulate
Fairly. We constantly strive to serve you better so that you can
serve your customers. Thank you for doing business in Florida,
and congratulations on your new license!
RICK SCOTT, GOVERNOR
LICENSE NUMBER
850-487-1395
STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND
�- PROFESSIONAL REGULATION
RZ382 ISSUED: 09/25/2016
CERTIFIED GEN APPRAISER
AGNER, JAMES,
IS CERTIFIED under the provisions of Ch 475 FS
Eapwshon date NOV 30 2016 1.1609250003799
DETACH HERE
KEN LAWSON, SECRETARY
STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
FLORIDA REAL ESTATE APPRAISAL BD
The CERTIFIED GENERAL APPRAISER
Named below IS CERTIFIED
Under the provisions of Chapter 475 FS.
Expiration date- NOV 30, 2018
AGNER, JAMES E
777 BRICKELL AVE
SUITE 910
MIAMI FL-:
ISSUED: 09/25/2016
SEQ IK L1609250003799
PROFESSIONAL PROFILE
BRIAN FINNELL, MAI, (CIM
a�ryng D!ecio�
Orlando—Jacksonville
Valuation and Advisory Services
T. +l 407 8393117
brion.l.finnell@cbre.com
wwwAre.cor0 ian.LFinnell
CLIENTS REPRESENTED
— 5/3 Bank
— Banco Popular
— Bank of America Merrill Lynch
— Bank United
— BB&T Bank
— KeyBank
— LNR Partners
— Mercantil
— PNC Bank
— Principal
— Prudential
— Regions Bank
— Sabadell
— Sovereign Bank
— SunTrust Bank
— TD Bank
rev. January 2015
CW, I-
Brian Finnell is a Managing Director within the Valuation & Advisory Services'
Florida/Caribbean Valuation Group. The Florida/Caribbean Group has offices in
Miami, Boca Raton, West Palm Beach, Naples, Jacksonville, Orlando,
Tallahassee, Pensacola and Tampa. Mr. Finnell primarily oversees the Orlando
and Jacksonville offices but regularly directs assignments throughout Florida.
During his 30 year career, Mr. Finnell has performed appraisal assignments
throughout the United States and has experience on a wide variety of property
types, with a specialty in investment-grade multifamily, office, industrial and retail.
He has extensive experience in reviewing appraisal reports for compliance with
OCC, USPAP and FIREEA, and has testified as an expert witness in Circuit, State
and U.S. Courts. In addition, Mr. Finnell has significant recent experience in
investment property sales and underwriting with nationally recognized investment
banking and brokerage firms.
CREDENTIALS
Professional Affiliations/Accreditations/Certifications
■ Appraisal Institute -Designated Member (MAI), Certificate No. 9611
■ Certified General Real Estate Appraiser, State of Florida, RZ914
■ Commercial Investment Real Estate Institute, Member (CCIM)
EDUCATION
■ Florida State University, Tallahassee, FL, Bachelor of Science, Real Estate, 1984
CBRE
RICK SCOTT, GOVERNOR
STATE OF FLORIDA
KEN LAWSON, SECRETARY
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
FLORIDA REAL ESTATE APPRAISAL BD
LIC ENS Ei NUMBER
The CERTIFIED GENERAL APPRAISER
Named below IS CERTIFIED
Under the provisions of Chapter 475 FS.
Expiration date: NOV 30, 2016
FINNELL, BRIAN LEE
200 S. ORANGE AVENUE
SUITE 2100
ORLANDO FL 22801
IVM16&
ISSUED IM24/2016 DISPLAY AS REQUIRED BY LAW
C 2017 C&%, 6,c.
PROFESSIONAL PROFILE
JEFF CARSON, MAI, MRICS
Vice President
CBRE Marinas
Valuation and Advisory Services
T. +1386 6723339
C. + 1386 4050029
jeff.carson@cbre.com
www.cbre.com/Jeff.Carson
httol/www.cbre.com/marinos
Per. Decembe12016
0 2017 CM, a,
Jeff Carson MAI, MRICS is a specialist in the brokerage and valuation of marinas,
boat yards, ship yards and working waterfront properties around the world, with
over 25 years of real estate experience and over 20 years of experience as an
expert witness in Circuit, Federal and International Courts. Mr. Carson has served
as an expert witness in waterfront litigation matters in the United States, Europe
and in the Caribbean. He is a licensed real estate broker, a Designated MAI
Member of the Appraisal Institute, a Designated MRICS Member of the Royal
Institution of Chartered Surveyors, a State Certified General Real Estate Appraiser,
a member of the CBRE International Valuation Group and a member of the
Litigation Support Practice.
Since 1985, Mr. Carson has appraised residential, office, retail, industrial, special
purpose, mixed use, waterfront and vacant land assets.
Mr. Carson is a published real estate author as well as a documented and quoted
expert witness in United States Circuit and Federal Courts as well as the High
Court in Dublin Ireland and the Eastern Caribbean Supreme Court.
REPRESENTATIVE ASSIGNMENTS
International Assignments
■ High Court —Waterfront Property
■ Supreme Court —Waterfront Properly
■ Appraisal —Waterfront Properly
■ Appraisal —Waterfront property
Waterfront Assignments
■ Kennedy Point Marina
■ Fishin Store Marina
■ Hontoon Landing Marina and Motel
■ Adventure Yacht Harbor Marina
■ Ocean Club Marina
■ Riviera Beach Yacht Club (Boat Yard)
■ Panacea Harbor Marina
■ Tierra Verde Marina
■ Boat Tree Marina — Orlando
■ Boat Tree Marina — Sanford
■ Banana River Marina
■ Cocoa Village Marina — Cocoa
■ MS Dockside Marina — Carrobelle
■ Alligator Point Marina
■ Charter Boat Marina
■ Little Harbor Marina
■ North Causeway Marina
Location
Dublin Ireland
British Virgin Islands
Abaco, Bahamas
St. Lucia
Location
Brevard County, Florida
Volusia County, Florida
Volusia County, Florida
Volusia County, Florida
Brevard County, Florida
Palm Beach County, Florida
Wakulla County, Florida
Pinellas County, Florida
Orange County, Florida
Seminole County, Florida
Brevard County, Florida
Brevard County, Florida
Franklin County, Florida
Franklin County, Florida
Marathon Key, Florida
Hillsboro County, Florida
Volusia County, Florida
CBRE
PROFESSIONAL PROFILE
■ Del Prado Marina
Lee County, Florida
■ Broad Creek Marina
Dare County, North Carolina
■ Wanchese Seafood Park
Dare County, North Carolina
■ Thunderboat Marina East
Broward County, Florida
■ Thunderboat Marina West
Broward County, Florida
■ Fleming Island Marina
Clay County, Florida
■ Cameron's Marina
Volusia County, Florida
■ Anchorage Marina
Brevard County, Florida
■ St John's Shipyard
Putnam County, Florida
■ Beaver Creek Resort
Monticello, Kentucky
■ Burnside Marina
Burnside, Kentucky
■ Holly Creek Resort
Celina, Tennessee
■ Eagle Cove Resort
Byrdstown, Tennessee
■ Lakefront Marina
Port Clinton, Ohio
■ Sandusky Harbor Marina
Sandusky, Ohio
■ Great Lakes Marina
Muskegon, Michigan
■ Brady Mountain Resort and Marina
Royal, Arkansas
■ Pier 121 Marina
Lewisville, Texas
■ Anocapa Isle Marina
Rolling Hills Estates, California
■ Cabrillo Isle Marina
San Diego, California
■ Ventura Isle Marina
Ventura, California
■ Crystal Point Yacht Club
Point Pleasant Boro, NJ
■ Manasquan River Club
Brick, NJ
■ Montgomery Country Club
Laytonsville, Maryland
■ Links At Challedon
Mount Airy, Maryland
■ Marina Development Site
Naples, Florida
■ Boston Yacht Haven
Boston, Massachusetts
■ Harbor Fuels
Boston, Massachusetts
■ MarineMax — NC
Wrightsville Beach, N. C.
■ Fort Myers Boat Club
Lee County, Florida
■ Marina Development Site
New Bern, North Carolina
■ Marina Development Site
Tortola, British Virgin Islands
■ Lighthouse Boatyard and Marina
Volusia County, Florida
■ Rose Marina
Marco Island, Florida
■ Caloosa Cove Marina
Islamorada, Florida
■ PGA Marina
Palm Beach Gardens, Florida
■ Newport Yachting Center
Newport, Rhode Island
■ Proposed Marina
Bonita Springs, Florida
■ Beach Marine
Jacksonville Beach, Florida
■ Treasure Cay Marina
Great Abaco Island, Bahamas
■ Port Milford Marina
Milford, Connecticut
■ Proposed Steelpointe Marina
Bridgeport, Connecticut
■ Fisherman's Key Seafood Market
Stock Island, Florida Keys
Rev. km" 2016 CBR E
L&.
PROFESSIONAL PROFILE
■ Proposed Marina
Clearwater, Florida
■ Proposed Mixed Use Waterfront
Bonita Springs, Florida
■ Marina Market Study
Red Rock Lake Region, Iowa
■ PGA Marina
Palm Beach Gardens, Florida
■ Miami Beach Marina
Miami Beach, Florida
■ Marina Palms Fueling Station
North Miami Beach, Florida
■ Safe Harbour Marina Co -Op
Stock Island, Florida
■ New Haven Yacht Club
New Haven, Connecticut
■ Patti Shipyard
Pensacola, Florida
■ Bayshore Landing Marina, Restaurant and
Miami, Florida
Office/Retail
■ The Cove Marina and Restaurant
Deerfield Beach, Florida
■ Fins Marina and Squid lips Restaurant
Sabastian, Florida
■ Loggerhead Marina -Stuart
Stuart, Florida
■ Seacor Deepwater Cargo Terminal
Dania Beach, Florida
■ Dania Beach Boat Club
Dania Beach, Florida
■ Boston Whaler
Edgewater, Florida
■ Marina Development Site
Marathon, Florida
■ Sea Isle Marina
Miami, Florida
■ Palm Island Marina
Englewood, Florida
■ Crowley Cargo Terminal
Jacksonville, Florida
■ Julington Creek Marina
Jacksonville, Florida
■ St. Johns Shipyard
Palatka, Florida
■ Key West Harbor Marina
Stock Island, Florida
■ Banyan Bay Marina
Dania Beach, Florida
■ Milford Boat Works
Milford, Connecticut
■ Marina Consulting -City of Miami
Miami, Florida
■ Marina Consulting -City of Pensacola
Pensacola, Florida
■ Pineland Marina
Pine Island, Florida
Pm. Dmff&2016 CBR E
o"„ cm, �..
PROFESSIONAL PROFILE
CREDENTIALS
Professional Affiliations/Accreditations/Certifications
■ Appraisal Institute, Designated Member (MAI), No. 10,426
■ Royal Institution of Chartered Surveyors, (MRICS), No. 1290121
■ Certified General Real Estate Appraiser, State of Florida, No. RZ 1612
■ Real Estate Broker, State of Florida, No. BK 0457360
■ Has completed appraisal, appraisal review, brokerage, consulting, expert witness
testamony in the following countries: Abaco Bahamas, Tortola, British Virgin Islands,
Dublin Ireland and St. Lucia
■ Has completed appraisal, appraisal review, brokerage, consulting, expert witness
testamony in the following states: Alabama, Arkansas, California, Connecticut, Florida,
Iowa, Kentucky, Massachusetts, Maryland, Michigan, New Jersey, North Carolina,
Ohio, Rhode Island, Tenessee, Texas, et al.
EXPERT WITNESS
■ United States, Federal and Circuit Courts
■ Ireland, High Court in Dublin
■ British Virgin Islands, Supreme Court — Eastern Caribbean
EDUCATION
■ University of Florida, Gainesville, Florida
■ Bachelor of Arts, 1983
Rev. kembm 1016
O W1 ' C6RF. I..
■ Associate of Arts, 1982
CBRE
STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
FLORIDA REAL ESTATE APPRAISAL BD
2601 BLAIR STONE ROAD
TALLAHASSEE FL 32399-0783
CARSON, JEFF H
95 LEVEE LANE
ORMOND BEACH FL 32174
Congratulations! With this license you become one of the nearly
one million Floridians licensed by the Department of Business and
Professional Regulation. Our professionals and businesses range
from architects to yacht brokers, from boxers to barbeque
restaurants, and they keep Florida's economy strong.
Every day we work to improve the way we do business in order
to serve you better. For information about our services, please
log onto www.myftoridalicense.com. There you can find more
i^ enation about our divisions and the regulations that impact
ubscribe to department newsletters and learn more about
!partment's initiatives.
850-487-1395
STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND
-' PROFESSIONAL REGULATION
RZ1612 UED: 11/08/2016
CERTIFIED GEN.. APPRAISER
CARSON, JEFF
Our mission at the Department is: License Efficiently, Regulate
Fairly. We constantly strive to serve you better so that you can
serve your customers. Thank you for doing business in Florida, IS CERTIFIED under the provisions of Ch -475 FS.
and congratulations on your new license! Expkation dela NOV 30, 2018 L16110800033M
RICK SCOTT, GOVERNOR
LICENSE NUMBER
DETACH HERE
KEN LAWSON, SECRETARY
STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
FLORIDA REAL ESTATE APPRAISAL BD
The CERTIFIED GENERAL APPRAISER
Named below IS CERTIFIED
Under the provisions of Chapter 475 FS.
Expiration date: NOV 30, 2018
CARSON, JEFF H
189 S. ORANGE AVE.
SUITE #1650
ORLANDO FL 3280
ISSUED: tr rI&I016 — 18PLAAAS RE�OUIRED B1 -Lw
SEQ # L1611080003328