1165-1175 97th Street Bay Harbor Islands, FL 33154 - BAY HARBOR - LoopNet
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1165-1175 97th Street
Bay Harbor Islands, FL 33154
BAY HARBOR
INVESTMENT ADVISORY TEAM CHRISTOPHER WOOD JAQUANNE PETERSON Senior Vice President Client Service Coordinator O +1 954 745 5852 O +1 786 838 8349 C +1 954 816 2715 C +1 786 838 8349 christopher.wood@cbre.com jaquanne.peterson@cbre.com CBRE, Inc. | Licensed Real Estate Broker WWW.CBRE-BAYHARBOR97.COM
Table of Contents 04 Aerial Photos 14 Location Overview 06 Executive Summary 16 Recent Developments 08 Property Survey 17 Sales Comparables 09 Floor Plan 18 Market Overview 11 Rendering 20 South Florida Tenant Migration 12 Front Elevation 22 Offering Process 13 East Elevation 23 Proposals
4 Bay Harbor 97 • Brochure
www.cbre-bayharbor97.com 5
6 Bay Harbor 97 • Brochure
Executive CBRE, acting as exclusive marketing agent, is pleased to present the opportunity to purchase Bay Harbor 97 located at 1165 & 1175 97th
Street, (the “Property”), a premier infill development site with development potential for a 31 unit luxury condo. BH 97 is located just one
Summary
block south of Kane Concourse, the main east-west arterial through Grand Harbor Islands, and a short drive to Bal Harbor and nearby
beaches.
The 22,500 sf site offers favorable zoning, which allows by right for the development of residential uses up to heights of 6 stories (65’).
BH 97 has a density potential of 31 units.
Property Highlights
Property Type: Buildable Lot
Lot size: 22,500 SF
BAY HARBOR
Condos: 31 Units
Stories: 6 Stories
Status: Proposed Construction
Level 1: 8,250 SF ( 4 units)
Opportunity Overview Level 2: 13,800 SF ( 6 units)
Level 3: 11,600 SF ( 6 units)
Level 4: 11,600 SF ( 6 units)
CBRE is pleased to exclusively offer the opportunity to acquire 1165 97th St. (Bay Harbor 97) “Property”. Proposed Sellable Square Feet:
Level 5: 9,600 SF (5 units)
Spanning two abutting parcels totaling 22,500 sf and situated in the heart of Bay Harbor Islands, BH Level 6: 7,900 SF (4 units)
97 represents a unique opportunity to acquire a mixed-use development site in a high barrier to entry Total Sellable SF: 62,750 SF
market that is experience an unprecedented development boom in mixed use and boutique luxury
condominiums.
Parking Spaces: 2 per unit, 2 levels
Parking Type: Covered
Folio # 13-2227-001-3850; 13-2227-001-3840
www.cbre-bayharbor97.com 7
Zoning Confirmation
Strong momentum
Miami-Fortin the multi-family
Lauderdale-Pompano residential
Beach, FL CBSA, Apr. 24, 2021 market
• Zoned RM-2 YOY Change
• High demand for luxury residential due to strong net immigration of
• Future Land Use Medium High Residential (34 units/acre).
SUPPLY
wealthy investors and relocating tech companies.
• Maximum Allowable density including TDRs is 60Last
units per acre.
12 Months Starts Last 12 Months Sales
•
Last 12 Months Closings
459 condo sales priced more than $1M, 1st Q 2021 (Miami Market);
• Estimated project density is 31 units 8,574 4.1% 10,217 32.3%
Inventory at an all-time9,290
low. -5.4%
• 65-foot building Hight above BFE
STARTS VS. CLOSINGS NEW HOME SALES
New Home Sales: 2019-2020 (Zonda Market Report)
Starts Closings
Located in a high barrier to entry market 13,500 1,200
1,100
12,000 1,000
10,500 900
• The Town of Bay Harbor Islands restricts project height9,000
and density 800
700
7,500
yielding small boutique projects that sell out fast. 600
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HOUSING INVENTORY
Under Construction Finished Vacant Models
22,500
18,000
13,500
9,000
4,500
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MEDIAN CLOSING PRICE
New Existing 2021 Forecast
$424,900 -18.7% $332,000 20.7% $412,398 3.9%
Unparalleled Access Excellent Development Potential
$640,000
$560,000
Located one block over from Kane Concourse, the property
$480,000 features unparalleled The site is prime for development with zoning allowing for up to 34 units/acre. Growing
$400,000
access to the main thoroughfare of Bay Harbor Islands. Bay
$320,000 Harbor 97 is also a two population trends in the immediate area and an annual household income of over $131K
$240,000
minute drive to Bal Harbor and Bal Harbor Shops. mean Bay Harbor 97 is located in the perfect market for growth.
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8 Bay Harbor 97 • Brochure
Property Survey
“ ”
www.cbre-bayharbor97.com 9
Floor Plan
- - -
0 1 ---
2 --- 3 4 ---
5 6 7
A'
5.0' UTILITY EASTMENT
A
STUDIO BAIGORRIA Design Office
601 NE 36th Street Suite 3512 - Miami FL, 33137
T: (+1)305.815.8122contact@studio-baigorria.com
B
Consultant
Address
Address
Phone
Fax
e-mail
Consultant
Address
Address
Phone
Fax
e-mail
Consultant
C Address
Address
Phone
Fax
e-mail
Consultant
Address
Address
Phone
Fax
PARKING e-mail
101
12023 SF UP
Consultant
Address
Address
Phone
UP Fax
e-mail
D
-
---
No. Description Date
E
LOBBY
100
1758 SF
F
DROPOFF
DN DN
BAY HARBOR 97
Project Name
G Unnamed
Project number Project Number
Date Issue Date
Drawn by Author
7/14/2021 10:48:16 AM
Checked by Checker
Lobby Level
A101
1 Scale 1/8" 1'-0"
1/8" 1'-0"
10 Bay Harbor 97 • Brochure
Floor Plan (Cont.)
-
0 1 2 --- 3 4 5 6 7
- -
--- ---
A'
10' - 0"
24' - 6" 27' - 0" 27' - 0" 24' - 0" 27' - 6" 10' - 0" A
STUDIO BAIGORRIA Design Office
17' - 0"
601 NE 36th Street Suite 3512 - Miami FL, 33137
T: (+1)305.815.8122contact@studio-baigorria.com
UP
32' - 4 1/16"
B
Room UNIT Consultant
UP Address
1 207 Address
44' - 0"
Phone
2639 SF 1281 SF Fax
e-mail
6' - 0"
Consultant
Address
27' - 0"
Address
Phone
Fax
e-mail
Consultant
Address
Address
UNIT Phone
Fax
206
C e-mail
1010 SF
Consultant
Address
Address
Phone
Room Fax
e-mail
2
2431 SF Consultant
STORAGE Address
Address
32' - 0"
32' - 0"
208 Phone
Fax
218 SF DN e-mail
UP
7' - 0"
14' - 6"
7' - 6 7/8"
D D
- No. Description Date
---
26' - 0"
UNIT
44' - 0"
Room UNIT
204
3 205
1655 SF
2473 SF 1324 SF E
18' - 0"
88
.9
3°
F
3' - 11 11/16"
BAY HARBOR 97
40' - 0"
Project Name
Unnamed
G Project number Project Number
Date Issue Date
Drawn by Author
7/14/2021 10:48:18 AM
Checked by Checker
1
Level 2
1/8" 1'-0"
A102
Scale 1/8" 1'-0"www.cbre-bayharbor97.com 11
Bay Harbor 97 Rendering
3D View 1
112 Bay Harbor 97 • Brochure
Front Elevation
STUD
601 NE
T: (+1)
Consulta
Top of Elev Address
79' - 6" Address
Phone
Fax
e-mail
Consulta
Address
Address
Phone
Fax
e-mail
Roof Level
65' - 0"
Consulta
Address
Address
Phone
Fax
e-mail
Consulta
Level 6 Address
51' - 8" Address
Phone
Fax
e-mail
Consulta
Address
Level 5 Address
40' - 10" Phone
Fax
e-mail
Level 4
30' - 0"
Level 3
19' - 4"
No.
Level 2
8' - 8"
Lobby Level
Street-3' - 0"
Level
-4' - 8"
South
1
1/8" 1'-0"
BA
P
FRO
Project numb
Date
Drawn bywww.cbre-bayharbor97.com 13
East Elevation
STUDIO BAIGORRIA
601 NE 36th Street Suite 35
T: (+1)305.815.8122contact@
Consultant
Address
Address
Phone
Fax
e-mail
G F E - D C B A A'
--- Consultant
Address
Address
Phone
Fax
e-mail
Top of Elev
79' - 6"
Consultant
Address
Address
Phone
Fax
e-mail
Consultant
Address
Roof Level Address
65' - 0" Phone
Fax
e-mail
Consultant
Address
Address
Phone
Fax
Level 6 e-mail
51' - 8"
Level 5
40' - 10"
Level 4 No. Description
30' - 0"
Level 3
19' - 4"
Level 2
8' - 8"
NGVT+ 9.67'
Lobby Level
Street-3' - 0"
Level
-4' - 8"
East
1
1/8" 1'-0"
BAY HARB
Project N
EAST ELEV
Project number
Date
Drawn by
Checked by
A30
Scale14 Bay Harbor 97 • Brochure
Location
Overview
2020 Population - CYE 2010-2020 Annual
Bay Harbor Islands is a small, quaint community in Miami-Dade County, Florida. It’s
is separated from the mainland by Biscayne Bay, over which the land masses are 16,550 43,015 Pop Growth Rate
connected via the Broad Causeway. 1 MI. 2 MI.
0.94%
On the mainland side, Bay Harbor Islands is bordered by the city of North Miami, while to
the east it borders the villages of Bal Harbour and Surfside. To the south lies the exclusive
village of Indian Creek.
Bay Harbor Islands is about 20 minutes’ driving distance away from Miami International
Airport, and it is situated between the larger cities of Aventura and Miami Beach. Along 2020 Households - CYE 2020 Average
a beautifully landscaped concourse in the center of town, there are plenty of great
shopping and fine dining options to enjoy. 7,513 19,450 Household Income
Also nearby is one of the most popular synagogues in the area, The Shul of Bal Harbour.
1 MI. 2 MI.
$131,090www.cbre-bayharbor97.com 15
Prime Location Affluent Community
Prime location in prestigious bay harbor Islands. Walk to beaches, world famous Bal Harbor Shops, Through 2025, the median household income across the city is projected to appreciate by 22.6% to
restaurants and top rated A+ public school. Short drive to South Beach & Sunny Isles Beach & surpass $99,500. Over the same time, median household income is slated to appreciate by 20.5%
Aventura mall. countywide and 12.6% nationwide
Competitive Condo Sales Prices
Bal Harbour Shops Redevelopment
Bay Harbor Islands favorable new condo construction pricing runs $1,000 sf as compared to nearby
Bal Harbor pricing of $2,000 sf. In May, Miami-Dade condo sales – excluding new development – Bal Harbour Shops is currently in the process of being redeveloped as the developers add 241,600
rose by about 51 percent compared to May 2019, according to reports from the Miami Association of SF of retail, including upgrades to existing stores, new shops and restaurants and an open-air dining
Realtors. The Sunny Isles Beach Ritz-Carlton project is nearly 90 percent sold with more than $650 pavilion on the second floor.
million in sales volume, including the four penthouses.
High Demand
Take advantage of high demand for land and rent in prestigious Bay Harbor Islands. Prime location,
large lot (22,500 SF) & a great opportunity to build condos, multi family units or townhomes.
Relation to Transit
The community enjoys a convenient central location, 30 minutes drive from both Miami International
Airport as well as Fort Lauderdale-Hollywood International Airport.16 Bay Harbor 97 • Brochure
Overall Miami Luxury Condo
Market Summary - Q1 2021
Overall luxury condo Inventory
Quarterly sales
price/sq. ft. up by - 8.7% shrinks to
shoot up 185.1%
YoY 18 months
Q1-2021 Miami Luxury Condo Quarterly Market Summary
Quarters Number of % Change in Median Sale % Change in Median Sp/ % change in Median of
Sales Sales Price Median Sale Sqft Median Sp/ DOM
Price Sqft
Q1-2021 459 185.1% $1,752,000 4.6% $846 8.7% 249
Q1-2020 161 185.1% $1,675,000 4.6% $778 8.7% 134www.cbre-bayharbor97.com 17
Featured Developments
Bay Harbor 97
1. Bruce Eichner’s Waterfront Development - 9201 and 9461
East Bay Harbor Drive
2 buildings; 142 units; 34 boat slips
3
1
2. Terra - 1177 Kane Concourse
98,800 sf offices; 14,900 sf commercial, 90 residential units, 2
500 parking spaces
1
3. Ambienta - 9901 West Bay Harbor Dr.
30 residential units18
Recent Developments Real Estate INC • Brochure
Bay Harbor 97
Tiffany of Bal
O Residences Harbour
Condominiums
St. Regis
Kai At Bay Harbor Bal Harbour
Resort
Moderno Grand Beach
Residences Hotel
by Bay Breeze Bay Harbor
The Landon
Hotel Miami
TRYP by
Wyndham Residence Inn by
Miami Bay Harbor Marriot
Miami Beach
Surfside
Four Seasons
Hotel at The Surf
Clubwww.cbre-bayharbor97.com 19
Bay Harbor Islands Land Sale Comparables
# LOCATION DATE ACRES SALE PRICE $ / ACRE $ / SF USE BUYER SELLER
1 9201 & 9461 E Bay Harbor Drive May-21 1.79 $29,500,000 16,480,447 $378.34 Condo Continuum Island Club Towers and Royal Club Towers
2 1135 103rd St Jan-17 1.2 $20,500,000 17,083,333 $392.18 Condo Ugo Columbo P3 Investments
Cordero
3 9901 W Bay Harbor Drive Jan-18 0.48 $3,200,000 $6,666,667 $153.05 Condo Multiple Condo Owners
(Amvienta)
Two Roads
4 9927 & 9955 E Bay Harbor Drive Jan-16 0.77 $9,000,000 11,688,312 $268.33 Condo Bruder Enterprises
Development
5 1177 Kane Concourse Jun-21 1.82 $31,500,000 17,307,692 $397.33 Mixed Terra Group Warton Equity Partners
Under
6 9900 W BayHarbor Drive 0.52 $8,500,000 16,346,154 $375.26 Condo N/A Sea Moon Inc.
Contract
Bass Harbour
7 Bay Harbor Tr. & 97th St. Dec-19 0.83 $4,100,000 $4,939,759 $113.40 Condo VIC Group LLC
LLC
8 9530 W Broadview Drive Jan-19 0.30 $3,700,000 12,333,333 $283.13 Condo Bay Harbor Land Dib Alfsonso K
AVERAGE 0.86 $12,222,222.22 14,267,185 $327.5320
Market Overview
South Florida
C A P I TA L
FIGURE 1: MONTHLY CRE CAPITAL MARKETS VOLUME – SOUTH FLORIDA
Billions
$3.0
DECEMBER - $2.6B
$2.5
Restrictive business climates on the West
$2.0
C A P Ihave
Coast and in the Northeast T Aencouraged
L $1.5
3-YR AVG - $1.2B
tech investors and entrepreneurs to seek out $1.0
FIGURE 1: MONTHLY CRE CAPITAL MARKETS VOLUME – SOUTH FLORIDA
alternative places in which to invest in and $0.5
to cultivate innovation. In 2020, the region of Billions $-
Aug-19
Dec-19
Aug-20
Dec-20
Oct-19
Oct-20
Feb-19
Apr-19
Jun-19
Feb-20
Apr-20
Jun-20
$3.0
choice became South Florida. The tropical
DECEMBER - $2.6B Source: Real Capital Analytics, CBRE Research, February 2021.
climate, a growing talent pool, world-class $2.5
infrastructure, and perhaps most importantly $2.0 FIGURE 2: TOTAL BUSINESS FUNDING ROUNDS – SOUTH FLORIDA
the lack of a state income tax have all combined
Billions
$1.5 VENTURE CAPITAL ALL OTHER SOURCES
$7.0
3-YR AVG - $1.2B
to turn on the lights and establish South Florida $1.0
$6.0
$5.0
as the new frontier. $0.5
$4.0
$3.0
$2.0
$-
Aug-19 $1.0
Dec-19
Aug-20
Dec-20
Oct-19
Oct-20
Feb-19
Apr-19
Jun-19
Feb-20
Apr-20
Jun-20
$-
2017 2018 2019 2020
Source: Crunchbase, CBRE Research, March 2021.
Source: Real Capital Analytics, CBRE Research, February 2021.
FIGURE 3: TOTAL AIRLINE PASSENGERS BY MONTH
• FIGURE
Capital has
2: TOTAL beenFUNDING
BUSINESS finding its way
ROUNDS into
– SOUTH South
FLORIDA high, with an elevated amount from venture
Millions
MIA FTL PBI
Florida at a heightened rate. The region capitalists.
2.5
Billions 2.0
has experienced aVENTURE
$7.0 waveCAPITAL ALL OTHER SOURCES
of investment from • Companies recognize South Florida as
1.5
investors seeking higher yield, but also new
$6.0 a connected global metro region, more
1.0
$5.0 0.5
capital investment such as infrastructure business-
- friendly than primary coastal
$4.0
upgrades and from venture capitalists.
$3.0 markets with restrictive regulation, and lower
Raised business capital is at a decade-long
$2.0 business
Source: taxes.
Crunchbase, CBRE Research, March 2021.In the past, moves to South
$1.0 CBRE Research | © 2021 CBRE, Inc. The drivers behind the great migration into South Florida | 6
$-
2017 2018 2019 2020
Source: Crunchbase, CBRE Research, March 2021.C O M PA N I E S
FIGURE 3: CUMULATIVE EMPLOYMENT GAIN IN FINANCE, INSURANCE,
PROFESSIONAL, SCIENTIFIC, AND TECHNICAL SERVICES – SOUTH FLORIDA
Jobs (000’s)
25
+7,100 MORE BY Q4 2023
20
15
10
5
2.6
10.4
11.5
13.0
14.0
15.2
16.3
17.3
18.2
19.2
20.1
5.8
7.9
9.1
0
(12.4)
-5
12,400 LOST IN Q2 2020
-10 RECOVERED BY Q1 2022
-15
2020 Q2
2020 Q3
2020 Q4
2021 Q1
2021 Q2
2021 Q3
2021 Q4
2022 Q1
2022 Q2
2022 Q3
2022 Q4
2023 Q1
2023 Q2
2023 Q3
2023 Q4
Source: Oxford Economics, CBRE Research, March 2021.
Florida have been balanced against the FIGURE 4: NEW-TO-MARKET OFFICE OCCUPIERS – SOUTH FLORIDA
SF (000’s)
• What is emerging as the potential game-
availability of labor – but in today’s remote 700
600
LANDED IN-MARKET changer has been the relocation of several
world, that balance has been shifted. In the 500 tech venture capitalists who are establishing
meantime, the talent pool in South Florida 400
300
new investment entities with South Florida
M PA N I E S continues to grow, even during the pandemic. 200 addresses. This has attracted a vibrant media
buzz from both traditional outlets and social
100
FIGURE 3: CUMULATIVE EMPLOYMENT GAIN IN FINANCE, INSURANCE,
PROFESSIONAL, SCIENTIFIC, AND TECHNICAL SERVICES – SOUTH FLORIDA 0
Jobs (000’s)
25
2018 2019
Source: CBRE Research, March 2021.
2020 2021 2022+
media platforms.
+7,100 MORE BY Q4 2023
20
• People are also investing in South • A lessening supply of single-family homes will
help keep multifamily assets at high occupancy.
CBRE Research | © 2021 CBRE, Inc. The drivers behind the great migration into South Florida | 9
15
10
Florida. The lack of a state income tax
5 is enticing people into the region, in the • Investment fundamentals have been solid,
2.6
10.4
11.5
13.0
14.0
15.2
16.3
17.3
18.2
19.2
20.1
form of remote workers who are seeking a
5.8
7.9
9.1
0
with active capital markets activity. Miami
(12.4)
-5
12,400 LOST IN Q2 2020 higher quality of life, and by high- wealth specifically will be in the top ten over the next
-10 RECOVERED BY Q1 2022
-15
households who continue to relocate and two years in absorption rate and vacancy
expand in the area. decrease.
2020 Q2
2020 Q3
2020 Q4
2021 Q1
2021 Q2
2021 Q3
2021 Q4
2022 Q1
2022 Q2
2022 Q3
2022 Q4
2023 Q1
2023 Q2
2023 Q3
2023 Q4
Source: Oxford Economics, CBRE Research, March 2021.
FIGURE 4: NEW-TO-MARKET OFFICE OCCUPIERS – SOUTH FLORIDA
SF (000’s)
700
LANDED IN-MARKET
60022 Bay Harbor 97 • Brochure
SOUTH FLORIDA TENANT MIGRATION
NEW AND EXISTING TENANTS OVER 10,000SF THAT HAVE MIGRATED TO SFL MARKET 2018-2020
MINNESOTA NEW YORK
EXISTING TENANT
IN THE MARKET
14,862 SF 18,700 SF 42,000 SF 14,000 SF 35,000 SF 23,463 SF
FINANCIAL SERVICES FINANCIAL SERVICES FINANCIAL SERVICES FINANCIAL SERVICES FINANCIAL SERVICES REAL ESTATE
WASHINGTON
PENNSYLVANIA NEW JERSEY
WASHINGTON
FINANCIAL SERVICES
NEW HAMPSHIRE MAINE
10,000 SF 20,000 SF
MONTANA
NORTH DAKOTA VERMONT
LAW FIRM HEALTHCARE
MASSACHUSETTS
MINNESOTA
OREGON
10,717 SF IDAHO WISCONSIN
FINANCIAL SERVICES SOUTH DAKOTA NEW YORK
WYOMING MICHIGAN RHODE ISLAND 11,681 SF
CONNECTICUT HEALTHCARE
IOWA PENNSYLVANIA
NEBRASKA NEW JERSEY
NEVADA
CALIFORNIA OHIO
VIRGINIA
INDIANA DELAWARE
UTAH ILLINOIS
MARYLAND
COLORADO WEST
VIRGINIA
CALIFORNIA
VIRGINIA
KANSAS MISSOURI
KENTUCKY
12,281 SF NORTH
TECHNOLOGY CAROLINA
TENNESSEE FINANCIAL SERVICES
ARIZONA OKLAHOMA
SOUTH
ARKANSAS CAROLINA
NEW MEXICO
MISSISSIPPI
ALABAMA
GEORGIA OUTSIDE U.S.
12,014 SF
TECHNOLOGY
DA
TEXAS
LOUISIANA
I
TEXAS 40,000 SF
LOR
FLO
HEALTHCARE
RID
A
TH F
10,000 SF 61,362
TECHNOLOGY MEDICAL AIR
TRANSPORTATION
SOU
NORTH FLORIDA
20,000 SF
TECHNOLOGY
19,852 SF 75,000 SF 21,973 SF 10,000 SF 15,885 SF
FINANCIAL SERVICES FINANCIAL SERVICES FINANCIAL SERVICES FINANCIAL SERVICES FINANCIAL SERVICESwww.cbre-bayharbor97.com 23
SOUTH FLORIDA TENANT MIGRATION
BILLIONAIRES MIGRATING TO SOUTH FLORIDA
ILLINOIS NEW YORK
TOM BRADY
JEFF ARONIN & GISELE JON ORINGER
NET WORTH (N/A)
ORLANDO BRAVO NET WORTH (N/A)
BIOTECH VENTURE
NET WORTH (N/A) BÜNDCHEN TECH VENTURE
PRIVATE EQUITY NET WORTH (N/A) CAPITALIST
CAPITALIST NFL/ENTERTAINMENT
WASHINGTON
NEW HAMPSHIRE MAINE
MONTANA
NORTH DAKOTA VERMONT
MASSACHUSETTS
MARYLAND
MINNESOTA
OREGON
IDAHO
SOUTH DAKOTA
WISCONSIN
NEW YORK JARED KUSHNER &
WYOMING MICHIGAN RHODE ISLAND
IVANKA TRUMP
NET WORTH (N/A)
CONNECTICUT
POLITICAL
IOWA PENNSYLVANIA
NEBRASKA NEW JERSEY
NEVADA
OHIO
INDIANA DELAWARE
UTAH ILLINOIS
MARYLAND
COLORADO WEST
VIRGINIA
CALIFORNIA
VIRGINIA
KANSAS MISSOURI
KENTUCKY
NORTH
CAROLINA
TENNESSEE
ARIZONA OKLAHOMA
SOUTH
ARKANSAS CAROLINA
NEW MEXICO
GEORGIA
MISSISSIPPI
ALABAMA
TEXAS
LOUISIANA
CALIFORNIA
FLO
DA
RID
A
DAVID BLUMBERG KEITH RABOIS
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NET WORTH (N/A) NET WORTH (N/A)
TECH VENTURE TECH VENTURE
CAPITALIST CAPITALIST
TH F
SOU
OUTSIDE U.S.
SHERVIN
PISHEVAR
NET WORTH (N/A)
TECH VENTURE
CAPITALIST24 Bay Harbor 97 • Brochure
OFFERING PROCESS
BH BAY HARBOR 97, LLC (the “Seller”) has retained accounting, tax, engineering, planning and other time without the prior written consent of the Seller and
CBRE on an exclusive basis to arrange for the sale advice as necessary. If any information relating to the CBRE. It is made available to prospective purchasers
of Spoonbill Reserve situated in Vero Beach, FL in Property, in addition to the information provided in this for information purposes only and upon the express
eastern Indian River County. COM, is provided at any time, orally or otherwise, by understanding that such prospective purchasers will
the Seller or CBRE or anyone acting on their behalf, use it only for the purposes set forth herein. Upon
OFFERING MEMORANDUM CONTENTS such information is provided as a convenience only request, the recipient will promptly return all material
without representation or warranty as to its accuracy received from the Seller and CBRE (including the COM)
This Confidential Offering Memorandum (“COM”) is
or completeness and such information should not without retaining any copies thereof. In furnishing the
being delivered to prospective purchasers to assist
be relied upon by prospective purchasers without COM, the Seller and CBRE undertake no obligations
them in deciding whether they wish to acquire the
independent investigation and verification. to provide the recipient with access to additional
Property. This COM does not purport to be all inclusive
information. The division of the COM into sections,
or to contain all the information that a prospective CONFIDENTIALITY paragraphs, sub-paragraphs and the insertion or use
purchaser may require in deciding whether or not to
of titles and headings are for convenience or reference
purchase the Property. By accepting this Confidential Offering Memorandum
only and shall not affect the interpretation of this COM.
This COM is for information and discussion purposes (“COM”), prospective purchasers agree to hold
only and does not constitute an offer to sell or the and treat this COM and its contents in the strictest INDEMNIFICATION
solicitation of any offer to buy the Property. The COM confidence. Prospective purchasers will not, directly or
provides selective information relating to certain indirectly, disclose or communicate or permit anyone In exchange for specific good and valuable consideration
portions of the physical, locational and financial else to disclose or communicate this COM or any of its provided by the Seller and CBRE, including without
characteristics of the Property. contents or any part thereof to any person, firm or entity limitation, the delivery of this COM, the receipt and
The information on which this COM is based has been without the prior written consent of the Seller and sufficiency of which is hereby acknowledged by the
obtained from various sources. Neither the Seller Purchasers. prospective purchasers, prospective purchasers hereby
nor CBRE make any representations, declarations Prospective purchasers will not use or permit this COM agree to indemnify the Seller and CBRE, and their
or warranties, express or implied, as to the accuracy to be used in any manner detrimental to the interests affiliates against any compensation, liability or expense
or completeness of the information or statements of the Seller or CBRE or their affiliates or for any other (including attorneys’ fees), arising from claims by any
contained herein or otherwise and such information or purpose than a proposed purchase of the Property. The other party the purchaser had dealings with (excluding
statements should not be relied upon by prospective recipient of this COM agrees to provide CBRE with a list CBRE) in connection with the sale of the Property, or in
purchasers without independent investigation and of those persons to whom this COM or any information connection with a breach by the prospective purchaser
verification. The Seller and CBRE expressly disclaim any contained herein is provided. The terms and conditions of its obligations as described herein. In no event
and all liability for any errors or omissions in the COM in this Section with respect to confidentiality and the shall any prospective purchaser or any of its agents
or any other written or oral communication transmitted disclaimer contained under the heading “Memorandum or contractors contact any governmental authorities
or made available to prospective purchasers. Contents” will relate to all Sections of the COM as if concerning the Property, or make any physical
Prospective purchasers should conduct their own stated independently therein. inspection or testing of the Property, without the prior
independent investigation and verification of the The COM shall not be copied, reproduced or written consent of the Seller or CBRE.
information provided herein, and should seek legal, distributed, in whole or in part, to other parties at anyPROPOSALS
Interested parties are invited to submit a proposal that addresses the PROPOSALS SUBMISSIONS
requirements outlined below. From the submissions, one or more of the
proposals may be short listed to proceed to the next stage of the process Neither the Seller nor CBRE make any representation, warranty, or any
where it is the intent of the Seller to enter into a binding Agreement of agreement whatsoever, that the Seller will accept any of the LOI’s, before
Purchase and Sale for all or part of the Property. None of the submissions, or after negotiations, which may be extensive, or, that the Seller, or CBRE,
regardless of their form and content, will create any binding legal shall compensate any participant for any costs incurred in its participation
obligations upon the Seller or CBRE. All participants in the process do so in the process. Offers will be evaluated, among other criteria, on the
of their own accord. Neither the Seller nor CBRE make any representation consideration offered for the Property, the prospective purchaser’s ability
or warranty, or any agreement whatsoever, that the Seller will accept any to complete the transaction and the proposed terms of closing.
Agreement of Purchase and Sale, before or after negotiations, which may
be extensive; that the Seller will accept the highest or any price offered or, Prospective purchasers are additionally advised of the following:
that the Seller or CBRE, shall compensate any participant for any costs
incurred in its participation in the process Proposals will be accepted at the following address:
PROPOSALS / LETTER OF INTENT GUIDELINES CBRE
401 East Las Olas Blvd., Suite 1500
The proposal should be in the form of a non-binding Letter of Intent Fort Lauderdale, Florida 33301
(“LOI”). The Proposal should outline the terms for the purchase of the Attention: Chris Wood / Jason Spalding
Property and should include the following information:
• Purchase price or via email to:
• Proposed closing date Christopher Wood
• An indication of any material terms or conditions required by the christopher.wood@cbre.com
Purchaser
• Names of the ultimate beneficial owners of the Property, including their Following the submission of the Proposals, the Seller and CBRE may
respective percentage interests negotiate with the prospective purchaser(s) whose agreement(s) is
• Amount and timing of proposed deposits judged to be most attractive to the Seller, in its sole discretion. At any time
• Adequate evidence of the Purchaser’s financial ability to complete the prior to entering into a Purchase and Sale Agreement(“PSA”), the Seller
transaction may request additional information from interested parties relevant to
• A single point of contact including phone number, mailing address, and the transaction. Failure to provide such information on a timely basis may
email address for the delivery of notices result in termination of discussions. The Seller reserves the right to end the
sale process or to cease discussions with any and all parties at any time
prior to entering into a PSA without liability. In its sole discretion, the Seller
reserves the right to remove the Property from the market and to alter the
offering process described above and timing thereof, at any time or times.26 Bay Harbor 97 • Brochure
A property website has been set up for this transaction within CBRE’s Deal Flow
platform. Prospective purchasers can visit the website at: SALE CONDITIONS
BAY HARBOR 97 WEBSITE The Property and any fixtures, chattels and equipment included with the
Property are to be purchased on an “as is, where is” basis and there is no
warranty, express or implied, as to title, description, zoning, condition, cost,
www.cbre-bayharbor97.com size, quantity or quality thereof and without limiting the foregoing, any and all
conditions or warranties expressed or implied.
Any information related to the Property, which has been or will be obtained
BAY HARBOR 97 PROPERTY VIDEO from the Seller or CBRE or any other person has been prepared and provided
solely for the convenience of the prospective purchaser. Neither the Seller nor
CBRE make any representation or warranty that such information is accurate or
https://vimeo.com/582282093/cc122eb0c5 complete. Such information shall not form part of the terms of an agreement
of purchase and sale, unless otherwise specifically agreed to in writing by the
Seller.
Access to the due diligence and confidential information in both the website
and Virtual Deal Room (VDR) is restricted to those who have executed a
Confidentiality Agreement (CA). The website will contain the following
information relative to the Property where available and applicable. Additional PROPERTY TOURS
documents and materials may be posted to the VDR over the course of the
Bay Harbor 97 is available for an area tour and viewing by advance appointment
marketing process.
only. Please contact either of the following CBRE agents to schedule a property
tour.
VIRTUAL DEAL ROOM (VDR) – DUE DILIGENCE
The Virtual Deal Room (VDR) contains the following information:
» Bay Harbor 97 OM CBRE AGENT
» Architectural Plans All inquiries regarding the Property or any information contained in this COM
» Renderings should be directed to CBRE as exclusive agents for the Seller. For further
information, please contact:
» Survey
Christopher Wood
» Rent Roll
Senior Vice President
» Zoning Confirmation Letter Transaction & Advisory Services
» Deed O: +1 954 745 5852
E: christopher.wood@cbre.com
» Land Use and Zoning Reportwww.cbre-bayharbor97.com 27
CBRE, Inc. operates within a global family of This Memorandum contains selected information of this Memorandum or use of its contents; and
companies with many subsidiaries and/or related pertaining to the Property and does not purport you are to rely solely on your investigations and
entities (each an “Affiliate”) engaging in a broad to be a representation of the state of affairs of inspections of the Property in evaluating a possible
range of commercial real estate businesses the Property or the owner of the Property (the purchase of the real property.
including, but not limited to, brokerage services, “Owner”), to be all-inclusive or to contain all or part
property and facilities management, valuation, of the information which prospective investors may The Owner expressly reserved the right, at its
investment fund management and development. require to evaluate a purchase of real property. All sole discretion, to reject any or all expressions of
At times different Affiliates may represent various financial projections and information are provided interest or offers to purchase the Property, and/or
clients with competing interests in the same for general reference purposes only and are based to terminate discussions with any entity at any
transaction. For example, this Memorandum on assumptions relating to the general economy, time with or without notice which may arise as a
maybe received by our Affiliates, including CBRE market conditions, competition and other factors result of review of this Memorandum. The Owner
Investors, Inc. or Trammell Crow Company. Those, beyond the control of the Owner and CBRE, Inc. shall have no legal commitment or obligation to
or other, Affiliates may express an interest in the Therefore, all projections, assumptions and other any entity reviewing this Memorandum or making
property described in this Memorandum (the information provided and made herein are subject an offer to purchase the Property unless and until
“Property”) may submit an offer to purchase the to material variation. All references to acreages, written agreement(s) for the purchase of the
Property and may be the successful bidder for the square footages, and other measurements are Property have been fully executed, delivered and
Property. You hereby acknowledge that possibility approximations. Additional information and an approved by the Owner and any conditions to the
and agree that neither CBRE, Inc. nor any involved opportunity to inspect the Property will be made Owner’s obligations therein have been satisfied or
Affiliate will have any obligation to disclose to available to interested and qualified prospective waived.
you the involvement of any Affiliate in the sale purchasers. In this Memorandum, certain
or purchase of the Property. In all instances, documents, including leases and other materials, By receipt of this Memorandum, you agree that
however, CBRE, Inc. will act in the best interest are described in summary form. These summaries this Memorandum and its contents are of a
of the client(s) it represents in the transaction do not purport to be complete nor necessarily confidential nature, that you will hold and treat it
described in this Memorandum and will not act in accurate descriptions of the full agreements in the strictest confidence and that you will not
concert with or otherwise conduct its business in referenced. Interested parties are expected to disclose this Memorandum or any of its contents
a way that benefits any Affiliate to the detriment review all such summaries and other documents to any other entity without the prior written
of any other offer or prospective offer or, but rather of whatever nature independently and not rely on authorization of the Owner or CBRE, Inc. You also
will conduct its business in a manner consistent the contents of this Memorandum in any manner. agree that you will not use this Memorandum or
with the law and any fiduciary duties owed to the any of its contents in any manner detrimental to
client(s) it represents in the transaction described Neither the Owner or CBRE, Inc, nor any of the interest of the Owner or CBRE, Inc.
in this Memorandum. their respective directors, officers, Affiliates
or representatives make any representation or If after reviewing this Memorandum, you have no
This is a confidential Memorandum intended solely warranty, expressed or implied, as to the accuracy further interest in purchasing the Property, kindly
for your limited use and benefit in determining or completeness of this Memorandum or any return this Memorandum to CBRE, Inc.
whether you desire to express further interest in of its contents, and no legal commitment or
the acquisition of the Property. obligation shall arise by reason of your receiptBAY HARBOR
1165-1175 97th Street
Bay Harbor Islands, FL 33154
CHRISTOPHER WOOD JAQUANNE PETERSON
Senior Vice President Client Service Coordinator
O +1 954 745 5852 O +1 786 838 8349
C +1 954 816 2715 C +1 786 838 8349
christopher.wood@cbre.com jaquanne.peterson@cbre.com
© 2021 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified
for ac-curacy or completeness. You should conduct a careful, independent investigation of the property and verify all information.
Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks
displayed on this document are the property of their respective owners, and the use of such logos does not imply any affiliation with
or endorsement of CBRE. Photos herein are the property of their respective owners. Use of these images without the express written
consent of the owner is prohibited. PM-Studio_June2021You can also read
