multi-tenant, 32,968± rsf class a office building...multi-tenant, 32,968± rsf class a office...
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Multi-Tenant, 32,968± RSFClass A Office Building
1700 SE 17th StreetOcala, FL 34471
REGIONSCENTER
Joe Rossi, CCIMExecutive Managing DirectorRossi-Campton Investments Team+1 407 362 [email protected]
TJ Campton, CCIMBroker AssociateRossi-Campton Investments Team+1 407 362 [email protected]
O F F E R E D & P R E PA R E D BY
Mackenzie Daugherty, CPMC, CPRCLicensed Client Services CoordinatorRossi-Campton Investments Team+1 407 362 [email protected]
Offering BrochureUpdated January 2020
FOR S A L E | 1700 SE 17TH STREET www.Regions-Center.com
FOR S A L E | 1700 SE 17TH STREET www.Regions-Center.com
Colliers International, as owner’s exclusive advisor, is pleased to offer for sale the leased fee interest in Regions Center (the “Property”) located in Ocala, Florida. Regions Center is a Class A 32,968-square-foot, three-story office building constructed in 2000 on 3.78 acres.
The Property is superiorly located within Deerwood Professional Center office park, an area with more than 200,000 square feet of Class A and B office space within 0.25 miles. The Property carries an excellent reputation as being the nicest Class A office building in Ocala with outstanding visibility from State Road 464 (33,500+ AADT) and ample parking for a variety of tenants.
Regions Center is being offered at a time where investors can purchase it as a rare value-add opportunity with significant upside potential. Regions Bank, which occupies the entire first floor, will completely vacate their 11,831-square-foot second floor space in May 2020. No other tenant is set to expire in the building until September 2021. Subsequently, the remaining in-place cash flows will provide stability to investors as they use their first hold year to re-lease the second floor in an extremely tight office area with just 5.6% vacancy.
Address 1700 SE 17th Street Ocala, FL 34471
Jurisdiction City of Ocala
Rentable SF 32,968± RSF
Parcel Size 3.78± AC
Year Built 2000
Parking Ratio 160± spaces (4.85/1,000 SF)
Tenants Regions Bank - Occupying 34.5%
Banker’s Life Insurance - Occupying 11.9%
AutoOwners - Occupying 11.9%
REDUCED ASKING PRICE $6,950,000 $6,600,000 $200 per RSF
PROPERTY SUMMARY
THE OFFERING
REGIONSCENTER
Irreplaceable Real Estate & Features > The Property is located in Deerwood Professional Center office park. The Property carries a well-known reputation among investors, tenants and brokers as being the nicest Class A office in the trade area.
> Regions Center is surrounded by a number of medical office buildings and tenants. This offers the potential for the future 11,831+ SF vacancy to be backfilled by 1-2 larger tenants at higher rents.
> Regions Center is offered at just $200 PSF, which is well below the replacement cost of $247 PSF.
> The Property offers excellent visibility and exposure from State Road 464 with more than 33,500 cars passing by daily.
Established Credit Tenant Base > Approximately 57.6% of the building is leased to creditworthy tenants.
> Regions Bank currently occupies 34.5% of the building and has a long-term rating of A- by Standard & Poor’s. Regions Bank recently signed a new 5-year extension of their lease term on their first-floor space.
> Banker’s Life Insurance Company occupies 11.9% of the space. Banker’s Life is also a creditworthy tenant with a credit rating of BBB+ by Standard & Poor’s. Banker’s Life Insurance Company signed a 5-year lease on the third floor totaling 3,520 RSF.
> AutoOwner’s Insurance occupies 11.9% of the space and has an A++ rating by A.M. Best Company, also making them a credit worthy tenant. AutoOwner’s lease expires August 2021.
Rare Value-add Opportunity > The entire second floor of Regions Center is newly available. This offers an excellent opportunity for an owner-user to purchase the building and occupy the entire floor.
> Excluding the second floor, none of the building’s rented square footage is set to expire before August 2021. The asset’s in-place cash flows will provide stability to any investor who purchases the asset with plans to re-lease the second floor.
> Office submarket vacancy within one mile stands at 5.69% with 875,000 SF of total inventory, offering investors substantial upside and potential to lease the Property to market occupancy.
> AutoOwners is leased at below-market rental rates, which can be increased at higher market rents as rates continue to climb into 2021.
INVESTMENT HIGHLIGHTS
FOR S A L E | 1700 SE 17TH STREET www.Regions-Center.com
No corporate income tax on limited partnerships.
No corporate income tax on subchapter S-corporations.
No state personal income tax guarenteed by constitutional provision.
No corporate franchise tax on capital stock.
No state-level property tax assessed.
No property tax on business inventories.
No property tax on goods-in-transit for up to 180 days.
No sales and use tax on goods manufactured or produced in Florida for export outside the state.
No sales tax on purchases of raw materials incorporated in a final product for resale, including non-reusable containers or packaging.
No sales/use tax on co-generation of electricity.
FLORIDA OFFERS SALES & USE TAX EXEMPTIONS ON... > Machinery and equipment used by a new or expanding Florida business to
manufacture, produce or process tangible personal property for sale.
> Labor, parts and materials used in repair of and incorporated into machinery and equipment.
> Electricity used in the manufacturing process.
> Certain boiler fuels (including natural gas) used in the manufacturing process.
> Semiconductor, defense and space technology-based industry transactions involving manufacturing equipment.
> Machinery and equipment used predominantly in research and development.
> Labor component of research and development expenditures.
> Commercial space activity — launch vehicles, payloads and fuel, machinery and equipment for production of items used exclusively at Spaceport Florida.
> Aircraft parts, modification, maintenance and repair, sale or lease of qualified aircraft.
> Production companies engaged in Florida in the production of motion pictures, made for television motion pictures, television series, commercial music videos or sound recordings.
FLORIDA HAS...
HOST TO REGIONAL AND HEMISPHERIC HEADQUARTERS OF NATIONAL & GLOBAL COMPANIES
BUSINESS CLIMATE
9.5MILLION
INWORKFORCE
QUALITY OF LIFE
FLORIDA’SBUSINESS ADVANTAGES
TRADE
INFRASTRUCTURE
DEEP-WATERSHIPPING PORTS
BRIGHTLINE, SUNRAIL, AMTRAK
CSXT, FCEN
SEVERAL EXTENSIVE HIGHWAY NETWORKS
131 INT’L AIRPORTS
WORKFORCE
AS WELL AS A VIBRANT INTERNATIONAL BANKING CENTER
TALENT PIPELINE IS CONSISTENTLY RANKED AMONG THE BEST IN THE
NATION
ONE OF THE WORLD’S MOST EXTENSIVE MULTI-MODAL TRANSPORTATION SYSTEMS
AS WELL AS SEVERAL HUBS THAT ALLOW FOR HIGH-SPEED DATA TRANSMISSION FROM AROUND THE U.S. TO EUROPE, LATIN AMERICA & AFRICA
FAVORABLE BUSINESS TAX STRUCTURE & GOVERNMENT POLICIES
COMPETITIVE COST OF DOING BUSINESS
STREAMLINEDREGULATORY ENVIRONMENT
COST OF LIVINGCULTURE
RECREATIONWEATHER
FOR S A L E | 1700 SE 17TH STREET www.Regions-Center.com
Colliers International255 South Orange Avenue | Suite 1300
Orlando, FL 32801P: +1 407 843 1723
This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2019. All rights reserved.
FOR SALE | www.Regions-Center.com
Joe Rossi, CCIMExecutive Managing DirectorRossi-Campton Investments Team+1 407 362 [email protected]
TJ Campton, CCIMBroker AssociateRossi-Campton Investments Team+1 407 362 [email protected]
Mackenzie Daugherty, CPMC, CPRCLicensed Client Services CoordinatorRossi-Campton Investments Team+1 407 362 [email protected]
FOR S A L E | 1700 SE 17TH STREET VIEW ONLINE