Property tours will take place on Thursday, June 8th and June 15th from 10:30am to 2:30pm, by appointment ONLY. Please contact Alan Sperling to schedule at alan.sperling@avisonyoung.com or 561-833-3622. Investment Highlights: ±158,300 SF mixed-use business park in Ft. Pierce, Florida Flexible zoning allowing for multiple uses with development opportunity of vacant ±1.4 AC In-place cash flow with value-add potential with lease up of available ±95,589 SF Adjacent to I-95 interchange and 1/2 mile from Turnpike interchange Available and affordable workforce in the vicinity Investment Overview: Avison Young (“AY”) is pleased to exclusively offer for sale Florida Nexus Park (the “Property”), a ±153,550 square foot mixed-use office and retail center in Fort Pierce, FL. The offering represents the opportunity to acquire an extremely well-located property with in-place income and significant upside through lease-up of the vacant space. The Property is strategically positioned just off of Okeechobee Road (State Road 70) with high visibility and easy access to major highways. Located immediately to the east of the Property is Interstate 95, Florida’s primary north/south arterial roadway, while half a mile to the west is the Florida Turnpike interchange. Due to length of vacancy, any successful bidder must submit re-development plans to the city for a zoning variance and other approvals. Please see the due diligence vault for additional information. Click here for Springfield Illinois Code of Ordinances Originally constructed in 1988 on more than 18 acres of land, with an additional ±1.4 acre outparcel, the Property is currently ±37.7% occupied with tenants that include Comcast, Maximus and Drawdy Construction. Current zoning allows for multiple uses including but not limited to office, showroom, retail, call center and distribution uses. At the City Commission meeting on February 17, 2009, our property owned by the seller was granted Conditional Use approval allowing it to operate as a biotech research facility (see due diligence vault). This conditional use approval allows various light manufacturing uses also. This flexible zoning awards the potential investor the ability to tailor the lease-up of the Property and target the tenant mix of their preference, or redevelop the Property completely. The Port St. Lucie/Fort Pierce Office market has continued to show improvement throughout the first quarter of 2017. With nearly 9.8 million square feet of office space in the market, vacancy in the first quarter of 2017 been pushed down to 8.2%, or 100 bps below where it was just 12 months earlier in the first quarter of 2016. The retail market is the strongest it has been since 2011, with solid fundamentals all around. The vacancy rate has continued to trend downward from 4.7% at year-end 2016 to 4.6% in 2017’s first quarter. With occupancy at ±37.7%—in a market that has vacancy rates of 4.6% and 8.2% for office and retail, respectively —and solid in-place income with historically low operating expenses, Florida Nexus Park is an investment opportunity that will not only produce long-term cash flow for the owner, but also offer significant value enhancement potential through the lease-up of the vacant space.
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