AMTEC CENTER
BOCA R ATON,FL ORIDA
Spanish River Boulevard
Yamato Road
u
e
NW 7th A v e n
Park Commerce Boulevard
Broken Sound Parkway NW
Broken Sound Way
Avenue
Congress
Ri
oT
ra
il
AMTEC 10
El
ATLANTIC
AMTEC
5, 6, & 7
AMTEC 4
AMTEC 3
st
Ea
er
g
Ro
AMTEC 2
Ci
le
rc
S E V E N C L A S S B ▪ O F F I C E ▪ F L E X ▪ S E RV I C E B U I LNW
D I65th
N G Street
S ▪ TOTA L I N G 2 8 6 , 0 0 4 S F
OFFERING SUMMARY
AMTEC CENTER
BOCA RATON,FLORIDA
Holliday Fenoglio Fowler, L.P. (“HFF”) has been retained to exclusively offer qualified investors the rare opportunity to acquire Amtec
Center (the “Property”), a trophy flex/office business park in the Arvida Park of Commerce situated in Boca Raton, Florida. The Property
consists of seven (7) office/flex/service buildings totaling 286,004 square feet of Class B space. Six (6) of the seven (7) properties are on
adjacent parcels that total 18.1 acres of land with excellent visibility along the West side of Congress. One building (Amtec 10) is located
in close proximity on the East side of Congress Avenue and sits on roughly 5.0 acres of land.
AMTEC CENTER SUMMARY
Building
Bldng 2
Bldng 3
Bldng 4
Bldng 5 & 7
Bldng 6
Bldng 10
TOTAL
Office
SF
48,924
53,535
40,462
52,983
16,376
52,628
264,908
Service
SF
%
93%
93%
100%
100%
94%
81%
93%
3,944
4,073
0
0
979
12,100
21,096
%
Total SF
7%
7%
0%
0%
6%
19%
7%
52,868
57,608
40,462
52,983
17,355
64,728
286,004
Occupied
SF
37,124
52,587
40,462
31,223
14,040
59,843
235,579
%
70%
91%
100%
59%
81%
92%
82%
Vacant
SF
15,744
5,021
0
21,760
3,315
4,885
50,425
Floor SF
1st
%
30%
9%
0%
41%
19%
8%
18%
35,076
35,398
40,462
33,662
17,355
64,728
226,681
2nd
Total of
Tenants
Total of
Vacancy
Avg. Suite
Size
17,792
22,210
0
19,321
0
0
59,323
11
10
1
4
1
11
38
9
3
0
7
1
1
21
2,203
4,431
40,462
3,532
2,893
4,315
3,865
COVETED ARVIDA PARK OF COMMERCE LOCALE
NNN LEASES PROVIDE INFLATION PROTECTION
Amtec Center is located at the epicenter of Palm Beach County’s
premier business park, the Arvida Park of Commerce (APOC). Widely
regarded as a model for how successful business parks should be
developed, APOC as it is known, is THE premier business setting in
Palm Beach County.
The Property is comprised primarily of triple net leases, which
provide for a full pass-through of operating expenses and real estate
taxes, significantly limiting the risk of expense recovery slippage.
RARE MARKETED OPPORTUNITY
Properties within the 8.75M square feet APOC are rarely available for
sale to investors. Amtec Center offers the most significant strategic
flex park in South Florida.
2 | HFF
DIVERSIFIED TENANT MIX
No tenant occupies more than 15% of the property which reduces
risk and makes financing much easier. AMTEC’s largest tenant, a
nationally recognized college only leases 40,000 SF (14%) and does
not expire until 2020. The second largest tenant occupies 17,000
SF, a mere 6% of the overall square footage.
INVESTMENT HIGHLIGHTS
IDEAL AND CONSISTENT ROLL-OVER
SCENIC VIEWS & TRANQUIL SETTINGS
The low and consistent roll-over schedule allows a new operator
to perform capital improvements, increase rents yet still receive
dependable income. In the first 4 years, the highest percentage of
roll is only 18%. Further, of the top 10 largest tenants, only 27,000 SF
roll in the first two years.
APOC benefits from an abundance of trees and generous setbacks of the buildings. Congress Avenue is lined with lush mature
landscaping that is inviting to potential and existing tenants. APOC
is truly a model for success.
QUALITY NEIGHBORS
Lease Expirations
RSF (000's)
Cumulative %
100%
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
80%
60%
40%
APOC is not only home to many corporate headquarters, but ownerusers also have a stake in the park. What few properties are held
for investment, there is a great mix of private, high net worth owners
as well as many institutions such as BlackRock, KTR, Cabot, Exeter,
Lexington Realty Trust, and Liberty Property Trust.
20%
2016
2017
2018
2019
2020
RSF Expiring
45,126
51,334
42,115
26,315
70,389
% Total of RSF
15.8%
17.9%
14.7%
9.2%
24.6%
Cummulative %
15.8%
33.7%
48.5%
57.7%
82.3%
0%
OCCUPANCY OUTPERFORMS ITS COMPETITION
Relative to its peer set of single story office, flex, and light industrial
buildings, Amtec has consistently outperformed its competition. The
current 90% occupancy is sitting comfortably at its long term average.
Amtec Occupancy vs Mirco-Market Occupancy
2004-2014
100%
95%
90%
85%
80%
Amtec Occupancy
2014 3Q
2014 1Q
2013 3Q
2013 1Q
2012 3Q
2012 1Q
2011 3Q
2011 1Q
2010 3Q
2010 1Q
2009 3Q
2009 1Q
2008 3Q
2008 1Q
2007 3Q
2007 1Q
2006 3Q
2006 1Q
2005 3Q
2005 1Q
2004 3Q
2004 1Q
75%
Micro-Market Occupancy
Micro-Market defined as 1-2 story office and flex buildings over 10,000 SF within a 5 mile radius.
HFF | 3
AMTEC CENTER
BOCA RATON,FLORIDA
HIGHWAY AND ACCESS IMPROVEMENTS
AFFLUENT & HIGHLY EDUCATED COMMUNITY
The Florida Department of Transportation is undergoing a $68M
interchange just south of Yamato Road at Spanish River Boulevard
and I-95. This new interchange includes widening Spanish River
Boulevard west of FAU Boulevard, constructing 13 bridges between
Spanish River Boulevard and Yamato Road, signalized intersection
improvements and the addition of auxiliary lanes on Yamato Road,
and sound wall construction along Yamato Road and on the east
side of I-95 north of Yamato Road. This will alleviate I-95 congestion
around Yamato Road due to the growth of Florida Atlantic University
(FAU) just south of Amtec Center.
Once simply known as a destination for vacationers and retirees,
Boca Raton has evolved into a center of high technology and is
now the national and regional headquarters of many corporations.
These companies have attracted young professionals to the area,
leading to a highly educated population with an average household
income of $89,925. Additionally, with its many luxury golf course
and waterfront residential communities, Boca Raton boasts the
second highest average home price in the County, behind Palm
Beach. Homes in these exclusive communities can exceed $18
million and attract the decision makers for some of South Florida’s
largest corporate, legal and financial firms.
BELOW REPLACEMENT COST
The Property will trade at a discount to replacement cost, which
exceeds $175 per square foot.
HIGH VISIBILITY WITH EASY ACCESSIBILITY
Located in the affluent city of Boca Raton, the Property has a
“main and main” location along Congress Avenue, less than a mile
North of Yamato Road and exactly one mile from the Yamato/I-95
interchange. Amtec Center benefits from an exceptional location
which averages nearly 28,000 vehicles per day along Congress
Avenue. One of the main north-south service thoroughfares of Boca
Raton, the divided four-lane commercial roadway offers access to a
myriad of office buildings in the area as it parallels the Interstate 95,
which averages 186,500 vehicles per day.
4 | HFF
INVESTMENT HIGHLIGHTS
UNENCUMBERED BY EXISTING DEBT
The Property is being offered on a free and clear basis, which allows an investor to take advantage of today’s strong lending markets to
generate significant levered returns.
ACCESSIBILITY OF TRI-RAIL & OTHER PUBLIC TRANSPORTATION
The Tri-Rail is South Florida’s only North/South commuter train that spans all 3 South Florida counties and
includes 17 stops. The Boca Raton station is situated one mile south of Amtec Center. Additionally there is
an APOC shuttle stop immediately in front of Amtec Center.
HFF | 5
AMTEC CENTER
BOCA RATON,FLORIDA
ADDITIONAL INFORMATION
FINANCIAL OVERVIEW
If you have any questions or require additional information, please contact
the individuals below:
RENTABLE AREA:
286,004 square feet
PERCENT LEASED:
82%
Marty Busekrus
NUMBER OF BUILDINGS:7
Director
mbusekrus@hfflp.com
305.448.5969
Manuel de Zarraga
Executive Managing Director
mdezarraga@hfflp.com
305.448.1333, Ext. 104
Jorge Portela
Associate Director
jportela@hfflp.com
305.448.1333, Ext. 165
Cecily Nazario
Analyst
cnazario@hfflp.com
305.448.1333, Ext 135
Ike Ojala
Director
iojala@hfflp.com
305.448.1333, Ext. 133
OFFERING FORMAT
ASKING PRICE:
No asking price has been established for the Offering
HFF Debt Contact:
OFFER DEADLINE:
To be determined
Jim Dockerty
Managing Director
jdockerty@hfflp.com
305.421.6550
hfflp.com
HOLLIDAY FENOGLIO FOWLER, L.P.
1450 BRICKELL AVENUE, SUITE 2950
MIAMI, FL 33131
TEL: 305.448.1333
FAX: 305.448.9499
Holliday Fenoglio Fowler, L.P. (“HFF”) a Florida licensed real estate broker.
©2015 HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S.
commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services,
loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
HFF has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF and we make no representations or
warranties, express or implied, as to the accuracy or completeness of such information. Any and all references to age, square footage, income, expenses and any other property specific information are approximate.
Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a buyer. Buyers
should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.