Commodore Realty, is always looking to acquire new retail properties throughout the State of Florida. In addition, over the next 5 years, we would like to make our first acquisitions outside of Florida to further diversify our portfolio. Properties should have strong fundamentals including location, access, and visibility.
Multi-Family, Entire Condo Projects, Office Buildings, and Vacant Land will also be considered if the property is in a distressed situation and the Seller is looking to make an immediate exit from the property at a discount.
Preferred Property Types
- Stabilized and value-add neighborhood and community retail shopping centers with national or regional credit anchors and/or junior anchors.
- Unique smaller retail properties in “A” markets such as St. Armand Circle, Brickell, Key Biscayne, Palm Beach Island, or 5th Avenue Naples, to name a few.
- Properties with the opportunity to enhance cash flow through expansion, re-tenanting, or redevelopment are preferred.
- Property with “legacy” below market rents are preferred.
- Multi-Family and Failed Condo Projects of interest for rentals/apartments; therefore, purchase price must be supported by a cash flow analysis and allow for a cash on cash return.
- Neighborhood and Community Shopping Centers over 80,000 sq./ft of GLA with transaction value between $4,000,000.00 – $30,000,000.00.
- Unique Retail Properties of all sizes with transaction value between $2,000,000.00 – $15,000,000.00.
- Multi-Family or Failed Condo Projects.
- Tri-County & Sarasota County 10 units to 400 units with transaction value between $2,000,000.00 – $30,000,000.00.
- All other markets 100 units to 400 units with transaction value between $4,000,000.00 – $30,000,000.00.
- Office Building in Miami-Dade between 10,000 sq./ft to 100,000 sq./ft GLA with a transaction value between $4,000,000.00 and $15,000,000.00.
- MSA’s in Florida with populations exceeding 100,000 people within a 5-mile radius.
- Properties should be Main and Main locations.
- Markets with high barriers to entry.
- Demographic profiles that meet or exceed the MSA averages.
- Within Florida, Cities along the coasts. Limited interest in the middle of the state.
- States/Cities outside of Florida of interest: North Carolina, South Carolina, New Hampshire, Maine, Austin Texas, to name a few.
KEY BUYING CHARACTERISTICS
- Quick Close (as little as 45 days) depending on deal.
- Experienced, in house due diligence with over 30 years in business.
- Straightforward Hassle-Free Negotiation – “Real” price negotiated upfront.
- Cash buyers up to $7,000,000.00.
- Strong lender relationships.
REQUESTED INFORMATION FOR CONSIDERATION
- Purchase Price
- Physical Description of Property & Photos
- Detailed Current Rent Roll & Lease Abstracts
- Site Plan / Leasing Plan
- Tenant Sales History (if available)
- Brief Market Description (including market rent and competition in the area)
- Operating Statements for the last two fiscal years including detailed accounting of expenses and recoveries
- Terms of existing debt (if applicable)
- Property history (age, date of last renovation, etc.)
- Disclosure of any known environmental issues