603-2014 RDA Reso 603-2014
RESOLUTION NO.
A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY (RDA), ACCEPTING THE
RECOMMENDATION OF THE CITY'S FINANCE AND CITYWIDE PROJECTS
COMMITTEE (FCWPC); APPROVING AND AUTHORIZING THE
CHAIRPERSON AND SECRETARY TO EXECUTE A LEASE AGREEMENT
BETWEEN THE MIAMI BEACH REDEVELOPMENT AGENCY (LANDLORD)
AND VACATION TOURS, INC. (TENANT), IN CONNECTION WITH THE USE
OF SUITE "J" AT THE ANCHOR SHOPS, LOCATED AT 100 16TH STREET,
SUITE NO. 5, MIAMI BEACH, FLORIDA (SPACE), FOR AN INITIAL TERM OF
THREE (3) YEARS, COMMENCING ON MARCH 18, 2014 AND ENDING ON
MARCH 17, 20179 WITH ONE (1) RENEWAL OPTION OF THREE (3) YEARS,
AT THE RDA'S SOLE AND ABSOLUTE DISCRETION, SUBJECT TO AND
PURSUANT TO THE TERMS AND CONDITIONS SET FORTH IN THE
AGREEMENT; AND FURTHER APPROVING AND AUTHORIZING THE RDA
TO ENTER INTO AN AGREEMENT WITH TENANT, FOR A MONTH TO
MONTH TENANCY, UNTIL SUCH TIME AS A NEW LEASE IS EXECUTED.
WHEREAS, Vacation Tours, Inc. (Tenant), currently has a lease with the Miami Beach
Redevelopment Agency (RDA), successor-in-interest to MB Redevelopment, Inc., for a term of
fifteen y ears, for the use of Suite J in the Anchor Shops, located at 100 16th Street, suite No. 5,
Miami Beach, Florida 33139,which space has approximately 721 square feet of retail space(Space);
and
WHEREAS, Tenant's current Lease expires on March 17, 2014 and Tenant is desirous of
entering into a new lease with the RDA for the Space, based upon a letter of intent(Tenant's Offer)
containing the following material terms and conditions: 1. an initial lease term of three(3)years,with
one (1) renewal term of three (3) years, at the sole and absolute discretion of the RDA; 2. the
Minimum Rent, commencing at the initial rate of$55.00 per square foot for the first year,with annual
escalations by the greater of 3% or CPI; 3. operating expenses (Operating Expenses), including
common area maintenance(CAM)at the initial rate of$10.00 per square foot,adjustable every year,
commencing year 2; and 4. a guaranty of the lease by Tenant's Owners and Officers; and
WHEREAS, Staff has further requested the authority to enter into an agreement for
a month to month tenancy with Tenant, until such time as a final lease may be finalized;
and
WHEREAS, on February 21, 2014, Staff presented Tenant's Offer to the Finance and
Citywide Projects Committee(FCWPC)and, based upon the appraisal secured by Staff and Tenant's
good standing with the RDA, recommended acceptance of Tenant's Offer; directed Staff to finalize a
new retail lease, for approval by the RDA Board; and further recommended authorizing the RDA to
execute an agreement for a month to month tenancy, based upon Tenant's current rent structure,
until such time as a new lease is executed;
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CHAIRPERSON AND
MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, That the Chairperson
and Members of the Miami Beach Redevelopment Agency hereby authorize the Chairperson and
Secretary to accept the recommendation of the City's Finance and Citywide Projects Committee
(FCWPC); approving and authorizing the chairperson and secretary to execute a lease agreement
between the Miami Beach Redevelopment Agency(landlord) and Vacation Tours, Inc. (Tenant), in
connection with the use of suite "J" at the Anchor Shops, located at 100 161h Street, Suite No. 5,
Miami Beach, Florida (Space), for an initial term of three (3)years, commencing on March 18, 2014
and ending on March 17, 2017,with one(1)renewal option of three(3)years, at the RDA's sole and
absolute discretion, subject to and pursuant to the terms and conditions set forth in the agreement;
and further approving and authorizing the RDA to enter into an agreement with tenant,fora month to
month tenancy, until such time as a new lease is executed.
PASSED and ADOPTED this 5th day of March, 2014.
ATTEST:
0
Rafa I E. Granado, SEC Philip Levi e, HAIRPERSON
JLM\KGB\MS\GNT A
T:Wgenda\2014\March 5\R \Va � cso.d
i
APPROVED AS TO
FORM &LANGUAGE
&FOR CUT'
i#y orn �, Date
REDEVELOPMENT AGENCY.ITEM SUMMARY
Condensed Title:
Resolution of the Chairperson and Members of the Miami Beach Redevelopment Agency(RDA),accepting the recommendation of
the City's Finance and Citywide Projects Committee (FCWPC); approving and authorizing the Chairperson and Secretary to
execute a lease agreement between the RDA(landlord)and Vacation Tours,Inc.(Tenant),in connection with the use of suite"J"
at the Anchor Shops, located at 100 16'h Street,Suite No.5, Miami Beach,Florida(Space),for an initial term of three(3)years,
commencing on March 18,2014 and ending on March 17,2017,with one(1)renewal option of three(3)years,at the RDA's sole
and absolute discretion,subject to and pursuant to the terms and conditions set forth in the agreement;and further approving and
authorizing the RDA to enter into an agreement with tenant, for a month to month tenancy, until such time as a new lease is
executed.
Key Intended Outcome Supported:
Increase resident satisfaction with the level of services and facilities.
Supporting Data(Surveys, Environmental Scan,etc.):
Approximately 40%of retail businesses surveyed, rank Miami Beach as one of the best places to do business and 61%of
the same group would recommend Miami Beach as a place to do business.
Issue:
Shall the RDA approve the execution of a new lease with Tenant and further authorize the Chairperson and Secretary to
execute an agreement for a month to month tenancy with Tenant pending lease execution?
Item Summa /Recommendation:
Tenant's current 15 year lease for space located at the Anchor Shops,on 16 Street, between Collins Avenue and Washington
Avenue,is set to expire on March 17,2014. Tenant submitted a Letter of Intent,setting forth the terms for a new Lease(Tenant's
Offer),which was referred,by Staff,to the Finance and Citywide Projects Committee(FCWPC),at its February 21,2014 meeting.
The FCWPC recommended that the RDA execute a new lease containing the following material terms from Tenant's Offer,and
further recommended authorizing RDA to execute an agreement for a month to month tenancy, pending final lease execution:
Date: March 18, 2014
Initial Lease Term: Three(3)years
Renewal Options: One(1)@ three(3)years, at Landlord's sole and absolute discretion.
Base Rent: The initial base rent of$55.00/sq.ft. (721 square feet);
$3,304.58 per month; $39,655 per year; plus applicable Sales Tax.
Annual Rent Increase: The greater of CPI or 3%
CAM Pass-Through: $10.00/sq.ft.; $600.83 per month; $7,210.00 per.year,for first year, subject to
adjustment, commencing year two, based upon Tenants proportionate share of
operating expenses, real estate taxes and insurance
Rent for Renewal Option Period: Reset to prevailing market rate with annual escalations by the greater of CPI or 3%.
Guarantee: Owners and Officers
Based upon the appraisal prepared by Blazejack&Company,effective as of November 1,2013,finding that market rent for the
Space is$55.00 psf and that the cost for operating expenses for similar spaces in the area is$15.00 psf,coupled with Tenant's
long standing history and the benefit of not having to incur the expense of marketing and leasing the Space,the Administration
recommends a resolution authorizing the RDA to execute a new lease with Tenant,based upon the material terms set forth in the
Tenant's Offer,and,if necessary,to further execute an agreement for a month to month tenancy,based upon the Tenant's current
rent structure, pending lease execution.
Advisory Board Recommendation:
Finance&Citywide Projects Committee,February 21,2014—Recommendation in favor of execution of New Lease and an
agreement for a Month to Month Tenancy, pending final lease execution.
Financial Information:
Source of Funds: n/a Amount Account
1 n/a
Financial Impact Summary:
City Clerk's Office Legislative Tracking:
Max Sklar, Extension 6116
Sign-MS: I AL
Depa n Dir cto Assistant City Ma ger City Oloager
MS KGB J L M
TAA NDA 01 March\RDA\Vacation Tours New Lease RDA Su mary 3-5-2014
AGENDA ITEM
MIAMIBEA-CH DATE
MIAM] BEACH
City of Miami Beath, 1700 Convention Center Drive,Miami Beach, Florida 33139,www.miamibeachfl.gov
REDEVELOPMENT AGENCY MEMORANDUM
TO: Chairperson and Members of the Miami Beach R development Agency
FROM: Jimmy L..Morales, Executive Director
DATE: March 5, 2014
SUBJECT: A RESOLUTION OF THE CHAIR RSON AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT GENCY (RDA), ACCEPTING THE
RECOMMENDATION OF THE CI S FINANCE AND CITYWIDE PROJECTS
COMMITTEE (FCWPC); APPROVING AND AUTHORIZING THE
CHAIRPERSON AND SECRETARY TO EXECUTE A LEASE AGREEMENT
BETWEEN THE.MIAMI BEACH REDEVELOPMENT AGENCY (LANDLORD)
AND VACATION TOURS, INC. (TENANT), IN CONNECTION WITH THE USE
OF SUITE "J" AT THE ANCHOR SHOPS, LOCATED AT 100 16TH STREET,
SUITE NO. 5, MIAMI BEACH, FLORIDA (SPACE), FOR AN INITIAL TERM
OF THREE (3) YEARS, COMMENCING ON MARCH 18, 20. AND ENDING
ON MARCH 17, 20179 WITH ONE (1) RENEWAL OPTION OF THREE (3)
YEARS, AT THE RDA'S SOLE AND ABSOLUTE DISCRETION, SUBJECT
TO AND PURSUANT TO THE TERMS AND CONDITIONS SET FORTH IN
THE AGREEMENT; AND FURTHER APPROVING AND AUTHORIZING THE
RDA TO ENTER INTO AN AGREEMENT WITH TENANT, FOR A MONTH TO
MONTH TENANCY, UNTIL SUCH TIME AS A NEW LEASE IS EXECUTED.
ADMINISTRATION RECOMMENDATION
Adopt the resolution.
BACKGROUND
Tenant currently operates a travel business at Suite "J" at the Anchor Shops, located at 100
16th Street, Suite No. 5, Miami Beach, Florida (Space). This Space is part of a project
which has a parking garage and approximately 19,776 square feet of ground retail
space (collectively, Anchor Garage and Shops), located on 16th Street, between Collins
Avenue and Washington Avenue. Tenant's partner, Budget Reservation Service Corp.
(Subtenant), entered into a retail sublease with MB Redevelopment, dated as of August 12,
1998, for a term of fifteen (15) years, commencing March 18, 1999 and ending March 17, 2014
(Lease) The Space has 721 square feet and was leased at an initial.rate of $25.00 per square
foot, subject to annual CPI escalations, commencing year eleven (11) of the Lease. At the time,
MB Redevelopment, Inc. (a wholly-owned subsidiary of Loews Hotels.Corp), was responsible
for leasing and managing the retail spaces at The Anchor Shops, pursuant to a Master Lease
Redevelopment Agency Memorandum
Anchor Shops— Vacation Tours New Lease
March 5, 2014
Page 2 of-4
agreement between the RDA and MB Redevelopment, Inc. (MBRI). Pursuant to this agreement,
MBRI had broad-based authority to negotiate lease terms for any and all business uses
compatible with a first class retail space, which included lease terms of ten years or more and
rental rates ranging from $19 to $40 per square foot.
The Subtenant operated a travel business, which included selling tour packages, airline tickets,
ground tours, cruises, land packages (including hotels and transfers), car rentals, train tickets
and other travel-related activity ("Travel Business"). In late September of.2001, the courts
ordered Subtenant to relinquish its assets to its partner, Vacation Tours of South Beach, Inc.
(Vacation Tours SB) and shortly thereafter dissolved, leaving Vacation Tours SB operating the
Travel Business. Pursuant to Resolution 404-2001, effective December 12, 2001, the RDA
authorized the assignment of the Lease to Vacation Tours SB. In connection with said
assignment, Vacations Tours, Inc., a Florida corporation (Vacation Tours), executed a Guaranty
of the Lease. Vacation Tours is an entity operated by the same officers as Vacation Tours SB;
to wit: Rossanna Mendez a/k/a Rosanna Mendez and Alexandra Alvarez. Vacation Tours SB
was administratively dissolved on September 21, 2001 and Tenant thereafter continued to
operate the Travel Business at the Space under the Vacation Tours corporate entity. A copy of
the corporation detail from the Florida Secretary of State web page is attached hereto as Exhibit
1.
ANALYSIS
On February 7, 2014, the owners of Vacation Tours, via counsel, provided Staff with a letter of
intent (Tenant's Offer), setting forth the material terms for a new lease, a copy of which is
attached as Exhibit "2". The material terms set forth in the Tenant's Offer are as follows:
Commencement Date: March 18, 2014
Initial Lease Term: Three (3) years.
Renewal Options: One (1) option @ three (3) years, subject to Landlord's sole and
absolute discretion.
Base Rent: The initial base rent of $55.00/sq. ft. (721 square feet); $3,304.58
per month; $39,655 per year; plus applicable Sales Tax.
Annual Rent Increase: The greater of CPI or 3%
CAM Pass-Through: $10.00/sq. ft.; $600.83 per month; $7,210.00 per year, for first
year, subject to adjustment, commencing year two, and annually
thereafter, based upon Tenant's proportionate share of operating
expenses, real estate taxes and insurance (based upon
Landlord's estimate, as Landlord self-insures).
Financial Records: The Landlord shall have the right to periodically.review
Tenant's financial records and statements of operation.
Renewal Option Period Reset to prevailing market rate at the time renewal option
Rent: is granted. Rent for the renewal period shall further continue to
Redevelopment Agency Memorandum
Anchor Shops— Vacation Tours New Lease
March 5, 2014
Page 3 of 4
have annual increases by the greater of CPI or 3%.
Guarantee: By Owners and Officers of the Florida corporation
(Rossanna Mendez a/k/a Rosanna Mendez and Alexandra
Alvarez)
In preparation for the marketing of this Space, in October of 2013, Director, Max Sklar,
instructed staff.to secure proposals for appraisals of the fair market rents in the area. Staff
secured the appraisal (Appraisal), prepared by Blazejack & Company ("Blazejack"), effective as
of November 1, 2013, a copy of which is attached hereto as Exhibit "Y. The Appraisal
concludes that the market rent for this Space, as of November 1,. 2013, was. $55.00 per square
foot and the typical operating costs for a similar Space was approximately $15.00.per square
foot. Staff further examined the available records and has found that Vacation Tours has
complied with its lease obligations and has not been found to be in default. Tenant currently
pays base rent, in the amount of $19,226.88/year and $1,602.24 per month, which translates
into a rate of $26.67 per square foot. Staff has reviewed the Tenant's financials and is satisfied
that the Tenant would be able to afford the increased rental obligation under a new lease.
When comparing Tenant's Offer to the Appraisal; considering Tenant's good standing and
history with the RDA; and further considering the savings related to costs typically incurred in
connection with the marketing'and leasing of retail space, the Administration is recommending
executing anew.Lease with Tenant, based upon the material terms contained in Tenant's Offer.
The current Lease is due to expire on March 17, 2014 and the administration is in the process of
finalizing a final approved lease; however, due to the possibility of an unforeseen delay, the
Administration is also requesting authorization to execute an interim agreement for a month to
month tenancy (Month to Month Agreement) with the Tenant, based upon the Tenant's current
rent structure, until such time as the new lease is executed.
The discussion relating to the consideration of Tenant's Offer and the Month to Month
Agreement, was referred to the Finance and Citywide Projects Committee meeting (FCWPC),
scheduled for February 21, 2014 and the FCWPC recommended that the Administration
execute a new lease with Tenant, based upon the material terms of the Tenant's Offer and
further recommended that the Administration have the authority to enter into an interim
agreement with Tenant, for a month to month tenancy, pending execution of a new lease.
RECOMMENDATION
The Administration recommends that the Chairperson and Members of the Miami Beach
Redevelopment Agency (RDA) approve a resolution accepting the recommendation of the City's
Finance and..Citywide Projects Committee (FCWPC), approving and authorizing the RDA to
enter into a lease agreement between the Miami Beach Redevelopment Agency
(Landlord) and Vacation Tours, Inc. (Tenant), in connection with the use of Suite "Y at
the Anchor Shops, located at 100 16th Street, Suite No. 5, Miami Beach, Florida
(Space), for an initial term of three (3) years, commencing on March 18, 2014 and
ending on. March. 17, 2017, with one (1) renewal option of three (3) years, at the RDA's
sole and absolute discretion, subject to and pursuant to the terms and conditions set
forth in the agreement; and further approving and authorizing the RDA to enter into an
agreement with Tenant, for a month to month tenancy, until such time as a new lease is
Redevelopment Agency Memorandum
Anchor Shops— Vacation Tours New Lease
March 5, 2014
Page 4 of 4
executed.
It should further be noted that since Anchor Garage and Shops is owned by the RDA, it is not
subject to the public hearing requirements set forth under Section 82-39 of the City Code that
would normally apply to the lease of City property. Proposed retail leases involving the Anchor
Shops ay be approved during and as part of the RDA Board's regular agenda.
JLM/K B/ NT
F:\$AII\RHCD\Asset\Anchor Ret\Vacation Store\New Lease RDA Memo 3-5-2014
T:\Vacation Tours New Lease RDA Memo 3-5-2014
Enclosures:
Exhibit 1 — Corporate information
Exhibit 2-Letter of Intent
Exhibit 3—Appraisal
Detail by Entity Name Page 1 of 2
! 1 / ! S .
1 `-
Detail by Entity Name
Florida Profit Corporation
VACATION TOURS,- INC.
Filina Information
Document Number P96000083798
FEI/EIN Number 650704422
Date Filed 10/07/1996
State FL
Status ACTIVE
Last Event NAME CHANGE AMENDMENT
Event Date Filed 10/23/1997
Event Effective Date NONE
Princi al Address.
4201 SW 11 ST
CORAL GABLES, FL 33134
Changed: 01/26/2007
Mailing Address
201 SW 11 ST
CORAL GABLES, FL 33134
Changed: 01/26/2007
Recoistered A ent Name &Address
MENDEZ, ROSANNAIM
4201 SW 11 ST
CORAL GABLES, FL 33134
Address Changed: 01/26/2007
Officer/Director Detail
Name&Address
Title P
MENDEZ, ROSANNA M
201 SW 11 ST
CORAL GABLES, FL 33134
itle D
Exhibit 1
httv:Hsearch.sunbiz.org/Inquiry/CorporationSearch/SearchResultDetail/Entity-Name/domp-... 2/21/2014
Detail by Entity Name Page 2 of 2
LVAREZ, ALEXANDRA
201 SW 11 ST
CORAL GABLES, FL 33134
Home Re ORSntact Us E-Filing Services Document Searches Forms Help
Annual Report Year Filed Date
2012 03/09/2012
2013 02/12/2013
2014 01118/2014
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Co vriaht C and Privacy Policies
State of Florida,Department of State
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1111 .
GMA
GA=E,MuLLBN,ANTONELLI DIMAITEO
LAW OFFICES
MIAMI-DADS Pmm BEACH
4W SOM DImB HIGwAY*Tnmv FLOOR Ios S.NARY ssus Amm*THz Crrla m BumDtNG
CORAL GA9=9,FLORIDA 33146 Sum 7w•NoT PALM BzAcH,FLORIDA 33401
T=4`305-667-0=3 FAX 305-284-9844 TWL:561-632-6788 FAx:5&435-io35
From the.Desk of James S.Robertson,Esq.
irobertson@gaebemullen.com
Please.reolyto:Miami-Dadc
February 13,2014
VIA Email&US MAIL
GiselaTorres@miamibeachfl.gov
Gisela Nanson Torres
Tourism Culture and Economic
Development Department
Office of Real Estate
555 17*Street
Miami Beach,Florida 33139
Re: Vacation.Tours,Inc.
100 1 e Street
45.
Miami Beach,Florida 33139
Non-Binding Letter of Intent to Lease
Dear Ms.Torres:
Per our.pcevious correspondence,please accept this correspondence as our non-binding Letter of
Intent to lease'the above-referenced property.
PROPOSED TERMS AND CONDTI'IONS:
Lease Term: The primary term is to be three (3) years effective March 181
2014.The tenant will also have one renewal option for a period
of three(3)years.
Lease Rate: The base rent shall be$ 55.00 per square foot with an additional
$ 10.00 per square foot operating expenses. Base rent shall
increase by the greater of 3%per annum or CPI increase over the
previous year's rental. Tenant shall have the option to renew the
lease for one renewal term of three (3) years subject to
Landlord's sole and absolute discretion..Rent during the renewal
term shall be reset to prevailing market rate at the time of the
renewal option. Rent for the renewal period shall increase by the
greater of CPI or 3%.
Exhibit 2
f
Operating Expenses: Tenant will be.responsible for its pro-rata share of operating
expenses, Landlord's insurance (determined by Landlord as
Landlord self-insures) and real estate taxes. The operating
expenses that tenant shall be responsible for are all the expenses
associated with the maintenance of common areas. Tenant shall
be responsible for the maintenance of its premises, the utilities
for its premises,the maintenance of the area conditioning system
premises, insurance for its remises and tenant will
on its s premises, pay
P
for the cleaning of its premises. Tenant is responsible for the
maintenance of the interior of the premises. Landlord is
responsible for the maintenance of the roof and foundation.
Landlord is responsible for the maintenance of all exterior
features. Tenant is responsible for the maintenance of the
HVAC, electrical, plumbing, and other. systems within the
premises. Tenant shall pay a pro-rata share of the building's
electrical utilities expenses used in the operation of the building.
Security Deposit: $10,607.70 less any deposit currently being held by landlord.
Tenants Use: The premises shall be used for general office purposes related to
the travel industry.
Construction Allowance: None
Delivery of Premises: Landlord shall deliver the premises to tenant in"as is"condition.
Parking: None.
Space Planning: None.
Additional improvements: None.
Allowance: None.
Refurbishments: None.
Hours of Operation: lam-10pm.
Assignment and Subletting: Tenant may assign the lease or sublease all or a portion of the
premises with landlord's consent, subject to Landlord's sole and
absolute discretion.
Guarantee: By individual owners and officers.
Financial Operation: The landlord shall have the right to periodically review tenant's
financial operation.
Signage: All signs are to comply with the City code.
Americans With Disabilities Tenant will be responsible for complying with the Americans
Act:_ with Disabilities Act of 1990(tile"ADA").
This is a non-binding letter of intent submitted to outline the material business terms for the
proposed least by the tenant. Neither party shall be bound to this transaction until the lease.,acceptable to
all parties, has been executed. The only purpose of this document is to-allow the landlord to review and
consider the.proposed offer. If the landlord desires to lease the premises, a lease will be prepared using
the information.contained herein. It is th m
e intention of the parties to negotiate additional terms of the
transaction and enter into a lease-within thirty(30) from the execution date of this Letter of Intent. The
.parties are not bound until a lease is executed.
Ve truly y t s,
ames S. o on,Esq.
JSR/dr
COUNSELING REPORT
MARIMT RENT ANALYSIS FOR RETAIL SPACE
10016th Street—Suite 5
Miami Beach,FL 33139
Report No. 201379
PREPARED FOR
Gabriela Alfonsin
Office Associate IV
Tourism,Culture and Economic Development Department
Office of Real Estate
City of Miami Beach
55517th Street,
Miami Beach,FL 33139
Office—305-673-7193 x 6161
Fax—305-673-7063
GabrielaAlfonsin @miamibeachfl.aov
PREPARED BY
BLAZEJACK& COMPANY
172 W Flagler Street, Suite 340
Miami,Florida 33130
Phone: (305)372-0211
Fax: (305)374-1948
Exhibit 3
1
BLAZEJACK& COMPANY
REAL ESTATE COUNSELORS.
November 27,2013
Gabnela Alfonsin
Office Associate IV
Tourism,Culture and Economic Development Department
Office of Real Estate
City of Miami Beach.
Office=305-673-7193 x 6161
Fax-305-673=7063
Subject:Counseling Report. No.201379
Market Rent Analysis for retail space located at 10016`Street-Suite 5,
Miami Beach,Florida 33139.
Dear Ms.Alfonsin:
At your request, we have completed an analysis of the market rent of the above referenced property, to
various Assumptions and Limiting Conditions set forth in the accompanying report. The physical:inspection and
analysis that form the.basis of the report has been conducted by the undersigned.
report includes pertinent data secured in our investigation,exhibits and the details of the
The accompanying p p
processes used-to arrive at our conclusion of value. The appraisal has been prepared in conformance with the
Uniform Standards of Professional Appraisal Practice(USPAP)..
As a result of the examination and study, it is our opinion that the market rent of the property, as of
November 1,2013,the date of appraisal,is.
Retail Space:$55.00 per square foot Rentable on a net basis.
Total Operating:Expenses:.$15/SF Rentable
I
Respectfully submitted,
BLAZEJACK&COMPANY
John A.Blazejack,MAI,CRE,FRICS Jose Wong
Partner Senior Consultant
State-Certified,General Appraiser State-Certified General Appraiser
License.N.RZ.093 License No.RZ-2797
.172 W..FLAGLER STREET,SUITE 340-MIAMI,FLORIDA 33130-PHONE(305)372-0211-FAX(305)374-1948
100 16th Street Suite 5
201379 Market Rent
SUMMARY OF FACTS AND CONCLUSIONS
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�'.��jj�`'��r �•C'iA�rl4_°_`}� r".ri tY�' -k v�t.)� ,���f e; "YD W�'!�`.�' d '
Property Appraised: Retail space on first floor.
Property Name: Anchor Shops-Suite 5
Address: 10016'Street—Suite 5,Miami Beach,FL 33139
Folio Number. 02-3234-919-1090
Owner: City of Miami Beach City hall
Client: City of Miami Beach
Office of Real Estate
Tourism,Culture and Economic Development Department.
Interest Appraised: Market Rent
Purpose of Appraisal: To estimate the market rent of the property.
Function of Appraisal: To provide a basis for estimating the market rent for a new lease on
the subject property. This summary report is intended for use by
readers familiar with the area and the property.
Date of Analysis: November 01,2013
Date of Inspection: November 23,2013
Date of Report November 27,2013
CONCLUSION: As of November 01,2013.
Retail Rent: $55/Square Foot Rentable on a net basis.
Total Operating Expenses: $151 Square Foot Rentable on a net basis.
BLAZEJACK& COMPANY
REAL ESTATE COUNSELORS
4 I .
100 16th Street Suite 5
201379 Market Rent
TABLE OF CONTENTS
Page
CERTIFICATE i
ASSUMPTIONS AND LIMITING CONDITIONS 2
MARKET RENT ANALYSIS 3
IDENTIFICATIONOF THE I PROPERTY...............................................................................................................4
PURPOSE DATE AND FUNCTION OF THE REPORT.......................................................................................4
SCOPE OF THE ASSIGNMENT..........................................................................................
....................................5
PROPERTY HISTORY
..........................................................................................................:.. ..............................5
LEGALDESCRIPTION............................................................................................................................................5
DEFINITIONS OF VALUE AND INTEREST APPRAISED................................................................................5
MARKETRENT ANALYSIS...................................................................................................................................6
CONCLUSION.........................................................................................................................................................10
ADDENDA
Exhibit A Retail Rent Comp Photos
.Exhibit.B Engagement Letter
Exhibit`C Qualifications of the Appraisers
BLAZEJACK& COMPANY
REAL ESTATE COUNSELORS
i !
100 16th Street Suite 5
201379 Market Rent
CERTIFICATE
We certify that,to-the best.of our knowledge and belief,
• the statements of fact contained in this report are true and correct.
• the reported analyses,opinions,and conclusions are limited only by the reported assumptions and limiting
conditions,and are our personal,unbiased professional analyses,opinions,and conclusions
• we have-no present or prospective interest in the property that is the subject of this report,and we have no
personal'interest or-bias with respect to the parties involved.
• We have none performed any appraisals regarding the property that is the subject of this report within the
three-year period immediately preceding acceptance of this assignment.
• We have no-bias with respect to the property that is the subject of this report or to the parties involved with
this assignment. .
• Our engagement in this assignment was not contingent upon developing or reporting predetermined results.
• our compensation for completing this assignment is not contingent upon the.development or reporting of a
predetermined value or direction in value that favors the cause of the,client, the amount of the value
opinion ;the-attainment of a stipulated result, or the occurrence of subsequent event directly related to the
intended use of this appraisal.
• Our analyses,opinions, and conclusions were developed,and this report has been prepared,in conformity
with the Uniform Standards of Professional Appraisal Practice.
• Jose Wong has made a personal inspection of the property that is the subject of this report.
• No one provided significant real property appraisal assistance to the persons signing this certification.
• The reported analyses, opinions, and conclusions were developed,.and this,report has been prepared, in
conformity with the Code of Professional Ethics and Standards of Professional Appraisal Practice of the
Appraisal Institute.
• The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly
authorized representative.
• As the date of this report John Blazejack has completed the continuing education program of the Appraisal
Institute. Jose Wong has completed the Standards and Ethics Education Requirement of the Appraisal
Institute for Associate Members.
BLAZEJACK&COMPANY
�-
John Blazejack,MAI,CRE,FRICS Jose Wong
Partner : Senior Consultant
Cert Gen RZ-0093 Cert Gen RZ-2797
BLAZEJACK&-COWANY
CERTIFICATE. -
t �
100 16th Street Suite 5
201379 Market Rent
ASSUMPTIONS AND LIMITING CONDITIONS
The appraisal is subject to the following assumptions and limiting conditions.
1 No survey of the subject property was undertaken.
2 The subject property is free and clear of all liens except as herein described.No responsibility is assumed by
the appraiser for matters which,are of a legal nature,nor is any opinion on the title rendered herewith. Good
and marketable title is assumed.
3 The information contained herein has been gathered from sources deemed to be reliable..No responsibility
can be taken by the appraiser for its accuracy. Correctness of estimates,opinions,dimensions,sketches and
other-exhibits,which have been furnished and have been used in this report are not guaranteed. The value
estimate rendered herein is considered reliable and valid only as of the date of the appraisal, due to rapid
changes in the external factors that can significantly affect the property value.
4 This study is to be used in whole and not in part.No part of it shall be used in-conjunction with any other
appraisal.Publication of this report or any portion thereof without the written consent of.the appraiser is not
permitted.
5 The appraisers,herein,,by reason of this report,are not required to give testimony in court with reference to
the property appraised unless notice and proper arrangements have been previously made therefore.
6 The value estimate assumes responsible ownership and competent management.The appraiser assumes no
responsibility for any hidden or unapparent conditions of the property, subsoil,or structures,which would
render it more or less valuable.No responsibility is assumed for engineering, which might be required to
discover such.factors.
7 Neither all nor any part of the contents of this report shall be conveyed to the public through advertising,
public relations, news, sales or other media without the written consent and approval of the author,
particularly as to valuation conclusions,the identity of the appraiser or firm with which he is connected,or
any reference to the Appraisal Institute.
8 Neither the'existence.of potentially hazardous material used in the construction or maintenance of the build,
such as:the.presence of urea-formaldehyde foam insulation,and/or the existence of toxic waste,which may
or'ma not.be resent on the property,was not observed by the appraiser;nor does the appraiser have any
Y P
knowledge of the existence of urea-formaldehyde fo am insulation or other potentially
hazardous waste
material of the improvements and the site may have an effect on the value of the property.We urge the client
to retain an expert.in this field if needed.
9 The Americans with.Disabilities Act (ADA) became effective January 26, 1992 sets strict and specific
standards 1for handicapped access to and within most commercial and industrial buildings.For purposes of
this appraisal, we are assuming the building is in compliance; however, we recommend an architectural
inspection of the building to determine compliance or.requirements for compliance. We assume no
responsibility for the cost of such determination and our appraisal is subject to revision if the building is not
in compliance.
BLAZEJACK& COMPANY 2
ASSUMPTIONS AND LIMITING CONDITIONS
d '
100 16th Street Suite S
201379 Market Rent
MARKET RENT ANALYSIS
BLAZEJACK&COMPANY 3
MARKET RENT ANALYSIS
100 16th Street Suite 5
201379 Market Rent
IDENTIFICATION OF THE PROPERTY
The property under analysis in this report, a retail space, is located at 100 16" Street—
Suite:5, 1&ami Beach,:between Washington Avenue and Collins Avenue, Florida 33139. The
building was built in 1998 comprising a total of 261,000 SF on a 65,701 SF lot according to
Public Records of Miami Dade. The property building is located just half.a block from Collins
Avenue, and the Lowes hotel. The property under analysis is a rectangular retail space located
on the-first.floor of the'building that fronts 166 Street. The building contains garage and retail
spaces on the first floor..
The retail space has 721 square foot of rentable area.
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PURPOSE DATE AND FUNCTION OF THE REPORT
The purpose of this report is to estimate the market rent for the retail space. The date of
the analysis..was November 01, 2013. It is understood that the function of this report is for
internal asset management planning.
BLAZEJAC%& COMPANY 4
MARKET RENT ANALYSIS
I
100 16th Street Suite 5
201379 Market Rent
SCOPE OF THE ASSIGNMENT
This is a summary analysis presented in a narrative report. The scope of this analysis
was to inspect the property, consider market characteristics and trends,-collect and analyze
pertinent data,develop a conclusion and estimate the property's market rent. During the course
of this.assignment, we developed and analyzed current retail space rents located in the Miami
Beach area.
The extent of verification consisted of assembling and analyzing raw data gathered from
a variety of sources including public records data services, news periodicals, broker or
knowledgeable third parties when available,and in-houses files.
PROPERTY HISTORY
The:property is held in the name of City of Miami Beach City Hall according to the
Public-Records of Miami Dade County. We are not aware of any transfer of the property or
purchase listing or offering within the past five years.
LEGAL DESCRIPTION
Lots.8,9;90.1*1, 12 and 13.Block 57,Fisher's First Subdivision of Alton Beach,according to the Plat thereof,as
recorded In Plat Book 2, Page 77 of the Public Records of Dade County,Florida,together with all of 16th Street
(Avenue"C"),less and except the following described parcel:
BEGINNING at the Southwest comer of Block 64 of said Fishers First Subdivision of Alton Beach Plat;thence
North 88°W 53"East:along the South line of said Block 54,a distance of 443.08 feet,to the Southeast comer of
sold Block-54;,thence South OT 35'04"West, a distance of 98.26 feet,to a point of cusp with a tangent curve
concave to the Southwest; thence along the arc of said curve to the left, having a radius of 25.00 feet and a
central angel of 90"00'OtT',an-are distance of 39.27 feet,to a point of tangency;thence North 820 24'52"West.a
distance of 24.75 feet; thence South 880 00' 53' West along a line 8.00 feet North of and parallel with, as
measured at right angles to the North line of Block 57 of said plat,a distance of 382.18 feet We point on the
Easterly tine of Washington Avenue; thence North 01' 59' 1.1" West along sold Easterly
Right-0f-Way One,.e distance of 62.00 feet to the Southwest comer of said Block 64 and the Point of beginning.
said und4ly1ho and being in the City of Miami Beach and containing 65,910'square feet(1.5131 Acres)more or
DEFINITIONS OF VALUE AND INTEREST APPRAISED
According to the Code of Federal Regulations, Title XI of the Financial Institutions
Reform, Recovery and Enforcement Act of 1989("FMLEX),and according to the 12a'Edition
of The Appraisal of Real Estate,market value is defined as follows:
BLAZEJACK& COMPANY 5
MARKET RENT ANALYSIS
100 16th Street Suite S
201379 Market Rent
Market Value
The most probable price,which a property should bring in competitive and open market under
all conditions requisite to a fair sale, the buyer and seller each acting prudently and
knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this
definition is the consummation of a sale as of a specified date and the passing of title from seller
to buyer under conditions whereby:
1 Buyer and seller are typically motivated.
2 Both parties are well informed or well advised,and acting in what they consider their own best
.interests;
3 A reasonable time is allowed for exposure on the open market.
4 Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto;and
.5 The-price represents a normal consideration for the property sold unaffected by special or
creative financing'or sales concessions granted by anyone associated with the sale.
Fee Simple Interest
Absolute ownership unencumbered by any other interest or estate,subject only to,the limitations
imposed governmental powers of taxation,eminent domain,police power,and escheat.
Leased Fee Interest
An.ownership interest held by a landlord with the right to use and occupancy conveyed by a
lease to others; usually consists of the right to receive rent and the right to possession at
termination of the lease.
Market Rent
The rental.inc ome that a property would most probably command on the open market;indicated
by current rents paid and asked for comparable space as of the date of the appraisal.
Real Estate 13th Edition (Chicago,2008)
Source:Appraisal Institute,The Appraisal of ,( g
MARKET RENT ANALYSIS
Retail Market
We are estimating the market rent of the subject property, therefore a rent survey of the
Miami Beach area was conducted. The basis for classification was location,design,and quality
of construction,quality of interior finishes,age,and condition.
The rent comparables selected give an indication of the level of rent that could be
commanded by the subject if offered in the open market. The rent survey,a location map,and a
table of adjustments can be found following.
With exception of retail rent 1, all the rates in our survey are asking rates. Leasing
agents interviewed in gathering rental data indicated that some concessions are generally
BLAZEJACK&COMPANY 6
MARKET RENT ANALYSIS
100 16th Street Suite 5
201379 Market Rent
provided although some terms are negotiable depending on the size of space and length of the
lease. In most cases, the rates actually achieved in leases are near the asking rates.
t
o :Property Name Vacant Year Quoted Rent Operat. :'Ctirriroeiit . f
Location (RSF) Built Rates . Erc ti
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1 Ocean First Group 7,867 2010 847 NNN $15.00 Ocean First Group signed a lease oontrael in Marc 10,2013 for the
on 20st St,half a block space designated as retail H,with a term of 10 years and option to renew
west of Collins Ave. the initial term for 2 consecutive renewal terms of 5 years each The shop
Miami Beach is part ofBoulan,a mix used building that contains residential
condominiums and retail on the first and second level.The total address
for the total building is 2100 Collins Ave.The shop contains 4,320 SF
leaseabe area on the first floor and 3,547 SF on the mezzanine.Operating
expenses are at$15.00/SF.
2 Lincoln Place 823 2012 S55 NNN $17.29 Located on the northeast corner of Washington Avenue,one block south
1601 Washington Ave. 3,094 of Lincoln Road,one fourth block west of Collins Avenue.Within
Miami Beach walking distance of retail shops and restaurants.Tenant has to pay for
FL33139 turn key.The retail has average quality construction finishing and is in
good condition.Space 101 and 105 are available.Operating Expenses
3 1541 Washington Ave. 1,200 1952 $53 NNN N/A Turn key operational Italian&Peruvian restaurant close to Lincoln Road.
Miami Beach Ren It's sublease.The sublease expires July 2020.This is an old little retail
space.
FL 33139 :
4 1610 WaslilngbnA*L 1,847 1940 875 NNN $15.00 Frontage along Washington Avenue.Space consists of ground floor and
Mani Beach Ren mezazanine level for a total of 1,847 SF.Co-tenancy with McDonaid's,
'FL 33139 Foot Locker,Radio Shack,Fritz Skateshop.It is located one half block
south from Lincoln Road.Operating Expenses are$I5/SF.
5 1502 Washington Ave. 1,741 1948 $13.00 Fullybuilt out restaurant space.Ideal cafe with outdoor seating area.
Miami Beach Adjacent to Five Guys Burgers and Fries.The building was completely
FL 33139 renovated.Near Lincoln Road and the City Center area with abundant
office space and hotels in the immediate area.The retail has average
quality construction finishing and is in good condition.Operating
Expenses are S13.00/SF.
/A Space B with 736 SF and ace C with 1,169 SF are available at 870/SF.
6 1452 Washington Ave. 736 1938 870 NNN N p p
Miami Beach 1,169
FL 33139
7 '4447 Washington Ave. 1,200 1940 $70 Modified $13.00 This fully out restaurant space is situated right next door to the famous
Miami Beach Gross Cameo theater.This recently renovated space is a turn key operation
FL 33139 ready to sell with all of the necessary kitchen equipment to start business.
Operating Expenses are S 13.00/SF.
8 1429 Washington Ave. 3.265 1920 ' S NM $13.00 Restaurant in the heart of South Beach,steps away from Lincoln Road
Miami Beach and Espanola Way.Ideal for fast casual restaurant,bistro or cafe.It's
FL 33139 listed for$2.5 million.This is an old building that has average quality
and is in fair condition.Operating Expenses are S13.00/SF.
:suBJECr:
Anchor Shops 721 1998 NNN This space is currently being utilized as a travel agency.It has average
00 16th St-Suite 5 quality contruction finishing and is in very good condition.
kami Beach
BLAZEJACK& COMPANY 7
MARKET RENT ANALYSIS
100 16th Street Suite 5
201379 Market Rent
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Retail Rent 4 70
1610 Washington Ave. CO I-u`1X NC 1
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NCOLN RD
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LINCOLN TER `---`r u v I
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Lincoln Place , 1541 Washington Ave.
7 J� 1601 Washington Ave.
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OP Retail Rent T
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\ C! I� ES Retail Rent 5 �) 1447 Washington Ave.
\ >r_. — 1502 Washington Ave. j� 5701SF
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Retail Rent 6
� =•g D Retail Rent 8
1452 Washington Ave. 1429 Washington Ave.
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Retail Map Comparable
BLAZEJACK & COMPANY 8
MARKET RENT ANALYSIS
100 16th Street Suite 5
201379 Market Rent
nt , 1 -:2 3 4 5 6 _7 S
le $75 $65 $70 $70 $45
i ,►
Location 10% -20% -15% -15% -15% -25% -20% -15%
Building Quality 0% 0% 0% 0% 0% 0% 0% 5%
Condition 0% 0% 5% 5% 5% 5% 5% 5%
Size 5% 0% 0% 0% 0% 0% 0% 0%
Others 0% 10% 0% 0% 0% 0% 0% 0%
Overall Adjustment r 15% r -10% r -10% r -10% -10% r -20% r -15% r -5%
Adjusted Rent $54 $50 $48 $68 $59 . ; ;: $56 $60 $43
Average All Comps: $54
Chosen Retail Rent ($/SF)for Subject $55 NNN
I gel 20,
rInfer ar on Ad u stin 0 ar to Subject = the comp does not need adjustment
or to Subject + the comp needs a plus adjustment
Superior to Subject - the comp needs a negative adjustment
Base on comparison with the market data we concluded that the market rent for the
subject retail space(721 SF)to be$55 per square foot rentable net per year for vacant space.
BLAZEJACK& COMPANY 9
MARKET RENT ANALYSIS
100 16th Street Suite 5
201379 Market Rent
Operating Expenses
The annual operating expenses of the subject property were projected in this analysis
based on similar properties.
RETAIL - II 16th STREET
OPERATING EXPENSES STATEM ENT
NOVE MBER 01,2013
EXPENSES: Per SF
EDGED EXPENSES
Property Taxes $2,760 $3.83
Insurance S793 $1.10
TOTAL FIXED EXPENSES: $3,553 $4.93
VARIABLE EXPENSES
Administrative&General $1,045 $1.45
Repairs/Maintenance $540 $0.75
Utilities $1,160 $1.61
Cleaning $215 $0.30
Others $4,195 $5.82
Reserves $108 $0.15
$7,263 $10.07
TAL EXPENSES l0 16 15 00
Our estimated total stabilized Operating Expenses for the stabilized year is $15 per
square foot of rentable area.
CONCLUSION
Market Retail Rent is based on a triple net lease basis, where the tenant pays all
expenses,including utilities,water,electricity,common areas,cleaning,taxes, and insurance.
The market rent for the subject located at 100 16th Street in Miami Beach as of
November 1, 2013 is$55 per square foot of rentable area net. Operating expenses are
$151 per square foot of rentable area.
BLAZEJACK& COMPANY 10
MARKET RENT ANALYSIS
100 16th Street Suite 5
201379 Market Rent
ADDENDA
BLAZEJACK& COMPANY 11
ADDENDA
100 16th Street Suite 5
201379 Market Rent
i
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Exhibit A
Retail Rent Comp Photos
I
BLAZEJACK& COMPANY 12
ADDENDA
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100 16th Street Suite 5
201379 Market Rent
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Retail Rent 1
On 20st St, half a block west of Collins Ave.
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Retail Rent 2
1601 Washington Ave.
BLAZEJACK& COMPANY 13
ADDENDA
100 16th Street Suite S
201379 Market Rent
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Retail Rent 3
1541 Washington Ave.
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Retail Rent 4
1610 Washington Ave.
BLAZEJACK & COMPANY 14
ADDENDA
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100 16th Street Suite 5
201379 Market Rent
r... Iwo Y max`,.
LN I
Retail Rent 5
1502 Washington Ave.
Retail Rent 6
1452 Washington Ave.
BLAZEJACK& COMPANY 15
ADDENDA
100 16th Street Suite 5
201379 Market Rent
t
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Retail Rent 7
1447 Washington Ave.
Lit
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Retail Rent 8
1429 Washington Ave.
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BLAZEJACK& COMPANY 16
ADDENDA
100 16th Street Suite 5
201379 Market Rent
Exhibit B
i
Engagement Letter
BLAZEJACK& COMPANY 17
ADDENDA
M1 1
City of Miami Beach,1700 Convention Center Drive,Miami Beach,Florida 33139,www.miamibeachfl.gov
TOURISM,CULTURE AND ECONOMIC DEVELOPMENT DEPARTMENT
Offioe of Real Estate
Tel:305-673-7193/Fax:305-673-7033
October 18, 2013
VIA US MAIL AND E-MAIL
Mr. John Blazejack
Blazejack& Company
172 West Flagler Street, Suite 340
Miami, FL 33130
Re: Market Rent for City-owned property occupied by Vacation Tours, Inc.,
located at 10016th Street, Suite 5, Miami Beach, FL 33139.
Dear Mr. Blazejack:
Please be advised that the City of Miami Beach(City)is seeking bids to establish the market rent of
the above referenced retail space, which is more specifically described below:
City-owned retail space,occupied by Vacation Tours, Inc. 'Vacation Tour Space"),
having approximately 721 square feet, located at 100 16 h Street, Suite 5, Miami
Beach, Florida 33139,a/k/a Suite"J of the Anchor Shops,currently being utilized as
a travel agency, as set forth in the attached Legal description (Exhibit "A") and
Ground Floor Leasing Plan (Exhibit"B").
I
The City and the Miami Beach is currently contemplating a lease for the Vacation Tour Space,for an
{ initial term of three (3) years with two (2) additional renewal options, of three (3) years and three
years (3) and 364 days, respectively, with the rent resetting itself to market rate at each renewal
I interval. As such, the appraisal should determine the following:
A. Market rent for retail space of similar class designation and size, including annual
per square foot rent rate as of November 1, 2013; and
B. Respective prorata operating costs associated with this type of use.
E This information will be utilized by the City to determine the market rent for the Vacation Tour Space
{ in order to negotiate a new lease agreement with the current tenant, or with a new tenant.
i
Please submit a proposal to provide these services,within seven(7)business days from receipt of
this request. Your proposal should reflect the shortest possible time frame in which you can
accomplish the requested scope including the cost, and the date by which a full certified appraisal
I indicative of the market rent will be completed and delivered to the City. Please include a resume
for the appraiser who will be preparing the appraisal on behalf of the City, including the license
information for said appraiser.
i
Request fbrAppraisal
Vacation Tours, Inc.
October 98, 2093
Page 2 of 2
Be reminded that TIME IS OF THE ESSENCE forthis project and,as such,weighting of turnaround
,ime will be given additional consideration for this proposal. Please submit your cost and time
frame proposal via e-mail to gtorres @miamibeachfi.gov.
If you have any questions or require additional information please do not hesitate to contact me at
673-7000 Ext. 6955.
Since
Gisela Nanson Torres
Leasing Specialist
cc: Max Sklar, Tourism, Culture and Economic Development Director
Enclosures: Legal Description—Exhibit"A"
Ground Floor Retail Leasing Plan—Exhibit"B"
I
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1
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F:IRHCDI$ALLIECON4ALLIASSETIpropertyappraiser2013Kcitym anager.docx
We are committed to providing excellent public service and safety to all who live,woik,and ploy in our vibrant,tropicol,historic community,
100 16th Street Suite 5
201379 Market Rent
Exhibit C
Qualification of the Appraiser
BLAZEJACK& COMPANY 19
ADDENDA
100 16th Street Suite 5
201379 Market Rent
QUALIFICATIONS
JOHN A.BLAZEJACK,MAI,CRE,FRICS
Partner
Blazejack&Company
Academic
Florida State University,B.A.
Florida International University-M.S.M.Real Estate
Most Recent Courses
1992-Level II Course 520-Highest and Best Use and Market Analysis
2000-Level II Course 530-Advanced Sales Comparison and Cost Approaches
2008-Member of review team for revised course on Market Analysis&Highest&Best Use
2008-Member of the review team for new course on Advanced Market Analysis&HBU
2010—Valuation for Financial Reporting
2012—Member of review team for Marketability Studies and Advanced Marketability Studies seminars
Experience
Mr.Blazejack,President of Blazejack&Company,has been active as a real estate counselor since
1970. His experience includes residential and income property appraisals,market and feasibility
studies,and acquisition and disposition reports. The work has been for a wide range of property
types including office,industrial,commercial and special use properties,hotels and recreational
facilities. These assignments have been conducted in over twenty states and extensively throughout
Florida.
Mr.Blazejack is a qualified expert witness who has testified in Federal district and lower courts.He
is an approved instructor of both the Appraisal Institute(AI)and the American Bankers Association.
Mr.Blazejack is a past president of the Greater Miami Chapter of the Society of Real Estate
Appraisers and was the 1992 President of the South Florida Chapter of the AI.
Designations and Licenses
MAI Member,Appraisal Institute,Certificate Number 6089,currently certified.
CRE Member,American Society of Real Estate Counselors,Certificate Number 1131.
FRICS Fellow of the Royal Institute of Chartered Surveyors Number 1250175
Registered Florida Real Estate Broker
State-Certified General Real Estate Appraiser,License Number RZ93.
Affiliations
Mr. Blazejack is the past President of the Real Estate Counseling Group of America(RECGA).
Published Articles
The Appraisal Journal,Spring,2011
Price versus Fundamentals—From Bubbles to distressed Markets
By Stephen F.Fanning,MAI John A.Blazejack,MAI and George R.Mann,MAI
Real Estate Issues,Volume 34,Number 1,2009
When Will the Miami Condominium Market Recover?
By Richard Langhorne,CRE,FRICS and John A.Blazejack,MAI,CRE,FRICS
BLAZEJACK& COMPANY 20
ADDENDA
I
100 16th Street Suite 5
201379 Market Rent
QUALIFICATIONS
JOSE WONG
Blazejack& Co.
e-mail:jose @blazejack.com
Academic
• Appraisal Institute
Course 110: Appraisal Principles
Course 120: Appraisal Procedures
Course ACE 2150: Attacking and Defending an Appraisal.
Course 310: Basic Income Capitalization
Course 320: General Applications.
Course 410: Standards of Professional Practice. Part A(USPAP)
Course 420: Business Practice and Ethics.
Course 510: Advance Income Capitalization
Course 520: Highest&Best Use
Course 530: Advance Sales Comparison&Cost Approaches.
Course 540: Report Writing.
Course 550: Advanced Applications.
Course 610: Alternative Uses&Cost Valuation of Small Mixed-Use Properties.
Course 620: Sales Comparison Valuation of Small Mixed-Use Properties.
Seminar: Argus Training.
Seminar: Effective Appraisal Writing.
Seminar: Report Writing and Valuation Analysis
Seminar: DEMO General Demonstration Appraisal Report Writing
Seminar: A Comprehensive Guide to Valuing Improved Subdivisions.
Seminar: Introduction to Land Valuation
Seminar: Advanced Spreadsheet Modeling for Valuation Applications
Seminar: Regression Analysis.
Seminar: Critical Thinking.
Training: 2013 Value Adjustment Board Training for Real property Appraiser
Special Magistrates.
Seminar: Developing a Supportable Workfile.
• Various appraisal seminars.
• He's pursuing the Appraisal Institute MAI designation.He's taken all the courses required
for the MAI designation.
• Ricardo Palma University(Lima,Peru). Degree in Civil Engineering.
BLAZEJACK&COMPANY 21
ADDENDA
100 16th Street Suite 5
201379 Market Rent
Experience as Appraiser
Commercial Appraiser at Blazejack & Co. September 2007 — present. He's worked 14 years in this
company. Commercial appraisals on many property types in Florida and USA. His professional
experience includes Highest and best use analysis, commercial appraisals on numerous property types
such as warehouses, apartment complexes, condominium buildings, office buildings, shopping centers,
retail,special purpose properties,marinas,subterranean rights,air rights,and vacant lands.
Commercial Review Appraiser at Bayview Lending Group LLC, May 2007 — August 2007. Review
Appraisals on different property types in Florida.
He worked as head of the Commercial Appraisal Review Department at Greenpoint Mortgage. He
covered the South West,Central and Northeast area of Florida.April 2006—February 2007.
His professional experience in the state of Florida and the Caribbean include highest and best use
analysis, commercial appraisals on numerous property types such as warehouses, apartment complexes,
condominium buildings, office buildings, shopping centers,retail,restaurants, special purpose properties,
and vacant lands.He worked as a commercial appraiser at Blazejack&Company March 1999-Ap.2006.
Between 1987 and 1998 (11 years), prior to conducting work in Florida, he conducted commercial and
residential appraisals on houses, retail outlets, hotels, apartments, condominiums, offices, warehouses,
factories,and hospital in Peru.
Mr. Wong has experience using a variety of software progr ams like Microsoft Word, Excel, database
IRIS, Data Comp 3.5, Street Atlas USA 6.0 (mapping), Marshall & Swift (Cost program), Argus (Cash
Flow Analysis),Co Star,Loopnet and MLS.
He is fluent in Spanish.
Experience as Civil Engineer
He has worked both in the private and public sector as a Civil Engineer for approximately 14 years. He
worked as Supervisor Engineer and Superintendent Engineer in different civil engineering jobs in Peru.
Responsibilities included subdivisions, installation of water, sewer, lighting, roads, and massive
construction of houses, apartment buildings, condominium buildings, retails, warehouses, and f actories.
He constructed and managed the financial arrangements for the construction of condominium buildings in
Peru. He made studies of costs and budgeting for the construction of these jobs.
Designations and Licenses
Real State Certified General Appraiser,License Number RZ2797
General Associate Member,Appraisal Institute
Member,Engineer Association of Peru.
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