1A-Accept Recomm Execute Lease Agmt w- Vacation Tours For 100 16th St Suite NoREDEVELOPMENT 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 100 161
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 a reement for a month to month tenanc with Tenant endin lease execution?
Item Summary/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:
Initial Lease Term:
Renewal Options:
Base Rent:
Annual Rent Increase:
CAM Pass-Through:
Rent for Renewal Option Period:
Guarantee:
March 18, 2014
Three (3) years
One (1) @ three (3) years, at Landlord's sole and absolute discretion.
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.
The greater of CPI or 3%
$10.00/sq. ft.; $600.83 per month; $7,210.00 per year, for first year, subject to
adjustment, commencing year two, based upon Tenant's proportionate share of
operating expenses, real estate taxes and insurance
Reset to prevailing market rate with annual escalations by the greater of CPI or 3%.
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.
Board Recommendation:
Finance & Citywide Projects Committee. February 21, 2014-Recommendation in favor of execution of New Lease and an
a reement for a Month to Month Tenanc , endin final lease execution.
Financial Information·
Source of Funds: n/a I Amount
I 1 n/a
Financial Impact Summary:
City Clerk's Office Legislative Tracking:
Max Sklar, Extension 6116
Sign-Otfs:
Depa#ni DirA Ct<?J / Assistant City Ma)IBger
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T:\A 9ENDA~r.March\RDA\Vacation Tours New Lease RDA Su~mary 3-5-2014
C9 MIAMIBEACH 656
Account
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City ty1~ager
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AGENDA ITEM I A
DATE j~S-ll.f
C9 MIAMIBEACH
City of Miami Beach, 1700 Convention Center Drive, Miami Beach, Florida 33139, www.miamibeachll.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 Cl 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, 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.
ADMINISTRATION RECOMMENDATION
Adopt the resolution.
BACKGROUND
Tenant currently operates a travel business at Suite "J" at the Anchor Shops, located at 100
161h 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 161h 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
657
Redevelopment Agency Memorandum
Anchor Shops-Vacation Tours New Lease
March 5, 2014
Page 2 of4
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:
Initial Lease Term:
Renewal Options:
Base Rent:
Annual Rent Increase:
CAM Pass-Through:
Financial Records:
Renewal Option Period
Rent:
March 18, 2014
Three (3) years.
One ( 1) option @ three (3) years, subject to Landlord's sole and
absolute discretion.
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.
The greater of CPI or 3%
$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).
The Landlord shall have the right to periodically review
Tenant's financial records and statements of operation.
Reset to prevailing market rate at the time renewal option
is granted. Rent for the renewal period shall further continue to
658
Redevelopment Agency Memorandum
Anchor Shops-Vacation Tours New Lease
March 5, 2014
Page 3 of4
Guarantee:
have annual increases by the greater of CPI or 3%.
By Owners and Officers of the Florida corporation
(Rossanna Mendez a/kla 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 ("Biazejack"), effective as
of November 1, 2013, a copy of which is attached hereto as Exhibit "3". 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 a new 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 "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, 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
659
Redevelopment Agency Memorandum
Anchor Shops-Vacation Tours New Lease
March 5, 2014
Page 4 of4
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..G.:K~~(:pproved during and as part of the RDA Board's regular agenda.
JLMtK'Crst~NT
F:I$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
660
Detail by Entity Name
Detail by Entity Name
Florida Profit Cor oration
ACATION TOURS, INC.
Fllln Information
Document Number
FEIIEIN Number
Date Filed
State
Status
Last Event
Event Date Filed
Event Effective Date
Prlncl al Address
4201 SW 11 ST
CORAL GABLES, FL 33134
Changed: 01/26/2007
201 SW 11 ST
CORAL GABLES, FL 33134
Changed: 01/26/2007
MENDEZ, ROSANNA M
201 SW 11 ST
CORAL GABLES, FL 33134
ddress Changed: 01/26/2007
leer/Director Detail
MENDEZ, ROSANNA M
201 SW 11 ST
CORAL GABLES, FL 33134
P96000083798
650704422
10/07/1996
FL
ACTIVE
NAME CHANGE AMENDMENT
10/23/1997
NONE
Exhibit 1
Page 1 of2
http://search.sunbiz.org/Inquiry/CorporationSear661 archResultDetail/EntityName/domp·... 2/21/2014
Detail by Entity Name Page 2 of2
ALVAREZ, ALEXANDRA
4201 SW 11 ST
CORAL GABLES, FL 33134
IA.tHomel R m~ rf:ontact Us nnua e o s E-Fillng Services Document Searches Forms Help
Report Year Filed Date
2012 03/09/2012
2013 02/12/2013
2014 01/18/2014
Document lmaaes
01/18/2014 --ANNUAL REPORT View image in PDF format
02l12/2013 --ANNUAL REPORT View image in PDF format
03/09/2012 -ANNUAL REPORT View image in PDF format
01l23l2Q1l -AN~UAL R~PQRT View image in PDF format
Q4/01~QjQ-ANNUAL R~PORT View image in PDF format
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Q~lQ~/2QQ!2 --ANNUAL REPORT View image in PDF format
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10/27/1~~7-AMENDMENT I View image in PDF format
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10/07/1996 --DOCUMENTS PRIOR TO 19971 View image in PDF format
~ t!:• and Prl!lacy P<lloc!e:;
State of Flonda, Depanmer~t of State
htto:/ /search.sunbiz.org/lnquiry/CorporationSearc6621fchResultDetaiVEntity N arne/clomp-... 2/21/20 14
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1Tii
GMA
GABBs, MULLEN, ANToNELLI & DIMA"'TEO
LAW OFFICBS
Mr.uo·DADB PALM BIIACH
.po Sovnl Dlxm HlGHWA'r o 'l'laD F..-
C:O.W. G.uua. PLoiiiDA n•t'
105 S. NAaalllll AVDIW • 'Dm CmaHI 8uJ1mNc
Sum 7U1" Wlsr PAUII Bat.al,l'LoluDA. 3340S
TIL: .561-BJ::a-6718 FAX: s6t-8JS·10)' Til.: 305-667·0223 FAx: )0.5·284-t&w
VIA Email ct. US MAIL
GiselaTorres@miamibeachfl.gov
Gisela Nanson Torres
Tourism Culture and Economic
Development Department
Office of Real Estate
SSS 176 Street
Miami Beach, Florida 33139
Re: Vacation Tours, Inc.
100 16* Street
#S
From the Desk of James S. Robertson, Esq.
jrobertsonOgaebemullen.com
Please reply to: Miami-Dade
Febnuuy 13, 2014
Miami Beach, Florida 33139
Non-Binding Letter of Intent to Lease
Dear Ms. Torres:
Per our previous correspondence. please accept this correspondence as our non-binding Letter of
Intent to lease the above-referenced property.
PROPOSED TERMS AND CONDITIONS:
LeaseTenn:
Lease Rate:
The primary tenn is to be three (3) years effective Man:h 18,
2014. The tenant will also have one renewal option for a period
of three (3) years.
The base rent shall be $ SS.OO per square foot with an additional
S I 0.00 per square fool operating expenses. Base rent shall
increase by the greater of3% 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) yean subject to
Landlord"s sole and absolute discretion. Renl during the renewal
tenn shall be reset to p~ailing market rate at the time of the
renewal option. Rent for the renewal period shall increase by the
greaterofCPJ or 3%.
Exhibit 2
663
Operating Expenses:
Security Deposit:
Tenants Use:
Construction Allowance:
Delivery of Premises:
Parking:
Space PI&Ming:
Additional Improvements:
Allowance:
Refurbishments:
Hours of Operation:
Assignment and Subletting:
Guarantee:
Financial Operation:
Signagc:
Tenant wiiJ be responsible for its pro-rata share of operating
expenses, LandJord•s insurance (detennined 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
on its premises, insurance for its premises, and tenant will pay
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 ~sponsiblc for the maintenance of the
HV AC. 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.
$10.607.70 less any deposit currently being held by landlord.
The premises shall be used for general office purposes related to
the travel industry.
None
Landlord shall deliver the premises to tenant in "as is" condition.
None.
None.
None.
None.
None.
7am-10pm.
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.
By individual owners and officers.
The landlord shall have the right to periodically review tenant's
financial operation.
All signs are to comply with the City code.
664
Americans With Disabilities
Act:
Tenant will be responsible for complying with the Americans
with Disabilities Act of 1990 (the "ADA").
This is a non-binding letter of intent submitted to outline the material business tenns for the
proposed lease 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
<:onsider the proposed offer. If the landlord desires to lease the premises, a lease will be prepared using
the information contained herein. It is the intention of the parties to negotiate additional tenns of the
transaction and enter into a lease within thirty (30) from the execution date of this Letter of Intent. The
parties arc not bound until a lease is executed.
JSR/dr
665
COUNSELING REPORT
MARKET RENT ANALYSIS FOR RETAIL SPACE
100 16th 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
555 17t11 Street,
Miami Beach, FL 33139
Office-305-673-7193 x 6161
Fax-305-673-7063
Gabde!aA!fonsin@mjamibeachfl.gov
PREPARED BY
BLAZEJACK & COMPANY
172 W Flagler Street, Suite 340
Miami, Florida 33130
Phone: (305) 372-0211
Fax: (305) 374-1948
Exhibit 3
666
November 27, 2013
Gabriela Alfonsin
Office Associate IV
BLAZEJACK & COMPANY
REAL ESTATE COUNSELORS
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 100 16th Street-SuiteS,
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.
The accompanying report includes pertinent data secured in our investigation. exhibits and the details of the
processes used to anive 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 1,1013, the date of appraisal, Is.
RetaU Space : SSS.OO per square foot Rentable on a net basis.
Total Operating Expenses: SIS/SF Rentable
Respectfully submitted,
BLAZEJACK & COMPANY
John A Bla.zejack., MAJ. CRE, FRICS
Partner
State-Certified General Appraiser
License N. RZ 093
Jose Wong
Senior Consultant
State-Certified General Appraiser
License No. RZ-2797
172 W. FLAGLER STREET, SUITE 34Q-MIAMI, FLORIDA 33130.PHONE (305) 372-0211-FAX (305) 374-1948
667
Property Appraised:
Property Name:
Address:
Folio Number
Owner:
Client:
Interest Appraised:
Purpose of Appraisal:
Function of Appraisal:
Date of Analysis:
Date of Inspection:
Date of Report
CONCLUSION:
RetaURent:
Total Operating Expenses:
100 16th Street Suite S
201379 Market Rent
SUMMARY OF FACTS AND CONCLUSIONS
Retail space on first floor.
Anchor Shops -Suite S
100 16"' Street-Suite S, Miami Beach, FL 33139
02-3234-919-1090
City of Miami Beach City hall
City ofMiami Beach
Office of Real Estate
Tourism, Culture and Economic Development Department.
Market Rent
To estimate the market rent of the property.
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.
November 01, 2013
November 23, 2013
November 27, 2013
As of November 01, 2013.
$55/ Square Foot Rentable on a net basis.
$15/ Square Foot Rentable on a net basis.
BLAZEJACK & COMPANY
REAL ESTATE COUNSELORS
668
TABLE OF CONTENTS
CERTIFICATE
ASSUMYf)ONS AND LIMITING CONDITIONS
100 16th Street Suite 5
201379 Market Rent
Page
1
2
MARJ(ET RENT ANALYSIS 3
IDENTIFICATION OF 1lffiPROPER1Y ............................................................................................................... 4
PURPOSE DAlE AND FUNCTION OF 1lffi REPORT ....................................................................................... 4
SCOPE OF 11iE ASSIGNMENT .............................................................................................................................. S
PROPERTY lllSTORY ............................................................................................................................................. 5
LEGAL DESCRfi'TION ............................................................................................................................................ 5
DEFINITIONS OF VALUE AND INTEREST APPRAISED ................................................................................ 5
MARKET RENT ANALYSIS ................................................................................................................................... 6
CONCLUSION ......................................................................................................................................................... 1 0
ADDENDA
Exhibit A
ExhibitB
ExhibitC
Retail Rent Comp Photos
Engagement Letter
Qualifications of the Appraisers
BLAZEJACK & COMPANY
REAL ESTATE COUNSELORS
669
CERTIFICATE
We certify that, to the best of our knowledge and belief,
• the statements of fact contained in this report are true and correct.
100 16th Street Suite S
20U79 M1rket Rent
• 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 predetennined 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, MAl, CRE, FRJCS
Partner
Cert Gen RZ-0093
BLAZEJACK & COMPANY
CERTIFICATE
670
Jose Wong
Senior Consultant
Cert Gen RZ-2797
100 16th Street Suite S
201379 Market Rent
ASSUMPTIONS AND LIMITING CONDITIONS
The appraisal is subject to the following assumptions and limiting conditions.
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 fmn 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 may not be present on the property, was not observed by the appraiser; nor does the appraiser have any
knowledge of the existence of urea-formaldehyde foam 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 JanuaJY 26, 1992 sets strict and specific
standards for handicapped access to and within most commercial and industrial buildings. For puipOSes 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
ASSUMPTIONS AND LIMITING CONDITIONS
671
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MARKET RENT ANALYSIS
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100 16th Street Suite 5
201379 Market Rent
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100 16th Street Suite 5
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IDENTIFICATION OF THE PROPERTY
The property under analysis in this report, a retail space, is located at I 00 16th Street -
Suite 5, Miami 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
'
A venue, and the Lowes hotel. The property under analysis is a rectangular retail space located
on the first floor of the building that fronts 16th Street. The building contains garage and retail
spaces on the first floor.
The retail space has 721 square foot of rentable area.
GROUND :Pl.OOR RETAIL LBASING PLAN
rll
AHCHOt SUO·~ -·------------.. ------------------.. __ , _____ _ -------· _, ___ " _______ _ -------~-fliiili
PURPOSE DATE AND FUNCTION OF THE REPORT
The pmpose 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.
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SCOPE OF THE ASSIGNMENT
100 16th Street Suite 5
201379 Market Rent
Tills 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 IDSTORY
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
Loll I, D, 10,1,, 12 and 13, Block 57, Flst\er's F'nt Subdivtlkm of Alton Beach, eccordlng to the Plat thereof, 11
recorded In Plat Book 2, P~ge 71 of the Public Records of Oldll County, Florida, together with Ill of 16th Street
(Avenue "C"), INa and except the follotfttg diiiCribtd parcel:
BEGINNING at the SouthWest comer of Block 54 olaald Flshef'e Flra18ubc:IMslon of Alton Beach Plat thence
North as• 0' 53" East along the South line or nld Blodc ~. • dlltii1CI of 4-43.08 reet. 1o 1M Southeast comw or
aald Bloclc &c; lhei'IQI Soulh or• 35' 04• West, • distance of 16.26 fHt. 1a • point of QJIP wllh • tangent c:urve
concave to the Southwest; tbence along the •rc of aid curve liD the left. having • radlua of 25.00 feeilnd 1
central angel of DO" 00' 00", an arc dlltance or 38.27 raet. ID • point of tanaencv: thlnce North a2• ~· 52" Wast. •
distance of 24.76 flet thence South 88• DO' 63"' West along a 1tne a.oo feel North or end paralel With, 111
me .. ured et right angles to the Nor1h line of Block 67 ot uld plat, • ~ of 182.18 feel to • point on lha
Euterfy Rlght-of-Wiy lne of W.shlngton Avenue: lhti'ICI North 01' 59' 11• Welt llong l8ld Euteriy
Right-of-VYay ine, 11 d•tanoe of 82.00 feet to the Soulhweat comer or uld Block 54 and 118 Point of beginning.
88klllnda Jr1nG 1nd being In lhe City of Miami Beach 8lld containing 65,810·aquln!l fltel (1.5131 Acnta} more or .....
DEFINITIONS OF V ALOE AND INTEREST APPRAJSED
According to the Code of Federal Regulations, Title XI of the Financial Institutions
Reform, Recovery and Enforcement Act of 1989 ("FIRREA"), and according to the 12th Edition
of The Appraisal of Real Estate, market value is defined as follows:
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100 16th Street Suite 5
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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 ftom seller
to buyer under conditions whereby:
Buyer and seller are typically motivated.
2 Both parties are well infonned or weU 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
tennination of the lease.
Market Rent
The rental income 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.
Source:Appraisal Institute, The Appraisal of Real Estate. 13th Edition, (Chicago, 2008)
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
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100 16th Street Suite 5
201319 Market Rent
provided although some tenns 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.
1 Oeean lllnt Group 7,867 2010 $47 NNN $15.00 OceanFirslGroi.JI sigoed a leueconlract in Man:b 10,2013 b'tm!
on 20sl s~ haifa block spac:e designated as rciB.il H, with a lmD of 10 )'CifS and optioaiD renew
west of CoUins Ave. the initial term for 2 consecutive renewalleTlll! ofS )'!liS each. The lb:lp
MianiBeacb is part ofBoul1111, a mix UBed bLildiDg Iiiii contains residential
condominiwns and retail on the first and se~:ond level. 'Ibe total address
IDr lhe total bnilding is 2100 Collins Ave. Tbe sb!p colllains 4,320 SF
leascabe area on the fint floor uxl 3,547 SF on lhe JllC2Zallin::. Operating
expenses an: at$15.00/SF .
2 .LIJicolll Place 823 2012 sss NNN $17.29 located on the narlhcast CIII1C' ofWashington A ve1110, ooe block solllh
16(}1 W~Ave. 3.094 of Lincoln Road. one fourth bloek west of Collins Aw:rue. Within
Miami Beach walki11: disllmi:C of retail JhojJs and reslaiJ'IIItS. Tenant has Ia pay ilr
FL33139 1\111 key. The retail bas average qiBlity conslrul:tion finisbi~l.lld ia in
good condition. Spau 101 and lOS are available. OpntingEqlcnses
3 1541 WarblngconAve. 1,200 1952 SSJ NNN N/A Tum key opcratiomlllalian & Pemvillll rcslamanl close to uncoln .Road.
Miatri Beach Ren 1h N!lcas:. The stilleasc opirea July 2020. This is an old little retail
FL33l39 space.
4 1610 Wa&blngton J\ve. 1,847 1940 S1S NNN SIS.OO Frontage along Washington Avcnuc. Space consiSIJ of a 8JOIIII1Ioor IUid
Miami Beach Ren IDC2a2llni ne level for a total on ,84 7 SF. Co-tenancy with McDonald's,
FL33139 foot Loeker, Radio Shack, Frilz Skateshop.lt is located one halfb1ock
soutb from ~oln Road. OperatiDJ Expenses areS IS/SF.
5 1502 WashJuaton A\'t. 1,741 1948 $65 NNN $13.00 Fully built out rcstauranl space. Ideal cafe wilb oOO!oor seating area.
Miami Beach Adjacent to Five Gll)'l BurJen and Fries. The buildilt;was co.ctdy
FL33l39 tcrovated. Near Lincoln Road and the City Center area with abundant
office space and hotels in the irmnediate ares. The retail bas average
quality construction finishing and is in good condition. Operating
Expenses are $13.00/SF.
6 1452 WashiDgton Ave. 736 1938 $70 NNN NIA Space B with 736 SF and space C with 1,169 SF arc availableat$70/SF.
Miami Beach 1,169
FL33139
7 1447 Wasblngton Ave. 1,200 1940 $70 Modified Sl3.00 This fully out m~&t.nnt space is situated right nex1 door to tbe &mous
Miami Beach Gross Cameo theamr. Thia recently renovab:d spscc i a 1 llllJ key operation
FL33139 ready 10 sell with all of the necessary ki~ equipment to start blsiness.
Operating Expenses are S 13.00/SF.
8 1429 Washington Ave. 3,265 1920 $45 NNN $13.00 Restaurant in the heart of South Beach, steps away from Untoln Road
Miami Beach and Espallola Way. Ideal for 61st casual restaurant, bistro or cafe. Its
FL33139 listed for S2.S million. This is an old building that has average qi.Blity
and is in fair condition. OperatiDJ Ellpenscs are $13.00/SF.
SUBJECI':
Anchor Shops 721 1998 This rpace is cmrendy bcing utilized as a lrlvcl agcocy. It has average
100 16th St ·Suite :5 quality cantruclion finishing and is in very good condition.
Miami Beach
BLAZEJACK & COMPANY 7
MARKET RENT ANALYSIS
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loiN (6.2'W}
Retail Map Comparable
677
100 16th Street Suite 5
201379 Market Rent
~k
0 1100 1000 IDQO
Oala Zoom ll-7
B
HET-\II.IH \'1 <<niPS .\I).Jl'ST\IE\ I CRm
100 16th Street Suite 5
201J79 Market Rent
. . . . --. -. . . . -. . . .. .,, .,-.. -...
'~ 'II c f t 1 ,; ' ,', f f ;
' I :c ~ ~ f • ~; •-\ .i ) ! t ; (,} '/ 'l 't 1 j 1}-·1' :
Location 10% -20% -15% ~15% -15% -25% -20% -15%
Building Quality 0% 0% 0% 0% 0% OOA. 0% 5%
Condition 0% 0% 5% 5% S% 5% 5% 5%
Size S% 0% 0% 0% 0% 0% 0% 0%
Others 0% 10% 0% 0% 0% 0% 0% 0%
Overall Adjustment
,.
15%
,.
~10%
,
-10%
,
-10%
,
-10%
,.
-20%
,.
-15%
,.
-5%
.Adjusted Rent $54 $50 $48 $68 $59 $56 $60 $43
A\erage All Comps: $541
Chosen Retail Rent {$/SF} for Subject $55 NNN
LE(;El\'D . . ·;s ~ .. _:· :-·'11} ·;;. '--. ~ • ";" r· -; .. l ;.·~·, '": .. : t~ ("· .. -·-•.. -:. -.--.. r. .. ,.......... • ..... ~-~-... ·~ .. ~ '?"'~ --:""..... ......, ..... ~.:!ij1!'
• ..&'.t!L !.J:_l'~i!d~ ~ I L'._P .l t~ . - . -·.
=
+
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.
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Operating Expenses
100 16th Street Suite S
201379 Market Rent
The annual operating expenses of the subject property were projected in this analysis
based on similar properties.
HI' I All. -1110 16th STRIT I'
OPJ:It\'IJ:\(; FXI't::\SFS S L\TJ:\1 F'\ r
!\0\'F,IBLR 01, WD
EXPENSD: h!:!!'
HXm EXPJlNSD
Property Taxes $2,760 > $3.83
luaunmce $793 I1N
TOTAL FIXED EXPENSES: $3,553 $4.93
V ARIABLI:EXPliNSiili
Adminilltrative 4 General $1,045 $1.45
Rapair&IMamtcaauce $540 $0.75
Utilities $1,160 $1.61
Cleanins $215 $0.30
Otbcn $4,195 $5.82
~-l,!.q! $0.15
$1,263 $10,07
l:W:A" W~lii ~ ~
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 subjeet 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
$15/ per square foot of rentable area.
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BLAZEJACK & COMPANY
ADDENDA
ADDENDA
680
100 16th Street Suite 5
201379 Market Rent
11
BLAZEJACK & COMPANY
ADDENDA
Exhibit A
Retail Rent Comp Photos
681
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12
Retail Rent l
On 20st St, half a block west of Collins Ave.
BLAZEJACK & COMPANY
ADDENDA
Retail Rent 2
1601 Washington Ave.
682
100 16th Street Suite 5
201379 Market Rent
13
BLAZEJACK & COMPANY
ADDENDA
Retail Rent 3
1541 Washington Ave.
Retail Rent 4
1610 Washington Ave.
683
100 16th Street Suite 5
201J79 Market Rent
14
BLAZEJACK & COMPANY
ADDENDA
Retail RentS
1502 Washington Ave.
Retail Rent 6
1452 Washington Ave.
684
100 16th Street Suite S
201379 Market Rent
15
BLAZEJACK & COMPANY
ADDENDA
Retail Rent 7
1447 Washington Ave.
Retail Rent 8
1429 Washington Ave.
685
100 16th Street Suite 5
201379 Market Rent
16
BLAZEJACK & COMPANY
ADDENDA
ExhibitB
Engagement Letter
686
100 16th Street Suite 5
201379 Market Rent
17
(9 MIAMf BEACH
City of Miami leach, 1700 Convention Center Drive, Mlomi Beoc:h, Florida 33139, www.mlomlbeochR.gov
TOURISM, CULTURE AND ECONOMIC DEVELOPMENT DEPARTMENT
Office of Reel EJtata
Tel: 305-873-71B3/ FIX: 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 100 16th Stree~ Suite 6, 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. rvacation Tour Space·),
having approximately 721 square feet, located at 100 16" Street, Suite 5, Miami
Beach, Florida 33139, a/kla Suite "J oftheAnchorShops, currently being utilized as
a travel agency, as set forth in the attached Legal description (Exhibit "A•) and
Ground Floor Leasing Plan (Exhibit "8").
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
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; end
B. Respective prorata operating costs associated with this type of use.
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.
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
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.
687
Request for Appraisal
Vacation Tours, Inc.
October 18, 2013
Page2of2
Be reminded that TIME IS OF THE ESSENCE for this project and, ss such, weighting oftumaround
time will be given additional consideration for this proposal. Please submit your cost and time
frame proposal via e-mail to gtorres@miamlbeachfl.gov.
If you have any questions or require additional information please do not hesitate to contact me at
673-7000 Ext. 6955.
cc: Max Sklar, Tourism, Culture and Economic Development Director
Enclosures: Legal Description-Exhibit "A"
Ground Floor Retail Leasing Plan-Exhibit •B"
F;\RHCD\$ALL\ECON\$AU\-'SSE"Jp"opertyappraiaer2013Kcitymanager.dOCK
. ---688··-·--......... ··-··· --····-· . ----
BLAZEJACK & COMPANY
ADDENDA
Exhibit C
Qualitlcatlon of the Appraiser
689
100 16th Street Suite 5
201379 Market Rent
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100 16th Street Suite S
201379 Market Rent
QUALIFICATIONS
JOHN A. BLAZEJACK, MAl, CRE, FRICS
Partner
Blazejack & Company
Academic
Florida State University, B.A.
Florida International University -M.S.M. Rea! Estate
Most Recent Courses
1992 -Level ll Course 520 • Highest and Best Use and Market Analysis
2000 -Level U 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 ofBlazejack & Company, has been active as a rea] 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, MAl John A. Blazejack, MAl and George R. Mann, MAl
Real Estate Issues, Volume 34, Number 1, 2009
When Will the Miami Condominium Market Recover?
By Richard Langhorne, CRE, FRICS and John A. Blazejack, MAl, CRE, FRJCS
BLAZEJACK & CO:MPANY
ADDENDA
690
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JOSE WONG
Blazejack & Co.
e-maU: jose@blazejack.com
Academic
• Appraisal Institute
Course 110:
Course 120:
Course ACE 2150:
Course310:
Course320:
Course 41 0:
Course420:
Course 510:
Course 520:
Course 530:
Course 540:
Course550:
Course610:
Course 620:
Seminar:
Seminar:
Seminar:
Seminar:
Seminar:
Seminar:
Seminar.
Seminar:
Seminar:
Training:
Seminar:
QUALIFICATIONS
Appraisal Principles
Appraisal Procedures
Attacking and Defending an Appraisal.
Basic Income Capitalization
General Applications.
100 16th Street Suite S
201379 Market Rent
Standards of Professional Practice. Part A (USPAP)
Business Practice and Ethics.
Advance Income Capitalization
Highest & Best Use
Advance Sales Comparison & Cost Approaches.
Report Writing.
Advanced Applications.
Alternative Uses & Cost Valuation of Small Mixed·Use Properties.
Sales Comparison Valuation of Small Mixed-Use Properties.
Argus Training.
Effective Appraisal Writing.
Report Writing and Valuation Analysis
DEMO General Demonstration Appraisal Report Writing
A Comprehensive Guide to Valuing Improved Subdivisions.
Introduction to Land Valuation
Advanced Spreadsheet Modeling for Valuation Applications
Regression Analysis.
Critical Thinking.
2013 Value Adjustment Board Training for Real property Appraiser
Special Magistrates.
Developing a Supportable Workfile.
• Various appraisal seminars.
• He's pursuing the Appraisal Institute MAl designation. He's taken all the courses required
for the MAl designation.
• Ricardo Palma University (Lima, Peru). Degree in Civil Engineering.
BLAZEJACK & COMPANY
ADDENDA
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Experience as Appraiser
100 16th Street Suite 5
201379 Market Rent
Commercia] 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. Apri12006-February 2007.
His professional experience in the state of Florida and the Caribbean include highest and best use
anaJysis, 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 programs like Microsoft Word, Excel, database
IRJS, 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 ClvU Enzineer
He has worked both in the private and public sector as a Civil Engineer for approximately 14 years. He
worked as Supervisor En,gineer 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 factories.
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.
BLAZEJACK & COMPANY
ADDENDA
692
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RESOLUTION TO BE SUBMITTED
693