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Office

1096 Newport

1096 E Newport Center Dr, Deerfield Beach, FL 33442

Listing Price: $5,050,000

Cap Rate
5.50%
Gross SF
23,604
Rentable SF
23,604
Price/Gross SF
$213.95
Lot Size
2.40 acres
Year Built
1999

Investment Overview

Marcus & Millichap, as exclusive agent, is pleased to present for sale 1096 E Newport, located in Deerfield Beach, Florida (the "Property"). The Property is a 84-percent occupied, 23,604-rentable-square-foot office building constructed in 1999 with Class A build-out/finishes and hurricane impact glass and generator. The Property was built for multi-tenant use and is currently 47-percent occupied by Staples, (NASDAQ:SPLS; S&P Credit Rating: B); with most of the remaining half occupied by DMC Marketing and ECW Computers, with 15 percent of the building available for lease. The Property has a parking ratio of 3.9 spaces per 1,000 rentable square feet. The Property is located in the Newport Center business park; generally bordered by Southwest 10th Street to the north, NW 54th Street to the south, Interstate 95 to the east and the TriRail train tracks to the west. This ideal location is within a quarter of a mile of Interstate 95 and within five miles of the Florida Turnpike and Sawgrass Expressway. The Property’s proximity to these major thoroughfares provides convenient access for the employees, clients and vendors of the Property’s tenants. 1096 E Newport is located in a submarket that contains millions of square feet of commercial space; and that is home to major local, national and international corporations. The Property is also in close proximity to residential communities and major centers of commerce and entertainment. 1096 E Newport provides investors with the opportunity to purchase a value-add office property with strong, long-term tenancy, at an attractive yield, in a well-situated central location of South Florida.

Investment Highlights

  • Value-Add: The Property is currently 84% occupied.
  • Staples Anchored: Staples (NASDAQ:SPLS; S&P Credit Rating: B; 47% of RSF) operates 2,000 office product superstores worldwide offering products such as office supplies
  • Prominent Location: The Newport Center business park is a 119-acre, mixed-use, business park at the Southwest 10th Street interchange of Interstate 95
  • Flexible Floor Plans. The original multi-tenant construction of the Property provides versatility to both ownership and tenants.
  • Excellent Location/Access: The Property's proximity to the Florida Turnpike, Interstate 95, the Sawgrass Expressway, SW 10th Street, Hillsboro Boulevard and Sample Road

Exclusively Listed By

Listing Price: $5,050,000

Cap Rate
5.50%
Gross SF
23,604
Rentable SF
23,604
Price/Gross SF
$213.95
Lot Size
2.40 acres
Year Built
1999

Investment Highlights

  • Value-Add: The Property is currently 84% occupied.
  • Staples Anchored: Staples (NASDAQ:SPLS; S&P Credit Rating: B; 47% of RSF) operates 2,000 office product superstores worldwide offering products such as office supplies
  • Prominent Location: The Newport Center business park is a 119-acre, mixed-use, business park at the Southwest 10th Street interchange of Interstate 95
  • Flexible Floor Plans. The original multi-tenant construction of the Property provides versatility to both ownership and tenants.
  • Excellent Location/Access: The Property's proximity to the Florida Turnpike, Interstate 95, the Sawgrass Expressway, SW 10th Street, Hillsboro Boulevard and Sample Road

Investment Overview

Marcus & Millichap, as exclusive agent, is pleased to present for sale 1096 E Newport, located in Deerfield Beach, Florida (the "Property"). The Property is a 84-percent occupied, 23,604-rentable-square-foot office building constructed in 1999 with Class A build-out/finishes and hurricane impact glass and generator. The Property was built for multi-tenant use and is currently 47-percent occupied by Staples, (NASDAQ:SPLS; S&P Credit Rating: B); with most of the remaining half occupied by DMC Marketing and ECW Computers, with 15 percent of the building available for lease. The Property has a parking ratio of 3.9 spaces per 1,000 rentable square feet. The Property is located in the Newport Center business park; generally bordered by Southwest 10th Street to the north, NW 54th Street to the south, Interstate 95 to the east and the TriRail train tracks to the west. This ideal location is within a quarter of a mile of Interstate 95 and within five miles of the Florida Turnpike and Sawgrass Expressway. The Property’s proximity to these major thoroughfares provides convenient access for the employees, clients and vendors of the Property’s tenants. 1096 E Newport is located in a submarket that contains millions of square feet of commercial space; and that is home to major local, national and international corporations. The Property is also in close proximity to residential communities and major centers of commerce and entertainment. 1096 E Newport provides investors with the opportunity to purchase a value-add office property with strong, long-term tenancy, at an attractive yield, in a well-situated central location of South Florida.

Exclusively Listed By

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