Acquisitions

Acquisitions for the firm's clients are focused on achieving their comprehensive yield goals in terms of both annual cash flow requirements and overall return upon the project's disposition. The firm's personnel search continuously through the Florida market for office and retail properties that can be purchased at values reflective of the property's and the market's current condition. Once identified, the team negotiates the purchase contract through each exhaustive detail.The team then embarks on completion of its complex due-diligence procedures and economic feasibility studies, including:

Obtaining a structural/engineering review.

Obtaining an environmental analysis.

Reviewing or obtaining and reviewing the property's survey.

Reviewing each lease in detail and preparing an abstract, then comparing the lease abstract to the financial projections.

Reviewing the property's operating statements in detail, then comparing the property's historical performance to the financial projections.

Performing a market rent study and a comparison to the financial projections' assumptions.

Reviewing all existing contracts encumbering the property.

Reviewing the market and/or aerial photos of the trade area to determine the sites for potential competition.

Meeting the appropriate State, County and City transportation officials to obtain information on any transportation construction projects planned in the immediate area during the next decade.

Obtaining appropriate zoning information to determine the property's current zoning classification; that the existing uses are allowed, and, proposed uses that may be included.

Meeting with various public agencies and entities to obtain current information on the specific community's path of progress and direction of growth.

Upon completion of the above procedures, the financial projections are reviewed for accuracy, and fine tuned where necessary. If a purchase price adjustment is warranted, the contract price is renegotiated or the contract is terminated. The team then transitions into a closing mode. At this point, close contact is established with the management and leasing team to provide a seamless transition from the prior management and leasing companies.

Dispositions

While the majority of property owners believe that the time to focus on disposing a property is its sale year, NAI Miami believes that in many cases selling a property requires long term planning - the key to maximizing value. Allowing for sufficient time prior to the intended sale, a disposition strategy is created and implemented. This plan will include capital improvements to enhance aesthetics, weeding out weak or under performing tenants and structuring new and renewal leases in a manner to maximize long term property value.

To determine value, financial projections are compiled and market research is conducted to determine buyers' current yield requirements. After this information has been obtained, a value at the upper end of the yield curve is established. With this value determined, a comprehensive sales package is assembled. This package is disseminated first to the firm's clients and known qualified buyers. After a short preference period, the package is disseminated to a group of brokers and buyers who are highly skilled and capable of quickly obtaining or issuing qualified purchase offers.

Upon acceptance of any offer, the disposition team transitions into a rapid closing mode to work closely with the buyer's teams of professionals to provide all information to close the sale as quickly as possible. Upon closing, the team continues to work with the assorted professionals to complete a smooth transition and efficiently conclude the property's operations.