CS1031 Jacksonville FL HQ, DST
From inception in 2009, Dream Finders Homes LLC (the “Tenant”) has been building high quality homes at affordable prices, selling over 3,700 homes and becoming the second fastest growing home builder in the United States, as recognized by Professional Builder in 2017. The Tenant generated over $340 million in gross revenue in 2017, more than a 20% increase from 2016, and consummated over 1,100 home closings last year. The Tenant employs approximately 250 people and is considered the largest privately held home builder headquartered in Jacksonville, Florida.
The initial term of the Lease is 15 years with four 5-year extension options and 2.75% annual increases in the base rental rate. The Lease is an absolute triple net lease, meaning that the Tenant is responsible for and shall pay the costs and expenses of all operating expenses, real estate taxes, insurance, maintenance, repairs and replacements, structural and non-structural, including, but not limited to, roof, exterior walls, parking lot, elevators, fire and life safety systems, HVAC, plumbing, electrical and other mechanical systems. The structure of the Lease minimizes Landlord responsibilities and protects it against capital expenditures
The Property was specifically built to suit the Tenant’s specifications as its new corporate headquarters. The Tenant will locate its executive management team at the Property, as well as offering a showroom, design center, and offices for its title company on premises. The buildout will allow for customers to design the finishes of their homes and attend the closing at the same location.
The Property represents one of the only new, Class A office buildings in an area where demand for office space is high due to the rapid growth in the residential and retail markets. The Property is situated between the fast- growing residential communities of Southern Duval and Northern St. John counties and is in close proximity to numerous communities where the Tenant has homes under construction. In addition, the Property benefits from its location near the new interchanges at US-1 and I-95.
A newly constructed, three-story, approximately 45,000 square foot, Class A office building