By Eric Messer, Research Services Manager, Newmark Grubb Knight Frank
Broward County’s commercial markets chugged along in 2012 as modest positive absorption pushed vacancy rates lower for both sectors.
Broward County’s office market continued to hold the lowest vacancy rate while industrial posted the highest in South Florida, albeit just 70 basis points above Palm Beach’s 8.0% industrial vacancy.
Landlords have held asking rents steady as direct weighted averages experienced slight decreases during 2012. The push downward can be attributed to lower-end space remaining on the market as higher-end office space is being leased and the trend of businesses “flight to quality” continued. Similar conditions are projected for 2013 with momentum building toward at end of year and into the first half of 2014.
In an unprecedented move to expand construction and development operations throughout the Southeast U.S. and beyond, the Seminole Tribe of Florida, Inc. and Stiles Construction, a division of Stiles, announced a new joint venture partnership to create Seminole Development and Construction, LLC.
The newly created venture provides both Seminole Tribe of Florida, Inc. and Stiles with access to a range of real estate construction project opportunities within the Native American tribal network and also includes projects planned under the auspices of the U.S. federal government.
The first project to emerge from the partnership is Seminole Classic Casino, a 140,000-square foot renovation at 4150 North State Road 7 in Hollywood, FL. The six-month long renovation was completed in January 2013 and included a complete transformation of the building’s exterior and interior, as well as upgrades to the parking lot and landscaping. Other Seminole projects in the pipeline include Brighton Public Safety Complex and a new Noodle Bar at the Hard Rock Seminole Casino.
“Our partnership with Stiles opens a world of opportunity for the Seminole Tribe of Florida, Inc. and for all Native American tribes,” said Tony Sanchez, President of the Seminole Tribe of Florida Inc. “Maintaining our unique Seminole culture while providing the highest level of service to our clients and partners is our first priority, and we believe that with Stiles’ family-owned structure, superior values and first-class reputation, this partnership will lead to new projects that will increase our market share, expand and diversify the Seminole Tribe business operations and create substantial value for our tribe as well as our fellow Native American tribes.”
With this partnership, the Seminole Tribe of Florida, Inc. will be able to offer its vast tribal network Stiles’ 60 years of construction expertise, substantial resources, accomplished staff and diverse range of development and construction services. Seminole Development and Construction will have an opportunity to pursue a variety of planned and new construction projects within the Seminole Tribe of Florida, Inc. real estate portfolio. Furthermore, the combined entity will also market construction services to other Native American tribes and pursue federal 8(a) set-aside contracting work, including judicial, military and naval air station projects, that is only accessible to federally recognized groups.
“It is an honor to join forces with the Seminole Tribe of Florida, Inc. to create a powerful partnership that will allow us to enter into new markets and offer exceptional construction and development services to the Seminole Tribe of Florida, Inc. as well as to their expansive Native American Tribal network,” said Timothy Moore, President of Stiles Construction. “We are proud to have launched our partnership with the transformation of the Classic Casino into a state-of-the-art facility, and look forward to several more great projects together.”
Headquartered in Hollywood, Florida, the Seminole Tribe of Florida is a sovereign government with an elected Tribal Council. The tribe has achieved remarkable success since it became the first U.S. Indian tribe to open high stakes bingo halls in 1979. In 2004, the Seminole Tribe of Florida opened two Seminole Hard Rock Hotels and Casinos in Florida. With the March 2007 acquisition of the Hard Rock franchise, the Seminole Tribe of Florida added the prestige of one of the world’s most respected brands. The economic stability provided by gaming, combined with their cattle, citrus, and other business enterprises, has made the Seminole Tribe of Florida one of the most successful native Indian business tribes in the U.S. today.
Berger Commercial Realty has closed a 10,000-square-foot lease on behalf of Black Oak Partners at 2005 Vista Parkway in West Palm Beach, the brokerage announced.
Berger’s Joseph Byrnes and Greg Milopolous handled the deal for the two-story suburban office building property.
Black Oak had bought the property for $3.73 million in July from Design Arts of Palm Beach. Since that time, Berger’s Tim Hackett has managed the 41,899-square-foot property.
https://sfoba.com/wp-content/uploads/2013/01/Berger-Logo.png270275SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2013-01-16 21:53:512013-01-16 21:53:51Berger Closes 10,000 SF Lease
Keith Darby, along with Viktoria Telek, represented the buyer in the purchase of a 16,084-square-foot office condominium in Fort Lauderdale’s Museum Plaza office tower.
The property, which is located at 200 South Andrew Avenue, had been bank owned at the time of sale. Terms were not disclosed.
Viktoria Telek joined Darby at Rise Realty in November. Telek served as Commercial Real Estate Associate with ComReal Ft. Lauderdale for 8 years, leaving in December 2011 to join Cohen Brothers Realty Corp. At Cohen, Telek served as leasing representative for DCOTA.
https://sfoba.com/wp-content/uploads/2013/01/museum-plaza.jpg270275SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2013-01-16 01:43:412013-01-16 01:43:41Keith Darby, Viktoria Telek Unload Museum Plaza Office Condo
The Miami Association of Realtors and Florida Realtors will be fighting to repeal sales tax on commercial leases at the upcoming legislative session in Tallahassee.
Florida imposes a 6% state sales tax on commercial rent and is one of the few, if not only, states to do so, said Danielle Blake, senior vice president of housing and government affairs for the Miami Association of Realtors. Ms. Blake said state sales tax for commercial rent generates about $ 1.5 billion annually.
Ideally, the association would like this tax repealed, Ms. Blake said, and if not, significantly lowered.
Commercial leases, she said, are subject to double taxation, with landlords separately invoicing a portion of ad valorem taxes, maintenance charges and insurance premiums to tenants. These charges are called pass-through expenses.
Ms. Blake said the association would like legislation to clarify that pass-through expenses are not taxable as rent.
Another issue the association is closely monitoring is the Department of Revenue’s drafted rules on taxing commercial leasehold improvements as rent. The department, according to the association, believes leasehold improvements are taxable as
rent unless the taxpayer can demonstrate:
•The improvements are needed to put the property in a condition for operation of tenants ‘ business.
•There is no requirement to spend a specific or minimum amount on improvements.
• No credit is given against rental payments.
•The improvements are not classified as rent, additional rent, rent in kind or in lieu of rent.
•There is no evidence that there was an attempt to reclassify rental payments to avoid tax.
“The issue that we have with that is the burden is on the taxpayer to prove these points,” she said. “We believe that it should be on the Department of Revenue to prove these points.”
Starting in March, the Tallahassee team will have 60 days for the legislation to be passed by both the House and the Senate and to reach the governor’s desk, she said.
https://sfoba.com/wp-content/uploads/2013/01/lease.jpg270275SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2013-01-10 03:25:482013-01-10 03:25:48Realtors Fight To Repeal State Sales Tax On Leases
Paul A. Waters has joined Cushman & Wakefield as Senior Managing Director and Market Leader of the company’s South Florida operations.
Based in Miami, Waters will oversee the firm’s overall strategic business objectives and day-to-day activities for South Florida including the Miami, Fort Lauderdale and Palm Beach markets.
Prior to joining Cushman & Wakefield, Waters most recently served as an Executive Managing Director of Industrial Services with C III Realty’s NAI Global, where he led business development efforts for transaction management services in the Americas, focusing on client portfolio optimization and utilization.
From 2005 to 2008, he served as a senior managing director with CBRE. Prior to that, he was a senior managing director with the former Staubach Company, now Jones Lang LaSalle, from 2000 to 2005.
A Boston native and graduate of Boston College, Mr. Waters’ numerous professional affiliations include active membership and involvement in Counselors of Real Estate (CRE), Certified Commercial Investment Member, (CCIM), Society of Industrial and Office Realtors (SIOR), Fellow/Royal Fellow/Royal Institute of Chartered Surveyors (FRICS), Industrial Asset Management Council (IAMC), RICS (Royal Institute of Chartered Surveyors), and SIOR’s Membership Standards Committee.
Waters replaces former Senior Managing Director, Shane Soefker. Soefker was promoted to head up C&W’s newly launched Capital Markets Group called Commercial Advisors Capital Markets last October.
https://sfoba.com/wp-content/uploads/2013/01/cushman-wakefield-logo.png270275SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2013-01-08 18:01:152013-01-08 18:01:15C&W Names New Senior Managing Director For South Florida
Market Report: Broward’s Office & Industrial Vacancy Rates Drop
/in News/by SFOBA STAFFBy Eric Messer, Research Services Manager, Newmark Grubb Knight Frank
Broward County’s commercial markets chugged along in 2012 as modest positive absorption pushed vacancy rates lower for both sectors.
Broward County’s office market continued to hold the lowest vacancy rate while industrial posted the highest in South Florida, albeit just 70 basis points above Palm Beach’s 8.0% industrial vacancy.
Landlords have held asking rents steady as direct weighted averages experienced slight decreases during 2012. The push downward can be attributed to lower-end space remaining on the market as higher-end office space is being leased and the trend of businesses “flight to quality” continued. Similar conditions are projected for 2013 with momentum building toward at end of year and into the first half of 2014.
Click on the links below for the full report.
4Q12 Broward Office Market Report
4Q12 Broward Industrial Market Report
Stiles Enters Into Unprecedented Joint Venture Partnership
/in News/by SFOBA STAFFIn an unprecedented move to expand construction and development operations throughout the Southeast U.S. and beyond, the Seminole Tribe of Florida, Inc. and Stiles Construction, a division of Stiles, announced a new joint venture partnership to create Seminole Development and Construction, LLC.
The newly created venture provides both Seminole Tribe of Florida, Inc. and Stiles with access to a range of real estate construction project opportunities within the Native American tribal network and also includes projects planned under the auspices of the U.S. federal government.
The first project to emerge from the partnership is Seminole Classic Casino, a 140,000-square foot renovation at 4150 North State Road 7 in Hollywood, FL. The six-month long renovation was completed in January 2013 and included a complete transformation of the building’s exterior and interior, as well as upgrades to the parking lot and landscaping. Other Seminole projects in the pipeline include Brighton Public Safety Complex and a new Noodle Bar at the Hard Rock Seminole Casino.
“Our partnership with Stiles opens a world of opportunity for the Seminole Tribe of Florida, Inc. and for all Native American tribes,” said Tony Sanchez, President of the Seminole Tribe of Florida Inc. “Maintaining our unique Seminole culture while providing the highest level of service to our clients and partners is our first priority, and we believe that with Stiles’ family-owned structure, superior values and first-class reputation, this partnership will lead to new projects that will increase our market share, expand and diversify the Seminole Tribe business operations and create substantial value for our tribe as well as our fellow Native American tribes.”
With this partnership, the Seminole Tribe of Florida, Inc. will be able to offer its vast tribal network Stiles’ 60 years of construction expertise, substantial resources, accomplished staff and diverse range of development and construction services. Seminole Development and Construction will have an opportunity to pursue a variety of planned and new construction projects within the Seminole Tribe of Florida, Inc. real estate portfolio. Furthermore, the combined entity will also market construction services to other Native American tribes and pursue federal 8(a) set-aside contracting work, including judicial, military and naval air station projects, that is only accessible to federally recognized groups.
“It is an honor to join forces with the Seminole Tribe of Florida, Inc. to create a powerful partnership that will allow us to enter into new markets and offer exceptional construction and development services to the Seminole Tribe of Florida, Inc. as well as to their expansive Native American Tribal network,” said Timothy Moore, President of Stiles Construction. “We are proud to have launched our partnership with the transformation of the Classic Casino into a state-of-the-art facility, and look forward to several more great projects together.”
Headquartered in Hollywood, Florida, the Seminole Tribe of Florida is a sovereign government with an elected Tribal Council. The tribe has achieved remarkable success since it became the first U.S. Indian tribe to open high stakes bingo halls in 1979. In 2004, the Seminole Tribe of Florida opened two Seminole Hard Rock Hotels and Casinos in Florida. With the March 2007 acquisition of the Hard Rock franchise, the Seminole Tribe of Florida added the prestige of one of the world’s most respected brands. The economic stability provided by gaming, combined with their cattle, citrus, and other business enterprises, has made the Seminole Tribe of Florida one of the most successful native Indian business tribes in the U.S. today.
Berger Closes 10,000 SF Lease
/in Done Deals/by SFOBA STAFFBerger Commercial Realty has closed a 10,000-square-foot lease on behalf of Black Oak Partners at 2005 Vista Parkway in West Palm Beach, the brokerage announced.
Berger’s Joseph Byrnes and Greg Milopolous handled the deal for the two-story suburban office building property.
Black Oak had bought the property for $3.73 million in July from Design Arts of Palm Beach. Since that time, Berger’s Tim Hackett has managed the 41,899-square-foot property.
Keith Darby, Viktoria Telek Unload Museum Plaza Office Condo
/in Done Deals/by SFOBA STAFFKeith Darby, along with Viktoria Telek, represented the buyer in the purchase of a 16,084-square-foot office condominium in Fort Lauderdale’s Museum Plaza office tower.
The property, which is located at 200 South Andrew Avenue, had been bank owned at the time of sale. Terms were not disclosed.
Darby launched a boutique firm, Rise Realty, in September 2012, parting ways with ComReal Ft. Lauderdale, where he served as Corporate Services Advisor since July 2007.
Viktoria Telek joined Darby at Rise Realty in November. Telek served as Commercial Real Estate Associate with ComReal Ft. Lauderdale for 8 years, leaving in December 2011 to join Cohen Brothers Realty Corp. At Cohen, Telek served as leasing representative for DCOTA.
Realtors Fight To Repeal State Sales Tax On Leases
/in News/by SFOBA STAFFThe Miami Association of Realtors and Florida Realtors will be fighting to repeal sales tax on commercial leases at the upcoming legislative session in Tallahassee.
Florida imposes a 6% state sales tax on commercial rent and is one of the few, if not only, states to do so, said Danielle Blake, senior vice president of housing and government affairs for the Miami Association of Realtors. Ms. Blake said state sales tax for commercial rent generates about $ 1.5 billion annually.
Ideally, the association would like this tax repealed, Ms. Blake said, and if not, significantly lowered.
Commercial leases, she said, are subject to double taxation, with landlords separately invoicing a portion of ad valorem taxes, maintenance charges and insurance premiums to tenants. These charges are called pass-through expenses.
Ms. Blake said the association would like legislation to clarify that pass-through expenses are not taxable as rent.
Another issue the association is closely monitoring is the Department of Revenue’s drafted rules on taxing commercial leasehold improvements as rent. The department, according to the association, believes leasehold improvements are taxable as
rent unless the taxpayer can demonstrate:
•The improvements are needed to put the property in a condition for operation of tenants ‘ business.
•There is no requirement to spend a specific or minimum amount on improvements.
• No credit is given against rental payments.
•The improvements are not classified as rent, additional rent, rent in kind or in lieu of rent.
•There is no evidence that there was an attempt to reclassify rental payments to avoid tax.
“The issue that we have with that is the burden is on the taxpayer to prove these points,” she said. “We believe that it should be on the Department of Revenue to prove these points.”
Starting in March, the Tallahassee team will have 60 days for the legislation to be passed by both the House and the Senate and to reach the governor’s desk, she said.
Source: Miami Today
C&W Names New Senior Managing Director For South Florida
/in News/by SFOBA STAFFBased in Miami, Waters will oversee the firm’s overall strategic business objectives and day-to-day activities for South Florida including the Miami, Fort Lauderdale and Palm Beach markets.
Prior to joining Cushman & Wakefield, Waters most recently served as an Executive Managing Director of Industrial Services with C III Realty’s NAI Global, where he led business development efforts for transaction management services in the Americas, focusing on client portfolio optimization and utilization.
From 2005 to 2008, he served as a senior managing director with CBRE. Prior to that, he was a senior managing director with the former Staubach Company, now Jones Lang LaSalle, from 2000 to 2005.
A Boston native and graduate of Boston College, Mr. Waters’ numerous professional affiliations include active membership and involvement in Counselors of Real Estate (CRE), Certified Commercial Investment Member, (CCIM), Society of Industrial and Office Realtors (SIOR), Fellow/Royal Fellow/Royal Institute of Chartered Surveyors (FRICS), Industrial Asset Management Council (IAMC), RICS (Royal Institute of Chartered Surveyors), and SIOR’s Membership Standards Committee.
Waters replaces former Senior Managing Director, Shane Soefker. Soefker was promoted to head up C&W’s newly launched Capital Markets Group called Commercial Advisors Capital Markets last October.
Source: CityBiz