Zaragon sold an office building in Plantation for $15.7 million, a 5.5 percent discount from the firm’s purchase price six years ago.
Zaragon, a Chicago-based real estate investment firm, sold the two-story 1801 Building at 1801 Northwest 66th Avenue to Mentor, Ohio-based Steris, according to records. Steris is a health care and life science products and services company.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2024-07-29 20:17:042024-07-29 20:17:04Plantation Office Building Sells For $15.7M
In July 2021, KBS acquired the property from a joint venture between prominent commercial real estate firm CP Group, formerly Crocker Partners, and Siguler Guff & Co. for $99.5 million by Prime US REIT (PRIME), which traded on the Singapore Exchange Securities Trading Limits ticker as: OXMU. KBS served as the U.S.-based asset manager for the portfolio, which included identifying and sourcing this asset on PRIME’s behalf.
The 1991-built 10-story building totals 191,294 square feet and features a 151,392-square-foot parking structure. The building is one of the market’s tallest office buildings and was developed before annexation into the City, thus avoiding Boca Raton’s four-story height restrictions.
Wells Fargo provided a $51 million acquisition loan to Gatsby Enterprises.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2024-07-21 10:33:012024-07-21 10:33:01Boca Office Building Trades At $18 Million Loss
Plans for a Class A office building close to the Town Center at Boca Raton mall have been filed by CP Group.
The city received designs for the five-acre site on the west side of North Military Trail, directly south of the One Town Center office complex, from the local developer via affiliate CP Group via CP OTC LLC. Two Town Center is still owned by CP Group, who also constructed and sold One Town Center.
Under the proposal, Three Town Center will feature 117,000 square feet of office space in seven stories and 557 parking spaces in six stories. It was designed by Tampa-based TVS Florida Architecture.
Angelo Bianco, managing partner of CP Group, said Boca Raton has missed out on many of the big office tenant relocation deals that headed to West Palm Beach in recent years, but Boca Raton hasn’t had a Class A building developed in many years. He aims to change that.
Three Town Center is slated for smaller floor plates, around 12,000 square feet each, and likely a restaurant on the ground floor.
Mike Erickson and Laurel Oswald with TCRE have been tapped to lease the new office building, according to a marketing brochure.
Bridge Investment Group sold a 514,000-square-foot office park in Sunrise for $49M, a nearly 35% discount from what the firm paid for the property five years ago.
IMC Equity Group, a North Miami-based investment firm led by Yoram Izhak, purchased the 56-acre Sawgrass Technology Park at 601-1699 NW 136th Ave. It took a $30M mortgage from Israel Discount Bank of New York to close the deal, according to property records from property intelligence platform Vizzda.
Cushman & Wakefield’s Dominic Montazemi, Mike Davis, Mike Ciadella, Scott O’Donnell, Rick Brugge and Rick Colon represented Bridge in the sale.
Bridge purchased the property for $74M in March 2019 with a $59M loan from Capital One. The Utah-based investment firm, which has offices around the U.S., Seoul and Luxembourg, paid $144 per SF for the 11-building office park and sold it for around $95 per SF. The two-story buildings in the office park were built in 1984 and 1985, and Bridge pledged to invest $5M into capital improvements when it purchased the property. At the time, the property was 76% leased.
Online marketing material for the property indicates it is around 30% vacant, with 138K SF available, although some of that space could be occupied. Spaces at the property from 2K SF to 40K SF are listed by Cushman & Wakefield for $22 per SF.
Bridge completed tenant improvements at the property, including a new tenant amenity center with a café, lounge and fitness center, a marketing brochure says.
Sawgrass Technology Park is the second South Florida office property Bridge took a loss on this year. In January, the firm sold the 141K SF office building at 8600 NW 36th St. in Doral for $28.5M five years after paying $37M to acquire it. The 20-year-old property was 88% leased at the time of sale and traded at a roughly 10% capitalization rate.
https://sfoba.com/wp-content/uploads/2013/05/Sawgrass-Technology-Park-Sunrise.jpg270275SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2024-07-08 17:55:192024-07-08 17:55:19Bridge Investment Group Takes 35% Hit On Broward Office Park
If investors and developers are going to get into or stay in office, the best move is probably prime or Class A, according to CBRE.
They examined the top 2% to 4% of office properties — their definition of prime or Class A — across different metro markets in the U.S. That was in the context of the flight-to-quality many in the industry think is happening.
One of the difficulties in understanding the office marketplace is what one might call the tyranny of the average and advertised. First, there are distributions in all data; not everything experiences the same conditions. Second, when some story lines get broadly publicized, they can take on lives of their own.
“The growth in vacant space from Q1 2020 to Q2 2022 was entirely driven by the 10% of hardest hit buildings,” they wrote. “In fact, excluding the bottom 10% of properties that experienced the most vacant square footage increase, net absorption has been positive since 2020.”
About 70% of the hardest-hit buildings were actually Class A-, particularly the lowest tier, built in the 1980s and 1990s.
If Class A- might extend into B and lower, these observations, while not exactly the same, are similar in concept to those from other experts. Back in February, Brookfield argued that90% of all office vacancies are in the bottom 30% of buildings, “largely characterized by older offices with limited amenities and reduced functionality.” The top 25% of buildings, in comparison, see stable vacancy rates and record-high rents.
CBRE modeled the attractiveness of “new best-in-class” office buildings across 16 different markets. “The fraction of a market made up of prime space is an important variable in determining attractiveness of development,” they wrote.
“Markets with a low fraction of prime space, such as Boston or Miami, may be good candidates for new development due to relatively fewer competitors for top tenants,” they said. “Markets such as Seattle, with a high fraction of prime space already, may be over served.”
But a “high fraction” is relative. Seattle’s percentage of price was a hair over 18%. On the low end, Washington, D.C. barely cracked 4%.
Also, prime properties don’t outperform in every market. Take Austin, with about 11% prime. The city faces the high amounts of new delivered properties, and some of them aren’t in the hottest submarkets, so they remain relatively vacant. Or there can be imbalances of supply and demand.
There’s a natural question coming out of the above. If companies are moving upscale, can they all? Is there enough prime or A+ — or even plain old A — to satisfy everyone? At the beginning of the year, Cushman & Wakefield answered yes, but not for long.
The most attractive and desirable office space is only between 10% and 15% of total inventory, the firm said at the time. Demand for the buildings is high. Top-tier space in gateway markets enjoys vacancy rates that are 700 basis points lower than the remaining market. “Direct vacancy in the best buildings is sub-11%,” an impressive number in relative comparison.
Investors and developers then have to look for the right balance, availability of prime properties, yes, but ones where conditions keep them wanted.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2024-07-01 09:10:422024-07-01 09:10:42Time For Trophy Office Development
Colliers | U.S. announced that Dustin Ballard has joined the company as Managing Director and Brokerage Market Leader for South Florida.
In his new role, Ballard will oversee all brokerage operations, recruitment, retention, and business development for the Colliers’ West Palm Beach, Fort Lauderdale, Boca Raton and Miami/Brickell offices. He will report to Stephanie Rodriguez, National Director, Industrial Services | U.S. and Executive Managing Director | Florida. Ballard replaces Rodriguez, who was serving as the interim Market Leader.
“I am very pleased to welcome Dustin to our team,” said Rodriguez. “Under his leadership, we are poised to further enhance our market leading position and accelerate opportunities for our clients and professionals alike.”
An experienced real estate executive, Ballard has spent more than 15 years in the public and private sector in significant markets such as South Florida, Nashville, Silicon Valley and Los Angeles. His expertise spans a variety of asset types, including office, retail and mixed-use. During his tenure as President and Head of Leasing at Tricera Capital, a Miami-based real estate investment firm, Ballard was instrumental in developing and implementing the company’s institutional leasing platform, a testament to his ability to drive growth.
“I am thrilled about my new role,” said Ballard. “An organization’s strength lies in its people, and having previously been a client of Colliers, I have seen first-hand its ability to attract and retain top talent that ensures we deliver best-in-class service to our clients. I am eager to leverage my experience to contribute significantly to the growth of our brokerage business in South Florida.”
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2024-06-23 16:30:192024-06-23 16:30:19Colliers Names Former Tricera Capital Exec Brokerage Market Leader For South Florida
Plantation Office Building Sells For $15.7M
/in Done Deals, News/by SFOBA STAFFZaragon sold an office building in Plantation for $15.7 million, a 5.5 percent discount from the firm’s purchase price six years ago.
Zaragon, a Chicago-based real estate investment firm, sold the two-story 1801 Building at 1801 Northwest 66th Avenue to Mentor, Ohio-based Steris, according to records. Steris is a health care and life science products and services company.
Source: The Real Deal
Boca Office Building Trades At $18 Million Loss
/in Done Deals, News/by SFOBA STAFFGatsby Enterprises has purchased One Town Center, located at 1 Town Center Road in Boca Raton, for $82 million.
The asset last sold for $99.5 million.
In July 2021, KBS acquired the property from a joint venture between prominent commercial real estate firm CP Group, formerly Crocker Partners, and Siguler Guff & Co. for $99.5 million by Prime US REIT (PRIME), which traded on the Singapore Exchange Securities Trading Limits ticker as: OXMU. KBS served as the U.S.-based asset manager for the portfolio, which included identifying and sourcing this asset on PRIME’s behalf.
The 1991-built 10-story building totals 191,294 square feet and features a 151,392-square-foot parking structure. The building is one of the market’s tallest office buildings and was developed before annexation into the City, thus avoiding Boca Raton’s four-story height restrictions.
Wells Fargo provided a $51 million acquisition loan to Gatsby Enterprises.
New Office Building Coming To Boca Raton
/in News/by SFOBA STAFFPlans for a Class A office building close to the Town Center at Boca Raton mall have been filed by CP Group.
The city received designs for the five-acre site on the west side of North Military Trail, directly south of the One Town Center office complex, from the local developer via affiliate CP Group via CP OTC LLC. Two Town Center is still owned by CP Group, who also constructed and sold One Town Center.
Under the proposal, Three Town Center will feature 117,000 square feet of office space in seven stories and 557 parking spaces in six stories. It was designed by Tampa-based TVS Florida Architecture.
Angelo Bianco, managing partner of CP Group, said Boca Raton has missed out on many of the big office tenant relocation deals that headed to West Palm Beach in recent years, but Boca Raton hasn’t had a Class A building developed in many years. He aims to change that.
Three Town Center is slated for smaller floor plates, around 12,000 square feet each, and likely a restaurant on the ground floor.
Mike Erickson and Laurel Oswald with TCRE have been tapped to lease the new office building, according to a marketing brochure.
Source: SFBJ
Bridge Investment Group Takes 35% Hit On Broward Office Park
/in Done Deals, News/by SFOBA STAFFBridge Investment Group sold a 514,000-square-foot office park in Sunrise for $49M, a nearly 35% discount from what the firm paid for the property five years ago.
IMC Equity Group, a North Miami-based investment firm led by Yoram Izhak, purchased the 56-acre Sawgrass Technology Park at 601-1699 NW 136th Ave. It took a $30M mortgage from Israel Discount Bank of New York to close the deal, according to property records from property intelligence platform Vizzda.
Cushman & Wakefield’s Dominic Montazemi, Mike Davis, Mike Ciadella, Scott O’Donnell, Rick Brugge and Rick Colon represented Bridge in the sale.
Bridge purchased the property for $74M in March 2019 with a $59M loan from Capital One. The Utah-based investment firm, which has offices around the U.S., Seoul and Luxembourg, paid $144 per SF for the 11-building office park and sold it for around $95 per SF. The two-story buildings in the office park were built in 1984 and 1985, and Bridge pledged to invest $5M into capital improvements when it purchased the property. At the time, the property was 76% leased.
Online marketing material for the property indicates it is around 30% vacant, with 138K SF available, although some of that space could be occupied. Spaces at the property from 2K SF to 40K SF are listed by Cushman & Wakefield for $22 per SF.
Bridge completed tenant improvements at the property, including a new tenant amenity center with a café, lounge and fitness center, a marketing brochure says.
Sawgrass Technology Park is the second South Florida office property Bridge took a loss on this year. In January, the firm sold the 141K SF office building at 8600 NW 36th St. in Doral for $28.5M five years after paying $37M to acquire it. The 20-year-old property was 88% leased at the time of sale and traded at a roughly 10% capitalization rate.
Source: Bisnow
Time For Trophy Office Development
/in News, Trends/by SFOBA STAFFIf investors and developers are going to get into or stay in office, the best move is probably prime or Class A, according to CBRE.
They examined the top 2% to 4% of office properties — their definition of prime or Class A — across different metro markets in the U.S. That was in the context of the flight-to-quality many in the industry think is happening.
One of the difficulties in understanding the office marketplace is what one might call the tyranny of the average and advertised. First, there are distributions in all data; not everything experiences the same conditions. Second, when some story lines get broadly publicized, they can take on lives of their own.
About 70% of the hardest-hit buildings were actually Class A-, particularly the lowest tier, built in the 1980s and 1990s.
If Class A- might extend into B and lower, these observations, while not exactly the same, are similar in concept to those from other experts. Back in February, Brookfield argued that 90% of all office vacancies are in the bottom 30% of buildings, “largely characterized by older offices with limited amenities and reduced functionality.” The top 25% of buildings, in comparison, see stable vacancy rates and record-high rents.
CBRE modeled the attractiveness of “new best-in-class” office buildings across 16 different markets. “The fraction of a market made up of prime space is an important variable in determining attractiveness of development,” they wrote.
But a “high fraction” is relative. Seattle’s percentage of price was a hair over 18%. On the low end, Washington, D.C. barely cracked 4%.
Also, prime properties don’t outperform in every market. Take Austin, with about 11% prime. The city faces the high amounts of new delivered properties, and some of them aren’t in the hottest submarkets, so they remain relatively vacant. Or there can be imbalances of supply and demand.
There’s a natural question coming out of the above. If companies are moving upscale, can they all? Is there enough prime or A+ — or even plain old A — to satisfy everyone? At the beginning of the year, Cushman & Wakefield answered yes, but not for long.
The most attractive and desirable office space is only between 10% and 15% of total inventory, the firm said at the time. Demand for the buildings is high. Top-tier space in gateway markets enjoys vacancy rates that are 700 basis points lower than the remaining market. “Direct vacancy in the best buildings is sub-11%,” an impressive number in relative comparison.
Investors and developers then have to look for the right balance, availability of prime properties, yes, but ones where conditions keep them wanted.
Source: GlobeSt.
Colliers Names Former Tricera Capital Exec Brokerage Market Leader For South Florida
/in News/by SFOBA STAFFColliers | U.S. announced that Dustin Ballard has joined the company as Managing Director and Brokerage Market Leader for South Florida.
In his new role, Ballard will oversee all brokerage operations, recruitment, retention, and business development for the Colliers’ West Palm Beach, Fort Lauderdale, Boca Raton and Miami/Brickell offices. He will report to Stephanie Rodriguez, National Director, Industrial Services | U.S. and Executive Managing Director | Florida. Ballard replaces Rodriguez, who was serving as the interim Market Leader.
An experienced real estate executive, Ballard has spent more than 15 years in the public and private sector in significant markets such as South Florida, Nashville, Silicon Valley and Los Angeles. His expertise spans a variety of asset types, including office, retail and mixed-use. During his tenure as President and Head of Leasing at Tricera Capital, a Miami-based real estate investment firm, Ballard was instrumental in developing and implementing the company’s institutional leasing platform, a testament to his ability to drive growth.