DCOTA Brings 35,000 SF In New Tenants Aboard

/in /by

In a series of separate transactions that continues the upsurge of office leasing activity at owner/developer Charles S. Cohen’s Design Center of the Americas (DCOTA), nearly 35,000 square feet of office space has been leased at the distinctive 30-acre, three-building Class A corporate center, bringing the total square footage of office deals to-date to over 100,000 square feet.

In the largest transaction, Magic Leap, a cutting edge digital animation and cinematic reality experience creator, has leased 11,500 square feet on the 4th floor at 1855 Griffin Road for its corporate offices.  The company, which is relocating from Hollywood, was represented by Bennett David of Sara David Realty, Inc.  John Criddle and Jon Blunk of Cushman & Wakefield of Florida, as well as Marc Horowtiz and Jennifer Doering of Cohen Brothers Realty, represented the landlord in the 8-year leasing transaction.

In another recent transaction, Orthosenor, Inc., a developer of orthopedic devices and real-time medical software, has leased 10,000 square feet on the 3rd floor for its new southeast headquarters.  The company is relocating from Sawgrass Corporate Park in Sunrise. John Criddle and Jon Blunk of Cushman & Wakefield of Florida, as well as Marc Horowitz and Jennifer Doering of Cohen Brothers Realty, represented both the tenant and the landlord in the 6-year leasing transaction.

Also relocating to DCOTA is ALS Management Solutions, LLC, a mortgage and loan servicing business which has taken 7,997 square feet of office space on the 3rd floor for its new Broward County headquarters. The company, which is currently located in Cypress Creek, was represented by Alex Brown of Cresa Partners in the nine-year transaction.

And finally, Empire Estate Holdings LLC, a newly formed internet marketing firm, has leased 5,300 square feet. Travis Herring of CBRE represented the tenant while John Criddle and Jon Blunk of Cushman & Wakefield of Florida, together with Marc Horowitz and Jennifer Doering of Cohen Brothers Realty, represented the landlord in the 7-year leasing transaction.

According to John Criddle and Jon Blunk of Cushman & Wakefield of Florida, exclusive office leasing agent for DCOTA, the 775,000-square-foot property, outstanding amenities, central location and close proximity to major highways were key factors in attracting all four tenants.

“While the property is extremely popular in the art/design community, we are seeing a strong uptick in leasing activity from non-design tenants as well,” Criddle said, noting that the new deals come on the heels of two other notable recent office transactions at the complex, including a 15,069-square-foot lease for Avis Budget Group and a 9,406-square-foot lease for Hull & Company.

Charles S. Cohen heads a multi-faceted real estate development company that owns and manages over eleven million square feet of prime Class A Manhattan, West Side Los Angeles and Houston commercial space. Among his signature New York commercial properties are 623 Fifth Avenue, 135 East 57th Street, 805 Third Avenue, 750 Lexington Avenue, 622 Third Avenue, 979 Third Avenue, 3 East 54th Street, 475 Park Avenue South, the D&D Building at 979 Third Avenue and 333 Westchester Avenue in White Plains, NY.

Steve Heim Parts Ways With RWNK

/in /by

Stephen A. Heim, CCIM, has recently joined forces with Randy Rauch in the formation of Rauch Heim Commercial Real Estate LLC.

Randy and Stephen worked together for five years while at NAI Rauch Weaver Norfleet Kurtz (RWNK) prior to Randy leaving in 2011 to form Rauch Realty Group LLC. Heim joined RWNK in February 2006, most recently serving as Executive Advisor.

As partners, Rauch and Heim will bring over 60 years of experience to their new firm.

Rauch and Heim were both raised in South Florida followed by many years being actively engaged in the real estate industry, As a result, they have developed an extensive network of clients, developers, investors, brokers, community business leaders and contacts throughout the South Florida region.  Rauch is well known in the industrial sector while Heim is equally well known in the office market.  Heim is delighted to return as a principal to a boutique firm where he intends to continue to develop an advisory practice dedicated to a select and growing list of clients.

Rauch Heim Commercial Real Estate is located at 290 SW 12th Avenue, Suite 11, in Pompano Beach.  Heim can be contacted at 954-703-2325 / sheim@rauchheim.com.

Freehof Closes 30,000 SF Office Sale

/in /by

Brenner Real Estate Group has announced the sale of a 30,000 square foot Coral Springs office building and a industrial lease for 12,000 square feet in Pompano.

Phyl’s Academy Preschools, Inc. purchased a 30,000 SF office building located at 11411 NW 56thDrive, Coral Springs, FL for a preschool. Bert Freehof, Vice President, Commercial Brokerage represented the seller, CMS Charter School. The buyer was represented by Dane Lahlah of Keyes Real Estate.

Phyl’s Academy is a private school operating in New York and South Florida for over 30 years with multiple locations. The sale price was $4,300,00.00.

Librizzi Closes 7,000 SF Lease In Palm Beach Gardens

/in /by

CBRE arranged a lease of 7,000 square feet at a 96,000 square-foot Class A office building at Corporate Center at the Gardens in Palm Beach Gardens.

The office space at 4200 Northcorp Parkway, owned by an affiliate of Lexington Realty Trust, a New York City-based real estate investment trust, will serve as a new world headquarters for eXfuze.

“Institutionally owned and operated since its inception, Corporate Center at the Gardens recently completed common area renovations and building systems modernization that make it a choice destination for the area’s premier office tenants.  In relocating from Golden Bear Plaza, eXfuze also was drawn by the building’s ideal location and the strength of its ownership,” said CBRE Vice President, Anthony Librizzi.

Built in 1996 and formerly the private headquarters of a security firm, Corporate Center at the Gardens recently completed a $2.5 million capital improvement campaign.

CBRE’s Joshua Nolan collaborated with Librizzi in representing the landlord.

Brenner’s Messina, Weissman Unload 595 Office Park

/in /by

Bankers Healthcare Group, a leading national provider of financing solutions to healthcare professionals, bought a trio of office buildings in Davie for 46 percent off their foreclosed mortgage and will move its headquarters there. The buildings have been vacant since they were completed in 2008.

BHG purchased the 39,298 square feet of office space for $3.5 million and plans to lease out or sell some of the building space.

Brenner Real Estate Group VP Peter Messina and commercial associate Helen Weissman managed the Diamond III Office Park for Everbank and brokered the sale. Joe Capiro and Co. represented the buyer, as well.

EverBank seized the three office buildings, at 10230 W. State Road 84, in 2012 after foreclosing on a $6.5 million mortgage.

The company is currently located at 4875 Volunteer Road in Southwest Ranches.

George Sacks Finds Renewed Interest In Condo Office Space

/in , /by

Finding a “sweet spot” in South Florida’s shifting market, Sanctuary Centre’s  recent sales have brought the 180,442-square-foot business center’s available condo office space close to sell-out.

“As local market inventory steadily shrinks, we’ve found renewed interest in condo office space from professional firms and regional companies that want an east Boca Raton presence, without top-tier pricing,” said Commercial Florida Realty Services Managing Principal George Sacks.  Closing five sales since December, with two additional sales under contract, has reduced available Sanctuary Centre condo office space to under 10,000 square feet.

Sanctuary CentreSanctuary Centre, located at North Federal Highway and Yamato Road, was built in the mid-1980s, and its previous owner later converted the complex to condominium.  GS Sanctuary Financial Investors Principal George Sacks purchased the 80,000 square feet that remained unsold in 2007, shortly before the weak economy and zoning changes dramatically impacted Boca Raton’s office absorption trends.

“It’s been a wild ride,” Sacks said. “We knew we had a great asset in a prime location, and by staying agile, we’ve kept Sanctuary Centre successful. When the economy turned in 2008 – and as relaxed zoning shifted momentum away from Federal Highway to Boca’s northwest section — we converted the remaining space to a lease program,” he added.  “Now, with resurgence of Federal Highway’s business corridor well underway, we’ve reverted back to a sales focused campaign.

“We’re seeing demand from buyers with stable office space needs, who recognize that timing is everything,” Sacks said. “They compare buying vs. leasing, and look to lock in space costs at today’s low interest rates, before area rents start climbing.”  Availability of 90 percent SBA financing limits the up-front investment companies need to make.  The Sanctuary Centre office suites range from 850 to 8,500 square feet.

Recent sales at Sanctuary Centre have included:

  • ProTech, a Florida and New York IT staffing and professional services firm, which expanded its existing space at Sanctuary Centre by 2,000 square feet.
  • Florida PIP Law Firm, purchasing a 3,852 square-foot office suite.
  • Oxford Investments, a financial services company, purchased a 1500-square-foot office suite.
  • US Mortgage of Florida bought a 5,839 square-foot office suite.

As office property values gradually recover, Sanctuary Centre is drawing condo sales based on its unique position, Sacks said.  “Our space’s property values are up 25 to 30 percent from the lows of the economic downturn.  Companies see the advantages of investing on the upswing, while controlling future costs.  Office condo space is rare in the Boca market, though,” he added.

“New buildings’ construction costs were too high to be practical for condo development, and there were very few condo conversions of existing buildings.  As an older but beautifully maintained complex, we’ve found ourselves in a sweet spot for small space users who want East Boca’s business environment, plus proximity to I-95, the waterfront neighborhoods and western country club communities.”

For US Mortgage of Florida, a licensed lender with offices along the nation’s East Coast, Sanctuary Centre was a timely opportunity.  “Purchasing our suite gave me more strategic control over my space than would be possible with leasing,” said Tony Acquaviva, US Mortgage of Florida owner.  “It’s just minutes from my home to our office, and that’s a major advantage.”