JLL Hires CBRE Alum As New Tenant Rep Managing Director

JLL announced the hiring of commercial real estate industry veteran Zach Wendelin as a Managing Director. In this role, Wendelin will provide strategic, integrated and comprehensive commercial real estate advisory and transaction services for tenants. He will be based in the company’s Miami office.

With over 16 years of experience in the real estate industry and a track-record as a top producer, Wendelin has negotiated more than seven million square feet of leased office space for clients that span over 1,000 transactions, which involved strategic real estate planning, workplace strategy, financial consulting and transaction management. Over his extensive career, Wendelin has represented clients from Fortune 500 corporations to homegrown brands in South Florida such as FIS, TD Bank, Ford Motor Company, Shutts & Bowen, and Banco General.

“We are fortunate to be at a time where the South Florida office market is experiencing continued, heightened interest from companies throughout the country looking to enter or expand to the region,” said Rod Barnes, JLL Market Director for South Florida. “With Wendelin’s addition to our tenant advisory team, we will be in a stronger position to assist new-to-market and existing companies with their office space needs and help guide them through the real estate decision-making process.”

Prior to joining JLL, Wendelin spent six years as a Senior Vice President with CBRE, and previously served as a Vice President at Cresa Partners of Florida, which JLL acquired in 2015.

Wendelin is a native of Miami and grew up in Miami Beach. In addition to his education at the University of Miami, Wendelin was a member of the United States Navy, serving overseas in Yokosuka, Japan. He spent four years onboard the USS O’Brien (DD-975) and served as a Search and Rescue Swimmer (SAR) and Visit, Board, Search, and Seizures (VBSS) team member. Wendelin received several letters of commendation and multiple medals and ribbons for his military service from 1995-1999.

He is an active member of the South Florida community involved with several civic and industry organizations including the Muscular Dystrophy Association, Make-A-Wish Foundation, South Florida Office Brokers Association, and National Industrial & Office Properties (NAIOP) South Florida.

 

Class A Luxury Office Condo In Hallandale Beach Launches Sales

Grupo Eco, the premier developer of dynamic and architecturally defining mixed-use lifestyle properties, has launched sales of its 12-story, 110,000-square-foot Class A luxury office condo tower in Hallandale Beach’s Atlantic Village.

The innovative office condo tower at 800 N. Federal Highway is the first Class A luxury office space of its kind in Hallandale Beach. It will feature the highest quality finishes tailored to the tastes of sophisticated local business owners and investors seeking real estate opportunities with a successful diversified development group. The office condo tower fulfills Phase 4 of Grupo Eco’s visionary Atlantic Village, the mixed-use high-end lifestyle development transforming Hallandale Beach.

“We felt we had to bring the office condo development to market because there was nothing of this high quality in Hallandale Beach,” said Grupo Eco Developer Daniel Chaberman. “People flocking to new luxury condos like The Residences at Shell Bay by Auberge Resorts Collection and Oasis Hallandale and residents of nearby Golden Beach, Aventura and Sunny Isles want short commutes to the office and the convenience of being able to walk across the street to Atlantic Village to eat at top restaurants, meet with clients, see doctors, visit nail salons, exercise, play soccer and more.”

The façade features floor-to-ceiling glass with floor heights of more than 12.5 feet, offering business owners and users large spaces with expansive views and natural light in the lobby and offices. The building features 10,000 square feet of restaurant and retail space on the ground floor, five parking levels and five floors of luxury offices. The condo units run from 1,097 – 6,618 square feet, with 57 units available. Office suites will range from 1,100 square feet to 6,600 square feet, with asking prices starting at $650 per square foot. Prices could reach $700 a square foot or more for penthouses or for other premium suites.

Grupo Eco is also innovating through its sales strategy by starting construction nine months before launching sales. Typically, developers wait until most of the building is sold before bulldozers and concrete trucks are onsite. The overall strategy speaks to Grupo Eco’s confidence in demand from the local market for its cutting-edge design and well-located office condo product at Atlantic Village.

“Grupo Eco was excited to start construction on the office condo component of Atlantic Village because we understand that buyers want to know exactly when their space will be delivered,” added Chaberman. “We are halfway done and crews are installing the floor-to-ceiling glass. You can see how the design will offer great views of the city and make the office condo tower an architecturally important milestone for Hallandale Beach.”

The Class A office condo development is also Phase 4 of Group Eco’s ambitious lifestyle center along Federal Highway – Atlantic Village.

Phases 1 – 3 of Atlantic Village include 118,000 square feet of fully leased restaurants and retail, one leasable Class A office building and one leasable luxury boutique office building. Current and future tenants include Temakase, Crema Gourmet, Jaffa Israeli Kitchen, Drunken Dragon, The Blues Burgers, Dr. Limon Ceviche Bar, Holi Vegan, El Primo Red Tacos, Crudos, Key Point Academy, Open Hearts Language Academy, Live School of Music, Miami Swimming Academy, Flippos Kids Playground, fitness center 54D, Juventus Academy, operator of soccer fields and more, Browaholic Studio and executive suite provider, The Worx.

“Our main objective has always been to generate great life experiences for those who work and enjoy their leisure time in our developments,” Chaberman said. “We combined our innovative concept, cutting-edge design and unique customer experiences at Atlantic Village to offer the community a distinctive way of living, eating and working. The office condo development is designed to take it to another level of quality and luxury.”

 

The Atrium At Broken Sound Snags 4 New Tenants

Four companies signed leases for a total of 16,722 square feet of office space in The Atrium at Broken Sound in Boca Raton.

Built in 1986 at 6111 Broken Sound Parkway NW and renovated in 2020, the three-story property totals 100,668 square feet. It is owned by New York-based Alchemy-ABR Investment Partners and Miami-based Breakers Capital Partners.

John CriddleJoe Freitas and Jeffrey Kelly of CBRE represented Alchemy and Breakers in the lease negotiations.

The four businesses that will move into The Atrium are:

  • Crossroads Financial, a Boca Raton-based firm that provides credit for small retail and e-commerce businesses. It signed a seven-year lease for a 5,152-square-foot space on the second floor. Max Pawk of CBRE represented Crossroads Financial.
  • Virtue RX, a distributor of veterinary pharmaceuticals. It signed a lease for 2,084 square feet on the second floor. Virtue was represented by Ingrid Fulmer of Coldwell Banker Commercial NRT.
  • Nylene, a New Jersey-based distributor and manufacturer of polymer fabrics. It will occupy a 1,795-square-foot office on the second floor.
  • Cresa Global, a newly established branch office of the Chicago-based tenant representative brokerage. Bob Schneiderman, managing principal of Cresa Global, represented his office in the lease negotiations.

In addition to the new leases, department store Marshalls, a subsidiary of the TJX Cos. (NYSE: TJX), renewed its lease on a 5,946-square-foot space on the third floor for five more years.

Alchemy and Breakers acquired the Atrium at Broken Sound for $21.4 million in November 2018. Available office space is being advertised for $24.50 a square foot on LoopNet.com.

Source:  SFBJ

Cresa Expands Florida Footprint With New Boca Raton Office

Cresa has opened its newest office in Boca Raton, located at 6111 Broken Sound Parkway NW.

Located in central Boca Raton, the new office encompasses approximately 2,000 SF and further enhances the firm’s presence across South Florida. Bob Schneiderman, Managing Principal (previously the Executive Managing Director of Colliers), will head up the office and plans to hire additional advisors and team members to expand the office.

“Bob brings a wealth of market intelligence and client connections to the firm, having served clients locally and around the globe for decades. He is a consummate professional and is a significant addition to our growing Florida operation and advisory platform nationally. We are thrilled to welcome him to Cresa,” said Tim Rivers, Cresa Market Lead – Florida.  

Cresa advocates for tenants in the professional services, technology, supply chain, healthcare, and additional sectors driving significant economic growth throughout the state. Notably, the firm’s Miami office completed 136 projects in 2022 alone, totaling $160 million in transactions.

 

Cushman and Wakefield’s Deanna Lobinsky And Chase Kulp Rep Bridge In Two New Lease Deals At Sawgrass Technology Park

Bridge Commercial Real Estate (Bridge), a commercial brokerage subsidiary of Bridge Investment Group, announced two new leases at Sawgrass Technology Park, a 514,332-square-foot, 11-building office complex in Broward County.

Kahane and Associates and Acentria Insurance, a Foundation Risk Partners Company will occupy approximately 27,000 square feet at the 56-acre campus known for its Mediterranean-style architectural design and surrounding lush landscape and lake. Centrally located in the heart of the thriving Sunrise submarket at the confluence of I-75 and I-595, the business park is surrounded by premier shopping, dining and entertainment destinations, bolstering the complex’s status as one of the most highly amenitized professional office buildings in Broward County.

Bridge signed a 12,000-square-foot deal with Kahane and Associates, P.A., a consumer finance litigation law firm relocating from Plantation, and a 15,000-square-foot lease with Acentria Insurance, an insurance company relocating from Fort Lauderdale. Sawgrass Technology Park’s upgraded amenities and central location positions the office park to be the ideal home for these new leases as they enter their next chapter of growth and expansion.

Cushman and Wakefield’s Deanna Lobinsky and Chase Kulp represented Bridge in both transactions.

The new leases reflect the broader “flight to quality” trend as office users across the U.S. seek highly amenitized and repositioned office buildings to provide for their employees and encourage retention. Bridge has invested $7.5 million in capital improvements across Sawgrass Technology Park, including an updated amenity hub with a fitness center, conference center, management office, game room, TVs and a modern cafe to serve as the center’s first on-campus food option.

“We are thrilled to welcome these dynamic companies to our tenant roster at Sawgrass Technology Park, which has become a top destination for professional talent in the region,” said Kelly Kuykendall, managing director at Bridge Investment Group. “The overall lack of new office products in surrounding submarkets has created new opportunities for landlords that made strategic investments to reposition their properties shortly before and during the pandemic. These leases reflect how many of those buildings are now capturing a healthy share of market demand in Broward.”

According to a recent report from Cushman & Wakefield, Sunrise and other submarkets in West Broward accounted for more than 246,000 square feet of positive net absorption in Q3, offsetting losses in other parts of the region. Year-over-year asking rents climbed by nearly 3% despite recent economic turbulence. Another recent study from CBRE shows Broward has registered nearly one-third of total leasing activity in South Florida over the last year, despite only having just over 25% of the region’s total inventory.

CBRE Named Exclusive Leasing Agent For Plantation Office Building

Brookwood Financial Partners, LLC has appointed CBRE as the exclusive leasing agent for Lakeside Office Center, a 134,443-square-foot Class A office building located at 600 N. Pine Island Rd. in Plantation.

Brookwood Financial Partners, LLC is a nationally recognized private equity real estate who has invested over $1.9 billion of equity to acquire a portfolio of 200 commercial real estate properties, seven operating companies, and 452 gas stations with convenience stores, with a total capitalization of over $4.5 billion.

“As we continue to invest in Lakeside Office Center, we are partnering with CBRE to rebrand and reposition the property to attract today’s office users. Over the next 12 months we will implement a speculative suite program, upgrades to the lobby, amenity and outdoor areas including additional seating, enhanced Wi-Fi, and collaboration spaces,” said Thania Potosme, Vice President and Asset Manager at Brookwood Financial Partners, LLC.

John Criddle, Joe Freitas and Max Pawk with CBRE will be marketing the property for lease on behalf of Brookwood Financial Partners, LLC. The current vacancy is 37,582 square feet with spaces ranging from 1,500 square feet to 14,760 square feet of contiguous space available for lease.

Built in 1986, Lakeside Office Center is a five-story office building featuring a two-story glass atrium, a conference center, on-site security, and newly constructed, covered parking garage that is shared with the adjacent multifamily project. The property is located approximately 2.5 miles north of the Pine Island exit on Interstate 595, providing tenants with a central location and easy access to Downtown Fort Lauderdale, airports, and other major highways, including the Sawgrass Expressway, Interstate 75, the Florida Turnpike, and Interstate 95.

“Lakeside Office Center is one of a few office properties in the Plantation submarket that provides a true live-work-play environment with walkability to nearby restaurants, banking, retail, and housing. The property is adjacent to multiple new upscale multifamily residences, including Veranda Shoppes, The Remy Apartments, The Manor in Plantation, and the under-construction Plantation Midtown Square project, which will bring more retail and restaurant options. In addition to the surrounding amenities, Brookwood’s capital improvement plan will elevate the property even further and continue to attract office users,” said CBRE First Vice President Joe Freitas.