Avison Young’s Florida Capital Markets Group completed the $13.85 million ($173 per square foot) sale of the 80,000-square-foot Bank of America office building at 1776 N. Pine Island Road in Plantation.
The building last sold for $10,900,000 in December 2012.
On behalf of Transatlantic Investment Management Inc., Avison Young Principals David Duckworth, John K. Crotty, CCIM, and Michael T. Fay, facilitated the disposition to the Kislak Organization, a privately held firm based in Miami. The sale represents the fifth transaction the team completed in Plantation to date in 2018 totaling more than $66 million.
“Plantation continues to see low office vacancy rates, high absorption, and impressive rent growth, solidifying it as one of the most desirous suburban submarkets in Broward County for tenants and investors,” said Duckworth. “The property was a value-add opportunity despite its high occupancy due to the below-market, in-place rents.”
For the acquisition, Kislak also engaged the Florida Capital Markets Group to secure a $12.05 million loan.
“We were pleased to work with Avison Young on the acquisition and financing of this well-located, multi-tenant office building,” said Tom Bartelmo, president and CEO of the Kislak Organization. “This investment is a great fit for our strategy of acquiring high-quality commercial real estate in top South Florida submarkets. We like the property’s strong current income and opportunity for enhancements that will draw additional professional office tenants.”
At 80 percent loan-to-value, the loan was negotiated by Avison Young Principal George Vail and financed through Popular Bank for a 10-year term with a 2-year interest-only period, after which it will transition to a 25-year amortization schedule. The interest rate was 4.6 percent.
“Due to the property, location, and the buyer’s well-regarded reputation, we created a competitive environment to get the best loan terms for Kislak,” said Vail. “After receiving multiple term sheets, we locked in a favorable loan with a rare 80 percent loan-to-value ratio, as lenders typically max out at 70 to 75 percent.”
According to research by Avison Young, Plantation is one of the tightest office submarkets in Broward County. As of third quarter 2018, the submarket saw no new construction, one of the lowest vacancy rates which posted at 7.23 percent, and the highest total net absorption level in the county with 78,350 square feet absorbed.
https://sfoba.com/wp-content/uploads/2013/03/1776-N-Pine-Island-Road-Plantation.jpg270275SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2018-11-13 03:04:512018-11-13 03:04:51Plantation Office Building Fetches $13.85 Million
Berger Commercial Realty/Corfac InternationalVice President Brian Batchelder and Michael Feuerman, Esq., CCIM, represented Lochrie & Chakas, P.A., in a 62-month, 2,893-square-foot lease renewal at Victoria Park Centre, located at 1401 East Broward Boulevardin Fort Lauderdale.
Lochrie & Chakas, P.A. is recognized for its experience and knowledge in land use, zoning, environmental, and government law. The firm represents property owners, developers and lenders seeking a wide range of development entitlements and due diligence assessments. Berger Commercial Realty represents tenants and property owners throughout South Florida in the leasing and purchase/sale of commercial properties.
“We were pleased to renew our office lease here. Berger Commercial was invaluable in reaching the finishing line,” commented partner Robert B. Lochrie III.
The landlord was represented by Jeff Holding with Cushman and Wakefield of Florida, LLC.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2018-11-05 23:02:472018-11-05 23:02:47Berger Commercial Realty Negotiates Multi-Year Lease Deal For Fort Lauderdale Law Firm
Stephen Smith, formerly vice president of the Hogan Group, has joined Tower Commercial Real Estate as Senior Managing Director serving the fast-growing commercial real estate brokerage’s clients in the Miami-Dade and Broward County markets.
Jon Blunk, Tower-CRE president, said, “With the projected growth of these markets, it’s timely to expand Tower-CRE’s team. Steve adds tremendous value for our clients, bringing insight into this region’s dynamics and deep real estate and investment expertise honed in working with leading institutional investors and trophy assets.”
Smith draws on 28 years of experience in leasing and marketing new development in Waterford at Blue Lagoon, a 250-acre office park adjacent to Miami International Airport. During his tenure, the Hogan Group developed, leased and managed over 2.7 million square feet of multi-tenant and build-to-suit office buildings for Waterford’s joint venture owners, an affiliate of TIAA and Allianz Real Estate of America. Last year alone, Hogan’s team leased nearly 448 million square feet, and Smith was responsible for one of South Florida’s largest office transactions in recent years, a 150,000-square-foot build to suit lease for a major multinational corporation.
Earlier, Smith served as a Vice President at Carey, Kramer, Silvester Associates, loan correspondents for major insurance companies, and was a senior investment analyst for TIAA-CREF in New York, responsible for commercial mortgage investments in the Southeastern U.S.
A resident of Weston, Smith is a graduate of Hobart College and attended the Stern School of Business at New York University. He is a board member of NAIOP’s South Florida Chapter and is active in the Beacon Council and Greater Miami Chamber of Commerce. A community leader, Smith is currently Chairman of the Board of Trustees of the Southern Florida Chapter of the Leukemia and Lymphoma Society and is past Chair and currently serves on the Volunteer Leadership Council of the Miami-Dade Unit of the American Cancer Society.
“I’m excited to join the Tower Team and to help grow their Landlord Agency business. What Tower has achieved in three years since opening is remarkable. I look forward to leveraging my experience for Tower and its clients,” Smith said.
Blunk noted that Smith is the latest high-profile executive to join Tower-CRE as the boutique firm strengthens its presence throughout the Tri-county area. Most recently, Tower-CRE added a tenant representation group, expanded its Fort Lauderdale office, and added a research analyst.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2018-10-29 00:37:072018-10-29 00:37:07Tower Commercial Expands South Florida Team, Names Veteran Broker Senior Managing Director
Thanks to Adele Stone and Eric Rapkin for another great session and to Sandra Anderson, Elizabeth Jimenez, JLL and Ivy Realty for hosting. Adele wanted to clarify the issue of how the penny surtax in Broward would affect sales tax on commercial rents – here is her response:
SFOBA Members I want to clarify what was discussed at the SFOBA meeting on Wednesday, October 17th with respect to the 1 penny transportation surtax which is on the upcoming ballot. The fact is that although the 1 penny transportation surtax on the ballot is not tied to the state sales tax (or subject to the same reductions in same), if passed it will be classified as a surtax and surtaxes are paid on commercial rents. The ballot doesn’t indicate any exclusions on the goods and services subject to same.
This information is being sent for the SFOBA group to know about this if this would be a consideration for them in voting.
Great event and great turnout! Good seeing everyone and thank you for inviting us to participate once again this year. – Adele Stone
Global investment management firm Intech is making a big transfer.
The company is planning to move its headquarters out of Related Companies’ CityPlace Tower and into the 221,000-square-foot One Clearlake Centre office high-rise in West Palm Beach.
Intech inked a 25,000-square-foot lease and will be filling up the tower’s top two-floors, according to a press release. The deal also gives the company exterior signage. The firm, which has about $50 billion under its management, is scheduled to occupy its new space by September 2019.
The lease brings the 19-story office tower at 250 South Australian Avenue to 68 percent leased, with asking rents in the tower ranging from $40 per square foot to $45 per square foot, CREC’s leasing director Mark Goldstein said. Other tenants in the building include Richman Greer law firm, Rosenbaum Mollengarden PLLC, BB&T, Prudential and Northwestern Mutual.
Built in 1986, One Clearlake Centre includes a five-story, 662-space parking garage. CREC’s Carol Greenberg Brooks, Goldstein and Robert Dabrowski oversee leasing and management of the property.
1 East Broward Owner, LLC, a joint venture between affiliates of NAI/Merin Hunter Codman and PCCP, LLC, has acquired 1 East Broward, a Class A office tower in downtown Fort Lauderdale for $108,500,000.
The CBRE Capital Markets team facilitated the sale of the 19-story, 351,705 square foot, institutional-quality office building on behalf of the seller, Ivy Realty.
Additionally, the CBRE Debt & Structured Finance team arranged acquisition financing of $77,465,500 with SunTrust Bank on behalf of the buyer. Vice Chairman, Christian Lee and Senior Vice President, José Lobón of CBRE oversaw the transaction on the sale effort, and First Vice President Amy Julian oversaw the financing for CBRE, working with Chief Financial Officer Dung Lam and Acquisitions Director Corey Winsett on behalf of NAI/Merin Hunter Codman. The CBRE team also included Senior Financial Analyst Andrew Chilgren. Rebecca M. Cox, SunTrust Senior Vice President, provided the financing. Kapp Morrison LLP provided legal counsel to the seller and Shutts and Bowen provided legal counsel to the buyer.
The property is located on the northeast corner of Broward Boulevard and Andrews Avenue, in the heart of Fort Lauderdale’s rapidly expanding downtown, across from the new Brightline Rail Station. The 91% leased property includes a 19-story building and a 5-story building that are connected by a covered sky bridge to a 4-story parking structure that provides the office tenants with 772 covered parking spaces. The property recently received an extensive renovation with over $4.9 million invested since the beginning of 2013 and serves as the new U.S. headquarters for KEMET Corporation, a leading publicly-traded global supplier of electronic components. KEMET recently relocated its corporate headquarters from Greenville, SC to 1 East Broward bringing 150 additional jobs to the Fort Lauderdale CBD. KEMET joins several leading law firms who have corporate and regional headquarters at 1 East Broward including Becker & Poliakoff, Quintairos, Prieto, Wood & Boyer, P.A., McGlinchey Stafford and Hinshaw & Culbertson LLP.
The purchaser of the property, 1 East Broward Owner, LLC is a joint venture between affiliates of NAI/Merin Hunter Codman, Inc. and PCCP, a real estate finance and investment management firm, based in New York and San Francisco that has over $6.5 billion in assets under management on behalf of institutional investors.
Jordan Paul, CEO of NAI/Merin Hunter Codman stated, “We are excited to form this venture with PCCP. Fort Lauderdale is transforming into one of the great live, work, play environments in the United States and 1 East Broward enjoys a unique position within the marketplace. NAI/Merin Hunter Codman and PCCP plan to continue improving the property to solidify its position as one of downtown Fort Lauderdale’s premier corporate addresses and we appreciate that SunTrust was able to provide us with a loan that allows for flexibility in achieving this goal.”
NAI/Merin Hunter Codman will take over property management and leasing at 1 East Broward.
NAI/Merin Hunter Codman Chairman, Neil Merin who will oversee the leasing team with NAI/Merin Hunter Codman Commercial Associate Max Pawk stated, “With its strategic location adjacent to the Brightline Rail Station, the Federal Courthouse and within walking distance of both Las Olas Boulevard and all of the exciting new residential and cultural development taking place in Flagler Village, 1 East Broward offers its tenants an ideal corporate home with easy access to everything that is happening in Fort Lauderdale and South Florida.”
Christian Lee, Vice Chairman of CBRE Capital Markets stated, “Ivy did an outstanding job executing its business plan and creating value at 1 East Broward. By virtue of the 20% rent growth we have witnessed in Downtown Fort Lauderdale since 2014, every building in the CBD affords significant upside potential as leases expire and we expect that the new ownership group will be able to continue to enhance the building and benefit from the exciting growth taking place in Fort Lauderdale.”
Jose Lobon, Senior Vice President, CBRE Capital Markets added, “1 East Broward has benefited tremendously from its location in the burgeoning Flagler Village neighborhood of Downtown Fort Lauderdale. Not only is it the closest office tower to the recently opened Brightline train station, but it is also at the gateway to the CBD’s youngest and hippest enclave which has seen a generational transformation over the last decade, including 6,415 new multifamily units, as well as numerous art galleries, restaurants, and amenities.”
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2018-10-07 12:05:062018-10-07 12:05:06Downtown Fort Lauderdale Office Tower Trades For $108.5 Million
Plantation Office Building Fetches $13.85 Million
/in Done Deals, News/by SFOBA STAFFAvison Young’s Florida Capital Markets Group completed the $13.85 million ($173 per square foot) sale of the 80,000-square-foot Bank of America office building at 1776 N. Pine Island Road in Plantation.
The building last sold for $10,900,000 in December 2012.
On behalf of Transatlantic Investment Management Inc., Avison Young Principals David Duckworth, John K. Crotty, CCIM, and Michael T. Fay, facilitated the disposition to the Kislak Organization, a privately held firm based in Miami. The sale represents the fifth transaction the team completed in Plantation to date in 2018 totaling more than $66 million.
For the acquisition, Kislak also engaged the Florida Capital Markets Group to secure a $12.05 million loan.
At 80 percent loan-to-value, the loan was negotiated by Avison Young Principal George Vail and financed through Popular Bank for a 10-year term with a 2-year interest-only period, after which it will transition to a 25-year amortization schedule. The interest rate was 4.6 percent.
According to research by Avison Young, Plantation is one of the tightest office submarkets in Broward County. As of third quarter 2018, the submarket saw no new construction, one of the lowest vacancy rates which posted at 7.23 percent, and the highest total net absorption level in the county with 78,350 square feet absorbed.
Source: CRE-sources
Berger Commercial Realty Negotiates Multi-Year Lease Deal For Fort Lauderdale Law Firm
/in Done Deals, News/by SFOBA STAFFBerger Commercial Realty/Corfac InternationalVice President Brian Batchelder and Michael Feuerman, Esq., CCIM, represented Lochrie & Chakas, P.A., in a 62-month, 2,893-square-foot lease renewal at Victoria Park Centre, located at 1401 East Broward Boulevardin Fort Lauderdale.
Lochrie & Chakas, P.A. is recognized for its experience and knowledge in land use, zoning, environmental, and government law. The firm represents property owners, developers and lenders seeking a wide range of development entitlements and due diligence assessments. Berger Commercial Realty represents tenants and property owners throughout South Florida in the leasing and purchase/sale of commercial properties.
The landlord was represented by Jeff Holding with Cushman and Wakefield of Florida, LLC.
Tower Commercial Expands South Florida Team, Names Veteran Broker Senior Managing Director
/in News/by SFOBA STAFFStephen Smith, formerly vice president of the Hogan Group, has joined Tower Commercial Real Estate as Senior Managing Director serving the fast-growing commercial real estate brokerage’s clients in the Miami-Dade and Broward County markets.
Smith draws on 28 years of experience in leasing and marketing new development in Waterford at Blue Lagoon, a 250-acre office park adjacent to Miami International Airport. During his tenure, the Hogan Group developed, leased and managed over 2.7 million square feet of multi-tenant and build-to-suit office buildings for Waterford’s joint venture owners, an affiliate of TIAA and Allianz Real Estate of America. Last year alone, Hogan’s team leased nearly 448 million square feet, and Smith was responsible for one of South Florida’s largest office transactions in recent years, a 150,000-square-foot build to suit lease for a major multinational corporation.
Earlier, Smith served as a Vice President at Carey, Kramer, Silvester Associates, loan correspondents for major insurance companies, and was a senior investment analyst for TIAA-CREF in New York, responsible for commercial mortgage investments in the Southeastern U.S.
A resident of Weston, Smith is a graduate of Hobart College and attended the Stern School of Business at New York University. He is a board member of NAIOP’s South Florida Chapter and is active in the Beacon Council and Greater Miami Chamber of Commerce. A community leader, Smith is currently Chairman of the Board of Trustees of the Southern Florida Chapter of the Leukemia and Lymphoma Society and is past Chair and currently serves on the Volunteer Leadership Council of the Miami-Dade Unit of the American Cancer Society.
Blunk noted that Smith is the latest high-profile executive to join Tower-CRE as the boutique firm strengthens its presence throughout the Tri-county area. Most recently, Tower-CRE added a tenant representation group, expanded its Fort Lauderdale office, and added a research analyst.
October Meeting Follow-Up – Sales Tax Update
/in Upcoming Events/by SFOBA STAFFThanks to Adele Stone and Eric Rapkin for another great session and to Sandra Anderson, Elizabeth Jimenez, JLL and Ivy Realty for hosting. Adele wanted to clarify the issue of how the penny surtax in Broward would affect sales tax on commercial rents – here is her response:
SFOBA Members
I want to clarify what was discussed at the SFOBA meeting on Wednesday, October 17th with respect to the 1 penny transportation surtax which is on the upcoming ballot. The fact is that although the 1 penny transportation surtax on the ballot is not tied to the state sales tax (or subject to the same reductions in same), if passed it will be classified as a surtax and surtaxes are paid on commercial rents. The ballot doesn’t indicate any exclusions on the goods and services subject to same.
This information is being sent for the SFOBA group to know about this if this would be a consideration for them in voting.
Great event and great turnout! Good seeing everyone and thank you for inviting us to participate once again this year.
– Adele Stone
Investment Management Firm Relocates, Signs 25,000 SF Lease Deal
/in Done Deals, News/by SFOBA STAFFGlobal investment management firm Intech is making a big transfer.
The company is planning to move its headquarters out of Related Companies’ CityPlace Tower and into the 221,000-square-foot One Clearlake Centre office high-rise in West Palm Beach.
Intech inked a 25,000-square-foot lease and will be filling up the tower’s top two-floors, according to a press release. The deal also gives the company exterior signage. The firm, which has about $50 billion under its management, is scheduled to occupy its new space by September 2019.
The lease brings the 19-story office tower at 250 South Australian Avenue to 68 percent leased, with asking rents in the tower ranging from $40 per square foot to $45 per square foot, CREC’s leasing director Mark Goldstein said. Other tenants in the building include Richman Greer law firm, Rosenbaum Mollengarden PLLC, BB&T, Prudential and Northwestern Mutual.
Built in 1986, One Clearlake Centre includes a five-story, 662-space parking garage. CREC’s Carol Greenberg Brooks, Goldstein and Robert Dabrowski oversee leasing and management of the property.
Velocis, a private equity real estate manager, paid $42.3 million for the property in July 2017 with CREC. The joint venture invested millions into renovating the building, including revamping its lobby areas, corridors and bathrooms. The partnership also added a creative tenant lounge and offers tenants a new wellness program.
Source: The Real Deal
Downtown Fort Lauderdale Office Tower Trades For $108.5 Million
/in Done Deals, News/by SFOBA STAFF1 East Broward Owner, LLC, a joint venture between affiliates of NAI/Merin Hunter Codman and PCCP, LLC, has acquired 1 East Broward, a Class A office tower in downtown Fort Lauderdale for $108,500,000.
The CBRE Capital Markets team facilitated the sale of the 19-story, 351,705 square foot, institutional-quality office building on behalf of the seller, Ivy Realty.
Additionally, the CBRE Debt & Structured Finance team arranged acquisition financing of $77,465,500 with SunTrust Bank on behalf of the buyer. Vice Chairman, Christian Lee and Senior Vice President, José Lobón of CBRE oversaw the transaction on the sale effort, and First Vice President Amy Julian oversaw the financing for CBRE, working with Chief Financial Officer Dung Lam and Acquisitions Director Corey Winsett on behalf of NAI/Merin Hunter Codman. The CBRE team also included Senior Financial Analyst Andrew Chilgren. Rebecca M. Cox, SunTrust Senior Vice President, provided the financing. Kapp Morrison LLP provided legal counsel to the seller and Shutts and Bowen provided legal counsel to the buyer.
The property is located on the northeast corner of Broward Boulevard and Andrews Avenue, in the heart of Fort Lauderdale’s rapidly expanding downtown, across from the new Brightline Rail Station. The 91% leased property includes a 19-story building and a 5-story building that are connected by a covered sky bridge to a 4-story parking structure that provides the office tenants with 772 covered parking spaces. The property recently received an extensive renovation with over $4.9 million invested since the beginning of 2013 and serves as the new U.S. headquarters for KEMET Corporation, a leading publicly-traded global supplier of electronic components. KEMET recently relocated its corporate headquarters from Greenville, SC to 1 East Broward bringing 150 additional jobs to the Fort Lauderdale CBD. KEMET joins several leading law firms who have corporate and regional headquarters at 1 East Broward including Becker & Poliakoff, Quintairos, Prieto, Wood & Boyer, P.A., McGlinchey Stafford and Hinshaw & Culbertson LLP.
The purchaser of the property, 1 East Broward Owner, LLC is a joint venture between affiliates of NAI/Merin Hunter Codman, Inc. and PCCP, a real estate finance and investment management firm, based in New York and San Francisco that has over $6.5 billion in assets under management on behalf of institutional investors.
NAI/Merin Hunter Codman will take over property management and leasing at 1 East Broward.