TREIS Brokers Sale Of Heron Bay Portfolio In Coral Springs

Tiktin Real Estate Investment Services (TREIS) announced the $42.95 million sale of the Heron Bay Office and Retail Portfolio in Coral Springs.

The portfolio, located directly off the Sawgrass Expressway on Coral Ridge Drive, features Waterway Shoppes, a 40,258 SF retail center; Heron Bay III, a 45,344 SF Class A office building; and Heron Bay IV, a 45,383 SF Class A office building.

The Sellers, RM-NA HB Three Office Building, LLC, RM-NA HB Four Office Building, LLC and RM-NA HB Waterway Shoppes, LLC sold the property to Asuman 57th Street, LLC for $42.95 million in an all cash deal.

TREIS President and Broker Adam J. Tiktin and Investment Associate Alejandro Snyder represented the Sellers in the transaction.

Closing took place September 26, 2018.

“We took over this Heron Bay portfolio listing after other international and national firms were unable to get it sold, and are pleased to have successfully executed another transaction for our clients,” stated Adam J. Tiktin. He added, “The principals of this portfolio and their team, including Hal Cohen, Adam Reiss, and Bob Sherman, are a true pleasure to work with. We are proud to have represented them at the highest level over the past seven years. During that time, we have successfully sold each and every property that they have exclusively listed with us. To date, we have sold seven (7) buildings for these clients, Barry Ross and Bill Matz, including such assets as: Strayer University in Miramar, FL, Starbucks in Pembroke Pines, FL, Village Shoppes in St. Lucie, FL, Indian Trace Commons in Sunrise, FL, and now the Heron Bay Portfolio. Their professionalism, communication, positive attitude, and integrity are always second to none, and we congratulate them on this sale.”

The three buildings were constructed by the Sellers in 2006 and 2008 and are fully occupied with a mix of national, regional and local tenants. The properties are part of the City of Coral Springs’ 22-acre master-planned commercial development.

The Heron Bay portfolio is located at 5810, 5830 and 6230-6240 Coral Ridge Drive in Coral Springs. The two office buildings benefit from direct visibility to the Sawgrass Expressway, which records traffic counts of 180,000 cars daily.

 

NKF Capital Markets Completes $12 Million Sale Of AT&T Net Lease Office Building In Plantation

NKF Capital Markets announced the $12 million sale of the AT&T net lease office building in Plantation to Fifteen Group Capital LLC.

The 130,549-square-foot, single-tenant building has been a headquarter location for a subsidiary of AT&T, Bellsouth Telecommunications Inc., since the building was constructed in 1985.

NKF Executive Managing Director Michael Lapointe and Managing Director Michael Lohmannrepresented the owner, FT-Florida Property LLC, along with Brian Bartlett and John Richardsonfrom Newmark Phoenix Realty Group.

Location, accessibility and the potential for future redevelopment were three key factors that influenced the buyer’s purchase decision.

“Acquiring a 14AC site with in-place income in one of the most sought-after submarkets in Broward County was very attractive to the buyer, who has plans to reposition the property in the future,” said Lohmann.

Situated on 13.72 acres at 8601 West Sunrise Boulevard, the two-story office building is based in the heart of a dense commercial corridor. The property also benefits from a wide range of retail options, including several restaurants, medical services, a Walmart and a Publix, and accessibility to major highways.

CBRE Selected To Lease Office Space At South Florida’s Largest Mixed-Use Project

Metropica, one of the nation’s largest under-construction mixed-use projects, announced today it has retained CBRE to handle pre-leasing at 1700 Metropica Way, a ±170,000 sq. ft. Class A office building to be completed in 2020. The second phase of Metropica’s office development, which entails up to 500,000 sq. ft., is also available for office leasing and build-to-suits. CBRE’s Carol Elis-Cutler and Chris Gallagher will spearhead leasing efforts for 1700 Metropica Way.

In addition to its office component, once completed, Metropica will encompass more than 2,250 residential units, retail, shopping and entertainment, green spaces, public spaces dedicated to the arts, and a boutique luxury hotel. The project, which is being developed by Metropica Development LLC and designed by the award-winning team of Cooper Carry, CI Design, Oppenheim Architecture, YOO Design Studio and EDSA, is scheduled to complete the first of its eight residential towers and welcome its first residents this December.

“Across the U.S., we are seeing the incredible impact and success similar mixed-use projects are having in their markets, such as Hudson Yards in New York City, Avalon in Alpharetta, Georgia, and Ballpark Village in St. Louis, Missouri. We know Metropica will transform Sunrise and West Broward County, and we are thrilled to be part of this ground-breaking project,” said Carol Elis-Cutler, first vice president at CBRE.

1700 Metropica Way’s Class A office space, which is being developed on the southern segment of the project’s 65 acres, will be set atop street-level retail. Future phases will include the 480,000 sq. ft. business park campus on the northern portion of the site. State-of-the-art WiFi throughout Metropica’s outdoor spaces will ensure full connectivity across the entire property.

“We are delighted to be working with CBRE on the pre-leasing of 1700 Metropica, which will be situated in the heart of Metropica’s vibrant urban, high-street community with access to top retail and dining experiences just steps away,” said Bernard Werner, President and COO of Metropica Development LLC.  “CBRE’s national reach and extensive resources make them an ideal match with our vision to bring top corporations, organizations and industries to this compelling new Class A office building.”

Metropica is located at 1800 Northwest 136th Avenue, on the northeast corner of Sunrise Boulevard and 136th Avenue, west of outlet mall Sawgrass Mills. It is just a few minutes from South Florida’s major highways, including I-75, I-95, I-595 and the Florida Turnpike, less than 15 minutes from Weston and the Fort Lauderdale International Airport, and less than a half hour from the Fort Lauderdale beaches, Boca Raton, and Aventura.

“This is a pivotal point for new office development in Sunrise. With occupancy at an all-time high, large office users in the market have very few options when relocating or expanding,” said Chris Gallagher, senior vice president at CBRE. “Metropica is ideally situated in the true urban epicenter of the tri-county area, offering corporate tenants access to more than 6 million people in South Florida through major transportation hubs within an hour’s commute time. Metropica’s truly innovative nature offers corporate clients major connectivity, state-of-the-art offices with high-tech amenities, and much more.”

According to CBRE’s Q2 Office MarketView report, the Sunrise/Sawgrass submarket currently encompasses more than 2.4 million sq. ft. of office space. Leading corporate headquarters in the area surrounding Metropica include American Express, HBO Latino, AT&T, Magic Leap, and Universal Music.

Avison Young Closes Sale Of Fully-Leased Plantation Office Building

Avison Young’s Florida Capital Markets Group negotiated the $16.55 million sale of Pointe 1801, a fully-leased, 99,255-square-foot corporate office building at 1801 NW 66th Avenue in Plantation. The property represents the final sale of a three-asset portfolio the team recently listed on behalf of the seller, a leading global private equity firm. The three buildings, including Southpointe and Pointe Broward, sold separately within one month for a total of $49.3 million.

Avison Young Principals David Duckworth; John K. Crotty, CCIM; and Michael T. Fay; Greg Martin; and Senior Associate Brian de la Fé completed the transaction on behalf of the seller. Zaragon, Inc., purchased Pointe 1801 to grow its South Florida investment portfolio. The acquisition is the second transaction involving Zaragon completed this year by Avison Young totaling over $24 million to-date.

“At 100 percent leased, Pointe 1801 offers substantial long-term income; and with only two tenants, it is less management-intensive than most projects,” said Duckworth. “Additionally, a multi-million-dollar renovation by the anchor tenant is underway to accommodate its 90,000-square-foot premises.”

Pointe 1801, which recently underwent lobby and common area renovations, is centrally located in Broward County between Interstate 95 and the Sawgrass Expressway, minutes from Florida’s Turnpike and Interstate 595. This particular area of Plantation has seen a resurgence, as Magic Leap backfilled much of the former Motorola space, Plantation Pointe Retail featuring a Starbucks was developed, and Broadstone Plantation will deliver 250 new residential units in 2018. The submarket overall remains strong.

HFF Arranges $41M Acquisition Loan For Office Building In Fort Lauderdale

HFF has arranged a $41 million acquisition loan for Coastal Tower, a 261,676-square-foot office building located at 2400 E. Commercial Blvd. in Fort Lauderdale.

Chris DrewBrian Gaswirth and Matthew McCormack of HFF arranged the four-year, floating-rate bridge loan through New York Life Insurance Co. on behalf of the borrower, Cardinal Point Management.

The 12-story tower was most recently renovated in 2008 and is home to tenants such as USI Insurance, Morgan Stanley and Mass Mutual.

 

Source:  RE Business

Commercial Real Estate Data Points to Miami as Next Office Hotspot

It’s been a while since I posted here, but now that I am back all in on the office market, you will be seeing more from me.

I wanted to thank to my great marketing and PR team at Truss and the folks at Propmodo for carrying my article: “Commercial Real Estate Data Points to Miami as Next Office Hotspot” in which I explain why Miami / South Florida is a great market for Truss – we are a web-enabled tenant rep broker.  And it starts off with a shout out to the SFOBA.

Propmodo is a national blog that examines how technology is changing the way we acquire, manage and use commercial real estate.

The article covers  three waves of growth in South Florida and looks ahead to a possible fourth.

Pretty cool being the lead story. I’ve been blogging on and off on various platforms including this one since 2010, but this one of the highlights.

We’ll see you on August 16 at noon at Sawgrass Centre 1550 Sawgrass Corporate Parkway with Sandra Anderson, JLL and MM properties.