Marcus & Millichap Negotiates Sale Of Class A Office Building In Boca Raton

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Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of 1095 Broken Sound Parkway, a 46,593-square-foot Class A office building in the Park at Broken Sound office park in Boca Raton.

The property sold for $9.5 million.

“This asset is the newest Class A office building to be delivered in the 700-acre, dynamically evolving and highly desirable Park at Broken Sound live-work-play office park,” said Douglas K. Mandel, IPA executive managing director. “An ideal corporate or regional headquarters, the acquisition gives our buyer the opportunity to occupy more than 50% of the building’s existing square footage.”

Mandel, along with Tyler S. Kuhlman and Zachary Levine of Marcus & Millichap represented the seller.

“The Palm Beach County office market observed a strong rebound last year, as evidenced by the metro’s office-using employers’ recovery of all pandemic job losses by the second quarter,” said Kuhlman. “Currently, employers are on track to end the year 8,000 positions above pre-health crisis counts.”

Located at the intersection of Broken Sound Parkway and Broken Sound Boulevard, the building has over 400 feet of prime frontage on Broken Sound Parkway. Nearby Interstate 95 gives tenants and their customers easy access to Florida’s Turnpike, three airports, and an abundance of retail, dining, hotel and entertainment options. The 1.5 million-square foot Town Center Mall is 3.2 miles away and the Boca Raton Station of the Tri-Rail system, South Florida’s 71-mile mass transit commuter train system is less than a mile away.

Constructed in 2008, the three-story concrete office building has single-deck structured parking and ample underneath parking with multiple entrances.

 

Berger Commercial Realty’s Keith Graves and Jonathan Thiel Negotiate 290,503 SF Lease Renewal For Sun-Sentinel

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Berger Commercial Realty/Corfac International Senior Vice President Keith R. Graves, CCIM and Vice President Jonathan Thiel negotiated a long-term lease renewal on behalf of Sun-Sentinel Company LLC for 290,503 square feet at 333 SW 12th Avenue in Deerfield Beach.

The 1988-built property is occupied by Sun-Sentinel Company LLC as a printing plant and distribution center and includes a 2-story office component, as well. The property features 35’ clear ceiling height, dock and grade level loading and is situated on 23.03 acres. Besides the Sun Sentinel, the other papers now being printed at the facility include the New York Daily News, New York Times, New York Post, Wall Street Journal, and the weekly Barron’s financial publication.

“This represented a strategic, long-term commitment to South Florida and the local community,” commented Graves. “The prime location and functionality of the property, coupled with Sun-Sentinel’s growth and business model were all contributing factors.”

Tom O’Loughlin of CBRE represented the landlord, GPT SW 12TH AVENUE OWNER LLC, in the lease deal.

 

Cushman & Wakefield Arranges Sale Of Cypress Creek Office Building

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Cushman & Wakefield announced the sale of Prisma at Cypress Creek, a 39,249-square-foot office building located in Fort Lauderdale’s Cypress Creek submarket that is managed by Maynada Capital Advisors, LLC and Ark Plus Group, LLC.

The final sale price was $7.95 million, equating to more than $202 psf.

Cushman & Wakefield’s Miguel Alcivar, Greg Miller, Scott O’Donnell, Dominic Montazemi, and Mike Ciadella represented the seller, South Florida Innovative Offices LLC, in the transaction. Prisma at Cypress Creek was acquired by BFO 1000 NW 65TH ST LLC, a user who plans to office at the building. The buyer was represented by Tom Skeba with RE/MAX.

“Prisma at Cypress Creek offers a differentiated value proposition when compared to similar office assets within the Cypress Creek submarket” said Miller, Director at Cushman & Wakefield. “Through the sellers recent repositioning of the building’s common areas with warm interior finishes and well-appointed art installations, the building has transformed into a contemporary suburban office location and was able to attract multiple new tenants under long-term lease commitments.”

The office building spans three stories and is located at 1000 NW 65th St. It was 93% leased at the time of sale to several tenants in the marketing, engineering, consumer finance, and healthcare sectors.

Prisma at Cypress Creek offers a key transportation competitive advantage through its central location within the Cypress Creek submarket and close proximity to Fort Lauderdale Executive Airport, the Tri-Rail, and major highways such as Interstate 95 and Florida’s Turnpike via Cypress Creek Road. In fact, more than five million people are accessible within a one-hour drive. The office building is also within Fort Lauderdale’s Uptown Urban Village overlay district, which is becoming a live-work-play destination for the area.

 

Berger Commercial Realty’s Steve Hyatt Negotiates Sale Of Downtown Fort Lauderdale Office Condo

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Berger Commercial Realty/Corfac International Senior Vice President Stephen Hyatt represented the seller, AMUCO Trading LLC, in the sale an office condominium located within Fort Lauderdale’s Museum Plaza.

Dowding Holdings, Inc. paid $1,347,000 for the 4,772-square-foot upscale corporate office located in Suite 200 at 200 South Andrews Avenue. The fully renovated building served as the former headquarters for Blockbuster Entertainment Corporation. Dowding represented themselves in the transaction.

“The buyer had been leasing in the area and decided he would prefer to take advantage of this rare ownership opportunity,” commented Hyatt.

The deal closed July 29.

Class A Museum Plaza offers on-site security and property management, technologically-savvy surveillance, special private key access, valet parking, and more in the in the heart of downtown Fort Lauderdale. The suite features upgraded flooring, large glass wall conference rooms, perimeter offices with glass walls and window-views, an open bullpen area for workstations as well as a high-end open area for a trading floor or similar use. Additionally, there is a large kitchen/break-room area, wellness room, storage and IT/Technology area currently in place.

 

FirstService Residential Signs 65,000-SF Lease For Long-Awaited New Regional Headquarters

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Colliers‘ Executive Vice President Robert Listokin negotiated a long-term lease on behalf of FirstService Residential for 65,430 square feet of office space in Plantation Commerce Center.

Cushman and Wakefield’s Travis Herring and Chase Kulp represented the landlord, WPIP Plantation Properties, LLC., in the deal. The four-story Class A office building is located at 1601 SW 80th Terrace in Plantation.

“The search for their southeastern U.S. headquarters has been years in the making and we’re pleased to have assisted them throughout the process of finding a suitable space,” said Listokin. “This opportunity will allow them to migrate their operations to a soon-to-be renovated and highly-accessible location that fulfilled their needs.”

The 120,923-square-foot office building features lake views, is strategically located within a 10-minute drive from Ft. Lauderdale-Hollywood International Airport and provides abundant parking with a 5.5/1,000 SF ratio. The property also offers prime building signage fronting I-595 which FirstService will be utilizing. FirstService will become the largest tenant at the property as they will occupy over two floors in the building starting in April of next year. The lease brings the property to approximately 85% occupancy as it undergoes major renovations. Ownership is currently renovating all common areas of the building, including the main lobby, corridors, elevators, and restrooms.

“As we began to witness business and markets returning to normalcy post-pandemic, we worked diligently to find them the best fit for their requirements,” said Listokin. “Our strategic search was on a timely basis since the migration of their operations also involved the recent sale of their 40,000 SF property in Boca Raton,” which Listokin also facilitated.

FirstService Residential is North America’s most prominent property management leader, partnering with more than 8,500 communities in neighborhoods across the U.S. and Canada. Their expertise includes providing exceptional property services to condominiums, cooperatives, and single-family communities; master-planned, lifestyle, and active adult communities; and mixed-use rental properties. HOAs, community associations, condos, and strata corporations rely on their extensive experience, resources, and expertise to maximize property values and enhance residents’ lifestyles.

The Broward County office market has continued its recovery in the second quarter of 2022, fueled by steady tenant demand and population growth. Heavy leasing activity was seen throughout the market, with approximately 2.1 million square feet leased in the county, and more than 134,000 square feet leased year-to-date in the Plantation submarket. As a result, the vacancy rate in Plantation dropped to 12.7%, a 20-basis point decrease quarter-over-quarter. Additionally, the Plantation office rental rate has increased 2.8 percent year-over-year to $34.27 per square foot. With ongoing favorable market conditions and limited new construction, Plantation’s office market is expected to remain strong throughout the remainder of 2022.

The FirstService Residential deal was the largest lease signed in Broward County in the second quarter of the year.

 

Cushman & Wakefield Arranges $29.7M Refinancing Loan For Delray Central Office Portfolio

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Cushman & Wakefield arranged a $29.7 million refinancing loan on behalf of G&C Arbors Investors, LLC, an affiliate of South Florida-based real estate investment management group Grover Corlew. The loan is for Delray Central, a 175,965-square-foot, two-building office portfolio on more than 12 acres.

Jason Hochman and Ron Granite of Cushman & Wakefield’s Equity, Debt & Structured Finance team secured the loan through Ameris Bank.

“Grover Corlew is a leading developer and operator in South Florida with proven success across multiple office properties in the Palm Beach and northern Broward County markets,” said Hochman, Executive Director at Cushman & Wakefield. “Recognizing an experienced sponsor and the strong office market fundamentals, the lender offered a low rate and flexible terms to match the business plan.”

The Delray Central office portfolio consists of a 98,460-sf building spanning two stories at 1615 S Congress Ave. and a 77,505-sf building spanning four stories at 1625 S Congress Ave. Both buildings sit directly west of Interstate 95 at the southeast corner of Congress Avenue and Linton Boulevard. The office portfolio also includes floor plans ranging from 2,300 sf to more than 26,000 sf to accommodate diverse tenant profiles, a robust of 4.6 per 1,000-sf parking ratio and access to Delray Beach’s world-class amenities.

“We applaud the Cushman & Wakefield team for working diligently to finalize this refinance, especially given today’s challenging financing market,” said Mark Corlew, Partner at Grover Corlew. “With a growing portfolio valued at more than $1 billion, we’ve effectively acquired, transformed, and managed suburban office properties across South Florida and we look forward to further enhancing our Delray Central office portfolio to attract new businesses to the area.”

G&C Arbors Inventors, LLC will utilize the refinancing loan for future capital and leasing costs at Delray Central to further improve the property for its tenants. With some newly signed leases, the buildings will soon be stabilized, allowing the owner to enjoy property cash flows while the Congress Avenue corridor continues to evolve into a pedestrian-friendly area with new multifamily and retail projects.