JLL announced that Cruise Yacht Opco, The Ritz Carlton’s luxury yacht service division, has taken 17,000 square feet at Plaza 100, an 11-story, Class A office building in Fort Lauderdale’s NoBro district at 100 NE Third Avenue.
The luxury yachting company will occupy the 175,510-square-foot building’s entire 11th floor penthouse accommodating nearly 60 employees.
JLL Managing Directors Doug Okun and Steven Hurwitz represented the landlord, Zurich Alternative Asset Management, in the lease negations. Keith Edelman, Scott Goldstein, and Zach Wendelin of CBRE represented the tenant Cruise Yacht Opco. Formed in 2006, Zurich Alternative Asset Management (ZAAM) is Zurich North America’s dedicated alternative asset management platform. ZAAM invests solely on behalf of Zurich affiliates worldwide, providing asset allocation, investment selection and investment management across hedge funds, private equity and U.S. real estate.
“Fort Lauderdale’s NoBro district is quickly becoming one of South Florida’s most exciting and sought-after destinations,” said Okun. “The urban offerings and multiple transit options have created a live, work, play lifestyle that is attracting companies of all sizes and across all industries.”
Located near Flagler Village and within minutes of the Brightline private rail train station, Plaza 100 offers tenants upscale amenities steps away from the city’s best entertainment and dining options such as Doc B’s Restaurant + Bar, Morton’s the Steakhouse, American Social and other local favorites. The building features a newly renovated plaza, common areas, and conference center, onsite management, and full service, onsite banking. Current tenants at Plaza 100 include U.S. Legal, Oppenheimer, Katz Barron and Mombach, Boyle, Hardin and Simmons, P.A.
According to JLL’s Q1 Office Report for Broward County, the Fort Lauderdale office market has a positive outlook ahead. With more competitive rental rates than Miami-Dade and Palm Beach and the same weather and tax climate as its neighbors, Fort Lauderdale’s central location provides the broadest access to South Florida’s expansive talent pool.
00adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2022-07-07 08:45:202022-07-07 08:45:20JLL Closes 17,000 SF Lease At Ft. Lauderdale’s Plaza 100
Grover Corlew tapped CBRE to market two Boca Raton office buildings as the two firms continue to expand their relationship throughout Palm Beach and Broward counties. CBRE Executive Vice President John Criddle, First Vice President Joe Freitas, Senior Associate Max Pawk and Transaction Manager Allie Lancashire have been tapped to lease Palmetto Central, located at 1489-1499 W Palmetto Park Road in Boca Raton.
The prominent CBRE office team was awarded the listing by owner Grover Corlew, which purchased the buildings in 2016.
Construction has commenced on a state-of-the-art redevelopment at 1489 W Palmetto Park Road and will deliver the first Class A building to the Boca Raton office market in over a decade. The 1979-built, 83,000-square-foot building will feature ±26,000-square-foot floor plates once it has been redeveloped, with private patio access for 3rd floor tenants and balcony access on 5th floor, full height hurricane impact glass, VRF HVAC systems to allow custom control throughout tenant spaces along with new spec suites on the 3rd floor. The 5-story building offers 5.0/1,000-square-foot parking (mainly covered garage with additional surface with 12 electric car chargers). The redevelopment is slated for a January 2023 completion date.
An entirely new building exterior, which will include a brand-new façade and hurricane impact windows, is planned for the adjacent 5-story, 87,400 square-foot 1499 W Palmetto Park Road building. The project will also include a state-of-the-art gym, high tech conference center, spacious tenant lounge, a comfortable outdoor seating area, new and improved wayfinding and monument signage throughout, complimented by new landscaping.
Located in the heart of Boca Raton, the property is situated at the NE corner of I-95 and Palmetto Pk Rd. It is equidistant between East Boca (Mizner Park/Royal Palm) and Central Boca while also being just 5 minutes from the new Brightline Station and within a walkable distance to restaurants and retail. In addition to Fort Lauderdale International and Palm Beach International airports, the buildings are also in close proximity to Boca Raton and Fort Lauderdale Executive Airports.
Having earned the reputation in Florida and the southeastern U.S. for reimagining infill office properties in prime locations, the South Florida-based real estate investment management group, Grover Corlew, continues to invest in Boca Raton. Grover Corlew will be renovating 120 E Palmetto, which was recently purchased in March 2022. The company will be upgrading the lobby with new lighting, refreshing the common area corridors, painting the exterior and installing new lighting. Spec suite plans are underway for the 2nd floor and a restroom refresh is planned for the entire building.
Grover Corlew and CBRE’s relationship extends beyond Palmetto Central to 150 & 120 E Palmetto Park Road in East Boca Raton, 600 & 700 W Hillsboro Boulevard in Deerfield Beach, 2401 & 2335 E. Atlantic Boulevard along with 50 NE 26th Avenue in Pompano Beach and 1615 & 1625 S Congress Avenue in Delray Beach (leased by Jeff Kelly and Deborah Fink). The total office portfolio totals 825,095 square feet.
“We have been active in Boca since 2016 when we purchased 1499 Palmetto Park Road, and have since purchased the 1489, 120 and 150 buildings on the same street,” said partner Mark Corlew. “We have and are continuing to commit significant capital to re-introduce these incredibly well-located properties as premier, Class A office buildings with the intent to attract high-quality tenants and talent to our city. Our headquarters are here and we’re raising our children here. Given Boca’s high-quality housing and schools, the new Brightline Station and our growing downtown, our city should be an easy sale to new companies relocating to our region.”
00adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2022-06-26 13:31:502022-06-26 13:31:50Grover Corlew Taps CBRE Team To Market Boca Raton Office Buildings
CBRE Executive Vice President John Criddle, First Vice President Joe Freitas and Transaction Manager Allie Lancashire announced the signing of 20 lease deals totaling 99,015 square feet at Mizner Office Tower & Plaza, bringing Mizner Park Office Tower to 96% occupied and Mizner Park Plaza Real to 93% occupied.
Mizner Park Office Tower is a 7-story building centrally located in Boca Raton’s business district and offers sweeping views of the ocean. With 165,416 square feet of “Class A” office space, free garage parking and 24-hour security services, this premier office tower accommodates companies of all sizes with its superior location, design and service.
The prominent CBRE office team signed Robbins Geller Rudman & Dowd, one of the world’s leading complex class action firms representing plaintiffs in securities fraud, antitrust, breach of fiduciary duty, consumer fraud, and privacy cases, to 26,429 square feet. Headquartered in San Diego, CA, the lease deal marks a relocation and expansion for the law firm from 120 East Palmetto Park Road. Jeremy Hakala with Newmark represented the tenant in the deal.
The team secured new lease deals with Logitix, an advanced ticketing technology firm, for 6,116 square feet, which was represented by Barbara Black and Iker Belauste with JLL; Perr Knight, an actuarial firm, for 4,374 square feet, which was represented by Deborah Fink with CBRE; ImMune Bio a clinical stage immuno-oncology company, for 5,165 square feet, represented by Tawny Moore with Commercial & Luxury Residential Specialist; and Cetera, a financial group, for 5,252 square feet, which was represented by Brad Armstrong with Vestian Global Workspace Services.
In addition, the team signed the following renewals:
Tobin & Reyes, a law office, for 9,380 square feet; represented by Clay Sidner and Jeremy Hakala with Newmark
Brockway Moran, a private equity firm, for 3,870 square feet
Mesirow, a financial services company, for 2,324 square feet; represented by Jonathan Barbar with Barbar & Associates
AGNC, a REIT, for 1,763 square feet; represented by Chase Deuscle with CBRE
DA Davidson, an investment banking company, for 1,405 square feet
Criddle and Freitas secured an additional 10,813 square feet in new deals at Mizner Park Plaza Real, located at 327 & 433 Plaza Real Boulevard in Boca Raton.
Element Packaging, a packaging solutions company within the beauty and skincare industry, for 3,185 square feet
iSella.com, is a real estate brokerage firm to assist out-of-state and international buyers, for 2,345 square feet
Tom Murphy (690/720 NE 5th Ave), a family office, for 2,166 square feet, who was represented by Jay Whelchel with Whelchel Partners
Palmetto Dental for 1,672 square feet, which was represented by Jonathan Eisenband with Onecore Realty
Interactive Offers, a marketing company, for 1,445 square feet
The following renewals were also signed:
Regus, a professional business center, for 16,624 square feet; represented by John Marshall with JLL
John Henry, for 4,414 square feet; represented by Peter Reed with Commercial Florida
Osborne Associates, a law firm, for 2,754 square feet
Goldman Felcoski, a law firm, for 2,360 square feet
Dr. George, a family practice physician, for 1,224 square feet
Mizner Park Plaza Real offers a total of 102,922 square feet of Class “A” luxury office space with spec suites offering immediate occupancy, featuring Plaza views, free garage parking, downtown convenience within walking distance to many shops, restaurants and amenities.
Both office properties are located within Mizner Park, a luxury landmark that includes retail, office, residential, and cultural space, as well as a 5,000-person-capacity amphitheater. In addition, Mizner Park offers luxury cinema iPic Theaters with their Tanzy dining and high-end bowling alley Strike 10. A collection of popular restaurants includes Loch Bar, Yard House, KaPow!, Max’s Grille, Villaggio Restaurant, and Ruth’s Chris Steak House.
Progress continues to be made on the Brightline Boca Raton station and parking garage located on a 1.8-acre site across from Mizner Park. Work is advancing on the 4.5 story, 455-space parking garage as well as the station’s platform foundations. The 38,000-square-foot station and garage are expected to be completed in the fall of this year. Once completed, the station will be Brightline’s fifth in the state, connecting Boca Raton travelers to Miami, Aventura, Fort Lauderdale, and West Palm Beach, with a forthcoming station in Orlando.
00adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2022-06-19 20:38:432022-06-19 20:38:43CBRE Brings Mizner Office Tower & Mizner Park Plaza Real To Near Full Occupancy With 99,000 SF In Lease Deals
NAI/Merin Hunter Codman, Inc. announced that Chairman Neil E. Merin, SIOR, CCIM and Managing Director Adam Starr have finalized an 11-year, 9,285-square-foot lease transaction with Stok Kon + Braverman at 1 East Broward on behalf of the landlord, 1 East Broward Owner, LLC. Stok Kon + Braverman is a full-service law firm with offices in Fort Lauderdale and Boynton Beach.
“We are excited to welcome Stok Kon + Braverman to 1 East Broward. Stok who explored many of downtown’s most exclusive office properties, ultimately chose 1 East Broward due to the landlord’s continuing commitment to an extensive property improvement program as well as the suite’s existing high-end features and efficiency. Creating a welcoming, safe, and convenient office space experience for their employees was of utmost importance, as most of the firm’s employees returned to in-person work post initial lockdowns,” stated Starr.
1 East Broward is a 19-story, 350,000-square-foot, Class-A, office building located at the northeast corner of Broward Boulevard and Andrews Avenue in downtown Fort Lauderdale.
1 East Broward Owner, LLC, who purchased the property in 2018, immediately implemented a multi-million-dollar property improvement program which has included lobby, common area, lighting, and bathroom upgrades. A new security access card and visitor management system as well as a complete state-of-the-art elevator modernization have recently been completed. The property is known for its grand lobby, impressive views, state-of-the-art fitness center including Peloton bikes, manned 24/7 security, and a variety of on-site dining and concierge services. Tenants also enjoy plentiful parking in the garage, connected by an air-conditioned skywalk.
1 East Broward is downtown Fort Lauderdale’s closest office building to the Brightline, and the property offers superb walkability to dining and retail destinations including Flagler Village’s Arts and Technology Village (FATVillage), Music & Arts South of Sunrise District (MASS), the renowned Las Olas Boulevard and The Warf at Riverfront. 1 East Broward additionally offers fantastic access to I-95, I-595 and the Hollywood/Fort Lauderdale International Airport.
Robert A. Stok, Esquire Managing Principal of Stok Kon + Braverman stated, “We surveyed the entire Fort Lauderdale office market and determined that 1 East Broward Boulevard is the ideal office building to establish a permanent home for our for firm. It’s location, convenient to the federal and Broward courthouses in the heart of downtown Fort Lauderdale’s commercial center, with easy access to rail and highway transportation, high end hotels and restaurants, meshes perfectly with the firm’s suite of business services and is appealing to our clientele and employees.”
NAI/Merin Hunter Codman’s Chairman Neil Merin stated, “Stok Kon + Braverman has a long history as one of Broward County’s premier boutique law firms and we are proud that they have made a long-term commitment to make 1 East Broward their home. Ownership has recently invested significant capital upgrading and modernizing the building’s elevators, security systems, common areas and amenities, and are committed to continuing to improve the property to attract high quality tenants like Stok, Kon and Braverman.”
00adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2022-06-12 17:23:162022-06-12 17:23:16Law Firm Inks 11-Year Lease Deal In Downtown Fort Lauderdale
A trio of Phoenix-based personal injury law partners paid $8.6 million for an office building in Palm Beach County.
An entity managed by Sean Greene, Michael Steinger and Michael Feiner bought the two-story building at 11360 North Jog Road in Palm Beach Gardens, records show. The three lawyers head Greene, Steinger & Feiner, a personal injury law firm with offices in 18 U.S. cities, including Coral Gables, Miami, Fort Lauderdale and West Palm Beach, according to the firm’s website.
The deal breaks down to $337 a square foot.
The seller, an affiliate of Palm Beach Gardens-based real estate development, investment and property management firm John C. Bills Properties, paid $1 million for the property in 2001, records show. Completed in 2005, the 25,496-square-foot building is part of Mirasol Town Square, a seven-building office park built by John C. Bills.
00adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2022-06-05 22:00:082022-06-05 22:00:08Personal Injury Lawyers Drop $337 PSF For Palm Beach Gardens Office Building
MHCommercial Real Estate Fund II (“MHCREFII”), a discretionary real estate private equity fund formed by Dung Lam, Neil E. Merin and Jordan Paul, has closed on the purchase of Yamato Office Center in Boca Raton for $45,925,000, or $267 per square foot. in a joint venture partnership with an institutional real estate fund based out of New York.
Yamato Office Center is a 171,724-square-foot office complex comprising two Class-A office buildings located at 999 and 1001 Yamato Road. Yamato Office Center was approximately 71% leased at the time of the sale. Christian Lee, Marcos Minaya, and Sean Kelly with CBRE Capital Markets represented the seller, Adler Real Estate Partners (“Adler Partners”).
999 Yamato Road, built in 2000, is a three-story, 82,974-square-foot office building. 1001 Yamato Road, built in 1986, is a four-story, 88,750-square-foot office building. The complex is located near the entrance of the Park at Broken Sound and is situated on approximately 10 acres of prime Yamato Road frontage lending a generous parking ratio which includes covered parking. The Park of Broken Sound has recently benefited from a renaissance through the development of over 1,900 multi-family units and over 554,000 square feet of retail. Yamato Office Center’s prime location is a short drive to a large variety of nearby upscale amenities and 15 minutes away from transportation infrastructures including I-95, the Boca Raton Airport, Tri-Rail and the future Boca Raton Brightline Florida station.
MHCREFII is the second real estate fund for Merin, Lam and Paul after closing and fully deploying their first fund in December 2021 acquiring approximately $125 million in commercial real estate. MHCREFII launched in January 2022 and closed on its first acquisition in April 2022 with the $32.5 million purchase of EcoPlex® Office Center in West Palm Beach. Yamato Office Center is the second acquisition for MHCREFII with a target to acquire a total of $250 million of commercial real estate throughout the Southeastern United States over the next 12 to 18 months.
MHCREF and MHCREFII principals Neil E. Merin, Dung Lam and Jordan Paul stated, “We are very excited with the acquisition of Yamato Office Center at a purchase price well below replacement cost while also providing a tremendous opportunity to create value. Our plan is to reposition the asset as a premier Class-A office center primarily through capital improvements allowing Yamato Office Center to capture the robust demand for Class-A office space in Boca Raton. Boca Raton is one of the nation’s most attractive communities for wealthy decision makers and Yamato Office Center is specifically located in one of Boca Raton’s most rapidly urbanizing micro-markets.”
Corey Winsett, Director of Acquisitions for MHCREF oversaw the acquisition and due diligence process on behalf of MHCRFII’s JV partnership. Financing for the transaction was provided by LoanCore Capital a leading institutional lender that has financed over $25 billion in commercial real estate loans since 2008. Steve Kay, Managing Director and JP Kost, Vice President structured the financing transaction on behalf of LoanCore Capital.
Elizabeth Jones and John Strickroot of the Shutts & Bowen law firm represented the purchaser on the transaction. NAI/Merin Hunter Codman will manage and lease the property.
00adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2022-05-15 16:12:382022-05-15 16:12:38MHCommercial Real Estate Fund II Acquires Office Complex For $45.9 Million
JLL Closes 17,000 SF Lease At Ft. Lauderdale’s Plaza 100
/in Done Deals, News/by adminJLL announced that Cruise Yacht Opco, The Ritz Carlton’s luxury yacht service division, has taken 17,000 square feet at Plaza 100, an 11-story, Class A office building in Fort Lauderdale’s NoBro district at 100 NE Third Avenue.
The luxury yachting company will occupy the 175,510-square-foot building’s entire 11th floor penthouse accommodating nearly 60 employees.
JLL Managing Directors Doug Okun and Steven Hurwitz represented the landlord, Zurich Alternative Asset Management, in the lease negations. Keith Edelman, Scott Goldstein, and Zach Wendelin of CBRE represented the tenant Cruise Yacht Opco. Formed in 2006, Zurich Alternative Asset Management (ZAAM) is Zurich North America’s dedicated alternative asset management platform. ZAAM invests solely on behalf of Zurich affiliates worldwide, providing asset allocation, investment selection and investment management across hedge funds, private equity and U.S. real estate.
Located near Flagler Village and within minutes of the Brightline private rail train station, Plaza 100 offers tenants upscale amenities steps away from the city’s best entertainment and dining options such as Doc B’s Restaurant + Bar, Morton’s the Steakhouse, American Social and other local favorites. The building features a newly renovated plaza, common areas, and conference center, onsite management, and full service, onsite banking. Current tenants at Plaza 100 include U.S. Legal, Oppenheimer, Katz Barron and Mombach, Boyle, Hardin and Simmons, P.A.
According to JLL’s Q1 Office Report for Broward County, the Fort Lauderdale office market has a positive outlook ahead. With more competitive rental rates than Miami-Dade and Palm Beach and the same weather and tax climate as its neighbors, Fort Lauderdale’s central location provides the broadest access to South Florida’s expansive talent pool.
Grover Corlew Taps CBRE Team To Market Boca Raton Office Buildings
/in Done Deals, News/by adminThe prominent CBRE office team was awarded the listing by owner Grover Corlew, which purchased the buildings in 2016.
Construction has commenced on a state-of-the-art redevelopment at 1489 W Palmetto Park Road and will deliver the first Class A building to the Boca Raton office market in over a decade. The 1979-built, 83,000-square-foot building will feature ±26,000-square-foot floor plates once it has been redeveloped, with private patio access for 3rd floor tenants and balcony access on 5th floor, full height hurricane impact glass, VRF HVAC systems to allow custom control throughout tenant spaces along with new spec suites on the 3rd floor. The 5-story building offers 5.0/1,000-square-foot parking (mainly covered garage with additional surface with 12 electric car chargers). The redevelopment is slated for a January 2023 completion date.
An entirely new building exterior, which will include a brand-new façade and hurricane impact windows, is planned for the adjacent 5-story, 87,400 square-foot 1499 W Palmetto Park Road building. The project will also include a state-of-the-art gym, high tech conference center, spacious tenant lounge, a comfortable outdoor seating area, new and improved wayfinding and monument signage throughout, complimented by new landscaping.
Located in the heart of Boca Raton, the property is situated at the NE corner of I-95 and Palmetto Pk Rd. It is equidistant between East Boca (Mizner Park/Royal Palm) and Central Boca while also being just 5 minutes from the new Brightline Station and within a walkable distance to restaurants and retail. In addition to Fort Lauderdale International and Palm Beach International airports, the buildings are also in close proximity to Boca Raton and Fort Lauderdale Executive Airports.
Having earned the reputation in Florida and the southeastern U.S. for reimagining infill office properties in prime locations, the South Florida-based real estate investment management group, Grover Corlew, continues to invest in Boca Raton. Grover Corlew will be renovating 120 E Palmetto, which was recently purchased in March 2022. The company will be upgrading the lobby with new lighting, refreshing the common area corridors, painting the exterior and installing new lighting. Spec suite plans are underway for the 2nd floor and a restroom refresh is planned for the entire building.
Grover Corlew and CBRE’s relationship extends beyond Palmetto Central to 150 & 120 E Palmetto Park Road in East Boca Raton, 600 & 700 W Hillsboro Boulevard in Deerfield Beach, 2401 & 2335 E. Atlantic Boulevard along with 50 NE 26th Avenue in Pompano Beach and 1615 & 1625 S Congress Avenue in Delray Beach (leased by Jeff Kelly and Deborah Fink). The total office portfolio totals 825,095 square feet.
CBRE Brings Mizner Office Tower & Mizner Park Plaza Real To Near Full Occupancy With 99,000 SF In Lease Deals
/in Done Deals, News/by adminThe prominent CBRE office team signed Robbins Geller Rudman & Dowd, one of the world’s leading complex class action firms representing plaintiffs in securities fraud, antitrust, breach of fiduciary duty, consumer fraud, and privacy cases, to 26,429 square feet. Headquartered in San Diego, CA, the lease deal marks a relocation and expansion for the law firm from 120 East Palmetto Park Road. Jeremy Hakala with Newmark represented the tenant in the deal.
The team secured new lease deals with Logitix, an advanced ticketing technology firm, for 6,116 square feet, which was represented by Barbara Black and Iker Belauste with JLL; Perr Knight, an actuarial firm, for 4,374 square feet, which was represented by Deborah Fink with CBRE; ImMune Bio a clinical stage immuno-oncology company, for 5,165 square feet, represented by Tawny Moore with Commercial & Luxury Residential Specialist; and Cetera, a financial group, for 5,252 square feet, which was represented by Brad Armstrong with Vestian Global Workspace Services.
In addition, the team signed the following renewals:
Criddle and Freitas secured an additional 10,813 square feet in new deals at Mizner Park Plaza Real, located at 327 & 433 Plaza Real Boulevard in Boca Raton.
The following renewals were also signed:
Mizner Park Plaza Real offers a total of 102,922 square feet of Class “A” luxury office space with spec suites offering immediate occupancy, featuring Plaza views, free garage parking, downtown convenience within walking distance to many shops, restaurants and amenities.
Both office properties are located within Mizner Park, a luxury landmark that includes retail, office, residential, and cultural space, as well as a 5,000-person-capacity amphitheater. In addition, Mizner Park offers luxury cinema iPic Theaters with their Tanzy dining and high-end bowling alley Strike 10. A collection of popular restaurants includes Loch Bar, Yard House, KaPow!, Max’s Grille, Villaggio Restaurant, and Ruth’s Chris Steak House.
Progress continues to be made on the Brightline Boca Raton station and parking garage located on a 1.8-acre site across from Mizner Park. Work is advancing on the 4.5 story, 455-space parking garage as well as the station’s platform foundations. The 38,000-square-foot station and garage are expected to be completed in the fall of this year. Once completed, the station will be Brightline’s fifth in the state, connecting Boca Raton travelers to Miami, Aventura, Fort Lauderdale, and West Palm Beach, with a forthcoming station in Orlando.
Law Firm Inks 11-Year Lease Deal In Downtown Fort Lauderdale
/in Done Deals, News/by adminNAI/Merin Hunter Codman, Inc. announced that Chairman Neil E. Merin, SIOR, CCIM and Managing Director Adam Starr have finalized an 11-year, 9,285-square-foot lease transaction with Stok Kon + Braverman at 1 East Broward on behalf of the landlord, 1 East Broward Owner, LLC. Stok Kon + Braverman is a full-service law firm with offices in Fort Lauderdale and Boynton Beach.
1 East Broward is a 19-story, 350,000-square-foot, Class-A, office building located at the northeast corner of Broward Boulevard and Andrews Avenue in downtown Fort Lauderdale.
1 East Broward Owner, LLC, who purchased the property in 2018, immediately implemented a multi-million-dollar property improvement program which has included lobby, common area, lighting, and bathroom upgrades. A new security access card and visitor management system as well as a complete state-of-the-art elevator modernization have recently been completed. The property is known for its grand lobby, impressive views, state-of-the-art fitness center including Peloton bikes, manned 24/7 security, and a variety of on-site dining and concierge services. Tenants also enjoy plentiful parking in the garage, connected by an air-conditioned skywalk.
1 East Broward is downtown Fort Lauderdale’s closest office building to the Brightline, and the property offers superb walkability to dining and retail destinations including Flagler Village’s Arts and Technology Village (FATVillage), Music & Arts South of Sunrise District (MASS), the renowned Las Olas Boulevard and The Warf at Riverfront. 1 East Broward additionally offers fantastic access to I-95, I-595 and the Hollywood/Fort Lauderdale International Airport.
Personal Injury Lawyers Drop $337 PSF For Palm Beach Gardens Office Building
/in Done Deals, News/by adminA trio of Phoenix-based personal injury law partners paid $8.6 million for an office building in Palm Beach County.
An entity managed by Sean Greene, Michael Steinger and Michael Feiner bought the two-story building at 11360 North Jog Road in Palm Beach Gardens, records show. The three lawyers head Greene, Steinger & Feiner, a personal injury law firm with offices in 18 U.S. cities, including Coral Gables, Miami, Fort Lauderdale and West Palm Beach, according to the firm’s website.
The deal breaks down to $337 a square foot.
The seller, an affiliate of Palm Beach Gardens-based real estate development, investment and property management firm John C. Bills Properties, paid $1 million for the property in 2001, records show. Completed in 2005, the 25,496-square-foot building is part of Mirasol Town Square, a seven-building office park built by John C. Bills.
MHCommercial Real Estate Fund II Acquires Office Complex For $45.9 Million
/in Done Deals, News/by adminMHCommercial Real Estate Fund II (“MHCREFII”), a discretionary real estate private equity fund formed by Dung Lam, Neil E. Merin and Jordan Paul, has closed on the purchase of Yamato Office Center in Boca Raton for $45,925,000, or $267 per square foot. in a joint venture partnership with an institutional real estate fund based out of New York.
Yamato Office Center is a 171,724-square-foot office complex comprising two Class-A office buildings located at 999 and 1001 Yamato Road. Yamato Office Center was approximately 71% leased at the time of the sale. Christian Lee, Marcos Minaya, and Sean Kelly with CBRE Capital Markets represented the seller, Adler Real Estate Partners (“Adler Partners”).
999 Yamato Road, built in 2000, is a three-story, 82,974-square-foot office building. 1001 Yamato Road, built in 1986, is a four-story, 88,750-square-foot office building. The complex is located near the entrance of the Park at Broken Sound and is situated on approximately 10 acres of prime Yamato Road frontage lending a generous parking ratio which includes covered parking. The Park of Broken Sound has recently benefited from a renaissance through the development of over 1,900 multi-family units and over 554,000 square feet of retail. Yamato Office Center’s prime location is a short drive to a large variety of nearby upscale amenities and 15 minutes away from transportation infrastructures including I-95, the Boca Raton Airport, Tri-Rail and the future Boca Raton Brightline Florida station.
MHCREFII is the second real estate fund for Merin, Lam and Paul after closing and fully deploying their first fund in December 2021 acquiring approximately $125 million in commercial real estate. MHCREFII launched in January 2022 and closed on its first acquisition in April 2022 with the $32.5 million purchase of EcoPlex® Office Center in West Palm Beach. Yamato Office Center is the second acquisition for MHCREFII with a target to acquire a total of $250 million of commercial real estate throughout the Southeastern United States over the next 12 to 18 months.
MHCREF and MHCREFII principals Neil E. Merin, Dung Lam and Jordan Paul stated, “We are very excited with the acquisition of Yamato Office Center at a purchase price well below replacement cost while also providing a tremendous opportunity to create value. Our plan is to reposition the asset as a premier Class-A office center primarily through capital improvements allowing Yamato Office Center to capture the robust demand for Class-A office space in Boca Raton. Boca Raton is one of the nation’s most attractive communities for wealthy decision makers and Yamato Office Center is specifically located in one of Boca Raton’s most rapidly urbanizing micro-markets.”
Corey Winsett, Director of Acquisitions for MHCREF oversaw the acquisition and due diligence process on behalf of MHCRFII’s JV partnership. Financing for the transaction was provided by LoanCore Capital a leading institutional lender that has financed over $25 billion in commercial real estate loans since 2008. Steve Kay, Managing Director and JP Kost, Vice President structured the financing transaction on behalf of LoanCore Capital.
Elizabeth Jones and John Strickroot of the Shutts & Bowen law firm represented the purchaser on the transaction. NAI/Merin Hunter Codman will manage and lease the property.