Multi-Tenant Office Building In West Palm Beach Sells For $13.9 Million

/in , /by

Colliers South Florida closed last week on the sale of Village Executive Offices, located at 560 Village Boulevard in West Palm Beach.

Executive Managing Director Mark M. Rubin and Director Bastian Laggerbauer of Colliers | South Florida Investment Services Team represented the seller, North King Apartments LLC & Royal King Apartments LLC, in the transaction along with Shlomo Chelminsky from King Real Estate. Colliers Executive Managing Director Michael Falk represented the buyer in the deal.  The building is currently 97% occupied and sold for $13.9 million.

“It was a unique opportunity for our team to execute a value-added plan that monetized the owner’s investment in a competitive market which resulted in multiple aggressive bids,” said Rubin.

The ±62,875-square-foot, three-story multi-tenant office building is meticulously maintained and recently underwent over $880,000 in capital improvements. The property is surrounded by a variety of amenities, including downtown West Palm Beach, and is within minutes from I-95, Florida’s Turnpike, and North Federal Highway/US-1.

“With no deferred maintenance, a solid tenant base and a strong commercial location, 560 Village Boulevard established itself as a solid long-term investment vehicle in the West Palm Beach marketplace,” said Laggerbauer.

Palm Beach County is located within the South Florida metropolis, just north of Miami-Dade and Broward Counties. Together, the tri-county region is the eighth-most populous metro area in the nation and the largest in the State of Florida, recording over 6.2 million residents and accounting for over one-third of the state’s population. According to Fitch reports, Palm Beach County is recognized as one of the nation’s wealthiest counties, with per capita personal income levels nearly 50% higher than state and national averages and high ratings reflective of its diversifying economic base, sound financial position, and moderate debt levels. Furthermore, Palm Beach County is one of the nation’s leading tourist destinations offering white sand beaches, clear turquoise waters, and internationally acclaimed shopping, dining, and golfing venues that appeal to the masses.

 

Levy Realty Advisors, Cushman & Wakefield Arrange $482 PSF Sale Of Boutique Office Building

/in , /by

Cushman & Wakefield has arranged the sale of Gardens Pointe, a boutique Class A office building totaling 34,867 square feet located in Palm Beach Gardens.

The final sale price was $16.8 million, or $482 per square foot.

Scott O’Donnell, Mike Ciadella, and Dominic Montazemi of Cushman & Wakefield represented the seller, Regency Gardens Pointe LLC, in the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield secured $9 million in acquisition financing through Principal Life on behalf of the buyer, Sunnyfield South LLC, which was represented by Alan Levy, President of Levy Realty Advisors.

“As South Florida continues to heat up, assets with long-term, credit-worthy tenants like Gardens Pointe are attracting record setting pricing,” O’Donnell said.

 

“Lenders continue to appreciate the Florida story, especially for generational assets such as this one,” Hochman added. “We were able to pair our client, an intelligent, long-term investor, with a fantastic lender for a low fixed-rate loan.”

Located at 3507 Kyoto Gardens Drive, Gardens Pointe includes lush landscaping and balconies with panoramic lake views and lakefront walking paths, as well as a boardwalk to Downtown Palm Beach Gardens which offers restaurants, retail and various entertainment options. The property was 95% leased to seven tenants including Merrill Lynch and KeyBank at the time of the sale.

 

CBRE Arranges $57.5 Million Sale Of Broward County Class A Office Building

/in , /by

CBRE has facilitated the $57.5 million sale of Offices at Plantation Walk, a 173,193-square-foot, Class A office building in Plantation, to Vision Properties.

Christian Lee, José Lobón and Marcos Minaya of CBRE Capital Markets, and Jay Adams with Newmark represented the seller, Encore Capital Management, in the transaction. Adams also handles the leasing for the property.

Offices at Plantation Walk is a seven-story office building located within the recently delivered Plantation Walk, a $350 million, 27-acre mixed-use development that includes a full-service hotel, approximately 131,000 square feet of retail and 404 luxury multifamily units. The property, which is 92 percent leased, is supported by a five-story parking structure with a parking ratio of five spaces per every 1,000 square feet.

Offices at Plantation Walk recently underwent a $15 million renovation, which included a redesigned lobby, new windows, elevator modernization, new bathrooms, new corridors and modern tenant buildouts.

“The buyer is fortunate to acquire a high caliber desirable suburban office building in Broward County, considering the tremendous investor demand for high-quality assets in South Florida today,” said Lee, Vice Chairman at CBRE. “The seller completed an outstanding renovation project that helped to attract a strong list of national and regional tenants to the project. As a result, the property achieved a sale price well above $300 per square foot.”

 

Lobón, Executive Vice President with CBRE, added, “Offices at Plantation Walk is the best amenitized office building in Broward County. Its prime location offers its tenants with walkability to retail on par with South Florida’s densest metropolitan cores.”

Plantation Walk is situated 10 miles from downtown Fort Lauderdale and 30 miles from downtown Miami, with convenient access to Florida’s Turnpike, Interstate 595 and Fort Lauderdale-Hollywood International Airport.

 

Law Firm Doubles Palm Beach County Footprint, Leasing 12,138 Square Feet At Landmark Boca Raton Building

/in , /by

The law firm of Weiss Serota Helfman Cole & Bierman is expanding in Boca Raton. The 30-year-old business and government law firm has signed a long-term lease for 12,138 square feet at One Boca Place, a 277,390-square-foot, Class A building on Glades Road near I-95.

The new lease will more than double the size of the firm’s Boca Raton office, setting the foundation for continued growth of staff, attorneys, and practice lines in Palm Beach County.

Butters Realty & Management office team of Caroline Fleischer, Darcie Lunsford and Sky Butters represented Weiss Serota in the lease transaction. Laurel Oswald of TCRE represented landlord, CP Group.

Butters Realty & Management-Caroline Fleischer, Darcie Lunsford and Sky Butters

“While many companies were shedding real estate and recalibrating staffing levels in the face of the pandemic, Weiss Serota seized the counter-cyclical opportunity to grow, turning uncertainty to its negotiating advantage,” said Butter’s Fleischer, who is executive vice president of occupier services. “One Boca Place, fresh off the heels of a multimillion renovation, offered the firm both the prestige and the physical infrastructure needed to meet its growth trajectory.”

Weiss Serota originally established a Boca Raton office in January 2017, with just five Palm Beach County-based attorneys there at the time. Since then, the firm has more than tripled the size of its team and anticipates having at least 17 attorneys working out of One Boca Place when it moves into the space in spring 2022. The new office gives the firm additional space to continue its expansion in Palm Beach County.

Notable recent additions to the firm’s Boca Raton office include The DuBosar Law Group, led by accomplished litigator Howard D. DuBosar, veteran construction attorney Ronald S. Nisonson and veteran municipal and real estate attorney David N. Tolces.

“Our Boca Raton office has proven to be a catalyst for growth for the entire firm, particularly with our private sector practice areas,” said Brett J. Schneider, Partner and Boca Raton Office Managing Director. “There is tremendous activity and expansion occurring throughout Palm Beach County. We believe our continued growth and new space will help us better serve this growing business community while also provided our employees with a vibrant and highly desirable place to work near where many of them live.”  

 

cbre logo

CBRE Brings On Industry Veterans In South Florida, Expands Office Practice

/in /by

CBRE announced that John Criddle and Joe Freitas have joined the company.

Criddle joins as an Executive Vice President and Freitas joins as a First Vice President specializing in the representation of office landlords.  Criddle and Freitas will focus on assignments in Palm Beach and Broward County, where they have established themselves as one of the most respected office leasing teams in the region. The team comes to CBRE from Cushman & Wakefield’s Boca Raton office.

“John and Joe have built a reputation as one of the go-to teams for both institutional and private equity investors looking to lease their buildings,” said David Bateman, Managing Director at CBRE. “Adding John and Joe to our team will make a big difference for CBRE as we continue to grow our market share across South Florida and deliver superior outcomes for our clients.” 

The team oversees an extensive portfolio across Palm Beach and Broward County, where they represent several owners including Clarion Partners, ICM Realty Group, Zell Holdings and IP Capital. The team will continue to focus on developing strategies to drive leasing activity, increase tenant retention, maximize rental rates and stabilize operating income for their clients.

 

Johnson & Johnson Company Inks 9,000 SF Office Lease In Palm Beach Gardens

/in , /by

Alchemy-ABR Investment Partners, a fully integrated New York-based real estate investment firm- together with its joint venture partner, Breakers Capital Partners, a Miami based real estate investment firm-announced that DePuy Synthes Product, Inc., signed a 9,481-square-foot lease at 4400 Northcorp Parkway in Palm Beach Gardens.

DePuy Synthes Product, Inc., a Johnson & Johnson company, and a leading global provider of orthopedics products, is expanding its presence in South Florida and will occupy the build-to-suit space on the 2nd floor of the office building. DePuy Synthes Product, Inc. is slated to take occupancy in September 2021.

“4400 Northcorp Parkway is an ideal office setting for the most competitive industries and organizations and this lease is indicative of the strength of South Florida’s overall office leasing market,” said Brian Ray, Co-Founder and Managing Partner of Alchemy-ABR Investment Partners. “We’re committed to our tenants and are looking forward to welcoming DePuy Synthes Product, Inc. to 4400 Northcorp Parkway.”

4400 Northcorp Parkway is part of the larger office park, 4200-4400 Northcorp Parkway, that consists of two Class-A office buildings totaling 115,000 square feet. Completed in 1996, 4200-4400 Northcorp Parkway features extensive capital improvements including renovated, premium office fit-outs, contemporary base building lobby and common areas, as well as modern mechanical and roofing systems.

Alchemy-ABR Investment Partners and Breakers Capital purchased 4200-4400 Northcorp Parkway in 2016 and is currently renovating the lobby space of the 4200 Northcorp office building.

Alchemy-ABR Investment Partners was represented by Gavin Loughlin of Greenberg Traurig and Anthony Librizzi of Cushman & Wakefield in the transaction. DePuy Synthes Product, Inc. was represented by CBRE.