New York Life Provides $38.3M Refinancing Loan For Fort Lauderdale Office Building

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New York Life Real Estate Investors has provided a $38.3 million refinancing loan for 261 North University Drive, a 172,959-square-foot office building in Fort Lauderdale.

The borrower, Encore Capital Management, recently completed a $15 million renovation of the property, including redesigning the lobby, modernizing the elevators, adding new bathrooms and overseeing new tenant buildouts.

The asset is situated eight miles west of downtown Fort Lauderdale. Furthermore, the property will be part of a mixed-use development that is set to feature 760 multifamily units, 150,000 square feet of retail space and 400 hotel rooms delivering in two phases by 2022.

Kevin O’Grady of Concord Summit Capital and Eric McGlynn of Walker & Dunlop arranged the loan on behalf of Fort Lauderdale-based Encore, and Ryan Doyle and John Lippmann of New York Life originated the loan.

 

Source:  RE Business

Stiles Expands Retail Development, Leasing and Brokerage Platform; Announces Promotion of Dan Coyle to SVP

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Stiles, the Fort Lauderdale-based, 69-year-old, commercial real estate development and third-party services firm, announced today that the company’s retail brokerage and leasing team will join forces with Stiles Retail Group, further augmenting its long-established retail investment platform. Stiles Retail Group is the company’s investment division that is responsible for driving its retail development pipeline across the core markets of the Southeast.

“By combining the forces of our retail investment and brokerage teams, our goal is to significantly grow a retail platform that can offer our clients a full range of services and experience,” said Ken Stiles, Stiles Chief Executive Officer. “In addition, we are armed with long-time tenant relationships and a strong market reputation with owners, and therefore see the opportunity to compete exceptionally well in third-party retail leasing and property sales in our current and future core markets.”

As part of the expansion, Dan Coyle has been promoted to Senior Vice President of Retail Leasing and Brokerage and named Stiles Broker of Record, working with Ryan Karlin, President of Stiles Retail Group. All retail leasing and brokerage activities for Stiles-owned and third-party retail properties will be led by Coyle and his team.

“I’ve spent my career aiming to improve asset value for my clients by finding unique, best-in-class retailers that will elevate the mix of offerings at their shopping centers,” said Coyle. “Joining forces with Ryan and his team not only enhances our ability to service Stiles-owned properties but allows us access to an entirely new stream of major national and regional retailers for our third-party assets. We believe in the future of retail, especially in the grocery-anchored category, and already have a strong pipeline of developments for the post-COVID era.”

The group’s new tagline “Building better retail experiences” speaks to its combined focus on development and third-party leasing. The team will focus on Stiles’ portfolio of owned retail assets, both existing and under development, as well as growing a true third-party leasing and brokerage platform that will compete throughout the Southeast region.

Led by President Ryan Karlin, Stiles Retail Group’s primary focus is the development and redevelopment of grocery-anchored shopping centers, regional power centers and neighborhood retail centers that feature an effective mix of high quality and nationally recognized tenants. The newly combined group has nearly 2 million square feet of retail assignments in its Florida portfolio, which includes more than 600,000 square feet of third-party assignments.

“Integrating brokerage and leasing provides new pathways for growth and allows us to be more efficient in identifying and executing ground-up and redevelopment opportunities,” said Karlin. “Dan and his team are highly attuned to the changing retail landscape, including new trends and emerging markets, which further strengthens our ability to make decisions and shift our strategy.”

Leveraging Stiles’ successful track record of development and strong relationships, the group is positioned to expand in the next several years. In 2020, the group completed Beacon Lakes in Miami, FL, a 430,000-square-foot, large-format shopping center featuring Home Depot, City Furniture, Michaels, Dick’s Sporting Goods, and more. Currently, Stiles has the following retail centers underway in Florida:

In addition, by way of Stiles’ Charlotte office, the company has built a strong retail platform throughout the Carolinas with five grocery-anchored shopping centers completed and two mixed-use centers underway.

C&W’s Holding, Belt & Jolley Close 68,000 SF Of Office Transactions

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Cushman & Wakefield’s Broward County Office Tenant Representation team of Jeff Holding, A.J. Belt, and Christina Jolley arranged 10 office transactions in the second quarter totaling 68,024 square feet.

“We are experiencing a once-in-a-lifetime pandemic, yet our clients continue to focus on the future beyond Covid-19, realizing companies still need to maintain an office presence,” Belt said.

The team’s largest transactions during the second quarter are as follows:

  • The team represented Kovack Securities in a 16,769-square-foot renewal at 6451 N. Federal Highway in Fort Lauderdale
  • The team represented a national financial services client in a 14,203-square-foot renewal at 350 E. Las Olas Boulevard in Fort Lauderdale
  • The team represented Perspective One, LLC, in its acquisition of an 11,970-square-foot office building located at 312 SE 17th Street in Fort Lauderdale
  • The team represented Nordic Aviation Capital, Inc in a 10,000-square-foot sublease at 401 E. Las Olas Boulevard in Fort Lauderdale to Ubicquia, LLC
  • The team represented Kubicki Draper on an 8,571-square-foot renewal 13350 Metro Parkway in Fort Myers

“Because of the added unknowns due to the pandemic, demand for our team’s tenant advisory services are at an all-time high as clients seek strategic answers in solving for the future of the office while insuring that they are able to capture the most advantageous economic and flexible terms available in tomorrow’s office market,” Holding added.

 

CBRE’s Robert Smith, Kirk Nelson and Jeff Kelly Arrange Sale Of Single Tenant Leased Property

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CBRE Executive Vice President Robert Smith, Senior Vice President Kirk Nelson and Executive Vice President Jeffrey Kelly facilitated the sale of a single tenant leased property located at 1715 E Tiffany Drive in Mangonia Park for $5,720,000.

RL Capital LLC paid $5,720,000 for the 43,674-square-foot office/warehouse building, which is situated on 2.82 acres of land fronting 45th Street.

The deal closed June 18.

The owner/seller, Gulfstream Goodwill, executed a sale leaseback to the buyer.

Michael Fisher with John C. Bills Properties LLC and Chris Klein with Treasure Coast Commercial Real Estate Inc. assisted in the sale of the property.

“The Buyer and Seller both worked through a very challenging environment to arrange a successful sale,” commented Nelson.

CBRE's Robert Smith, Kirk Nelson and Jeff Kelly

With over 70 years combined experience as the North and South County brokerage market leaders with CBRE, Inc., Kelly, Smith, and Nelson have completed thousands of sale and lease transactions totaling billions of dollars in total consideration. They consistently achieve production levels high enough to be recognized nationally within CBRE.

bayview corporate tower

Bridge Completes Sale of Class A Office Tower in Ft. Lauderdale

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Bridge Investment Group LLC’s (Bridge) subsidiary Bridge Office Fund Manager (Bridge Office) has completed the sale of Bayview Corporate Tower, a 12-story, 413,833-square-foot Class A office building and five-story covered parking garage located at 6451 N. Federal Highway in Fort Lauderdale.

Bridge acquired the asset in September 2016 and has executed more than 265,000 total square feet of leasing agreements since, including approximately 235,000 square feet within the past 18 months. Notable tenants include CHG Healthcare, Whole Foods Market, CentralReach, Envision Pharm Group and Kovack Securities. More than 50% of the building’s executives reside within minutes of the property.

The property underwent a $5 million repositioning plan. Recently renovated areas include the lobbies common areas and move-in ready office suites as well as the addition of a new amenity lounge and game room, health club-level fitness center, onsite café and outdoor picnic area.

“The successful disposition of Bayview Corporate Tower reflects Bridge’s keen understanding of the Fort Lauderdale market and next-generation workspaces today’s tenants are looking for, which has taken on even greater importance in the new post-COVID era we are now entering,” said Kelly Kuykendall, director of Asset Management at Bridge Investment Group. “The building’s spacious floor plans enable the type of flexible workspace now essential for many businesses, and the high quality of capital improvements positions the property for long-term prosperity as one of Broward County’s most desirable workplace communities.”

Dominic Montazemi, Mike Davis, Rick Brugge, Rick Colon, Scott O’Donnell, Greg Miller, Mike Ciadella and Miguel Alcivar of Cushman & Wakefield represented Bridge in the transaction.

Following the disposition, Bridge’s Florida portfolio includes eight additional properties, including the 101,405-square-foot 5601 Hiatus Road and the 514,330-square-foot Sawgrass Technology Park in Broward County, the 241,750-square-foot Fountain Square in Boca Raton and 775,000 square feet across three assets in Miami-Dade County.

C&W Tapped To Lease Two Class A Office Buildings In Downtown Fort Lauderdale

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Cushman & Wakefield has been retained to oversee leasing at Tower 101 and 101 Centre, two Class A office buildings totaling approximately 230,000 square feet, located in the heart of Fort Lauderdale’s Central Business District.

John Criddle and Joe Freitas of Cushman & Wakefield will lead leasing efforts on behalf of the owner, IVY Realty.

The 21-story Tower 101 totals approximately 179,000 square feet, and the adjacent six-story 101 Centre totals approximately 50,000 square feet. Notable tenants include Uniform Advantage, Quest Workspaces and the City of Fort Lauderdale.

“Tower 101 & 101 Centre are located in Downtown’s burgeoning Flagler Village submarket, offering companies a truly walkable location to over 3,000 new multifamily units and creative restaurant concepts,” Criddle said. “As South Florida continues to densify, office assets such as Tower 101 & 101 Centre will outperform their peers as forward-looking companies will select walkable locations to the Brightline in an attempt to support office connectivity, employee recruiting and retention.”

IVY is in the process of completing major building renovations which include extensive upgrades to the building lobby, installation of a formal building entrance off of NE 1st Street providing valet service and covered drop off along with complete modernization of the building’s café.

Both buildings offer recently completed move-in ready spec suites with high-end finishes, and Tower 101 includes a premier full-floor space on the 17th floor with ocean views.

“IVY is well known for their excellent track record in South Florida and we are excited to be partnering with them on this asset,” Freitas added. “Tower 101 provides users with efficient center core floor plates to maximize space utilization and unobstructed ocean views to the East.”

Located within the emerging Flagler Village neighborhood a few blocks from Las Olas Boulevard, the buildings offer easy access to shopping, restaurants, museums, the beach, the Fort Lauderdale International Airport and more.