Avison Young Closes Sale Of Fully-Leased Plantation Office Building

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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

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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 Drew, Brian 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

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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.

Berger Commercial Realty Negotiates 5-Year Lease Deal At Tides At Bridgeside Square

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Berger Commercial Realty/Corfac International Senior Vice President Steve Hyatt and Sales Associate John Forman represented the landlord, Shula Spirit Investments, LLC in a 5-year, 2,485-square-foot lease deal at Tides At Bridgeside Square, located at 3020 NE 32 Avenue in Fort Lauderdale.

The tenant, 3033 Group, LLC, has leased the offices on behalf of its iconic entities, Shooter’s Restaurant and The Grateful Palate. The space will serve as management offices.

“Based on location and current space needs, this was an ideal situation for both very successful and locally owned restaurant groups,” commented Hyatt.

The Tides At Bridgeside Square is a professional Class A office building located in Central Fort Lauderdale at Oakland Park Boulevard and Florida State Road A1A, minutes from the ocean and intracoastal waterways. The 2001-built property features 24-hour security, impact windows and includes the option to use all of the residential amenities.

Plantation Office Building Fetches $18.5 Million

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Avison Young’s Florida Capital Markets Group completed the $18.5 million sale of Southpointe, a 79,719-square-foot, class A office building at 7901 SW 6th Court in Plantation, one of Broward County’s most highly sought-after suburban office submarkets.

On behalf of the seller, Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay; Greg Martin; and Senior Associate Brian de la Fé; facilitated the disposition to The Green Companies.

Southpointe is a four-story, award-winning office building featuring high-end finishes, impact glass, abundant parking, and an efficient design. The property’s close proximity to Interstate 595, great amenities, and high-end residential neighborhoods provides the essential elements for a successful class A office property.

“The sale of Southpointe at $232 per square foot is a reflection of investor confidence in the western Broward County office market,” said Duckworth. “Location and building quality were important factors in this sale. The Green Companies’ purchase was a great strategic move to increase their footprint in Plantation’s robust office submarket.”

Vacancy in Plantation remains one of the lowest in the Broward office market at 5.57 percent, for class A space, according to research by Avison Young. With year-over-year declines in the vacancy rate, strong positive net absorption, limited new construction, and the third highest rental rates in Fort Lauderdale’s metro, Plantation’s suburban submarket continues to generate strong demand in class A office space.