Bill McConnell and Kenneth Kurtz, CCIM of NAI Rauch Weaver Norfleet Kurtz & Co., represented JV Cypress, LLC in four lease transactions at the Cypress Creek Business Center.
The transactions, totaling 6,807 square feet in lease deals include the following tenants:
Mills Brenner & Dunbar, Inc.
Adex Technologies LLC
American Business Network LLC
American Discount Movers, LLC, which was co-brokered by Johnson & Johnson Realty Team
The building, which totals 39,990 square feet, is located at 2901 W. Cypress Creek Rd. in North Fort Lauderdale.
https://sfoba.com/wp-content/uploads/2014/04/Cypress-Creek-Business-Center.jpg270275adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2014-04-02 23:54:292014-04-02 23:54:29RWNK Inks 7,000 SF In Cypress Creek Lease Transactions
Get ready to witness a dramatic spurt in new development in Broward County, if dozens of high-rise apartment towers, hundreds of single-family homes and a few mega commercial projects are given the green light.
The recent surge in development proposals could change the county’s landscape — and prove there’s no such thing as “built out.”
Among the many projects in the pipeline, according to county records:
Downtown High-Rises: Downtown Fort Lauderdale is undergoing another burst of vertical growth. The Manor at Flagler Village, a 382-unit tower with some retail space, is under construction on the southwest corner of Federal Highway and Northeast Sixth Street. Adjacent to it is Edge at Flagler Village, under construction with 331 units. They are two of 12 major residential towers — including one hotel — that are proposed or already under construction downtown. Together they total a whopping 4,067 units and could nearly double downtown’s 8,200 population.
Sheridan Station: Developers have revived this project in Hollywood, between Interstate 95 and the CSX Railroad tracks, south of Sheridan Street. The complex features a hotel, transportation facility, commercial and office space, and 1,050 high-rise and mid-rise residential units.
Pine Island Marketplace: On a cow-grazing pasture on the southeast corner of Stirling Road and Pine Island Road, a developer plans a commercial complex anchored by a Walmart. It will be near the new Monterra community, a 1,600-home development on a former dairy farm in Cooper City.
City Center: A massive commercial-office-residential-hotel complex is finally underway in Pembroke Pines, where the city is selling its land west of Palm Avenue, between Pines Boulevard and Washington Street. The Pembroke Pines City Center ultimately will include 1,365 residential units, including 350 hotel rooms, plus 120,000 square feet of office space and 265,000 square feet of commercial. The apartments are among 1,365 rentals under construction or recently built. At a former golf course in Pembroke Pines, another 500 single-family homes are envisioned.
The Wedge: On a horse farm recently annexed into Broward County’s Parkland, a new, 538-home development is planned, for people 55 and older. The vast acreage is south of Loxahatchee Road and west of a proposed leg of Nob Hill Road.
Woodmont: Within the Woodmont Country Club community in Tamarac, one of the golf courses will be replaced with single-family homes. The resulting new development, south of Southgate Boulevard, between University Drive and Pine Island Road, will add 152 single-family homes, retain some golf courses, and add 28,000 square feet of commercial space.
Naugles Nursery Inc.: On former nursery land in Davie, a 240-unit residential project is planned, primarily aimed at teachers and college students from nearby colleges.
Mid-Rise Homes: A former mobile home park in Wilton Manors will be transformed into Wilton Twenty-Fourth Street Residences, a 179-unit mid-rise planned south of Northeast 24th Street between Northeast 13th Avenue and the FEC railroad.
Riverbend Marketplace: On vacant land formerly home to used-car lots, mobile homes and adult-oriented strip shops, a Walmart Supercenter and commercial complex are coming to Fort Lauderdale, on the south side of Broward Boulevard west of Interstate 95, across from the Broward Sheriff’s Office headquarters.
Multifamily Near Tri-Rail: On a vacant piece of land on the northwest corner of Northwest 33rd Street and North Andrews Avenue Extension in Pompano Beach, near a Tri-Rail station, developers plan 108 multi-family residential units.
Coral Ridge Golf Course: Another golf course will be replaced with 37 homes in Fort Lauderdale. The former American Golfers Club in the Coral Ridge community of Fort Lauderdale, east of Federal Highway and north of Northeast 37th Drive, has been closed for years.
Charter School: On vacant land just south of Griffin Road and east of Southwest 208th Avenue in Pembroke Pines, Franklin Academy, a 43-acre charter school campus, is proposed.
The uptick is striking.
“This year we’re definitely seeing more proposals,” said Barbara Blake Boy, executive director of the Broward Planning Council, a county advisory board.
In 2013, the number of residential units for which developers sought approvals jumped 218 percent at the Broward County Planning Council, one of the earliest stages in the process.
This year, approvals are again on the increase. Developers have submitted plans to add 1,970 homes in seven projects in Pompano Beach, Miramar, Plantation, Pembroke Pines and Lauderdale Lakes. That’s nearly as high as the total for all of 2013.
“Is there a higher level of proposed development activity than there’s been in the last few years? The answer to that is absolutely yes,” Stiles Corp. President Doug Eagon said.
Eagon said the South Florida housing market is more robust than elsewhere in the country right now, with heavy demand for rental apartments coming from millennials who’ve finally gotten jobs, and from baby boomers downsizing after their kids move out.
“There’s been a pretty dramatic increase in activity,” Executive Director Jim DiPietro said at the Broward Board of Rules and Appeals, which has seen a spike in building permit revenue. “You can see the way we started to claw out of the recession.”
The dramatic development surge might seem counterintuitive to those who’ve scanned the horizon and seen that nearly every square inch is paved and built upon (except for the two-thirds of the county that’s in the Florida Everglades).
In fact, Broward County was considered largely built out in 2005, according to the county’s recently released population planning report. But that doesn’t mean it’s game over for developers.
“When people say, ‘Well, we’re out of land,’” Eagon said, “the reality is we’re very close to being out of vacant land, but the redevelopment potential is still very good.”
The county’s vote is typically the first step, a general approval spelling out what type of development and how much of it can take place on the land. Many more projects that already had those approvals are under construction now.
In the cities, towns and neighborhoods where the construction trucks are headed, residents may be hesitant to embrace more growth. Developers will have to show that their projects won’t overburden local roads and schools, among other things.
Broward County Commissioner Tim Ryan said improving public transportation and ensuring that some of the new housing is affordable to the working class will be critical in this wave of development.
“You want to try to change the mindset, I think, in the coming decade,” Ryan said, “to get more people onto mass transit.”
Regardless, he said, people are coming. Population estimates for Broward show the flow to the south will continue, driving demand for more housing.
“They keep having winters like they just did,” Broward planning section manager Martin Berger said, “and they’re going to keep coming.”
https://sfoba.com/wp-content/uploads/2014/04/broward-county-development.jpg270275adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2014-04-01 21:24:232014-04-01 21:24:23Broward County Gearing Up For Development Surge
Commercial Florida Realty Services’ George Sacks has recently completed year-end office market studies for Broward and Palm Beach office market studies.
Among the studies’ highlights:
Downtown Fort Lauderdale showed Broward’s best performance, gaining 175,520 square feet through year-end 2013 – a rapid change from the submarket’s slight negative absorption at mid-2013. Although Cypress Creek’s approximately 7.2 million square feet of office submarket ended the year with an overall 20.32% vacancy rate, its Class A component lost just 4115 SF and had a relatively healthy 15.34% vacancy rate. The Cypress Creek Class B market was harder hit.
Boca Raton was Palm Beach County’s top leasing market for the year, with a gain of 272,132 SF for the year and asking direct lease rates of $18.72 per SF by year-end 2013, compared with $17.47 at the end of 2012. Re investment sales, per the study, “The investment sales activity in Boca Raton and Palm Beach County in general, is representative of a national trend for investors’ and owner/users’ increasing interest in seeking properties outside of the traditional major metro markets such as Miami. This trend is likely to continue throughout 2014.”
https://sfoba.com/wp-content/uploads/2013/05/George-Sacks1.jpg270275adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2014-03-26 20:18:562014-03-26 20:18:56Downtown Fort Lauderdale Broward’s Best Performing Market
Las Olas Centre has a new owner and the boulevard is getting a new Class A office building.
Deutsche Asset & Wealth Management’s (formerly RREEF Real Estate) real estate investment business snapped up 350 and 450 East Las Olas Boulevard in Fort Lauderdale on behalf of one of its clients.
Financial terms of the deal were not disclosed.
A victim of the economic meltdown, the two towers faced a $219 million foreclosure in 2009, ironically after signing a series of lease renewals. It was 95% occupied at the time.
“Las Olas Centre is a great addition to our portfolio,” says Todd Henderson, head of Real Estate for the Americas at DeAWM. “We believe Las Olas Centre is the premier office asset in the market with exceptional amenities including its retail tenancy.”
In 2010, the two-building office complex spanning 469,353 square feet in the Las Olas corridor, sold for $170 million. San Antonio-based USAA Real Estate Company affiliates US Republic Core Fund and US Premier Office Equities purchased the towers from BF Las Olas, LLC, an entity of Wachovia/Wells Fargo about four years ago.
“Our view is that the buildings’ improvements and central location in the Fort Lauderdale CBD will continue to attract top tier tenants at market leading rents—positioning the property to deliver strong long term returns for our client,” says Henderson. The property offers office and retail space in Fort Lauderdale’s Central Business District.
Las Olas Centre occupies about 3.4 acres and 600 feet of frontage on Las Olas Boulevard. Certified LEED Gold with the U.S. Green Building Council, the project is one of very few options for trophy quality class A office space in a desirable location due to walking distance to shopping, restaurant and entertainment precincts, as well as proximity to airports, highways, and executive housing.
Just a few blocks away, the One West Las Olas office building in downtown Fort Lauderdale got an $8.67 million construction mortgage from Branch Banking & Trust Co.
The bank made the loan to One West LOA LLC, which is managed by attorneys Jeffrey Ostrow and Brian Kopelwitz. They are the managing partners of Kopelowitz Ostrow P.A., which will be the anchor tenant in the 40,000-square-foot “Class A” office building.
Stiles Construction is the general contractor for the project at 13 West Las Olas Blvd., along South Andrews Avenue.
https://sfoba.com/wp-content/uploads/2014/03/las-olas.jpg270275adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2014-03-25 12:49:222014-03-25 12:49:22Las Olas Abuzz With Activity
110 Tower, the LEED Gold certified class A office building in Downtown Fort Lauderdale’s Central Business District has recently closed 40,000 square feet of new office and lease deals with tenants including Lewis Brisbois Bisgaard + Smith, Fort Lauderdale Executive Office Suites, The Broward Safety Council, and Cole, Scott & Kissane, P.A., which has recently expanded.
Subway is also now open on the ground floor. And Trial Copy, a litigation consulting firm specializing in electronic data discovery, computer forensics custom trial graphics, and heavy litigation copy service, is now occupying space in the lobby level.
“We have seen a strong increase in leasing activity due to the completion of the building’s renovations, the progress of the new courthouse, the WAVE, which will stop directly in front of 110 Tower, and the improvements to the 6th Street areas,” stated Laurel Oswald (pictured above), a member of Cushman & Wakefield’s office leasing team for 110 Tower. “Downtown is experiencing tremendous growth in terms of new residential and other infrastructure projects. This has positioned it as a multinational hub of commercial and pedestrian business and 110 Tower is at its core.”
110 Tower was the first option for tenants seeking a LEED Gold-certified building within a multi-tenant high-rise office tower in Downtown Fort Lauderdale. Ownership won the U.S. Green Building Council of South Florida’s GalaVerde Award as Florida’s Best in LEED for Existing Building, as well as BOMA’s regional TOBY Award for Best Renovated Building.
Ownership recently completed a comprehensive $15 million interior and exterior renovation. That renovation included ground-floor retail, lobby and interior common area upgrades, primary mechanical systems enhancements, and installing a unique exterior lighting system.
Wheeler, a 34-year real estate professional, joined the company on February 3rd as senior advisor, reporting to Stiles Realty President Paul Marko. He will be based out of Stiles’ headquarters in Fort Lauderdale. This strategic hire comes at a time when Stiles Realty looks to build on the momentum it is creating in core markets throughout Florida, where it has recently expanded its team.
Wheeler specializes in investment sales, land brokerage and build-to-suit commercial properties. Over the course of his career, he has completed more than $2.5 billion in sales transactions ranging from urban office sites to large planned development communities. In this new role, Wheeler will focus on growing the firm’s footprint across Florida while leveraging Stiles’ diverse range of services.
“Lee is highly trusted in our industry with a tremendous track record of completing large transactions and establishing lasting client relationships,” said Marko. “His strength and experience in the build-to-suit and land arena is synergistic with Stiles’ multi-faceted business platform, which includes development, construction management, architecture, and property management.”
Throughout his career, Wheeler has represented major institutional owners and developers including Equitable Life, General Electric, The St. Joe Company, Teachers Insurance and Annuity Association, Duke REIT, Codina/Flagler Development and the MacArthur Foundation.
Stiles Realty offers a full-service real estate brokerage platform focused on industrial, office and retail properties. Additionally, Stiles Realty launched its Investment Sales division in late 2012, with a focus on high-profile quality office and retail opportunities below $12 million.
“Stiles is a very strong company that has established a stellar reputation over its decades of success in Florida,” Wheeler said. “I am excited as I see the potential for significant growth in Stiles Realty on top of that foundation. I feel confident that my broad and varied outlook gives me the insight into how we can meet the evolving needs of our diverse clients while achieving the goals of Stiles Realty,” Wheelersaid.
Prior to joining Stiles, Mr. Wheeler served as a principal and broker for Miami Land Company, where he focused on land acquisitions for development companies, site entitlements, zoning and government approvals. He spent ten years with the Codina Group where he focused on land and investment sales. Mr. Wheeler held an eight-year assignment with the MacArthur Foundation, where he was responsible for the disposition of more than 60,000 acres of commercial land, 10,000 apartment units, and over one million square feet of office, industrial and retail properties.
“Lee brings to our company a valuable skillset that adds depth and versatility to our growing team,” commented Marko. “I have known him for many years and am grateful to have him aboard as we continue to grow our business and look toward the future.”
https://sfoba.com/wp-content/uploads/2014/03/Lee-Wheeler.jpg270275adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2014-03-12 14:43:062014-03-12 14:43:06Stiles Grows Team With Addition Of Lee Wheeler
RWNK Inks 7,000 SF In Cypress Creek Lease Transactions
/in Done Deals, News/by adminBill McConnell and Kenneth Kurtz, CCIM of NAI Rauch Weaver Norfleet Kurtz & Co., represented JV Cypress, LLC in four lease transactions at the Cypress Creek Business Center.
The transactions, totaling 6,807 square feet in lease deals include the following tenants:
The building, which totals 39,990 square feet, is located at 2901 W. Cypress Creek Rd. in North Fort Lauderdale.
Broward County Gearing Up For Development Surge
/in News, Trends/by adminGet ready to witness a dramatic spurt in new development in Broward County, if dozens of high-rise apartment towers, hundreds of single-family homes and a few mega commercial projects are given the green light.
The recent surge in development proposals could change the county’s landscape — and prove there’s no such thing as “built out.”
Among the many projects in the pipeline, according to county records:
The uptick is striking.
“This year we’re definitely seeing more proposals,” said Barbara Blake Boy, executive director of the Broward Planning Council, a county advisory board.
In 2013, the number of residential units for which developers sought approvals jumped 218 percent at the Broward County Planning Council, one of the earliest stages in the process.
This year, approvals are again on the increase. Developers have submitted plans to add 1,970 homes in seven projects in Pompano Beach, Miramar, Plantation, Pembroke Pines and Lauderdale Lakes. That’s nearly as high as the total for all of 2013.
“Is there a higher level of proposed development activity than there’s been in the last few years? The answer to that is absolutely yes,” Stiles Corp. President Doug Eagon said.
Eagon said the South Florida housing market is more robust than elsewhere in the country right now, with heavy demand for rental apartments coming from millennials who’ve finally gotten jobs, and from baby boomers downsizing after their kids move out.
“There’s been a pretty dramatic increase in activity,” Executive Director Jim DiPietro said at the Broward Board of Rules and Appeals, which has seen a spike in building permit revenue. “You can see the way we started to claw out of the recession.”
The dramatic development surge might seem counterintuitive to those who’ve scanned the horizon and seen that nearly every square inch is paved and built upon (except for the two-thirds of the county that’s in the Florida Everglades).
In fact, Broward County was considered largely built out in 2005, according to the county’s recently released population planning report. But that doesn’t mean it’s game over for developers.
“When people say, ‘Well, we’re out of land,’” Eagon said, “the reality is we’re very close to being out of vacant land, but the redevelopment potential is still very good.”
The county’s vote is typically the first step, a general approval spelling out what type of development and how much of it can take place on the land. Many more projects that already had those approvals are under construction now.
In the cities, towns and neighborhoods where the construction trucks are headed, residents may be hesitant to embrace more growth. Developers will have to show that their projects won’t overburden local roads and schools, among other things.
Broward County Commissioner Tim Ryan said improving public transportation and ensuring that some of the new housing is affordable to the working class will be critical in this wave of development.
“You want to try to change the mindset, I think, in the coming decade,” Ryan said, “to get more people onto mass transit.”
Regardless, he said, people are coming. Population estimates for Broward show the flow to the south will continue, driving demand for more housing.
“They keep having winters like they just did,” Broward planning section manager Martin Berger said, “and they’re going to keep coming.”
Source: SunSentinel
Downtown Fort Lauderdale Broward’s Best Performing Market
/in News/by adminCommercial Florida Realty Services’ George Sacks has recently completed year-end office market studies for Broward and Palm Beach office market studies.
Among the studies’ highlights:
CLICK HERE FOR THE COMPLETE BROWARD OFFICE MARKET STUDY
CLICK HERE FOR THE COMPLETE PALM BEACH OFFICE MARKET STUDY
Las Olas Abuzz With Activity
/in News/by adminLas Olas Centre has a new owner and the boulevard is getting a new Class A office building.
Deutsche Asset & Wealth Management’s (formerly RREEF Real Estate) real estate investment business snapped up 350 and 450 East Las Olas Boulevard in Fort Lauderdale on behalf of one of its clients.
Financial terms of the deal were not disclosed.
A victim of the economic meltdown, the two towers faced a $219 million foreclosure in 2009, ironically after signing a series of lease renewals. It was 95% occupied at the time.
“Las Olas Centre is a great addition to our portfolio,” says Todd Henderson, head of Real Estate for the Americas at DeAWM. “We believe Las Olas Centre is the premier office asset in the market with exceptional amenities including its retail tenancy.”
In 2010, the two-building office complex spanning 469,353 square feet in the Las Olas corridor, sold for $170 million. San Antonio-based USAA Real Estate Company affiliates US Republic Core Fund and US Premier Office Equities purchased the towers from BF Las Olas, LLC, an entity of Wachovia/Wells Fargo about four years ago.
“Our view is that the buildings’ improvements and central location in the Fort Lauderdale CBD will continue to attract top tier tenants at market leading rents—positioning the property to deliver strong long term returns for our client,” says Henderson. The property offers office and retail space in Fort Lauderdale’s Central Business District.
Las Olas Centre occupies about 3.4 acres and 600 feet of frontage on Las Olas Boulevard. Certified LEED Gold with the U.S. Green Building Council, the project is one of very few options for trophy quality class A office space in a desirable location due to walking distance to shopping, restaurant and entertainment precincts, as well as proximity to airports, highways, and executive housing.
Just a few blocks away, the One West Las Olas office building in downtown Fort Lauderdale got an $8.67 million construction mortgage from Branch Banking & Trust Co.
The bank made the loan to One West LOA LLC, which is managed by attorneys Jeffrey Ostrow and Brian Kopelwitz. They are the managing partners of Kopelowitz Ostrow P.A., which will be the anchor tenant in the 40,000-square-foot “Class A” office building.
Stiles Construction is the general contractor for the project at 13 West Las Olas Blvd., along South Andrews Avenue.
The six-story building will break ground in May.
Source: GlobeSt.
110 Tower Renovation Gaining Plenty Of Attention
/in News/by admin110 Tower, the LEED Gold certified class A office building in Downtown Fort Lauderdale’s Central Business District has recently closed 40,000 square feet of new office and lease deals with tenants including Lewis Brisbois Bisgaard + Smith, Fort Lauderdale Executive Office Suites, The Broward Safety Council, and Cole, Scott & Kissane, P.A., which has recently expanded.
Subway is also now open on the ground floor. And Trial Copy, a litigation consulting firm specializing in electronic data discovery, computer forensics custom trial graphics, and heavy litigation copy service, is now occupying space in the lobby level.
“We have seen a strong increase in leasing activity due to the completion of the building’s renovations, the progress of the new courthouse, the WAVE, which will stop directly in front of 110 Tower, and the improvements to the 6th Street areas,” stated Laurel Oswald (pictured above), a member of Cushman & Wakefield’s office leasing team for 110 Tower. “Downtown is experiencing tremendous growth in terms of new residential and other infrastructure projects. This has positioned it as a multinational hub of commercial and pedestrian business and 110 Tower is at its core.”
110 Tower was the first option for tenants seeking a LEED Gold-certified building within a multi-tenant high-rise office tower in Downtown Fort Lauderdale. Ownership won the U.S. Green Building Council of South Florida’s GalaVerde Award as Florida’s Best in LEED for Existing Building, as well as BOMA’s regional TOBY Award for Best Renovated Building.
Ownership recently completed a comprehensive $15 million interior and exterior renovation. That renovation included ground-floor retail, lobby and interior common area upgrades, primary mechanical systems enhancements, and installing a unique exterior lighting system.
Source: GlobeSt.
Stiles Grows Team With Addition Of Lee Wheeler
/in News/by adminLocal commercial real estate veteran Lee Wheeler has joined Stiles Realty.
Wheeler, a 34-year real estate professional, joined the company on February 3rd as senior advisor, reporting to Stiles Realty President Paul Marko. He will be based out of Stiles’ headquarters in Fort Lauderdale. This strategic hire comes at a time when Stiles Realty looks to build on the momentum it is creating in core markets throughout Florida, where it has recently expanded its team.
Wheeler specializes in investment sales, land brokerage and build-to-suit commercial properties. Over the course of his career, he has completed more than $2.5 billion in sales transactions ranging from urban office sites to large planned development communities. In this new role, Wheeler will focus on growing the firm’s footprint across Florida while leveraging Stiles’ diverse range of services.
Throughout his career, Wheeler has represented major institutional owners and developers including Equitable Life, General Electric, The St. Joe Company, Teachers Insurance and Annuity Association, Duke REIT, Codina/Flagler Development and the MacArthur Foundation.
Stiles Realty offers a full-service real estate brokerage platform focused on industrial, office and retail properties. Additionally, Stiles Realty launched its Investment Sales division in late 2012, with a focus on high-profile quality office and retail opportunities below $12 million.
Prior to joining Stiles, Mr. Wheeler served as a principal and broker for Miami Land Company, where he focused on land acquisitions for development companies, site entitlements, zoning and government approvals. He spent ten years with the Codina Group where he focused on land and investment sales. Mr. Wheeler held an eight-year assignment with the MacArthur Foundation, where he was responsible for the disposition of more than 60,000 acres of commercial land, 10,000 apartment units, and over one million square feet of office, industrial and retail properties.
“Lee brings to our company a valuable skillset that adds depth and versatility to our growing team,” commented Marko. “I have known him for many years and am grateful to have him aboard as we continue to grow our business and look toward the future.”