CBRE has arranged a lease for insurance company USI, the 9th largest insurance broker in the United States, at Coastal Tower, a Class A, LEED ®EB Silver-certified office building at the corner of US 1 and Commercial Boulevard in Fort Lauderdale.
The company will relocate approximately 80 employees from its current location at Broward Trade Center, located at 200 W. Cypress Creek Road, to the new office, located on the 6th floor, when it assumes occupancy on January 1, 2014.
CBRE is the leasing agent for Coastal Tower owner California State Teachers’ Retirement System (CalSTRS).
While the Broward County office market continues to post year-over-year negative absorption, leasing at Coastal Tower has actually picked up pace in 2013. USI is the 10th tenant this year to sign a new lease or expansion there. CBRE has arranged more than 28 new leases at Coastal Tower over the past three years, bringing the building up to 83% occupancy.
“While the office market remains flat, we have been fortunate to attract many office users in the market primarily because businesses are looking for dependable property ownership and great on-site amenities like fitness centers and food services, all of which Coastal Tower offers,” said CBRE First Vice President Travis Herring. “It does not hurt that we are also located close to several affluent communities where business owners and employees want to live.”
Located at 2400 East Commercial Boulevard, Coastal Tower is a LEED® and Energy Star Certified, Class A office building located within walking distance to several restaurants, hotels, banks and shops, and across the street from Holy Cross Hospital and the Holy Cross Wellness Pavilion.
Herring, along with CBRE Senior Vice President Deanna Lobinsky and Associate Katherine Ridgway, are the exclusive leasing agents for Coastal Tower.
https://sfoba.com/wp-content/uploads/2013/08/Coastal-Tower-Fort-Lauderdale.jpg270275SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2013-08-07 15:39:192013-08-07 15:39:19Herring, Lobinsky Bring 17,400 SF Tenant To Coastal Tower
Michael Scarpino, CCIM, Frank Morrison and Jennifer Scarpino of NAI Rauch Weaver Norfleet Kurtz & Co. represented the tenant, Woodfield Distribution, LLC in the expansion lease of 22,648 square feet at Boca Distribution Center 1 for a total combined SF of 70,744, located at 951 Clint Moore Road in Boca Raton.
Woodfield Distribution, LLC also extended their original lease by 50 months to coincide with the ten year term on the expansion space.
Christopher Thomson of Cushman & Wakefield represented the landlord, Prologis.
Woodfield Distribution, LLC is planning to use the facility to manufacture and distribute pharmaceuticals from this location. It is a consolidation of the company’s distribution from several other locations throughout the country. The company has been manufacturing with third party vendors for some time, and will continue to do so, but this facility will be used to manufacture high demand pharmaceuticals in order to better control the timing on the manufacturing and distribution process. Woodfield will be renovating the entire expansion space.
The 50-month lease extension and 22,648 SF expansion is valued at over $2.8 million.
https://sfoba.com/wp-content/uploads/2013/08/Boca-Distribution-Center-I.png270275SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2013-08-07 01:24:012013-08-07 01:24:01RWNK Reps Tenant In 23,000 SF Expansion, Lease Extension
A recent report compiled by Eric Messer, Research Services Manager with Newmark Grubb Knight Frank, indicates that although the Fort Lauderdale office leasing market experienced little change during the second quarter of 2013, demand did outpace supply. Numerous small relocations and expansions of existing tenants within the market continued to fuel the positive net absorption.
KTR has acquired the Prospect Park portfolio, a 274,000 SF industrial/flex portfolio in Ft. Lauderdale.
The portfolio consists of 63,800 square feet of single story, walk-up office; 82,000 square feet of flex; and 128,500 square feet of industrial distribution space. The park is located just west of the Ft. Lauderdale Executive Airport in what is known as the Ft. Lauderdale Commerce Center.
Public records indicate the seller was an affiliate of Invesco Real Estate based in Texas.
The 16 building portfolio was built in 1983 and was 48% occupied at the time of the sale. KTR will seek to reposition the properties for immediate lease-up.
“The Prospect Park Portfolio acquisition is an interesting opportunity to buy functional, multi-tenant warehouse and flex product at a very attractive basis,” commented PJ Charlton, Senior Vice President of Investments for KTR. “With convenient access to the major highways and population centers and a central Broward County business location, we intend to rebrand the portfolio and restore a stabilized occupancy level. We will implement an immediate capital program to modernize the building exteriors and tenant spaces.”
This acquisition brings KTR’s total footprint in Florida to approximately 5.0 million square feet.
This Portfolio was marketed by Marty Busekrus, a Director with HFF, as previously reported by CRE-sources. Busekrus is responsible for industrial investment sales throughout the Southeastern United States. The portfolio was being marketed without an asking price, however sources close to the deal report a price of roughly $13.5 million, which calculates to approximately $49 per square foot.
https://sfoba.com/wp-content/uploads/2012/12/Marty-Busekrus.jpg270275SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2013-07-30 18:19:002013-07-30 18:19:00Busekrus Secures Buyer For 274,000 SF Broward Portfolio
In the latest round of industry musical chairs, Avison Young’s South Florida office is even in recent arrivals and departures at the commercial real estate services firm.
David Bateman, who served as Director of Leasing for Avison Young since April 2012, parted ways last month. Although unnamed sources have reported that Bateman has relocated to Jacksonville, Bateman’s LinkedIn profile states his location as Austin, Texas.
Prior to his stint with Avison Young, Bateman represented Miramar Park of Commerce for Sunbeam Properties.
With Bateman’s departure, however, comes a new arrival for Avison.
After four years with Colliers International South Florida, Peyton Moore has joined Avison Young as Senior Associate, where he will represent owners of class A office properties in South Florida. Moore will partner with Greg Martin, Principal.
https://sfoba.com/wp-content/uploads/2013/07/keeping-score.jpg270275SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2013-07-24 18:28:452013-07-24 18:28:45Avison Young Loses One, Gains One
NAI Rauch Weaver Norfleet Kurtz & Co. is pleased to announce the addition of Brian Fleming as a Senior Associate.
Brian is specializing in healthcare real estate representation and medical space solutions for institutions, hospitals and physician practice groups throughout South Florida.
Owners and users of medical space engage Brian Fleming’s services because he understands both the business of medical care delivery and commercial real estate. They know that his resources, judgment and experience will contribute to their success in the constantly changing environment of healthcare delivery.
Mr. Fleming began his career in the pharmaceutical industry in 1979 quickly rising to a top producing cardiovascular representative for Marion Laboratories based in Kansas City, MO. It was during his tenure with Marion Laboratories that Mr. Fleming’s interest in commercial real estate began.
Brian represents medical space owners in the sale, lease, sublease and management of building space. Tenants rely on him for help in identifying building locations and lease negotiations in medical complexes, office buildings and retail space.
Mr. Fleming’s clients know that in every transaction he takes personal responsibility for the service they receive and for their overall satisfaction with every transaction. He believes strongly that service is nothing more than getting the best results for his clients all the time, each time, and that continuous client communication is a key driver of a satisfying experience. Brian is ready to have his background and track record work for you!
If you have any questions, please contact Brian at 954-489-4717.
Herring, Lobinsky Bring 17,400 SF Tenant To Coastal Tower
/in Done Deals, News/by SFOBA STAFFCBRE has arranged a lease for insurance company USI, the 9th largest insurance broker in the United States, at Coastal Tower, a Class A, LEED ®EB Silver-certified office building at the corner of US 1 and Commercial Boulevard in Fort Lauderdale.
The company will relocate approximately 80 employees from its current location at Broward Trade Center, located at 200 W. Cypress Creek Road, to the new office, located on the 6th floor, when it assumes occupancy on January 1, 2014.
CBRE is the leasing agent for Coastal Tower owner California State Teachers’ Retirement System (CalSTRS).
While the Broward County office market continues to post year-over-year negative absorption, leasing at Coastal Tower has actually picked up pace in 2013. USI is the 10th tenant this year to sign a new lease or expansion there. CBRE has arranged more than 28 new leases at Coastal Tower over the past three years, bringing the building up to 83% occupancy.
“While the office market remains flat, we have been fortunate to attract many office users in the market primarily because businesses are looking for dependable property ownership and great on-site amenities like fitness centers and food services, all of which Coastal Tower offers,” said CBRE First Vice President Travis Herring. “It does not hurt that we are also located close to several affluent communities where business owners and employees want to live.”
Located at 2400 East Commercial Boulevard, Coastal Tower is a LEED® and Energy Star Certified, Class A office building located within walking distance to several restaurants, hotels, banks and shops, and across the street from Holy Cross Hospital and the Holy Cross Wellness Pavilion.
Herring, along with CBRE Senior Vice President Deanna Lobinsky and Associate Katherine Ridgway, are the exclusive leasing agents for Coastal Tower.
RWNK Reps Tenant In 23,000 SF Expansion, Lease Extension
/in Done Deals, News/by SFOBA STAFFMichael Scarpino, CCIM, Frank Morrison and Jennifer Scarpino of NAI Rauch Weaver Norfleet Kurtz & Co. represented the tenant, Woodfield Distribution, LLC in the expansion lease of 22,648 square feet at Boca Distribution Center 1 for a total combined SF of 70,744, located at 951 Clint Moore Road in Boca Raton.
Woodfield Distribution, LLC also extended their original lease by 50 months to coincide with the ten year term on the expansion space.
Christopher Thomson of Cushman & Wakefield represented the landlord, Prologis.
Woodfield Distribution, LLC is planning to use the facility to manufacture and distribute pharmaceuticals from this location. It is a consolidation of the company’s distribution from several other locations throughout the country. The company has been manufacturing with third party vendors for some time, and will continue to do so, but this facility will be used to manufacture high demand pharmaceuticals in order to better control the timing on the manufacturing and distribution process. Woodfield will be renovating the entire expansion space.
The 50-month lease extension and 22,648 SF expansion is valued at over $2.8 million.
REPORT: Fort Lauderdale Office Market Gaining Traction… Slowly
/in News, Trends/by SFOBA STAFFA recent report compiled by Eric Messer, Research Services Manager with Newmark Grubb Knight Frank, indicates that although the Fort Lauderdale office leasing market experienced little change during the second quarter of 2013, demand did outpace supply. Numerous small relocations and expansions of existing tenants within the market continued to fuel the positive net absorption.
So how long will tenants continue to have the upper hand in lease negotiations? CLICK HERE TO DOWNLOAD THE FULL NGKF 2Q13 BROWARD OFFICE MARKET REPORT TO FIND OUT
Interested in other Newmark Grubb Knight Frank Reports? Click on the following links to download:
Newmark Grubb Knight Frank’s 2Q13 Broward Industrial Market Report
Newmark Grubb Knight Frank’s 2Q13 Palm Beach Office Market Report
Newmark Grubb Knight Frank’s 2Q13 Palm Beach Industrial Market Report
Newmark Grubb Knight Frank’s 2Q13 Miami Office Market Report
Newmark Grubb Knight Frank’s 2Q13 Miami Industrial Market Report
Busekrus Secures Buyer For 274,000 SF Broward Portfolio
/in Done Deals, News/by SFOBA STAFFKTR has acquired the Prospect Park portfolio, a 274,000 SF industrial/flex portfolio in Ft. Lauderdale.
The portfolio consists of 63,800 square feet of single story, walk-up office; 82,000 square feet of flex; and 128,500 square feet of industrial distribution space. The park is located just west of the Ft. Lauderdale Executive Airport in what is known as the Ft. Lauderdale Commerce Center.
Public records indicate the seller was an affiliate of Invesco Real Estate based in Texas.
The 16 building portfolio was built in 1983 and was 48% occupied at the time of the sale. KTR will seek to reposition the properties for immediate lease-up.
“The Prospect Park Portfolio acquisition is an interesting opportunity to buy functional, multi-tenant warehouse and flex product at a very attractive basis,” commented PJ Charlton, Senior Vice President of Investments for KTR. “With convenient access to the major highways and population centers and a central Broward County business location, we intend to rebrand the portfolio and restore a stabilized occupancy level. We will implement an immediate capital program to modernize the building exteriors and tenant spaces.”
This acquisition brings KTR’s total footprint in Florida to approximately 5.0 million square feet.
This Portfolio was marketed by Marty Busekrus, a Director with HFF, as previously reported by CRE-sources. Busekrus is responsible for industrial investment sales throughout the Southeastern United States. The portfolio was being marketed without an asking price, however sources close to the deal report a price of roughly $13.5 million, which calculates to approximately $49 per square foot.
Avison Young Loses One, Gains One
/in News/by SFOBA STAFFIn the latest round of industry musical chairs, Avison Young’s South Florida office is even in recent arrivals and departures at the commercial real estate services firm.
David Bateman, who served as Director of Leasing for Avison Young since April 2012, parted ways last month. Although unnamed sources have reported that Bateman has relocated to Jacksonville, Bateman’s LinkedIn profile states his location as Austin, Texas.
Prior to his stint with Avison Young, Bateman represented Miramar Park of Commerce for Sunbeam Properties.
With Bateman’s departure, however, comes a new arrival for Avison.
After four years with Colliers International South Florida, Peyton Moore has joined Avison Young as Senior Associate, where he will represent owners of class A office properties in South Florida. Moore will partner with Greg Martin, Principal.
NAI Rauch Weaver Norfleet Kurtz Adds Medical Specialist
/in News/by SFOBA STAFFNAI Rauch Weaver Norfleet Kurtz & Co. is pleased to announce the addition of Brian Fleming as a Senior Associate.
Brian is specializing in healthcare real estate representation and medical space solutions for institutions, hospitals and physician practice groups throughout South Florida.
Owners and users of medical space engage Brian Fleming’s services because he understands both the business of medical care delivery and commercial real estate. They know that his resources, judgment and experience will contribute to their success in the constantly changing environment of healthcare delivery.
Mr. Fleming began his career in the pharmaceutical industry in 1979 quickly rising to a top producing cardiovascular representative for Marion Laboratories based in Kansas City, MO. It was during his tenure with Marion Laboratories that Mr. Fleming’s interest in commercial real estate began.
Brian represents medical space owners in the sale, lease, sublease and management of building space. Tenants rely on him for help in identifying building locations and lease negotiations in medical complexes, office buildings and retail space.
Mr. Fleming’s clients know that in every transaction he takes personal responsibility for the service they receive and for their overall satisfaction with every transaction. He believes strongly that service is nothing more than getting the best results for his clients all the time, each time, and that continuous client communication is a key driver of a satisfying experience. Brian is ready to have his background and track record work for you!
If you have any questions, please contact Brian at 954-489-4717.