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.

Global Logistics Company Signs 20,000 SF Office Lease To Relocate, Expand HQ

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Samuels & Associates announced that International Materials, Inc. (IMI), an international trading and logistics provider, signed a 20,052-square-foot lease to relocate and expand its corporate headquarters to the Offices at 4th & 5th Delray.

Moving from Boca Raton to the Delray Beach central business district, IMI will occupy nearly two-thirds of the mixed-use building’s third floor Class A office space at 25 SE 4th Ave.

The relocation and expansion of IMI’s headquarters will allow the company to accommodate its existing HQ roster of 45 full-time professionals and further attract top talent in line with its anticipated growth trajectory.

“As a locally owned and managed business, we are thrilled to move back to downtown Delray Beach where many of us have been residents for years,” said Robert Walsh, President, IMI. “The prospect of locating our headquarters in this state-of-the-art building, steps away from Atlantic Avenue, is a dream scenario that will allow us to grow our business and make room for the future. We are grateful for the support we have received from the City and from Samuels & Associates.”

Approximately 6,181 square feet of office space now remains on the third floor of the Offices at 4th & 5thDelray. The 144,733-square-foot, four-story mixed-use project, newly developed in a joint venture between Samuels & Associates and American Realty Advisors, sits in the heart of Delray Beach.

“Samuels & Associates is delighted to welcome IMI to its new space in the Offices at 4th & 5th Delray,” said Peter Sougarides, Principal, Samuels & Associates. “As we continue to implement a thoughtful placemaking process in the dynamic downtown Delray Beach neighborhood, we look forward to welcoming companies and employees who will enliven the local downtown economy.”

“There is no denying the staying power and increasing vibrancy of Delray Beach’s downtown as a corporate destination. We were able to attract a corporate headquarters relocation during this COVID-19 pandemic,” said Mayor Shelly Petrolia. “We are excited to welcome IMI’s headquarters into the City of Delray Beach and look forward to helping IMI grow in our city.”

“This IMI corporate headquarters relocation to the Delray Beach central business district is a testament to the strength of our city and evidence that the investments in our public-private partnerships strategically located for economic development are beginning to pay off,” said Stephanie Immelman, President & CEO, Greater Delray Beach Chamber of Commerce.

In the transaction, Samuels & Associates was represented by Keith O’Donnell and Gary Gottlieb of Avison Young, and IMI was represented by Ingrid Kennemer of Coastal Commercial Group.

 

 

Engineering Firm Renews Corporate Headquarter Lease

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Reese Stigliano, president of Stigliano Commercial Real Estate, represented Miller Legg & Associates in the 10,380-square-foot lease renewal and expansion of their corporate headquarters at 5747 North Andrews Way in Fort Lauderdale.

Miller Legg is a 55-year-old, award-winning engineering and environmental consulting company that specializes in landscape architecture, surveying, utility planning and environmental engineering.

According to Stigliano, “We did an extensive search for alternative locations throughout Broward County. After a comprehensive financial analysis of several viable alternatives, the most economical choice was to renew and expand at their current location in the Cypress Creek submarket of Fort Lauderdale.”

The Cypress Creek submarket, with an inventory of 8.4 million square feet, currently has a 12% vacancy with rents close to 10% below the metro average. The Greater Fort Lauderdale office market of approximate 70 million square feet, has seen a significant escalation of rents due to strong demand as well as increases in tenant improvement costs and real estate taxes. Overall office rate vacancy in Greater Fort Lauderdale stands at 8%.

Reese Stigliano“In light of the coronavirus outbreak, the decision to renegotiate their existing lease was indeed fortuitous,” said Stigliano. “We were able to secure a very economical solution with an expansion option to provide Miller Legg the ability to keep their overhead low with the flexibility to expand when necessary.”

Reese Stigliano is a recognized leader in the South Florida commercial real estate market, with over 35 years of experience. As President, he focuses on land sales, investment sales and office leasing for the firm. Mr. Stigliano’ s talent in bringing complicated commercial transactions to a close has been evident in his successful 35-year brokerage career.

Cushman & Wakefield To Lease ±61,000-SF Broward County Office Building

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Cushman & Wakefield was named exclusive leasing advisor for 1400 East Newport Center Drive, a ±61,408-square-foot office building in Broward County.

The Cushman & Wakefield brokerage team of John Criddle and Joseph Freitas was selected to lease the building on behalf of Fort Lauderdale, FL-based building owner NRNS Acquisition Newport LLC.

1400 East Newport Center Drive was developed in 1987 on a ±4.5-acre site in Deerfield Beach. The building features ample parking with six spaces per 1,000 rentable square feet, a fully redundant generator and fully wired cubicles available for use. The asset is currently being renovated. Upgrades include refurbished interior common areas, an updated exterior entrance with a new porte-cochère, refined landscaping and new exterior paint.

The building is 67.4% leased with ±20,000 square feet available at rents ranging from $23 to $25 modified gross plus electric and janitorial. Notable tenants include Harte-Hanks and Freedom Mortgage Corp.

1400 East Newport Center Drive is ideally positioned in the Newport Center office park, offering immediate access SW 10th Street and Interstate 95.

“1400 East Newport Center Drive offers tenants the opportunity to occupy renovated space in a central location at rates that compare very favorably to competitive properties in this and neighboring submarkets,” said Criddle

“Many tenants targeting this market have unique requirements and place tremendous value upon ample parking ratios and reliable backup power,” added Freitas. “1400 East Newport Center Drive is an ideal location for these types of operations.”

 

Berger Commercial Realty/CORFAC Brokers Lease To Secure Second Health Insurance Company Fort Lauderdale Location

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USA Medicare Advisors Insurance Agency, LLC will open its second location in Fort Lauderdale thanks to a new lease brokered by Berger Commercial Realty/CORFAC International for landlord ROC III Fairlead Bayview Corporate Center, LLC.

Berger Senior Sales Associate Jonathan Thiel handled the transaction, which will provide 8,300 square feet of office space throughout a six-year lease for the health insurance company in the 412,520-square-foot, 12-story Bayview Corporate Tower at 6451 North Federal Highway.

BayView Corporate Tower

“The extensive amenities and renovations to the building, in addition to the accessible location, and ample and secure parking have proven very attractive to businesses looking to attract top talent,” Thiel said.  “We used thoughtfulness and creativity to make this deal the right fit for our tenant.”

Butters’ Conte & Ahearn Negotiate Sale Of Coral Springs Office Building

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The Butters Commercial Real Estate Team of JC Conte and Brian T. Ahearn, CCIM has successfully sold the Aspen Office Building in Coral Springs.

The three-story 18,400-square-foot office building sold for $3,000,000 and was approximately 82% leased at the time of closing.

“I am very pleased that Brian and JC found the perfect local buyer who recognized the long term value add opportunity that this unique asset represented. I know this was a win-win for all parties.” said the Seller, Laura Haimes.