Spirit Airlines Pays $32.5M For New HQ Site

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Spirit Airlines acquired the site of its future headquarters in Dania Beach for $32.5 million.

Dania Live 1748 II, an affiliate of Dania Pointe developer Kimco Realty, sold about 8.7 acres at the northwest corner of Bryan Road and Radiant Drive to Spirit Airlines. It’s within the partially completed Dania Pointe mixed-use project, which has retail, apartments and a hotel.

In October, Spirit Airlines announced it would relocate its global headquarters from Miramar into a new 500,000-square-foot facility in Dania Beach. The airline promised to move 1,000 employees to the new HQ and create another 250 jobs.

Slated to open in mid-2022, the facility would cost $250 million to build.

The presence of more than 1,000 Spirit Airlines employees should provide a big boost to the shops and restaurants at Dania Pointe as Kimco continues its buildout. Current tenants in the 102-acre site include BrandsMart USA, Hobby Lobby, YouFit, TJMaxx, Outback Steakhouse, TooJay’s, Firebirds Wood Fired Grill, and Five Below.

 

Source: SFBJ

Two Class A Office Buildings Change Hands

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Newmark Knight Frank (NKF) finalized the sale of two Class A office buildings in South Florida totaling 77,969 square feet, according to a release.

Alan Long, managing director, brokered both transactions.

In the first transaction, Rushmore PGA, LLC sold a 33,090-square-foot office building known as PGA Professional and Design Center to JHKA Group, LLC. Alan Levy, Broker/President of Levy Realty Advisors, represented JHKA Group, LLC in the acquisition. The acquisition price was $10,200,000. Levy Realty Advisors has been appointed Property Manager and exclusive leasing agent.

Located in the heart of Palm Beach Gardens at 4290 Professional Center Drive, the office building is currently 100% leased. Built in 2007, the building showcases beautiful Mediterranean architecture in a pedestrian-friendly atmosphere and is located less than one mile from Interstate 95. Long represented the seller in the transaction.

“PGA Professional and Design Center was a strategic purchase for the buyers as it represents their first acquisition in Palm Beach County,” said Long. “We continue to see high demand for quality Class A office assets in South Florida due to the sparse amount of available space in the region.”

PGA Professional and Design Center is also located within 2 miles of Florida’s Turnpike and is surrounded by a bevy of retail and dining, including Downtown at the Gardens, Legacy Place Shops and The Gardens Mall, which together have more than 250 shops and restaurants.

In the second transaction, Med Prop Management, LLC bought University Medical Arts Building South, a 44,879-square-foot office building, from Rushmore Tamarac, LLC. Located at 7431 North University Drive in Tamarac, the building is 65% occupied with 15,457 square feet of available space. The building was originally constructed in 1998 and was renovated in 2017. Long represented both the buyer and the seller in the transaction.

The building lies on the campus of University Hospital and Medical Center and is located just minutes form the Sawgrass Expressway and the Florida Turnpike. The property also features high visibility along the adjacent State Route 817.

“This medical office building asset checked all the boxes for Med Prop Management, which required a value-add property,” Long said. “The acquisition furthers the buyer’s strategy of increasing asset diversification within their existing portfolio. Continued economic growth and development in the surrounding area will create new opportunities for ownership and strengthens the company’s position over the long haul.”

According to NKF Research, Broward County recorded its lowest vacancy rate in 12 years during Q3 2019, dipping below the 10% mark for the second consecutive quarter while leading the state in demand growth. Broward’s office sector experienced the strongest year-over-year rent growth for the region, with rental rates eclipsing the previous record high of $29.61/SF recorded in 2008.

 

Stigliano Negotiates Full Floor Lease At Fort Lauderdale’s Port Royale Financial Center

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Reese Stigliano, president of Stigliano Commercial Real Estate announced that Keefe, McCullough & Co., LLP has renewed its lease for the entire 14,393-square-foot fourth floor at Fort Lauderdale’s Port Royale Financial Center.

Stigliano represented the tenant, one of the largest CPA firms in South Florida, in negotiating the $2.1 million, 12-year extension. Stigliano has represented the firm since 1992 when they initially leased a portion of the 4th floor at Port Royale, located at 6550 N. Federal Highway. The final negotiation included a six-figure tenant improvement allowance, and several expansion and renewal options.

Port Royale Financial Center

According to Stigliano, office rents in Fort Lauderdale metro have posted an average annual gain of 5.2% over the last three years. Vacancies average 8% which are below the national average of 10% for Class A office space. There is 1.6 million SF of new construction underway representing a 2.3% expansion of the existing inventory. Over the last three years, only 776,000 SF has been delivered or a cumulative inventory expansion of 1.1%

“What this lease renewal does is provide the tenant with long term stability on their cost of occupancy in a prestigious Class A office building. Also, this allows the tenant to focus on growing their core business without worrying about outgrowing their space and having to relocate in a very tight real estate market.” said Reese.

Reese Stigliano is a recognized leader in the South Florida commercial real estate market and brings over 35 years of experience in commercial real estate to Stigliano Commercial Real Estate. As president, he focuses on land sales, investment sales and office leasing.

 

Cushman & Wakefield Arranges 77,000 SF HQ Lease

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Cushman & Wakefield has negotiated a new, 77,000-square-foot lease with Hayes Medical Staffing, a national staffing and recruiting agency for healthcare employers, at Cypress Financial Center in Fort Lauderdale. The Class A space at 5900 N. Andrews Ave. will serve as the company’s corporate headquarters.

Cushman & Wakefield Executive Director Travis Herring and Director Katherine Ridgway represented the landlord, Miami-based Steelbridge, in the lease negotiations. Mitchell Millowitz with Newmark Knight Frank represented the tenant.

Hayes Medical Staffing has approximately 185 employees and recently announced it will add 250 new jobs to the area. The company will take occupancy of its new space in Q4 2019, joining such notable tenants as TD Bank, City National Bank and Altadis.

Cypress Financial Center is the only Class A office building in South Florida that sits adjacent to the region’s primary artery, Interstate 95. Hayes Medical Staffing will gain unparalleled visibility from the highway with top-of-building signage.

Further, an exclusive I-95 on-ramp adds convenience and accessibility throughout the tri-county area. The location also provides convenience to Cypress Creek Tri-Rail station. Other amenities include an attached parking garage, onsite security and property management, a café that serves breakfast and lunch, and weekly car wash service.

Additionally, the property recently completed an extensive capital improvement program, which included elegant renovations to the lobby, common areas, elevators and restrooms, as well as new landscaping, new monument and directional signage throughout the property and new exterior lighting.

“Between the unparalleled accessibility along I-95, nearby amenities and the recent renovations made by Steelbridge, Cypress Financial Center is one of the premier office locations for major corporations and employers in South Florida,” said Herring. “This is evidenced in the property’s continued ability to attract top-tier tenants such as Hayes Medical Staffing.”

Fort Lauderdale Office Tower Fetches $117 Million

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CBRE has arranged the sale of One Financial Plaza in Ft. Lauderdale.

The 282,883-square-foot office tower is located at 100 Southeast 3rd Avenue, just steps from the heart of Downtown Fort Lauderdale’s Las Olas District.

Alliance Partners HSP purchased the fully renovated office tower for $117 million.

The property recently underwent a comprehensive $8 million renovation including a new lobby, security desk, fitness center, conference center, upgrades to elevator landings and restrooms, and elevator modernization. A $2 million overhaul to the exterior of the building is on-going including the relocation of the primary building entrance to the eastern side of the building along Financial Plaza Drive, expanding the exterior facade to increase the lobby area and add 2,500 square feet of new retail space, enhanced building signage above the lobby entrance, and installing new pavers and sidewalks along the entire length of Financial Plaza Drive.

“One Financial Plaza has been among the most desirable office buildings in the CBD,” said John Osborne, Senior Vice President at Crocker Partners. “With the recent capital improvements that position is enhanced for the long-term.”

CBRE Capital Markets Vice Chairman Christian Lee and Executive Vice President José Lobón facilitated the sale on behalf of Crocker Partners.

“One Financial Plaza features a highly attractive core-plus business plan, providing strong in-place cash flows while offering significant upside potential. The largest tenants at the Property, leasing at least a whole floor, feature 7.8 years of weighted average lease term, while near-term upside is afforded via the lease-up of 26,861 sq. ft. of currently vacant space and the roll-to-market of 82,011 SF of leases expiring over the first 5 years.” explained Lobón.

 

“The exterior renovations and the to-be-constructed multi-family will dramatically improve the sense of arrival and overall appeal of One Financial Plaza,” added Lee.

The CBRE Capital Markets team also included Senior Vice President Amy Julian, with CBRE’s Debt & Structured Finance, and Senior Financial Analyst Andrew Chilgren.

 

Fort Lauderdale Office Building Sells For $248 PSF

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A four-story office building in Fort Lauderdale, just south of downtown, sold for $16.25 million.

Ocita Properties, managed by Richard Kronrad and Martin Sutker in Hollywood, sold the 65,643-square-foot office building to 501 S. Andrews Avenue LLC, managed by Miami attorney Steven A. Landy.

The price equated to $248 per square foot.

The office building was developed on the 1.65-acre site in 1970.

 

Source:  News Break