Convey Health Solutions Upgrades To 48,000 SF Space

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Convey Health Solutions, a national provider of health insurance services and technology, is relocating its 500-person Miramar office to MPC-30, the newest building in Sunbeam Properties’ Miramar Park of Commerce.

Convey Health Solutions, which will move from another building within the Park, will occupy 47,819 sq. ft. in MPC-30, a 70,948 sq.-ft. spec office/flex building located at 3140-3188 Executive Way. Convey’s custom build-out of the space in MPC-30 is slated for completion in March.

“Convey chose MPC-30 in order to build out a facility that aligned with the company’s brand and goal to provide a superior work environment for team members,” said JLL Executive Vice President and National Director Ryan Nunes, who represented Convey Health Solutions in the transaction. “We worked closely with Convey and Sunbeam to structure a creative transaction that met Convey’s short- and long-term goals and provided flexibility to excel in an ever-changing business landscape.”

Convey Health Solutions maintains more than 1,500 employees who provide more than eight million Medicare beneficiaries with access to the healthcare services they require. Additionally, the company manages large-scale health insurance processes for clients regionally and nationally.

“One of the many advantages of the Park is that we can make quick decisions at the local level which is important, particularly for companies like Convey Health Solutions that are looking to customize their space based on their business needs,” said Sunbeam Properties Vice President Maridee Bell, who along with Leasing Associate Lauren Pace, represented the Park in the transaction. “With new buildings like MPC-30 and more than 2 million sq. ft. of existing flex and office space, Sunbeam can efficiently and successfully accommodate the diverse needs of a variety of current and future tenants.”

Plantation Office Building Fetches $13.85 Million

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Avison Young’s Florida Capital Markets Group completed the $13.85 million ($173 per square foot) sale of the 80,000-square-foot Bank of America office building at 1776 N. Pine Island Road in Plantation.

The building last sold for $10,900,000 in December 2012.

On behalf of Transatlantic Investment Management Inc., Avison Young Principals David Duckworth, John K. Crotty, CCIM, and Michael T. Fay, facilitated the disposition to the Kislak Organization, a privately held firm based in Miami. The sale represents the fifth transaction the team completed in Plantation to date in 2018 totaling more than $66 million.

“Plantation continues to see low office vacancy rates, high absorption, and impressive rent growth, solidifying it as one of the most desirous suburban submarkets in Broward County for tenants and investors,” said Duckworth. “The property was a value-add opportunity despite its high occupancy due to the below-market, in-place rents.”

For the acquisition, Kislak also engaged the Florida Capital Markets Group to secure a $12.05 million loan.

“We were pleased to work with Avison Young on the acquisition and financing of this well-located, multi-tenant office building,” said Tom Bartelmo, president and CEO of the Kislak Organization. “This investment is a great fit for our strategy of acquiring high-quality commercial real estate in top South Florida submarkets. We like the property’s strong current income and opportunity for enhancements that will draw additional professional office tenants.”

At 80 percent loan-to-value, the loan was negotiated by Avison Young Principal George Vail and financed through Popular Bank for a 10-year term with a 2-year interest-only period, after which it will transition to a 25-year amortization schedule. The interest rate was 4.6 percent.

“Due to the property, location, and the buyer’s well-regarded reputation, we created a competitive environment to get the best loan terms for Kislak,” said Vail. “After receiving multiple term sheets, we locked in a favorable loan with a rare 80 percent loan-to-value ratio, as lenders typically max out at 70 to 75 percent.”

According to research by Avison Young, Plantation is one of the tightest office submarkets in Broward County. As of third quarter 2018, the submarket saw no new construction, one of the lowest vacancy rates which posted at 7.23 percent, and the highest total net absorption level in the county with 78,350 square feet absorbed.

 

Source:  CRE-sources

Berger Commercial Realty Negotiates Multi-Year Lease Deal For Fort Lauderdale Law Firm

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Berger Commercial Realty/Corfac InternationalVice President Brian Batchelder and Michael Feuerman, Esq., CCIM, represented Lochrie & Chakas, P.A., in a 62-month, 2,893-square-foot lease renewal at Victoria Park Centre, located at 1401 East Broward Boulevardin Fort Lauderdale.

Lochrie & Chakas, P.A. is recognized for its experience and knowledge in land use, zoning, environmental, and government law. The firm represents property owners, developers and lenders seeking a wide range of development entitlements and due diligence assessments.  Berger Commercial Realty represents tenants and property owners throughout South Florida in the leasing and purchase/sale of commercial properties.

“We were pleased to renew our office lease here.  Berger Commercial was invaluable in reaching the finishing line,” commented partner Robert B. Lochrie III.

The landlord was represented by Jeff Holding with Cushman and Wakefield of Florida, LLC.

 

Investment Management Firm Relocates, Signs 25,000 SF Lease Deal

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Global investment management firm Intech is making a big transfer.

The company is planning to move its headquarters out of Related Companies’ CityPlace Tower and into the 221,000-square-foot One Clearlake Centre office high-rise in West Palm Beach.

Intech inked a 25,000-square-foot lease and will be filling up the tower’s top two-floors, according to a press release. The deal also gives the company exterior signage. The firm, which has about $50 billion under its management, is scheduled to occupy its new space by September 2019.

The lease brings the 19-story office tower at 250 South Australian Avenue to 68 percent leased, with asking rents in the tower ranging from $40 per square foot to $45 per square foot, CREC’s leasing director Mark Goldstein said. Other tenants in the building include Richman Greer law firm, Rosenbaum Mollengarden PLLC, BB&T, Prudential and Northwestern Mutual.

Built in 1986, One Clearlake Centre includes a five-story, 662-space parking garage. CREC’s Carol Greenberg Brooks, Goldstein and Robert Dabrowski oversee leasing and management of the property.

Velocis, a private equity real estate manager, paid $42.3 million for the property in July 2017 with CREC. The joint venture invested millions into renovating the building, including revamping its lobby areas, corridors and bathrooms. The partnership also added a creative tenant lounge and offers tenants a new wellness program.

 

Source:  The Real Deal

Downtown Fort Lauderdale Office Tower Trades For $108.5 Million

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1 East Broward Owner, LLC, a joint venture between affiliates of NAI/Merin Hunter Codman and PCCP, LLC, has acquired 1 East Broward, a Class A office tower in downtown Fort Lauderdale for $108,500,000.

The CBRE Capital Markets team facilitated the sale of the 19-story, 351,705 square foot, institutional-quality office building on behalf of the seller, Ivy Realty.

Additionally, the CBRE Debt & Structured Finance team arranged acquisition financing of $77,465,500 with SunTrust Bank on behalf of the buyer. Vice Chairman, Christian Lee and Senior Vice President, José Lobón of CBRE oversaw the transaction on the sale effort, and First Vice President Amy Julian oversaw the financing for CBRE, working with Chief Financial Officer Dung Lam and Acquisitions Director Corey Winsett on behalf of NAI/Merin Hunter Codman. The CBRE team also included Senior Financial Analyst Andrew Chilgren. Rebecca M. Cox, SunTrust Senior Vice President, provided the financing. Kapp Morrison LLP provided legal counsel to the seller and Shutts and Bowen provided legal counsel to the buyer.

The property is located on the northeast corner of Broward Boulevard and Andrews Avenue, in the heart of Fort Lauderdale’s rapidly expanding downtown, across from the new Brightline Rail Station. The 91% leased property includes a 19-story building and a 5-story building that are connected by a covered sky bridge to a 4-story parking structure that provides the office tenants with 772 covered parking spaces. The property recently received an extensive renovation with over $4.9 million invested since the beginning of 2013 and serves as the new U.S. headquarters for KEMET Corporation, a leading publicly-traded global supplier of electronic components. KEMET recently relocated its corporate headquarters from Greenville, SC to 1 East Broward bringing 150 additional jobs to the Fort Lauderdale CBD. KEMET joins several leading law firms who have corporate and regional headquarters at 1 East Broward including Becker & Poliakoff, Quintairos, Prieto, Wood & Boyer, P.A., McGlinchey Stafford and Hinshaw & Culbertson LLP.

The purchaser of the property, 1 East Broward Owner, LLC is a joint venture between affiliates of NAI/Merin Hunter Codman, Inc. and PCCP, a real estate finance and investment management firm, based in New York and San Francisco that has over $6.5 billion in assets under management on behalf of institutional investors.

Jordan Paul, CEO of NAI/Merin Hunter Codman stated, “We are excited to form this venture with PCCP. Fort Lauderdale is transforming into one of the great live, work, play environments in the United States and 1 East Broward enjoys a unique position within the marketplace. NAI/Merin Hunter Codman and PCCP plan to continue improving the property to solidify its position as one of downtown Fort Lauderdale’s premier corporate addresses and we appreciate that SunTrust was able to provide us with a loan that allows for flexibility in achieving this goal.”

NAI/Merin Hunter Codman will take over property management and leasing at 1 East Broward.

NAI/Merin Hunter Codman Chairman, Neil Merin who will oversee the leasing team with NAI/Merin Hunter Codman Commercial Associate Max Pawk stated, “With its strategic location adjacent to the Brightline Rail Station, the Federal Courthouse and within walking distance of both Las Olas Boulevard and all of the exciting new residential and cultural development taking place in Flagler Village, 1 East Broward offers its tenants an ideal corporate home with easy access to everything that is happening in Fort Lauderdale and South Florida.”

Christian Lee, Vice Chairman of CBRE Capital Markets stated, “Ivy did an outstanding job executing its business plan and creating value at 1 East Broward. By virtue of the 20% rent growth we have witnessed in Downtown Fort Lauderdale since 2014, every building in the CBD affords significant upside potential as leases expire and we expect that the new ownership group will be able to continue to enhance the building and benefit from the exciting growth taking place in Fort Lauderdale.”

Jose Lobon, Senior Vice President, CBRE Capital Markets added, “1 East Broward has benefited tremendously from its location in the burgeoning Flagler Village neighborhood of Downtown Fort Lauderdale. Not only is it the closest office tower to the recently opened Brightline train station, but it is also at the gateway to the CBD’s youngest and hippest enclave which has seen a generational transformation over the last decade, including 6,415 new multifamily units, as well as numerous art galleries, restaurants, and amenities.”

TREIS Brokers Sale Of Heron Bay Portfolio In Coral Springs

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Tiktin Real Estate Investment Services (TREIS) announced the $42.95 million sale of the Heron Bay Office and Retail Portfolio in Coral Springs.

The portfolio, located directly off the Sawgrass Expressway on Coral Ridge Drive, features Waterway Shoppes, a 40,258 SF retail center; Heron Bay III, a 45,344 SF Class A office building; and Heron Bay IV, a 45,383 SF Class A office building.

The Sellers, RM-NA HB Three Office Building, LLC, RM-NA HB Four Office Building, LLC and RM-NA HB Waterway Shoppes, LLC sold the property to Asuman 57th Street, LLC for $42.95 million in an all cash deal.

TREIS President and Broker Adam J. Tiktin and Investment Associate Alejandro Snyder represented the Sellers in the transaction.

Closing took place September 26, 2018.

“We took over this Heron Bay portfolio listing after other international and national firms were unable to get it sold, and are pleased to have successfully executed another transaction for our clients,” stated Adam J. Tiktin. He added, “The principals of this portfolio and their team, including Hal Cohen, Adam Reiss, and Bob Sherman, are a true pleasure to work with. We are proud to have represented them at the highest level over the past seven years. During that time, we have successfully sold each and every property that they have exclusively listed with us. To date, we have sold seven (7) buildings for these clients, Barry Ross and Bill Matz, including such assets as: Strayer University in Miramar, FL, Starbucks in Pembroke Pines, FL, Village Shoppes in St. Lucie, FL, Indian Trace Commons in Sunrise, FL, and now the Heron Bay Portfolio. Their professionalism, communication, positive attitude, and integrity are always second to none, and we congratulate them on this sale.”

The three buildings were constructed by the Sellers in 2006 and 2008 and are fully occupied with a mix of national, regional and local tenants. The properties are part of the City of Coral Springs’ 22-acre master-planned commercial development.

The Heron Bay portfolio is located at 5810, 5830 and 6230-6240 Coral Ridge Drive in Coral Springs. The two office buildings benefit from direct visibility to the Sawgrass Expressway, which records traffic counts of 180,000 cars daily.