HFF Brokers $21.2M Sale Of Broward County Office Complex

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HFF has brokered the $21.2 million sale of One Charter Place, a 101,941-square-foot office complex located at 3301 N. University Drive in Coral Springs.

Ike Ojala, Hermen Rodriguez and Tracey Goo of HFF arranged the transaction on behalf of the seller, a partnership between True North Management Group LLC and Delma Properties Inc.

HFF also procured the buyer, Borsa Properties LLC.

Completed in 2007, One Charter Place includes a four-story, 76,904-square-foot office building; three single-story buildings; and a 489-space parking garage. The property was 94 percent leased at the time of sale to tenants such as the Florida Department of Revenue, BFS Cos., Bank of America/Merrill Lynch, Wells Fargo, Sola Salons and Keller Williams.

 

Source:  REBusiness

Global Law Firm Inks Deal for 12,000 SF In Boca Raton

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Avison Young completed a new 11,730-square-foot lease with global law firm Duane Morris LLP at 1875 N.W. Corporate Boulevard, a 61,905-square-foot class A office building within Lynn Financial Center in Boca Raton.

On behalf of the landlord, Avison Young Principals Greg Martin and Keith O’Donnell facilitated the transaction.

Duane Morris, a law firm with more than 800 attorneys in offices across the United States and internationally, will accompany an impressive tenant list that includes Frank, Weinberg & Black P.L.; Ackerman LLP; Janney Montgomery Scott LLC; Ameriprise Financial; Brown Parker & DeMarinis Advertising; Polen Capital Management, LLC; and Broad & Cassell LLP which recently signed a lease for 16,000 square feet at 1905 N.W. Corporate Boulevard.

“Boca Raton is an important office and part of our presence in South Florida,” said Harvey W. Gurland, Duane Morris Office Managing Partner for Boca Raton and Miami. “We look forward to transitioning to our new home.”

According to Avison Young’s fourth-quarter 2017 Palm Beach County office market report, most of the county’s leasing activity occurred in Boca Raton which led the market in terms of total lease deals. The area’s central location offers a geographic advantage to companies that source employees from northern areas of Broward County and central areas of Palm Beach County.

“Boca Raton’s growing population, attractive amenity base, and ease of access within South Florida’s tri-county area continues to attract and retain top professional firms to the area which boasts a decreasing 10.67 percent class A office vacancy rate,” added O’Donnell.

Lynn Financial Center totals 209,911 square feet of class A office space in three innovative office buildings. The property is positioned in the heart of Boca Raton just minutes from Boca Raton’s Executive Airport and provides easy access to Interstate 95 and Florida’s Turnpike.

 

Plantation Office Portfolio Fetches $43 Million

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Institutional Property Advisors (IPA), a division of Marcus & Millichap announced the sale of Plantation Corporate Center I & II.

The two-building, 239,616-rentable-square-foot office portfolio, located within the Jacaranda Park of Commerce in Plantation, sold for $43,150,000.

The transaction closed February 12.

“Plantation Corporate Center I & II is a high-end asset with stable income that presents new ownership with an opportunity for future upside through re-leasing and potential development,” says Douglas K. Mandel, senior managing director. “Both assets are leased to Crawford and Company through 2021, with Centerfield and Aetna Life Insurance Co. occupying the buildings under sublease agreements.”

Mandel and C. Todd Everett, SIOR represented the seller, a limited-liability company and procured the buyer, a joint venture partnership between IP Capital Partners, LLC and a fund managed by Westport Capital Partners LLC.

Plantation Corporate Center I & II is located on a 20.3-acre lakefront land parcel at 1600 and 1601 SW 80th Terrace between University Drive and Pine Island Road on the north side of Interstate 595. Access to Florida’s Turnpike, Interstate 95, and the Sawgrass Expressway is nearby.

 

Avison Young Fills 60,000 SF At Office Tower In Cypress Creek Market

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Avison Young completed 60,000 square feet of office lease transactions at Trade Centre South, a 215,000-square-foot class A office project located in the Cypress Creek submarket of Broward County, at 100 West Cypress Creek Rd.

Avison Young’s Greg Martin, Principal, and Peyton Moore, Vice President, facilitated the transactions on behalf of the landlord.

Several lease agreements at the building demonstrate the trend of office tenants relocating from Downtown Fort Lauderdale and/or expanding within Cypress Creek for quality, cost-effective space.

Recent lease agreements secured by the agency leasing team at Trade Centre South include:

  • a new 20,125-square-foot lease with the Broward Metropolitan Planning Organization for its new headquarters which will facilitate its day-to-day operations, board meetings, and community hearings.
  • a new 4,703-square-foot lease with Whitehouse Engineering.
  • a new 4,395-square-foot lease with AFLAC.
  • a new 2,702-square-foot lease with Paradise Cruises.
  • a new 6,834-square-foot lease with Imperial Brands which represents an expansion and relocation from Downtown Fort Lauderdale.
  • a new 5,049-square-foot lease with Moffa, Sutton, & Donnini which represents an expansion and relocation from Downtown Fort Lauderdale.
  • a 3,390-square-foot lease with new-to-market tenant JDI Data.
  • a 2,029-square-foot lease renewal with American Friends of Hebrew University.
  • a 4,460-square-foot expansion and renewal of Cequint’s previous 5,615-square-foot space for a total of 10,075 square feet.
  • a 2,704-square-foot lease renewal with Triumph Staffing.
  • a 4,290-square-foot lease renewal with ACE/Jiffy Lube.

“Significant increases in rental rates in Downtown Fort Lauderdale are pushing some tenants to evaluate suburban office opportunities,” said Martin. “Trade Centre South provides great value and quality amenities to tenants with an onsite Tri-Rail station, free structured parking, a class A office environment and finishes, all at suburban rental rates significantly lower than the Downtown Fort Lauderdale area.”

One of Cypress Creek’s largest blocks of contiguous space totaling approximately 38,000 square feet is currently available on Trade Centre South’s fifth floor.

Spanning ten stories, Trade Centre South is conveniently located at the crossroads of Interstate-95 and Cypress Creek Road, approximately 15 minutes from the Fort Lauderdale-Hollywood International Airport. Additionally, the property offers a prestigious corporate neighborhood with restaurants, hotels, and nearby amenities.

Sawgrass Pointe I In Sunrise Sells For $51.1 Million

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CBRE arranged the sale of Sawgrass Pointe I, a 230,668-sq.ft. 6-story Class A office building to New York-based True North for $51.1 million.

The property located at 1000 Sawgrass Corporate Parkway in Sunrise was sold by an institutional investor. CBRE’s Capital Markets team of vice chairman Christian Lee and senior vice president José Antonio Lobón represented the seller.

“Sawgrass Pointe I is located in South Florida’s largest office park, Sawgrass International Corporate Park, which is strategically bounded by the Sawgrass Expressway, Interstate 75 and Interstate 595,” explained José Lobón, senior vice president, CBRE Capital Markets. “Being at the nexus of three major South Florida roadway systems offers the business park unmatched access – an estimated 5.6 million people, more than 90 percent of South Florida’s population, live within a 60-minute commute.”

Built in 2002, Sawgrass Pointe I features an above-market parking ratio of 5.0 per 1,000 square feet, water views and recent common area upgrades. The property is 96 percent leased to 17 tenants with a remaining weighted average lease term of more than five years. The office park is the regional headquarters to several blue-chip companies, including Ford, Fidelity Information Systems, AT&T, American Express, Harris Corporation, Xerox and Ticketmaster.

“Sawgrass Pointe I’s location and high-quality modern design make the property extremely attractive to both tenants and investors. Consequently, demand within the investor community was robust,” explained Christian Lee, vice chairman, CBRE Capital Markets.

Market fundamentals in greater Broward County are strong, with positive net absorption and vacancy declining continuously over past six years. Broward’s unemployment rate of 3.3 percent as of October 2017 is the lowest in South Florida, despite robust population growth. The Sawgrass Park submarket has been exceptionally strong. Vacancy has averaged in the single digits over the past six years and currently sits at just 7.6 percent.

The CBRE South Florida Capital Markets team also included Vice President Amy Julian, Senior Vice President Chris Gallagher and Financial Analyst Tyler Ploshnick.

The Forum Office Buildings Trade In $22.5 Million Deal

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CBRE arranged the sale of The Forum in West Palm Beach.

The 185,089 sq.ft. property, consisting of two multi-tenant office buildings and a four-story structured parking garage, is located at 1665 Palm Beach Lakes Blvd.

A subsidiary of Triarch Capital Group acquired the property for $22.5 million.

CBRE’s Miami-based Capital Markets team facilitated the sale on behalf of the seller, Crimson Peak and Panther Capital Management. Vice Chairman Christian Lee oversaw the transaction alongside Senior Vice President José Lobón and Vice President Amy Julian. The Capital Markets team representing the seller also included Financial Analysts Marcos Minaya and Joseph Chick.

Neil Merin of NAI/Merin Hunter Codman and Jonathan Kingsley of Colliers also worked on the transaction.

“The Forum features unparalleled connectivity to Interstate 95, great access to West Palm Beach’s major transportation hubs, the highest covered parking ratio among its peers and an unrivaled amenity base that includes an on-site hotel that will become the winter home to the Houston Astros,” said Christian Lee, vice chairman, CBRE Capital Markets.

Located a half mile east of Interstate 95, the property offers tremendous transportation dynamics–over half of South Florida’s 6 million residents live within a one-hour drive from the property. Additionally, the property is adjacent to the Palm Beach Outlet mall.

“The West Palm Beach submarket has seen five straight years of positive net absorption resulting in a 670-basis point decline in vacancy and 18% market rent growth,” commented José Lobón, Senior Vice President, CBRE Capital Markets. “Combined with a lack of any new office construction underway in the submarket, the outlook is positive for further vacancy decline and market rent growth.”