Butters Picks Up Boca Office Complex For $21 Million

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Butters just paid $21 million for a three-building office complex in Boca Raton, marking the real estate firm’s third acquisition in the Palm Beach County office market in the past year.

A Butters affiliate, BREF 1900 LLC, bought the 120,000-square-foot office complex at 1900-2000 Northwest Corporate Boulevard, off Glades Road and I-95, the company said. The price equates to $175 per square foot.

Records show the seller is New York-based DRA Advisors, which had paid $19 million for the property in 2008.

CBRE brokered the deal.

“There was no asking price,” said Adam Vaisman, director of acquisitions for Coconut Creek-based Butter. “Bids came in and we ended up being selected.”

Vaisman said the three buildings are currently 78 percent occupied, with tenants including Garda World; Rogers & Cowan; Milber Makris, Plousadis & Seiden; Katz & Associates and Pinkerton. The buildings have covered parking.

He said Butters plans to invest $3 million in the complex, with a goal of bringing it up from Class C to Class B, and allowing the company to raise rents by a few dollars to the low $20s per square foot. Vaisman declined to provide the buildings’ exact current lease terms. Planned capital improvements include modernizing the exterior, entrance and corridors with new carpeting, tile, paint and fixtures, as well as enhancing the landscaping.

“In the Class A market, the asking rents are upper $20s, $30s net, and we feel there is a gap between that class’s rents and the Class B rents, and we can take advantage of that,” Vaisman said. “We can raise the rents by investing some money in the buildings.”

During the past 10 months, Butters also purchased 851 Broken Sound for $6.125 million in May and 3010 Military Trail for $4.6 million in October, bringing its total office acquisition in Boca Raton to 210,000 square feet and $31.7 million.

“We just like office product in this market,” he said. “No one is building it and you can buy it below replacement cost.”

Overall in Palm Beach County, demand for office space is high, according to an Avison Young report released early this year. New construction is expected in West Palm Beach this year, such as the Gardens Innovation Center, which incorporates green building features.

 

Source:  The Real Deal

CBRE’s Genet, O’Loughlin Negotiate Record Price In Sale Of Former Post Office Building

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CBRE Senior Vice President Tom O’Loughlin and Vice President Larry Genet negotiated the sale the Former Post Office Building located at 4350 North Andrews Avenue in Oakland Park, to a new-to-market company.

Andrews Ave. Estate LLC, dba Panda Kitchen & Bath, a kitchen and bathroom supply store, purchased the property for $2,500,000, or approximately $123.00 per square foot.

CBRE's Tom O'Loughlin & Larry GenetO’Loughlin and Genet represented the seller, RLC LTD, in the transaction, which closed March 2.

The one-story, 20,368-square-foot Class C building, which is situated on 2.34 acres, was built in 1965 and has been used as a post office facility since 1996. The building offers direct frontage on Andrews Ave., with 20,500 cars passing per day. The single tenant, freestanding property features 14′ -16′ ceiling heights and a parking lot that can accommodate 106 parking spaces.

 

“The building was in poor condition with all kinds of specialized build-out by the prior tenant, the United States Post Office,” explained Genet. “It took some serious vision and strategic planning to develop a custom marketing program that relied heavily on digital renderings.  Ultimately, that plan generated multiple offers for sale and lease.”

 

“This is the third residential construction-related deal our team has done in the past two months,” added O’Loughlin. “Stone & marble, cabinet, fixture and furniture companies are all experiencing tremendous growth with the addition of thousands of apartment and condo units being built this cycle.”

According to its website, Panda Kitchen & Bath’s philosophy is to save the customer money by owning the quarry and manufacturing plant, thereby providing the best quality product and the best service at the fairest price, allowing customers to afford quality kitchens and bathrooms that they couldn’t afford before.

 

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One Financial Plaza Fetches $87 Million

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Crocker Partners sold a 28-story office tower in downtown Fort Lauderdale to an affiliate of Walton Street Capital for $86.75 million.

Records show Crocker affiliate One Financial Plaza LLC sold the building at 100 Southeast Third Avenue to W-Crocker Fin Place Owner VIII LLC, which is controlled by Doug Welker, principal of asset management at Walton Street Capital, a private equity firm based in Chicago. The buyer financed the deal with a $61.23 million loan from SunTrust.

The deal marks the first large sale of an office building in Fort Lauderdale this year. It breaks down to about $314 per square foot.

The 276,572-square-foot Class A office building was built in 1972, and was originally known as the Landmark Bank Tower. When it opened, it was the tallest building in Fort Lauderdale, and is now the sixth-tallest, according to Emporis. One Financial Plaza was renovated in 2011, data from Real Capital Analytics shows. Crocker Partners paid $44 million for the 4-acre property in 2011.

Tenants include the Tower Club restaurant on the penthouse level, anchor tenant Regions Bank, Pipeline Workspaces, AXA Advisors and Fowler White Burnett. Pipeline signed a 20-year lease for a full floor at the building and opened in October. One Financial Plaza includes an attached parking garage, a renovated lobby, new gym and conference space and a redesigned entrance, according to a Loopnet listing.

The office tower is about two blocks away from Las Olas Boulevard, which is going through a commercial and residential resurgence. In September, a JP Morgan investment manager sold the Las Olas City Centre office tower to Deutsche Bank for $220 million, marking one of the biggest office deals in South Florida in 2016.

And the sale of One Financial Plaza is the second big office building that Crocker has traded in recent months. The Boca Raton-based investment and management firm, along with Cornerstone Real Estate Advisers, sold the Esperanté Corporate Center in West Palm Beach to RedSky Capital for $126 million in July.

One Financial Plaza’s new owner, Walton Street Capital, has handled more than $8.4 billion of investments from public and corporate pension plans, foreign institutions, insurance companies and banks, endowments and foundations, trusts, and high net-worth individuals, according to its website. Affiliates of Walton Street Capital have invested more than $7.5 billion of equity into the private equity real estate investment firm.

 

Source:  The Real Deal

Touchstone Webb’s Laureen Hunter Negotiates Sale Of Girl Scout’s Office Building

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Laureen Hunter of Touchstone Webb Realty Company represented the seller, Girl Scouts of Southeast Florida, Inc., in the sale of 4701 NW 33rd Avenue in Oakland Park.

Jeff Holding and A.J. Belt of Cushman & Wakefield of Florida, Inc., represented the buyer, CB & TL, LLC, in the purchase of the 20,594-square-foot, two-story office building for $3,440,000.

The deal closed December 9.

Touchstone Webb was also tapped in August to secure a new 15,000 to 20,000-square-foot combined office, to be located in southern Palm Beach County, and to locate two new Girl Scout retail stores to serve the organization’s members in the Oakland Park and Jupiter markets.

 

Berger Commercial Negotiates More Than 20,500 SF In Lease Transactions

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Berger Commercial Realty recently secured 20,580 square-feet in lease transactions on behalf of landlords in Broward and Palm Beach counties.

 

Harbor Walk

Senior Vice President Steve Hyatt represented Intervest Harbor Walk, LLC in leasing 4,360 square-feet of office space to AJT Media, Inc. at Harbor Walk, located at 1650 S.E. 17th Street in Fort Lauderdale.

Harbor Walk is a 60,360-square-foot, four-story office building featuring renovated and updated common areas, building signage opportunities, an onsite restaurant and a structured parking garage. The building is located along the 17th Street Causeway, a major corridor that runs from east to west and connects Fort Lauderdale International Airport, downtown Fort Lauderdale, Port Everglades, Fort Lauderdale Beach and more.

Merrill Industrial Center

Senior Vice President Judy Dolan represented Merrill Industrial Center, Inc. in leasing 4,071 square-feet of industrial space to Cleaner Equipment, Corp. at Merrill Industrial Center, located at 3400 S.W. 26th Street.

Situated on a 2.42-acre lot, the 134,132-square-foot warehouse park consists of three buildings and offers convenient access to I-95, I-595, Florida’s Turnpike, Fort Lauderdale International Airport and Port Everglades. Merrill Industrial Center features 20-foot clear height ceilings, dock and grade-level loading, ample parking, and close proximity to the Fort Lauderdale-Hollywood International Airport.

Sample Executive Center

Senior Vice President Keith Graves and Senior Sales Associate Jonathan Thiel represented Sample Executive Center, LLC in leasing 3,368 square-feet of office space to International Preparatory School, Inc. at Sample Executive Center.

Located at 2001 W. Sample Road in Fort Lauderdale, Sample Executive Center is a 61,036-square-foot office building featuring ample parking, a glass front façade, lush landscaping and convenient access to Florida’s Turnpike and I-95.

Prospect Park II

Along with Graves and Thiel, Senior Vice President Joseph Byrnes represented AKF3 SF Light Industrial, LLC in leasing 3,186 square-feet of flex space to RCS Aviation, LLC at 3611 to 3375 N.W. 55th Street and 856 square-feet of flex space to Houston Gun Holsters, LLC at 3411 N.W. 55th Street in Prospect Park II.

Located between I-95 and Florida’s Turnpike at Commercial Boulevard, Prospect Park II is an 81,925-square-foot master-planned business park featuring ample parking, round-the-clock access and flexible floor plans for move-in ready office suites and flex bays with grade-level overhead doors. Renovated over the past two years, Prospect Park II consists of eight buildings with units ranging in size from 902 square-feet to 5,589 square-feet.

Executive Airport Business Center

Dolan and Thiel represented TCPH Broward, LLC in leasing 1,629 square-feet of office space to Smartwater CSI, LLC at Executive Airport Business Center, located at 5101 N.W. 21st Ave.

Executive Airport Business Center is a 73,130-square-foot, single-story office park featuring a diverse tenant mix of retail, business, medical, telecommunications and professional service industries. Situated on a six-acre lot just northeast of the Commercial Boulevard and Prospect Road intersection, Executive Airport Business Center offers close proximity to Fort Lauderdale Executive Airport, I-95 and Florida’s Turnpike.

Woolbright Professional Building

Sales Associate Robert Dabrowski represented Woolbright Properties & Investments, LLC in leasing 1,285 square-feet of office space to ODC Construction, LLC at the Woolbright Professional Building, located at 2240 W. Woolbright Road in Boynton Beach.

The 79,204-square-foot, class-A, four-story office building is within minutes of I-95 on the south side of W. Woolbright Road just east of Congress Avenue. The building offers abundant parking, round-the-clock access, onsite management and signage opportunities.

Cypress Creek Executive Court

Thiel also represented Rising Tide Development, LLC in leasing 969 square-feet of office space to Blue Ocean Advisory Partners, LLC at Cypress Creek Executive Court, located at 2700 W. Cypress Creek Road in Fort Lauderdale.

Cypress Creek Executive Court is a 70,287-square-foot office building offering frontage on Cypress Creek Road, round-the-clock access, plentiful parking and close proximity to I-95 and Florida’s Turnpike.

Delray Office Plaza

Dabrowski also represented Atlantic Avenue Properties & Investments, LLC in leasing 856 square-feet of office space to Horace Mann at the Delray Office Plaza in Delray Beach.

Located at 4731 W. Atlantic Ave., Delray Office Plaza is part of a three-building business park featuring lush courtyards, round-the-clock access, floor-to-ceiling glass and private entrances and bathrooms in each suite. The park is within minutes of downtown Delray Beach and offers convenient access to Florida’s Turnpike and I-95.

 

Douglas K. Mandel, Timothy P. Thomas Negotiate Sale Of Class A Office Property In Boca Raton

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MandelPartners-Douglas-Mandel-Tim-ThomasMarcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) Senior Director Douglas K. Mandel, along with National Office and Industrial Properties Group Associate Timothy P. Thomas negotiated the sale of 3010 North Military Trail, a 36,464-square-foot office building located in the affluent and thriving heart of Boca Raton, Florida.

Butters Acquisitions, LLC purchased the newly-renovated building for $4,600,000 from Numed Holdings, LLC, an entity managed by Todd Stephens. Stephens was one of sixteen defendants charged in September in federal court with participating in a massive insurance fraud scheme including pharmaceutical drugs and illegal kickbacks, according to U.S. officials.

 

“The 3010 North Military Trail property provides Butters Acquisitions LLC with a unique opportunity to own a prospective corporate headquarter facility or a value-add investment within one of the most dynamic and resilient submarkets in South Florida, at a price well-below replacement cost,” commented Mandel.

The three-story building, situated on a 2.11-acre site between Glades Road, Yamato Road and Interstate 95 (I-95), was vacant at the time of the sale.

Mandel and Thomas represented both parties in the transaction.

The deal, which was finalized November 4, brings Mandel+Partners’ number of closed transactions this year to 33 valued at more than $315 million.