Whelchel Partners Announces 45,000 SF Lease Deal In Downtown Boca Raton

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Boca Raton, FL– February 2, 2015

Jay Whelchel and Kristy Hartofilis with Whelchel Partners Real Estate Services represented the landlord at 925 S. Federal Highway in Boca Raton, in a lease deal totaling 45,000 square feet for Kanner & Pintaluga, a personal injury law firm.925 federal boca

The law firm will be relocating and expanding to the Wells Fargo Plaza from its current location in Delray Beach. In addition to its Florida location, Kanner & Pintaluga also maintains offices in Alabama, Georgia, and South Carolina.

Jim Knight with The Knight Group represented the law firm in the transaction.

The lease is one of the largest in Downtown Boca Raton.  After a two year search, Kanner & Pintaluga decided to move their National Corporate Headquarters to the 925 S. Federal Highway location. The firm is slated to occupy the new space in June 2015. Kanner & Pintaluga’s South Palm Beach County office employs 150 people and is currently hiring trial lawyers.

“Many of our employees live in East Delray and love the area. When we outgrew our current location and were unable to find a large enough space to suit our needs and remain in the same vicinity,” Howard Kanner explained. “We made a conscious decision to find a new location that would still allow our employees to enjoy a pedestrian friendly downtown setting. East Boca Raton was the obvious choice. It gives our employees the best of both cities. They can continue to live in and enjoy Delray, have an easy commute to work and have the added bonus of all of the growth that is occurring around our new location.”

Whelchel Partners has had a significant impact on the decreasing vacancy in downtown Boca Raton’s office market, procuring 113,000 square feet in leases since early 2014. The 10-year K&P lease brings the 102,000-square-foot, Class A office building to 90% occupancy.

According to Whelchel Partners, the Downtown Class-A office market has an overall vacancy rate of 18%, representing a significant year-over-year decline from 22%. The tightening office market is pushing rental rates higher.

“Business are attracted to the robust activity, mix use development and vibrancy in the Downtown. Kanner & Pintaluga’s relocation to the Wells Fargo Plaza is a testament to the renewed corporate appeal in thriving Downtown Boca Raton,” commented Jay Whelchel.

About Whelchel Partners: Whelchel Partners is located in Boca Raton, and offers commercial real estate services in Broward and Palm Beach Counties. For more information regarding Whelchel Partners, please visit the website at http://www.whelchelpartners.com or call 561-939-6636.

Deja Vu – Crocker Partners Teams With Cornerstone Real Estate Advisers to Reacquire Boca Center

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BOCA RATON, Fla. — January 6, 2015 — Crocker Partners, a fully integrated real estate company withBocaCenteraerial an 8 million-square-foot portfolio valued at nearly $2 billion, and Cornerstone Real Estate Advisers LLC, acting on behalf of a Cornerstone-managed fund, today announced the acquisition of the mixed-use Boca Center, one of Boca Raton’s most prominent properties.

The portfolio, which includes three Class A office buildings and a high-end retail center totaling 476,000 square feet, is located in the heart of Boca Raton, just east of the Town Center Mall. Although not part of the transaction, Boca Center also includes a 256-room Marriott, the only full-service, non-resort hotel in the Boca Raton market.

Boca Center, purchased from TIAA-CREF, was originally developed by Tom Crocker in the mid-1980s. At that time, it garnered a national reputation as a prototype for successful suburban mixed-use development and even today is an Urban Land Institute (ULI) Development Case Study. Crocker Partners will manage the portfolio for the new ownership. It is the second high-profile South Florida acquisition by the companies, which previously partnered on West Palm Beach’s Esperanté, a 20-story, 256,151-square-foot office tower.

Boca Center’s 360,000-square-foot office component is currently 91% leased to a marquee rent roll that includes FINRA, UBS, and Sun Capital. The 116,000-square-foot retail component is 98% leased, with popular tenants including Rocco’s Tacos, Morton’s, Joseph’s Classic Market, and Total Wine.

“Boca Raton’s office and retail markets have matured, and we believe there is significant upside potential given Boca Center’s draw, mix of uses and location at the heart of suburban Boca Raton,” said Tom Crocker, Managing Partner of Crocker Partners. “We intend to realize Boca Center’s full potential, with significant investment to reposition and reimage the property.”

“We are pleased to have established a presence in Boca Raton, and to continue expanding our relationship with Crocker Partners whose knowledge of both this portfolio and the market will serve our investors well,” said Michael Zammitti, Managing Director of the Eastern Region Equity Office for Cornerstone.

The Boca Center acquisition brings Crocker Partners’ holdings to more than 8 million square feet in the Southeast U.S. and Texas, and more than 1 million square feet in Boca Raton alone. The company recently acquired One Boca Place, a 277,390-square-foot office building, as well as a two-building, 330,438-square-foot Class A office portfolio in the city. It also owns and operates trophy assets around the state, including Miami Center, and Two Harbor Place in Tampa.

About Crocker Partners

Headquartered in Boca Raton, FL, with regional offices in Atlanta, Miami, and Jacksonville, Crocker Partners is known as a leading owner and developer of high profile properties in key markets, with a highly disciplined approach to investing. In all, Crocker Partners principals have owned, managed and developed more than 32 million square feet of Class A mixed-use, office or residential projects valued at approximately $4.0 billion in major markets in the Southeast and Texas. For information contact Angelo Bianco, 561-447-1810, email investor_relations@crockerpartners.com and visit www.crockerpartners.com.

About Cornerstone Real Estate Advisers LLC

Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the largest global real estate investment managers. It provides core and valu
e-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. Visit www.cornerstoneadvisers.com.

Class A Las Olas Office Asset Fetches $108 Million

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Fort Lauderdale-based Stiles and Prudential Real Estate Investors announced today the acquisition of 200 East Las Olas, also known as New River Center, a 20-story trophy Class A office tower located directly on Las Olas Boulevard in the heart of Fort Lauderdale’s bustling central business district.

Developed by Stiles in 1990, this institutional quality asset is currently 86% leased and encompasses 281,713 rentable square feet of some of the most desirable office and ground-floor retail space in the vibrant South Florida region.

The property was acquired from Invesco Ltd. for $108 million, or $383 per square foot, by a joint-venture between Stiles Property Fund (SPF) and PREI. SPF is a discretionary value-added real estate fund that invests in office and retail properties throughout Florida. PREI®, among the world’s largest real estate investment management and advisory businesses, is a business of Prudential Financial, Inc.

New River Center was marketed through commercial real estate and capital markets services firm HFF, L.P. Hermen Rodriguez, senior managing director at HFF L.P., led the sale effort along with Ike Ojala, Jorge Portela and Tracey Goo.

“We are proud to once again partner with Prudential Real Estate Investors, one of the nation’s top commercial and residential investment groups,” said president of Stiles Doug Eagon. “As its original developer, we have come full circle with New River Center. Given our deep knowledge of the asset, the property’s upside potential and the robust market outlook, this acquisition fit well with our investment strategy.”

New River Center is positioned on 1.4 acres and includes unparalleled views of the New River and downtown Fort Lauderdale. The property consists of a 12-story office tower above an eight-story parking garage with 675 spaces, as well as nearly 15,000 square feet of ground-floor retail. It is currently leased to “blue chip” tenants, including: Fifth Third Bank; Akamai; Yum! Brands; Brinkley Morgan; and Stearns Weaver.

Following the acquisition, Stiles plans to implement its asset management best practices to drive further upside and additional synergies at New River Center. Stiles Leasing and Management will be engaged exclusively to handle the asset.

“The opportunity for SPF to acquire prime office real estate on Las Olas Boulevard with upside potential made this investment very attractive,” said SPF Fund Manager Kyle Jones. “We are looking forward to executing our business plan and creating further value at the Property utilizing Stiles’ diverse range of services.”

While Stiles has a long history of real estate transactions, New River Center is the first office transaction the Company has made through SPF, which it launched in 2011. Previous SPF acquisitions have targeted retail shopping centers throughout Florida and have included: Ormond Beach Mall, a 102,170-square-foot Publix grocery-anchored center in Ormond Beach; Market at Southside, a 95,135-square-foot center in Orlando; the former PGA Design Center, a 145,500-square-foot mixed-use property in Palm Beach Gardens; and Galleria Plaza, a 29,443-square-foot center in one of the most visible and affluent retail corridors of Fort Lauderdale.

According to Eagon, Stiles remains very active in Broward and especially the central business district of Fort Lauderdale, which is characterized by an urban lifestyle that has helped to drive concentrated growth in the downtown area.

“The 24/7 environment in downtown Fort Lauderdale is contributing to a thriving market with strong employment growth and lower vacancy rates,” commented Eagon. “Most of the new jobs being created are in the downtown urban areas of South Florida, including Brickell Avenue and Coral Gables.”

Stiles track record on Las Olas goes back to 1951 when the company was first established. Stiles has since developed 43 million square feet of real estate throughout Florida and more than 3.5 million square feet of projects in downtown Fort Lauderdale with uses ranging from office and retail to residential and associated parking. Responding to market demand for urban living, Stiles is currently underway with an ultra-luxury 254-unit apartment high-rise one-block from Las Olas Boulevard.

Berger Commercial Negotiates 36,000 SF Office Lease For BSO

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Berger Commercial Realty announced today that the Broward Sheriff’s Office (BSO) has leased spaced at two local properties represented by the full service commercial real estate firm.

Lloyd BergerIn the first transaction, Lloyd Berger, founder and president of Berger Commercial Realty, represented Northwest 5th Avenue LLC in a lease renewal with the Sheriff’s Office for 47,000 square feet of flex space, located at 820-880 N.W. 5th Ave. in Fort Lauderdale.

The air-conditioned warehouse serves as BSO’s Evidence Unit, which receives, catalogs and stores evidentiary, abandoned, forfeited and found property in accordance with state and local law.

Joseph ByrnesAdditionally, Berger Commercial Realty Vice President Joseph Byrnes represented Lauderdale Marketplace Investments in leasing 36,000 square feet of office space to the agency. Located at 2926 N. State Road 7 in Lauderdale Lakes, BSO’s new office houses the agency’s department of community control.

Berger Commercial oversaw the design and renovation of BSO’s Lauderdale Marketplace office, which opened in late October.

 

 

 

CBRE Closes 16,000 SF At The Plaza

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CBRE has signed Imperial Finance & Trading, LLC, a subsidiary of specialty finance company Imperial Holdings, Inc. (NYSE: IFT),  to an 11,000 square foot lease at MetLife’s newly renovated, 11-story office tower, The Plaza in Boca Raton.

The firm moved into their new office space this month.

Antony Mitchell, CEO of Imperial, commented, “We are thrilled to move to our new Boca Raton location at The Plaza. This new space satisfies our operating needs while meaningfully lowering our annualized rental costs.”

Michael Erickson, Senior Vice President with CBRE handled the real estate transaction on behalf of building owner MetLife. Imperial was represented by co-brokers Ryan Nunes, Scott Allen and Shay Pope of CBRE’s South Florida Occupier Services Group.

Imperial provides customized liquidity solutions to owners of illiquid financial assets.

Other recent leases included Weingarten Realty Investors (NYSE: WRI) 5,000 square foot lease for the company’s South Florida regional office.

JLL Wins Leasing And Management For Courthouse Commons

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JLL has been tapped as the leasing and management agency of Courthouse Commons, a premium, Class A 93,000 square-foot office building with direct access to the West Palm Beach County Courthouse and walking distance to Clematis Street and CityPlace.

Located at 444 West Railroad Avenue, Courthouse Commons is the last building in downtown West Palm to offer 20,000 contiguous square feet on one floor and boasts the highest parking ratio in the Central Business District (CBD) at a ratio of 5.4 per 1,000 SF.

JLL’s Vice Presidents Kevin McCarthy and Kevin Probel will spearhead the leasing efforts and management at the building. With this assignment, JLL continues to expand its agency leasing portfolio to nearly 1 million square feet of office space in Palm Beach County.

 

“The building’s convenient access to the courthouse and all of the amenities downtown, including restaurants, shops and vibrant work, play environment, makes it the perfect location for attorneys, accountants, and other professional agencies,” said McCarthy.

 

The building, which has a covered pedestrian skywalk to the West Palm Beach County Courthouse and City Hall, was originally built for law firms but has attracted an eclectic mix of tenants, including a US government agency. The building’s new owner, Florida Community Bank (FCB), selected JLL to help maximize the property’s value and secure additional tenants.

 

“Over the last two years, we’ve really increased our presence in Palm Beach County and established JLL as one of the area’s leading commercial real estate firms,” said Probel “Courthouse Commons is one of the leading properties downtown. JLL is looking forward to working with FCB to secure additional tenants looking for a high profile location, unmatched amenities and competitive leasing terms.”

 

“We are excited to have JLL lead our leasing and management of the building,” said Florida Community Bank’s Director of REO, Larry Benton.  “They have a proven track record in South Florida and national reputation that will attract the right mix of tenants to increase the property’s value. With the highest parking ratio downtown, and the largest contiguous space remaining on one floor, Courthouse Commons is strategically placed for tenants seeking a downtown address with ample parking.”

 

The building is located less than two miles east of I-95 from the Okeechobee Boulevard exit.