Taylor & Mathis Inks 65,000 SF At Phillips Point

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Phillips Point continues to enjoy a historically high occupancy rate with $46.5 million in recent leasing transactions.

Taylor & Mathis Principal Brian Gale has secured four leases totaling 65,600 square feet, with additional deals in the works.

In a new to market deal, Connecticut based Wexford Capital signed a 7,400 lease.  The $4.5 million deal was co-brokered by Neil Merin and Shelbi Quinn of NAI/Merin Hunter Codman. The towers have received strong interest from Northeast based hedge fund and wealth management firms like Wexford. “These types of firms are choosing South Florida because of lower taxes and beautiful weather,” said Taylor & Mathis Principal Brian Gale.

ESPN radio West Palm office of Good Karma Brands will be relocating to Phillips Point Tower, having signed a one million dollar lease for 4,635 square feet. “Phillips Point continues to attract the highest quality tenants in the market, with its unparalleled views and quality of ownership,” said Gale.

The key testament to Phillips Point’s iconic stature in the market is the tenants choosing to stay at the property. In the last couple of years, Taylor & Mathis has reported nearly 150,000 square feet in renewals and expansions, with heavy weight tenants, such as Gunster and Morgan Stanley.  This year has seen two notable renewals.  International law firm, Greenberg Traurig, LLP signed an early renewal for an additional 13 years at the property, signing a 30,254 square foot lease for their West Palm Beach office.  Co-broker Jon Bourbeau of Newmark Grubb Knight Frank represented the law firm in the deal valued at $23 million.

AMG Properties has more than doubled the size of their offices signing a 12,805 square foot expansion along with a 10,518 square foot renewal.  Co-broker Darren Goldstein of Virtual Global Realty represented the real estate management firm in the 23,323 square foot, $18 million deal. “We anticipate seeing additional growth from them yet this year,” stated Gale.

“These tenants conducted extensive due diligence during their search for office space before signing leases at Phillips Point,” stated Gale.

The building is home to internationally recognized tenants including, Gunster, Squire Sanders, Goldman Sachs and Akerman.

 

Where’s The Crazy Money Going?

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by Reese Stigliano
Following the money, based on per square foot prices, here is a countdown of the most expensive commercial real estate  transactions in South Florida so far this summer.

So…“Where is the crazy money going?” 

Here’s the countdown:

5. Federal Government Leased Building: A 35,737 sq.ft. building located at 2805 SW 145th Street in Miramar which is leased to the U.S. Immigration and Customs Enforcement Office (ICE) sold for $13.14 million or $367 per square foot.

4. Retail Strip Centers: Restaurant anchored and Class A located retail demanding top dollar: A 33,469 retail strip center located at 1451-1535 North Federal Highway in Fort Lauderdale sold for $13.8 million or $412 per square foot. In addition, a brand new 19,403 sq.ft. restaurant anchored, strip center located at 6300 North Andrews Avenue sold for $11 million or $566 per square foot.

3. Medical Office Building: A 22,110 sq.ft. building located at 501 West Glades Road, Boca Raton, FL sold for $13.8 million or $624 per square foot.

2. Free Standing Drug Stores: A 15,792 sq.ft. Walgreens built in 2009 located at 12711 Quail Roost Drive, Miami, FL sold for $10.15 million or $634 per square foot.

1. Free Standing Bank Branches: Breaking the $1,000 per square foot barrier: In the month of July, there were three recent TD Bank branch sales:

  • TD Bank located at 1701 East Sunrise Blvd. in Fort Lauderdale totaling 4,698 sq.ft. sold for $5.32 million or $1,133 per square foot.
  • TD Bank located at 3600 North Federal Highway Lighthouse Point totaling 3,439 sq.ft. sold for $5 million or $1,453 per square foot.
  • TD Bank located at 1800 North Pine Island Road in Plantation totaling 3,539 sq.ft. sold for $5.33 million or $1,506 per square foot.

 

Source:  ReeseOnRealEstate

Downtown Fort Lauderdale Office Tower Trades, Pointe Group Advisors Awarded Management

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One of the largest privately held real estate advisers in the U.S. has acquired two prime office properties along Broward Boulevard in the heart of Fort Lauderdale’s business district.

Realty Associates Fund X LP, a real estate investment trust, paid $66.4 million for the downtown office towers at 203 SE First St. and 200 E. Broward Blvd., according to a deed recorded Friday. The building is home to multiple law firms, including Shutts & Bowen and Weiss Serota Helfman Pastoriza Cole & Boniske.

The buyer is linked to Boston-based TA Associates Realty LLC, which manages 91 million square feet of commercial real estate and 12,300 residential units in 35 markets nationwide. This deal gives it control of more than 540,000 square feet of prime office space.

One of the biggest tenants, Greenspoon Marder, moved nearly 100 lawyers into the building from the Cypress Creek area. In November, Greenspoon leased 64,964 square feet, expanding from one to four full floors and giving a strong boost to office absorption along the Broward Boulevard corridor.

The sale represented a gain for the seller, VV USA City LP, a German closed-end investment fund, which paid just under $44 million for the towers in separate transactions in 1998 and 1999, yielding a 51 percent return on the deal.

TA Associates Realty has selected Miami-based management, brokerage and advisory firm Pointe Group Advisors as the property manager for the building.

“Given our proven track record of performance and success in servicing assets in Broward’s suburban markets, our team is very excited about the opportunity to bring our award-winning property management platform into Fort Lauderdale’s central business district with the assignment at 200 Broward,” said Alfie Hamilton, Vice President of Pointe Group Advisors. “We look forward to executing the new ownership’s vision for the numerous capital improvement projects that will be undertaken to modernize the building so that it can compete with the newer product on Las Olas. Our team is committed to creating a tenant-friendly environment with our high-tech, high-touch approach of management, as well as assisting the leasing team all in an effort to maximize the value of 200 Broward.”

 

Source: DBR

Mainstreet Picks Up North 40 Office Buildings

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A pair of office buildings in Boca Raton were acquired at a 44-percent discount to their previous sale.

TIAA took a hit on both properties.

After paying $62.15 million the North 40 pair in 2006, it sold the office buildings at 5201 Congress Ave. and 901 W. Yamato Road for a combined $35 million.

They were acquired by Mainstreet CV North 40 LLC, an affiliate of Fort Lauderdale-based Mainstreet Capital Partners, led by Paul J. Kilgallon. Bank of America provided a $26 million mortgage to the buyer.

According to Mainstreet Capital Partners’ website, it owns more than 6.2 million square feet of offices across the country.

The building on Congress Avenue totals 222,136 square feet on 17.1 acres. An online listing says 101,316 square feet is available for lease there with an asking rate of $13.50 per square foot.

Sitting on 10 acres, the building on West Yamato Road totals 160,817 square feet. According to an online listing, it has 12,500 square feet available for lease with an asking rate of $13.50 per square foot. The building was formerly the headquarters of Medical Staffing Network, which was recently acquired by Cross Country Healthcare.

CBRE Arranges Sale Of Delray Park Of Commerce

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CBRE arranged the sale of Delray Park of Commerce, a 19,478-square-foot boutique office building located at 800 NW 17th Avenue in Delray Beach.

Brain Matters Properties, LLC acquired the single-story building from HHCS Real Estate, LLC for $3.4 million.

CBRE represented the seller.

“Delray Park of Commerce offers a combination of flexible office space, great amenities and convenient access to major transportation arteries,” said CBRE’s Owen Sagar.

Built in 1999 and located in a highly desirable area near upscale neighborhoods, the property is well-situated on 4.39 acres on the northeast corner of Congress Avenue and Lake Ida Road. Delray Park of Commerce offers ample parking in a corporate, park-like setting with quaint water views and easy access to I-95 and Atlantic Avenue, “The Ave.,” in downtown Delray Beach.

CBRE’s sales team included Dominic Montazemi, Scott O’Donnell, Miguel Alcivar, Jason Hochman and Owen Sagar. Garrett Vonk represented the buyer.

M&M’s Mandel Brokers Coral Springs Office Sale

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Marcus & Millichap announced the sale of BB&T Bank Building, a 37,369 square foot office property located in Coral Springs.

The asset sold for $4,275,000, equating to $114 per square foot.

Douglas K. Mandel, a first vice present investments, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a partnership from Miami.

“This was an opportunity for an investor to acquire a stabilized asset located within the Coral Springs Community Redevelopment Area. The focus of the redevelopment plan is to convert the current low-density, unconnected, car-dependent, development pattern into a ‘real downtown’ where none has existed before,” says Mandel.

BB&T Bank Building was constructed in 1978 and is 93 percent occupied with a mix of professional office and medical office tenants. BB&T Bank has a branch in the property with drive-thru lanes and an ATM. The property is located adjacent to the Broward Health Coral Springs Hospital at 9600 West Sample Road in Coral Springs.