Stigliano Turns Double Play

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Reese Stigliano, Senior Vice President with Brenner Real Estate Group, completed a double play for his client, SNG Prosthetic Eye Institute.

Ken SilberlingStigliano represented the client in the sale of their office building in Boca Raton and coordinated the relocation to a new leased space in Delray Beach. Reese was assisted in these transactions by his associate, Ken Silberling.

The sale of the 4,010 square foot building, located at 950 NW 9th Court in Boca Raton, closed on Friday, June 13th for $1,225,000.

The buyer was Welcor Holdings, LLC, a local real estate investment firm that plans on leasing the space to a physical therapist. The building, which is located within walking distance to Boca Raton Regional Hospital, sold for over $305 per sq.ft.

“This is a very high price for an empty building,” according to Stigliano, “but the location in east Boca Raton and the unique zoning of MC (Medical Center) made the property very desirable for a medical user.”

Once the building was under contract, the next challenge was identifying a suitable alternative medical space to lease. Also, the client needed to close on the sale and be open for business in the new space virtually the same day without any down time.

Stigliano and Silberling were able to locate a 2,611 square foot medical office condo for lease in the South County Professional Center located at 16244 S. Military Trail in Delray Beach where SNG Prosthetic Eye Institute signed a five (5) year leased valued at over $260,000.

“Reese did an absolutely fabulous job juggling the sale of my building and coordinating the relocation of my company. We sold the building on a Friday and Monday morning I was opened for business in my new location,” according to Nicole Garonzik, owner of SNG Prosthetic Eye Institute.

 

3 Sales In 30 Days Within 3 Miles

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Bonvie Realty closed on three properties within three miles of each other in Fort Lauderdale within the past month.

The buildings are all due to be renovated under their new ownership.

The office buildings are older and have needed major renovations for some time. Each of the three buildings will have the renovation project started before the end of the year under the new owners, though completion dates have not been announced.

TFRE Holdings, Inc. acquired the two-story, 11,609-square-foot retail building at 5130 N. Federal Highway from KAS Partners LLC for $1.03 million, or about $88 per square foot. Rick Bonvie with Bonvie Realty represented both the buyer and seller in the sale.

Bonvie Realty represented the buyer, Steven D’ Apuzzo LLC on the acquisition of 2755 E. Oakland Park Blvd., while Keith Kidwell with Sperry Van Ness represented the seller, Cheiftain Holdings LP. The three-story, 20,961-square-foot office building sold for $1.8 million, or about $87 per square foot.

And most recently, 4331 N. Federal LLC purchased the Monaco Building, a 19,091-square-foot office building located at 4331 N. Federal Hwy., from Mayjus LLC for over $1.5 million, or about $83 per square foot. Rick Bonvie with Bonvie Realty represented the seller, while Kenneth Weston Healthcare represented the buyer.

 

Source:  CoStar

Atlantic Commercial Group Completes Building Sale In Coconut Creek

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Gary Broidis, Principal of Delray Beach-based Atlantic Commercial Group, Inc. recently completed the $1,600,000 sale of a 12,000 square foot building located in Coconut Creek.

The building, located at 6119 Lyons Road, was developed as a free-standing building approximately 6 years ago and was under contract several times with previous buyers.  Under the direction of Mr. Broidis, the property was sold to a local physician staffing company and will serve as their corporate headquarters.

Two land parcels, located immediately adjacent to this building, are currently being marketed by Atlantic Commercial Group as well.  Per Mr. Broidis, these land parcels are fully approved for identically buildings to the one recently sold and are situated in a beautiful office park with immediate access to the Sawgrass Expressway and The Florida Turnpike.

 

Sperry Van Ness Reps Advance Fire & Security In Purchase Of Pompano Office Building

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Advance Fire & Security purchased a 28,000 square foot office building on 2.5 acres from Harrisons Holdings II, LLC for $2,250,000 or $81 per square foot.

Known as the Lakeview Health Building, the property is located at 2701 Gateway Drive, Pompano Beach.   It was constructed in 1982 by the agent’s father; Les Byron Associates.

Les Byron, Jr. SIOR, CCIM, Steve Davis and Keith Kidwell, SIOR, CCIM of Sperry Van Ness Commercial Realty in Fort Lauderdale, Florida, represented the Buyer in the transaction.

Whelchel Partners Brings 980 Cendyn To 75% Occupied With 50,000 SF In Deals

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Whelchel Partners Real Estate Services has secured more than 50,000 square feet of new tenants at the newly renovated 980 N. Federal Hwy., recently renamed 980 CENDYN.

The Boca Raton office building, formerly known as the Compson Financial Center, sold in August 2013 to local investment group Boca East Investments LLC.  Whelchel Partners represented the buyer in the acquisition of the 95,000 square foot building.

New anchor tenant Cendyn has recently moved into a full floor at the building, relocating its worldwide headquarters. The new ownership’s managing member, Charles Deyo, is also President and Founder of Cendyn, a full service hotel internet marketing agency.

Cendyn @ SPACES ThirdfloorCendyn Spaces, a modern concept business center and co-working location that allows for business and independent contractors to lease office and meeting space by the hour, the day, the month or the year providing ultimate flexibility.

Extensive renovations have recently been completed at the property, including new exterior façade (completion date August 1, 2014), new restaurant (Meat Eatery & Taproom), new HVAC chiller system, high tech security system, a multipurpose redesigned atrium, robust tenant improvements as well as upgraded common areas.  The building incorporates the latest technology innovations including  new 1 Gbps fiber link, Cisco Collaboration Infrastructure, CAT 6 cabling, enterprise class Wi-Fi throughout building.

Other new tenants include, R2 Unified Technology, Flagship Solutions, Matteis & Company and the new restaurant M.E.A.T.(Meat Eatery And Taproom), joining existing anchor tenant Wells Fargo.

The lease transactions bring the building from 25% occupied a year ago to over 75% occupied today.

“New ownership has created the infrastructure and environment to support the full spectrum of office users with the ability to offer 10 minute leases or 10 year leases” says Jay Whelchel, Principal of Whelchel Partners Real Estate, pictured above left.

Jay Whelchel and Whelchel President and Broker Kristy W. Hartofilis, pictured left, will remain on the project as leasing company and asset manager.

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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.

About Cendyn: Cendyn® is a full-service agency specializing in turnkey solutions that drive bottom line results for the travel and hospitality industries.   Cendyn represents 18,000 hotel and travel destinations with clients such as Starwood Hotels & Resorts, Ritz-Carlton Hotel Company, Hyatt Hotels, Hilton Worldwide, Marriott, and other independent properties.  For more information, please call 866-625-4518 or visit http://www.cendyn.com

Office Building Finds New Owner After Less Than 30 Days On The Market

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Avison Young completed the $2.1 million sale of Plantation Tech I, a 37,357-square-foot office building located at 6600 NW 16th Street within, Plantation Technology Park.

David Duckworth, Vice President of Investment Sales with Avison Young, represented the seller, Matecumbe Rand Plantation I, LLC, in this transaction.

“Upon initial evaluation of the asset, we recommended that upcoming expiring leases be extended to add value and marketability of the building,” said Duckworth. “Once completed, we listed the building on the market and had a deal principally agreed upon within 30 days.”

Plantation Tech I is a fully occupied, single-story office building; it was highly sought after because it offers solid in-place cash flow along with value add potential. This submarket is attractive to tenants because of the ability to lease space at rental rates below County averages and it offers flexible zoning, which allows for a myriad of end-users.

Recent market reports indicate that the availability of attractive financing and overall improving market conditions positively impacted the volume of investment sales in the first quarter.

Plantation Technology Park was established in 1948 as the first industrial park in Broward County. The Park is comprised of approximately 160 acres located in the northeastern section of the City of Plantation. The area is home to Motorola Mobility Inc.’s 1 million-square-foot headquarters facility.