Becker & Poliakoff Building In Hollywood Trades For $8M

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Calkain Companies recently arranged the sale of a 52,000+/- square foot, net rentable two-story office building located at 3111 Stirling Road in Hollywood for $8,250,000.

Lee Brushingham, Director at Calkain Companies, represented the seller in the transaction.

The building was originally constructed by the founding member and managing partner, Gary Poliakoff, Esq., who rose to fame leading the law firm Becker & Poliakoff. The property had been occupied by Becker and Poliakoff since its completion in 1988. The firm vacated the building January 31, 2014 resulting in a vacant asset. Although ownership considered re-leasing the building, several potential purchasers emerged with sincere interest in acquisition.

Brushingham commented, “The asset was looked upon favorably by the owner-user market because of its location and the level of construction detail that was employed by Mr. Poliakoff, including subsurface pilings, slab-to-slab walls throughout, new roof, fully upgraded chiller system, and even an elevator room that was separated from the main building to ensure noiseless elevator operation.”

Other factors noted by Brushingham included fully approved plans for the addition of a third floor, ample parking and a great lakeside office park setting.

The buyer, Memorial Health Care Systems, was in the market for a suitable administrative headquarters in which to consolidate a number of divisions. Bob Banks of RW Banks Real Estate represented Memorial Health Care in the transaction. “This will be a great home for Memorial’s administrative staff for many years to come,” said Brushingham.

 

Madelayne Garcia Signs Media Company To 7-Year Deal

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Comcast Spotlight, the advertising sales division of Comcast Cable, will lease 14,218 square feet at Offices at Miramar Town Center located in Miramar, according to an announcement by Stiles Realty.

The media and technology services provider signed a 7.5-year lease bringing the center to 100 percent occupancy.

Stiles Realty director Madelayne Garcia represented the landlord, Rock-Kim Miramar, LLC, and Jones Lang LaSalle senior vice presidents Jonathan Kingsley and Stephen Rutchik represented Comcast Spotlight in the transaction.

Comcast Spotlight is one of two leases to help bring the property to full capacity. Garcia, who took over the listing in 2012 when 18,000 square feet remained available, recently signed another lease with attorneys Lopez and Morales, PA, for 3200 square feet. Another notable tenant at the Offices at Miramar include U.S. General Services Administration for about 15,000 square feet. The building is fully leased with the exception of a bank outparcel that remains available.

According to Garcia, Comcast Spotlight, who relocated from another building in Miramar, was attracted to the Offices at Miramar Town Center due to its high-end finishes, central location and accessibility. “This building is an excellent option for tenants seeking quality, flexible space and easy access to Florida’s major highways,” said Garcia. “The Offices at Miramar Town Center has an effective market niche and is drawing attention from large and midsize users. In the case of large-user Comcast Spotlight, the property’s fine finishes and area amenities were a major deciding factor.”

The 42,027 square foot property, built in 2008, is a part of a mixed-use development featuring retail, residential and municipal buildings, located at 11606 City Hall Promenade just off of Miramar Blvd and only one mile from I-75 and Florida’s Turnpike.

 

Cornerstone Buys Sunrise Office Building For $32M

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The Lake Shore Plaza II office building in Sunrise has traded for $32 million.

A company managed by Fort Lauderdale-based Stiles sold the 1300 Concord Terrace building to TR Lake Shore Plaza on Dec. 17, according to Broward County records. The county recorded the transaction on Thursday.

TR Lake Shore is managed by Connecticut firm Cornerstone Real Estate Advisers, which has had a busy month.

Cornerstone partnered with Boca Raton-based Crocker Partners on the $71 million acquisition of downtown West Palm Beach office building Esperante Corporate Center. That purchase closed on Nov. 26.

No financing was recorded for the Lake Shore purchase.

The 128,000-square-foot building was completed in 2008 on nearly nine acres. Tenants include Global Medical Management and Travel Insurance Center.

Another Stiles-managed company sold the Gateway at Sawgrass retail center in Sunrise for $16 million earlier this month.

 

Source:  The Real Deal

Popular Las Olas Property Trades For $5.6M

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Adam P. Von Romer, CCIM and Mario Abati, both of Fitzgerald Group, completed the sale of 904 East Las Olas Boulevard, Fort Lauderdale, for $5,600,000.00 to Tim Petrillo on behalf of an entity to be formed.

The property, sold by Boyle Las Olas, LLC, consists of well-known Mangos  Restaurant & Lounge, an adjacent real estate office, and a separate parking lot directly behind the main building and is subject to a long term lease.

The property also proved to be quite popular as it generated 11 written offers to purchase.

 

Sandra Andersen Inks 65,000 SF Deal At 200 East Broward

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Greenspoon Marder has leased four floors at 200 East Broward Blvd., one of downtown Fort Lauderdale’s tallest office buildings. The firm will move all attorneys downtown, keeping portions of its Cypress Creek area office for support staff.

The new 64,964-square-foot lease expands what was formerly Ruden McClosky’s space in the tower. Greenspoon acquired Ruden’s book of business and many attorneys out of bankruptcy in November 2011.

Greenspoon has more than 160 attorneys in 10 Florida offices.

“We wanted to align our space needs with our business goals by bringing our lawyers closer to many of our corporate and banking business clients in downtown Fort Lauderdale,” co-founding partner Gerry Greenspoon said in a news release.

Sandra Andersen, senior VP for Jones Lang LaSalle, completed the lease on behalf of the building’s ownership, VV USA City, LP., an entity represented by Invesco Real Estate.

Greenspoon Marder was represented by Studley corporate managing director Thomas Capocefalo  and executive VP Gregory Katz.

According to Jones Lang LaSalle, the occupancy rate at the 21-story class A office building rises to 87 percent, with other tenants including PNC Bank and law firms Shutts & Bowen and Weiss Serota Helfman Pastoriza Cole & Boniske.

“This transaction is a testament to the strengthening of the office market in the CBD, particularly along Broward Boulevard, as law firms like Greenspoon Marder look to solidify their presence in the Central Business District,” Andersen said in the news release.

Financial terms were not disclosed.

 

Source: SFBJ

 

Beacon Square Sells In Largest Sale Transaction In Palm Beach County For 2013

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Avison Young’s South Florida operations announced the largest office building sale transaction in Palm Beach County to date in 2013, overseeing the sale of Beacon Square, a 160,000-square-foot building located at 8051 Congress Avenue in Boca Raton.

Avison Young Principals Keith O’Donnell and Greg Martin, and Associate Jonathan Senn, represented the seller during the transaction. The buyer, SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure across North, Central and South America. The company plans to use the building as their corporate headquarters.

“The Beacon Square building was originally designed for IBM’s exclusive use, however, we carefully planned the building to be flexible and accommodate other users down the road,” said Mr. O’Donnell. “The movement we are seeing from both large and small businesses transitioning from leasing to owning their space is a trend we expect to continue as tax laws change, enhancing the benefits of ownership, and the supply of new space remains limited.”

According to recent market trend reports, office properties in Palm Beach County witnessed a decrease in total vacancy as a result of growth in housing, employment and the economy in 2013. Along with the West Palm Beach submarket, Boca Raton was a contributing factor to the majority of the positive activity in the market this year.

Beacon Square is a four-story, class A office building which features an open layout, highly upgraded finishes, hurricane-resistant windows and a dining facility. Following the sale, SBA will temporarily remain in their current building, as renovation will occur to repurpose the property for SBA’s use and future expansion.

Gregory Katz, Executive Vice President with Studley, represented SBA Communications Corporation.