Butters Inks 90,000 SF Renewal

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Richline Group Inc., a Berkshire Hathaway company, has agreed to a 10-year renewal on 90,000 square feet at 6701 Nob Hill Road. Broker Thomas Viscount, who represented Denver-based landlord Industrial Income Trust Inc., announced the transaction Friday.

The lease is valued at $7.7 million, according to Viscount, senior vice president at Butters Realty and Management LLC of Coconut Creek.

Formed in 2007, Richline manufactures and distributes necklaces, bracelets, earrings, rings and other items to thousands of jewelry outlets, according to its website. In addition to the Tamarac facility, the company has offices in Burbank, California, New York and Warwick, Rhode Island.

Jones Lang LaSalle Inc. senior vice president Nick Wigoda represented Richline.

 

Source: DBR

Herring, Lobinsky Bring 17,400 SF Tenant To Coastal Tower

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CBRE has arranged a lease for insurance company USI, the 9th largest insurance broker in the United States, at Coastal Tower, a Class A, LEED ®EB Silver-certified office building at the corner of US 1 and Commercial Boulevard in Fort Lauderdale.

The company will relocate approximately 80 employees from its current location at Broward Trade Center, located at 200 W. Cypress Creek Road, to the new office, located on the 6th floor, when it assumes occupancy on January 1, 2014.

CBRE is the leasing agent for Coastal Tower owner California State Teachers’ Retirement System (CalSTRS).

While the Broward County office market continues to post year-over-year negative absorption, leasing at  Coastal Tower has actually picked up pace in 2013. USI is the 10th tenant this year to sign a new lease or expansion there. CBRE has arranged more than 28 new leases at Coastal Tower over the past three years, bringing the building up to 83% occupancy.

“While the office market remains flat, we have been fortunate to attract many office users in the market primarily because businesses are looking for dependable property ownership and great on-site amenities like fitness centers and food services, all of which Coastal Tower offers,”  said CBRE First Vice President Travis Herring. “It does not hurt that we are also located close to several affluent communities where business owners and employees want to live.”

Located at 2400 East Commercial Boulevard, Coastal Tower is a LEED® and Energy Star Certified, Class A office building located within walking distance to several restaurants, hotels, banks and shops, and  across the street from Holy Cross Hospital and the Holy Cross Wellness Pavilion.

Herring, along with CBRE Senior Vice President Deanna Lobinsky and Associate Katherine Ridgway, are the exclusive leasing agents for Coastal Tower.

RWNK Reps Tenant In 23,000 SF Expansion, Lease Extension

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Michael Scarpino, CCIM, Frank Morrison and Jennifer Scarpino of NAI Rauch Weaver Norfleet Kurtz & Co. represented the tenant, Woodfield Distribution, LLC in the expansion lease of 22,648 square feet at Boca Distribution Center 1 for a total combined SF of 70,744, located at 951 Clint Moore Road in Boca Raton.

Woodfield Distribution, LLC also extended their original lease by 50 months to coincide with the ten year term on the expansion space.

Christopher Thomson of Cushman & Wakefield represented the landlord, Prologis.

Woodfield Distribution, LLC is planning to use the facility to manufacture and distribute pharmaceuticals from this location. It is a consolidation of the company’s distribution from several other locations throughout the country. The company has been manufacturing with third party vendors for some time, and will continue to do so, but this facility will be used to manufacture high demand pharmaceuticals in order to better control the timing on the manufacturing and distribution process. Woodfield will be renovating the entire expansion space.

The 50-month lease extension and 22,648 SF expansion is valued at over $2.8 million.

Busekrus Secures Buyer For 274,000 SF Broward Portfolio

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KTR has acquired the Prospect Park portfolio, a 274,000 SF industrial/flex portfolio in Ft. Lauderdale.

The portfolio consists of 63,800 square feet of single story, walk-up office; 82,000 square feet of flex; and 128,500 square feet of industrial distribution space.  The park is located just west of the Ft. Lauderdale Executive Airport in what is known as the Ft. Lauderdale Commerce Center.

Public records indicate the seller was an affiliate of Invesco Real Estate based in Texas.

The 16 building portfolio was built in 1983 and was 48% occupied at the time of the sale. KTR will seek to reposition the properties for immediate lease-up.

“The Prospect Park Portfolio acquisition is an interesting opportunity to buy functional, multi-tenant warehouse and flex product at a very attractive basis,” commented PJ Charlton, Senior Vice President of Investments for KTR.  “With convenient access to the major highways and population centers and a central Broward County business location, we intend to rebrand the portfolio and restore a stabilized occupancy level.  We will implement an immediate capital program to modernize the building exteriors and tenant spaces.”

This acquisition brings KTR’s total footprint in Florida to approximately 5.0 million square feet.

This Portfolio was marketed by Marty Busekrus, a Director with HFF, as previously reported by CRE-sources.  Busekrus is responsible for industrial investment sales throughout the Southeastern United States.  The portfolio was being marketed without an asking price, however sources close to the deal report a price of roughly $13.5 million, which calculates to approximately $49 per square foot.

Boca’s Plum Park Trades

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Avison Young’s South Florida office announced the sale of Plum Park, a 61,759 square foot class B business complex located at 141 NW 20th Street in Boca Raton, for $6 million.

Vice President of Investment Sales David Duckworth, Principal Keith O’Donnell and Associate Jonathan Senn of Avison Young were responsible for executing the lease-up and represented ownership CW Capital during the sale. “This project was a true collaborative effort between the leasing team and the investment sales team within our company,” said Mr. Duckworth. “It once again highlights Avison Young’s ability to stabilize an asset and then maximize the sale price by executing a well thought out plan with our client.”

The Plum Park transaction shows the aggressiveness of commercial property investors and the intensifying competition for B market properties in the Boca Raton area. In response to the uptick in demand of current and new buyers, Avison Young’s keen understanding of area trends and strategic marketing approach to investment sales while working with clients during the diversification process allows properties to properly compete in the market as high quality assets.

“When we were initially awarded the responsibility of leasing, repositioning and the ultimate sale of Plum Park, the asset had high vacancy with existing tenants in default,” said Mr. Duckworth. “Our team was uniquely qualified to replace delinquent tenants with high caliber businesses in stronger financial conditions, thereby adding value to the property.”

Plum Park is comprised of five singe-story office/retail buildings with flexible space plans from 761 square feet up to 7,521 square feet. The well-maintained grounds feature lush tropical landscaping, signage and ample parking. Located just west of Dixie Highway and minutes away from the I-95, the property allows tenants convenient access to major thoroughfares and local amenities.

Boca’s One Town Center Signs First Tenant

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On the heels of its conversion to a multi-tenant office building, One Town Center has signed its first tenant, Kayne Anderson Real Estate Advisors (KAREA).

The private equity firm, which is the real estate arm of Los Angeles-based Kayne Anderson Capital Advisors, has signed a lease for 12,637 square feet.  Michael Erickson, Senior Vice President with CBRE handled the real estate transaction on behalf of building owner MetLife and CBRE’s Senior Vice President, Jeff Kelly, represented the tenant with the assistance of John Jaspert, Senior Associate.

“We’re excited to make the move to Palm Beach County and to set up offices in a Class A building like One Town Center,” said Al Rabil, managing partner and CEO of Kayne Anderson Real Estate Advisors. “We thank the Palm Beach County Business Development Board, MetLife and CBRE for their efforts to make this a seamless transition for us.”

Instrumental in the deal were the efforts of the Palm Beach County Business Development Board who have been working to bring hedge-fund and private-equity firms to Palm Beach County.

“There has been a significant amount of interest from hedge fund and private equity companies looking to set up offices in Palm Beach County. Approximately 15 have relocated to the area over the past two years,” said Kelly Smallridge, the BDB’s President and CEO.

“We are especially pleased that One Town Center has helped attract new business to the area,” stated Chuck Davis, regional director of MetLife’s Tampa real estate investment office.  “It is an exceptional building that has the high-profile, Class A office space needed to accommodate all of Kayne Anderson’s needs.”

Earlier this year One Town Center, formerly known as the Tyco Building, reentered the Boca Raton leasing market with the largest block of Class A office space in the Glades/West Boca submarket.  The building has undergone a conversion from a single-use Class A office building to a multi-tenant office building.  In addition to amenity upgrades and renovations to the lobby and common areas, the third floor was renovated as a multi-tenant office floor to showcase the building’s flexibility to meet market demand for tenant spaces of all sizes.  Kayne Anderson is taking over half of the third floor space.

“This marks the first time in 21 years that tenants have the opportunity to lease space at this address since the property was in a single tenant’s hands for most of its history,” said  Michael Erickson, CBRE Senior Vice President. “The renovations have ensured the building maintains its iconic status, drawing interest from prospective tenants both within and outside of the Boca Raton market.”