Greg Martin Closes 53,000 SF Of New Lease Deals At Charter Place

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Avison Young South Florida signed four new leases at Charter Place, a 101,829 square foot office and retail complex located at 3301 N. University Drive in Coral Springs.

The long-term lease transactions at Charter Place include:

  • The Department of Revenue signed a new lease for 25,605 square feet
  • Business Financial Services, Inc., a firm offering alternative financing solutions for small business owners, signed a new lease for 16,776 square feet
  • Sola Salon Studios, a company providing high-quality salon suites for independent salon professionals and business owners, signed a new lease for 6,051 square feet
  • Foundation Therapy, Inc., an establishment providing Applied Behavioral Analysis services for children and families, signed a new lease for 4,350 square feet

The leases, which total 52,782 square feet, increase the occupancy at the building by 52 percent and mark the second time Avison Young South Florida has doubled occupancy at a property within the last 12 months.  Earlier this month, Avison Young announced 43,000 square feet in new lease transactions at Lynn Financial Center, bringing occupancy from 35 to 75 percent.

Greg Martin, Principal at Avison Young, worked with True North Management Group and Delma Properties Inc., the new ownership of Charter Place, to complete the recent transactions. As a result, the occupancy at Charter Place increased with high caliber tenants to nearly 70 percent.

“We are very pleased with the progress that we have made in such a short time,” said Mr. Martin. “The new ownership has been very cooperative in understanding the market and the needs of the Coral Springs tenant base which assisted in our leasing efforts.”

Charter Place is the first phase of the new Downtown Coral Springs, a public/private partnership between a local developer and the City of Coral Springs.

“Charter Place is a high quality asset which attracts and retains gold standard businesses,” said Todd Benson, Vice President, Florida Region, at Delma Properties. “The new additions will complement the existing marquis tenant mix including Merrill Lynch, First Southern Bank, and Wells Fargo.”

Norm Adams Closes 15,000 SF Las Olas Lease Deal

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National firm Fanatics Mounted Memories, the memorabilia and collectibles division of online retailer Fanatics, has leased 15,295 square feet of headquarters space at the Plaza at Las Olas, where it will be relocating from Plantation.

Founded in 1995, Fanatics is one of the largest online retailers of officially licensed sports merchandise. According to the company, Fanatics powers the e-commerce sites of all major professional sports leagues, including the NFL, MLB, NBA, NHL, NASCAR, PGA; major media brands, including ESPN, NBC Sports, CBS Sports, and FOX Sports; and hundreds of collegiate and professional team properties.

Stiles Director of Leasing Norm Adams represented the building owner in the transaction.

“Thanks in part to increased consumer confidence, the office market is seeing tenants take a flight to quality in premium locations,” said Adams. “With first-class entertainment and business at its doorstep, Las Olas product has outperformed the overall Broward office market. Las Olas has experienced positive absorption, stable vacancy and increased lease rates.

Stiles is responsible for leasing and property management for Plaza at Las Olas. The 105,000 square-foot building is home to Vibe Lounge and YOLO restaurant.

The Fanatics Inc. lease brings the building to 100% occupancy.

Greg Martin, Keith O’Donnell Sign 43,000 SF

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Avison Young South Florida signed five leases, including one expansion, totaling 42,736 square feet at Lynn Financial Center located at 1875 NW Corporate Blvd. in Boca Raton.

The transactions increased the occupancy at Lynn Financial Center from 35 to 75 percent.

On behalf of the landlord, Avison Young South Florida Principals Greg Martin and Keith O’Donnell and Director of Leasing David Bateman, completed the following transactions:

  • Polen Capital Management, a South Florida based investment management firm, signed a new long-term lease for 12,904 square feet
  • JVB Financial, a national investment firm specializing in the wholesale distribution of fixed income securities, signed a new long-term lease for 9,601 square feet for its new headquarters
  • MDVIP, Inc., a network of physicians and division of Proctor & Gamble, signed a renewal and expansion for 9,325 square feet, totaling 31,084 square feet within the building for its headquarters
  • Frank, Weinberg & Black P.L., a full-service law firm with additional offices in Broward County, signed a new lease for 6,973 square feet
  • Opus Business Centers, a virtual office space provider, signed a new long-term lease for 3,933 square feet to house its corporate headquarters and Boca Raton service operations

“With the support of ownership, we were able to aggressively market the unique virtues of this property,” said Mr. Martin. “In spite of the economic uncertainties we knew we could identify companies that were positioned for the long haul and would be drawn to a quality asset.”

Lynn Financial Center offers twin buildings totaling 123,882 square feet of Class “A” office space in two innovative three-story structures. The buildings are free of interior columns and designed to support open office architecture with extensive use of natural light and sustainable materials which made Lynn Financial Center one of Boca Raton’s first commercial office projects to be Certified LEED® Gold by the U.S. Green Building Council (USGBC).

Avison Young opened its South Florida offices in 2012 with 30 members joining from Flagler Real Estate Services, a service arm of Flagler, one of Florida’s oldest and largest full-service commercial real estate companies with recent transactional and development activities totaling more than $1 billion.

Duke Realty Signs 47,000 SF In Office Deals

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The South Florida office of Duke Realty Corporation (Duke Realty) has announced that it signed 46,960 square feet in office leases in the first quarter of 2013. This volume resulted from leases with several new tenants, as well as renewals and expansions by existing customers.

“Our ability to attract and retain tenants in our South Florida properties is testament to the appeal of these buildings in terms of location and quality,” said Ed Mitchell, Senior Vice President of Duke Realty’s South Florida operations. “Our local team also has excellent insight into the market, so we are well-positioned to offer knowledgeable recommendations as well as superior space options.”

Duke Realty’s South Florida office was represented by Chris Gallagher, Vice President, Leasing, and Stephanie Rodriguez, Senior Leasing Representative, in all of the following office leases:

  • Pediatrics Associates, the largest pediatric group in Florida, moved its corporate office to 24,091 square feet in Royal Palm II, a Class A office building located at 1000 South Pine Island Road in Plantation. Chris Coots with Flagler Investment Property Group represented Pediatrics Associates in the transaction.
  • Also in Royal Palm II, the GSA signed a new lease for 12,821 square feet. Sterling Hedley with Smith Real Estate Services, in conjunction with CBRE, represented the GSA in the transaction.
  • In another new lease, Darkside Gaming leased 10,048 square feet in Sawgrass Building A located at 13800 Northwest 14th Street in Sunrise. Zach Wendelin with Cresa served as the tenant representative.

Justin Cope, Leasing Representative, represented Duke Realty in closing 416,132 square feet in industrial transactions during the same quarter.

Sawgrass Office Park Changes Hands

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N/S Sawgrass Office Associates LLC, a company managed by Stiles Corp., sold Sawgrass Technology Park, located at 1601 NW 136th Ave. (N. Harrison Parkway) in Sunrise on Tuesday.

Fifteen Gap Sawgrass LLC, a company managed by Miami-based Fifteen Group, is the buyer. The company obtained a $40.84 million loan from Wells Fargo Bank N.A. for the acquisition.

In February 2012, Madelayne Garcia, Stiles Realty Director of Real Estate, inked a  long-term extension of the 116,000-square-foot Sheridan Healthcare lease in the park. Garcia received NAIOP’s prestigious Office Lease Transaction of the Year Award of Excellence for all of South Florida for that lease.

The Stiles-managed company paid $79 million in 2005 for the complex.

Freehof Closes 30,000 SF Office Sale

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Brenner Real Estate Group has announced the sale of a 30,000 square foot Coral Springs office building and a industrial lease for 12,000 square feet in Pompano.

Phyl’s Academy Preschools, Inc. purchased a 30,000 SF office building located at 11411 NW 56thDrive, Coral Springs, FL for a preschool. Bert Freehof, Vice President, Commercial Brokerage represented the seller, CMS Charter School. The buyer was represented by Dane Lahlah of Keyes Real Estate.

Phyl’s Academy is a private school operating in New York and South Florida for over 30 years with multiple locations. The sale price was $4,300,00.00.