Librizzi Closes 7,000 SF Lease In Palm Beach Gardens

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CBRE arranged a lease of 7,000 square feet at a 96,000 square-foot Class A office building at Corporate Center at the Gardens in Palm Beach Gardens.

The office space at 4200 Northcorp Parkway, owned by an affiliate of Lexington Realty Trust, a New York City-based real estate investment trust, will serve as a new world headquarters for eXfuze.

“Institutionally owned and operated since its inception, Corporate Center at the Gardens recently completed common area renovations and building systems modernization that make it a choice destination for the area’s premier office tenants.  In relocating from Golden Bear Plaza, eXfuze also was drawn by the building’s ideal location and the strength of its ownership,” said CBRE Vice President, Anthony Librizzi.

Built in 1996 and formerly the private headquarters of a security firm, Corporate Center at the Gardens recently completed a $2.5 million capital improvement campaign.

CBRE’s Joshua Nolan collaborated with Librizzi in representing the landlord.

Brenner’s Messina, Weissman Unload 595 Office Park

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Bankers Healthcare Group, a leading national provider of financing solutions to healthcare professionals, bought a trio of office buildings in Davie for 46 percent off their foreclosed mortgage and will move its headquarters there. The buildings have been vacant since they were completed in 2008.

BHG purchased the 39,298 square feet of office space for $3.5 million and plans to lease out or sell some of the building space.

Brenner Real Estate Group VP Peter Messina and commercial associate Helen Weissman managed the Diamond III Office Park for Everbank and brokered the sale. Joe Capiro and Co. represented the buyer, as well.

EverBank seized the three office buildings, at 10230 W. State Road 84, in 2012 after foreclosing on a $6.5 million mortgage.

The company is currently located at 4875 Volunteer Road in Southwest Ranches.

George Sacks Finds Renewed Interest In Condo Office Space

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Finding a “sweet spot” in South Florida’s shifting market, Sanctuary Centre’s  recent sales have brought the 180,442-square-foot business center’s available condo office space close to sell-out.

“As local market inventory steadily shrinks, we’ve found renewed interest in condo office space from professional firms and regional companies that want an east Boca Raton presence, without top-tier pricing,” said Commercial Florida Realty Services Managing Principal George Sacks.  Closing five sales since December, with two additional sales under contract, has reduced available Sanctuary Centre condo office space to under 10,000 square feet.

Sanctuary CentreSanctuary Centre, located at North Federal Highway and Yamato Road, was built in the mid-1980s, and its previous owner later converted the complex to condominium.  GS Sanctuary Financial Investors Principal George Sacks purchased the 80,000 square feet that remained unsold in 2007, shortly before the weak economy and zoning changes dramatically impacted Boca Raton’s office absorption trends.

“It’s been a wild ride,” Sacks said. “We knew we had a great asset in a prime location, and by staying agile, we’ve kept Sanctuary Centre successful. When the economy turned in 2008 – and as relaxed zoning shifted momentum away from Federal Highway to Boca’s northwest section — we converted the remaining space to a lease program,” he added.  “Now, with resurgence of Federal Highway’s business corridor well underway, we’ve reverted back to a sales focused campaign.

“We’re seeing demand from buyers with stable office space needs, who recognize that timing is everything,” Sacks said. “They compare buying vs. leasing, and look to lock in space costs at today’s low interest rates, before area rents start climbing.”  Availability of 90 percent SBA financing limits the up-front investment companies need to make.  The Sanctuary Centre office suites range from 850 to 8,500 square feet.

Recent sales at Sanctuary Centre have included:

  • ProTech, a Florida and New York IT staffing and professional services firm, which expanded its existing space at Sanctuary Centre by 2,000 square feet.
  • Florida PIP Law Firm, purchasing a 3,852 square-foot office suite.
  • Oxford Investments, a financial services company, purchased a 1500-square-foot office suite.
  • US Mortgage of Florida bought a 5,839 square-foot office suite.

As office property values gradually recover, Sanctuary Centre is drawing condo sales based on its unique position, Sacks said.  “Our space’s property values are up 25 to 30 percent from the lows of the economic downturn.  Companies see the advantages of investing on the upswing, while controlling future costs.  Office condo space is rare in the Boca market, though,” he added.

“New buildings’ construction costs were too high to be practical for condo development, and there were very few condo conversions of existing buildings.  As an older but beautifully maintained complex, we’ve found ourselves in a sweet spot for small space users who want East Boca’s business environment, plus proximity to I-95, the waterfront neighborhoods and western country club communities.”

For US Mortgage of Florida, a licensed lender with offices along the nation’s East Coast, Sanctuary Centre was a timely opportunity.  “Purchasing our suite gave me more strategic control over my space than would be possible with leasing,” said Tony Acquaviva, US Mortgage of Florida owner.  “It’s just minutes from my home to our office, and that’s a major advantage.”

Costume World Inks 30,000 SF Lease

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Costume World leased 29,474 square feet of retail space known as Suite 1 within the former Caldwell Theatre property, located at 7901 N. Federal Highway in Boca Raton.

Kathleen Alberts, CCIM, Senior Vice President, Brokerage; Suzanne Lopez, Commercial Associate; and Helen Weissman, Commercial Associate; all with Brenner Real Estate group, represented the landlord, Legacy Bank.

The tenant was represented by co-brokers Greg Lawrence of The Commercial Department, Inc. and Kelly Kigar of K. Kigar, LLC.

In another transaction, Adam Starr, Vice President, Commercial Brokerage, closed a 6,737 square foot deal with Morris Law Group and Elder Law Associates, at International Plaza, located at 7284 W. Palmetto Park Road in Boca Raton.

The two independent law practices share office space. Starr represented the law firms.

Morris Law Group and Elder Law Associates will be relocating from within Boca Raton where they have leased the same location for 13 years. They are scheduled to occupy the new offices July 1st.

Co-brokers representing the landlord, Schever International Plaza, Inc., were Ingrid Fulmer and Andrea Raskin-Lapis of Coldwell Banker Commercial NRT.

Payment Processing Company Inks 25,000 SF Deal

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Payment processing company United TranzActions has signed a lease for 25,000 square feet in Miramar.

Caroline Fleischer, Cushman & Wakefield, associate director, tenant representative services, represented UTA in the lease at 3200 Executive Way.

With the new space, the tenant is able to locate all operations in one contiguous suite and UTA got a higher-than-average parking ratio, both of which were important values for the company.

 

Source:  SFBJ

Packaging Supplier Inks 40,000 SF Lease

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Jones Lang LaSalle has secured a 40,000-square-foot lease on behalf of Berlin Packaging, a leading North American packaging supplier, at a new spec distribution building at 9682-9698 Premier Parkway, located within the Miramar Park of Commerce.

The lease marks a significant expansion for the Chicago-based company in the South Florida market. Jones Lang LaSalle’s Managing Director Steven Medwin SIOR, CCIM, Senior Vice President Chris Watts and Vice President Nick Wigoda, completed the lease transaction on behalf of the tenant.

The Berlin Packaging lease brings total occupancy at the 87,540-square-foot building to 100 percent just one month after Sunbeam Properties delivered the spec building to the market. Chicago-based Berlin Packaging chose to expand its South Florida presence to better service new and existing customers from its new home in Broward County.

“We are excited for our new warehousing space in the Miramar Park of Commerce. It will enable us to thrill even more customers with our inventory programs and our long track record of on-time delivery,” said Larry Rydzewski, Berlin Packaging’s Chief Operating Officer.

The remainder of the building is occupied by a new-to-market manufacturing company which recently leased nearly 48,000 square feet, a deal also completed by Jones Lang LaSalle brokers.

“The fact that two highly regarded national companies have absorbed the latest spec building to be constructed at Miramar Park of Commerce, just one month after the new building was delivered, is a testament to the desirability for new warehouses and the strength of the South Florida industrial market,” said Jones Lang LaSalle Managing Director Steven Medwin. “Seeing national companies expanding here is a positive indicator for our regional economy, as their investments translate to additional jobs and increased business activity for our marketplace.”

With demand outpacing supply in South Florida’s industrial market, the region continues to see new spec projects breaking ground within submarkets like Airport West, Medley and parts of Southwest Broward County, according to Jones Lang LaSalle’s latest South Florida Industrial Highlights report. Currently, there are 10 speculative warehouses under construction in South Florida by institutional owners, such as Prologis, Industrial Income Trust, DCT Industrial Trust, and KTR Capital Partners.