North Palm Beach Office Building Trades For $5.2 Million

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Tom Burst, Director of Sales and Leasing with KRES Commercial, has completed a transaction for the purchase of a 50,000 SF office building, located at 701 US Highway One in North Palm Beach, for $5.2 million.

The purchaser, Document Storage Systems, Inc. (DSS, Inc.), represented by Burst, is a Health Information Technologies, software development and systems integration company.  DSS, Inc. will occupy a total of 30,000 square feet.

This transaction has made a significant impact on the North Palm Beach submarket, representing roughly 8% of the vacant space available. The overall vacancy rate in North Palm Beach will decrease from 30% to 22%, making it a real game-changer for this market.

This purchase is in addition to the 20,000 SF building DSS, Inc. already owns and utilizes as their headquarters in Juno Beach. Tom Burst also represented DSS, Inc. in the purchase of their Juno Beach headquarters 9 years ago.

Equinix Opens Boca Raton Data Center

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Equinix has announced the opening of a 31,000-square-foot data center in Boca Raton.

The Redwood City, Calif.-based global interconnection and data center company (NASDAQ: EQIX) opened the new data center to serve South Florida and provide overseas connectivity to the commercial centers of Latin America.

Boca Raton was selected for the data center because the cable landing stations, which is where submarine telecommunications cables make landfall, are within a two-mile radius from the new location, said lAlex Vaxmonsky, director of Global networks and content. In addition, the Boca Raton location is outside of the evacuation zone for a Category 5 hurricane, he added.

The facility, which officially opened on Nov. 1, is located at Boca Corporate Center and Campus, the old IBM park off Yamato Road and has about 10 employees. Equinix is also remotely managing and selling into the facility from areas around the globe. The company also has a data center in Miami.

Equinix also has 66,000-square-feet of space reserved for future use. A data center typically can take seven to nine months to fill up, then the company would start on phase two and tap into the reserved space, Vaxmonsky said.

Miami-based Neutrona Networks International has signed on as a client of the new Equinix data center in Boca Raton, which the company calls MI3.

“Neutrona chose to colocate in the MI3 location because it offers a low-latency gateway to the managed and colocations services in Equinix’s Brazil-based IBX data centers. We can interconnect our Latin American and U.S.-based traffic, helping further enhance our networking advantage,” VP Luciano Salata said.

 

Source:  SFBJ

Butters Represents Wheel Zone In HQ Expansion And Relocation

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Butters Realty & Management represented Wheel Zone, a manufacturer and distributor of after-market wheels, in the expansion and relocation of its corporate headquarters from Miami’s Airport West submarket to a 36,410-square-foot facility in Broward County.

Wheel Zone signed a five year lease at 3860 Pembroke Road, part of Pembroke Commerce Center, a three-building, 300,000-square-foot distribution center just west of I-95 in Hollywood.

Tom Viscount, Senior Vice President of Butters Realty & Management represented Wheel Zone in the transaction.

Jack De Howitt represented landlord The Kelsey Group.

“We were looking for sites along Broward’s Interstate 95 corridor and we were pressed on time as Wheel Zone had a current lease that was ready to expire and a large amount of new inventory on its way from overseas” said Viscount. “We literally were able to put a deal together from start to finish with The Kelsey Group in less than a week.”

Recent Deals Bring Las Olas City Centre To 99% Leased

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Bank of America Plaza at Las Olas City Centre (LOCC) is gaining rapid leasing momentum and drawing major national office and retail tenants to fill more than 115,000 square feet since the start of the year.

“LOCC has found an effective market niche with tenants that thrive on the building’s amenities and location on Las Olas Boulevard” said Stiles Director of Leasing Norm Adams. “We’re drawing major banks and financial service firms, law firms, trendy cafes, high-end restaurants and retail tenants who all enjoy having both professional and residential targets at their doorstep.”

Recent leases from Bank of America for 56,742 square feet; Boies, Schiller & Flexner for 22,632 square feet; BBX Capital Corporation for 16,355 square feet; Patriot National Insurance expansion of 12,142 square feet; Farlie & Turner for 3,788 square feet; and Subway and Offerdahl’s have brought the 408,079-square foot office tower at 401 East Las Olas Boulevard to 99 percent leased.

LOCC is a Class A 23-story office and retail building developed by Stiles and owned by institutional investors advised by JP Morgan Asset Management. Stiles has provided the leasing and property management for LOCC since its development and was reassigned to the building by the new ownership.

DCOTA’s Loss Is KTR Hollywood’s Gain

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T.J. R.M. Imports, a home design firm, is relocating from the Design Center of the Americas (DCOTA) in Dania Beach to KTR Hollywood, a 521,000-square-foot, 13-building, Class A flex park located on the west side of I-95 in Hollywood, Florida.

The building is within the newly formed South Florida Design Park area.

Scheduled for occupancy on November 1, 2012, T.J. R.M. Imports will occupy a total of 27,000 square feet for a 15-year term. The showroom space will encompass the entire space and is currently under construction. This new space represents an expansion of approximately 7,000 square feet from T.J. R.M. Imports’ current showroom.

“We are witnessing a trend where several home design firms are relocating out of the DCOTA, a campus that caters to design professionals, to take advantage of more competitively priced space and enhanced accessibility for the general public,” said Tom O’Loughlin of CBRE. “Consumers today want the same direct access to high-end warehouse showrooms as they have had in the past from design centers.”

T.J. R.M. Imports will join other leading firms such as Jerry Pair, Stark Carpet and J. Nelson to name a few.

O’Loughlin is a Senior Associate with CBRE, based in the Fort Lauderdale office. O’Loughlin was joined by Senior Vice President Harry Tangalakis in providing representation to the landlord, KTR Hollywood LLC.

Jones Lang LaSalle Secures Headquarters For Advantix Systems

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Jones Lang LaSalle (NYSE:JLL) today announced that Advantix Systems has signed a 40,000-square-foot lease to consolidate and expand its North American corporate headquarters at Sawgrass International Corporate Park in Sunrise, Florida.

The lease represents the latest sign of a national industrial tenant expanding its headquarters and creating positive absorption in South Florida’s active industrial market.

The global provider of cooling and dehumidification systems is consolidating its office and warehouse spaces in North Miami Beach into an expanded space at Marina West, a two-building complex inside Sawgrass International Corporate Park. The company is headed by Chief Executive Officer Dion Joannou. Financial terms of the lease were not disclosed.

Jones Lang LaSalle’s Steven Wasserman, SIOR, and David Wigoda, SIOR, represented the landlord in the lease negotiations. Steven J. Medwin, SIOR, CCIM, and Nick Wigoda of Jones Lang LaSalle represented the tenant.

“With the consolidation and expansion of Advantix Systems, the company is bringing its North American headquarters to Sunrise, allowing for a more efficient operation and increasing its square footage in a prime market in South Florida,” said Medwin. “This move offers an expanded floor plan and allows the firm to house its research and development department, as well as sales and marketing teams under one roof, allowing for greater collaboration and execution of new projects.”

Located at 13800 NW Second St., Marina West is comprised of approximately 400,000 square feet of industrial space and is leased exclusively by Jones Lang LaSalle.

“We are thrilled to welcome Advantix Systems as our newest tenant at Marina West and have the property become home to its North American headquarters,” stated Wasserman. “The property offers class A industrial space and a corporate environment that was a perfect fit for the expanding national firm.”