Cypress Creek Office Building Sells For $9.8 Million

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OneBlood, a newly consolidated blood center, acquired a Fort Lauderdale office building for $9.8 million out of the receivership of an insurance company.  The transaction was recorded on July 27th.

The 75,000-square-foot building at 3000 W. Cypress Creek Road was last purchased for $5.15 million in 2006.

The nonprofit buyer was represented by Colliers South Florida chairman Michael T. Fay and Executive Vice President John K. Crotty. Two other Colliers officials, Executive VP Robert Listokin and senior commercial associate Sal Bonsignore, represented the seller, the Florida Department of Financial Services as receiver for Aequicap Insurance.

“We had to work through the state of Florida as a receiver for a bankrupt business,” Crotty stated in a news release. “The property had deed restrictions and a zoning issue conflicting with the buyer’s use, which had to be addressed and overcome.”

 

Source:  SFBJ

Pointe Group Awarded Leasing For 60,000 SF Office Building

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Mike Crissy and Alfie Hamilton of Pointe Group Advisors have been awarded the leasing assignment for the Galleria Professional Building in Fort Lauderdale.

The building is 60,000 SF and sits along the Middle River adjacent to the Galleria Mall.

The building is owned by the Cornfeld Group, which previously handled the leasing in-house.

Downtown Ft. Lauderdale’s Tower 101 Fetches $28.7M

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Banyan Street Partners, led by Rudy Touzet, has paid $28.7 million for the two-building Tower 101, located at 101 NE Third Avenue in Fort Lauderdale, according to a press release.

The asset consists of a six-story building built in 1986 with a 20-percent occupancy and a 19-story building built in 2001 with a 90-percent occupancy. The two buildings, joined through a common lobby, total 230,238 square feet.

The seller was CAPROC in coordination with lender Principal Life Insurance.

CBRE marketed the property on behalf of the seller and put together the financing package for the buyer through Sabadell United Bank, which provided a loan of more than $19 million.

Attorney Jason Post of Stearns Weaver represented Banyan Street and attorney Stuart Kapp of Proskauer Rose represented CAPROC.

 

Source:  SFBJ

Miramar POC Renews 76,000 SF Lease

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Bunzl Distribution Southeast, Inc., a re-distributor of paper and plastic disposable products to the janitorial and foodservice industries with 90 branches throughout North America, has renewed its lease of 76,326 sq. ft. of space at 9702-9376 Premier Parkway in the Miramar Park of Commerce.

“We chose to renew in the Miramar Park of Commerce in large part because of the proximity to major highways for our trucks,” said Bunzl South Florida General Manager Viktor Frengut.  “Also, Sunbeam has always been fair and good to work with as our landlord.”

Representing the Park in the transaction was Ryan Goggins of Sunbeam Properties, developer of the Park. Representing Bunzl Distribution Southeast, Inc. was Mark Sonnenberg of LaSala-Sonnenberg Commercial Realty.

“We value our tenants and do all that we can to retain them,” said Vice President of Sunbeam Properties Maridee Bell. “So when Bunzl expanded in the Park about 18 months ago, we worked closely with them to meet their needs. That in turn led Bunzl to renew its lease with us now.”

Solitron Inks 47,000 SF West Palm Lease

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Solitron Devices, Inc. entered into a new lease with its Landlord, Eurobank, for the occupancy and use of its 47,000 square foot facility located at 3301 Electronics Way in West Palm Beach, FL.

The initial term of the Lease is for four years and eleven months beginning on February 1, 2012 and ending on December 31, 2016. The Company has the option to extend the initial term of the Lease for an additional five years.

Solitron will pay a base rent of $29,743 a month. Commencing on January 1, 2013 and on the first day of January of every subsequent year, the base rent will be increased by no less than three percent nor more than five percent annually. The Company will pay for the cost of electrical service to the air conditioning units servicing its own area.

Solitron Devices, Inc. designs, develops, manufactures, and markets solid-state semiconductor components and related devices primarily for the military and aerospace markets.

Source: CityBiz

Jeffrey Scott Leases 52,000 SF Construction Yard

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Jeffrey Scott, Senior Vice President, Commercial Brokerage with Brenner Real Estate Group, represented the landlord, Moshe Farache, in the 52,272 square foot lease of a construction yard located at 2240 NW 22nd Street in Pompano Beach to DP Development of the Treasure Coast, LLC, a construction company.

According to Mr. Scott, the tenant will be purchasing the 2,000 SF on-site office building and site during the next 10 months as per the contract terms.

The tenant was represented by Adam Armaganian of Arman & Adams Realty.