Construction Company Inks Sublease Deal For 20,000 SF In Downtown Fort Lauderdale

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Core Construction Services of Florida has signed a sublease for a 20,000-square-foot office in Downtown Fort Lauderdale, taking over space previously occupied by Alms Health.

Located at 1 East Broward Boulevard, the sublease has 46 months remaining, according to Platinum Properties. Brokers Steven Evans and Brian Peer of Platinum Properties represented Alms Health in the transaction.

Listed at an annual rate of $24 per square foot, the total lease value is approximately $1.8 million, per a Platinum Properties representative.

Core Construction plans to open its new office on April 1 and intends to remain in the space beyond the sublease term.

Colliers’ Alfie Hamilton represented Core Construction in the deal, while Jeff Holding and Trent Slattery of Cushman & Wakefield represented Alms Health. Alms Health had occupied the office for nearly a decade.

Originally built in 1985, the 354,759-square-foot office tower was purchased by Pacific Coast Capital Partners (PCCP) in 2018 for $108.5 million, according to property records. Since 2023, the Los Angeles-based owner has invested at least $2.7 million in renovations to the 19-story building.

 

Source:  Commercial Observer

IPA Closes Palm Beach County Office Building Sale

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Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Peninsula Corporate Center, a three-story, 48,829-square-foot office building in Boca Raton.

The building sold for $15.3 million.

“The property is 100% occupied by 54 tenants representing a variety of industries,” said Douglas Mandel, IPA executive managing director. “Short lease terms and below-market average rents give the buyer an opportunity to significantly increase revenue.”

Mandel and Marcus & Millichap’s Zach Levine and Joshua Gilbert represented the seller, BREF 950, LLC, an entity affiliated with Malcolm Butters, and procured the buyer, an affiliate of Bark Management, a Boca Raton-based real estate investment company.

Located between Boca Raton and Delray Beach, the building is visible from Congress Avenue, which sees over 30,000 vehicles per day and provides access to Interstate 95. The Florida Turnpike is nearby and within three miles, the average annual household income is over $106,000.

Built in 2006, Peninsula Corporate Center offers a unique array of features, including private restrooms and mini kitchens in each of the 54 suites. The building also provides hurricane impact glass, two elevators, a back-up generator, lush courtyard, and an atrium fountain.

 

Class AA Office Tower Trades Hands In Broward’s Second $200M+ Transaction In Two Days

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On Thursday, CRE-sources reported the $208 million trade of 350/450 East Las Olas, the largest transaction in a decade… until Friday.

On Friday, Lone Star Funds announced that an affiliate of Lone Star Real Estate Fund VII, L.P., along with an affiliate of Highline Real Estate Capital LLC and Square2 Capital LLC, has acquired 401 East Las Olas Boulevard, marking the most significant office acquisition in Broward County in the past decade.

CBRE’s Institutional Office Group, led by Vice Chairman Christian Lee and Vice President Sean Kelly, represented the seller, a global investment manager. CBRE’s Debt & Structured Finance Group, led by Vice Chairmen Tom Traynor and Tom Rugg, Senior Vice President Amy Julian, and First Vice President Andrew Chilgren, represented the buyer in sourcing acquisition financing. The CBRE team also included Director Adam Spengler, Senior Associate Tom Rappa, Associate Henry Fenmore, and Financial Analyst Matthew Lee.

“Office properties in Fort Lauderdale’s CBD have thrived in the 2020’s, with strong absorption, sharp rent growth and declining vacancies. This is particularly true for top tier assets, which have outperformed because of an escalating flight to quality,” said Lee.

 

“With soaring construction costs and a dearth of remaining development sites in the Las Olas corridor, future supply will be tightly constrained and will result in continued strong rent growth for the area,” added Kelly.

The transaction closed February 13. While the terms were not disclosed, sources close to the deal reported the sale price to be in the neighborhood of $220 million, equating to more than $535 per square foot.

The 23-story, 410,561-square-foot Class AA office and retail tower—also known as Bank of America Plaza at Las Olas City Centre—sits on a full city block in the heart of Fort Lauderdale’s Las Olas Financial District. The property is home to a premier tenant roster, including Bank of America, Greenberg Traurig, Boies Schiller Flexner, Motorola Solutions, and UBS.

“We see a unique opportunity to invest in high-quality office assets that are among the best in their competitive set,” said Jérôme Foulon, Global Head of Commercial Real Estate at Lone Star. “The South Florida office market has strong underlying fundamentals, driven in part by in-migration trends and return-to-work mandates. At the same time, since new developments have all but stopped in recent years, some markets are experiencing shortages of office space in quality assets.”

 

“This acquisition represents our confidence in high-quality, well-located office assets that continue to demonstrate strong leasing fundamentals,” said David Moret, President of Highline Real Estate Capital. “401 has maintained an average occupancy of 94 percent since its inception and is positioned to continue to benefit from the evolving office market.”

 

Jay Caplin, Principal at Square2 Capital, added “with our previous repositioning success at 501 & 515 Las Olas Boulevard, we are confident we can amplify 401’s position as one of the most sought-after office towers in the state. Planned improvements will build upon 401’s status as the most amenitized office property in downtown Fort Lauderdale, featuring six on-site restaurants, a fitness center, and full-service banking.” Square2 Capital will manage the property for the new owner under the direction of Principal Mike Manno.

 

CBRE Engaged To Lease Class A Medical Office Building In Coral Springs

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CBRE has been selected as the exclusive leasing agent for Coral Springs Medical Center, a 50,000-square-foot Class A medical office building in Coral Springs.

Christopher Dubberly and Jacob Sanchez with CBRE’s South Florida Healthcare team in Fort Lauderdale are leasing the property on behalf of the owner, Chicago-based Remedy Medical Properties.

Located at 1725 North University Drive, the four-story building offers three medical office spaces: a 14,500-square-foot, fully built-out surgical center with operating rooms and clinical space; a 5,583-square-foot medical suite featuring 12 exam rooms; and a 2,340-square-foot administrative office space. The property includes a 4.50:1000 parking ratio, covered patient drop-off, and prominent building signage opportunities.

“We’re excited to offer these premier medical spaces in the heart of Coral Springs,” said Dubberly, a First Vice President at CBRE. “The combination of move-in ready medical suites, established surgical infrastructure, and prime location makes this an ideal opportunity for healthcare providers looking to establish or expand their presence in South Florida.”

“The property’s institutional ownership through Remedy Medical Properties ensures a high-quality environment for medical tenants and their patients,” he added.

Situated 1.5 miles from Broward Health Coral Springs, the property is easily accessible via major roadways that support greater South Florida and serves an affluent demographic with average household incomes exceeding $101,000. It’s also three miles from HCA Florida Woodmont Hospital and one mile from The Walk at University and Coral Square.

Accesso Completes Acquisition Of South Florida Class A Office Asset

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Accesso, a fully integrated investment manager and operator of multi-tenant office, mixed-use and multifamily assets, announced that it has acquired Sawgrass Lake Center, a Class A, 240,000-square-foot office property located at 13450 W. Sunrise Blvd. in Sunrise.

Sawgrass Lake Center sits in the heart of the Sawgrass Park submarket in Broward County and offers strong connectivity to municipalities throughout South Florida, including Fort Lauderdale and Miami.

“As more companies determine their long-term space needs and the recovery of the office sector continues to take shape, we’ve found opportunities to invest in strategically located assets with high-quality amenities and growth potential,” said John Rivard, Chief Investment Officer for Accesso. “Sawgrass Lake Center is a prime example. It is the dominant office property in a submarket with a fundamentally strong business climate, and offers direct proximity to a variety of retail and restaurant offerings and accessibility to main thoroughfares. We expect to continue to capitalize on the general uncertainly in the office market by opportunistically acquiring assets that meet our investment criteria while applying our proven operating platform skills to add value for tenants and partners alike.”    

Sawgrass Lake Center is among the tallest office buildings in Sunrise and is the only property in the submarket with garage parking, adjacent hospitality and walkable retail, including a Hilton DoubleTree hotel and Sawgrass Mills Center, the 2.3 million-square-foot, internationally renowned shopping and dining destination located directly across Sunrise Boulevard. The property resides in one of the most accessible locations in South Florida, sitting near the intersection of the Sawgrass Expressway and Interstates 595 and 75.

The property features a market-leading parking ratio of 5.4 per 1,000 square feet through its five-story structured parking garage and adjacent surface lot. On-site amenities include a grab-and-go café, fitness center, yoga studio, tenant lounge and conference center and outdoor seating area, as well as 50-plus dining options within a 10-minute walk. Sawgrass Lake Center has seen 136,000 square feet of leasing activity over the past two years. Select tenants include AT&T Inc., GoVine Insurance, Watches of Switzerland and StevenDouglas.

An abundance of prominent developments representing the ongoing densification and urbanization of Sunrise are located within a one-mile radius of the property, including: Radius Sunrise, a 32-acre mixed-use development; Metropica, a 65-acre site featuring an existing 263-unit condo building and proposed additional residential units, hotel rooms and retail; Sunrise 18, an 18-acre development surrounding the American Express Regional Headquarters, with proposed residential units and retail space; and the Amerant Bank Campus, a 140-acre planned project with proposed residential units, hotel rooms, a casino, an indoor water park and retail venues surrounding the Amerant Bank Arena, which is the home of the 2023-24 Stanley Cup Champion Florida Panthers of the National Hockey League (NHL).

Representing the seller in the transaction were Christian Lee, Sean Kelly, Tom Rappa and Matthew Lee of CBRE.

Christian Lee, Vice Chairman with CBRE, said, “The Sunrise office submarket has historically been highly attractive to tenants looking to pull potential employees from South Florida’s entire population base. The key to this is the tremendous access resulting from the intersection of I-75, I-595 and the Sawgrass Expressway, which provides favorable commute times to nearly all of our workforce. While there is some softness today, we are confident that a bright future is in the cards for this property and this submarket.”

 

CBRE Capital Markets Secures $30.2 Million Financing Broward Office Building

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CBRE Capital Markets’ Debt & Structured Finance Group has successfully secured a $30.2 million bank balance sheet loan to finance Cornerstone One, a premier Class A office property in Plantation.

The transaction was facilitated by CBRE’s Senior Vice President Amy Julian and First Vice President Andrew Chilgren.

Situated in the Midtown Plantation Development District, Cornerstone One benefits from the recent addition of over 3,900 multifamily apartments and 350,000 square feet of new retail space. Its strategic location at the intersection of key Broward County roadways offers exceptional transportation access, making it an attractive destination for tenants.

“Cornerstone One’s prime location and exceptional asset quality have enabled the property to execute nearly 90,000 square feet of leasing in the past two years,” said Julian.

This strong leasing momentum precedes the Owner’s planned renovations, which include a lobby overhaul, move-in ready spec suites, as well as upgrades to the outdoor patios.

“The ongoing renovations will reinforce Cornerstone One’s position as one of the leading suburban office properties in South Florida,” added Chilgren.