Mixed-Use Business Park In Boca Raton Trades For $18 Million

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Transwestern Real Estate Services (TRS) announces its Southeast Investment Sales team has brokered the sale of a 143,530-square-foot, two-building office property at 5600 Broken Sound Blvd. NW in Boca Raton.

Transwestern Senior Managing Directors John Bell and Kevin Markwordt arranged the disposition on behalf of the undisclosed seller.

“The highly configurable asset provides multiple occupancy scenarios, from a plug-and-play single tenant to a corporate headquarters to multi-user options,” said Bell.

The 12.24-acre property encompasses a one-story, 51,381-square-foot building and a three-story, 92,149-square-foot building connected by a corridor, with surface parking for convenient, direct access. The business hub, previously occupied by Canon, features a cafeteria, conference rooms, collaborative work areas, and an open-air courtyard.

Situated in the center of Boca Raton’s corporate and innovation district, the property offers high visibility from Broken Sound Boulevard with walkability to top shopping, dining and residential amenities plus access to Broken Sound Club, a championship golf course across the street. The office park provides free shuttle service to and from the TriRail commuter train, connecting riders to a swath of destinations across South Florida.

“Boca Raton is a growing base for innovation, research and technology, attracting corporate and large office tenants,” said Markwordt. “The property’s value-add potential coupled with the market’s lack of large blocks of office space made it a desirable investment for the buyer.”

 

South Florida CRE Professionals Mourn The Loss Of Richard Gerber

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It is with great sadness that we announce the loss of Richard Gerber.

Richard was a fixture in the commercial real estate world in Broward and Palm Beach Counties, forever networking and enjoying countless industry events.

With 35 years in the industry, Richard most recently served as an independent real estate professional with Box Real Estate, LLC and was an active member of the South Florida Office Brokers Association (SFOBA).

He held many leadership positions at The Realtors® Commercial Alliance (RCA) of Broward, Palm Beaches and St. Lucie over the years and was named the 2017 Commercial Realtor® of the Year.

In 2014, the Coral Springs Chamber of Commerce awarded the “Small Business Leader of the Year” for 2014 to Richard. The award was in acknowledgement of Richard’s commitment to the Coral Springs business community, his clients, and the Coral Springs Chamber of Commerce. As a Commercial Real Estate Sales and Leasing professional, Richard has assisted numerous firms in relocations to Coral Springs.

Richard was a big contributor to our real estate community, and we keep his family, friends, and co-workers in our thoughts during this difficult time.

A memorial service was held on Sunday, June 6 at 11:00 am at Temple B’nai Torah Congregation. Shiva Sunday was held immediately following from 12:30 to 4:30 pm at the home of Meredith and Jarrod Frydman, located at 3712 NW 52nd St. in Boca Raton. Shiva will continue on Monday, June 7 from 1:00 to 4:00 pm and 6:30 to 8:30 pm.

We are sure going to miss him.

 

CityPlace Tower Trades For $175 Million

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Related Cos. acquired the CityPlace Tower office building in downtown West Palm Beach for $175 million.

CPT Equity LLC, an affiliate of W.R. Berkley Corp., sold the 303,519-square-foot office tower at 525 Okeechobee Blvd. to 525 Okeechobee LLC, an affiliate of New York-based the Related Cos. The price equated to $577 per square foot.

CityPlace Tower last traded for $150 million in 2014.

Tenants at CityPlace Tower include Cleveland Clinic, Carlton Fields, Comvest Partners, Greenspoon Marder, Marcum LLP, Shutts & Bowen, and Cresset Wealth Advisors. A recent online listing by broker Tower Commercial Real Estate said 63,080 square feet in the building was available for lease, with rent ranging from $51 to $55 per square foot.

The site has benefitted from its close proximity to the Brightline passenger rail station, which will connect with Miami, Fort Lauderdale, Boca Raton, Aventura and Orlando once service resumes.

 

Click here to read more about this story.

Back To The Office – SFOBA June 10, 2021 – Prisma @ Cypress Creek

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We’re Back and We’re Live !
Thursday June 10, 2021 – 11:45 AM

Prisma At Cypress Creek

1000 NW 65th Street
Fort Lauderdale, FL 33309
www.PrismaCypress.com
RSVP- melissa@levyrai.com

Remember those days when we used to get a group of top office brokers into a room to share a meal, showcase a great building, enjoy a great speaker, discuss the market and give away some great prizes? Those days are back! Join us Thursday June 10 at 11:45 at Prisma. Watch your inbox for more info. Our “Back to the Office” online contest goes live Thursday June 3 at 9:30 AM.

Where in our virtual tours have we hidden a DeLorean Time Machine?

We are pleased to announce that our guest speaker will be Broward Vice Mayor Michael Udine. Due to a commission meeting we will be starting 15 minutes early –  networking officially begins at 11:45. Vice Mayor Udine will start at 12:15.

We’ve also lined up some great food from the Beehive Kitchen to help support local business in the Cypress Creek market.

 

Prisma at Cypress Creek

  • Contemporary Boutique Building
  • New Responsive Ownership
  • Floor to Ceiling Glass
  • Individually Metered Electric
  • I-95 Cypress/Powerline Location
  • Immediate Occupancy Available
  • Visit www.prismacypress.com
  • For 360° virtual tours and info
  • Download Flyer & Plans

Availabilities – Click Suite Number for Virtual Tour

Suite 103 – 1,327 SF – Premier Upgraded Lobby Space $20.50 NNN + $9.00 CAM
Suite 201 – 5,678 SF – Elevator Exposure can be divided $16 NNN
Suite 300A – 2,612 SF – 7 offices surrounding large open area $16NNN (SFOBA – You may want to try this link)
Suite 300C – 1,831 SF – Reception, 3 offices large open space on glass $16NNN

Check Out Our Common Area Renovations!

Berger Commercial Realty’s Brian Batchelder, Joe Byrnes Negotiate 25,000 SF Lease Deal With VITAS Healthcare Corporation of Florida

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Berger Commercial Realty's Brian Batchelder and Joe ByrnesBerger Commercial Realty/Corfac International Vice President Brian Batchelder and Senior Vice President Joseph P. Byrnes represented landlord Congress Properties & Investments, LLC in a six-year, 16,648-square-foot lease renewal and expansion of an additional 8,686 square feet with VITAS Healthcare Corporation of Florida at Woolbright Corporate Center, located at 1901 South Congress Avenue in Boynton Beach.

Andrew Pearl with Investments Management Associates, Inc. represented VITAS Healthcare in the lease negotiation.

Established in 1978, VITAS Healthcare is a vital provider of hospice services in the US. The firm, a subsidiary of Chemed, is a top national provider, serving patients in about 15 states and Washington, DC. The company provides nearly 50 hospice care programs for terminally ill patients in their homes, nursing homes, hospitals, and at its nearly 3030 company-owned inpatient facilities. Its services — provided by teams of nurses, doctors, aides, clergy and social workers — focus on managing pain and symptoms, providing personal care, helping with financial arrangements, handling equipment and medications, and offering emotional and spiritual support. The company also provides bereavement services and grief counseling to patients’ families.

Woolbright Corporate Center is a 115,000-square-foot campus setting office project with an 85% occupancy level. The property features plenty of free surface parking, and easy access to I-95 and Florida’s Turnpike. The only remaining available space is a full floor comprised of 16,323 square feet, which can be divided with a 5,000-square-foot tenant. Berger Commercial Realty leases and manages the  property which is a part of a portfolio consisting of approximately 500,000 square feet of commercial properties from Delray Beach to West Palm Beach.

 

Avison Young To Lease 750,000 SF Of Office Space At Proposed Mixed-Use Project In Sunrise

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Avison Young has been tapped by GL Commercial as the exclusive marketing and leasing agency for the three-building suburban office component of the Radius at Sawgrass in Sunrise.

Spanning 31 acres just off of the Sawgrass Expressway with excellent frontage along Sunrise Boulevard, the proposed mixed-use project consists of 750,000 square feet of office, 50,000 square feet of retail, and 750 residential units.

Avison Young’s Greg Martin, Principal and Managing Director of the firm’s Fort Lauderdale operations; Justin Cope, Principal; and Lisa Blumer, Senior Associate, will lead leasing efforts on behalf of Sunrise-based GL Commercial.

“Corporate relocations continue to ramp up in South Florida as several global brands and businesses currently seek space in the market,” said Martin. “We look forward to engaging the international resources our firm has developed through our integrated consulting and data analytics platform to help secure the right corporate users.”

According to Avison Young’s market analysis, 205 companies moved from multiple regions to Florida since 2018. Post-Covid office users are particularly attracted to lifestyle campuses where employees can live, work, and play. Radius is positioned to draw tenants that desire to be proximate to current major employers in the area, such as Ultimate Software, American Express, Ford Motor Company, HCA Parallon, AT&T, T-Mobile, DHL, and GL Homes.

“With its central location and complementary retail and multifamily components, Radius at Sawgrass offices are ideal for companies interested in a Southeastern footprint,” added Martin. “As a global firm, our team members collaborate across markets and partner with economic redevelopment agencies to identify corporations interested in relocating headquarters or staking new flags in South Florida.”