A four-story office building in Fort Lauderdale, just south of downtown, sold for $16.25 million.
Ocita Properties, managed by Richard Kronrad and Martin Sutker in Hollywood, sold the 65,643-square-foot office building to 501 S. Andrews Avenue LLC, managed by Miami attorney Steven A. Landy.
The price equated to $248 per square foot.
The office building was developed on the 1.65-acre site in 1970.
Source: News Break
The Kroger Co., the largest grocer by revenue in the U.S., has leased 43,000 square feet of office space at the Boca Raton Innovation Campus at 4800-5002 T-Rex Avenue in Boca Raton.
The company will move its office from 5400 Broken Sound Blvd. Northwest into BRIC’s 4700 building. The new office is about the same size, but it will have a more efficient layout with a large contiguous space, landlord Crocker Partners said.
Crocker Partners and Rialto Capital Management paid $179.3 million for the sprawling tech office complex, marking the biggest office sale in the tri-county region at that time since 2016. The 1.68-million-square-foot office park sits on 123 acres in Boca Raton near I-95. It was developed in the late 1960s and early 1970s by IBM as its North American Research and Development facility. IBM closed it in 1996.
The main function of the office is digital operations.
Mitchell Millowitz of Newmark Knight Frank (NKF) represented Kroger in the lease. Crocker was represented by VP Danielle Vennett and CBRE’s Jeff Kelly.
Source: SFBJ
Transwestern Commercial Services (TCS) announced that United National Consumer Suppliers (UNCS) has moved its headquarters into a 10,000-square-foot, built-to-suit space taking the entire second floor at 1501 NE 26th St. in the Wilton Manors area of Fort Lauderdale.
Transwestern Managing Director Glenn Gregory and Executive Managing Director Ben Eisenberg represented UNCS, a leading wholesale distributor that sources products worldwide for strategic consumer market placement, during the transaction.
“UNCS’ had outgrown its previous location, and it was critically important for its new space to represent the company’s culture,” said Gregory. “The expansion supports the needs of the growing business while creating an environment that fosters innovation and collaboration.”
For the past 17 years, UNCS has been a fixture in the Fort Lauderdale business community in which it grew from an entrepreneurial startup to a corporation ranked on the prestigious INC. 5000 list. UNCS counts as clients leading retail brands, including Amazon resellers, Target, Ross, Costco, Macy’s, Walgreens, and TJ Maxx.
“We plan to strategically grow our team by 40% and have positions open in all of our departments,” said Brett Rose, Chief Executive Officer of UNCS. “It was important for us to continue our growth in Fort Lauderdale and provide employment opportunities for local talent. Timing for our move into a space that could accommodate our company growth trajectory could not have been more perfect.”
Avison Young negotiated the lease expansion and extension for a healthcare company which will take 29,219 square feet long-term at North 40, an office complex in the Park at Broken Sound spanning two buildings and 352,043 rentable square feet.
The company is expanding its space by 7,599 square feet within the building at 901 Yamato Road in Boca Raton.
“The tenant is expanding to accommodate the relocation of another department to its corporate location at North 40,” said Avison Young Principal Mark Rubin. “Offering synergistic tenancy and a convenient location, North 40 continues to be home to many corporate and regional headquarters.”
Rubin represented the tenant and Principals Keith O’Donnell and Gary Gottlieb represented the landlord, PG Mainstreet North Forty, LLC, during the lease transaction.
Ownership acquired North 40 for $68.35 million, the largest sale transaction in Palm Beach County during first quarter 2019. Avison Young has been the exclusive leasing agency for the asset since 2014.
“We were awarded the North 40 leasing assignment at 47 percent occupancy and quickly leased up the complex and maintained an above-market occupancy rate which is currently at 90 percent,” said O’Donnell. “The latest transaction represents strong tenant demand in Boca Raton which continues to be one of South Florida’s hottest office markets.”
In addition to direct access to Interstate 95 from Yamato Road, North 40 boasts an efficient floor design, collaborative meeting areas, a conference center, and a fitness center.
Cushman & Wakefield has negotiated the sale and financing of 1700 Palm Beach Lakes, a ±113,964-square-foot, Class A office building in Palm Beach County.
The Cushman & Wakefield Capital Markets team of Scott O’Donnell, Dominic Montazemi, Greg Miller, Miguel Alcivar and Michael Ciadella, with significant support from Cushman & Wakefield agency leasing specialist Anthony Librizzi, negotiated the sale on behalf of 1700 PBL LLC, an affiliate of Miami-based Breakers Capital.
Hackensack, New Jersey-based Capstone acquired the building for $19.35 million, or about $170 per square foot.
Jason Hochman of Cushman & Wakefield’s Equity, Debt & Structured Finance group assisted the purchaser in securing an $18.4 million acquisition loan from Blue Vista Finance on behalf of Capstone.
1700 Palm Beach Lakes is an 11-story office tower developed in 1988 on a ±1.24-acre site at 1700 Palm Beach Lakes Boulevard. The property features structured parking, a covered entrance and premium interior finishes, providing a true Class A experience.
Ownership recently completed a capital investment program valued at nearly $2 million that included a complete elevator modernization, complete lobby and garage restorations and a full-building generator replacement.
1700 Palm Beach Lakes’ location along the Palm Beach Lakes Boulevard corridor offers tremendous connectivity to greater West Palm Beach and the central business district (CBD) via the adjacent Interstate 95 interchange, North Congress Avenue and North Australian Avenue. The property is positioned to capitalize on the corridor’s recent transformation, marked by the development of the Palm Beach Outlets and the Hilton Garden Inn West Palm Beach at the Outlets, which serves as Spring Training home for the Houston Astros.
The property was 89.4% occupied at the time of sale. Notable tenants include the Internal Revenue Service (IRS), Valley National Bank, Uniters North America and Comcast Spotlight. The IRS will vacate more than ±32,000 square feet in 3Q 2019, dropping occupancy to 61.1% and creating a tremendous value-add opportunity for new ownership.
“The IRS’ departure actually creates an exceptional value-add opportunity to update a significant swath of older space in the building, bringing it more in line with the needs of modern, smaller tenants which are prevalent in this submarket,” said O’Donnell. “The building is a best-in-class asset and offers Capstone upside potential given the ideal combination of positive market fundamentals, rapid nearby development and potential for a complete property rebranding in one of South Florida’s most exciting cities.”
Newmark Knight Frank (NKF) announced the completion of three high-profile office deals in South Florida totaling more than 98,000 square feet.
The flurry of activity illustrates a recent NKF research report showing vacant office space in South Florida dropping to its lowest level since the Great Recession began more than a decade ago.
In the first deal, Oakland Sun Partners, LLC purchased 1 Dambrackas Way, a 48,671-square-foot Class B office building located in Sunrise. Originally built in 1985, 1 Dambrackas Way is also within a short drive to several nearby retail and dining destinations. The new owners purchased the building for $4.02 million.
NKF Executive Managing Director Mitchell Millowitz, NKF Senior Managing Director Ryan Rosalsky and Associate R.J. Ward represented the buyer.
Millowitz also executed a new lease agreement for e-commerce company Vitacost at 4700 Exchange Court at Boca Raton Innovation Campus. The 35,438-square-foot deal is part of an ongoing transformation for the online vitamin and healthy product supplier, which is a subsidiary of Kroger. Vitacost will relocate from its current headquarters at a one-story building in The Park at Broken Sound in August.
A former IBM corporate hub, Boca Raton Innovation Campus features an impressive array of onsite amenities that include a state-of-the-art fitness center, high-tech conference center, food hall, on-site accredited day care center and numerous walking trails. CBRE Executive Vice President Jeff Kelly represented the landlord, Crocker Partners.
“Vitacost conducted an extensive search of amenity-laden office properties in the region to fulfill its charge of finding a modernized, collaborative workplace environment with an abundance of natural light,” said Millowitz. “Boca Raton Innovation Center is the Southeast’s premier science and technology hub, and its proximity to talent and walkable amenities will provide Vitacost with a significant recruiting advantage in the years to come.”
In the third deal, Millowitz, Rosalsky and Ward represented AlphaStaff, a HR outsourcing firm, in its office relocation from Cypress Creek to Sunrise Corporate Plaza. AlphaStaff will occupy 14,604 square feet of space at the Class A office building in Sunrise beginning in January 2020. Built in 1999, Sunrise Corporate Plaza totals 107,748 square feet and is 100% occupied. Madelayne Garcia and Tom Kates represented the landlord, Stiles.
Two of the three transactions occurred in Broward County, which recorded 191 lease deals totaling more than 563,000 square feet in the first quarter of 2019. Broward also accounted for more than 58% of all Class B leasing activity across South Florida in Q1 2019, as limited blocks of availability in Class A buildings continued to aid the Class B sector.
The SFOBA is a network of Professional Office Leasing Brokers in South Florida. Membership is by invitation only – landlord and tenant representatives are included.
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