Hair Club Inks 2 Leases Totaling 29,000 SF

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As part of its transformation into the premier total hair solutions company, Hair Club has secured two new leases totaling 28,502 square feet, highlighting the firm’s continued growth and commitment to South Florida.

Colliers International South Florida Executive Vice President Robert Listokin represented Hair Club in the long-term leases with owner Grover Corlew, including a strategic new headquarters relocation in Boca Raton as well as a new lease for salon space in Delray Beach.

Continuing with a Boca Raton address for its North American headquarters, Hair Club will be moving northwest into Palmetto Place at Boca Raton (f/k/a Interstate Plaza), located at 1499 W. Palmetto Park Road, with direct visibility to Palmetto Park Road as well as I-95. The four-story, 84,131-square-foot office building just completed a total interior renovation and will be starting on the exterior of the property shortly. Darcie Lunsford, senior vice president of Butters Realty & Management, represented the landlord in the transaction.

“As Hair Club has modernized and evolved over the years, there was a need for their headquarters location to do the same,” added Listokin, who has represented the firm’s real estate negotiations locally for more than 15 years. “This property satisfies their requirement for a more efficient, prominent and accessible headquarters location and will better support their operations and employee base for years to come.”

The new lease spans 23,130 square feet encompassing the entire third floor and a portion of the first floor, where the firm plans to create a modern and collaborative environment for its more than 120 local corporate staff members, including more than 60 Contact Center agents.

“We are so pleased to have a well-respected global company like Hair Club for Men make Palmetto Place @ Boca Raton its headquarters location,” said Partner Mark Corlew. “Our strategic renewal of this well-situated and carefully designed property has garnered overwhelming interest from the business community.”

“Our new headquarters location was selected to provide the ultimate employee experience,” noted Hair Club President & COO Mike Nassar. “We are dedicated to providing this experience for all of our more than 1,200 staff members across our 120 locations in the US and Canada. As the leading provider of proven hair loss solutions in North America, we proactively plan for the future and look forward to a long and prosperous journey in our new home.”

In addition to the new headquarters address, Listokin represented Hair Club in the negotiation of a new high-end salon space in Delray Beach. Located at 1625 S. Congress Avenue, the 5,372-square-foot space will accommodate customer consultations and visits for hair loss solutions.

Both locations have a planned occupancy of November, 2018.

 

 

Aetna Inks Huge Office Deal At New Mixed-Use Project At Site Of Old Fashion Mall

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Aetna has agreed to a lease for about half of a planned 175,000-square-foot office building at the new Plantation Walk development in Plantation.

The office building is part of a $350 million mixed-use project that Encore Capital Management is building at the site of the old Fashion Mall at 300 NW 82nd Ave. When completed, Plantation Walk also will have 200,000 square feet of retail space and 700 luxury apartments.

A source close to the negotiations confirmed the deal with Aetna. The property’s office leasing agent, Jay Adams of Newmark Knight Frank, declined to comment for this story. Aetna’s broker, Steve Ernst of Cushman & Wakefield, did not return a phone call seeking comment.

The seven-story building is due to be completed this summer, with the first tenants moving in by December, according to a spokeswoman for Plantation Walk.

Aetna currently has about 100,000 square feet at 1340 Concord Terrace at the Sawgrass Corporate Park in Sunrise, according to CoStar data.

 

Source:  CoStar

Heron Bay Office Buildings Hit The Market

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Tiktin Real Estate Investment Services (TREIS) announced that the firm has been named the exclusive sales agent of a Heron Bay office and retail portfolio in Coral Springs.

The 14-acre site, located directly off the Sawgrass Expressway on Coral Ridge Drive, features Waterway Shoppes, a 40,258 square-foot retail center; Heron Bay III, a 45,344 SF Class A office building; and Heron Bay IV, a 45,383 SF Class A office building.

TREIS President Adam J. Tiktin and Investment Associate Alejandro Snyder have listed the portfolio for $47.37 million.

The three buildings were constructed in 2006 and 2008 and are fully occupied with a mix of national, regional and local tenants. The properties are part of the City of Coral Springs 22-acre master-planned commercial development.

The Heron Bay portfolio is located at 5810, 5830 and 6230-6240 Coral Ridge Drive in Coral Springs. The two office buildings benefit from direct visibility to the Sawgrass Expressway, which records traffic counts of 180,000 cars daily.

 

Boca Office Building Goes Under Contract For $24 Million

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Less than three years ago, Mainstreet Capital Partners and Davis Cos. paid $28.3 million for two office properties and vacant land in Boca Raton.

Now the firms stand to recoup most of that money by selling just one of the assets – a five-story office building at 900 Broken Sound Pkwy NW.

The 115,986-square-foot building is under contract for $24 million, CoStar reported.

The buyer is an institutional investor affiliated with the NAI / Merin Hunter Codman in West Palm Beach, according to a person involved in the negotiations.

The other assets in the $28.3 million portfolio were 5500 Broken Sound Blvd. NW and a nine-acre parcel.

The building at 900 Broken Sound Pky once housed Nokia and Siemens. It’s now 80 percent leased to three tenants: CSL Plasma, Geosyntec Consultants and Score at the Top.

Peter Reed, a Palm Beach County office broker not involved in the sale, said the transaction is part of a trend in which landlords are cashing out more quickly than they have in the past. He noted that recent owners of the Esperante and CityPlace Tower office buildings in West Palm Beach also have sold those properties after only a few years.

“That’s become more the mindset of owners,” said Reed, with Commercial Florida Realty Services in Boca Raton. “Owners aren’t necessarily holding on for five, seven, 10 years anymore.”

900 Broken Sound Pky was built in 1989 in what was then known as the Arvida Park of Commerce, a 700-acre corporate business park. It has since been renamed The Park at Broken Sound as part of a rebranding that also included a rezoning that cleared the way for retail and residential. The additional uses make the park more attractive to investors, brokers say.

“The [rezoning] has been a big driver in value,” said Brady Titcomb, a broker with JLL. “Now there’s a whole neighborhood that you didn’t have before.”

 

Source:  CoStar

West Palm Beach Office Building Sells

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CBRE has arranged the sale of Courthouse Commons, a 85,668 square-foot, Class A office building located at 444 West Railroad Ave.

The property was sold for $22.75 million, property records show, by a joint venture between IP Capital Partners and Fir Tree Partners to FoxRock Properties, who was represented by CBRE’s Kevin McCarthy and Kevin Probel.

“This was a highly beneficial off-market transaction for both the seller and the buyer,” said Kevin McCarthy, first vice president at CBRE. “Our client, FoxRock Properties, was looking to purchase a building in downtown West Palm Beach. So, we connected with one of our past leasing clients, IP Capital Partners, to evaluate selling Courthouse Commons. Working with the buyer and seller, we were able to reach a mutually agreeable purchase price, and all parties are highly pleased with the outcome.”

Current tenants at the property include General Services Administration (GSA), which occupies 34,921 sq. ft., Law Firm Burlington and Rockenbach, as well as US Legal Support. Furthermore, Granite Telecommunications will lease 20,841 sq. ft. on the second floor. New ownership plans to install a 6,000-sq.-ft. gym in the first floor, which is currently vacant, and bring in a breakfast/lunch tenant to the small restaurant vacancy on the ground floor.

Building amenities include an attached 5-story parking garage with a covered pedestrian sky walk, providing direct access to the County Courthouse and is just minutes from Palm Beach International Airport and within walking distance to Clematis Street retail, the new Brightline train station and upscale lifestyle center at CityPlace.

According to CBRE’s Q1 2018 Palm Beach Office Report, sales activity in Palm Beach County finished with transactions totaling 274,183 sq. ft. Investors continue to pursue value-add opportunities in Palm Beach County, and it is anticipated that the area will continue to demonstrate positive momentum in 2018.

City Of Boynton Beach Leases 23,000 SF

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Cushman & Wakefield has negotiated a ±23,000-square-foot office lease with the City of Boynton Beach at 3301 Quantum Boulevard.

The Cushman & Wakefield brokerage team of Gordon Messinger, John K. Criddle and Joseph J. Freitas negotiated the lease on behalf of FH Quantum, LLC, a partnership between Grant Horwitz, managing principal of Fort Lauderdale, FL-based Fox Ridge Capital, and Joshua Schrager and Daniel Schwartz of Hollywood, FL-based Geometry Development, LLC.

Keith O’Donnell of Avison Young represented the City of Boynton Beach in the lease negotiations.

The City of Boynton Beach will house administrative offices in the ground-floor space. A summer 2018 move-in date is anticipated.

“3301 Quantum Boulevard is a tremendous fit for the City of Boynton Beach,” said Messinger. “The building is easily accessible and offers exceptional parking ratios while maintaining proximity to downtown Boynton Beach and City Hall.”

3301 Quantum Boulevard is a 100,000-square-foot, two-story office building developed in 1995 on a 6.2-acre site. FH Quantum, LLC acquired 3301 Quantum Boulevard in December 2017 and is investing significantly in capital improvements, including a new roof, new HVAC system and upgrades to site landscaping and the surface parking areas.

Messinger, Criddle and Freitas were named exclusive leasing advisors shortly after the acquisition and have quickly leased 3301 Quantum Boulevard’s entire ground floor.

3301 Quantum Boulevard is located one mile from Interstate 95 and is proximate to the Boynton Beach Tri-Rail station, a Palm Tran stop, and a wide range of retail and dining along Gateway Boulevard.