Ft. Lauderdale Commissioners Unanimously Approve 1.3M SF Mixed-Use Project

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The Traina Companies, a privately held New York and Delray Beach-based dynamic group of holdings in the real estate development, construction and hospitality industries, unanimously received the final zoning approval necessary from Ft. Lauderdale’s City Commissioners for its 1,351,160 square feet of mixed-use new construction, dubbed FATcity (Florida Arts and Technology), located at 300 N. Andrews Avenue in Ft. Lauderdale.

This announcement moves FATcity from a proposed to a planned development pivotal to the city. A true Transit Oriented Development (TOD) mixed-use project, FATcity is situated in the City Center (RAC-CC) Special Zoning District and connects the Central Business and Arts Districts through pedestrian-oriented walkable streets, access to Brightline’s High-Speed Rail station within two blocks of the property, and a Wave Streetcar stop on-site.

Fronting an entire city block along the east side of Andrews Avenue between NE 3rd and 4th Streets, FATcity is an assemblage of five contiguous parcels of land totaling 2.69-acres and will be comprised of two, 30-story towers featuring 270,000 square feet of office, retail and a potential for hospitality; 612 residential units; and 1,327 covered parking spaces.

 

“This announcement is a testament to the hard work and dedication of state and local leaders, along with the Greater Ft. Lauderdale Alliance, who together have to positioned Ft. Lauderdale to emerge as the next tech hub to rival Austin and The Triangle in North Carolina – while also attracting other great companies in various industries,” said Joseph Traina, Jr., Principal, The Traina Companies. “The quality of life, cost of living, no personal state income taxes, transportation modules, skilled workforce, and access to hundreds of thousands of students from local universities can rival, if not surpass, those of large-scale tech hubs like San Francisco and Silicon Valley.”

This development marks the first new Class A office space developed in Broward’s Ft. Lauderdale submarket in more than a decade. As such, FATcity’s office component is designed to exceed today’s workplace needs, boasting large, open floorplates ideal for co-working, collaboration and networking, open-air retail spaces, and advanced high-speed technology. Additionally, to complement its proximity to local universities, The Traina Companies seeks to create a platform where employers can meet, train, and hire the next generation of the skilled workforce – this will be accomplished by providing internships, continuing education, and fulfilling the need for an incubator for the area to connect and collaborate under one roof.

As an amenity rich, job creation engine that will spotlight and enhance the cultural, educational, and lifestyle aspects of the region, FATcity will become the Gateway to Ft. Lauderdale. Employers and employees, residents, lifestyle retailers and consumers, as well as leisure and business travelers, will complement each other and the overall essence of the project.

 

“With our business roots deep in New York and Delray, we have seen first-hand how Ft. Lauderdale has become to Miami what Brooklyn is to Manhattan,” continued Traina. “The urban planners and commissioners of Ft. Lauderdale were wise beyond measure to create the RAC-CC zoning for the downtown area which has spurred development on a scale never before seen in Ft. Lauderdale.”

 

Berger Commercial Realty Named Exclusive Leasing Agent For Fort Lauderdale Office Building

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Berger Commercial Realty/CORFAC International Senior Vice President Keith Graves and Sales Associate John Forman were recently appointed by 2601 M L Fund, LLC as the exclusive leasing agent for 2601 E. Oakland Park Blvd., a 59,878-square-foot, six-story office building in Fort Lauderdale.

Berger Commercial-Keith Graves and John FormanLocated adjacent to Coral Ridge Mall, which is anchored by Publix and Target, and just east of the Oakland Park Blvd. and Federal Highway intersection, the multi-tenant office building offers ocean views, surface and garage parking and recently upgraded common areas.

“The building accommodates a mix of professional service firms and financial tenants and offers outstanding visibility and a convenient location in the heart of east Fort Lauderdale,” Graves said. “It’s also within walking distance of many local restaurants and shops.”

 

Source:  CRE-sources

 

Class A Boca Office Property Fetches $60 Million

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C. Talanian Realty Co. has purchased Peninsula Executive Center, an office development in Boca Raton, for $59.8 million.

The 187,784-square-foot, Class A office property, located at 2381 and 2385 Executive Center Drive, consists of two four-story office buildings and a 742-space parking structure.

The property is currently 97 percent leased and is anchored by Newell Brands.

HFF, led by Chris Drew, Hermen Rodriguez, Ike Ojala, Brian Gaswirth and Matthew McCormack marketed the property on behalf of the undisclosed seller. HFF also secured $33.5 million in long-term, fixed-rate acquisition financing through Principal Real Estate Investors on behalf of C. Talanian Realty.

 

Source:  RE Business

 

EB-5 Developer Delivers Class A Office In Tight Miramar Market

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Riviera Point Development Group has completed construction of a 72,000-square-foot office building in Miramar.

The building, Riviera Point Corporate Center, is one of the few new suburban office buildings completed in this real estate cycle in South Florida. Riviera Point used foreign capital to finance construction of the project located in one of the nation’s most desirable suburban office markets, according to a study by Boyd Co.

The Riviera Point’s development underlines a growing demand for Class A office space in the suburbs and the influential role that foreign capital is playing in reshaping South Florida’s suburbs. In the past, Riviera Point raised foreign capital to build Riviera Point Business Center at Doral in 2016 and Professional Center at Riviera Point in Miramar in 2015.

Riviera Point partially funded construction of the new five-story office building, at 2750 SW 145th Avenue, through the EB-5 investor visa program. Under the federal program, foreign investors and their families can obtain a green card if they invest at least $500,000 in job-creating projects in the US. The firm, one of the region’s most prolific EB-5 developers, raised $15 million from 30 investors mainly from Latin America to build Riviera Point Corporate Center. Since 2012, Riviera Point has raised more than $53 million in EB-5 capital in South Florida, crated 1,120 jobs and enabled more than 170 foreign families to obtain the US residency.

“We build suburban office buildings to meet the needs of the bustling business communities expanding west of South Florida’s largest urban cores,” said Riviera Point CEO Rodrigo Azpúrua. “In the absence of a comprehensive mass transit system in our region, employers are responding to road congestion by moving their offices closer to their employees’ homes. Foreign investors see the upside of serving that sector of our community and are eager to provide capital for us to build Class A suburban office buildings.”

Blanca Commercial Real Estate is handling leasing for Riviera Point Corporate Center.

As construction of Riviera Point Corporate Center concludes, Mr. Azpúrua will focus on construction of the Radisson Red Miami Airport in suburban Miami. The 155-room hotel is partially funded with $11.5 million raised from EB-5 investors. The upscale select services hotel broke ground early this year and is scheduled for completion in early 2018.

 

 

 

Broward Office Campus Changes Hands

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Executive University Courts, a 97,125-square-foot office campus in Broward County, has sold.

Cushman & Wakefield Managing Director Dominic Montazemi, Senior Associate Greg Miller and Executive Director Scott O’Donnell represented Kas University LLC in the disposition.

MYP Executive, LLC acquired the asset for $9.3 million, or $96 per square feet.

Executive University Courts comprises six, two-story inter-connected office buildings built in 1987. The buildings’ garden layout offers private tenant access to suites from a lushly landscaped courtyard with a tranquil water feature. Ownership’s modest capital improvements in the buildings have helped push occupancy from 50.0 percent to 84.1 percent in just three years.

Executive University Courts sits on a 5.9-acre site at 4300 North University Drive in central Broward County. This highly visible location is easily accessible via Florida’s Turnpike and the Sawgrass Expressway.

“The property’s visibility and above-average parking, as well as the strong population density in the immediate submarket, are tremendous demand drivers for potential tenants,” said Montazemi. “The layout of the buildings also provides tenants direct access to their suites and an enhanced level of privacy.”

“There is also significant potential to capture additional medical tenancy,” added Montazemi, noting there are four hospitals with over 1,000 beds within four miles of the campus. “Given the asset’s proximity to local hospitals, private access to suites, and restrooms within the tenant spaces, there is a strong case for adding value by strategically leasing additional space to medical-related tenants.”

 

Cresa Announces Appointment Of Regional Business Manager

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As part of its continued strategic South Florida growth and expansion plans, Cresa announced it has appointed Stephanie Katona as Regional Business Manager.

Prior to joining Cresa, Ms. Katona had been with Cushman & Wakefield for seven years in the firm’s Midtown Manhattan world headquarters.  During her seven year tenure at Cushamn & Wakefield, Ms. Katona was instrumental in the success of a number of major transactions, including but not limited to high profile deals on Fifth Avenue, in Times Square and in Lower Manhattan.  In total, her team was responsible for approximately 1.9 million square feet of leasing, with a transaction value of $4.5 billion.  She brings a wealth of operational and transactional knowledge to Cresa, making Ms. Katona a key hire in the company’s growth in the South Florida region.

This latest announcement comes shortly after Cresa announced the hiring of industry vet Glenn Olson, the opening of its new Ft. Lauderdale office, and robust growth and expansion plans for the firm in South Florida.

 

“South Florida is and will continue to be one of the most important markets for our firm globally,” stated Cresa CEO Jim Underhill.  “Continually adding top-notch talent as we have done here with Stephanie and all the recent key hires in South Florida is only the start for us, as we plan to be strategic, diligent, and committed to a long-term South Florida presence,” added Underhill.

 

“Cresa is selectively seeking office and industrial talents in the South Florida region with plans to double the number of quality brokers by end of 2018,” added Caroline Fleischer.