Orlando-Based CNL In Buying Mode

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Orlando-based CNL Commercial Real Estate is moving ahead with a plan to make $300 million in acquisitions over the next 18 months.

In April, CNL closed on the first acquisition for its CCRE Sponsor Equity Fund I — a $45 million purchase of the Sawgrass Lake Center office complex in Fort Lauderdale. The company is now working on a possible new deal in Dallas — a large, vacant commercial building.

Last week, CNL said it hired David Willett of Boston as director of acquisitions for the buying fund. Willett formerly worked for New Boston Fund, a real estate investment management firm.

“The goal is to invest in markets where we have an office and presumably have local expertise on the ground,” said Pryse Elam, president of developments and investment for CNL.

Elam said the Fort Lauderdale purchase is a good example of what CNL is seeking: viable commercial buildings that suffered a loss of tenants during the recession. Willett and Elam are now based in Boca Raton.

 

Source:  SunSentinel

 

CBRE Arranges Sale Of Delray Park Of Commerce

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CBRE arranged the sale of Delray Park of Commerce, a 19,478-square-foot boutique office building located at 800 NW 17th Avenue in Delray Beach.

Brain Matters Properties, LLC acquired the single-story building from HHCS Real Estate, LLC for $3.4 million.

CBRE represented the seller.

“Delray Park of Commerce offers a combination of flexible office space, great amenities and convenient access to major transportation arteries,” said CBRE’s Owen Sagar.

Built in 1999 and located in a highly desirable area near upscale neighborhoods, the property is well-situated on 4.39 acres on the northeast corner of Congress Avenue and Lake Ida Road. Delray Park of Commerce offers ample parking in a corporate, park-like setting with quaint water views and easy access to I-95 and Atlantic Avenue, “The Ave.,” in downtown Delray Beach.

CBRE’s sales team included Dominic Montazemi, Scott O’Donnell, Miguel Alcivar, Jason Hochman and Owen Sagar. Garrett Vonk represented the buyer.

CBRE Tapped To Lease Broward’s Largest Office Building

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CBRE has been selected as the exclusive leasing agent for BayView Corporate Tower, the largest office building in Broward County.

Owned by New Boston Fund, a private equity real estate investment, development and management firm based in Boston, the 412,520-square-foot, 12-story building is located at 6451 N. Federal Highway in Fort Lauderdale. New Boston Fund acquired the property in early 2008 for a reported $63 million.        

“BayView Corporate Tower offers its Cypress Creek neighborhood a rare opportunity to have an exclusive office address close to home,” said CBRE Senior Vice President Deanna Lobinsky. “Additionally, with newly renovated interior and exterior spaces and four new spec suites awaiting their first tenants, it still offers some of the most competitive rental rates in the region, especially when compared with occupancy costs downtown.”

BayView Corporate Tower offers suites ranging in size from 1,400 to 77,000 square feet. The building features large floor plates of up to 33,000 square feet with many upper level offices having ocean views.

“We are very pleased to be working with the team from CBRE to help us to continue to position the property at the forefront of the market,” said Pamela Adamian, Vice President of Asset Management at New Boston Fund. “The location, amenities and available space are a major draw for quality tenants.”

Just minutes to I-95, the Energy Star-rated property is close to dining, banking and retail. Prominent tenant signage on both the top of the building and along Federal Highway is available.

BayView has received multiple “Office Building of the Year” honors from The Building Owners and Managers Association (BOMA) and an Energy Star rating every year since 2008.

CBRE’s Jarred Goodstein and Avi Fisher are collaborating with Lobinsky in representing BayView Corporate Tower.

Palm Beach Gardens Project Eliminates Office Component Amid Traffic Concerns

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The redevelopment of the Panama Hattie’s site near Palm Beach Gardens is being scaled down after nearby residents expressed concerns over the potential traffic impact of the project.

PGA Partners, led by developer Nick Mastroianni, reduced the condo component of the proposed $175 million redevelopment from 150 units to 84. About 20,000 square feet of office and restaurant space is also being eliminated from the plan.

The developer is trying to assemble an eight-acre site that combines waterfront restaurant Panama Hattie’s with other parcels to the south.

An application to annex the site on the south side of PGA Boulevard into Palm Beach Gardens is pending, according to the Palm Beach Post. The properties are part of unincorporated Palm Beach County.

Over the past decade, developers in that part of the county have pushed to construct infill projects with multiple uses in urbanized areas.

 

Are You A Member Of SFOBA?

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The prime objective of the South Florida Office Brokers Association (SFOBA) is to give members an opportunity to network with their peers, get more information on what is available in the marketplace, and hopefully get pertinent market information from guest speakers, as well as research analysis for the area.

Our meetings are hosted, graciously, by our members. The host property gets exposure to market the space available in the building and for all to see it first hand.

There is no charge to be a member of  SFOBA, but it is for office brokers only.

If you are an office broker, and not yet a member of SFOBA, please let us know by leaving a comment below.  Be sure to include your name and email address and we’ll be happy to add your name to our current email distribution list to keep you informed of upcoming meetings.

 

 

 

3 Sales In 30 Days Within 3 Miles

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Bonvie Realty closed on three properties within three miles of each other in Fort Lauderdale within the past month.

The buildings are all due to be renovated under their new ownership.

The office buildings are older and have needed major renovations for some time. Each of the three buildings will have the renovation project started before the end of the year under the new owners, though completion dates have not been announced.

TFRE Holdings, Inc. acquired the two-story, 11,609-square-foot retail building at 5130 N. Federal Highway from KAS Partners LLC for $1.03 million, or about $88 per square foot. Rick Bonvie with Bonvie Realty represented both the buyer and seller in the sale.

Bonvie Realty represented the buyer, Steven D’ Apuzzo LLC on the acquisition of 2755 E. Oakland Park Blvd., while Keith Kidwell with Sperry Van Ness represented the seller, Cheiftain Holdings LP. The three-story, 20,961-square-foot office building sold for $1.8 million, or about $87 per square foot.

And most recently, 4331 N. Federal LLC purchased the Monaco Building, a 19,091-square-foot office building located at 4331 N. Federal Hwy., from Mayjus LLC for over $1.5 million, or about $83 per square foot. Rick Bonvie with Bonvie Realty represented the seller, while Kenneth Weston Healthcare represented the buyer.

 

Source:  CoStar