MPOC Scores Again: Maritime Company Inks 24,000 SF Deal

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Wilhelmsen Technical Solutions, a global provider of cost-efficient engineered solutions, equipment and services for the maritime and offshore industries, has moved to the Miramar Park of Commerce.

The company is leasing 24,200 square feet of space in MPC-11 at 2785 N Commerce Parkway.

“To find the place for our South Florida Wilhelmsen Technical Solutions business in today’s demand growing commercial real estate market was quite a challenge,” said Eugene Parfyonov of Wilhelmsen Technical Solutions. “Especially if you need a location that is close to cruise industry main players, must have ‘fit to purpose’ ratio of office and warehouse space that requires constant professional and customer friendly support from the property management team. Miramar Park of Commerce and Sunbeam Properties has it all and at a fair and balanced cost.”

Wilhelmsen Technical Solutions has more than 150 years of combined experience in the shipping and maritime service industries. With expertise in safety, HVAC, electrical and automation and insulation solutions, Wilhelmsen Technical Solutions provides solutions that help reduce installation time, cost and complexity, improve operational efficiency and minimize cost of ownership, and secure regulatory compliance.

“Large companies such as Wilhelmsen Technical Solutions, where efficiency is a top priority, not only require extensive warehouse space but also easy access to major roadways, and we’re able to offer that here at the Park,” said Maridee Bell, vice president of Sunbeam Properties, developer of the Park.

Bell and Ryan Goggins of Sunbeam Properties represented the Park in the transaction. Representing Wilhelmsen Technical Solutions was Tom Viscount of Butters Realty & Management.

Southeast Food Distribution also recently announced the move of its corporate office from Miami Gardens to the Miramar Park of Commerce, as previously reported.

Massive Mixed-Use Project Planned For Western Broward

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It’s like nothing that’s ever been built in South Florida.

Known as Metropica, the “city within a city” would have more than 2,000 condos, 300 townhomes and enough commercial space to hold 11 Walmarts.

The massive, $1.5 billion project — nearly double the size of neighboring Sawgrass Mills — would create the cornerstone of Broward County’s new “Western Downtown.” Construction could start as soon as January, said Michael Moskowitz, an attorney for Metropica developer Joseph Kavana.

It will take an estimated 10 years and 5,000 construction workers to build the mammoth development.

Local real estate experts were stunned by the sheer size of the project.

“My mouth has dropped,” said Jack McCabe, a real estate analyst in Deerfield Beach. “[The developer is] talking about 2,000 more condos in Sunrise and these aren’t even waterfront.” In Broward County alone, 4,000 condo units are either under construction or have been announced for near future development, McCabe said. “[The developer is] talking about 50 percent more than that in just one project,” McCabe said. “I’m surprised as hell. It’s almost like he wants to build a city within a city. With over 2,300 units, there would be 5,000 people living there.”

Jonathan Kingsley, an executive with the commercial real estate services firm JLL, can think of no other project like it in South Florida. “It’s an extremely ambitious concept,” Kingsley said. “There was a mixed-use project announced in Aventura, but not to this scale.”

This week, Broward commissioners gave the developer permission to build on an additional 9 acres of wetlands on the 50-acre parcel. In return, the developer will dedicate $1 million to create 20 acres of wetlands at Long Key Nature Center in Davie.

Once built, Metropica would generate an estimated $22 million a year in taxes, with $5 million going to Broward County, Moskowitz said.

“This is a phenomenal project that’s going to make that western part of Broward a major retail center and residential area,” Moskowitz said. “It fits in perfectly with the mall that’s already there. In terms of building, the real estate downturn is gone. Interest rates remain low. And the need for new housing is still high.”

Like many projects, Metropica was delayed by the Great Recession, Moskowitz said. “For all the time we’ve waited, this is the perfect time for them to hit the ground running and build what they’ve wanted to build for the past 15, 20 years,” Sunrise Commissioner Joey Scuotto said. “I’m happy it’s finally coming. It’s going to be a nice draw. It’s all good. They want to build condos, office space, restaurants and cafes.”

Kavana will soon meet with Sunrise officials to finalize plans for the project, Moskowitz said. “Just because he has approval for the maximum doesn’t mean he’ll build that,” Moskowitz said in an interview. “Their goal is to break ground on the first phase of development in January 2015.”

County Commissioner Martin Kiar, who represents the area, said officials in neighboring Plantation have told him they don’t want another Tao, the 26-story twin condo towers in Sunrise east of the mall. “Plantation residents have been telling me they don’t want another eyesore like Tao,” Kiar said. “That’s why it was important to me to make sure they build lower buildings. And now they have more land to build on because we released the 9 acres.”

Kavana is selling a 7-acre parcel on the west side of Northwest 136th Avenue to a developer who has plans to build Portico, a cluster of five- and six-story apartment buildings with a total of 417 units. The Portico project may break ground as soon as August and open within two years, said Maria Sanchez, development director for the Richman Group of Florida in West Palm Beach.

Kavana, founder and CEO of K Group Holdings Inc., has owned the Metropica parcel since 1994. The Uruguay-born developer has been involved in several international real estate projects, including YOO Punta del Este in Uruguay and YOO Nordelta in Buenos Aires. Kavana has lived in Miami since 1980 and was involved in several local projects, including Jacaranda West in Plantation and Chapel Trail in Pembroke Pines.

His latest venture has been in the making for 20 years, his attorney said.

“Once it’s done, if it does to come to fruition, it would create a big economic boon for our community,” Kiar said. “I’m excited about this project. We’ve been working on this for so long.”

Metropica By The Numbers*

Size: An estimated 4 million square feet, nearly double the size of Sawgrass Mills

Height: Up to 18 stories

Condo units: 2,083

Townhouse units: 300

Office space: 785,000 square feet (roughly the size of 7.3 Walmart stoes)

Retail space: 485,000 square feet (roughly the size of 4.5 Walmart stores)

*Numbers are based on initial plans

Source:  SunSentinel

321 North Names Director Of Leasing

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US Capital Holdings LLC, a leading private equity investor and developer of 321 North, has hired Jennifer L. Moran as Director of Leasing.

“Jen’s extensive contacts and experience will add to the momentum building at 321 North as we continue to develop leasing activity,” said Mr. Wei Chen, CEO, US Capital Holdings LLC.

US Capital will soon submit a revised site plan for all of 321 North to the city of Plantation to revitalize the former Fashion Mall. Moran is a key member of the planning process for the multi-million-dollar project and responsible for negotiating leases for retail, dining and entertainment tenants at the project, which is already underway.

“321 North will transform central Broward County,” Moran said. “Area residents will enjoy the same top quality of dining, retail and entertainment offerings that they now have to drive to Las Olas or Aventura to experience.”

Moran has managed commercial leasing in South Florida for more than 13 years. She was previously a partner and broker at Fabian Realty, handling commercial and residential leasing, and investment properties. Before that, Moran was director of leasing at Schmier & Feurring Realty, responsible for new business development, and leasing and landlord representation for more than 1.1 million square feet. As leasing manager for Turnberry Associates, Moran was involved in the specialty leasing at Aventura Mall.

She is a member of International Council of Shopping Centers (ICSC), Industrial & Office Properties (NAIOP), Commercial Real Estate Women (CREW) and University of Florida Real Estate.  In addition, Moran has been honored by CoStar as a “Power Broker”.

 

Southeast Foods Moves HQ To Miramar

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Southeast Food Distribution has moved its corporate office from Miami Gardens to the Miramar Park of Commerce.

With the move to the park, the distributor will house all corporate operations, including its Southeast Frozen Foods, Southeast Wholesale Foods and The American Logistics Group divisions, under one roof.

“Our new offices will be strategically located between both our Southeast Frozen Foods’ distribution center and our Southeast Wholesale Foods’ distribution center,” said Rich Bauer, president/CEO of the company, in a news release. “We chose MPC for its strategic location and its aesthetically pleasing and safer environment. The location also provides a good labor pool and access to many hotels and restaurants for our visitors and associates.”

Maridee Bell and Ryan Goggins of Sunbeam Properties, along with Jonathan Kingsley of JLL, represented the Park in the transaction. Representing Southeast Frozen Foods were Lee Katsikos of The Katsikos Group and Michael Sigerman, PA.

Source:  SFBJ

Downtown Fort Lauderdale Office Tower Trades For $32.5 Million

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CBRE arranged the sale of Comerica Tower, also known as Plaza 100, a Class A, 166,098-square-foot boutique office tower located at 100 NE 3rd Avenue in Fort Lauderdale.

Brookwood Financial Partners of Beverly, Massachusetts, acquired the 11-story downtown tower from Beacon Investment Properties of Hallandale Beach for $32,500,000, or $196 per square foot.

In August 2013, Brookwood purchased Plantation office building Lakeside Office Center, located at 600 N. Pine Island Road.

Comerica Tower, which features an above-market parking ratio of 3.5 per 1,000 square foot, was 82% leased at the time of the sale.  The property has benefited tremendously from robust leasing activity in downtown Fort Lauderdale over the last two years.

“Downtown Fort Lauderdale absorption has been led by a migration of tenants from the suburbs to the CBD. This has been a national trend, where possible, as employers find it easier to attract and retain higher level talent to urban locations,” explained CBRE Vice Chairman Christian Lee.

Mr. Lee noted that Beacon Investment Properties owned Comerica Tower for two years, increased occupancy from 69% to 82% during its ownership and sold it when it realized the company’s investment objectives for the property. “While Beacon is widely known for its disciplined and expedited acquisition strategies, it was just as responsive as a seller,” Mr. Lee said.

Ariel Bentata, co-founder and managing partner of Beacon, commended Brookwood Financial “for being an astute investor. The buyer performed as anticipated on all aspects of the acquisition and we feel confident this exceptional office tower and its tenants will be in very good hands.”

Comerica Tower is centrally located in downtown Fort Lauderdale’s walkable “live, work, recreate and educate” vibrant cosmopolitan core, within walking distance of numerous shops, restaurants and over 3,500 multi-family units that are either under construction or planned.

“Of this multi-family activity, 1,850 units are north of Broward Boulevard in close proximity to the property,” added José Lobón, CBRE Senior Associate. “This area is now a young and hip enclave, home to neighborhoods such as Progresso Village, Flagler Village and F.A.T. (Flagler Art & Technology) Village, and amenities such as the new Fresh Market supermarket, and numerous art galleries and cafes.”

The Miami-based CBRE team representing the seller included Christian Lee and José Lobón with CBRE’s Capital Markets Institutional Group; and Charles Foschini and Chris Apone with CBRE’s Debt & Structured Finance Group.

Assisting the CBRE Team was the CBRE Office Leasing team of Deanna Lobinsky and Travis Herring, and JLL office leasing broker Jonathan Kingsley.

 

RWNK Inks 15,000 SF In Lease Deals At Corporate Park At Inverrary

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Bill McConnell and Kenneth Kurtz, CCIM of NAI Rauch Weaver Norfleet Kurtz & Co., as exclusive Landlord agent, represented CDM Property Investments, LLC in five leases at Corporate Park at Inverrary.

The property is located at 3800-3810 Inverrary Blvd. in Lauderhill.

These transactions are helping to re-tenant what was formerly the Lauderhill City Hall.

New tenants include:

  • Sanctuary International Ministries, Inc., for 6,476 square feet.  The tenant was represented by NAI Rauch Weaver Norfleet Kurtz & Co.’s Todd Weaver.
  • Nelly Faustin & Paulaine Liberal, for 3,232 square feet.
  • Richard Flanders Enterprises, for 3,200 square feet.
  • EZ Appointments, LLC, for 1,340 square feet.
  • Primarica Management Group, Inc., for 698 square feet. EZ Appointments, LLC and Primarica Management Group were represented by Dettman Realty Group, Inc.

 

Mr. Kurtz stated, “this location is ideal for a large corporate user or government agency as well as a call center.”