The company is based in Fulton, Maryland.
The asset was the second of the seller’s 100% occupied, two-building portfolio to sell within three months, both sales totaling $17.2 million.
NewDay USA, one of the nation’s leading veteran mortgage lenders, announced on Tuesday that it will create 600 new jobs at 360 Rosemary in West Palm Beach over the next two years.
This new location will serve as the second headquarters for NewDay USA, in addition to its headquarters in Fulton, Maryland.
NewDay USA will occupy more than 50,000 square feet on the top two floors of 360 Rosemary, the 300,000-square-foot, sustainable, Class-A office building at the heart of downtown West Palm Beach’s Rosemary Square neighborhood.
“NewDay USA’s commitment to growth and job creation will bolster our vision of creating a community of opportunity for all,” said West Palm Beach Mayor Keith James on Tuesday. “We are proud to be New Day’s newest home and a place where everyone—especially our cherished veterans—can realize their dreams. We look forward to NewDay USA’s valuable work and positive economic impact on our community.”
“NewDay USA proudly helps veterans and their families achieve greater financial security, and we are excited to establish a new home in West Palm Beach to carry out our mission,” said Rob Posner, the CEO of NewDay USA. “South Florida hosts a growing and educated workforce and the state represents the third-largest veteran population in the U.S., making West Palm Beach the ideal choice for our company’s second headquarters.”
“The Business Development Board believes that NewDay USA will be a transformational relocation for the City of West Palm Beach. This company takes great pride in creating high-quality jobs for our residents and being a big part of the community. We are proud to welcome them as our newest corporate citizen,” said Kelly Smallridge, the president and CEO of Business Development Board of Palm Beach County (BDB).
The Business Development Board assisted NewDay USA with access to the City of West Palm Beach’s financial resources, as well as expedited permitting and information on community engagement.
NewDay expects to be one of the largest employers in the area, housing 600 employees over the next two years at Rosemary Square. The West Palm Beach Community Redevelopment Agency has approved $1.8 million for the training of new hires at NewDay University. The average salary of a NewDay employee is more than $90,000 and the average age is between 25 and 30.
“The team at Related built a beautiful, state-of-the-art facility that will give our team members a phenomenal environment to work and live. Our team is extremely excited to join this community,” Posner said.
NewDay USA will take occupancy of the new office in the fall.
Source: Florida Daily
Avison Young’s Florida Capital Markets Group closed the $8.3 million sale of the 33,720-rentable-square-foot landmark office building, Weston Commerce Center, at 1625 N Commerce Parkway in Weston.
The asset was the second of the seller’s 100% occupied, two-building portfolio to sell within three months, both sales totaling $17.2 million.
The seller, HRE/SEFIRA Weston Office, LLC, a joint venture between Highline Real Estate Capital and Sefira Capital, acquired the portfolio in 2017 for $13 million. Fox Ridge Capital, LLC was the buyer in the transaction.
On behalf of the seller, the Weston Commerce Center sale was completed by Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth. The team also facilitated the sale of the portfolio’s other building, a J.P. Morgan Chase Bank-anchored building at 1040 Weston Road, for $8.9 million in December 2020.
“Weston Commerce Center maintained its 100% occupancy rate during the pandemic, which is a testament to the strength of the asset and the market and what attracted strong investor interest,” said Duckworth. “Our client, with the support of the Avison Young leasing team, worked diligently to increase the portfolio’s value and led to a notable return on investment following the sales.”
At the time of the HRE/SEFIRA acquisition in 2017, the properties were 82% occupied. Over the course of three years, the ownership partners increased occupancy to 100% and grew the portfolio’s net operating income by nearly 45%.
“When we acquired the portfolio, we recognized the strength of the Weston submarket and saw the opportunity to drive occupancy and rental rates through the completion of aesthetic improvements and proactive asset management,” said David Moret, President of Highline Real Estate Capital. With the assistance of Avison Young’s leasing team including Principal Greg Martin and Senior Associate Lisa Blumer, the buildings reached full occupancy well ahead of schedule, and we were able to substantially increase rental rates, which ultimately led to two successful sales during a pandemic after a hold period of less than four years.”
The SFOBA is a network of Professional Office Leasing Brokers in South Florida. Membership is by invitation only – landlord and tenant representatives are included.
Email: admin@sfoba.com
Email: admin@sfoba.com
Mortgage Lender To Occupy 50,000 Square Feet For 2nd HQ
/in Done Deals, News/by SFOBA STAFFThe company is based in Fulton, Maryland.
Weston Office Building Changes Hands
/in News/by SFOBA STAFFThe asset was the second of the seller’s 100% occupied, two-building portfolio to sell within three months, both sales totaling $17.2 million.