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Stiles Realty’s Madelayne Garcia Renews T-Mobile, New York Life At Lake Shore Plaza II

January 19, 2020/in Done Deals, News/by SFOBA STAFF

The two leases total 54,046 square feet. CLICK ON THE HEADLINE FOR MORE

Four-Building Office Park In Palm Beach County Sells For $155 PSF

January 12, 2020/in Done Deals, News/by SFOBA STAFF

The Cushman & Wakefield Capital Markets team of Greg Miller, Scott O’Donnell, Miguel Alcivar and Michael Ciadella, partnered with Michael Falk and Scott Weprin of Colliers International, who represented Northpoint Investments Partnership, LP in the disposition. CLICK ON THE HEADLINE FOR MORE

Stiles Realty’s Madelayne Garcia Renews T-Mobile, New York Life At Lake Shore Plaza II

January 19, 2020/in Done Deals, News/by SFOBA STAFF

The two leases total 54,046 square feet. CLICK ON THE HEADLINE FOR MORE

Four-Building Office Park In Palm Beach County Sells For $155 PSF

January 12, 2020/in Done Deals, News/by SFOBA STAFF

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Stiles Realty’s Madelayne Garcia Renews T-Mobile, New York Life At Lake Shore Plaza II

January 19, 2020/in Done Deals, News/by SFOBA STAFF

Stiles Realty, a division of the full-service commercial real estate firm, Stiles, announced lease renewals for T-Mobile and New York Life Insurance Company at Lake Shore Plaza II.

Stiles Realty Senior Vice President Madelayne Garcia represented the landlord in the transactions. Mitchell Millowitz of NKF and Cameron Tallon of JLL represented T-Mobile and New York Life respectively.

Lake Shore Plaza II

T-Mobile renewed its 21,104 SF office space while New York Life signed a renewal for its 32,942 SF space. Located at 1300 Concord Terrace in Sunrise, Lake Shore Plaza II is a 128,470 SF Class A office building in the heart of Sawgrass Corporate Park. The LEED Silver certified building is located along the Sawgrass Expressway, minutes from shopping, dining and entertainment, including Sawgrass Mills Mall, IKEA, and BB&T Center.

“We are pleased that established global brands such as T-Mobile and New York Life continue to put their trust in us for their office needs,” Garcia said. “These renewals further illustrate the attractiveness of Lake Shore Plaza II for both existing tenants looking to renew as well as new firms moving into the area.”

T-Mobile provides wireless voice, messaging, and data services and operates the third largest wireless network in the nation with more than 65.5 million customers and annual revenues of $32 billion.

New York Life, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. New York Life’s family of companies offers life insurance, retirement income, investments, and long-term care insurance.

Four-Building Office Park In Palm Beach County Sells For $155 PSF

January 12, 2020/in Done Deals, News/by SFOBA STAFF

Cushman & Wakefield negotiated the sale and financing of Northpoint Business Plaza, a ±79,516-square-foot office park in Palm Beach County.

The Cushman & Wakefield Capital Markets team of Greg Miller, Scott O’Donnell, Miguel Alcivar and Michael Ciadella, partnered with Michael Falk and Scott Weprin of Colliers International, who represented Northpoint Investments Partnership, LP in the disposition.

ATCG LLC acquired the buildings for $12.35 million, or $155 per square foot.

Jason Hochman of Cushman and Wakefield’s Equity, Debt and Structured Finance Group, assisted ATCG LLC in securing a $7.395 million acquisition loan from Citi.

Northpoint Business Plaza comprises four single-story office buildings developed in 1988 on an ±6.3-acre site at 901 Northpoint Parkway in West Palm Beach. The park is situated less than one mile from the Interstate 95 interchange at 45th Street (Exit 74). This location offers excellent access to Interstate 95, U.S. Highway 1, Florida’s Turnpike, Brightline, Tri-Rail and Palm Beach International Airport.

The buildings were 96.7% occupied at the time of sale. The average suite size is 1,807 square feet. Notable tenants included Healthy Mothers, Healthy Babies; Wood Environment & Infrastructure Solutions; Kennedy Contractors, Inc. and the Florida Department of Highway Safety.

Northpoint Investments Partnership, LP acquired the park in 2014 and subsequently completed a capital improvement program that involved extensive interior suite refurbishment, allowing them to add significant occupancy and drive up rental rates.

“Tenants are attracted to Northpoint Business Plaza due to its efficient, single-story design, which keeps common area expenses to a minimum, providing one of the most cost-effective options in northern Palm Beach County,” said Miller.

Added O’Donnell, “The property has limited competition and aligns perfectly with prospective tenants in the market.”

Half Sized Blog Element (Single Author Style)

Half Sized Blog Element (Multi Author Style)

Stiles Realty’s Madelayne Garcia Renews T-Mobile, New York Life At Lake Shore Plaza II

Four-Building Office Park In Palm Beach County Sells For $155 PSF

Stiles Realty’s Madelayne Garcia Renews T-Mobile, New York Life At Lake Shore Plaza II

Four-Building Office Park In Palm Beach County Sells For $155 PSF

Full Sized Blog Element (Big Preview Pic)

Stiles Realty’s Madelayne Garcia Renews T-Mobile, New York Life At Lake Shore Plaza II

Four-Building Office Park In Palm Beach County Sells For $155 PSF

“Tenants are attracted to Northpoint Business Plaza due to its efficient, single-story design, which keeps common area expenses to a minimum, providing one of the most cost-effective options in northern Palm Beach County,” said Miller.

Added O’Donnell, “The property has limited competition and aligns perfectly with prospective tenants in the market.”

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