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NKF Brokers Three Office Deals Totaling More Than 98,000 SF

August 4, 2019/in Done Deals, News/by SFOBA STAFF

The flurry of activity illustrates a recent NKF research report showing vacant office space in South Florida dropping to its lowest level since the Great Recession began more than a decade ago. CLICK ON THE HEADLINE FOR MORE

Cushman & Wakefield To Lease Radice Corporate Center

July 22, 2019/in Done Deals, News/by SFOBA STAFF

John Criddle and Joseph Freitas has been named exclusive leasing advisors. CLICK ON THE HEADLINE FOR MORE

NKF Brokers Three Office Deals Totaling More Than 98,000 SF

August 4, 2019/in Done Deals, News/by SFOBA STAFF

Cushman & Wakefield To Lease Radice Corporate Center

July 22, 2019/in Done Deals, News/by SFOBA STAFF

John Criddle and Joseph Freitas has been named exclusive leasing advisors. CLICK ON THE HEADLINE FOR MORE

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NKF Brokers Three Office Deals Totaling More Than 98,000 SF

August 4, 2019/in Done Deals, News/by SFOBA STAFF

Newmark Knight Frank (NKF) announced the completion of three high-profile office deals in South Florida totaling more than 98,000 square feet.

The flurry of activity illustrates a recent NKF research report showing vacant office space in South Florida dropping to its lowest level since the Great Recession began more than a decade ago.

In the first deal, Oakland Sun Partners, LLC purchased 1 Dambrackas Way, a 48,671-square-foot Class B office building located in Sunrise. Originally built in 1985, 1 Dambrackas Way is also within a short drive to several nearby retail and dining destinations. The new owners purchased the building for $4.02 million.

NKF Executive Managing Director Mitchell Millowitz, NKF Senior Managing Director Ryan Rosalsky and Associate R.J. Ward represented the buyer.

Millowitz also executed a new lease agreement for e-commerce company Vitacost at 4700 Exchange Court at Boca Raton Innovation Campus. The 35,438-square-foot deal is part of an ongoing transformation for the online vitamin and healthy product supplier, which is a subsidiary of Kroger. Vitacost will relocate from its current headquarters at a one-story building in The Park at Broken Sound in August.

A former IBM corporate hub, Boca Raton Innovation Campus features an impressive array of onsite amenities that include a state-of-the-art fitness center, high-tech conference center, food hall, on-site accredited day care center and numerous walking trails. CBRE Executive Vice President Jeff Kelly represented the landlord, Crocker Partners.

“Vitacost conducted an extensive search of amenity-laden office properties in the region to fulfill its charge of finding a modernized, collaborative workplace environment with an abundance of natural light,” said Millowitz. “Boca Raton Innovation Center is the Southeast’s premier science and technology hub, and its proximity to talent and walkable amenities will provide Vitacost with a significant recruiting advantage in the years to come.”

In the third deal, Millowitz, Rosalsky and Ward represented AlphaStaff, a HR outsourcing firm, in its office relocation from Cypress Creek to Sunrise Corporate Plaza. AlphaStaff will occupy 14,604 square feet of space at the Class A office building in Sunrise beginning in January 2020. Built in 1999, Sunrise Corporate Plaza totals 107,748 square feet and is 100% occupied. Madelayne Garcia and Tom Kates represented the landlord, Stiles.

Two of the three transactions occurred in Broward County, which recorded 191 lease deals totaling more than 563,000 square feet in the first quarter of 2019. Broward also accounted for more than 58% of all Class B leasing activity across South Florida in Q1 2019, as limited blocks of availability in Class A buildings continued to aid the Class B sector.

Cushman & Wakefield To Lease Radice Corporate Center

July 22, 2019/in Done Deals, News/by SFOBA STAFF

The Cushman & Wakefield office leasing team of John Criddle and Joseph Freitas has been named exclusive leasing advisor for Radice Corporate Center in Broward County.

Radice Corporate Center is a 353,975-square-foot, three-building, Class A office campus in the Cypress Creek office submarket. The office park comprises Radice Corporate Center I at 600 Corporate Drive, Radice Corporate Center II at 800 Corporate Drive and Radice Corporate Center III at 1000 Corporate Drive.

Radice Corporate Center I is a six-story, 102,350-square-foot building featuring 18,000-square-foot floor sizes and renovated common areas and bathrooms. The building was constructed on the ±4.0-acre site in 1984.

Radice Corporate Center II is a seven-story, 122,625-square-foot building developed in 1986 on a ±6.7-acre site. The asset offers 18,000-square-foot floor plates, renovated common areas and bathrooms, new elevators, a new HVAC system and an on-site café.

Radice Corporate Center III is a seven-story, 129,000-square-foot building developed in 1987 on a ±6.3-acre site. The building features 18,400-square-foot floor plates, an atrium lobby with marble accents and floor-to-ceiling windows. Ownership acquired Radice Corporate Center III earlier this year, securing possession of all three buildings.

Each building at Radice Corporate Center offers Category 5 or T–1 networking, generous surface parking ratios (4.0 spaces/1,000 square feet), canopied parking, on-site property management and roaming 24/7 security.

Radice Corporate Center is situated in a park-like setting adjacent to The Westin Fort Lauderdale and a ±5.5-acre nature preserve and a jogging trail. This location in Cypress Creek offers exceptional visibility from Interstate 95, easy access to all major South Florida thoroughfares and is just minutes from Fort Lauderdale/Hollywood International Airport.

The campus is currently 87.0% leased. Notable tenants include Charter Schools, Mass Mutual, Arizona College, Litchfield Cavo, TekPartners, Aerotek Staffing and Marsh & McLennan along with many other exceptional companies.

Ownership plans significant capital improvements at Radice Corporate Center, including updated landscaping, improved parking, café upgrades and enhanced corporate branding and signage.

“With ownership’s acquisition of Radice Corporate Center III, the entire park is now back under the control of a single entity for the first time since it was developed by Robert Radice in the eighties,” said Criddle. “Owning all three buildings not only provides operational efficiencies, but it offers our tenants the opportunity to grow or contract their office needs under the same ownership group.”

“The need for office space in Broward County continues to be spurred by solid economic growth and job creation,” added Freitas. “With limited new office construction outside the Fort Lauderdale CBD, Radice Corporate Center is well-positioned to capitalize on this increase in demand.”

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NKF Brokers Three Office Deals Totaling More Than 98,000 SF

Cushman & Wakefield To Lease Radice Corporate Center

NKF Brokers Three Office Deals Totaling More Than 98,000 SF

Cushman & Wakefield To Lease Radice Corporate Center

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NKF Brokers Three Office Deals Totaling More Than 98,000 SF

Cushman & Wakefield To Lease Radice Corporate Center

“The need for office space in Broward County continues to be spurred by solid economic growth and job creation,” added Freitas. “With limited new office construction outside the Fort Lauderdale CBD, Radice Corporate Center is well-positioned to capitalize on this increase in demand.”

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