Convey Health Solutions maintains more than 1,500 employees who provide more than eight million Medicare beneficiaries with access to the healthcare services they require. CLICK ON THE HEADLINE FOR MORE
The building last sold for $10,900,000 in December 2012. CLICK ON THE HEADLINE FOR MORE
Convey Health Solutions, a national provider of health insurance services and technology, is relocating its 500-person Miramar office to MPC-30, the newest building in Sunbeam Properties’ Miramar Park of Commerce.
Convey Health Solutions, which will move from another building within the Park, will occupy 47,819 sq. ft. in MPC-30, a 70,948 sq.-ft. spec office/flex building located at 3140-3188 Executive Way. Convey’s custom build-out of the space in MPC-30 is slated for completion in March.
“Convey chose MPC-30 in order to build out a facility that aligned with the company’s brand and goal to provide a superior work environment for team members,” said JLL Executive Vice President and National Director Ryan Nunes, who represented Convey Health Solutions in the transaction. “We worked closely with Convey and Sunbeam to structure a creative transaction that met Convey’s short- and long-term goals and provided flexibility to excel in an ever-changing business landscape.”
Convey Health Solutions maintains more than 1,500 employees who provide more than eight million Medicare beneficiaries with access to the healthcare services they require. Additionally, the company manages large-scale health insurance processes for clients regionally and nationally.
“One of the many advantages of the Park is that we can make quick decisions at the local level which is important, particularly for companies like Convey Health Solutions that are looking to customize their space based on their business needs,” said Sunbeam Properties Vice President Maridee Bell, who along with Leasing Associate Lauren Pace, represented the Park in the transaction. “With new buildings like MPC-30 and more than 2 million sq. ft. of existing flex and office space, Sunbeam can efficiently and successfully accommodate the diverse needs of a variety of current and future tenants.”
Avison Young’s Florida Capital Markets Group completed the $13.85 million ($173 per square foot) sale of the 80,000-square-foot Bank of America office building at 1776 N. Pine Island Road in Plantation.
The building last sold for $10,900,000 in December 2012.
On behalf of Transatlantic Investment Management Inc., Avison Young Principals David Duckworth, John K. Crotty, CCIM, and Michael T. Fay, facilitated the disposition to the Kislak Organization, a privately held firm based in Miami. The sale represents the fifth transaction the team completed in Plantation to date in 2018 totaling more than $66 million.
“Plantation continues to see low office vacancy rates, high absorption, and impressive rent growth, solidifying it as one of the most desirous suburban submarkets in Broward County for tenants and investors,” said Duckworth. “The property was a value-add opportunity despite its high occupancy due to the below-market, in-place rents.”
For the acquisition, Kislak also engaged the Florida Capital Markets Group to secure a $12.05 million loan.
“We were pleased to work with Avison Young on the acquisition and financing of this well-located, multi-tenant office building,” said Tom Bartelmo, president and CEO of the Kislak Organization. “This investment is a great fit for our strategy of acquiring high-quality commercial real estate in top South Florida submarkets. We like the property’s strong current income and opportunity for enhancements that will draw additional professional office tenants.”
At 80 percent loan-to-value, the loan was negotiated by Avison Young Principal George Vail and financed through Popular Bank for a 10-year term with a 2-year interest-only period, after which it will transition to a 25-year amortization schedule. The interest rate was 4.6 percent.
“Due to the property, location, and the buyer’s well-regarded reputation, we created a competitive environment to get the best loan terms for Kislak,” said Vail. “After receiving multiple term sheets, we locked in a favorable loan with a rare 80 percent loan-to-value ratio, as lenders typically max out at 70 to 75 percent.”
According to research by Avison Young, Plantation is one of the tightest office submarkets in Broward County. As of third quarter 2018, the submarket saw no new construction, one of the lowest vacancy rates which posted at 7.23 percent, and the highest total net absorption level in the county with 78,350 square feet absorbed.
Source: CRE-sources
Convey Health Solutions Upgrades To 48,000 SF Space
/in Done Deals, News/by SFOBA STAFFConvey Health Solutions maintains more than 1,500 employees who provide more than eight million Medicare beneficiaries with access to the healthcare services they require. CLICK ON THE HEADLINE FOR MORE
Plantation Office Building Fetches $13.85 Million
/in Done Deals, News/by SFOBA STAFFThe building last sold for $10,900,000 in December 2012. CLICK ON THE HEADLINE FOR MORE