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Fountain Square, a 241,000-square-foot office complex in Boca Raton, traded for $54.5 million — a 47 percent increase over what it sold for three years ago.

Bridge Investment Group Partners of Sandy, UT bought the three-building development at 2600, 2650 and 2700 N. Military Trail from a joint venture between affiliates of Contrarian Capital Management LLC of Greenwich, CT, and NAI/Merin Hunter Codman in West Palm Beach.

The sellers bought the property for $37 million in 2014 from JP Morgan, which paid $63.5 million in 2007.

NAI launched a multimillion dollar capital improvement program to upgrade common areas and tenant suites. That resulted in more than 100,000 square feet of leases in the past two years and boosted occupancy from 62 percent to 90 percent.

The owners filled the building by negotiating leases for $15 and $16 per square foot, according to Neil Merin, chairman of NAI Merin Hunter Codman. He said rents today are in the range of $22 to $23 per square foot.

“It’s a real marker for the recovery of values in Florida,” Merin told CoStar News. “We did well — no doubt about it.”

Gil Tenzer, portfolio manager and director of real estate investments at Contrarian, said, “Fountain Square represents our commitment to partnering with local operators to invest in and turn around under-performing assets with high potential.”

Christian Lee and Jose Lobon of CBRE and Neil Merin, of NAI Merin Hunter Codman, represented the seller. The buyer did not have representation.

Source: CoStar

Industry Veterans Launch New Brokerage Firm, Hit Ground Running With 120,000 SF Assignment

December 18, 2017/in News/by SFOBA STAFF

South Florida commercial real estate brokers Patrick Conness and Mike Crissy are pleased to announce the launch of their newly formed company, Conness Crissy Real Estate Advisors (CCREA), a boutique brokerage and advisory firm based in Fort Lauderdale.

With over 30 years of combined industry expertise, the duo boasts a successful track record of representing local business owners as well as Fortune 500 companies throughout South Florida, including notable clients’ City Furniture, Sunbelt Rentals, West Marine, GE Aviation, Atlantic Southern Paving, and Delta Apparel. Their trusted relationships with these firms and their deep roots in the community have been instrumental to their success.

Patrick and Mike’s partnership began in 2013 at Stiles Realty. They have individually worked for several renowned firms previously, including Massey Knakal Realty, Jones Lang LaSalle, Berger Commercial Realty and The Staubach Company.

“We’ve been fortunate to have had the opportunity to work for some of the most well-respected brokerage firms in the industry,” commented Conness. “With our new venture, we’ve taken the good from each of these companies and combined them with our own methods. We see a lot of room for improvement in the brokerage business and now have the opportunity to offer our clients a unique platform that will help them achieve their real-estate focused goals.”

“As Fort Lauderdale natives, we feel a deep connection to our hometown and are committed to helping property owners and businesses succeed, added Crissy. “We have built trusted and long-standing relationships with some of the best South Florida real estate brokers, lenders, attorneys, contractors, and other industry professionals that are necessary to complete a commercial transaction. We are building winning teams that are producing positive results for our clients.”

As part of their first order of business, CCREA has been engaged by IBB USA to offer advisory services on its 120,000-square-foot headquarter facility in Sawgrass International Corporate Park in Sunrise.

With offices in New York, London, Bangkok, Paris & Tel Aviv, IBB USA is an international jewelry design company that distributes product to major retailers such as Kohl’s, Amazon, Belk, Macy’s and Zales.

IBB USA is currently building out 9,000 SF of office space for their executives on the second floor and will have +/-33,500 SF coming available in April 2018. With a 7 per 1000 square feet parking ratio and attractive lease rate, the available space is ideal for any tenants with high parking requirements.

The entire building will be extensively renovated, enhancing the overall curb appeal of the asset. Additionally, IBB USA has excess land adjacent to its headquarters and has plans to build either a 35,000 SF office building or a 40,000 SF industrial building, which CCREA will be marketing in 2018.

“We are in the preliminary stages of planning this project, but early interest has been very encouraging,” explained Crissy. “We are in a unique position of having the flexibility to respond to market demand by offering either office, industrial or flex space.”

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Boca Raton Office Complex Has New Owner

Industry Veterans Launch New Brokerage Firm, Hit Ground Running With 120,000 SF Assignment

Boca Raton Office Complex Has New Owner

Industry Veterans Launch New Brokerage Firm, Hit Ground Running With 120,000 SF Assignment

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Boca Raton Office Complex Has New Owner

“It’s a real marker for the recovery of values in Florida,” Merin told CoStar News. “We did well — no doubt about it.”

Gil Tenzer, portfolio manager and director of real estate investments at Contrarian, said, “Fountain Square represents our commitment to partnering with local operators to invest in and turn around under-performing assets with high potential.”

Industry Veterans Launch New Brokerage Firm, Hit Ground Running With 120,000 SF Assignment

“We are in the preliminary stages of planning this project, but early interest has been very encouraging,” explained Crissy. “We are in a unique position of having the flexibility to respond to market demand by offering either office, industrial or flex space.”

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