Based on per square foot prices, here is a countdown of the most expensive commercial real estate transactions in South Florida so far this summer. CLICK ON THE HEADLINE FOR MORE
The property is expected to benefit from influx of suburban tenants and rising rents on Las Olas Boulevard. CLICK ON THE HEADLINE FOR MORE
by Reese Stigliano
Following the money, based on per square foot prices, here is a countdown of the most expensive commercial real estate transactions in South Florida so far this summer.
So…“Where is the crazy money going?”
Here’s the countdown:
5. Federal Government Leased Building: A 35,737 sq.ft. building located at 2805 SW 145th Street in Miramar which is leased to the U.S. Immigration and Customs Enforcement Office (ICE) sold for $13.14 million or $367 per square foot.
4. Retail Strip Centers: Restaurant anchored and Class A located retail demanding top dollar: A 33,469 retail strip center located at 1451-1535 North Federal Highway in Fort Lauderdale sold for $13.8 million or $412 per square foot. In addition, a brand new 19,403 sq.ft. restaurant anchored, strip center located at 6300 North Andrews Avenue sold for $11 million or $566 per square foot.
3. Medical Office Building: A 22,110 sq.ft. building located at 501 West Glades Road, Boca Raton, FL sold for $13.8 million or $624 per square foot.
2. Free Standing Drug Stores: A 15,792 sq.ft. Walgreens built in 2009 located at 12711 Quail Roost Drive, Miami, FL sold for $10.15 million or $634 per square foot.
1. Free Standing Bank Branches: Breaking the $1,000 per square foot barrier: In the month of July, there were three recent TD Bank branch sales:
Source: ReeseOnRealEstate
CBRE has been selected as the exclusive leasing agent for 200 East Broward Boulevard, a landmark, Class A, 225,650-square-foot office tower located in Fort Lauderdale’s Central Business District, according to a release.
The property was recently acquired by Realty Associates Fund X LP, a company linked to Boston-based institutional investor TA Associates Realty LLC, making it the fourth office property to trade in the downtown submarket in the past 12 months.
The new owner will embark on an impressive renovation program for 200 East Broward to capitalize on robust market fundamentals and growing demand for high-quality office space downtown.
Downtown Fort Lauderdale’s office market is performing strongly, with 387,000 square feet of positive absorption over the last year and a half, bringing vacancy down to a pre-recession low of 13.6% (Q2 2014). Since 2011, CBRE has tracked 27 tenants totaling 375,000 square feet that have relocated from the suburbs to the CBD, and projects 32% market rent growth in Fort Lauderdale over the next five years.
“Ideally located in the heart of the ‘live-work-play’ environment of downtown Fort Lauderdale, 200 East Broward is well positioned to capitalize on Fort Lauderdale’s growth spurt and, under the ownership’s new vision and leadership, solidify its position as one of the most desirable office properties in the downtown market,” said CBRE Senior Vice President Deanna Lobinsky.
The 1992-built, 21-story office tower is prominently located at the intersection of Broward Boulevard and SE 3rd Avenue.
The Energy Star-rated project provides for retail and bank space on the ground and mezzanine floors, and eight stories of parking, with the office space on floors nine through 21. Additionally, the property features an attached 9-story parking garage, built in 2002, which combined with the pedestal garage provides for a 2.4 per 1,000 SF parking ratio.
The property is nearly 88% occupied, with tenants including Greenspoon Marder, PNC Bank and Shutts & Bowen.
CBRE’s Jarred Goodstein and Avi Fisher are collaborating with Lobinsky in representing 200 East Broward Boulevard.
Where’s The Crazy Money Going?
/in Done Deals, News, Trends/by SFOBA STAFFBased on per square foot prices, here is a countdown of the most expensive commercial real estate transactions in South Florida so far this summer. CLICK ON THE HEADLINE FOR MORE
Deanna Lobinsky Tapped To Lease 200 East Broward
/in News/by SFOBA STAFFThe property is expected to benefit from influx of suburban tenants and rising rents on Las Olas Boulevard. CLICK ON THE HEADLINE FOR MORE