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$20M Delray Beach Sale Biggest Downtown RE Deal In A Decade

July 31, 2014/in News/by SFOBA STAFF

The buyer will serve as master developer on a project to add 130 hotel rooms, Class A office space, covered walkways, parking and about 60,000 square feet of retail. CLICK ON THE HEADLINE FOR MORE

Downtown Fort Lauderdale Office Tower Trades, Pointe Group Advisors Awarded Management

July 30, 2014/in Done Deals, News/by SFOBA STAFF

The sale resulted in a 51 percent ROI for the seller. CLICK ON THE HEADLINE FOR MORE

$20M Delray Beach Sale Biggest Downtown RE Deal In A Decade

July 31, 2014/in News/by SFOBA STAFF

The buyer will serve as master developer on a project to add 130 hotel rooms, Class A office space, covered walkways, parking and about 60,000 square feet of retail. CLICK ON THE HEADLINE FOR MORE

Downtown Fort Lauderdale Office Tower Trades, Pointe Group Advisors Awarded Management

July 30, 2014/in Done Deals, News/by SFOBA STAFF

The sale resulted in a 51 percent ROI for the seller. CLICK ON THE HEADLINE FOR MORE

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$20M Delray Beach Sale Biggest Downtown RE Deal In A Decade

July 31, 2014/in News/by SFOBA STAFF

Jim Knight led the $20 million sale of a mixed-use assemblage that brokers say is downtown Delray Beach’s largest commercial real estate transaction in about a decade.

It closed July 14.

The veteran broker and head of the Knight Group LLC has been doing business from offices in downtown Delray Beach for more than 20 years.

So when Sundy Estates LC wanted to sell an iconic property in the heart of a city tempering history and development, Knight helped ink a record deal to strengthen the economic pulse around the 112-year-old piece of real estate operating as a restaurant, inn and botanical garden.

The deal included the John and Elizabeth Shaw Sundy House and more than 20 parcels along two blocks on both sides of Swinton Avenue between “It was very complex,” said Knight, who will work with the buyer as exclusive agent for the planned mixed-use project, Sundy Lane. “You had a large tract of land with an income-producing hotel, restaurant and other buildings. And you also had vacant land and entitlements that we had to get done.”

Sundy House is the oldest residence in Delray Beach. It’s evolved with the city and earned a listing on the National Register of Historic Places in 1992, about six years before a major restoration to remodel and expand the site.

“Whenever you’re working with a property in the historic district, there’s a lot of emotion involved,” Knight said.

Working the deal meant treading political water and securing new entitlements for the historic corridor that drew strong interest from preservationists. During a public comment session before the City Commission, about 100 speakers showed up to speak both for and against the redevelopment. As the commercial brokerage consultant, Knight was part of a team that helped win the commission’s approval for a central business district overlay that allows expanded commercial uses and construction of up to 38 units per acre.

The approval meant a developer could expand commercial uses, strengthen returns on the investment property and configure uses to preserve the historic landmark.

It took about a year from start to closing.

The buyer was Delray Beach-based Hudson Holdings LLC, which will serve as master developer on a project to add 130 hotel rooms, Class A office space, covered walkways, parking and about 60,000 square feet of retail.

“The sale is significant,” Knight said. “It will raise the value for commercial real estate in downtown Delray Beach.”

Source: DBR

Downtown Fort Lauderdale Office Tower Trades, Pointe Group Advisors Awarded Management

July 30, 2014/in Done Deals, News/by SFOBA STAFF

One of the largest privately held real estate advisers in the U.S. has acquired two prime office properties along Broward Boulevard in the heart of Fort Lauderdale’s business district.

Realty Associates Fund X LP, a real estate investment trust, paid $66.4 million for the downtown office towers at 203 SE First St. and 200 E. Broward Blvd., according to a deed recorded Friday. The building is home to multiple law firms, including Shutts & Bowen and Weiss Serota Helfman Pastoriza Cole & Boniske.

The buyer is linked to Boston-based TA Associates Realty LLC, which manages 91 million square feet of commercial real estate and 12,300 residential units in 35 markets nationwide. This deal gives it control of more than 540,000 square feet of prime office space.

One of the biggest tenants, Greenspoon Marder, moved nearly 100 lawyers into the building from the Cypress Creek area. In November, Greenspoon leased 64,964 square feet, expanding from one to four full floors and giving a strong boost to office absorption along the Broward Boulevard corridor.

The sale represented a gain for the seller, VV USA City LP, a German closed-end investment fund, which paid just under $44 million for the towers in separate transactions in 1998 and 1999, yielding a 51 percent return on the deal.

TA Associates Realty has selected Miami-based management, brokerage and advisory firm Pointe Group Advisors as the property manager for the building.

“Given our proven track record of performance and success in servicing assets in Broward’s suburban markets, our team is very excited about the opportunity to bring our award-winning property management platform into Fort Lauderdale’s central business district with the assignment at 200 Broward,” said Alfie Hamilton, Vice President of Pointe Group Advisors. “We look forward to executing the new ownership’s vision for the numerous capital improvement projects that will be undertaken to modernize the building so that it can compete with the newer product on Las Olas. Our team is committed to creating a tenant-friendly environment with our high-tech, high-touch approach of management, as well as assisting the leasing team all in an effort to maximize the value of 200 Broward.”

Source: DBR

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$20M Delray Beach Sale Biggest Downtown RE Deal In A Decade

Downtown Fort Lauderdale Office Tower Trades, Pointe Group Advisors Awarded Management

$20M Delray Beach Sale Biggest Downtown RE Deal In A Decade

Downtown Fort Lauderdale Office Tower Trades, Pointe Group Advisors Awarded Management

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$20M Delray Beach Sale Biggest Downtown RE Deal In A Decade

Downtown Fort Lauderdale Office Tower Trades, Pointe Group Advisors Awarded Management

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