The campus has added 64,000 square feet of tenancy in the past 6 months. CLICK ON THE HEADLINE FOR MORE
The Florida Realtors organization is laying the groundwork for a full repeal over the next few years. CLICK ON THE HEADLINE FOR MORE
CBRE has completed a major 39,788 square foot lease for a Professional Services firm at an office building within The Arbors Campus in Delray Beach, a 245,000 square foot office campus.
Senior Vice President Jeffrey Kelly joined Deborah Fink on the CBRE team representing the landlord. CBRE’s Jay Dowlen, Charlie Carrocio and John Jaspert represented the tenant. The name of the Professional Services firm has not been disclosed.
The transaction placed the firm at 1615 Congress Avenue and furthers a significant increase in occupancy levels since a change in ownership and management took place less than a year ago.
“Within the past six months, more than 64,000 square feet of new leasing and tenant move-ins have been accomplished at The Arbors,
New ownership and CBRE’s leasing and management teams, coupled with an exceptional campus location and economic value, have attracted prestigious new tenants such as Hospice of Palm Beach County, Regus and a notable Professional Services firm,” said CBRE Vice President Deborah Fink.
Managed and leased by CBRE, The Arbors was purchased by 1615 Arbors North Associates, LLC an affiliate of RexxHall Realty, LLC, based in New Rochelle, NY, through the CBRE Private Capital Markets group one year ago. In that time, the three-building campus has moved from 45% to 66% occupancy.
“The efforts of the CBRE team, combined with ownership’s attention to tenant needs and detail, has given The Arbors a real competitive edge in the marketplace,” said Daniel Stauber, Managing Director of RexxHall Realty, LLC.
Carrocio and Jaspert are a part of the newly formed CBRE Florida Occupier Service Practice Group. Coldwell Banker’s Ingrid Fulmer and Andrea Raskin-Lapis represented Hospice and Jones Lang LaSalle’s Scott Goldstein and Keith Edelman represented Regus.
The 2013 Session is in full swing and much of the discussion is about the tight budget.
While the Florida Legislature is not starting with a deficit as they have in the past many years, there is very little wiggle room. As most everyone knows, a full repeal of the sales tax on commercial rents is scored as a cost of approximately $1.3 billion. The Florida Realtors’ bill sponsors introduced a phase out of the tax over six years to minimize that fiscal impact. They meet with legislators EVERY day about this priority and while the merits of the public policy are being embraced across the board, there are still concerns with the fiscal impact of a total phase out. Knowing the state budget will only get better, they have raised the idea of lowering the sales tax from 6% to 5% this year and then they can come back next year and continue the work (it gets them the same short term positive impact but the fiscal is lower when not including 4%, 3%, 2%, 1% and then eventually total repeal in the current bill). Legislative leaders do appear more open to this option for the current session, but they would still need to help them find the $90+ million that this would cost in year one.
No matter what they advocate this year, the Florida Realtors organization is laying the groundwork for a full repeal over the next few years. They want to see some positive movement in the current session on this issue though. Therefore, they have drafted four potential amendments to the current legislation with the hope of getting that positive movement.
You can read the current legislation by going to the organization’s Legislative Tracker and scrolling down to HB 629 or SB 656. Again, as introduced, this legislation provides for a phase out of the sales tax on commercial leases over six years.
The four amendments they have drafted as potential back up options would replace the six year phase out with one of the following:
The sales tax on commercial rents issue WILL be one of the top talking points for Great American Realtor Days. Join them at the Capitol on April 9 & 10. It is expected that the House bill will be on the agenda of the House Finance & Tax Subcommittee prior to then. There will be a call for action when it is cleared for the agenda.
Source: Florida Realtors
Deborah Fink, Jeff Kelly Sign 40,000 SF Tenant
/in Done Deals, News/by SFOBA STAFFThe campus has added 64,000 square feet of tenancy in the past 6 months. CLICK ON THE HEADLINE FOR MORE
UPDATE: Sales Tax On Commercial Leases
/in News/by SFOBA STAFFThe Florida Realtors organization is laying the groundwork for a full repeal over the next few years. CLICK ON THE HEADLINE FOR MORE