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FirstService Residential Signs 65,000-SF Lease For Long-Awaited New Regional Headquarters

August 28, 2022/in Done Deals, News/by SFOBA STAFF

Colliers’ Executive Vice President Robert Listokin represented FirstService Residential in the lease negotiations.

Cushman & Wakefield Arranges $29.7M Refinancing Loan For Delray Central Office Portfolio

August 21, 2022/in Done Deals, News/by SFOBA STAFF

Jason Hochman and Ron Granite of Cushman & Wakefield’s Equity, Debt & Structured Finance team secured the loan through Ameris Bank.

FirstService Residential Signs 65,000-SF Lease For Long-Awaited New Regional Headquarters

August 28, 2022/in Done Deals, News/by SFOBA STAFF

Colliers’ Executive Vice President Robert Listokin represented FirstService Residential in the lease negotiations.

Cushman & Wakefield Arranges $29.7M Refinancing Loan For Delray Central Office Portfolio

August 21, 2022/in Done Deals, News/by SFOBA STAFF

Jason Hochman and Ron Granite of Cushman & Wakefield’s Equity, Debt & Structured Finance team secured the loan through Ameris Bank.

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FirstService Residential Signs 65,000-SF Lease For Long-Awaited New Regional Headquarters

August 28, 2022/in Done Deals, News/by SFOBA STAFF

Colliers‘ Executive Vice President Robert Listokin negotiated a long-term lease on behalf of FirstService Residential for 65,430 square feet of office space in Plantation Commerce Center.

Cushman and Wakefield’s Travis Herring and Chase Kulp represented the landlord, WPIP Plantation Properties, LLC., in the deal. The four-story Class A office building is located at 1601 SW 80th Terrace in Plantation.

“The search for their southeastern U.S. headquarters has been years in the making and we’re pleased to have assisted them throughout the process of finding a suitable space,” said Listokin. “This opportunity will allow them to migrate their operations to a soon-to-be renovated and highly-accessible location that fulfilled their needs.”

The 120,923-square-foot office building features lake views, is strategically located within a 10-minute drive from Ft. Lauderdale-Hollywood International Airport and provides abundant parking with a 5.5/1,000 SF ratio. The property also offers prime building signage fronting I-595 which FirstService will be utilizing. FirstService will become the largest tenant at the property as they will occupy over two floors in the building starting in April of next year. The lease brings the property to approximately 85% occupancy as it undergoes major renovations. Ownership is currently renovating all common areas of the building, including the main lobby, corridors, elevators, and restrooms.

“As we began to witness business and markets returning to normalcy post-pandemic, we worked diligently to find them the best fit for their requirements,” said Listokin. “Our strategic search was on a timely basis since the migration of their operations also involved the recent sale of their 40,000 SF property in Boca Raton,” which Listokin also facilitated.

FirstService Residential is North America’s most prominent property management leader, partnering with more than 8,500 communities in neighborhoods across the U.S. and Canada. Their expertise includes providing exceptional property services to condominiums, cooperatives, and single-family communities; master-planned, lifestyle, and active adult communities; and mixed-use rental properties. HOAs, community associations, condos, and strata corporations rely on their extensive experience, resources, and expertise to maximize property values and enhance residents’ lifestyles.

The Broward County office market has continued its recovery in the second quarter of 2022, fueled by steady tenant demand and population growth. Heavy leasing activity was seen throughout the market, with approximately 2.1 million square feet leased in the county, and more than 134,000 square feet leased year-to-date in the Plantation submarket. As a result, the vacancy rate in Plantation dropped to 12.7%, a 20-basis point decrease quarter-over-quarter. Additionally, the Plantation office rental rate has increased 2.8 percent year-over-year to $34.27 per square foot. With ongoing favorable market conditions and limited new construction, Plantation’s office market is expected to remain strong throughout the remainder of 2022.

The FirstService Residential deal was the largest lease signed in Broward County in the second quarter of the year.

Cushman & Wakefield Arranges $29.7M Refinancing Loan For Delray Central Office Portfolio

August 21, 2022/in Done Deals, News/by SFOBA STAFF

Cushman & Wakefield arranged a $29.7 million refinancing loan on behalf of G&C Arbors Investors, LLC, an affiliate of South Florida-based real estate investment management group Grover Corlew. The loan is for Delray Central, a 175,965-square-foot, two-building office portfolio on more than 12 acres.

Jason Hochman and Ron Granite of Cushman & Wakefield’s Equity, Debt & Structured Finance team secured the loan through Ameris Bank.

“Grover Corlew is a leading developer and operator in South Florida with proven success across multiple office properties in the Palm Beach and northern Broward County markets,” said Hochman, Executive Director at Cushman & Wakefield. “Recognizing an experienced sponsor and the strong office market fundamentals, the lender offered a low rate and flexible terms to match the business plan.”

The Delray Central office portfolio consists of a 98,460-sf building spanning two stories at 1615 S Congress Ave. and a 77,505-sf building spanning four stories at 1625 S Congress Ave. Both buildings sit directly west of Interstate 95 at the southeast corner of Congress Avenue and Linton Boulevard. The office portfolio also includes floor plans ranging from 2,300 sf to more than 26,000 sf to accommodate diverse tenant profiles, a robust of 4.6 per 1,000-sf parking ratio and access to Delray Beach’s world-class amenities.

“We applaud the Cushman & Wakefield team for working diligently to finalize this refinance, especially given today’s challenging financing market,” said Mark Corlew, Partner at Grover Corlew. “With a growing portfolio valued at more than $1 billion, we’ve effectively acquired, transformed, and managed suburban office properties across South Florida and we look forward to further enhancing our Delray Central office portfolio to attract new businesses to the area.”

G&C Arbors Inventors, LLC will utilize the refinancing loan for future capital and leasing costs at Delray Central to further improve the property for its tenants. With some newly signed leases, the buildings will soon be stabilized, allowing the owner to enjoy property cash flows while the Congress Avenue corridor continues to evolve into a pedestrian-friendly area with new multifamily and retail projects.

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Half Sized Blog Element (Multi Author Style)

FirstService Residential Signs 65,000-SF Lease For Long-Awaited New Regional Headquarters

Cushman & Wakefield Arranges $29.7M Refinancing Loan For Delray Central Office Portfolio

FirstService Residential Signs 65,000-SF Lease For Long-Awaited New Regional Headquarters

Cushman & Wakefield Arranges $29.7M Refinancing Loan For Delray Central Office Portfolio

Full Sized Blog Element (Big Preview Pic)

FirstService Residential Signs 65,000-SF Lease For Long-Awaited New Regional Headquarters

Cushman & Wakefield Arranges $29.7M Refinancing Loan For Delray Central Office Portfolio

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