Tag Archive for: alan levy

Levy Realty Advisors, Cushman & Wakefield Arrange $482 PSF Sale Of Boutique Office Building

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Cushman & Wakefield has arranged the sale of Gardens Pointe, a boutique Class A office building totaling 34,867 square feet located in Palm Beach Gardens.

The final sale price was $16.8 million, or $482 per square foot.

Scott O’Donnell, Mike Ciadella, and Dominic Montazemi of Cushman & Wakefield represented the seller, Regency Gardens Pointe LLC, in the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield secured $9 million in acquisition financing through Principal Life on behalf of the buyer, Sunnyfield South LLC, which was represented by Alan Levy, President of Levy Realty Advisors.

“As South Florida continues to heat up, assets with long-term, credit-worthy tenants like Gardens Pointe are attracting record setting pricing,” O’Donnell said.

 

“Lenders continue to appreciate the Florida story, especially for generational assets such as this one,” Hochman added. “We were able to pair our client, an intelligent, long-term investor, with a fantastic lender for a low fixed-rate loan.”

Located at 3507 Kyoto Gardens Drive, Gardens Pointe includes lush landscaping and balconies with panoramic lake views and lakefront walking paths, as well as a boardwalk to Downtown Palm Beach Gardens which offers restaurants, retail and various entertainment options. The property was 95% leased to seven tenants including Merrill Lynch and KeyBank at the time of the sale.

 

Get on Track for 2020 – Levy Realty/Brightline to Host SFOBA Kickoff January 16, 2020

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Alan Levy and Levy Realty Advisors will be hosting the SFOBA 2020 kickoff on January 16, 2020 at noon at Spectrum Office Park at 4901 NW 17th Way, just west of I-95 at Commercial Boulevard in Fort Lauderdale. We will have assorted Brightline Prizes and giveaways to all who attend.

Our guest speaker will be Najam Syed, Head of Asset Management for Brightline/Virgin Trains. Topics will include new stations for Boca Raton, Aventura and the Port of Miami as well as extension of the route to Orlando. Najam will also discuss Transit Oriented Development and it’s impact on the office market.

January 2020 SFOBA Meeting

Two Class A Office Buildings Change Hands

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Newmark Knight Frank (NKF) finalized the sale of two Class A office buildings in South Florida totaling 77,969 square feet, according to a release.

Alan Long, managing director, brokered both transactions.

In the first transaction, Rushmore PGA, LLC sold a 33,090-square-foot office building known as PGA Professional and Design Center to JHKA Group, LLC. Alan Levy, Broker/President of Levy Realty Advisors, represented JHKA Group, LLC in the acquisition. The acquisition price was $10,200,000. Levy Realty Advisors has been appointed Property Manager and exclusive leasing agent.

Located in the heart of Palm Beach Gardens at 4290 Professional Center Drive, the office building is currently 100% leased. Built in 2007, the building showcases beautiful Mediterranean architecture in a pedestrian-friendly atmosphere and is located less than one mile from Interstate 95. Long represented the seller in the transaction.

“PGA Professional and Design Center was a strategic purchase for the buyers as it represents their first acquisition in Palm Beach County,” said Long. “We continue to see high demand for quality Class A office assets in South Florida due to the sparse amount of available space in the region.”

PGA Professional and Design Center is also located within 2 miles of Florida’s Turnpike and is surrounded by a bevy of retail and dining, including Downtown at the Gardens, Legacy Place Shops and The Gardens Mall, which together have more than 250 shops and restaurants.

In the second transaction, Med Prop Management, LLC bought University Medical Arts Building South, a 44,879-square-foot office building, from Rushmore Tamarac, LLC. Located at 7431 North University Drive in Tamarac, the building is 65% occupied with 15,457 square feet of available space. The building was originally constructed in 1998 and was renovated in 2017. Long represented both the buyer and the seller in the transaction.

The building lies on the campus of University Hospital and Medical Center and is located just minutes form the Sawgrass Expressway and the Florida Turnpike. The property also features high visibility along the adjacent State Route 817.

“This medical office building asset checked all the boxes for Med Prop Management, which required a value-add property,” Long said. “The acquisition furthers the buyer’s strategy of increasing asset diversification within their existing portfolio. Continued economic growth and development in the surrounding area will create new opportunities for ownership and strengthens the company’s position over the long haul.”

According to NKF Research, Broward County recorded its lowest vacancy rate in 12 years during Q3 2019, dipping below the 10% mark for the second consecutive quarter while leading the state in demand growth. Broward’s office sector experienced the strongest year-over-year rent growth for the region, with rental rates eclipsing the previous record high of $29.61/SF recorded in 2008.

 

Levy Realty Advisors Grows Team, Adds Senior VP Of Tenant Representation And Brokerage

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Levy Realty Advisors (LRA) is pleased to announce that Ken Silberling has joined the firm as Senior Vice President-Director of Brokerage and Tenant Representation.

“I am excited and pleased to announce that after many years of knowing Ken Silberling, he will join our company to head up the Brokerage and Tenant Representation division,” said Alan Levy, Broker/President of LRA.  “Ken comes to the company with over 30 years of industry knowledge and experience and is well respected amongst his peers in the South Florida Commercial and Industrial market. Ken will be handling brokerage and tenant representation opportunities that we have been passing up for many years due to our focus on our own portfolio of properties.”

 

“We feel very fortunate to have Ken represent our company,” added Josh Levy, LRA COO.  “This is a new chapter in the evolution of our company.  Ken’s extensive experience and exposure in the market will help us to continue to expand our footprint throughout South Florida. He will also bring an extended level of service to our tenant base of over 1,000 companies occupying over 3 million square feet of space.”

Ken has vast experience in the South Florida commercial /industrial real estate market with expertise in leasing, investments and market analysis.  He was previously Regional Senior Vice President for Truss, an online commercial real estate marketplace where he developed a  comprehensive database of South Florida office space and represented corporate tenants in lease negotiations.

He began his career as Director of Research for Cushman and Wakefield’s Miami office and became a go-to source of information for the local and national media. He later started the research division at Colliers International and became a founding partner at Commercial Florida Realty Partners where he designed market databases, authored market reports and branched into tenant representation and investment sales. He moved on to Danburg Properties of Boca Raton as Vice President of Leasing and Acquisitions where he completed over 700 leases and helped to substantially increase the company’s investment and development portfolio.

He is the author of KenTrends, a blog on commercial real estate and related fields and has achieved national recognition for his blogging and social media activity. He has been a guest speaker and panelist for numerous commercial real estate organizations. His articles have been published via Propmodo and The Broker List and he has been quoted in South Florida’s SunSentinel, the Miami Herald, the South Florida Business Journal and the Wall Street Journal.