Tag Archive for: arvida park of commerce

Stigliano Closes Sale Of Boca Raton Office Buildings

/in , /by

Reese Stigliano, president of Stigliano Commercial Real Estate, announced the sale of 6501 & 6531 Park of Commerce Blvd. in Boca Raton.

The property consists of 2 multi-tenant office buildings totaling 52,000 square feet. The buildings are situated on 4.35 acres in the prestigious Park at Broken Sound, formerly known as Arvida Park of Commerce, located just north of Yamato Road west of I-95 in Boca Raton.

6501 park of commerce blvd

The sale closed on December 21 for $8.9 million, which equates to $170 per square foot. Stigliano represented the Buyer, Castle Boca, LLC, in the transaction. CBRE’s Jeff Kelly, Sean Kelly and Dave Wigoda represented the Seller, MTI PROPERTIES FLORIDA LLC.

According to Stigliano, “The transaction took over 6 months to close which is significantly longer than usual in today’s market.”

The Buyer assumed a $5.1 million existing Commercial Mortgage-Backed Securities (CMBS) Loan.

“CMBS loans are desirable due to lower interest rates but they are very expensive to prepay and the procedure to assume is arduous. Fortunately, the Seller and Buyer had the patience to work though the loan assumption process,”  he added. 

Stigliano Commercial Real Estate has also been appointed the exclusive leasing agent for the property, which has approximately 13,000 square feet of vacant space.

Reese Stigliano is a recognized leader in the South Florida commercial real estate market, with over 40 years of experience. As President, he focuses on land sales, investment sales and office leasing for the firm. Stigliano’s talent in bringing complicated commercial transactions to a close has been evident throughout his successful brokerage career.

 

Boca Office Building Goes Under Contract For $24 Million

/in , /by

Less than three years ago, Mainstreet Capital Partners and Davis Cos. paid $28.3 million for two office properties and vacant land in Boca Raton.

Now the firms stand to recoup most of that money by selling just one of the assets – a five-story office building at 900 Broken Sound Pkwy NW.

The 115,986-square-foot building is under contract for $24 million, CoStar reported.

The buyer is an institutional investor affiliated with the NAI / Merin Hunter Codman in West Palm Beach, according to a person involved in the negotiations.

The other assets in the $28.3 million portfolio were 5500 Broken Sound Blvd. NW and a nine-acre parcel.

The building at 900 Broken Sound Pky once housed Nokia and Siemens. It’s now 80 percent leased to three tenants: CSL Plasma, Geosyntec Consultants and Score at the Top.

Peter Reed, a Palm Beach County office broker not involved in the sale, said the transaction is part of a trend in which landlords are cashing out more quickly than they have in the past. He noted that recent owners of the Esperante and CityPlace Tower office buildings in West Palm Beach also have sold those properties after only a few years.

“That’s become more the mindset of owners,” said Reed, with Commercial Florida Realty Services in Boca Raton. “Owners aren’t necessarily holding on for five, seven, 10 years anymore.”

900 Broken Sound Pky was built in 1989 in what was then known as the Arvida Park of Commerce, a 700-acre corporate business park. It has since been renamed The Park at Broken Sound as part of a rebranding that also included a rezoning that cleared the way for retail and residential. The additional uses make the park more attractive to investors, brokers say.

“The [rezoning] has been a big driver in value,” said Brady Titcomb, a broker with JLL. “Now there’s a whole neighborhood that you didn’t have before.”

 

Source:  CoStar

Avison Young Wins Leasing Assignment For The North 40

/in /by

Avison Young was awarded the exclusive leasing assignment of “North 40,” a 350,616-square-foot two-building complex recently acquired by Mainstreet Capital Partners Inc. and Carval Investors in the largest investment sale transaction to date in Palm Beach County in 2014.

Located at 901 Yamato Road and 5201 Congress Avenue in Boca Raton, North 40 is comprised of two class B buildings with a total of 350,616 square feet that have direct access to Interstate 95. The property will undergo a $2 million destination rebranding, positioning its buildings as unique, campus-like offerings in the market. Emphasizing its expansive floor plate design and open atrium amenities, renovations will include the implementation of collaborative spaces, natural light, soft seating, and Wi-Fi.

“Our team was selected to represent ownership in the marketing and leasing initiatives due to our in-depth knowledge and proactive approach within the market as well as our deal creativity, which has resulted in some of the largest transactions completed in South Florida,” said Keith O’Donnell, Principal with Avison Young’s Boca Raton office.

O’Donnell, along with his team Gary Gottlieb, Principal, and Jonathan Senn, Associate, will initiate a North Boca-centric leasing and marketing strategy.

According to second quarter 2014 office market reports, the financial services, healthcare and technology sectors are leading office demand and lease transactions in Palm Beach County, contributing to steadily decreasing vacancy rates.

“Taking advantage of the new mixed-use environment that is fueling the resurgence of the Arvida Park of Commerce (APOC) area, the area’s office market is thriving with a number of companies expanding and total vacancy seeing a decrease,” according to Gottlieb. “North 40 is one of the only office campuses which offers quality blocks of office space currently available for lease for large-scale tenants seeking efficient and collaborative spaces.”

Bringing valuable expertise in these industries to the North 40 leasing project, O’Donnell is an established “placemaker” in Boca Raton and co-founder of MedUTech, a community-led initiative to showcase success, innovation and growth in healthcare, education and technology in the area. In addition, he co-authored the groundbreaking Planned Mobility overlay district for the northwest sector along with Jamie Danburg of Danburg Management.

“The activity level we are seeing at North 40 is validated by over 220,000 square feet of absorption in the first half of this year,” continued O’Donnell.