Tag Archive for: avison young

Plantation Office Building Fetches $18.5 Million

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Avison Young’s Florida Capital Markets Group completed the $18.5 million sale of Southpointe, a 79,719-square-foot, class A office building at 7901 SW 6th Court in Plantation, one of Broward County’s most highly sought-after suburban office submarkets.

On behalf of the seller, Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay; Greg Martin; and Senior Associate Brian de la Fé; facilitated the disposition to The Green Companies.

Southpointe is a four-story, award-winning office building featuring high-end finishes, impact glass, abundant parking, and an efficient design. The property’s close proximity to Interstate 595, great amenities, and high-end residential neighborhoods provides the essential elements for a successful class A office property.

“The sale of Southpointe at $232 per square foot is a reflection of investor confidence in the western Broward County office market,” said Duckworth. “Location and building quality were important factors in this sale. The Green Companies’ purchase was a great strategic move to increase their footprint in Plantation’s robust office submarket.”

Vacancy in Plantation remains one of the lowest in the Broward office market at 5.57 percent, for class A space, according to research by Avison Young. With year-over-year declines in the vacancy rate, strong positive net absorption, limited new construction, and the third highest rental rates in Fort Lauderdale’s metro, Plantation’s suburban submarket continues to generate strong demand in class A office space.

 

City Of Boynton Beach Leases 23,000 SF

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Cushman & Wakefield has negotiated a ±23,000-square-foot office lease with the City of Boynton Beach at 3301 Quantum Boulevard.

The Cushman & Wakefield brokerage team of Gordon Messinger, John K. Criddle and Joseph J. Freitas negotiated the lease on behalf of FH Quantum, LLC, a partnership between Grant Horwitz, managing principal of Fort Lauderdale, FL-based Fox Ridge Capital, and Joshua Schrager and Daniel Schwartz of Hollywood, FL-based Geometry Development, LLC.

Keith O’Donnell of Avison Young represented the City of Boynton Beach in the lease negotiations.

The City of Boynton Beach will house administrative offices in the ground-floor space. A summer 2018 move-in date is anticipated.

“3301 Quantum Boulevard is a tremendous fit for the City of Boynton Beach,” said Messinger. “The building is easily accessible and offers exceptional parking ratios while maintaining proximity to downtown Boynton Beach and City Hall.”

3301 Quantum Boulevard is a 100,000-square-foot, two-story office building developed in 1995 on a 6.2-acre site. FH Quantum, LLC acquired 3301 Quantum Boulevard in December 2017 and is investing significantly in capital improvements, including a new roof, new HVAC system and upgrades to site landscaping and the surface parking areas.

Messinger, Criddle and Freitas were named exclusive leasing advisors shortly after the acquisition and have quickly leased 3301 Quantum Boulevard’s entire ground floor.

3301 Quantum Boulevard is located one mile from Interstate 95 and is proximate to the Boynton Beach Tri-Rail station, a Palm Tran stop, and a wide range of retail and dining along Gateway Boulevard.

Global Law Firm Inks Deal for 12,000 SF In Boca Raton

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Avison Young completed a new 11,730-square-foot lease with global law firm Duane Morris LLP at 1875 N.W. Corporate Boulevard, a 61,905-square-foot class A office building within Lynn Financial Center in Boca Raton.

On behalf of the landlord, Avison Young Principals Greg Martin and Keith O’Donnell facilitated the transaction.

Duane Morris, a law firm with more than 800 attorneys in offices across the United States and internationally, will accompany an impressive tenant list that includes Frank, Weinberg & Black P.L.; Ackerman LLP; Janney Montgomery Scott LLC; Ameriprise Financial; Brown Parker & DeMarinis Advertising; Polen Capital Management, LLC; and Broad & Cassell LLP which recently signed a lease for 16,000 square feet at 1905 N.W. Corporate Boulevard.

“Boca Raton is an important office and part of our presence in South Florida,” said Harvey W. Gurland, Duane Morris Office Managing Partner for Boca Raton and Miami. “We look forward to transitioning to our new home.”

According to Avison Young’s fourth-quarter 2017 Palm Beach County office market report, most of the county’s leasing activity occurred in Boca Raton which led the market in terms of total lease deals. The area’s central location offers a geographic advantage to companies that source employees from northern areas of Broward County and central areas of Palm Beach County.

“Boca Raton’s growing population, attractive amenity base, and ease of access within South Florida’s tri-county area continues to attract and retain top professional firms to the area which boasts a decreasing 10.67 percent class A office vacancy rate,” added O’Donnell.

Lynn Financial Center totals 209,911 square feet of class A office space in three innovative office buildings. The property is positioned in the heart of Boca Raton just minutes from Boca Raton’s Executive Airport and provides easy access to Interstate 95 and Florida’s Turnpike.

 

Avison Young Fills 60,000 SF At Office Tower In Cypress Creek Market

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Avison Young completed 60,000 square feet of office lease transactions at Trade Centre South, a 215,000-square-foot class A office project located in the Cypress Creek submarket of Broward County, at 100 West Cypress Creek Rd.

Avison Young’s Greg Martin, Principal, and Peyton Moore, Vice President, facilitated the transactions on behalf of the landlord.

Several lease agreements at the building demonstrate the trend of office tenants relocating from Downtown Fort Lauderdale and/or expanding within Cypress Creek for quality, cost-effective space.

Recent lease agreements secured by the agency leasing team at Trade Centre South include:

  • a new 20,125-square-foot lease with the Broward Metropolitan Planning Organization for its new headquarters which will facilitate its day-to-day operations, board meetings, and community hearings.
  • a new 4,703-square-foot lease with Whitehouse Engineering.
  • a new 4,395-square-foot lease with AFLAC.
  • a new 2,702-square-foot lease with Paradise Cruises.
  • a new 6,834-square-foot lease with Imperial Brands which represents an expansion and relocation from Downtown Fort Lauderdale.
  • a new 5,049-square-foot lease with Moffa, Sutton, & Donnini which represents an expansion and relocation from Downtown Fort Lauderdale.
  • a 3,390-square-foot lease with new-to-market tenant JDI Data.
  • a 2,029-square-foot lease renewal with American Friends of Hebrew University.
  • a 4,460-square-foot expansion and renewal of Cequint’s previous 5,615-square-foot space for a total of 10,075 square feet.
  • a 2,704-square-foot lease renewal with Triumph Staffing.
  • a 4,290-square-foot lease renewal with ACE/Jiffy Lube.

“Significant increases in rental rates in Downtown Fort Lauderdale are pushing some tenants to evaluate suburban office opportunities,” said Martin. “Trade Centre South provides great value and quality amenities to tenants with an onsite Tri-Rail station, free structured parking, a class A office environment and finishes, all at suburban rental rates significantly lower than the Downtown Fort Lauderdale area.”

One of Cypress Creek’s largest blocks of contiguous space totaling approximately 38,000 square feet is currently available on Trade Centre South’s fifth floor.

Spanning ten stories, Trade Centre South is conveniently located at the crossroads of Interstate-95 and Cypress Creek Road, approximately 15 minutes from the Fort Lauderdale-Hollywood International Airport. Additionally, the property offers a prestigious corporate neighborhood with restaurants, hotels, and nearby amenities.

Avison Young Engaged To Sell Weston Office Building

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Avison Young has been named the exclusive listing agent to market and sell the 52,960-square-foot office building located at 1725 North Commerce Parkway in Weston.

David Duckworth, Principal, Investment Sales, with Avison Young, was retained by ownership to spearhead the sale.

“Southwest Broward County’s office leasing activity continues to accelerate with mid-year 2016 reports showing decreasing vacancy rates, currently at 14.6 percent. As vacancy is absorbed, we are seeing rental rate growth outpacing inflation, growing over 2 percent annually since 2013,” said Duckworth. “These market trends, coupled with the long-term credit tenant in place and recent renovations completed, make 1725 North Commerce Parkway an amazing investment opportunity.”

Recent renovations include a new roof, a new back-up generator, exterior paint, and class A finishes.

In 2Q2015, Avison Young secured the long-term lease with the current tenant, a national vendor of technology-enabled, end-to-end payment health plan solutions for organizations, taking the last available contiguous office space over 50,000 square feet off the market in Weston. In 2Q2016, Avison Young was named the exclusive firm to manage the property.

Envision Uptown Looks to Future of Cypress Creek

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The SFOBA meeting for March was hosted by Mainstreet Partners, owners of Trade Center South  at 200 W. Cypress Creek Road, one of the premier buildings in Fort Lauderdale’s Cypress Creek or uptown submarket. Mainstreet is represented by Greg Martin and Peyton Moore of Avison Young. The partial relocation of law firm Greenspoon Marder has left Trade Center South with approximately 60,000 SF to backfill. The latest market info on Cypress Creek shows vacancies at 16.9 percent, down 140 basis points over the past 12 months. However, the Cypress Creek Class-A market has had -35,000 SF of absorption so far in 2015.

Our guest speaker for March was Cary Goldberg, President of Diversified Realty Investments. Carycary goldberg sfoba was responsible for the development of Uptown Centre, a 19,000 sf retail center on the former Steak and Ale site at 6300 N. Andrews Avenue. Cary is also President of Envision Uptown, a newly formed group working to transform the area around Fort Lauderdale Executive Airport into a progressive urban village, where people can work, play and rely less on their cars and more on alternative forms of transportation. Envision Uptown is a non-profit public-private partnership. It was created out of Cary’s concern that the City was focused on the Downtown and the Beaches but nothing was being done to improve the uptown market that provided homes for such companies as Citrix and Microsoft. One of the early successes of Envision Uptown in the Uptown Link, a free shuttle service connecting Tri-rail to the area’s office parks and restaurants, and allowing workers to grab a bite without having to get in their cars.

The uptown market as defined by Envision Uptown includes the area from Commercial Boulevard to McNab Road from I-95 to NW. 31st Ave. and also includes the Radice Corporate Center just east of I-95 at Cypress. The market contains two I-95 exits, a tri-rail station, and the second busiest general aviation airport in the US. As part of the future I-95 expansion, Cypress Creek will be one of the limited exits for the expanded toll lanes. Large parcels of land in the area are still available for development and plans for 600 new residential units in the works. Both the MPO (Metropolitan Planning Organization) and DOT (Department of Transportation) have offices in the Cypress Creek area, and are therefore aware of the need to update the transportation infrastructure in the uptown market. It is a key factor that the MPO on the Federal level and DOT on the State level are willing to fund road improvements to create a sustainable community for the future.

Following a public forum on the subject, the Urban Land Institute (ULI) devised a plan (you can download it here) with a 20 to 30 year vision to create a sustainable walkable community. They envision a four- lane central boulevard with enough capacity to handle the current traffic along Cypress Creek Road, with shaded single lane roads on either side to access the businesses along the street. Additional parking structures would also be constructed.

Plans are also in the works to create a soccer academy near Lockhart Stadium which is the current home of the Fort Lauderdale Strikers. The fate of the proposed Schlitterbahn Waterpark on the Fort Lauderdale Baseball Stadium site stadium site remains uncertain.

While the western submarkets of Broward County exploded in the late 90s and early 2000’s, and we have seen a more recent residential boom in downtown Fort Lauderdale. The uptown market has remained relatively quiet as it pertains to new development. Those of us who are stakeholders in the uptown market are excited about the prospect of creating a sustainable urban village in the emergence of envision uptown is a major step in that direction.