Tag Archive for: avison young

Beacon Square Sells In Largest Sale Transaction In Palm Beach County For 2013

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Avison Young’s South Florida operations announced the largest office building sale transaction in Palm Beach County to date in 2013, overseeing the sale of Beacon Square, a 160,000-square-foot building located at 8051 Congress Avenue in Boca Raton.

Avison Young Principals Keith O’Donnell and Greg Martin, and Associate Jonathan Senn, represented the seller during the transaction. The buyer, SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure across North, Central and South America. The company plans to use the building as their corporate headquarters.

“The Beacon Square building was originally designed for IBM’s exclusive use, however, we carefully planned the building to be flexible and accommodate other users down the road,” said Mr. O’Donnell. “The movement we are seeing from both large and small businesses transitioning from leasing to owning their space is a trend we expect to continue as tax laws change, enhancing the benefits of ownership, and the supply of new space remains limited.”

According to recent market trend reports, office properties in Palm Beach County witnessed a decrease in total vacancy as a result of growth in housing, employment and the economy in 2013. Along with the West Palm Beach submarket, Boca Raton was a contributing factor to the majority of the positive activity in the market this year.

Beacon Square is a four-story, class A office building which features an open layout, highly upgraded finishes, hurricane-resistant windows and a dining facility. Following the sale, SBA will temporarily remain in their current building, as renovation will occur to repurpose the property for SBA’s use and future expansion.

Gregory Katz, Executive Vice President with Studley, represented SBA Communications Corporation.

 

Avison Young Inks 17,000 SF Office Lease Deal

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Online Vacation Center Holdings Corp., one of the country’s largest cruise retailers, has signed a new long-term lease for 17,225 square feet at Riverbend Corporate Park Building B, located at 2307 W. Broward Boulevard in Fort Lauderdale.

Greg Martin, Principal with Avison Young, worked with True North Management Group and Delma Properties, Inc., the new ownership of Riverbend Corporate Park, to complete the transaction.

The addition of Online Vacation Center increases the occupancy at the 66,917 square foot office building to 75 percent, a gain of more than 25 percent.

“The notable lease transaction with Online Vacation Center is an example of increased corporate optimism overall in the Broward market, specifically in Fort Lauderdale,” said Martin. “With plans for further office space development plus new retail in the area, Riverbend Corporate Park is the ideal place to locate and grow a business for years to come, with room to expand.”

“Online Vacation Center was seeking an impressive new location with convenient access to transportation and major thoroughfares for employees,” noted Martin. “At the nexus of the region’s existing transportation network and emerging transit hub, Riverbend Corporate Park presented a valuable solution to the office space needs of the company.”

Online Vacation Center was represented by Julie Berry, Broker Associate with Stiles Realty.

Avison Young Loses One, Gains One

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In the latest round of industry musical chairs, Avison Young’s South Florida office is even in recent arrivals and departures at the commercial real estate services firm.

David Bateman, who served as Director of Leasing for Avison Young since April 2012, parted ways last month. Although unnamed sources have reported that Bateman has relocated to Jacksonville, Bateman’s LinkedIn profile states his location as Austin, Texas.

Prior to his stint with Avison Young, Bateman represented Miramar Park of Commerce for Sunbeam Properties.

With Bateman’s departure, however, comes a new arrival for Avison.

After four years with Colliers International South Florida, Peyton Moore has joined Avison Young as Senior Associate, where he will represent owners of class A office properties in South Florida.  Moore will partner with Greg Martin, Principal.

Boca’s Plum Park Trades

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Avison Young’s South Florida office announced the sale of Plum Park, a 61,759 square foot class B business complex located at 141 NW 20th Street in Boca Raton, for $6 million.

Vice President of Investment Sales David Duckworth, Principal Keith O’Donnell and Associate Jonathan Senn of Avison Young were responsible for executing the lease-up and represented ownership CW Capital during the sale. “This project was a true collaborative effort between the leasing team and the investment sales team within our company,” said Mr. Duckworth. “It once again highlights Avison Young’s ability to stabilize an asset and then maximize the sale price by executing a well thought out plan with our client.”

The Plum Park transaction shows the aggressiveness of commercial property investors and the intensifying competition for B market properties in the Boca Raton area. In response to the uptick in demand of current and new buyers, Avison Young’s keen understanding of area trends and strategic marketing approach to investment sales while working with clients during the diversification process allows properties to properly compete in the market as high quality assets.

“When we were initially awarded the responsibility of leasing, repositioning and the ultimate sale of Plum Park, the asset had high vacancy with existing tenants in default,” said Mr. Duckworth. “Our team was uniquely qualified to replace delinquent tenants with high caliber businesses in stronger financial conditions, thereby adding value to the property.”

Plum Park is comprised of five singe-story office/retail buildings with flexible space plans from 761 square feet up to 7,521 square feet. The well-maintained grounds feature lush tropical landscaping, signage and ample parking. Located just west of Dixie Highway and minutes away from the I-95, the property allows tenants convenient access to major thoroughfares and local amenities.

Greg Martin Closes 53,000 SF Of New Lease Deals At Charter Place

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Avison Young South Florida signed four new leases at Charter Place, a 101,829 square foot office and retail complex located at 3301 N. University Drive in Coral Springs.

The long-term lease transactions at Charter Place include:

  • The Department of Revenue signed a new lease for 25,605 square feet
  • Business Financial Services, Inc., a firm offering alternative financing solutions for small business owners, signed a new lease for 16,776 square feet
  • Sola Salon Studios, a company providing high-quality salon suites for independent salon professionals and business owners, signed a new lease for 6,051 square feet
  • Foundation Therapy, Inc., an establishment providing Applied Behavioral Analysis services for children and families, signed a new lease for 4,350 square feet

The leases, which total 52,782 square feet, increase the occupancy at the building by 52 percent and mark the second time Avison Young South Florida has doubled occupancy at a property within the last 12 months.  Earlier this month, Avison Young announced 43,000 square feet in new lease transactions at Lynn Financial Center, bringing occupancy from 35 to 75 percent.

Greg Martin, Principal at Avison Young, worked with True North Management Group and Delma Properties Inc., the new ownership of Charter Place, to complete the recent transactions. As a result, the occupancy at Charter Place increased with high caliber tenants to nearly 70 percent.

“We are very pleased with the progress that we have made in such a short time,” said Mr. Martin. “The new ownership has been very cooperative in understanding the market and the needs of the Coral Springs tenant base which assisted in our leasing efforts.”

Charter Place is the first phase of the new Downtown Coral Springs, a public/private partnership between a local developer and the City of Coral Springs.

“Charter Place is a high quality asset which attracts and retains gold standard businesses,” said Todd Benson, Vice President, Florida Region, at Delma Properties. “The new additions will complement the existing marquis tenant mix including Merrill Lynch, First Southern Bank, and Wells Fargo.”

Avison Young Acquires West Palm Real Estate Firm

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See?  We told you the “Rumors” section was the best!

Mark E. Rose, Chair and CEO of Avison Young, confirmed today that it has acquired Florida-based WG Compass Realty Companies and opened a new office in West Palm Beach.

WG Compass, founded by Donald DeWoody, Gary Gottlieb, Jonathan Satter and Mike Walters in 2009, is a diversified real estate services firm headquartered in West Palm Beach. With offices in West Palm Beach, Stuart, and a Vero Beach office servicing the Treasure and Space Coast, WG Compass provides real estate site selection, brokerage, management, development and consulting services to national and regional clients throughout Florida.

The acquisition further expands Avison Young’s market coverage in South Florida and adds a powerhouse team led by DeWoody in retail tenant representation, leasing and sales throughout Florida. Effective immediately, 24 members join Avison Young, five of whom become Principals of Avison Young: Satter, DeWoody, Walters, Gottlieb and Brian Richardson. The new Principals have a combined 100-plus years of experience in the industry.

“We are pleased to welcome the WG Compass team to the Avison Young organization,” comments Rose. “We have always viewed the major Florida markets as critical to our national platform, and we couldn’t be more pleased to have this prominent team on board.”

Rose continues: “Opening an office in West Palm Beach was a key goal for us but we did not want to parachute in and start cold. We wanted to partner with professionals who live, work and play in the region. Mike Walters and Gary Gottlieb founded Walters Gottlieb Partners, Inc. in 1988, developing a strong reputation in the office leasing, sales and management arenas. Don DeWoody and Jonathan Satter opened Compass Realty Advisors in 1998, and developed a legacy of great service in retail tenant representation and property management in Florida. Moreover, the business and personal relationships between the Principals of WG Compass and the Principals of Avison Young in Florida go back 20 years and, thus, the merger of cultures was smooth and easy.”

The newest American office represents Avison Young’s 33rd office outside of Canada, the company’s fourth office in Florida, and an additional step in the firm’s ongoing aggressive growth and expansion strategy.

Over the past four years, Avison Young has grown from 11 to, now, 48 offices in 38 markets and from 300 to more than 1,200 real estate professionals across Canada and the U.S.

“Establishing a Florida retail division and expanding our office and industrial service platform into the Palm Beach County market is of great interest to our clients,” states Earl Webb, Avison Young’s President, U.S. Operations.

“The WG Compass team is well known throughout the Florida market and, in addition to having a team of proven professionals in all asset types, will help Avison Young expand its retail client presence both in Florida and the Southeast U.S. Don DeWoody and Brian Richardson represent some of the leading retail chains in Florida on the tenant side as well as numerous shopping center owners on the landlord side,” Webb says. “The leadership of WG Compass brings to Avison Young broad experience with both owners and occupiers, and the team will be a welcome partner in our growing Florida business.”

Also joining Avison Young from WG Compass are: Josh Wade (associate), Scott Goldsmith (associate), Colin Newton (associate), Laura Acosta (marketing coordinator), Fred Albright (physical plant operator), Rick Broullon (physical plant operator), Pierre Charles (physical plant operator), Caite Corripio (director of operations-property management), Gladys Cruz (porter), Jonathan Elson (associate), Raymond George (physical plant operator), Christine Goodine (administrative coordinator), Corinna Gosman (property administrator), Elizabeth Hauser (property accountant), Robert Leddick (physical plant operator), Carrie Mirabal (marketing coordinator), Jacqueline Ruszenas (marketing coordinator), Lorrie Scott (property administrator), and Craig Stella (physical plant operator).

Avison Young opened its first South Florida offices in October 2012 in Fort Lauderdale, Boca Raton and Miami, with 30 members joining from Flagler Real Estate Services, including Pike Rowley who became a Principal and Managing Director of Avison Young’s Florida region. Last month, industry leader Dan Carlo was named Managing Director of the Miami office. Avison Young’s Florida operations are headquartered in Fort Lauderdale.

“In growing the Florida business, Avison Young had several goals in mind. First was the continuation of a great culture of business with people of strong integrity,” notes Rowley. “Second was geographic coverage, including planting flags in the key major markets in Florida. Third was servicing the four asset classes of commercial real estate that Avison Young provides internationally, with those being office, industrial, retail and multi-family. Finding partners throughout the state of Florida with the right fit in these three areas was not easy, but the pieces came together nicely with the acquisition of WG Compass. The culture of service with strong integrity and putting the client first is a priority with WG Compass, as its reputation has been stellar for many years.”

Effective immediately, Avison Young’s new West Palm Beach office is located at 250 South Australian Avenue, Suite 1100, West Palm Beach, Florida.

“Don, Mike, Gary and I are thrilled to join forces with Avison Young. The company provides us with the growth opportunity and the connection to a national service company that we have been looking for in order to best serve our clients,” says Satter, who will be serving as the Managing Director for the office. “In addition, joining Avison Young affords our team the platform to remain entrepreneurs and principal owners in a fast-growth company. We have yet to come across a commercial real estate services company of this size that is designed by brokers and run by brokers. This is a very exciting opportunity for our entire organization.”

Today’s announcement comes on the heels of Avison Young opening an office in Sacramento, California last week.

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