Tag Archive for: bastian laggerbauer

Office, Retail Complex In Boca Raton Sells For $12.65 Million

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A California buyer, Brickstar Capital, has closed on the acquisition of Spanish River Plaza, located at 500 NE Spanish River Boulevard in Boca Raton.

Executive Managing Director Mark M. Rubin and Director Bastian Laggerbauer of Colliers | South Florida Investment Services Team represented the seller, Chart Organization, a real estate investment and management company based in Lynbrook, NY, in the transaction totaling $12.65 million.

“The South Florida investment market continues to achieve record pricing as opportunities to acquire solid performing properties in highly desirable locations become more limited,” said Rubin. “Investor demand remains strong and is fueled by the rising rental rates and continued low financing which captivates interest from investor groups from all over the country.”

The 56,034-square-foot office and retail complex is situated on nearly 4.5 acres directly at the intersection of South Federal Highway and Northeast Spanish River Boulevard and one block away from North Dixie Highway. The complex benefits from the newly enhanced Spanish River interchange and the potential for additional development in the future.

“The buyer has experience acquiring similar mixed-use assets and has a creative repositioning strategy planned for the complex that will appeal to the affluent demographics in Boca Raton,” said Laggerbauer.

South Florida’s growing population and accelerated pandemic recovery continue to push rental rates and capture the attention of investors. Mixed-use investors are particularly attracted to Boca Raton’s affluent population, having an average household income of nearly $124,000. This has led to record sale pricing and volume in Boca Raton, with office sale volume reaching $926.5 million for the year 2021. The average sales price for office space is currently $300 per square foot and over $330 per square foot for retail space. Additionally, the average rental rate for office space in Boca Raton has increased 6.6 percent year-over-year while the average rental rate for retail space has increased 10.2 percent year-over-year.

 

Cemex To Downsize, Relocate After $13.4M Office Sale In West Palm Beach

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Cement producer Cemex USA will downsize its office space after selling its building in West Palm Beach for $13.4 million.

The Mexico-based company sold the 65,760-square-foot office complex at 1501 Belvedere Road to District Pointe LLC, a joint venture between Index Investment Group and West Palm Beach-based Verdex Construction. The price equated to $204 per square foot.

Cemex affiliate Rinker Materials constructed the building on the 4.85-acre site just west of downtown in 1983. Cemex was the sole occupant.

According to Colliers International, Cemex is leaving the property in a few months. The company has less need for office space because more people are working virtually, so it will move to a smaller office nearby.

As for the buyers, they will rebrand the building District Pointe, completely renovate it, and reposition it into a multitenant building. Verdex Construction, one of the largest general contractors in South Florida, will occupy a full floor of the building.

Mark M. Rubin and Bastian Laggerbauer of Colliers International represented the buyers, while the sellers worked with Michael Feuerman, Steve Hyatt and Daniel Silver of Berger Commercial Realty.

 

Source:  SFBJ

Multi-Tenant Office Building In West Palm Beach Sells For $13.9 Million

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Colliers South Florida closed last week on the sale of Village Executive Offices, located at 560 Village Boulevard in West Palm Beach.

Executive Managing Director Mark M. Rubin and Director Bastian Laggerbauer of Colliers | South Florida Investment Services Team represented the seller, North King Apartments LLC & Royal King Apartments LLC, in the transaction along with Shlomo Chelminsky from King Real Estate. Colliers Executive Managing Director Michael Falk represented the buyer in the deal.  The building is currently 97% occupied and sold for $13.9 million.

“It was a unique opportunity for our team to execute a value-added plan that monetized the owner’s investment in a competitive market which resulted in multiple aggressive bids,” said Rubin.

The ±62,875-square-foot, three-story multi-tenant office building is meticulously maintained and recently underwent over $880,000 in capital improvements. The property is surrounded by a variety of amenities, including downtown West Palm Beach, and is within minutes from I-95, Florida’s Turnpike, and North Federal Highway/US-1.

“With no deferred maintenance, a solid tenant base and a strong commercial location, 560 Village Boulevard established itself as a solid long-term investment vehicle in the West Palm Beach marketplace,” said Laggerbauer.

Palm Beach County is located within the South Florida metropolis, just north of Miami-Dade and Broward Counties. Together, the tri-county region is the eighth-most populous metro area in the nation and the largest in the State of Florida, recording over 6.2 million residents and accounting for over one-third of the state’s population. According to Fitch reports, Palm Beach County is recognized as one of the nation’s wealthiest counties, with per capita personal income levels nearly 50% higher than state and national averages and high ratings reflective of its diversifying economic base, sound financial position, and moderate debt levels. Furthermore, Palm Beach County is one of the nation’s leading tourist destinations offering white sand beaches, clear turquoise waters, and internationally acclaimed shopping, dining, and golfing venues that appeal to the masses.

 

Colliers Tapped To Market Half Million Square Feet Of Land Zoned For Office Space

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Kimco Realty Corp. announces the groundbreaking of Dania Pointe’s retail portion and has engaged Colliers International South Florida to market half-million square feet of land zoned for office space. The Class A office space will be part of the 2.5 million-square-foot, mixed-use Dania Pointe on I-95 in Dania Beach.

The five-acre parcel allowing up to 506,000 square feet of office will be developed as Class A single-tenant or multi-tenant corporate office buildings. The shovel-ready site include the required zoning and master plan approval. The Colliers’ team marketing the land consists of Kevin McCarthy, Gerard Yetming, Jarred Goodstein and Bastian Laggerbauer.

The 102-acre Dania Pointe was designed as a ‘Smartown’ to offer office tenants, residents and visitors a complete digital experience. Cutting-edge technology will allow them to control locks on doors, lighting, A/C, security monitoring and other features from their wireless smart devices. Office tenants will also benefit from EV charging stations and other technologies.

 

“This project embodies a lifestyle center with unparalleled amenities for the workforce,” said Kevin McCarthy, Colliers Senior Vice President. “The Smartown adaptation creates a new era of development for the South Florida marketplace.”

The Offices at Dania Pointe, which will offer large blocks of office space, will turn the project into a true live, work and shop destination.

 

“Consumers are increasingly choosing to live in urban settings where they can walk to work, restaurants, coffee shops and entertainment venues,” said Goodstein, Colliers Senior Vice President. “Dania Pointe will offer that and more.”

The sprawling development will feature immediate access to I-95 and US-1 via Griffin and Stirling roads and will be located six miles from the Brightline station in downtown Fort Lauderdale. The commuter train system – arriving later this year – will connect the greater downtown Fort Lauderdale area to Miami and West Palm Beach.

On Aug. 10th, Kimco Realty Corp. (NYSE:KIM) issued a press release announcing the start of construction of Dania Pointe’s retail component, part of the project’s Phase I. The retail space is expected to open by the 2018 holiday season. Phase I includes 300,000 square feet of retail, which is nearly 80% preleased to national and regional brands including TJ Maxx, Hobby Lobby, BrandsMart and Ulta Beauty, along with several restaurants, according to Kimco’s press release.

Upon completion, Dania Pointe will be a comprehensive open-air lifestyle community incorporating over 100 national and local retail tenants and restaurants in approximately 1 million square feet of space, complemented by the Class A office space, 1,000 luxury rental apartments and condominiums and two signature hotels.