Berger Commercial Realty has closed a 10,000-square-foot lease on behalf of Black Oak Partners at 2005 Vista Parkway in West Palm Beach, the brokerage announced.
Berger’s Joseph Byrnes and Greg Milopolous handled the deal for the two-story suburban office building property.
Black Oak had bought the property for $3.73 million in July from Design Arts of Palm Beach. Since that time, Berger’s Tim Hackett has managed the 41,899-square-foot property.
Reese Stigliano, SIOR has joined Brenner Real Estate Group as Senior Vice President.
Reese brings over 30 years in the commercial real estate industry, most recently serving as principal and partner at Berger Commercial Realty Corp. since late 2006.
Reese’s primary focus is in disposition of Banked Owned Real Estate, investment sales, land sales and office leasing. Prior to Berger, Reese was the Managing Partner and the founder of CPRA, a full service Real Estate Brokerage Company. During Reese’s last year at CPRA, he was involved 26 transactions including five major investment property sales exceeding $35 million, nine land sales in excess of 250 acres and thirteen separate lease transactions.
At Brenner, Reese will continue to work on complicated commercial transactions with a strong focus on distressed assets and land sales.
You can learn more about Reese Stigliano by visiting his blog at ReeseOnRealEstate.com.
Seems to be the season for the changing of the guards.
Last week, we reported that Owen Sagar and Michael Wilson both set up shop with CBRE.
Since then, we learned that Maggie Kurtz and Diana Parker have also abandoned their ship at Cushman & Wakefield to set sail with CBRE.
Maggie and Diana each have over 20 years experience in South Florida. They have gained notoriety for their extensive experience in marketing Class A office developments as well as providing tenant representation to many Fortune 500 companies. Both Kurtz and Parker join CBRE as Senior Vice Presidents.
Their extensive experience is underscored by their alignment with the development and leasing of high caliber office parks. Clients have included Equitable Life Insurance Company, Tishman Speyer Properties, ING Clarion, USAA Realty, Deka Immobilien GmbH, The Graham Companies and Testa Inmuebles to name a few.
A sampling of the team’s tenant representation clients includes Elizabeth Arden (corporate headquarters relocation), Starbucks Corporation, Cordis Corporation, Hewlett-Packard Company, Johnson & Johnson (Latin America headquarters) and General Electric.
We also discovered that Richard Schuchts and Jones Lang LaSalle parted ways in December and Richard has set up his own shop, SQFT Capital Advisors, where he will continue to service both owners and tenants.
Joe Byrnes rounds out our musical chairs report. Joe recently joined the ranks at Berger Commercial. Joe has 25 years of experience in many facets of the commercial real estate business, spending the last 13+ years with ComReal Ft. Lauderdale.
Reese Stigliano, a principal at Berger Commercial realty represented Hoyer Homes, LLC in their purchase of a 65-acre parcel located in the city of Palm Bay in Brevard County, Florida. The land is located in the master-planned mixed-use development known as Bayside Lakes. Hoyer purchased 210 single-family lots. 101 lots were in the Amberwood subdivision and 109 lots were in the Wellington subdivision.
Hoyer purchased the land from CRM Florida Properties, LLC, an entity formed by SunTrust Bank, paid $1,575,000 or $7,500 per lot. The
purchaser’s objective will be to land bank the land , with the intent to sell to lots in a takedown arrangement to publicly traded homebuilders, which eliminates the homebuilder’s expensive land development infrastructure cost and interest carry.
The deal was not without its obstacles. Over $1 million in past due utilities fees were owed. Mr. Stigliano assisted in the negotiation of a
deal with the City of Palm Bay to reinstate the utility agreement and reduced past due fees to $250,000. In addition, a settlement to waive
past due property owners association fees of $250,000 and reduced annual POA fees going forward had to be negotiated.
This is Reese’s second deal with Hoyer Homes. Reese represented Hoyer in the purchase of 53-acres in Miami-Dade county back in December, 2010.
