Tag Archive for: cbre

Boca Raton Office Complex Has New Owner

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Fountain Square, a 241,000-square-foot office complex in Boca Raton, traded for $54.5 million — a 47 percent increase over what it sold for three years ago.

Bridge Investment Group Partners of Sandy, UT bought the three-building development at 2600, 2650 and 2700 N. Military Trail from a joint venture between affiliates of Contrarian Capital Management LLC of Greenwich, CT, and NAI/Merin Hunter Codman in West Palm Beach.

The sellers bought the property for $37 million in 2014 from JP Morgan, which paid $63.5 million in 2007.

NAI launched a multimillion dollar capital improvement program to upgrade common areas and tenant suites. That resulted in more than 100,000 square feet of leases in the past two years and boosted occupancy from 62 percent to 90 percent.

The owners filled the building by negotiating leases for $15 and $16 per square foot, according to Neil Merin, chairman of NAI Merin Hunter Codman. He said rents today are in the range of $22 to $23 per square foot.

“It’s a real marker for the recovery of values in Florida,” Merin told CoStar News. “We did well — no doubt about it.”

 

Gil Tenzer, portfolio manager and director of real estate investments at Contrarian, said, “Fountain Square represents our commitment to partnering with local operators to invest in and turn around under-performing assets with high potential.”

Christian Lee and Jose Lobon of CBRE and Neil Merin, of NAI Merin Hunter Codman, represented the seller. The buyer did not have representation.

 

Source:  CoStar

Ryan Nunes Joins JLL As Executive VP

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As JLL expands its footprint in South Florida’s commercial real estate market and grows its best-in-class brokerage team, the firm announces the hiring of Ryan Nunes as Executive Vice President of the firm’s Broward and Palm Beach offices.

In his role, Mr. Nunes will work closely with JLL’s South Florida leadership to help drive business development, support talent recruitment and advancement, and act as a brand ambassador by playing an active role in the firm’s community engagement. He will also serve as a member of JLL’s South Florida Leadership Council.

With more than 12 years of experience advising corporate users and executing complex transactions, Mr. Nunes has worked with businesses ranging from Fortune 500 Companies to early-stage enterprises on successfully structuring real estate strategies that meet their financial and operational objectives.

Prior to joining JLL, he served as Vice President at CBRE for five years, focusing on providing tenant advisory services in South Florida. Before that, he worked for Studley in Washington, DC for seven years.

 

“As we add top talent to our team of trusted advisors in South Florida, Ryan will play a critical role in scaling our team’s intellectual capital to expand our market footprint in the Broward and Palm Beach markets. He will join a top-performing brokerage team that specializes in serving clients across all three South Florida counties,” said JLL Managing Director Alan Kleber. “Ryan’s ability to serve clients as a trusted advisor and commitment to serving his community are qualities that make him a great fit for the team and culture JLL is building in the region.”

Mr. Nunes has extensive experience developing business strategies and real estate solutions on behalf of public and private sector clients for multi-market real estate pursuits, with a focus on serving clients in the Broward and Palm Beach markets. Among the companies he has represented regionally and internationally are Convey Health Solutions, Princess Cruise Lines, Fanatics and the City of Fort Lauderdale.

 

“Joining JLL gives me the opportunity to become part of a best-in-class organization that is highly invested in cultivating talent, as it continues to grow its presence as a market leader across South Florida,” Mr. Nunes said. “I look forward to further expanding our business footprint and market share in Broward and Palm Beach, while also strengthening our culture and supporting our team of talented advisors in their professional growth.”

Mr. Nunes earned a bachelor of arts degree in sociology from the University of Pennsylvania. He has served as a guest lecturer at Georgetown University’s McDonough School of Business and Catholic University’s Columbus School of Law.

CBRE Selected To Manage Golden Bear Plaza

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Following the $62 million sale, Golden Bear Plaza‘s new ownership has selected CBRE Group, Inc. to lead management of the three-tower, 245,673-square-foot property.

The Class A, office complex is located at 11760, 11770 and 11780 U.S. Highway 1 in Palm Beach Gardens. Patricia Nooney, senior managing director of CBRE Asset Services will provide executive oversight to the property management team, alongside associate director Bill Davis. Joining CBRE is Michael Bowden, Senior Real Estate Manager who will continue to lead the onsite operations.

“We are looking forward to managing this remarkable property and providing our client and tenants with an increased level of service,” said Patricia Nooney. “Our team is excited to partner with the new owners to execute on their new vision and goals for the property.”

Golden Bear Plaza was developed between 1985 and 1990 in partnership with Jack Nicklaus’ company, and is now the premier multi-tenant office building on the Prestige Coast, with an occupancy of 83 percent, it is home to approximately 40 tenants in various industries, including telecom, legal and financial services, marketing and development and construction.

 

Source:  CRE-sources

 

Seasoned Commercial Real Estate Duo Joins Colliers International South Florida

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With a continued focus on expanding across all disciplines and growing its South Florida capabilities, Colliers International South Florida announced the addition of commercial real estate brokers Russell Bornstein and Michael Wilson.

With nearly 60 years of combined industry experience, the team will specialize in retail and office brokerage, respectively, and bring additional value by collaborating to service clients with mixed requirements in South Florida.

“Russell and Michael have both earned a reputation for service excellence,” said Ken Krasnow, Executive Managing Director & Market Leader of Colliers International South Florida. “Bringing them on board highlights our commitment to wholistic real estate solutions. As the real estate markets in South Florida continue to develop and mature, we are continually seeing occupiers with mixed-use requirements and we are stepping up to provide market solutions and expertise as diverse as the clients and requirements we work with.”

As long-time exclusive representatives for Wells Fargo and its approximate 250 branches in Southeast Florida, Bornstein and Wilson have provided steady and strategic commercial real estate advisory to the financial services company through various mergers over their 20 year relationship, including their real estate needs after they acquired Wachovia in the largest financial institution merger on record. Additionally, they have represented clients such as Brandsmart, Regions Bank, and Chase.

Both industry veterans have been with CBRE since 2012.

Industry veteran Bornstein has been involved in the ground-floor launch of numerous national retail tenants such as Blockbuster Video, Einstein’s Bagels and Boston Chicken. His experience comes from brokering notable transactions such as the 44,000 sq. ft. Coral Gables headquarters and branch of the original BankUnited as well as the sale of Plantation Crossing Shopping Center to an entity affiliated with Beth Azor of Azor Advisory Services. Additionally, he is an active member of the International Council of Shopping Centers and a Board Member for the Wayne Barton Study Center in Boca Raton.

On the office side, Wilson has represented major players across Palm Beach, Broward and Miami-Dade Counties throughout his career. He provides brokerage services to owners, landlords and occupiers of office properties, and has represented clients such as TIAA, Ernst & Young, Invesco and Morgan Stanley, among others. He is an active member within the local chapter of NAIOP, the National Association of Industrial and Office Properties.

“I’m excited to again work with Ken Krasnow and the professionals at Colliers. I have had the opportunity to work with several of them over the course of my career and I look forward to collaborating with them again in our shared pursuit,” added Russell Bornstein.

Bornstein holds a Bachelors Degree in Business Administration from St. Bonaventure University and Wilson earned a Bachelor of Science in Finance from Pennsylvania State Unversity.

 

 

JLL Closes Leases With Two Tenants Totaling 22,000 SF

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JLL announced the closing of a lease renewal with long-time tenant TD Bank and a new lease with Allied Integrated Marketing totaling 22,000 square feet of office space at Cypress Financial Center, a 198,528-square-foot class A office building in Fort Lauderdale.

The property, located at 5900 N. Andrews Ave., is owned by Steelbridge Capital, a privately held, value-focused real estate investment company based in Miami and Chicago.

Sandra Andersen, Senior Vice President at JLL, represented Steelbridge Capital in both transactions.

Existing tenant TD Bank renewed its 16,675-square-foot lease and was represented by CBRE Senior Vice President Mathew J. Saker, CBRE Vice President John Jaspert and CBRE Transaction Manager Caroline C. Barone.

Allied Integrated Marketing signed a new lease consisting of 5,325 square feet and will occupy the eighth floor of the building. Allied Integrated Marketing is a full-service agency with 22 offices working with the world’s largest entertainment, culture and lifestyle brands. The tenant was represented by Bob Orban, Senior Vice President, and Tyler Wyant, Associate, at Savills Studley.

“Cypress Financial Center is situated at the geographic center of South Florida, making it the most accessible location to the region’s six million residents, an attractive factor for companies seeking office space,” said JLL’s Sandra Andersen. “The property underwent extensive renovations last year, which has contributed to attracting and retaining top-quality tenants who are seeking an office location with high-end finishes and downtown prestige in a convenient uptown location.”

Cypress Financial Center is the only office complex in South Florida with a direct on-ramp to I-95. Recently completed renovations include upgrades to the lobby and select common areas, complete tower and garage elevator modernization, exterior painting and sealing, replacement of monument and directional signage, new landscaping and exterior lighting.

 

Tower Commercial RE Names Scott Allen To Head Tenant Representation Division

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Tower Commercial Real Estate named Scott Allen as Managing Director to lead the growing firm’s tenant representation division.  Allen has focused exclusively on tenant representation  throughout his 23-year career, serving clients nationally and in South Florida.

The new executive is experienced in all aspects of transactions, from leasing, sales and build-to-suits to acquisition and disposition of assets. Allen has represented clients including mid-to-large cap corporations, law firms, financial service firms, healthcare, municipalities, banks and technology companies.

Before joining Tower, Allen was associated with CBRE since 1996, and represented clients including Spherion Staffing, VITAS Healthcare, City of Fort Lauderdale, Citibank and AutoNation.

“As Tower continues to expand its team and service lines, we are thrilled to have someone of Scott’s caliber and experience to lead and grow our Florida tenant representation platform,” said Jon Blunk, president and founder of Tower Commercial Real Estate.

Headquartered in Miami, with offices in Fort Lauderdale, Boca Raton and West Palm Beach, Tower Commercial Real Estate is a full service commercial real estate brokerage firm active throughout Miami-Dade, Broward and Palm Beach counties.  The firm has a current leasing portfolio of more than 3 million square feet, including many of the region’s most prominent Class A office and mixed-use properties.