Tag Archive for: cbre

CBRE’s Genet, O’Loughlin Negotiate Record Price In Sale Of Former Post Office Building

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CBRE Senior Vice President Tom O’Loughlin and Vice President Larry Genet negotiated the sale the Former Post Office Building located at 4350 North Andrews Avenue in Oakland Park, to a new-to-market company.

Andrews Ave. Estate LLC, dba Panda Kitchen & Bath, a kitchen and bathroom supply store, purchased the property for $2,500,000, or approximately $123.00 per square foot.

CBRE's Tom O'Loughlin & Larry GenetO’Loughlin and Genet represented the seller, RLC LTD, in the transaction, which closed March 2.

The one-story, 20,368-square-foot Class C building, which is situated on 2.34 acres, was built in 1965 and has been used as a post office facility since 1996. The building offers direct frontage on Andrews Ave., with 20,500 cars passing per day. The single tenant, freestanding property features 14′ -16′ ceiling heights and a parking lot that can accommodate 106 parking spaces.

 

“The building was in poor condition with all kinds of specialized build-out by the prior tenant, the United States Post Office,” explained Genet. “It took some serious vision and strategic planning to develop a custom marketing program that relied heavily on digital renderings.  Ultimately, that plan generated multiple offers for sale and lease.”

 

“This is the third residential construction-related deal our team has done in the past two months,” added O’Loughlin. “Stone & marble, cabinet, fixture and furniture companies are all experiencing tremendous growth with the addition of thousands of apartment and condo units being built this cycle.”

According to its website, Panda Kitchen & Bath’s philosophy is to save the customer money by owning the quarry and manufacturing plant, thereby providing the best quality product and the best service at the fairest price, allowing customers to afford quality kitchens and bathrooms that they couldn’t afford before.

 

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CBRE’s Larry Genet Tapped To Lead Leasing Efforts For New-To-Market Fort Lauderdale Office Campus

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CBRE Vice President Larry Genet has been exclusively engaged to market the Spectrum Technology Campus, located at 2050 Spectrum Boulevard in Fort Lauderdale.

Located within the Commercial Boulevard corridor at the corner of NW 44th Street and NW 21st Avenue, the ±128,830-square-foot, four-story, new-to-market Class “A” campus represents an exceptional opportunity for Corporate Headquarters users to occupy one of the most unique and dependable technologically-advanced campus in South Florida, with ±7:1000 RSF parking ratio. The property is expandable to ±188,830 SF with a ±60,000 RSF build-to-suit expansion.

Spectrum-Technology-Campus-Buildings

Spectrum Technology Campus offers the ability to maintain continuous operations, 24/7/365 through utilization of the campus data bunker, generator, 10,000-gallon fuel tanks and 100% battery back-up/UPS system. The campus offers immediately available robust facilities with redundant power systems capable of providing sufficient power to maintain continuing campus operations without FP&L service, along with communication and operational support systems that are required to limit the operational risks associated with contingent and uncontrollable weather events.

A marSpectrum Technology Campusketing flyer recently distributed indicated that “ownership is extremely progressive and deeply believes in creating a custom experience for its tenants while building long-term relationships” and “management is focused on providing enhanced Associate experiences, while also creating operational synergies and efficiencies for its tenants.”

The unique property is conveniently located close to I-95 on Commercial Blvd. and offers an on-site restaurant, work out center with locker rooms, 4 elevators, high-end upgrades, plug and play availability, incredible amounts of natural light, with multiple footprint options and expansion capabilities. With bus service at Spectrum Technology Campus and Tri-Rail within walking distance, Operational Team members and resources have transportation options from various locations within Miami-Dade, Broward and Palm Beach counties.

 

Downtown Fort Lauderdale Office Sale Closes At $220 Million

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The South Florida office market keeps reeling in investors ready to drop large sums on the region’s trophy assets.

In one of the biggest commercial real estate deals this year, a downtown Fort Lauderdale office tower changed hands for $220 million.

A company linked to Deutsche Bank‘s asset and wealth management division pocketed the Bank of America Plaza at Las Olas City Centre, a 23-story office tower built in 2002, from J.P. Morgan Investment Management Inc., according to Broward County property records.

The pricey deal closed Monday, five years after New York-based J.P. Morgan Chase & Co. originally purchased the asset. The seller walked away with a $56 million gain, or 34 percent

The 725,898-square-foot Class A office building at 401 E. Las Olas Blvd. sits on 2½ acres with about 408,000 square feet of leasable office space. It is anchored by Bank of America, and other tenants include Greenberg Traurig; Boies, Schiller & Flexner; GrayRobinson; Patriot National Inc.; and Farlie Turner & Co.

The deal broke down to $303 per square foot.

Fort Lauderdale’s office market has attracted new players this year looking for valuable assets away from Miami’s congested urban core.

Miami-based Steelbridge Capital purchased the two-building Class A SunTrust Center office complex a block away at 501-505 Las Olas Blvd. for $87 million in June. That deal, at $320 per square foot, was the largest transaction since June 2015.

In August, Massachusetts-based Brookwood Financial Partners sold an 11-story office building in downtown Fort Lauderdale for $46.5 million — $14 million more than what it paid two years ago.

Broward County’s investment sales activity picked up last quarter with eight transactions totaling $134 million, according to CBRE Inc. Overall, commercial transactions totaled $345 million during the first half of the year.

The submarket’s vacancy rates dropped to 12 percent in the second quarter as new entrants vie for space and existing companies expand their footprints.

 

Source:  DBR

Downtown Fort Lauderdale Office Tower Trades For $282 PSF

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After only two years carrying the property, Brookwood Financial Partners has sold Fort Lauderdale’s Plaza 100 office building for $46.5 — $14 million more than what the company originally paid.

Brookwood, which is headquartered in Massachusetts, just sold its 330,747-square-foot property to an affiliate of Zurich Asset Management, an alternative investment division of the international Zurich Insurance Group, records show.

The 11-story building is located at 100 Northeast Third Avenue in downtown Fort Lauderdale. Its square footage is split by offices with 165,000 square feet of leasable space and a garage with roughly 580 parking spaces.

According to data from the CoStar Group, it is 92.5 percent leased, with asking rents averaging $23.5 per square foot, triple net. Notable tenants include Comerica Bank, which has its signage displayed prominently on the building, and financial consulting firm RSM McGladrey.

Brookwood came onto the scene in 2014 when it paid $32.5 million to buy Plaza 100 from an affiliate of Accesso Partners, according to county records. Accesso had paid $20.8 million four years earlier.

The Massachusetts private equity company’s purchase price had broken down to nearly $197 per square foot. Now, the company has raked in just under $282 per foot.

CBRE’s Christian Lee, Jose Lobon, Amy Julian and Marcos Minaya marketed the property on behalf of Brookwood.

According to its website, Brookwood has built a portfolio worth $2.2 billion since launching in 1993. Office properties in central business districts like Plaza 100 make up a relatively small chunk of Brookwood’s real estate purchases, equating to about 8 percent of its portfolio.

The Plaza 100 sale also came sooner than Brookwood’s typical holding period, which lasts three to five years under its current strategy.

 

Source:  The Real Deal

October 15 – SFOBA Hits Delray

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Join us for Lunch At the Arbors with CBRE and G&C Arbors Investors, LLC. Thursday October 15 at noon.
10 Oct 15 Lunch Invite CBRE

 

An Afternoon in Crocker Raton

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The South Florida Office Brokers Association meeting for June 2015 was held at One Town Center, the former Tyco building located within the complex now known as Boca Center. Our guest speaker Angelo Bianco of Crocker Partners told us that most locals still know Boca Center by its former name.

The iconic mixed-use complex located along Military Trail south of Glades Road in Central Boca Raton contains office space, a Marriott hotel, and upscale shops and restaurants. It has been used as a case study by the Urban Land Institute for excellence in a mixed-use project. The property was originally developed by Crocker and Company back in the mid-1980s and is still widely known by its original name, Crocker Center.

Over the years, the buildings were sold to Teachers Insurance and Annuity and Met Life. But over the last 12 months, Crocker Partners has invested more than $340 million in Boca Raton, reacquiring the shops and towers at Boca Center, The Plaza and One Town Center. Just north of Boca Center, Crocker also acquired the 277,000 sf One Boca Place, the longest and largest office building in the market. So even if Boca Center is not renamed back to Crocker Center, the running joke is that maybe the city should be renamed Crocker Raton.

What is not a joke is that Crocker Partners now controls 94% of the vacant Class-A space in the Boca Raton office market. According to Mike Erickson of CBRE, who leases the Boca Center properties for Crocker, “office rental rates north of $30 per sf triple net (which is over $40 including operating expenses) are the new normal in Boca Raton. Vacancies are down and construction is flat so we are going to continue to push rental rates.”

In order to justify the higher rental rates,  Crocker Partners will be upgrading the properties to compete in today’s market. One Town Center will be positioned to continue to appeal to private equity firms. The Plaza, the black office tower anchored by Wells Fargo, will be modernized and positioned as an ultra high-end concierge building targeted toward upscale local tenants. It will be priced at a monthly dollar amount rather than per square foot.”A contemporary building with timeless appeal” said Bianco. All of the buildings will also offer valet parking.

The biggest changes will involve the retail space,which will be re-oriented for street visibility. “Don’t turn your back on the street” said Bianco. The restaurant space at Boca Center will surround an open courtyard to create more of a synergy, and a gym and a spa will be added to the hotel’s lower 2 floors.

Plans also include the addition of multifamily units to the project to capitalize on the current urbanization trend. The idea according to Bianco, is to combine the upscale shopping experience of Miami’s Bal Harbor shops or Palm Beach’s Worth Avenue with the trendy local appeal of Delray Beach’s Atlantic Avenue.

Will Crocker be able to raise the bar on rental rates in Central Boca? Can they repeat their earlier success with an updated Boca Center? And will the City Council consider renaming the city Crocker Raton? We’d like your opinion.

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