Tag Archive for: cbre

CBRE Arranges Sale Of Delray Park Of Commerce

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CBRE arranged the sale of Delray Park of Commerce, a 19,478-square-foot boutique office building located at 800 NW 17th Avenue in Delray Beach.

Brain Matters Properties, LLC acquired the single-story building from HHCS Real Estate, LLC for $3.4 million.

CBRE represented the seller.

“Delray Park of Commerce offers a combination of flexible office space, great amenities and convenient access to major transportation arteries,” said CBRE’s Owen Sagar.

Built in 1999 and located in a highly desirable area near upscale neighborhoods, the property is well-situated on 4.39 acres on the northeast corner of Congress Avenue and Lake Ida Road. Delray Park of Commerce offers ample parking in a corporate, park-like setting with quaint water views and easy access to I-95 and Atlantic Avenue, “The Ave.,” in downtown Delray Beach.

CBRE’s sales team included Dominic Montazemi, Scott O’Donnell, Miguel Alcivar, Jason Hochman and Owen Sagar. Garrett Vonk represented the buyer.

Downtown Fort Lauderdale Office Tower Trades For $32.5 Million

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CBRE arranged the sale of Comerica Tower, also known as Plaza 100, a Class A, 166,098-square-foot boutique office tower located at 100 NE 3rd Avenue in Fort Lauderdale.

Brookwood Financial Partners of Beverly, Massachusetts, acquired the 11-story downtown tower from Beacon Investment Properties of Hallandale Beach for $32,500,000, or $196 per square foot.

In August 2013, Brookwood purchased Plantation office building Lakeside Office Center, located at 600 N. Pine Island Road.

Comerica Tower, which features an above-market parking ratio of 3.5 per 1,000 square foot, was 82% leased at the time of the sale.  The property has benefited tremendously from robust leasing activity in downtown Fort Lauderdale over the last two years.

“Downtown Fort Lauderdale absorption has been led by a migration of tenants from the suburbs to the CBD. This has been a national trend, where possible, as employers find it easier to attract and retain higher level talent to urban locations,” explained CBRE Vice Chairman Christian Lee.

Mr. Lee noted that Beacon Investment Properties owned Comerica Tower for two years, increased occupancy from 69% to 82% during its ownership and sold it when it realized the company’s investment objectives for the property. “While Beacon is widely known for its disciplined and expedited acquisition strategies, it was just as responsive as a seller,” Mr. Lee said.

Ariel Bentata, co-founder and managing partner of Beacon, commended Brookwood Financial “for being an astute investor. The buyer performed as anticipated on all aspects of the acquisition and we feel confident this exceptional office tower and its tenants will be in very good hands.”

Comerica Tower is centrally located in downtown Fort Lauderdale’s walkable “live, work, recreate and educate” vibrant cosmopolitan core, within walking distance of numerous shops, restaurants and over 3,500 multi-family units that are either under construction or planned.

“Of this multi-family activity, 1,850 units are north of Broward Boulevard in close proximity to the property,” added José Lobón, CBRE Senior Associate. “This area is now a young and hip enclave, home to neighborhoods such as Progresso Village, Flagler Village and F.A.T. (Flagler Art & Technology) Village, and amenities such as the new Fresh Market supermarket, and numerous art galleries and cafes.”

The Miami-based CBRE team representing the seller included Christian Lee and José Lobón with CBRE’s Capital Markets Institutional Group; and Charles Foschini and Chris Apone with CBRE’s Debt & Structured Finance Group.

Assisting the CBRE Team was the CBRE Office Leasing team of Deanna Lobinsky and Travis Herring, and JLL office leasing broker Jonathan Kingsley.

 

Tyler Harrison Leaves CBRE

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Tyler Harrison, former Senior Associate with CBRE specializing in tenant and landlord representation in Broward and Palm Beach Counties in South Florida since 2003, has parted ways with the firm effective February 24, 2014.

After 10 years at the company, Harrison will lead San-Francisco Bay-based Equistone Partners’ expansion efforts into the South Florida market.

“The concept behind the formation of Equistone 10 years ago was to take all the good value elements of the large shop and provide scalable solutions that can be implemented and delivered to clients at the speed and efficiency of a boutique Commercial Real Estate firm.  The platform allows us to be true partners with our clients on every level. It’s a foundation and practice that I believe in wholeheartedly and anticipate will be greatly embraced by the South Florida commercial real estate market,” explained Harrison. 

equistone_logoFormed in 2007, Equistone represents tenants and landlords, acquisitions and dispositions of commercial property assets and investor services including source investment, source capital, and structure sponsor the investment opportunity.

From 2003 to 2008, Tyler served as Associate with CBRE’s Brokerage Services Team and was promoted to Senior Associate in March 2009. During his tenure in the South Florida market, Tyler has established a solid reputation in the business community and is well-respected among his peers as a commercial real estate professional.

He has represented several notable companies and organizations such as Blackberry, Ford Credit, Steinger Iscoe & Greene and University of Florida to name a few.  Tyler has also represented charitable organizations including the American Diabetes Association, Breast Cancer Network of Strength, and Best Buddies.

Tyler grew up in Connecticut, has lived in the San Francisco Bay Area, and currently resides in Boca Raton, FL, where he has lived for the past 13 years.

Equistone Partners is a full-service client-focused commercial real estate brokerage and advisory firm, offering a complete range of commercial real estate services, supplying consistent service to clients and implementing strategies that provide opportunities for its Client Partners. Equistone Partners professionals know the real estate market and have the right contacts, resources and systems to deliver high-level solutions.

 

Industry Veteran Leaves CBRE

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Rick Miller, SIOR, RPA, FMA, a member of both the Brokerage Services Division and Global Corporate Services (GCS) Division of CBRE, serving as an exclusive agent on behalf of tenants and landlords of corporate real estate in Miami-Dade, Broward and Palm Beach Counties in South Florida since 2002, has parted ways with CBRE effective December 16, 2013.

From 2007 to 2011, Rick served as a Managing Director for CBRE’s South Florida region. In this position, Rick was responsible for the overall operations of the Boca Raton, North Palm Beach and Fort Lauderdale offices focusing on profit and loss, corporate leadership, customer satisfaction and strategic planning. He managed more than 75 brokerage professionals specializing in all areas of the industry and provided executive oversight to CBRE Florida’s Corporate Services account practice including the Ryder System, FPL, and SFN Spherion accounts.

After 11 years at the company, Miller said, “Ultimately, my goal is to get back to basics in this industry. I’ve worked for two Fortune 500 companies now and it is important to me to be a part of a smaller and more nimble operation.  I am very driven by company culture and values. I have learned from experience that internal collaboration from top to bottom is critical to the success and health of any company.”

“Another aspect that I find important is providing best in class services to my clients regardless of their size.  Our region, by nature, consists in large part of mid-size companies and small businesses. I’ve worked with plenty of large clients and Fortune 500 companies over the years. I plan to leverage that expertise to also assist small and mid-cap companies and provide them with the same representation that they often don’t receive because they get overlooked by our industry. At the end of the day, I want my clients to engage my services as if they were hiring me to work as an employee in their organization. Brand name, platform and size are one piece of the puzzle but to me it all boils down to people and how we connect with them,” he added.

Rick has been dedicated to corporate real estate in South Florida since 1987. Prior to his career with CBRE, Miller served as an associate with Cresa Partners, LLC in Miami, Florida.

He is currently evaluating various options as he spends the holidays with his family.

 

Source:  CRE-sources

Fink, Sagar & Wilson Tapped To Lease North Lauderdale Office Campus

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CBRE has been selected by property owner NTS Realty Holdings as the exclusive leasing agent for Lakeshore Business Center, a four-building, 239,540-square-foot Class B office/flex campus located within the Fort Lauderdale Commerce Center in Fort Lauderdale.

The property is currently 73% occupied. Tenants include ECI Telecommunications, Embry Riddle Aeronautical University, Evolis, Inc., John Kirlin, Inc., and Reynolds, Smith & Hills.

According to CBRE Research, modest leasing momentum continues to push the office market in Broward County toward recovery mode; demand for office space has been consistently positive for multiple consecutive quarters.

“Lakeshore Business Center is well positioned to capitalize on the increased leasing activity we are seeing in Broward County,” said CBRE Vice President Deborah Fink. “In addition to being conveniently located on Commercial Boulevard, interior site renovations are completed and the property is primed to attract more image-conscious tenants.”

The buildings are located at 3201 & 3125 W. Commercial Boulevard and 5100 & 5200 N.W. 33rd Ave.

CBRE Vice President Owen Sagar, Vice President Deborah Fink and Senior Vice President Michael Wilson are the leasing agents.

 

 

Ivy Realty On A Tear

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Ivy Realty, a Greenwich-based real estate operating company, announced that since its purchase of the Heron Bay Corporate Campus in Coral Springs, the firm has leased over 53,685 square feet of office space in the hurricane-resistant, Class-A office building, boosting its occupancy from 48 percent to 86.5% percent.

Ivy Realty purchased the 89,000-square-foot campus in 2011 as part of a trio of commercial real estate investments in South Florida, as the firm eyed a recovery in the region.

The firm has amassed over 453,000 square feet of office space in South Florida in the last  30 months — an impressive statement as to its view of South Florida commercial real estate. The firm’s two other Class-A Office investments in the region are 1 East Broward Boulevard in downtown Fort Lauderdale, a 340,000 square-foot building, and 250 Royal Palm Way in Palm Beach with 24,000 square feet.

Following significant refurbishments, Ivy Realty boosted the occupancy in the signature, high-rise Fort Lauderdale office building by over 21 percent, and after recently finishing refurbishments at its Palm Beach property, that property too is quickly escalating in occupancy. After significant downturns in office values in recent years, the trio of Ivy Realty successes point to capital infusions as playing a critical role in turning mediocre properties into prime properties, helping to spur on the South Florida recovery.

“As we sought to expand our investment horizons beyond the Northeast a few years ago,” said Rusty Warren, Co-CEO of Ivy Realty, “we viewed South Florida as on the cusp of recovery, but it lacked investors that could combine conviction and capital. We have the resources to back our vision and are seeing our quality assets returning to positions of prominence in their respective Class-A office markets.”

The firm’s latest success story, Heron Bay Corporate Campus I and II, are preeminent multi-tenant office buildings located within the northwest Broward submarket. Completed in 2001, their modern Mediterranean design incorporates hurricane-resistant features including impact-resistant windows and generator wiring for tenants requiring uninterrupted operations.
The campus is ideally located by the “main-and-main” commercial intersection of the Sawgrass Expressway and Coral Ridge Drive, which serves prestigious communities surrounding including Heron Bay Golf Club, The Hamptons, and Parkland Golf & Country Club, all of which are affluent communities favored by entrepreneurs and corporate decision makers. The Heron campus’ circular driveway stems from the grand entrance of the Marriott Hotel, adding a high level of convenience for visiting executives.

Ivy Realty’s lease-up in the three-story buildings has included adding Pearl Holdings, a Florida-based personal automobile insurer with over 17,000 square feet; Regus, the world’s largest provider of flexible workspace, which hosts approximately 15,500 square feet of executive suites at the Heron Bay campus; and AOD Software, a long-term care software company providing clinical, operations and financial management solutions to retirement and continuing care communities, which leased approximately 15,300 square feet. These leases are unusually large for the office submarket, which more typically leases spaces of 3,000-5,000 square feet per tenant. Ivy Realty also leased just under 4,000 square feet to Century Link (formerly Qwest Communications), among other new tenants.

Added Anthony DiTommaso, Co-CEO of Ivy Realty, “Heron Bay Corporate Campus appeals to corporate executives for numerous reasons: The location  offers an ideal work-live combination, surrounded by upscale enclaves, golf courses and A-rated schools. It features luxury, modern amenities, and it’s hurricane resistant as well as inland, the latter offering added protection for a business during storm season.”

The buildings, which are located at 11555 and 11575 Heron Bay Boulevard, currently have 12,000 square feet of available space, with footprints allowing for subdivision of tenant spaces into as little as 1,000 square feet. The buildings are Energy-Star efficient, and the exteriors features lush landscaping.

CBRE is handling the leasing of Heron Bay Corporate Campus under the direction of Travis Herring and Deanna Lobinsky