Tag Archive for: cbre

Broward Office Building Sells To Local Family

/in , /by

The largest office building in Northwest Broward County has a new owner.

EH University Place LLC, an entity controlled by Essig Holdings, has completed its purchase of University Place at 3111 N University Drive in Coral Springs. They are acquiring the building from a partnership led by Bristol Group, a leading real estate investment and development group based in San Francisco.

CBRE represented Bristol and its partner, Butters Construction & Development, in the sale for $3o million.

At 10 stories, the landmark 263,000-square-foot, Class A building visually dominates the city’s central commercial district, which spans along University Drive just south of Sample Road in close proximity to City Hall, Northwest Regional Library, Coral Springs Charter School, and the Broward Health Coral Springs hospital campus.

The Colliers South Florida office leasing team of Darcie Lunsford and Caroline Fleischer has been chosen to handle leasing and marketing of the asset.

The purchase will usher in a new wave of luxury office space and leasing opportunities for the suburban, residentially-dense communities of Northwest Broward.

“University Place is already the highest-quality and best-amenitized office building in the market,“ said Lunsford, who has been involved with the leasing of the building for a decade. “This new ownership will make it even better by reinvesting to deliver a level of well-appointed office interiors, typically reserved for uber-pricey downtown trophy towers.”  

Plans are already underway to build out ready-to-go, high-end office suites, aimed at serving businesses seeking the latest, most forward-thinking design elements to enhance the work experience.

“Bristol Group did a beautiful job in renovating the building. We look forward to enhancing it further in this thriving Coral Springs community,” said Dan Essig, President of Essig Holdings.

The Essig family has a long-standing real estate presence across the country in single/multi-family residential, industrial warehousing, self-storage, and other commercial properties, but is best known locally for founding Essig Pools and Artistic Paver Manufacturing. Essig Holdings is a father-son team with a focus on acquiring and improving commercial real estate assets across South Florida.

“We love Coral Springs,” Sam Essig, Vice President of Essig Holdings said, “We believe our plans will elevate University Place to the next level, setting a new standard for office space in the market.”

University Place is home to many of the region’s leading companies, including Cruise Planners, the nation’s lagest homebase travel agent franchise network, and popular restaurants, such as Tap 42 Craft Kitchen & Bar, Playa Bowls, and Embarcadero 41.

 

CBRE Engaged To Lease Class A Medical Office Building In Coral Springs

/in , /by

CBRE has been selected as the exclusive leasing agent for Coral Springs Medical Center, a 50,000-square-foot Class A medical office building in Coral Springs.

Christopher Dubberly and Jacob Sanchez with CBRE’s South Florida Healthcare team in Fort Lauderdale are leasing the property on behalf of the owner, Chicago-based Remedy Medical Properties.

Located at 1725 North University Drive, the four-story building offers three medical office spaces: a 14,500-square-foot, fully built-out surgical center with operating rooms and clinical space; a 5,583-square-foot medical suite featuring 12 exam rooms; and a 2,340-square-foot administrative office space. The property includes a 4.50:1000 parking ratio, covered patient drop-off, and prominent building signage opportunities.

“We’re excited to offer these premier medical spaces in the heart of Coral Springs,” said Dubberly, a First Vice President at CBRE. “The combination of move-in ready medical suites, established surgical infrastructure, and prime location makes this an ideal opportunity for healthcare providers looking to establish or expand their presence in South Florida.”

“The property’s institutional ownership through Remedy Medical Properties ensures a high-quality environment for medical tenants and their patients,” he added.

Situated 1.5 miles from Broward Health Coral Springs, the property is easily accessible via major roadways that support greater South Florida and serves an affluent demographic with average household incomes exceeding $101,000. It’s also three miles from HCA Florida Woodmont Hospital and one mile from The Walk at University and Coral Square.

Accesso Completes Acquisition Of South Florida Class A Office Asset

/in , /by

Accesso, a fully integrated investment manager and operator of multi-tenant office, mixed-use and multifamily assets, announced that it has acquired Sawgrass Lake Center, a Class A, 240,000-square-foot office property located at 13450 W. Sunrise Blvd. in Sunrise.

Sawgrass Lake Center sits in the heart of the Sawgrass Park submarket in Broward County and offers strong connectivity to municipalities throughout South Florida, including Fort Lauderdale and Miami.

“As more companies determine their long-term space needs and the recovery of the office sector continues to take shape, we’ve found opportunities to invest in strategically located assets with high-quality amenities and growth potential,” said John Rivard, Chief Investment Officer for Accesso. “Sawgrass Lake Center is a prime example. It is the dominant office property in a submarket with a fundamentally strong business climate, and offers direct proximity to a variety of retail and restaurant offerings and accessibility to main thoroughfares. We expect to continue to capitalize on the general uncertainly in the office market by opportunistically acquiring assets that meet our investment criteria while applying our proven operating platform skills to add value for tenants and partners alike.”    

Sawgrass Lake Center is among the tallest office buildings in Sunrise and is the only property in the submarket with garage parking, adjacent hospitality and walkable retail, including a Hilton DoubleTree hotel and Sawgrass Mills Center, the 2.3 million-square-foot, internationally renowned shopping and dining destination located directly across Sunrise Boulevard. The property resides in one of the most accessible locations in South Florida, sitting near the intersection of the Sawgrass Expressway and Interstates 595 and 75.

The property features a market-leading parking ratio of 5.4 per 1,000 square feet through its five-story structured parking garage and adjacent surface lot. On-site amenities include a grab-and-go café, fitness center, yoga studio, tenant lounge and conference center and outdoor seating area, as well as 50-plus dining options within a 10-minute walk. Sawgrass Lake Center has seen 136,000 square feet of leasing activity over the past two years. Select tenants include AT&T Inc., GoVine Insurance, Watches of Switzerland and StevenDouglas.

An abundance of prominent developments representing the ongoing densification and urbanization of Sunrise are located within a one-mile radius of the property, including: Radius Sunrise, a 32-acre mixed-use development; Metropica, a 65-acre site featuring an existing 263-unit condo building and proposed additional residential units, hotel rooms and retail; Sunrise 18, an 18-acre development surrounding the American Express Regional Headquarters, with proposed residential units and retail space; and the Amerant Bank Campus, a 140-acre planned project with proposed residential units, hotel rooms, a casino, an indoor water park and retail venues surrounding the Amerant Bank Arena, which is the home of the 2023-24 Stanley Cup Champion Florida Panthers of the National Hockey League (NHL).

Representing the seller in the transaction were Christian Lee, Sean Kelly, Tom Rappa and Matthew Lee of CBRE.

Christian Lee, Vice Chairman with CBRE, said, “The Sunrise office submarket has historically been highly attractive to tenants looking to pull potential employees from South Florida’s entire population base. The key to this is the tremendous access resulting from the intersection of I-75, I-595 and the Sawgrass Expressway, which provides favorable commute times to nearly all of our workforce. While there is some softness today, we are confident that a bright future is in the cards for this property and this submarket.”

 

CBRE Capital Markets Secures $30.2 Million Financing Broward Office Building

/in , /by

CBRE Capital Markets’ Debt & Structured Finance Group has successfully secured a $30.2 million bank balance sheet loan to finance Cornerstone One, a premier Class A office property in Plantation.

The transaction was facilitated by CBRE’s Senior Vice President Amy Julian and First Vice President Andrew Chilgren.

Situated in the Midtown Plantation Development District, Cornerstone One benefits from the recent addition of over 3,900 multifamily apartments and 350,000 square feet of new retail space. Its strategic location at the intersection of key Broward County roadways offers exceptional transportation access, making it an attractive destination for tenants.

“Cornerstone One’s prime location and exceptional asset quality have enabled the property to execute nearly 90,000 square feet of leasing in the past two years,” said Julian.

This strong leasing momentum precedes the Owner’s planned renovations, which include a lobby overhaul, move-in ready spec suites, as well as upgrades to the outdoor patios.

“The ongoing renovations will reinforce Cornerstone One’s position as one of the leading suburban office properties in South Florida,” added Chilgren.

9 Companies Sign Leases At Boca Raton Innovation Campus

/in , /by

Nine tenants have signed new leases at the Boca Raton Innovation Campus (BRIC), including two companies that plan to establish their headquarters within the 1.7 million-square-foot facility.

The total leased space amounts to approximately 110,000 square feet, as reported by CP Group, the managing landlord of the complex.

The largest lease, covering 31,350 square feet, was signed by Coastal Waste & Recycling, a Boca Raton-based company that provides sanitation services to several Florida municipalities, including Davie, North Miami Beach, Lantana, Pompano Beach, Cooper City, Coral Springs, and Oldsmar, as well as commercial dumpster services for businesses and multifamily residences.

Currently located at 2481 NW 2nd Ave., Coastal Waste & Recycling plans to move its headquarters to BRIC, according to CP Group. The company has not yet responded to requests for comment.

Another company relocating its headquarters to BRIC is Legacy Healing Center Margate LLC, which operates detox and rehabilitation centers for substance abuse in Fort Lauderdale, Margate, Cincinnati, Los Angeles, and Parsippany, New Jersey. Legacy Healing is expected to move in December, according to Jacqueline Tavares, president of Boca Raton-based Newmark Commercial Real Estate.

Other lease deals recently signed at the BRIC were:

  • US Claims, a litigation funding firm, secured 13,519 square feet of office prior to relocating from Delray Beach. Candy Yeung of RE//Max Consultants Realty represented US Claims.
  • Takahami Billing, a revenue cycle management company for healthcare companies, which will move out of an office in Fort Lauderdale and into 10,058 square feet of space in December, said Tavares of Newmark Commercial, who represented the tenant.
  • Lifelong Learning Administration Corporation, an educational nonprofit organization, took a 3,316-square-foot spec suite for its first Florida location. Jason Smithson of NAI San Diego, represented Lifelong.
  • Brandon Hall Group, LLC, a professional development firm, closed on a 2,707-square-foot site. Joe Freitas of CBRE represented Brandon Hall.
  • Verizon, which renewed its lease for 12,965 square feet of space.
  • ABC Preschool, an on-site daycare, renewed its lease for 9,965 square feet. Ryan Nunes and Ryan DePaul of Cushman & Wakefield represented ABC Preschool.
  • Twinlabs Consolidation, a supplement company, renewed its lease for 1,433 square feet of office space.

Jeff Kelly of CBRE represented CP Group in all nine transactions.

 

Source:  SFBJ

 

Coworking Operator Signs 29K SF Lease For Office Space In Boca Raton Amidst Leasing Surge

/in , /by

As Boca Raton’s leasing surge surpasses other major office hubs, Venture X, the nation’s third largest coworking operator, has signed a long-term top floor lease at Palmetto Central in Boca Raton, encompassing 28,959 square feet.

Colliers’ Executive Vice President Derek Baker represented the tenant in negotiating the deal. CBRE’s Joe Freitas, John Criddle and Max Pawk represented the landlord, Grover Corlew, in the lease negotiations.

“I’m thrilled to have assisted Venture X in securing a premier location for their new flagship site in Boca Raton,” said Baker. “Venture X sought to leverage the flight-to-quality trend for its coworking customers, by focusing on only quality assets and ownership. Grover Corlew’s expansive redevelopment of Palmetto Central aligns perfectly with these goals, creating a best-in-class office experience in Central Boca Raton.”

Palmetto Central, located at 1489 and 1499 W Palmetto Park Road, stands out with its Class A office space in a state-of-the-art redevelopment immediately east off Interstate 95, in Boca Raton’s bustling market. The property’s prime location offers unmatched access to the East Coast, being just minutes away from Downtown Boca Raton, the Glades Corridor and the new Brightline Boca Raton Station.

The property is undergoing an ongoing and phased $30 million renovation which has included significant upgrades to the two building’s façades, lobbies, and common area corridors, all aimed at elevating the asset and tenant mix to the highest quality. The property’s standout features include floor-to-ceiling windows, custom high-quality buildouts, full-height hurricane impact windows, and premium amenities such as a tenant lounge, fitness center, conference facility, and monument building signage opportunities.

“With the high demand for modern office space in downtown Boca Raton, Palmetto Central stands out in terms of quality and location,” said Mark Corlew, Partner at Grover Corlew. “We’re excited to welcome Venture X, which will thrive thanks to the distinctive upgrades that have brought this property to its full potential.”

Grover Corlew is a real estate investment management group and developer of multifamily and office properties with a proven track record of over 100 years of combined industry experience in acquiring, transforming, and managing a diverse range of assets, including office, multifamily, and retail properties, throughout the southeastern U.S., with a focus on Florida. The firm has developed, owned, and managed over 10,000 units and more than 10 million sq. ft. of commercial space, specializing in investor and tenant relationships and projects that revitalize and stimulate local communities.

Kevin Priddy, the Venture X franchise owner, expressed excitement about Venture X’s expansion into Boca Raton, stating, “Opening a Venture X in Boca Raton is a thrilling milestone for us, it is the perfect market for our brand, with its dynamic business community and thriving entrepreneurial spirit. We are excited to provide a modern and collaborative workspace that caters to professionals, entrepreneurs, and small businesses, offering them the ideal environment to innovate, network, and grow.”

In the second quarter of 2024, the Boca Raton office market emerged as a prime destination for office tenants, leading leasing activity in Palm Beach County. Leasing across the Boca Raton East, West, and North submarkets surpassed 250,000 sq. ft., accounting for 38% of all Palm Beach County leasing during the quarter. This robust activity can be attributed to the highly educated workforce spurred by local institutions such as Florida Atlantic University, Lynn University and Palm Beach State College. Additionally, the new Boca Raton Brightline Station has improved connectivity, enabling companies to access talent from the broader South Florida region. With this advantageous convergence of factors, the outlook for the Boca Raton office market remains positive as we enter the second half of 2024.