Tag Archive for: cbre

Office Complex On Las Olas Boulevard Sells For $144.5M

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CBRE has facilitated the sale of Las Olas Square on behalf of a joint venture between funds managed by Apollo Global Management, SQUARE2 Capital, and Steelbridge Capital.

Las Olas Square is a two-building, 267,000-square-foot mixed-use property located on a full city block at the Main & Main intersection of the Las Olas office and retail district in Downtown Fort Lauderdale.

The joint venture purchased the property and excess development land in 2016 for $90 million and executed an extensive redevelopment and re-tenanting of this iconic Ft. Lauderdale asset whose tenants includes Truist Bank, Spaces, and Del Frisco’s Grill. It also had previously sold the excess development land to a national developer for $20 million, who is currently building a 50-story residential tower on the site.

The sellers were exclusively represented by Christian Lee and Andrew Chilgren with CBRE Capital Markets. Amy Julian with CBRE Debt & Structured Finance arranged financing on behalf of the buyer, a joint venture between CP Group and Related Fund Management. A fund managed by Alliance Bernstein provided the floating rate loan.

Las Olas Square includes a 17-story office tower located at 515 E. Las Olas Blvd. (515 Building), a three-story building located at 501 E. Las Olas Blvd. (501 Building), and an attached four-story parking structure. It is 88 percent leased to 17 tenants across a variety of industries, including banking, legal services, real estate, accounting, and financial services.

“The sellers returned the property to its rightful, iconic state through a multimillion-dollar, transformative renovation that activated the entire 500 block of Las Olas Boulevard. In conjunction with interior building enhancements, the addition of an outdoor tenant plaza has drastically improved the property’s curb appeal and desirability, which has attracted a high-quality and diversified tenant roster,” said Lee, CBRE Vice Chairman.

 

CBRE Arranges Sale Of Ft. Lauderdale Office Building

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CBRE has facilitated the sale of a 42,442-square-foot office building at 5100 N. Federal Hwy. in Fort Lauderdale to Hall Consolidated Group LLC for $7 million.

Benjamin Silver with CBRE represented the seller, 5100 Realty LLC, in the transaction.

Originally built in 1972, the four-story building received several major capital improvements in 2021, including a new roof, exterior waterproofing, lobby upgrades and several air conditioning units have been replaced.

The property is located just north of the area’s largest medical provider, Holy Cross Hospital, a 557-bed facility. It provides nearby access to Interstates 95, 441 and Florida Turnpike from East Commercial Boulevard.

“We were able to procure an owner-user and secure a premium price for the seller due to the large contiguous availability of square footage and the property’s excellent visibility with branding ability and signage. While the medical user plans to occupy most of the space, the proximity to Holy Cross Health’s Fort Lauderdale campus should provide significant tenancy demand,” said Silver, a senior vice president with CBRE.

 

Office Complex In WPB Sells For $29.25 Million

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CBRE has facilitated the $29.25 million sale of the fee simple interest in The Forum, two 10-story office buildings totaling 185,650 square feet in West Palm Beach, to The David Associates on behalf of Triarch Capital Group.

The sellers were exclusively represented by Christian Lee and Marcos Minaya with CBRE Capital Markets.

Located at 1655 and 1665 Palm Beach Lakes Boulevard, The Forum is 90 percent leased to 40 tenants from a variety of industries including healthcare, law, finance and engineering.

“The future of the office market in West Palm Beach is extremely promising. An influx of new-to-market tenants have contributed to a leasing velocity never seen in this market before, which has put tremendous upward pressure on both occupancy and rents,” said Minaya, a vice president with CBRE.

“The Forum is exceptionally well located with excellent connectivity to Interstate 95 and access to the city’s major transportation hubs. Tenants are within walking distance to a host of amenities, including an adjacent Hilton Garden Inn as well as the Palm Beach Outlets, anchored by Whole Foods Market and several brand name restaurants. Additionally, the property offers the highest covered parking ratio among its peers,” added Lee, a vice chairman with CBRE.

The CBRE Capital Markets team also included Senior Vice President Amy Julian with CBRE’s Debt & Structured Finance and Financial Analyst Tom Rappa. The property is leased by Colliers International’s Derek Baker and Jonathan Kingsley, who also helped with the marketing efforts.

 

Palm Beach Office Campus Trades For $81 Million

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CBRE has facilitated the $81.15 million sale of the fee simple interest in Fairway Office Center in Palm Beach Gardens on behalf of NAI MHC and a JV Institutional Investment Manager.

Fairway Office Center is comprised of three Class-A office buildings totaling 222,682 square feet.

The sellers were exclusively represented by Christian Lee, José Lobón and Marcos Minaya with CBRE Capital Markets, with the assistance of CBRE’s Tom Rappa. The leasing broker for the property, Jason Sundook with NAI Merin Hunter Codman, also assisted in the marketing.

Currently 78 percent leased, Fairway Office Center is located on a 16-acre campus at 7108, 7111 and 7121 Fairway Drive. The property is being acquired by a joint venture of Parmenter Realty Partners and an affiliate of Prime Finance, representing their second recent office acquisition in South Florida.

“The seller did a fantastic job of institutionally maintaining the property reflected in increased rental rates as well as continued and historically high levels of occupancy. The $1.3 million in recent improvements to the buildings creates an exceptional opportunity to attract tenants. The new ownership plans to capitalize on the property’s highly desirable location and to continue to upgrade and amenitize the project,” said Minaya, a vice president with CBRE. 

“Fairway Office Center is the only Class A office building in the North Palm Beach submarket that is adjacent to the Florida Turnpike. This strategic location, excellent connectivity and proximate amenities make Fairway Office Center an ideal office location for executives and employees alike,” added Lee, a vice chairman with CBRE.

“These high-quality buildings benefit from excellent transit access, nearby amenities, and the strong Palm Beach County leasing market. The migration of hedge funds and other financial services firms moving into the market drove nearly 250,000 square feet of new-to-market tenants in 2021. Our planned improvements will provide the finishes and amenities these new to market tenants are looking for,” said John Davidson, President and CEO of Parmenter Realty Partners.  

The property’s location on PGA Boulevard is proximate to in-demand retail for the micro-market inclusive of Mirasol Walk, PGA Commons and Downtown PGA, placing it within a short drive to more than 50 restaurants and bars, 250 hotel rooms, 50 retail shops and two fitness centers.

 

Stigliano Closes Sale Of Boca Raton Office Buildings

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Reese Stigliano, president of Stigliano Commercial Real Estate, announced the sale of 6501 & 6531 Park of Commerce Blvd. in Boca Raton.

The property consists of 2 multi-tenant office buildings totaling 52,000 square feet. The buildings are situated on 4.35 acres in the prestigious Park at Broken Sound, formerly known as Arvida Park of Commerce, located just north of Yamato Road west of I-95 in Boca Raton.

6501 park of commerce blvd

The sale closed on December 21 for $8.9 million, which equates to $170 per square foot. Stigliano represented the Buyer, Castle Boca, LLC, in the transaction. CBRE’s Jeff Kelly, Sean Kelly and Dave Wigoda represented the Seller, MTI PROPERTIES FLORIDA LLC.

According to Stigliano, “The transaction took over 6 months to close which is significantly longer than usual in today’s market.”

The Buyer assumed a $5.1 million existing Commercial Mortgage-Backed Securities (CMBS) Loan.

“CMBS loans are desirable due to lower interest rates but they are very expensive to prepay and the procedure to assume is arduous. Fortunately, the Seller and Buyer had the patience to work though the loan assumption process,”  he added. 

Stigliano Commercial Real Estate has also been appointed the exclusive leasing agent for the property, which has approximately 13,000 square feet of vacant space.

Reese Stigliano is a recognized leader in the South Florida commercial real estate market, with over 40 years of experience. As President, he focuses on land sales, investment sales and office leasing for the firm. Stigliano’s talent in bringing complicated commercial transactions to a close has been evident throughout his successful brokerage career.

 

Law Firm Relocates, Inks Big Lease Deal

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Law firm Robbins Geller Rudman & Dowd LLP signed on for a 26,429- square-foot office lease at the Mizner Park Office Tower located at 225 NE Mizner Boulevard in Boca Raton.

Newmark Managing Director Jeremy Hakala and Managing Director Clay Sidner represented the tenant in the transaction. The team has worked with Robbins Geller Rudman & Dowd over the past two years, and this marks the first transaction they have completed together. The asset owner, Brookfield Properties, was represented by John Criddle and Joe Freitas of CBRE.

The firm moved from Palmetto Park City Center at 120 E. Palmetto Park Road in Boca Raton.

“After evaluating the firm’s options for several months, we were able to uncover a unique opportunity which included building-top signage on two sides of the Mizner Park Office Tower. The Robbins Geller Rudman & Dowd name will be on display for all of the Mizner area to see,” said Hakala. “We are grateful to have had the opportunity to work with a world-class law firm. We think they will be extremely happy in their new home for a very long time.”

The Mizner Park Office Tower is a seven-story, 167,440-square-foot, Class A office building located in the heart of Mizner Park, a landmark mixed-use development including retail, office, residential and cultural space. The 255,168 square feet of retail space at Mizner Park features luxury cinema iPic Theaters; national retailers such as Lord & Taylor, Tommy Bahama, Sur La Table and Z Gallerie; and popular restaurants Loch Bar, Yard House, Villaggio Restaurant and Ruth’s Chris Steak House. The property offers sweeping views of the ocean and Plaza Real.

According to Newmark Research, the South Florida region felt its first recovery since the impacts from the pandemic began, with over 283,000 square feet of positive net absorption recorded during the third quarter of 2021. This was the first time all three markets in South Florida, along with all three class segments, saw demand outpace supply since the effects from the global shutdown began to surface during the same period one year ago. The Broward County office sector saw leasing activity tick upward during the third quarter of 2021, with 645,000 square feet of leasing activity. Total year-to-date leasing activity in the Broward County office market registered 1.8 million square feet, double the activity seen at the same point in 2020.