Tag Archive for: cbre

CBRE Arranges $57.5 Million Sale Of Broward County Class A Office Building

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CBRE has facilitated the $57.5 million sale of Offices at Plantation Walk, a 173,193-square-foot, Class A office building in Plantation, to Vision Properties.

Christian Lee, José Lobón and Marcos Minaya of CBRE Capital Markets, and Jay Adams with Newmark represented the seller, Encore Capital Management, in the transaction. Adams also handles the leasing for the property.

Offices at Plantation Walk is a seven-story office building located within the recently delivered Plantation Walk, a $350 million, 27-acre mixed-use development that includes a full-service hotel, approximately 131,000 square feet of retail and 404 luxury multifamily units. The property, which is 92 percent leased, is supported by a five-story parking structure with a parking ratio of five spaces per every 1,000 square feet.

Offices at Plantation Walk recently underwent a $15 million renovation, which included a redesigned lobby, new windows, elevator modernization, new bathrooms, new corridors and modern tenant buildouts.

“The buyer is fortunate to acquire a high caliber desirable suburban office building in Broward County, considering the tremendous investor demand for high-quality assets in South Florida today,” said Lee, Vice Chairman at CBRE. “The seller completed an outstanding renovation project that helped to attract a strong list of national and regional tenants to the project. As a result, the property achieved a sale price well above $300 per square foot.”

 

Lobón, Executive Vice President with CBRE, added, “Offices at Plantation Walk is the best amenitized office building in Broward County. Its prime location offers its tenants with walkability to retail on par with South Florida’s densest metropolitan cores.”

Plantation Walk is situated 10 miles from downtown Fort Lauderdale and 30 miles from downtown Miami, with convenient access to Florida’s Turnpike, Interstate 595 and Fort Lauderdale-Hollywood International Airport.

 

CBRE Brings On Industry Veterans In South Florida, Expands Office Practice

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CBRE announced that John Criddle and Joe Freitas have joined the company.

Criddle joins as an Executive Vice President and Freitas joins as a First Vice President specializing in the representation of office landlords.  Criddle and Freitas will focus on assignments in Palm Beach and Broward County, where they have established themselves as one of the most respected office leasing teams in the region. The team comes to CBRE from Cushman & Wakefield’s Boca Raton office.

“John and Joe have built a reputation as one of the go-to teams for both institutional and private equity investors looking to lease their buildings,” said David Bateman, Managing Director at CBRE. “Adding John and Joe to our team will make a big difference for CBRE as we continue to grow our market share across South Florida and deliver superior outcomes for our clients.” 

The team oversees an extensive portfolio across Palm Beach and Broward County, where they represent several owners including Clarion Partners, ICM Realty Group, Zell Holdings and IP Capital. The team will continue to focus on developing strategies to drive leasing activity, increase tenant retention, maximize rental rates and stabilize operating income for their clients.

 

Johnson & Johnson Company Inks 9,000 SF Office Lease In Palm Beach Gardens

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Alchemy-ABR Investment Partners, a fully integrated New York-based real estate investment firm- together with its joint venture partner, Breakers Capital Partners, a Miami based real estate investment firm-announced that DePuy Synthes Product, Inc., signed a 9,481-square-foot lease at 4400 Northcorp Parkway in Palm Beach Gardens.

DePuy Synthes Product, Inc., a Johnson & Johnson company, and a leading global provider of orthopedics products, is expanding its presence in South Florida and will occupy the build-to-suit space on the 2nd floor of the office building. DePuy Synthes Product, Inc. is slated to take occupancy in September 2021.

“4400 Northcorp Parkway is an ideal office setting for the most competitive industries and organizations and this lease is indicative of the strength of South Florida’s overall office leasing market,” said Brian Ray, Co-Founder and Managing Partner of Alchemy-ABR Investment Partners. “We’re committed to our tenants and are looking forward to welcoming DePuy Synthes Product, Inc. to 4400 Northcorp Parkway.”

4400 Northcorp Parkway is part of the larger office park, 4200-4400 Northcorp Parkway, that consists of two Class-A office buildings totaling 115,000 square feet. Completed in 1996, 4200-4400 Northcorp Parkway features extensive capital improvements including renovated, premium office fit-outs, contemporary base building lobby and common areas, as well as modern mechanical and roofing systems.

Alchemy-ABR Investment Partners and Breakers Capital purchased 4200-4400 Northcorp Parkway in 2016 and is currently renovating the lobby space of the 4200 Northcorp office building.

Alchemy-ABR Investment Partners was represented by Gavin Loughlin of Greenberg Traurig and Anthony Librizzi of Cushman & Wakefield in the transaction. DePuy Synthes Product, Inc. was represented by CBRE.

 

Class A Office Building In Boca Fetches $99.5 Million

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KBS assisted in the acquisition of One Town Center, a 191,294 square-foot Class A office building in Boca Raton.

The property was acquired from a joint venture between prominent commercial real estate firm CP Group, formerly Crocker Partners, and Siguler Guff & Co. for $99.5 million by Prime US REIT (PRIME), which trades on the Singapore Exchange Securities Trading Limits ticker as: OXMU. KBS serves as the U.S.-based asset manager for the portfolio, which included identifying and sourcing this asset on PRIME’s behalf.

One Town Center is a Class A property consisting of a 10-story office building and an adjacent parking deck. CP Group has been retained as on-site property management.

“This is one of three acquisition for the portfolio since listing on the Singapore Exchange in 2019,” says Marc DeLuca, Eastern regional president for KBS. “Acquiring One Town Center marks another strategic investment into a prime location and a premier asset. At 95% occupancy, One Town Center is one of the most desirable office properties in the Boca Raton market with strong in-place cash flow and a diverse base of creditworthy tenants.”

Boca Raton is increasingly drawing in residents due to its proximity to Fort Lauderdale and West Palm Beach, appealing climate and lifestyle, lower taxes and relative affordability, added DeLuca.

“Palm Beach County has seen a higher-than-normal influx of new residents as a result of the pandemic, and Boca Raton has become one of the nation’s most attractive markets for wealthy decision makers,” said DeLuca. “Companies such as Elliott Management, Citadel and Moelis have been encouraged to open satellite offices in Florida or allow their employees to be based there, and office tenants are drawn to the Boca Raton West submarket for its high connectivity, surrounding residential areas and access to great talent.”

According to Newmark, leasing activity was up 29% from deals seen a year ago and South Florida’s unemployment rate fell to 6.3% during the first quarter of 2021, with Palm Beach County, where Boca Raton is located, remaining the lowest unemployment rate in the region at 4.5%.

Boca Raton’s office market also features significant barriers to entry with prohibitive construction costs and no buildings currently under construction.

As one of the premier office properties in Boca Raton, One Town Center is a 10-story building with an adjacent 435-space parking garage and 274 surface parking spaces, resulting in a parking ratio of 3.7 per 1,000 square feet. The property is well positioned in the Midtown Boca Raton corridor, close to upscale executive housing and 1.2 miles from I-95. The asset also features close proximity to Florida’s Turnpike, the Boca Raton Airport, executive country clubs and housing communities, hotels and retail and dining options.

“KBS worked with PRIME to acquire a top-quality, well-located asset in a growing submarket of one of the strongest regions in the country,” says Allen Aldridge, asset manager for One Town Center and senior vice president of KBS. “This acquisition, which is within a five-minute stroll of 2.1 million square feet of dining and retail options, is in the best location in Midtown Boca Raton. It gives us another opportunity to apply our hands-on management strategy to deliver best-in-class, well-amenitized office space and services that exceed tenants’ expectations.”

Built in 1991 by Thomas Crocker, One Town Center features one of the two tallest buildings in the market. The property offers a plethora of on-site amenities including a high-end café, a restaurant, a fitness center and upgraded landscaping. The building is also within walking distance of numerous dining, shopping, fitness, salon and hotel amenities, with additional amenities accessible within a short drive. One of the most notable walkable amenities is the Town Center at Boca Raton, South Florida’s third-largest mall.

KBS is planning to implement several upgrades to the property, including a lobby refresh, restroom renovations, front-entry enhancements, building out a management office, updating the fitness center and locker rooms, and bringing vacant suites up to spec suite condition.

Chris Lee, vice chairman and Jose Lobón, executive vice president of CBRE brokered the sales transaction.

“KBS once again leveraged its deep understanding of the market and relevant fundamentals to purchase one of the most sought-after high-quality office towers in the South Florida market,” says Lee.

Attorneys Bruce Fischer, Tatyana Litovsky, Chrisdo Fan and Howard Chu, and paralegal Amanda Kennedy,  of global law firm Greenberg Traurig, LLP’s Orange County office, attorney  Jody Saltzman in Greenberg Traurig’s New Jersey office, and attorney Steven Landy in Greenberg Traurig’s Miami office,  represented PRIME as legal counsel in the acquisition.

“We were very pleased to represent KBS in this significant strategic transaction on behalf of PRIME,” says Fischer, Greenberg Traurig’s Chair of the West Coast Real Estate Practice and Co-Managing Shareholder of the Orange County office, who led the Greenberg Traurig team and represented KBS.

One Town Center is located at One Town Center Road in Boca Raton.

 

Downtown Fort Lauderdale Leasing Veteran Norm Adams Joins CBRE As Senior Vice President

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CBRE has hired Norm Adams, who will serve as Senior Vice President in CBRE’s Fort Lauderdale office. Mr. Adams continues a career of pursuing investor leasing opportunities in downtown Fort Lauderdale and Broward County.

“Norm is a proven office advisor with more than 30 years of experience in the downtown market,” said David Bateman, Managing Director for CBRE’s offices in Fort Lauderdale, Boca Raton and West Palm Beach. “Not only is he a Fort Lauderdale native and resident, but Norm has the highest leasing volume in the history of downtown Fort Lauderdale. We are excited to welcome him to CBRE.”

Mr. Adams comes to CBRE from South Florida-based full-service real estate firm Stiles, where he oversaw the company’s downtown Class-A office portfolio. In his new role at CBRE, he will continue to represent Stiles, leasing over 300,000 square feet in their downtown Fort Lauderdale portfolio including the Class-A buildings Plaza at Las Olas and AutoNation Tower.

“I’m excited to join CBRE and engage with their global platform that’s known for delivering best-in-class real estate solutions to its clients,” said Mr. Adams.

Joining CBRE is a homecoming for Mr. Adams as he also spent ten years working for Trammell Crow Company. In his career, he has executed more than 500 transactions, valued over $500 million. His accolades include NAIOP’s Broker of the Year and Office Lease of the Year.

 

 

CBRE To Lease Class-A Office In West Palm Beach

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CBRE has been selected to lease Waterfront Clematis, a 148,856-sq.-ft. Class-A office complex located at 101 and One North Clematis Street in West Palm Beach.

CBRE’s Kevin Probel, Kevin McCarthy and Will Portfolio will be marketing the property for lease on behalf of the owner, a joint-venture between affiliates of Florida Crystals Corporation and Colonnade Properties LLC. The office building, which serves as headquarters for Florida Crystals Corporation, is currently 87.8 percent occupied.

“Waterfront Clematis is a premier Class-A office building in the live-work-play environment of downtown West Palm Beach. We know tenants will be impressed with exceptional views and its convenient location close to many amenities,” said Probel, First Vice President at CBRE.

Located in downtown West Palm Beach, the office complex is in a prime waterfront location with views of Palm Beach. It is in a highly walkable area directly on Clematis street, allowing for easy access to restaurants, retailers, and shops. The property features impact-resistant windows and is in close proximity to the beaches and Palm Beach Island.

“CBRE’s market knowledge, global platform, and national presence will be a major asset when leasing Waterfront Clematis. We look forward to working as a team to lease this one-of-a-kind property,” said Chris Glinski, Executive Vice President at Colonnade Properties.

According to CBRE Research, leasing activity was down from historic norms throughout 2020, but the second half of the year showed positive signs for the market. New-to-market tenants have ramped up their interest in relocating from high-cost states to West Palm Beach, a trend which has slowly occurred in recent years but is now happening in earnest.