Tag Archive for: ccim

Two-Building Boynton Beach Office Portfolio Sells

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Avison Young’s Florida Capital Markets Group negotiated the sales of two office buildings totaling 55,000 square feet in Boynton Beach. The assets sold in two separate transactions on behalf of the seller for a combined price of $9,150,000.

Representing the seller, TP Ten LLC, Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Gary Gottlieb, SIOR, RPA; Vice President Brian C. de la Fé; and Associate Berkley Bloodworth completed the transactions.

  • Congress Executive Center at 1301 N. Congress Avenue, a four-story, 40,226-square-foot professional and medical office building, sold for $6.3 million to Triple Double Investments, LLC, managed by Andrew Greenbaum.
  • Boynton Beach Promenade at 1101 N. Congress Avenue, a two-story, 15,302-square-foot office building, sold for $2.85 million to Siloam Holding Company managed by Dr. Gherghina.

Adjacent to the soon-to-be-redeveloped Boynton Beach Mall, the properties boast abundant parking, high walkability, and prominent visibility and access from Congress Avenue. The class B buildings were 50% occupied at the time of sale, and each buyer has associated businesses with plans to absorb significant portions of the vacancy.

“The demand for office properties is strengthening along with optimism regarding the COVID-19 vaccine, allowing more people to return to work safely,” said Duckworth. “Selling the assets along the highly-trafficked North Congress Avenue in two separate transactions allowed the seller to maximize the pricing.”

According to Avison Young research, first quarter 2021 posted Boynton Beach’s total office vacancy rate at 13.1%, which has remained steady throughout the pandemic. Leasing activity in 2021 is on track to outpace the previous year.

 

Weston Office Building Changes Hands

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Avison Young’s Florida Capital Markets Group closed the $8.3 million sale of the 33,720-rentable-square-foot landmark office building, Weston Commerce Center, at 1625 N Commerce Parkway in Weston.

The asset was the second of the seller’s 100% occupied, two-building portfolio to sell within three months, both sales totaling $17.2 million.

The seller, HRE/SEFIRA Weston Office, LLC, a joint venture between Highline Real Estate Capital and Sefira Capital, acquired the portfolio in 2017 for $13 million. Fox Ridge Capital, LLC was the buyer in the transaction.

On behalf of the seller, the Weston Commerce Center sale was completed by Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth. The team also facilitated the sale of the portfolio’s other building, a J.P. Morgan Chase Bank-anchored building at 1040 Weston Road, for $8.9 million in December 2020.

“Weston Commerce Center maintained its 100% occupancy rate during the pandemic, which is a testament to the strength of the asset and the market and what attracted strong investor interest,” said Duckworth. “Our client, with the support of the Avison Young leasing team, worked diligently to increase the portfolio’s value and led to a notable return on investment following the sales.”

At the time of the HRE/SEFIRA acquisition in 2017, the properties were 82% occupied. Over the course of three years, the ownership partners increased occupancy to 100% and grew the portfolio’s net operating income by nearly 45%.

“When we acquired the portfolio, we recognized the strength of the Weston submarket and saw the opportunity to drive occupancy and rental rates through the completion of aesthetic improvements and proactive asset management,” said David Moret, President of Highline Real Estate Capital. With the assistance of Avison Young’s leasing team including Principal Greg Martin and Senior Associate Lisa Blumer, the buildings reached full occupancy well ahead of schedule, and we were able to substantially increase rental rates, which ultimately led to two successful sales during a pandemic after a hold period of less than four years.”

 

Former CBRE First VP To Lead SVN Commercial Realty’s Office, Healthcare Agency Practice

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Peter Messina, CCIM has been appointed by SVN Commercial Realty President Keith Kidwell to lead the firm’s Office and Healthcare agency practice in South Florida.

In 2020, the South Florida office market, while affected by the pandemic, mostly held strong and was not impacted nearly as much as other major markets around the country.

“Rental rates have for the most part remained intact, although incentives have increased especially to the major tenants seeking renewal,” Messina said. “Sublease space creating a shadow market has begun to surface and should be monitored closely.”

 “I am excited to be joining SVN Commercial Realty and look forward to leveraging the Sperry platform of services and to be aligned with a team of seasoned professionals,” Messina continued. “SVN has a company culture of broker cooperation which fits perfectly with my involvement in CCIM and my business approach and the service to my clients.”

Messina has 14 years of experience in South Florida commercial real estate covering most types of transactions and representation. His experience in office and industrial agency and tenant representation, healthcare, multimarket portfolio accounts and advisory services lends itself as a perfect fit to the Sperry platform of services.

Messina joins SVN Commercial Realty after four years with CBRE, where he served as First Vice President with the Advisory and Transactions Services team. He is an active member of CCIM and served as the Broward District in 2018 and continues to service on the board. He is also a long standing member of the Rotary Club of Weston and volunteers for several local charities.

 

Lee & Associates South Florida Adds Joseph Jarkesy, CCIM as Senior Vice President of Office Leasing Growing Broward Market Share

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Lee & Associates announced the addition of Joseph Jarkesy, CCIM, as Senior Vice President specializing in Office landlord agency and tenant representation throughout South Florida with a keen discipline in the growing Broward Office market.

Mr. Jarkesy has over 16 years industry experience in commercial real estate in South Florida, and in the past 5 years alone has brokered over $40 million in commercial real estate transactions.  He is adept at guiding real estate owners through the leasing of their properties, as well as acquisition, holding, and disposition of their real estate assets, and ensuring their buildings perform. As a South Florida native, Mr. Jarkesy has developed the in-depth, local market knowledge to strategically advise his clients on commercial real estate trends and forecasts. His expertise, experience and hard work ethic makes him a key partner toward maximizing the performance of his client’s real estate assets.

With the effects of COVID rippling through the south Florida office market, Joseph has been quick to come to the aide of his clients. “COVID-19 has changed the office leasing landscape over the past 9 months.  The same old status quo that some of my competitors got away with during a hotter economy is now showing its flaws; our clients recognize my market knowledge, experience, and direct approach has been highly successful at absorbing their vacancy and shielding them from the negative effects other buildings are experiencing in this market. Every building in this market has different qualities, advantages, and disadvantages. Understanding these differences allows me to guide tenants to the right buildings and identify the right tenants to fill vacancies quickly and smoothly.”

“There will be winners and losers going forward over the next 12 months as the search for a vaccine continues,” Joseph also notes, as we barrel through Q4 and enter an unprecedented market in 2021. “Landlord’s that recognize the value I bring to the table as a true office specialist will find their buildings performing better with higher occupancies and greater rents.”

Immediately upon joining Lee & Associates, Joseph has already hit the ground running gaining the confidence of Landlord’s with over 100,000 SF of new Office Leasing assignments in Fort Lauderdale Beach, Las Olas, and Pompano Beach neighborhoods.

“I liked that Lee is a pure brokerage company,” says Joseph when asked about joining the growing South Florida Lee & Associates office. “We have a local team of experienced and veteran brokers many of whom are CCIM and SIOR’s, and we are backed by a unified national platform that consistently delivers strong tenants into our marketplace from areas like New York, New Jersey and other high tax states. The fact I can earn higher splits from the office while still receiving the full resources and support I need to service my clients, means I am more incentivized than my competition to work that much harder for each and every deal.”

Prior to joining Lee & Associates South Florida, Joseph served as Vice President with Stiles where he focused on tenant and landlord representation for office and retail space in Broward County. Prior to that, he spent over a decade handling acquisition, holding and disposition with the Fitzgerald Group. Joseph Jarkesy is a graduate from Florida State University with a Bachelor’s degree in Real Estate and Finance, and actively participates in the South Florida Office Brokers Association (SFOBA). Joseph has been awarded the Certified Commercial Investment Member (CCIM) designation by the CCIM institute in 2019. The CCIM designation is awarded to commercial real estate professionals upon successful completion of a graduate-level education curriculum and presentation of a portfolio of qualifying experience.

 

Butters’ Conte & Ahearn Negotiate Sale Of Coral Springs Office Building

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The Butters Commercial Real Estate Team of JC Conte and Brian T. Ahearn, CCIM has successfully sold the Aspen Office Building in Coral Springs.

The three-story 18,400-square-foot office building sold for $3,000,000 and was approximately 82% leased at the time of closing.

“I am very pleased that Brian and JC found the perfect local buyer who recognized the long term value add opportunity that this unique asset represented. I know this was a win-win for all parties.” said the Seller, Laura Haimes.

 

Berger Commercial Realty Reps Landlord In 23,000-SF Lease Deal

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Berger Commercial Realty/CORFAC Senior Sales Associate Jonathan Thiel and Senior Vice President Keith R. Graves, CCIM, recently represented Sample Executive Center, LLC, the landlord, in the lease of 23,010 square feet to Full Circle Education, LLC.

The property is located at 2001 W. Sample Road, on the northeast corner of Powerline Road in Deerfield Beach.

“With proximity to major roadways, including I-95 and Florida’s Turnpike, the strategic location of this office property, coupled with building signage, made it ideal for Full Circle Education and its students,” said Thiel.