Tag Archive for: colliers international south florida

Colliers International Brokers $2.1M, 10,000 SF Lease In Boca

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Colliers International South Florida has brokered a 10,610-square-foot office lease with Nightingale at 7800 Congress Centre.

Nightingale, an RN staffing agency, signed an 89-month lease in excess of $2.1 million. The agency is relocating from 6401 Congress Avenue where it occupied 16,455 square feet of space, which was spread out over 5 separate non-contiguous suites on two floors.

Colliers International South Florida’s Executive Managing Director Bob Schneiderman represented the tenant in the transaction and has served as the exclusive tenant representative for Nightingale for more than 12 years.

“When this space became available, it was an opportunity for Nightingale to relocate into one contiguous suite in a more modern building,” said Schneiderman. “There were less than 10 projects with enough space in Nightingale’s price range and geographic preference in this very tight office market. I understood their requirements and was able to help save them both time and money during the process.”

The transaction closed June 24.

Schneiderman added that with the market tightening, complex deals are taking longer to complete. According to Colliers’ research, the market has experienced a 20-percent decrease in the vacancy rate for Class B office space from the second quarter of 2018 to the second quarter of 2019. Additionally, rental rates for such properties have increased nearly 7 percent over that same time period.

“We are thrilled to be moving to our new home at 7800 Congress Centre,” said Mike List, Chief Operating Officer of Nightingale. “Bob Schneiderman from Colliers, who has been our exclusive broker since 2004, provided superb service and achieved excellent results for us in getting our lease transaction finalized.”

The new space will allow Nightingale, which has about 50 employees, to expand efficiently and create new jobs over time.

Hair Club Inks 2 Leases Totaling 29,000 SF

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As part of its transformation into the premier total hair solutions company, Hair Club has secured two new leases totaling 28,502 square feet, highlighting the firm’s continued growth and commitment to South Florida.

Colliers International South Florida Executive Vice President Robert Listokin represented Hair Club in the long-term leases with owner Grover Corlew, including a strategic new headquarters relocation in Boca Raton as well as a new lease for salon space in Delray Beach.

Continuing with a Boca Raton address for its North American headquarters, Hair Club will be moving northwest into Palmetto Place at Boca Raton (f/k/a Interstate Plaza), located at 1499 W. Palmetto Park Road, with direct visibility to Palmetto Park Road as well as I-95. The four-story, 84,131-square-foot office building just completed a total interior renovation and will be starting on the exterior of the property shortly. Darcie Lunsford, senior vice president of Butters Realty & Management, represented the landlord in the transaction.

“As Hair Club has modernized and evolved over the years, there was a need for their headquarters location to do the same,” added Listokin, who has represented the firm’s real estate negotiations locally for more than 15 years. “This property satisfies their requirement for a more efficient, prominent and accessible headquarters location and will better support their operations and employee base for years to come.”

The new lease spans 23,130 square feet encompassing the entire third floor and a portion of the first floor, where the firm plans to create a modern and collaborative environment for its more than 120 local corporate staff members, including more than 60 Contact Center agents.

“We are so pleased to have a well-respected global company like Hair Club for Men make Palmetto Place @ Boca Raton its headquarters location,” said Partner Mark Corlew. “Our strategic renewal of this well-situated and carefully designed property has garnered overwhelming interest from the business community.”

“Our new headquarters location was selected to provide the ultimate employee experience,” noted Hair Club President & COO Mike Nassar. “We are dedicated to providing this experience for all of our more than 1,200 staff members across our 120 locations in the US and Canada. As the leading provider of proven hair loss solutions in North America, we proactively plan for the future and look forward to a long and prosperous journey in our new home.”

In addition to the new headquarters address, Listokin represented Hair Club in the negotiation of a new high-end salon space in Delray Beach. Located at 1625 S. Congress Avenue, the 5,372-square-foot space will accommodate customer consultations and visits for hair loss solutions.

Both locations have a planned occupancy of November, 2018.

 

 

Colliers Tapped To Market Half Million Square Feet Of Land Zoned For Office Space

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Kimco Realty Corp. announces the groundbreaking of Dania Pointe’s retail portion and has engaged Colliers International South Florida to market half-million square feet of land zoned for office space. The Class A office space will be part of the 2.5 million-square-foot, mixed-use Dania Pointe on I-95 in Dania Beach.

The five-acre parcel allowing up to 506,000 square feet of office will be developed as Class A single-tenant or multi-tenant corporate office buildings. The shovel-ready site include the required zoning and master plan approval. The Colliers’ team marketing the land consists of Kevin McCarthy, Gerard Yetming, Jarred Goodstein and Bastian Laggerbauer.

The 102-acre Dania Pointe was designed as a ‘Smartown’ to offer office tenants, residents and visitors a complete digital experience. Cutting-edge technology will allow them to control locks on doors, lighting, A/C, security monitoring and other features from their wireless smart devices. Office tenants will also benefit from EV charging stations and other technologies.

 

“This project embodies a lifestyle center with unparalleled amenities for the workforce,” said Kevin McCarthy, Colliers Senior Vice President. “The Smartown adaptation creates a new era of development for the South Florida marketplace.”

The Offices at Dania Pointe, which will offer large blocks of office space, will turn the project into a true live, work and shop destination.

 

“Consumers are increasingly choosing to live in urban settings where they can walk to work, restaurants, coffee shops and entertainment venues,” said Goodstein, Colliers Senior Vice President. “Dania Pointe will offer that and more.”

The sprawling development will feature immediate access to I-95 and US-1 via Griffin and Stirling roads and will be located six miles from the Brightline station in downtown Fort Lauderdale. The commuter train system – arriving later this year – will connect the greater downtown Fort Lauderdale area to Miami and West Palm Beach.

On Aug. 10th, Kimco Realty Corp. (NYSE:KIM) issued a press release announcing the start of construction of Dania Pointe’s retail component, part of the project’s Phase I. The retail space is expected to open by the 2018 holiday season. Phase I includes 300,000 square feet of retail, which is nearly 80% preleased to national and regional brands including TJ Maxx, Hobby Lobby, BrandsMart and Ulta Beauty, along with several restaurants, according to Kimco’s press release.

Upon completion, Dania Pointe will be a comprehensive open-air lifestyle community incorporating over 100 national and local retail tenants and restaurants in approximately 1 million square feet of space, complemented by the Class A office space, 1,000 luxury rental apartments and condominiums and two signature hotels.

 

Seasoned Commercial Real Estate Duo Joins Colliers International South Florida

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With a continued focus on expanding across all disciplines and growing its South Florida capabilities, Colliers International South Florida announced the addition of commercial real estate brokers Russell Bornstein and Michael Wilson.

With nearly 60 years of combined industry experience, the team will specialize in retail and office brokerage, respectively, and bring additional value by collaborating to service clients with mixed requirements in South Florida.

“Russell and Michael have both earned a reputation for service excellence,” said Ken Krasnow, Executive Managing Director & Market Leader of Colliers International South Florida. “Bringing them on board highlights our commitment to wholistic real estate solutions. As the real estate markets in South Florida continue to develop and mature, we are continually seeing occupiers with mixed-use requirements and we are stepping up to provide market solutions and expertise as diverse as the clients and requirements we work with.”

As long-time exclusive representatives for Wells Fargo and its approximate 250 branches in Southeast Florida, Bornstein and Wilson have provided steady and strategic commercial real estate advisory to the financial services company through various mergers over their 20 year relationship, including their real estate needs after they acquired Wachovia in the largest financial institution merger on record. Additionally, they have represented clients such as Brandsmart, Regions Bank, and Chase.

Both industry veterans have been with CBRE since 2012.

Industry veteran Bornstein has been involved in the ground-floor launch of numerous national retail tenants such as Blockbuster Video, Einstein’s Bagels and Boston Chicken. His experience comes from brokering notable transactions such as the 44,000 sq. ft. Coral Gables headquarters and branch of the original BankUnited as well as the sale of Plantation Crossing Shopping Center to an entity affiliated with Beth Azor of Azor Advisory Services. Additionally, he is an active member of the International Council of Shopping Centers and a Board Member for the Wayne Barton Study Center in Boca Raton.

On the office side, Wilson has represented major players across Palm Beach, Broward and Miami-Dade Counties throughout his career. He provides brokerage services to owners, landlords and occupiers of office properties, and has represented clients such as TIAA, Ernst & Young, Invesco and Morgan Stanley, among others. He is an active member within the local chapter of NAIOP, the National Association of Industrial and Office Properties.

“I’m excited to again work with Ken Krasnow and the professionals at Colliers. I have had the opportunity to work with several of them over the course of my career and I look forward to collaborating with them again in our shared pursuit,” added Russell Bornstein.

Bornstein holds a Bachelors Degree in Business Administration from St. Bonaventure University and Wilson earned a Bachelor of Science in Finance from Pennsylvania State Unversity.

 

 

Avison Young Acquires Colliers International South Florida

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Gotta love those rumors!

Mark E. Rose, Chair and CEO of Avison Young, announced today that it has entered into a definitive agreement to acquire Miami, Florida-based commercial real estate brokerage and property management firm Abood Wood-Fay Real Estate Group, LLC (doing business as Colliers International South Florida).

Subject to the satisfaction of customary closing conditions, the transaction is expected to close within 30 days.

The purchase will further expand Avison Young’s business-line coverage in South Florida and throughout the state. The change in ownership is expected to add 70 employees from Abood Wood-Fay Real Estate Group’s Miami, Fort Lauderdale and Palm Beach offices to Avison Young’s operations in South Florida. Terms of the acquisition were not disclosed.

Upon closing of the transaction, Michael Fay and Donna Abood will become Principals of Avison Young and Managing Directors of Avison Young’s Miami office. They will focus on overseeing the growth and development of Avison Young’s presence in the Miami region, servicing new and existing clients, and managing the day-to-day operations of the office. They are both 30-year commercial real estate veterans and Chairs and founding partners of Abood Wood-Fay Real Estate Group. John Crotty, Executive Vice-President of Abood Wood-Fay Real Estate Group, will also serve as a Principal of Avison Young.

As a result of the acquisition, Avison Young will assume a significant leasing and investment sales portfolio, bringing Avison Young’s total square feet of leasing and investment sales property under representation to 20 million square feet (msf) throughout Florida. In addition, Avison Young will assume Abood Wood-Fay Real Estate Group’s property management portfolio, bringing Avison Young’s total square feet of properties under management to 11 msf in Florida and more than 70 msf across Canada and the U.S.

“We look forward to welcoming Abood Wood-Fay Real Estate Group to Avison Young,” comments Rose. “This strategic acquisition will give Avison Young an even broader client-service platform in the Florida market as we continue to expand our capabilities throughout the U.S. and overseas.”

Rose continues: “Donna has a reputation as one of the most trusted and highly recognized names in South Florida real estate, and Michael is known as a business development rainmaker on a national level. Their company’s culture of collaboration, excellence and focus on strategy will merge well with Avison Young’s similar culture, and allow us to attract additional high-quality professionals throughout Florida and the U.S. Southeast. This team will be a tremendous addition to our company.”

Abood and Fay simultaneously began their respective firms in 1989. Before becoming Colliers International South Florida, the firm known as Abood Wood-Fay Real Estate Group was formed when two local, well-established firms – Abood & Associates, Inc. and Wood-Fay Realty Group, Inc. – merged. Abood & Associates, Inc. was a full-service real estate firm providing leasing, sales, property management and construction services in South Florida. Wood-Fay Realty Group, Inc. was a highly specialized commercial real estate brokerage firm providing commercial and investment property sales and advisory services for clients. The merger was a logical progression as the principals of the firms realized the synergies possible if the companies combined as one. In 2005, Abood Wood-Fay took the next step in its commitment to servicing clients by joining the Colliers International team and becoming Colliers Abood Wood-Fay. In 2010, the firm participated in a global rebranding and officially became Colliers International South Florida.

“Avison Young has had a focus on building our business throughout Florida for several years, and until now, we hadn’t found the right fit for us in the critically important Miami market,” states Earl Webb, Avison Young’s President, U.S. Operations. “The Abood Wood-Fay Real Estate Group team members, with their extensive base of experience, broad client relationships and excellent market presence, provide us with the perfect platform to add to our burgeoning Florida business. Donna, Michael and John will combine their experience with Pike Rowley and our other Florida principals to give our clients even more experienced resources to help with the complex execution of their real estate requirements and strategy.”

Avison Young opened its first Florida offices in October 2012 in Fort Lauderdale, Boca Raton and Miami with Rowley joining as a Principal and Managing Director. In May 2013, Avison Young acquired WG Compass Realty Cos. and opened a West Palm Beach office. In September 2013, Avison Young acquired Lane Witherspoon & Carswell Commercial Real Estate Advisors and opened a new office in Tampa.

“Avison Young has been seeking to expand in the Miami-Dade market in a big way since opening our first office in Florida 24 months ago,” notes Rowley. “We have been patient in wanting the best-of-class service providers in this region who are home-grown, take a leadership role, and are deeply rooted in the community. We have found just that team with Abood Wood-Fay Real Estate Group.”

He continues: “I have known and transacted business with Donna and Michael for more than 25 years and could not be more excited to team up with them as we grow Avison Young into one of the strongest service providers in the state. With the addition of this team, we will have a total of 170 dedicated professionals statewide and a strong presence in every major city in Florida. As a result, we will be able to better serve clients in the office, industrial, retail and multi-family sectors.”

Over the past five-and-a-half years, Avison Young has grown from 11 to 60 offices and from 300 to more than 1,600 real estate professionals in Canada, the U.S. and Europe.

Today’s announcement comes on the heels of Avison Young opening an office in Cleveland, Ohio on September 23, 2014 and the firm acquiring New Jersey-based asset management firm Kwartler Associates on September 18, 2014.

 

Will Colliers International South Florida Soon Be Going By A New Name?

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Well, dang!  It’s been far too long since we’ve had a good rumor to chew on!
Well, your wait is over…

Rumor has it that Avison Young is acquiring Colliers International South Florida.
There… it’s out. (We were told, however, that it’s not the best-kept secret.)

Sources stated that an announcement was expected to be made last Thursday afternoon, but no official word as of yet has been released.

AY acquired Flagler Real Estate Services in October 2012 and acquired Florida-based WG Compass Realty Companies and opened a new office in West Palm Beach last June.

Stay tuned…