Tag Archive for: colliers international

Office Complex In WPB Sells For $29.25 Million

/in , /by

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.

 

Cemex To Downsize, Relocate After $13.4M Office Sale In West Palm Beach

/in , /by

Cement producer Cemex USA will downsize its office space after selling its building in West Palm Beach for $13.4 million.

The Mexico-based company sold the 65,760-square-foot office complex at 1501 Belvedere Road to District Pointe LLC, a joint venture between Index Investment Group and West Palm Beach-based Verdex Construction. The price equated to $204 per square foot.

Cemex affiliate Rinker Materials constructed the building on the 4.85-acre site just west of downtown in 1983. Cemex was the sole occupant.

According to Colliers International, Cemex is leaving the property in a few months. The company has less need for office space because more people are working virtually, so it will move to a smaller office nearby.

As for the buyers, they will rebrand the building District Pointe, completely renovate it, and reposition it into a multitenant building. Verdex Construction, one of the largest general contractors in South Florida, will occupy a full floor of the building.

Mark M. Rubin and Bastian Laggerbauer of Colliers International represented the buyers, while the sellers worked with Michael Feuerman, Steve Hyatt and Daniel Silver of Berger Commercial Realty.

 

Source:  SFBJ

Four-Building Office Park In Palm Beach County Sells For $155 PSF

/in , /by

Cushman & Wakefield negotiated the sale and financing of Northpoint Business Plaza, a ±79,516-square-foot office park in Palm Beach County.

The Cushman & Wakefield Capital Markets team of Greg Miller, Scott O’Donnell, Miguel Alcivar and Michael Ciadella, partnered with Michael Falk and Scott Weprin of Colliers International, who represented Northpoint Investments Partnership, LP in the disposition.

ATCG LLC acquired the buildings for $12.35 million, or $155 per square foot.

Jason Hochman of Cushman and Wakefield’s Equity, Debt and Structured Finance Group, assisted ATCG LLC in securing a $7.395 million acquisition loan from Citi.

Northpoint Business Plaza comprises four single-story office buildings developed in 1988 on an ±6.3-acre site at 901 Northpoint Parkway in West Palm Beach. The park is situated less than one mile from the Interstate 95 interchange at 45th Street (Exit 74). This location offers excellent access to Interstate 95, U.S. Highway 1, Florida’s Turnpike, Brightline, Tri-Rail and Palm Beach International Airport.

The buildings were 96.7% occupied at the time of sale. The average suite size is 1,807 square feet. Notable tenants included Healthy Mothers, Healthy Babies; Wood Environment & Infrastructure Solutions; Kennedy Contractors, Inc. and the Florida Department of Highway Safety.

Northpoint Investments Partnership, LP acquired the park in 2014 and subsequently completed a capital improvement program that involved extensive interior suite refurbishment, allowing them to add significant occupancy and drive up rental rates.

“Tenants are attracted to Northpoint Business Plaza due to its efficient, single-story design, which keeps common area expenses to a minimum, providing one of the most cost-effective options in northern Palm Beach County,” said Miller.

Added O’Donnell, “The property has limited competition and aligns perfectly with prospective tenants in the market.”

 

International Digital Consultant Firm Inks 20,000 SF Lease

/in , /by

Stiles Realty is pleased to announce a new lease signing as well as a pair of lease renewals at Sawgrass International Corporate Park in Sunrise.

Synechron, Inc., a $500 million international digital consulting firm, signed a lease for 19,683 square feet while insurance firm MacNeill Group renewed its lease for 37,818 square feet at Sunrise Corporate Plaza. Additionally, Emerson renewed its lease for its 17,065-square-foot Latin American headquarters at Lake Shore Plaza II.

Senior Vice Presidents Madelayne Garcia and Tom Kates handled the leasing for Stiles Realty, a division of the full-service real estate development firm, Stiles.

Sunrise Corporate Plaza (107,748 SF) and Lake Shore Plaza II (128,470 SF) are Class A office buildings featuring impact-resistant windows, lakefront views and outdoor courtyards. Both are located within Sawgrass International Corporate Park, just one mile from the Sawgrass Mills Mall and BB&T Center with convenient access to I-75, the Sawgrass Expressway and I-595.

“The addition of Synechron as well as the renewals of MacNeill and Emerson continue to affirm Sunrise Corporate Plaza and Lake Shore Plaza II as attractive office locations for top national technology and professional service firms,” Garcia said.

Headquartered in New York City, Synechron has more than 8,000 employees operating in 18 countries. Synechron provides a wide range of digital consulting services from strategy and UX to marketing science and development. The 89-month lease is valued at $4.6 million. Tenant representative was Tony Jones of Cushman & Wakefield.

A member of the Team Focus Insurance Group, MacNeill Group’s 130-month renewal is worth $40 million. MacNeill was established in 1946 and works exclusively with top-rated property and casualty (P&C) insurance companies specializing in commercial, personal, transportation and flood lines, and provides independent agents throughout the Southeast. Robert Listokin of Colliers lnternationalrepresented the tenant in the lease negotiations.

A 128-year-old global automation technology and software company, Emerson provides technologies and strategies for customers in manufacturing industries such as oil and gas, power, chemical, life sciences and others. The company has 76,500 employees across the globe and revenues over $25 billion. The renewal is for 65 months at a value of $3.1 million. The national tenant representative was Patrick Fitzgerald of Axiom Advisory Group while Zach Talbot of Cresa South Florida was the local tenant representative.

Florida Division Of Largest U.S. Healthcare Union Establishes South Florida Office

/in , /by

At the Miramar Park of Commerce, 1199SEIU United Healthcare Workers East – Florida signed a new lease for 9,975 square feet of office space at 2871 Corporate Way.

1199SEIU Florida is a division of 1199SEIU United Healthcare Workers East, the largest healthcare union in the nation with more than 400,000 members in Massachusetts, New York, New Jersey, Washington, D.C. and Florida. In addition to its office in the Miramar Park of Commerce, which serves South Florida, 1199SEIU Florida also has an office in Tampa.

“1199SEIU Florida represents more than 25,000 healthcare workers in Florida’s hospital and nursing home industry,” said Monica Russo, 1199SEIU’s executive vice president for Florida. “1199SEIU Florida works to secure fair wages and benefits, safe work environments, paid time off, stable retirement, childcare, education benefits and more for its members, who in turn work diligently to provide high quality care in some of the largest for-profit and academic healthcare institutions in the state.”

1199SEIU Florida also advocates for its members, patients and communities through government and elected officials, working to help elect working-family-friendly candidates and drafting worker-friendly legislation.