Tag Archive for: coral springs

Coral Springs Office Building Trades

/in /by

A San Francisco investor has acquired the Preferred Exchange Tower in Coral Springs for $12.6 million, a steep discount from the 2005 price paid for the office tower.

BB University Drive, a company tied to San Francisco-based investment and development firm Bristol Group, purchased the nearly 203,000-square-foot tower at 3111 North University Drive, according to Broward County records. The county recorded the transaction today. No financing was recorded.

The seller is 3111 North University Drive Holdings, managed by loan servicing giant CWCapital Asset Management. The CWCapital company took title to the six-acre property after a November 2012 foreclosure auction. A commercial mortgage-backed securities trust managed by U.S. Bank won the auction and turned over the deed to 3111 North three months later.

Bristol’s purchase price is about $21 million less than what a company managed by New York-based Cabot Investment Properties spent to acquire the tower in March 2005. The Cabot company was hit with a $24 million foreclosure action in April 2012.

The tower was originally built in 1985. John Bell of Rockwood Real Estate Advisors marketed the property on behalf of CWCapital.

 

Source:  The Real Deal

 

Greg Martin Closes 53,000 SF Of New Lease Deals At Charter Place

/in /by

Avison Young South Florida signed four new leases at Charter Place, a 101,829 square foot office and retail complex located at 3301 N. University Drive in Coral Springs.

The long-term lease transactions at Charter Place include:

  • The Department of Revenue signed a new lease for 25,605 square feet
  • Business Financial Services, Inc., a firm offering alternative financing solutions for small business owners, signed a new lease for 16,776 square feet
  • Sola Salon Studios, a company providing high-quality salon suites for independent salon professionals and business owners, signed a new lease for 6,051 square feet
  • Foundation Therapy, Inc., an establishment providing Applied Behavioral Analysis services for children and families, signed a new lease for 4,350 square feet

The leases, which total 52,782 square feet, increase the occupancy at the building by 52 percent and mark the second time Avison Young South Florida has doubled occupancy at a property within the last 12 months.  Earlier this month, Avison Young announced 43,000 square feet in new lease transactions at Lynn Financial Center, bringing occupancy from 35 to 75 percent.

Greg Martin, Principal at Avison Young, worked with True North Management Group and Delma Properties Inc., the new ownership of Charter Place, to complete the recent transactions. As a result, the occupancy at Charter Place increased with high caliber tenants to nearly 70 percent.

“We are very pleased with the progress that we have made in such a short time,” said Mr. Martin. “The new ownership has been very cooperative in understanding the market and the needs of the Coral Springs tenant base which assisted in our leasing efforts.”

Charter Place is the first phase of the new Downtown Coral Springs, a public/private partnership between a local developer and the City of Coral Springs.

“Charter Place is a high quality asset which attracts and retains gold standard businesses,” said Todd Benson, Vice President, Florida Region, at Delma Properties. “The new additions will complement the existing marquis tenant mix including Merrill Lynch, First Southern Bank, and Wells Fargo.”

Freehof Closes 30,000 SF Office Sale

/in /by

Brenner Real Estate Group has announced the sale of a 30,000 square foot Coral Springs office building and a industrial lease for 12,000 square feet in Pompano.

Phyl’s Academy Preschools, Inc. purchased a 30,000 SF office building located at 11411 NW 56thDrive, Coral Springs, FL for a preschool. Bert Freehof, Vice President, Commercial Brokerage represented the seller, CMS Charter School. The buyer was represented by Dane Lahlah of Keyes Real Estate.

Phyl’s Academy is a private school operating in New York and South Florida for over 30 years with multiple locations. The sale price was $4,300,00.00.

Bryason Realty Tapped For Coral Springs Office Listing

/in /by

Bryason Realty Corporation has been awarded its third current exclusive Coral Springs office listing, Lakeview Professional Village, located at 12500 West Atlantic Boulevard, adjacent to the Sawgrass Expressway. Richard Gerber, Associate with Bryason Realty, will direct the leasing for Beechacre LLC, the owner.

The 4,595 square foot listing is in a free-standing, single-story building and is available furnished.

Bryason was named the exclusive listing broker for Coral Springs Executive Tower last May and also represents a 4,852 sublease listing at 10394 West Sample Road.