Tag Archive for: cushman & wakefield

Cushman & Wakefield Arranges Sale Of Cypress Creek Office Building

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Cushman & Wakefield announced the sale of Prisma at Cypress Creek, a 39,249-square-foot office building located in Fort Lauderdale’s Cypress Creek submarket that is managed by Maynada Capital Advisors, LLC and Ark Plus Group, LLC.

The final sale price was $7.95 million, equating to more than $202 psf.

Cushman & Wakefield’s Miguel Alcivar, Greg Miller, Scott O’Donnell, Dominic Montazemi, and Mike Ciadella represented the seller, South Florida Innovative Offices LLC, in the transaction. Prisma at Cypress Creek was acquired by BFO 1000 NW 65TH ST LLC, a user who plans to office at the building. The buyer was represented by Tom Skeba with RE/MAX.

“Prisma at Cypress Creek offers a differentiated value proposition when compared to similar office assets within the Cypress Creek submarket” said Miller, Director at Cushman & Wakefield. “Through the sellers recent repositioning of the building’s common areas with warm interior finishes and well-appointed art installations, the building has transformed into a contemporary suburban office location and was able to attract multiple new tenants under long-term lease commitments.”

The office building spans three stories and is located at 1000 NW 65th St. It was 93% leased at the time of sale to several tenants in the marketing, engineering, consumer finance, and healthcare sectors.

Prisma at Cypress Creek offers a key transportation competitive advantage through its central location within the Cypress Creek submarket and close proximity to Fort Lauderdale Executive Airport, the Tri-Rail, and major highways such as Interstate 95 and Florida’s Turnpike via Cypress Creek Road. In fact, more than five million people are accessible within a one-hour drive. The office building is also within Fort Lauderdale’s Uptown Urban Village overlay district, which is becoming a live-work-play destination for the area.

 

FirstService Residential Signs 65,000-SF Lease For Long-Awaited New Regional Headquarters

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Colliers‘ Executive Vice President Robert Listokin negotiated a long-term lease on behalf of FirstService Residential for 65,430 square feet of office space in Plantation Commerce Center.

Cushman and Wakefield’s Travis Herring and Chase Kulp represented the landlord, WPIP Plantation Properties, LLC., in the deal. The four-story Class A office building is located at 1601 SW 80th Terrace in Plantation.

“The search for their southeastern U.S. headquarters has been years in the making and we’re pleased to have assisted them throughout the process of finding a suitable space,” said Listokin. “This opportunity will allow them to migrate their operations to a soon-to-be renovated and highly-accessible location that fulfilled their needs.”

The 120,923-square-foot office building features lake views, is strategically located within a 10-minute drive from Ft. Lauderdale-Hollywood International Airport and provides abundant parking with a 5.5/1,000 SF ratio. The property also offers prime building signage fronting I-595 which FirstService will be utilizing. FirstService will become the largest tenant at the property as they will occupy over two floors in the building starting in April of next year. The lease brings the property to approximately 85% occupancy as it undergoes major renovations. Ownership is currently renovating all common areas of the building, including the main lobby, corridors, elevators, and restrooms.

“As we began to witness business and markets returning to normalcy post-pandemic, we worked diligently to find them the best fit for their requirements,” said Listokin. “Our strategic search was on a timely basis since the migration of their operations also involved the recent sale of their 40,000 SF property in Boca Raton,” which Listokin also facilitated.

FirstService Residential is North America’s most prominent property management leader, partnering with more than 8,500 communities in neighborhoods across the U.S. and Canada. Their expertise includes providing exceptional property services to condominiums, cooperatives, and single-family communities; master-planned, lifestyle, and active adult communities; and mixed-use rental properties. HOAs, community associations, condos, and strata corporations rely on their extensive experience, resources, and expertise to maximize property values and enhance residents’ lifestyles.

The Broward County office market has continued its recovery in the second quarter of 2022, fueled by steady tenant demand and population growth. Heavy leasing activity was seen throughout the market, with approximately 2.1 million square feet leased in the county, and more than 134,000 square feet leased year-to-date in the Plantation submarket. As a result, the vacancy rate in Plantation dropped to 12.7%, a 20-basis point decrease quarter-over-quarter. Additionally, the Plantation office rental rate has increased 2.8 percent year-over-year to $34.27 per square foot. With ongoing favorable market conditions and limited new construction, Plantation’s office market is expected to remain strong throughout the remainder of 2022.

The FirstService Residential deal was the largest lease signed in Broward County in the second quarter of the year.

 

Cushman & Wakefield Arranges $29.7M Refinancing Loan For Delray Central Office Portfolio

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Cushman & Wakefield arranged a $29.7 million refinancing loan on behalf of G&C Arbors Investors, LLC, an affiliate of South Florida-based real estate investment management group Grover Corlew. The loan is for Delray Central, a 175,965-square-foot, two-building office portfolio on more than 12 acres.

Jason Hochman and Ron Granite of Cushman & Wakefield’s Equity, Debt & Structured Finance team secured the loan through Ameris Bank.

“Grover Corlew is a leading developer and operator in South Florida with proven success across multiple office properties in the Palm Beach and northern Broward County markets,” said Hochman, Executive Director at Cushman & Wakefield. “Recognizing an experienced sponsor and the strong office market fundamentals, the lender offered a low rate and flexible terms to match the business plan.”

The Delray Central office portfolio consists of a 98,460-sf building spanning two stories at 1615 S Congress Ave. and a 77,505-sf building spanning four stories at 1625 S Congress Ave. Both buildings sit directly west of Interstate 95 at the southeast corner of Congress Avenue and Linton Boulevard. The office portfolio also includes floor plans ranging from 2,300 sf to more than 26,000 sf to accommodate diverse tenant profiles, a robust of 4.6 per 1,000-sf parking ratio and access to Delray Beach’s world-class amenities.

“We applaud the Cushman & Wakefield team for working diligently to finalize this refinance, especially given today’s challenging financing market,” said Mark Corlew, Partner at Grover Corlew. “With a growing portfolio valued at more than $1 billion, we’ve effectively acquired, transformed, and managed suburban office properties across South Florida and we look forward to further enhancing our Delray Central office portfolio to attract new businesses to the area.”

G&C Arbors Inventors, LLC will utilize the refinancing loan for future capital and leasing costs at Delray Central to further improve the property for its tenants. With some newly signed leases, the buildings will soon be stabilized, allowing the owner to enjoy property cash flows while the Congress Avenue corridor continues to evolve into a pedestrian-friendly area with new multifamily and retail projects.

Cushman & Wakefield Arranges New 8,900-SF Office Lease At Headway Office Park

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Cushman & Wakefield arranged a new five-year, 8,900-square-foot lease at Headway Office Park for Conversion Media Group LLC, a multi-channel, performance based, lead generation and call center services agency.

Cushman & Wakefield’s Donna Korn and Beau Ladwig represented the landlord, YMP Real Estate Management, in the lease negotiations. Matt Avelar of Warehouse Realty represented Conversion Media Group.

“The addition of Conversion Media Group, at Headway Office Park, demonstrates the increased market activity, and specifically the surge of growth in technology-related businesses,” said Korn, Managing Director at Cushman & Wakefield.

Conversion Media Group joins as the newest tenant at Headway Office Park and will occupy space at the office park’s 4410 N State Rd. 7 building. The three-story building lies within Headway Office Park with a total of 131,463 sf. It offers spec suites and up to 38,000 sf in contiguous office space, an on-site gym, the option for exterior building signage, and an ideal location with immediate access to Florida’s Turnpike.

 

Grover Corlew Acquires Downtown Boca Office Building

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The South Florida-based real estate investment management group, Grover Corlew, has acquired Palmetto Park City Center, a 66,606-square-foot office building in downtown Boca Raton for $25.2 million.

Having earned the reputation in Florida and the southeastern U.S. for reimagining infill office properties in prime locations, Grover Corlew plans to invest in Palmetto Park City Center with upgrades to tenant space, common areas, landscaping and the façade.

Located at 120 East Palmetto Park Road, Palmetto Park City Center is a five-story, Class A office building that sits adjacent to the 109,497-sq.-ft. Bank of America Tower, purchased by Grover Corlew in July 2021.

Less than a year after acquiring the eight-story Bank of America Tower, Grover Corlew has already made major strides toward revitalizing the property. During that time, both tenant occupancy levels and rental rates have risen by 30%. A high-end and well-known restaurant has also signed a 7,800-square-foot lease and will open on the ground floor later this year. Plans are also underway for substantial renovations and development of the Bank of America Tower, which will take advantage of the building’s significant retail frontage along the burgeoning East Palmetto Park Road.

“We have been making continuous investments in Boca Raton since 2016 when we originally purchased 1499 West Palmetto Park Road and subsequently purchased the adjacent 1489 building,” said partner Mark Corlew.  “Our headquarters are here, and we’re raising our children here. We see these two properties as an ideal opportunity to invest in our hometown.”

Originally built in 1996, Palmetto Park City Center is located in the heart of downtown Boca Raton, with direct access on Palmetto Park Rd and just east of US-I.  The property is within walking distance of Mizner Park, is less than a mile from the Boca Raton Resort & Club and is within close proximity to Royal Palm Place, countless restaurants and shops, and the soon to be completed Brightline station. The building was awarded an Energy Star label in 2015 and features a renovated lobby, lush landscaping and ample covered and free surface parking.

In addition to Fort Lauderdale International and Palm Beach International airports, Palmetto Park City Center is also in close proximity to Boca Raton and Fort Lauderdale executive airports.

The Cushman & Wakefield Capital Markets team led by Dominic Montazemi and Scott O’Donnell brokered the transaction, and financing was provided by Wells Fargo facilitated by Patrick Ramge.

“Because of their recent purchase of the adjacent building, Grover Corlew was uniquely positioned to benefit from scale and synergy that buying 120 E. Palmetto Park provides,” said Dominic Montazemi of Cushman & Wakefield.

In November 2021, Grover Corlew sold Sabre Centre I, a Class A office building also located in Boca Raton, after investing significantly in common area and tenant upgrades while re-tenanting the building in its entirety. The building received considerable attention when Gift of Life, a bone marrow and stem cell registry, moved its corporate headquarters there.

Most recently, Grover Corlew launched Mayla Residences, a new ground-up multifamily brand and celebrated the groundbreaking of the 355-luxury residence, Mayla Pompano, located on East Atlantic Boulevard in Pompano Beach.

“This is a strategic move for us as we continue to set our sights on underrealized areas of South Florida,” noted partner Anuj Grover. “This stretch of the East Palmetto Park corridor has tremendous long-term potential as a lifestyle friendly location to do business. We look forward to repositioning and rebranding this exceptionally well-situated property.”

 

Cushman & Wakefield Arranges Nine Office Leases Totaling 57,000 SF At Centrepark

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Cushman & Wakefield has arranged eight leases totaling  57,072 square feet at Centrepark, a five-building office park totaling 304,107 square feet located in West Palm Beach.

Anthony Librizzi and Tara England of Cushman & Wakefield represented the landlord, Colonnade Properties, in the lease negotiations. The leases include:

  • A new 17,876-square-foot lease with CEMEX at 1720 Centrepark Drive
  • A new 8,234-square-foot lease with Off Lease Only at 1450 Centrepark Drive
  • A new 7,169-square-foot lease with Tampa General Health at 1450 Centrepark Drive
  • A new 3,411-square-foot lease with Innovative Tax Relief at 1450 Centrepark Drive
  • A new 2,512-square-foot lease with Perlet & Shiner at 1475 Centrepark Drive
  • A 3,468-square-foot lease expansion with Pulte Group at 1475 Centrepark Drive
  • A 2,761-square-foot lease expansion with NVR at 1450 Centrepark Drive
  • An 11,582-square-foot lease renewal with Leo Daly at 1400 Centrepark Drive

“This leasing velocity and deal volume at a single project in such a short time frame is unprecedented,” Librizzi said. “Centrepark checks all the boxes for companies looking for a central West Palm Beach presence – prime location, institutional quality assets, best-in-class ownership/management and excellent value.”

The campus is located immediately west of the West Palm Beach CBD and directly north of Palm Beach International Airport. Amenities include garage and surface parking, Nature’s Way Café and a fitness center.