Tag Archive for: cushman & wakefield

Cushman & Wakefield Arranges Acquisition Of Treasure Coast Class A Office Building

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Cushman & Wakefield has arranged the acquisition of Riverwalk Center, a 35,324-square-foot Class A office building located in Jupiter.

The final sale price was $12,250,000 million.

Anthony Librizzi of Cushman & Wakefield represented the buyer, RJM Jupiter Riverwalk LLC, in the transaction, and has been retained to oversee leasing at the property, recently completing a 10,930-square-foot lease renewal with Truist Wealth. ESJ Capital Partners sold the property.

“This transaction is another example of the ongoing trend of properties trading off-market,” Librizzi said. “I have a long history with Riverwalk Center and knew the existing tenant, who occupied the entire building, was planning to downsize their lease. This provided a prime opportunity for the buyer to occupy a portion of the building and lease out the balance.”

Located at 150 US Highway 1, the building sits within Jupiter Yacht Club, a master-planned, mixed-use development including five condominium buildings, a 23,150-square-foot retail/restaurant building and a protected marina.

 

Levy Realty Advisors, Cushman & Wakefield Arrange $482 PSF Sale Of Boutique Office Building

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Cushman & Wakefield has arranged the sale of Gardens Pointe, a boutique Class A office building totaling 34,867 square feet located in Palm Beach Gardens.

The final sale price was $16.8 million, or $482 per square foot.

Scott O’Donnell, Mike Ciadella, and Dominic Montazemi of Cushman & Wakefield represented the seller, Regency Gardens Pointe LLC, in the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield secured $9 million in acquisition financing through Principal Life on behalf of the buyer, Sunnyfield South LLC, which was represented by Alan Levy, President of Levy Realty Advisors.

“As South Florida continues to heat up, assets with long-term, credit-worthy tenants like Gardens Pointe are attracting record setting pricing,” O’Donnell said.

 

“Lenders continue to appreciate the Florida story, especially for generational assets such as this one,” Hochman added. “We were able to pair our client, an intelligent, long-term investor, with a fantastic lender for a low fixed-rate loan.”

Located at 3507 Kyoto Gardens Drive, Gardens Pointe includes lush landscaping and balconies with panoramic lake views and lakefront walking paths, as well as a boardwalk to Downtown Palm Beach Gardens which offers restaurants, retail and various entertainment options. The property was 95% leased to seven tenants including Merrill Lynch and KeyBank at the time of the sale.

 

Johnson & Johnson Company Inks 9,000 SF Office Lease In Palm Beach Gardens

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Alchemy-ABR Investment Partners, a fully integrated New York-based real estate investment firm- together with its joint venture partner, Breakers Capital Partners, a Miami based real estate investment firm-announced that DePuy Synthes Product, Inc., signed a 9,481-square-foot lease at 4400 Northcorp Parkway in Palm Beach Gardens.

DePuy Synthes Product, Inc., a Johnson & Johnson company, and a leading global provider of orthopedics products, is expanding its presence in South Florida and will occupy the build-to-suit space on the 2nd floor of the office building. DePuy Synthes Product, Inc. is slated to take occupancy in September 2021.

“4400 Northcorp Parkway is an ideal office setting for the most competitive industries and organizations and this lease is indicative of the strength of South Florida’s overall office leasing market,” said Brian Ray, Co-Founder and Managing Partner of Alchemy-ABR Investment Partners. “We’re committed to our tenants and are looking forward to welcoming DePuy Synthes Product, Inc. to 4400 Northcorp Parkway.”

4400 Northcorp Parkway is part of the larger office park, 4200-4400 Northcorp Parkway, that consists of two Class-A office buildings totaling 115,000 square feet. Completed in 1996, 4200-4400 Northcorp Parkway features extensive capital improvements including renovated, premium office fit-outs, contemporary base building lobby and common areas, as well as modern mechanical and roofing systems.

Alchemy-ABR Investment Partners and Breakers Capital purchased 4200-4400 Northcorp Parkway in 2016 and is currently renovating the lobby space of the 4200 Northcorp office building.

Alchemy-ABR Investment Partners was represented by Gavin Loughlin of Greenberg Traurig and Anthony Librizzi of Cushman & Wakefield in the transaction. DePuy Synthes Product, Inc. was represented by CBRE.

 

C&W’s Librizzi, England Arrange Three Leases Totaling 18,600 SF At Newly Renovated Office Building

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Cushman & Wakefield has arranged three leases totaling 18,581 square feet at 1700 Palm Beach Lakes on behalf of Capstone Realty Group.

Anthony Librizzi and Tara England of Cushman & Wakefield represented the landlord in the lease negotiations. Kubicki Draper signed a 10,978-square-foot lease, ASM Sports Group signed a 4,433-square-foot lease and Next Generation MRI signed a 3,170-square-foot lease.

“We are committed to making 1700 the premiere Palm Beach Lakes building, a strong alternative to the West Palm downtown market,” said Mitchell Adelstein, Managing Partner of Capstone. “Our Cushman leasing team did a superb job executing these leases by delivering the value differential for 1700 vs our competition.” 

The 11-story building totals 113,964 square feet. Recent renovation work includes a new lobby, café, conference center, outside seating/lounge area with new landscaping and installation of a Phenomenal Aire Series R Cold Plasma Generator which creates a plasma field within a HVAC system that naturally cleans passing air. Located just east of Interstate 95, the property is within walking distance of restaurants, hotels and shopping.

“These new leases are a direct result of ownership’s commitment to completely repositioning this asset to be the premier office building on the Palm Beach Lakes corridor which has resulted in demand unlike anything we’ve seen before,” Librizzi said.

 

Cushman & Wakefield’s Deanna Lobinsky, Chase Kulp Arrange Two Office Leases Totaling 20,198 Square Feet

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Cushman & Wakefield has arranged two leases at BayView Corporate Tower in Ft. Lauderdale.

Combined, the leases total 20,198 square feet.

Deanna Lobinsky and Chase Kulp of Cushman & Wakefield represented Somerset Properties, a full-service real estate company that operates in the eastern United States which owns and manages the building, in the lease negotiations.

“The leasing activity we have experienced during the pandemic reaffirms our commitment to market-leading properties like Bayview in top tier markets throughout Florida,” said Jennifer Wierman, a Principal at Somerset Properties. “It also reinforces our core philosophy of treating our tenants like partners and striving to make each lease a ‘win-win’ result for all parties involved.”   

A global manufacturing company signed a long-term 15,913-square-foot lease and Oakmont Public Adjusting, a loss consulting and public adjusting firm, signed a 4,285-square-foot lease.

“These transactions were negotiated amid COVID-19, which shows the significance of having top-tier amenities in desirable locations,” Lobinsky said. “These factors will remain a driver for tenants as the end of the pandemic nears and tenants begin to focus on where and how their employees will work.”

Located at 6451 N. Federal Highway in Ft. Lauderdale, BayView Corporate Tower totals 412,250 square feet. The property features a state-of-the-art tenant amenity center with a conference facility, fitness center and modern café and lounge, as well as covered parking, on-site security and on-site management.

Recent improvements include renovated lobby, common areas exterior and landscaping. BayView is accessible to the entire region by way of Interstate 95, Florida’s Turnpike, Interstate 595 and is minutes from Fort Lauderdale/Hollywood International Airport.

In addition to being real estate investors, Somerset Properties provides a full complement of services for owned and managed properties including leasing, property management, construction management, asset management and financial analysis. Since the firm’s inception in 1996, it has acquired and repositioned over 100 properties with a gross asset value upon stabilization of roughly $1 billion.

The South Florida Office Agency Leasing team also includes Travis Herring, Katherine Ridgway and Jessica Gomez. The team completed some of Broward County’s largest deals in 2020 with 36 transactions totaling 259,765 square feet of leases.

Berger Commercial Realty Welcomes Law Firm As 550 Building’s Newest Tenant

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Berger Commercial Realty/Corfac International Senior Sales Associate Jonathan Thiel, Sales Associate John Forman, and Senior Vice President Joseph Byrnes, on behalf of Landlord Blackhawk Properties & Investments, LLC, negotiated a 7,973-square-foot 10-year lease deal with local law firm Gutterman Trial Group at the 550 Building, one of Fort Lauderdale’s newest office/retail projects.

Berger Commercial Realty's Jonathan Thiel, John Forman and Joseph Byrnes

Gutterman Trial Group is a Florida civil litigation firm dedicated to representing insurance carriers and their policyholders.  The practice encompasses an array of matters, including property, casualty, coverage, extra-contractual, subrogation, reinsurance, construction, marine and yacht, transportation and cargo claims.  The firm will be relocating from its current location at 200 East Broward Boulevard.

Cushman & Wakefield’s A.J. Belt and Jeff Holding represented the tenant, which was attracted to the 550 Building due to the new construction, flexible floorplans, and proximity to the new Broward County Courthouse.

Gutterman Trial Group will be joining office tenant Berger Commercial Realty and SOLO Shoppes retail tenants Legacy Fit and Bank of OZK. Berger Commercial will be relocating to a new, state-of-the-art office on the 4th floor.

Located at 550 S. Andrews Avenue, the building stands 7 stories tall, with 6 stories consisting of approximately 86,000 square feet of professional office space with an entire floor totaling approximately 12,500 square feet. The first floor is comprised of approximately 7,500 square feet of prime restaurant/patio space, of which ±4,400 square feet is currently available for lease. The adjacent parking garage will consist of 634 spaces, along with The SOLO Shoppes, which will comprise 13,000 square feet of traditional storefront retail. The entire project will total just over 100,000 square feet of commercial space in addition to the parking garage.

The property formerly housed the 32,500-square-foot Justice Building, which was purchased by Blackhawk in December 2013. Berger represented Blackhawk in its purchase and currently provides leasing and property management for the project.