Tag Archive for: cushman & wakefield

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

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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.”

 

Cushman & Wakefield’s John Criddle, Joseph Freitas Named Exclusive Leasing Advisors For Cypress Creek Office Building

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The Cushman & Wakefield office leasing team of John Criddle and Joseph Freitas has been named exclusive leasing advisor for Lakeside Plaza by Hollywood, FL-based owner Naya USA Investment & Management LLC.

Lakeside Plaza is a five-story, ±119,339-square-foot office building developed on a ±6.0-acre site at 6301 NW 5th Way in Corporate Park at Cypress Creek.

The property is situated in the heart of Fort Lauderdale’s Uptown Business District. This location offers unmatched access to Interstate 95, the Cypress Creek Tri-Rail Station and the Fort Lauderdale Executive Airport. The Uptown Business District is poised for additional development and redevelopment that will transform it into the envisioned Uptown Urban Village, a walkable neighborhood of offices, residences, retail and hospitality.

“With the planned renovations, Lakeside Plaza will be a premier mid-rise suburban office building offering a strategic location in the greater Fort Lauderdale office market,” said Criddle.

“As building renovations continue to drive rents and leasing activity in the Cypress Creek market, ownership hired our team to assist in repositioning the asset to complete at a higher class and quality,” added Freitas.

Lakeside Plaza is currently 77.82% leased with 24,466 square feet available at rates ranging from $17.50 to $18.00. Notable tenants include Bosch Security Systems, Custom Service, The Singing Machine and Bitedefender.

Criddle and Freitas are also exclusive leasing advisors for Naya USA’s 7800 Congress Ave., a 40,800-square-foot office building in Boca Raton. Cushman & Wakefield’s South Florida Commercial Team negotiated the $17.65 million sale of Lakeside Plaza to Naya USA in January 2018.

 

Cushman & Wakefield Arranges 77,000 SF HQ Lease

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Cushman & Wakefield has negotiated a new, 77,000-square-foot lease with Hayes Medical Staffing, a national staffing and recruiting agency for healthcare employers, at Cypress Financial Center in Fort Lauderdale. The Class A space at 5900 N. Andrews Ave. will serve as the company’s corporate headquarters.

Cushman & Wakefield Executive Director Travis Herring and Director Katherine Ridgway represented the landlord, Miami-based Steelbridge, in the lease negotiations. Mitchell Millowitz with Newmark Knight Frank represented the tenant.

Hayes Medical Staffing has approximately 185 employees and recently announced it will add 250 new jobs to the area. The company will take occupancy of its new space in Q4 2019, joining such notable tenants as TD Bank, City National Bank and Altadis.

Cypress Financial Center is the only Class A office building in South Florida that sits adjacent to the region’s primary artery, Interstate 95. Hayes Medical Staffing will gain unparalleled visibility from the highway with top-of-building signage.

Further, an exclusive I-95 on-ramp adds convenience and accessibility throughout the tri-county area. The location also provides convenience to Cypress Creek Tri-Rail station. Other amenities include an attached parking garage, onsite security and property management, a café that serves breakfast and lunch, and weekly car wash service.

Additionally, the property recently completed an extensive capital improvement program, which included elegant renovations to the lobby, common areas, elevators and restrooms, as well as new landscaping, new monument and directional signage throughout the property and new exterior lighting.

“Between the unparalleled accessibility along I-95, nearby amenities and the recent renovations made by Steelbridge, Cypress Financial Center is one of the premier office locations for major corporations and employers in South Florida,” said Herring. “This is evidenced in the property’s continued ability to attract top-tier tenants such as Hayes Medical Staffing.”

Another WPB Office Tower Trades

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Cushman & Wakefield has negotiated the sale and financing of 1700 Palm Beach Lakes, a ±113,964-square-foot, Class A office building in Palm Beach County.

The Cushman & Wakefield Capital Markets team of Scott O’Donnell, Dominic Montazemi, Greg Miller, Miguel Alcivar and Michael Ciadella, with significant support from Cushman & Wakefield agency leasing specialist Anthony Librizzi, negotiated the sale on behalf of 1700 PBL LLC, an affiliate of Miami-based Breakers Capital.

Hackensack, New Jersey-based Capstone acquired the building for $19.35 million, or about $170 per square foot.

Jason Hochman of Cushman & Wakefield’s Equity, Debt & Structured Finance group assisted the purchaser in securing an $18.4 million acquisition loan from Blue Vista Finance on behalf of Capstone.

1700 Palm Beach Lakes is an 11-story office tower developed in 1988 on a ±1.24-acre site at 1700 Palm Beach Lakes Boulevard. The property features structured parking, a covered entrance and premium interior finishes, providing a true Class A experience.

Ownership recently completed a capital investment program valued at nearly $2 million that included a complete elevator modernization, complete lobby and garage restorations and a full-building generator replacement.

1700 Palm Beach Lakes’ location along the Palm Beach Lakes Boulevard corridor offers tremendous connectivity to greater West Palm Beach and the central business district (CBD) via the adjacent Interstate 95 interchange, North Congress Avenue and North Australian Avenue. The property is positioned to capitalize on the corridor’s recent transformation, marked by the development of the Palm Beach Outlets and the Hilton Garden Inn West Palm Beach at the Outlets, which serves as Spring Training home for the Houston Astros.

The property was 89.4% occupied at the time of sale. Notable tenants include the Internal Revenue Service (IRS), Valley National Bank, Uniters North America and Comcast Spotlight. The IRS will vacate more than ±32,000 square feet in 3Q 2019, dropping occupancy to 61.1% and creating a tremendous value-add opportunity for new ownership.

“The IRS’ departure actually creates an exceptional value-add opportunity to update a significant swath of older space in the building, bringing it more in line with the needs of modern, smaller tenants which are prevalent in this submarket,” said O’Donnell. “The building is a best-in-class asset and offers Capstone upside potential given the ideal combination of positive market fundamentals, rapid nearby development and potential for a complete property rebranding in one of South Florida’s most exciting cities.”

 

Cushman & Wakefield To Lease Radice Corporate Center

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The Cushman & Wakefield office leasing team of John Criddle and Joseph Freitas has been named exclusive leasing advisor for Radice Corporate Center in Broward County.

Radice Corporate Center is a 353,975-square-foot, three-building, Class A office campus in the Cypress Creek office submarket. The office park comprises Radice Corporate Center I at 600 Corporate Drive, Radice Corporate Center II at 800 Corporate Drive and Radice Corporate Center III at 1000 Corporate Drive.

Radice Corporate Center I is a six-story, 102,350-square-foot building featuring 18,000-square-foot floor sizes and renovated common areas and bathrooms. The building was constructed on the ±4.0-acre site in 1984.

Radice Corporate Center II is a seven-story, 122,625-square-foot building developed in 1986 on a ±6.7-acre site. The asset offers 18,000-square-foot floor plates, renovated common areas and bathrooms, new elevators, a new HVAC system and an on-site café.

Radice Corporate Center III is a seven-story, 129,000-square-foot building developed in 1987 on a ±6.3-acre site. The building features 18,400-square-foot floor plates, an atrium lobby with marble accents and floor-to-ceiling windows. Ownership acquired Radice Corporate Center III earlier this year, securing possession of all three buildings.

Each building at Radice Corporate Center offers Category 5 or T–1 networking, generous surface parking ratios (4.0 spaces/1,000 square feet), canopied parking, on-site property management and roaming 24/7 security.

Radice Corporate Center is situated in a park-like setting adjacent to The Westin Fort Lauderdale and a ±5.5-acre nature preserve and a jogging trail. This location in Cypress Creek offers exceptional visibility from Interstate 95, easy access to all major South Florida thoroughfares and is just minutes from Fort Lauderdale/Hollywood International Airport.

The campus is currently 87.0% leased. Notable tenants include Charter Schools, Mass Mutual, Arizona College, Litchfield Cavo, TekPartners, Aerotek Staffing and Marsh & McLennan along with many other exceptional companies.

Ownership plans significant capital improvements at Radice Corporate Center, including updated landscaping, improved parking, café upgrades and enhanced corporate branding and signage.

“With ownership’s acquisition of Radice Corporate Center III, the entire park is now back under the control of a single entity for the first time since it was developed by Robert Radice in the eighties,” said Criddle. “Owning all three buildings not only provides operational efficiencies, but it offers our tenants the opportunity to grow or contract their office needs under the same ownership group.”

“The need for office space in Broward County continues to be spurred by solid economic growth and job creation,” added Freitas. “With limited new office construction outside the Fort Lauderdale CBD, Radice Corporate Center is well-positioned to capitalize on this increase in demand.”

 

Stiles Represents Behavioral Health Firm In New 30,000-SF Lease Signing In Lauderdale Lakes

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Stiles Realty, a division of the full-service commercial real estate firm, Stiles, announced that Infinity Behavioral Health Services, a behavioral healthcare management provider, signed a long-term lease for 30,000 square feet in Lauderdale Lakes at Headway Office Park.

Stiles Realty Senior Vice President Madelayne Garcia represented Infinity Behavioral Health Services. Donna Korn and Beau Ladwig of Cushman & Wakefield represented the landlord.

Inifinity’s new office includes two contiguous floors that are fully renovated, including updated tenant spaces, common areas and building systems. Stiles Realty worked closely with the building management to meet the tenant’s build-out needs, which include personal call rooms and conference areas.

“Infinity was seeking a unique space to expand their operations and remain in Broward County” Garcia said. “Infinity is a very employee-friendly company with a serene working environment, including a casual dress code and the ability to bring pets to work. With our knowledge of the market, and great working relationship with the management team, we were able to create the environment Infinity was seeking.”

Since 2011, Infinity Behavioral Health Services has been providing revenue cycle management services to behavioral healthcare providers. Infinity centers its process around industry-leading consulting services and an extensive account management system.