Tag Archive for: cushman & wakefield

C&W Names New Managing Principal Of Its Miami-Ft. Lauderdale Offices

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Cushman & Wakefield has named Gian Rodriguez to managing principal of its Miami and Fort Lauderdale offices.

In the new position, Rodriguez will oversee the strategic growth and business development efforts for the brokerage firm in those two critical South Florida markets.

At 39, Rodriguez is one of the youngest managing principals at Cushman & Wakefield, the national commercial brokerage firm notes.

Larry Richey, who held this role for the last four years, will continue to serve as regional managing principal for Cushman & Wakefield’s Florida offices, leading the firm’s four managing principals throughout the State of Florida.

Rodriguez, an industrial broker with more than 10 years commercial real estate experience, will now have direct oversight of more than 200 Cushman & Wakefield employees and will be responsible for all aspects of the firm’s business in Miami-Dade and Broward counties, including agency leasing, tenant representation, capital markets, debt and equity, asset services, valuation and advisory and project and development services.

Rodriguez, who is a key member of one of Cushman & Wakefield’s South Florida Industrial Teams, will continue to serve in his brokerage role, as well.

 

“Gian’s reputation, experience and fresh perspective will help take our Miami and Fort Lauderdale offices to the next level,” Richey says. “We have added incredible new talent to our South Florida team over the last three years, and Gian is the perfect leader to ensure our team continues to capture market share in this competitive market.”

 

Robert Given, vice chairman in Fort Lauderdale and leader of the Cushman’s Florida Multifamily Team, adds, “It’s been amazing to experience Cushman & Wakefield’s recent growth in South Florida, and we’re confident Gian will do an excellent job of building upon that growth. We are delighted to have him working alongside Larry to continue the effort to bring top talent to our firm.”

Rodriguez and partner Wayne Ramoski have consistently ranked as a top-producing team within Cushman & Wakefield’s Miami/Fort Lauderdale operation. In 2018, they negotiated 2.7 million square feet of sales and leases valued at more than $156 million.

Rodriguez, who is bilingual, was awarded Cushman & Wakefield’s Most Valuable Player Award in 2016.

Before joining Cushman & Wakefield, the Miami native worked with Adler Realty Services. Prior to that, he held several roles in the communications field, including media relations manager for the Golf Association of Philadelphia and director of marketing and public relations for an independent luxury real estate firm in the Greater Philadelphia Area. He earned a Bachelor of Arts in Public Relations from the University of Florida, and is active with the UF Alumni Association and several commercial real estate industry groups, including NAIOP.

 

Source:  GlobeSt.

Plantation Professional Park Fetches $11.3 Million

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Cushman & Wakefield has negotiated the sale of Plantation Professional Park a 63,319-square-foot medical and professional office campus in Broward County.

The Cushman & Wakefield Capital Markets team of Greg Miller, Scott O’Donnell, Dominic Montazemi and Miguel Alcivar represented the Kislak Organization of Miami Lakes in the sale. Aventura, FL-based Triarch Capital Group acquired the asset for $11.3 million, or $178 per square foot.

Plantation Professional Park is a six-building office campus built between 1987 and 1989 on a ±7.84-acre site at 6710–6834 West Sunrise Boulevard in Plantation. The single-story buildings comprise a medical and professional office campus located three miles from Westside Regional Medical Center. The site also includes a vacant pad previously approved for an additional two-story, ±22,000-square-foot medical office building.

Plantation Professional Park was 96% occupied at the time of sale. Notable tenants include Dickens Sanomi Academy and American Access Care.

Plantation Professional Park is located in one of the most desirable office submarkets in Broward County and offers convenient highway access to Florida’s Turnpike and Interstate 95 as well as prominent visibility along Sunrise Boulevard.

“When combined with its centralized location in Broward County, dense and economically strong surrounding communities, and superb accessibility, Plantation Professional Park epitomizes the environment that today’s medical and professional tenants migrate towards,” said O’Donnell.

In 2016, the same Cushman & Wakefield team negotiated Equitrust Life Insurance Company’s disposition of Plantation Professional Park to the Kislak Organization for $5.15 million. In 2017, the Kislak Organization completed a $1.59 million renovation program at the property that included new roof overlays and mansards, exterior paint and pavement improvements.

“As a lifelong Plantation resident, I took special pride in working with the Kislak team to revitalize and lease up Plantation Professional Park,” said Tom Bartelmo, President and CEO of the Kislak Organization. “This was a successful project for us, and we wish the new owners all the best.”

“Plantation Professional Park is an integral piece in the renaissance of the Sunrise corridor in Plantation,” said Miller. ”This acquisition will deliver stable in-place cash flows for Triarch Capital Group, while providing the ability to build upon the Kislak Organization’s repositioning efforts via a future development parcel or executing additional strategic leasing to create further value.”

 

International Digital Consultant Firm Inks 20,000 SF Lease

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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.

Broward County Office Park Fetches $29.25 Million

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Cushman & Wakefield has arranged the sale of Lakeshore Business Center, a four-building office park in Broward County’s Cypress Creek submarket.

The Cushman & Wakefield Capital Markets team of Mike Davis, Scott O’Donnell, Dominic Montazemi, Greg Miller, Rick Brugge and Michael Lerner represented Boca Raton, FL-based Morning Calm Management in the sale.

Miami-based YMP Real Estate Management, LLC acquired the 237,682-square-foot office park for $29.25 million, which equates to approximately $123 per square foot.

Lakeshore Business Center comprises four, two-story buildings developed between 1986 and 2000. The campus is located on a ±17.0-acre site at 5100 and 5200 NW 33rd Avenue and 3201–3125 West Commercial Boulevard in Fort Lauderdale.

The park’s location midway between Interstate 95 and Florida’s Turnpike — South Florida’s two primary north-south arteries — offers nearly one-quarter mile of prominent frontage along West Commercial Boulevard in the Cypress Creek submarket.

“Cypress Creek is Broward County’s second-largest submarket and continues to be a cost effective option for tenants who are seeking easy access to South Florida’s major thoroughfares and a respite from the Fort Lauderdale CBD’s rapidly rising rents,” explained Davis. “As average asking rents in Fort Lauderdale’s CBD increase, the relative value appeal of Cypress Creek as a cost-effective option for Class A and B office space continues to grow.”

Lakeshore Business Center offers a superior parking ratio (4.0 spaces/1,000 square feet) and has received more than $1.3M in capital improvements in recent years, including high-quality interior finishes; upgrades to roofs, HVAC, lobbies and corridors; and major restroom renovations.

Further improvement and development potential is possible for new ownership. Sixteen percent of Lakeshore Business Center’s total square footage is warehouse space, which could be repurposed to office. The site also offers near-term outparcel development opportunities and the potential for a covered land play, leading to future redevelopment.

Lakeshore Business Center was 79% leased at the time of sale, with leasing velocity increasing dramatically in recent years. Notable tenants include Hair Visions International, ECI Telecom and Kirlin Florida.

 

“Lakeshore Business Center provides YMP with tremendous upside potential through the lease-up of 50,000 square feet of vacant space,” said O’Donnell. “Prior ownership had leased 78,000 square feet of new space plus 58,000 square feet of renewals in the past three years, which made up 44% of the entire submarket’s absorption during that period.”

 

Class A Boca Office Building Trades For $34.6 Million

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Cushman & Wakefield has arranged the sale of Wells Fargo Plaza in downtown Boca Raton. The Class A asset consists of a seven-story office building and a two-story building with a Wells Fargo Bank retail branch on the ground-floor, which together comprise 102,431 square feet.

The Cushman & Wakefield Investment Sales Team of Vice Chairman Mike Davis, Managing Director Dominic Montazemi, Executive Director Scott O’Donnell, Executive Director Rick Bruggeand Executive Director Michael Lerner represented IPCP Florida Realty Value Fund I, an entity of Boca Raton-based IP Capital Partners, in the sale.

The $34.6 million sale closed Friday, January 28. The property last sold for $23 million in 2015.

Wells Fargo Plaza was completed in 1999 and features a unique design by internationally renowned architect Phillip Johnson, which makes it a well-known local landmark.

Situated on 2.3 acres at 925 and 975 South Federal Highway, at the intersection with East Camino Real, the property offers panoramic views of the Atlantic Ocean and downtown Boca Raton’s evolving skyline. It is directly across from the highly exclusive Royal Palm Yacht & Country Club, and surrounded by walkable amenities such as Royal Palm Place, which has over 100 designer shops, restaurants, salons and art galleries, as well as a Publix, Fresh Market and Trader Joe’s. It is also less than a mile from Boca Raton’s entertainment center, Mizner Park, which offers numerous dining, shopping and entertainment options.

“Downtown Boca Raton has undergone a major revitalization in recent years that has made it a model for ‘new urbanism,’ integrating office, retail, residential and entertainment with a pedestrian-friendly design,” said Davis. “Wells Fargo Plaza has an ideal position in the heart downtown’s evolving landscape, making it an excellent office location for banks, financial services firms and businesses from a wide variety of industries.”

Added Montazemi, “While the property garnered diverse interest from shepherds of capital both domestic and abroad, the buyer was selected for their proven track record and ability to transact on an expedited basis.”

Wells Fargo Bank has been a tenant at the property since 1999, and most recently renewed its lease through 2025. Other notable tenants include accident attorneys Kanner & Pintaluga, P.A. and marketing agency MoreVisibility.

The property is also considered part of the Federal Highway Corridor micro-market, which is one of the top micro-markets in Palm Beach County, having experienced a 30 percent growth in average base rents over the past five years. With no new office construction in the pipeline and positive net absorption, the Federal Highway Corridor is expected to continue performing at the top of the market.

Berger Commercial Realty Negotiates Multi-Year Lease Deal For Fort Lauderdale Law Firm

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Berger Commercial Realty/Corfac InternationalVice President Brian Batchelder and Michael Feuerman, Esq., CCIM, represented Lochrie & Chakas, P.A., in a 62-month, 2,893-square-foot lease renewal at Victoria Park Centre, located at 1401 East Broward Boulevardin Fort Lauderdale.

Lochrie & Chakas, P.A. is recognized for its experience and knowledge in land use, zoning, environmental, and government law. The firm represents property owners, developers and lenders seeking a wide range of development entitlements and due diligence assessments.  Berger Commercial Realty represents tenants and property owners throughout South Florida in the leasing and purchase/sale of commercial properties.

“We were pleased to renew our office lease here.  Berger Commercial was invaluable in reaching the finishing line,” commented partner Robert B. Lochrie III.

The landlord was represented by Jeff Holding with Cushman and Wakefield of Florida, LLC.