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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.”

 

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.”

 

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.”

 

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.”

 

Broward Office Campus Changes Hands

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Executive University Courts, a 97,125-square-foot office campus in Broward County, has sold.

Cushman & Wakefield Managing Director Dominic Montazemi, Senior Associate Greg Miller and Executive Director Scott O’Donnell represented Kas University LLC in the disposition.

MYP Executive, LLC acquired the asset for $9.3 million, or $96 per square feet.

Executive University Courts comprises six, two-story inter-connected office buildings built in 1987. The buildings’ garden layout offers private tenant access to suites from a lushly landscaped courtyard with a tranquil water feature. Ownership’s modest capital improvements in the buildings have helped push occupancy from 50.0 percent to 84.1 percent in just three years.

Executive University Courts sits on a 5.9-acre site at 4300 North University Drive in central Broward County. This highly visible location is easily accessible via Florida’s Turnpike and the Sawgrass Expressway.

“The property’s visibility and above-average parking, as well as the strong population density in the immediate submarket, are tremendous demand drivers for potential tenants,” said Montazemi. “The layout of the buildings also provides tenants direct access to their suites and an enhanced level of privacy.”

“There is also significant potential to capture additional medical tenancy,” added Montazemi, noting there are four hospitals with over 1,000 beds within four miles of the campus. “Given the asset’s proximity to local hospitals, private access to suites, and restrooms within the tenant spaces, there is a strong case for adding value by strategically leasing additional space to medical-related tenants.”