Tag Archive for: hff

HFF Arranges $41M Acquisition Loan For Office Building In Fort Lauderdale

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HFF has arranged a $41 million acquisition loan for Coastal Tower, a 261,676-square-foot office building located at 2400 E. Commercial Blvd. in Fort Lauderdale.

Chris Drew, Brian Gaswirth and Matthew McCormack of HFF arranged the four-year, floating-rate bridge loan through New York Life Insurance Co. on behalf of the borrower, Cardinal Point Management.

The 12-story tower was most recently renovated in 2008 and is home to tenants such as USI Insurance, Morgan Stanley and Mass Mutual.

 

Source:  RE Business

HFF Brokers $21.2M Sale Of Broward County Office Complex

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HFF has brokered the $21.2 million sale of One Charter Place, a 101,941-square-foot office complex located at 3301 N. University Drive in Coral Springs.

Ike Ojala, Hermen Rodriguez and Tracey Goo of HFF arranged the transaction on behalf of the seller, a partnership between True North Management Group LLC and Delma Properties Inc.

HFF also procured the buyer, Borsa Properties LLC.

Completed in 2007, One Charter Place includes a four-story, 76,904-square-foot office building; three single-story buildings; and a 489-space parking garage. The property was 94 percent leased at the time of sale to tenants such as the Florida Department of Revenue, BFS Cos., Bank of America/Merrill Lynch, Wells Fargo, Sola Salons and Keller Williams.

 

Source:  REBusiness

Class A Boca Office Property Fetches $60 Million

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C. Talanian Realty Co. has purchased Peninsula Executive Center, an office development in Boca Raton, for $59.8 million.

The 187,784-square-foot, Class A office property, located at 2381 and 2385 Executive Center Drive, consists of two four-story office buildings and a 742-space parking structure.

The property is currently 97 percent leased and is anchored by Newell Brands.

HFF, led by Chris Drew, Hermen Rodriguez, Ike Ojala, Brian Gaswirth and Matthew McCormack marketed the property on behalf of the undisclosed seller. HFF also secured $33.5 million in long-term, fixed-rate acquisition financing through Principal Real Estate Investors on behalf of C. Talanian Realty.

 

Source:  RE Business

 

The Green Cos. Purchases Sabadell Financial Center

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The Green Cos. has purchased Sabadell Financial Center, a five-story, 102,007-square-foot office building located at 150 S. Pine Island Road in Plantation.

Clarion Partners LLC sold the Class A office building to Green Cos. for $19.3 million.

The property was 96 percent leased at the time of sale to tenants such as Sabadell United Bank, Quest Workspaces and Ferencik Libanoff Brandt Bustamante & Goldstein PA.

Hermen Rodriguez, Ike Ojala and Tracey Goo of HFF represented Clarion Partners in the transaction. James Bernstein, Elizabeth Green and George Brown led The Green Cos. internally.

Paul Stasaitis and Maxx Carney of HFF arranged the 10-year, fixed-rate, $12.5 million acquisition loan through Aegon USA Realty Advisors LLC.

 

Source:  REBusiness

Class A Las Olas Office Asset Fetches $108 Million

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Fort Lauderdale-based Stiles and Prudential Real Estate Investors announced today the acquisition of 200 East Las Olas, also known as New River Center, a 20-story trophy Class A office tower located directly on Las Olas Boulevard in the heart of Fort Lauderdale’s bustling central business district.

Developed by Stiles in 1990, this institutional quality asset is currently 86% leased and encompasses 281,713 rentable square feet of some of the most desirable office and ground-floor retail space in the vibrant South Florida region.

The property was acquired from Invesco Ltd. for $108 million, or $383 per square foot, by a joint-venture between Stiles Property Fund (SPF) and PREI. SPF is a discretionary value-added real estate fund that invests in office and retail properties throughout Florida. PREI®, among the world’s largest real estate investment management and advisory businesses, is a business of Prudential Financial, Inc.

New River Center was marketed through commercial real estate and capital markets services firm HFF, L.P. Hermen Rodriguez, senior managing director at HFF L.P., led the sale effort along with Ike Ojala, Jorge Portela and Tracey Goo.

“We are proud to once again partner with Prudential Real Estate Investors, one of the nation’s top commercial and residential investment groups,” said president of Stiles Doug Eagon. “As its original developer, we have come full circle with New River Center. Given our deep knowledge of the asset, the property’s upside potential and the robust market outlook, this acquisition fit well with our investment strategy.”

New River Center is positioned on 1.4 acres and includes unparalleled views of the New River and downtown Fort Lauderdale. The property consists of a 12-story office tower above an eight-story parking garage with 675 spaces, as well as nearly 15,000 square feet of ground-floor retail. It is currently leased to “blue chip” tenants, including: Fifth Third Bank; Akamai; Yum! Brands; Brinkley Morgan; and Stearns Weaver.

Following the acquisition, Stiles plans to implement its asset management best practices to drive further upside and additional synergies at New River Center. Stiles Leasing and Management will be engaged exclusively to handle the asset.

“The opportunity for SPF to acquire prime office real estate on Las Olas Boulevard with upside potential made this investment very attractive,” said SPF Fund Manager Kyle Jones. “We are looking forward to executing our business plan and creating further value at the Property utilizing Stiles’ diverse range of services.”

While Stiles has a long history of real estate transactions, New River Center is the first office transaction the Company has made through SPF, which it launched in 2011. Previous SPF acquisitions have targeted retail shopping centers throughout Florida and have included: Ormond Beach Mall, a 102,170-square-foot Publix grocery-anchored center in Ormond Beach; Market at Southside, a 95,135-square-foot center in Orlando; the former PGA Design Center, a 145,500-square-foot mixed-use property in Palm Beach Gardens; and Galleria Plaza, a 29,443-square-foot center in one of the most visible and affluent retail corridors of Fort Lauderdale.

According to Eagon, Stiles remains very active in Broward and especially the central business district of Fort Lauderdale, which is characterized by an urban lifestyle that has helped to drive concentrated growth in the downtown area.

“The 24/7 environment in downtown Fort Lauderdale is contributing to a thriving market with strong employment growth and lower vacancy rates,” commented Eagon. “Most of the new jobs being created are in the downtown urban areas of South Florida, including Brickell Avenue and Coral Gables.”

Stiles track record on Las Olas goes back to 1951 when the company was first established. Stiles has since developed 43 million square feet of real estate throughout Florida and more than 3.5 million square feet of projects in downtown Fort Lauderdale with uses ranging from office and retail to residential and associated parking. Responding to market demand for urban living, Stiles is currently underway with an ultra-luxury 254-unit apartment high-rise one-block from Las Olas Boulevard.

Busekrus Secures Buyer For 274,000 SF Broward Portfolio

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KTR has acquired the Prospect Park portfolio, a 274,000 SF industrial/flex portfolio in Ft. Lauderdale.

The portfolio consists of 63,800 square feet of single story, walk-up office; 82,000 square feet of flex; and 128,500 square feet of industrial distribution space.  The park is located just west of the Ft. Lauderdale Executive Airport in what is known as the Ft. Lauderdale Commerce Center.

Public records indicate the seller was an affiliate of Invesco Real Estate based in Texas.

The 16 building portfolio was built in 1983 and was 48% occupied at the time of the sale. KTR will seek to reposition the properties for immediate lease-up.

“The Prospect Park Portfolio acquisition is an interesting opportunity to buy functional, multi-tenant warehouse and flex product at a very attractive basis,” commented PJ Charlton, Senior Vice President of Investments for KTR.  “With convenient access to the major highways and population centers and a central Broward County business location, we intend to rebrand the portfolio and restore a stabilized occupancy level.  We will implement an immediate capital program to modernize the building exteriors and tenant spaces.”

This acquisition brings KTR’s total footprint in Florida to approximately 5.0 million square feet.

This Portfolio was marketed by Marty Busekrus, a Director with HFF, as previously reported by CRE-sources.  Busekrus is responsible for industrial investment sales throughout the Southeastern United States.  The portfolio was being marketed without an asking price, however sources close to the deal report a price of roughly $13.5 million, which calculates to approximately $49 per square foot.