Tag Archive for: jason hochman

Cushman & Wakefield Arranges $29.7M Refinancing Loan For Delray Central Office Portfolio

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Cushman & Wakefield arranged a $29.7 million refinancing loan on behalf of G&C Arbors Investors, LLC, an affiliate of South Florida-based real estate investment management group Grover Corlew. The loan is for Delray Central, a 175,965-square-foot, two-building office portfolio on more than 12 acres.

Jason Hochman and Ron Granite of Cushman & Wakefield’s Equity, Debt & Structured Finance team secured the loan through Ameris Bank.

“Grover Corlew is a leading developer and operator in South Florida with proven success across multiple office properties in the Palm Beach and northern Broward County markets,” said Hochman, Executive Director at Cushman & Wakefield. “Recognizing an experienced sponsor and the strong office market fundamentals, the lender offered a low rate and flexible terms to match the business plan.”

The Delray Central office portfolio consists of a 98,460-sf building spanning two stories at 1615 S Congress Ave. and a 77,505-sf building spanning four stories at 1625 S Congress Ave. Both buildings sit directly west of Interstate 95 at the southeast corner of Congress Avenue and Linton Boulevard. The office portfolio also includes floor plans ranging from 2,300 sf to more than 26,000 sf to accommodate diverse tenant profiles, a robust of 4.6 per 1,000-sf parking ratio and access to Delray Beach’s world-class amenities.

“We applaud the Cushman & Wakefield team for working diligently to finalize this refinance, especially given today’s challenging financing market,” said Mark Corlew, Partner at Grover Corlew. “With a growing portfolio valued at more than $1 billion, we’ve effectively acquired, transformed, and managed suburban office properties across South Florida and we look forward to further enhancing our Delray Central office portfolio to attract new businesses to the area.”

G&C Arbors Inventors, LLC will utilize the refinancing loan for future capital and leasing costs at Delray Central to further improve the property for its tenants. With some newly signed leases, the buildings will soon be stabilized, allowing the owner to enjoy property cash flows while the Congress Avenue corridor continues to evolve into a pedestrian-friendly area with new multifamily and retail projects.

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.

 

Grover Corlew Purchases Downtown Boca Raton Office Tower In Off-Market Deal

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Grover Corlew, the real estate investment management group with a reputation for transforming many of South Florida’s iconic, yet outdated office buildings, purchased the 109,497-square-foot Bank of America Tower in downtown Boca Raton in an off-market transaction with plans to reinvest in the signature building and re-energize Boca Raton’s downtown.

Downtown Boca Raton is known for upscale restaurants, entertainment, shopping and lifestyle venues. Grover Corlew wants to leverage downtown Boca’s strengths to attract national, regional and local companies by creating a best-in-class office experience.

“The fact that we put this off-market deal together is a testament to our team’s aggressiveness, persistence and vision,” said Partner Mark Corlew. “This is an exciting time for Boca Raton and all of Palm Beach County with the influx of companies that are moving to our area. We believe there is an unmet demand in Boca Raton for modern, Class A office space supported by abundant amenities. We are entirely reimagining this property and plan to invest significant capital that will take advantage of its bullseye location and expansive Palmetto Park Road frontage.”

Located at 150 East Palmetto Park Road in downtown Boca Raton, Florida, the property was purchased by Grover Corlew for $44.6 million and sits at the intersection of East Palmetto Park Road and SE Mizner Boulevard. Positioned in the heart of Boca Raton’s central business district, the Bank of America Tower is located within less than a mile of the Boca Raton Resort & Club, which is currently undergoing a sweeping $150 million luxury renovation.  Additionally, the building is adjacent to Royal Palm Place and in walking distance to Mizner Park and the soon to be completed Brightline Station.

“Boca Raton has an abundance of luxury housing and is known for its highly rated schools. Having said that, the city needs additional modern, high-quality Class A office buildings,” added Partner Anuj Grover. “This purchase is a steppingstone in our commitment to this market. We want to be at the forefront of Boca’s resurgence, and to a greater extent, Palm Beach County. We are excited for the future.”

In addition to Bank of America, the Class A energy star certified building’s tenants include Charles Schwab and Waypoint Residential.

Originally built in 1970, the eight-story Bank of America Tower offers on site management and building engineer, WiFi access in the lobby, a conferencing facility and free surface and covered garage parking with roving security.

In addition to Fort Lauderdale International and Palm Beach International airports, the Bank of America Tower is also near Boca Raton and Fort Lauderdale executive airports.

The Cushman & Wakefield Capital Markets team led by Dominic Montazemi, Scott O’Donnell and Mike Davis brokered the transaction.  Jason Hochman and Ron Granite facilitated the financing through Wells Fargo Bank.

 

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.”

 

CBRE Arranges Sale Of Delray Park Of Commerce

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CBRE arranged the sale of Delray Park of Commerce, a 19,478-square-foot boutique office building located at 800 NW 17th Avenue in Delray Beach.

Brain Matters Properties, LLC acquired the single-story building from HHCS Real Estate, LLC for $3.4 million.

CBRE represented the seller.

“Delray Park of Commerce offers a combination of flexible office space, great amenities and convenient access to major transportation arteries,” said CBRE’s Owen Sagar.

Built in 1999 and located in a highly desirable area near upscale neighborhoods, the property is well-situated on 4.39 acres on the northeast corner of Congress Avenue and Lake Ida Road. Delray Park of Commerce offers ample parking in a corporate, park-like setting with quaint water views and easy access to I-95 and Atlantic Avenue, “The Ave.,” in downtown Delray Beach.

CBRE’s sales team included Dominic Montazemi, Scott O’Donnell, Miguel Alcivar, Jason Hochman and Owen Sagar. Garrett Vonk represented the buyer.