Walgreens has expanded its space in the Miramar Park of Commerce to include a training facility.
Walgreens added another 11,314 square feet to its office at 3130 Executive Way. With that new lease, Walgreens will occupy a total of 63,177 square feet in the park.
Iker Belauste, formerly of JLL and now affiliated with CBRE, represented Walgreens in the lease negotiations
Source: SFBJ
Berger Commercial Realty/Corfac International Senior Vice President Stephen Hyatt represented Lighthouse of Broward in the purchase of the former Brightstar Credit Union Headquarters located at 5901 Del Lago Circle in Sunrise.
Brightstar Credit Union sold the 23,185-square-foot building, which served as its executive offices, for $6,200,000. The 2002-built building is situated on 2.02 acres. Brightstar recently relocated to a new 70,318-square-foot headquarter office in Cooper City, Florida.
The newly purchased building will serve as Lighthouse of Broward’s administrative offices and training center for the blind and visually impaired.
Chris Wood with CBRE and Zach Wendelin, who is now with JLL, represented Brightstar in the transaction.
Hyatt negotiated the sale of the Lighthouse of Broward‘s building located at 650 North Andrews Avenue in Fort Lauderdale, Florida, and attorney George Moraitis of Moraitis, Cofar, Karney, Moraitis & Quailey handled all legal review. Both Moraitis and Hyatt represented Lighthouse of Broward, the preeminent nonprofit in Broward County serving the blind and visually impaired, in the pro bono transaction. The transaction of the ±11,125-square-foot office property, located on a highly visible corner in the heart of the booming Flagler Village area, closed February 22, 2023. The buyer paid $12,650,000 for the property.
“Because of the very successful sale of its downtown location, Lighthouse of Broward County was able to acquire a high-quality, fully-furnished headquarters twice the size of its current location for half the price in a more centralized location to better serve all of Broward County,” commented Hyatt. “The remaining funds will be used for minor renovations with the bulk of the additional proceeds placed in an endowment to fund future services for the blind and visually impaired.”
Lighthouse of Broward President and CEO Ellyn Drotzer, MSW, LCS added that the larger, more accessible space has will enable the organization to connect with additional members of the community who face vision issues.
“This is an amazing opportunity to help more people who are blind and visually impaired become more independent and productive through specialized rehabilitation, life skills training and employment opportunities,” said Drotzer. “Our new space will accommodate robust programming, additional learning opportunities and more space for client socialization. We look forward to moving into our new building next year and are grateful to both Steve and the Berger team for their expertise, and George Moraitis for his stellar legal services.”
JLL announced the hiring of commercial real estate industry veteran Zach Wendelin as a Managing Director. In this role, Wendelin will provide strategic, integrated and comprehensive commercial real estate advisory and transaction services for tenants. He will be based in the company’s Miami office.
With over 16 years of experience in the real estate industry and a track-record as a top producer, Wendelin has negotiated more than seven million square feet of leased office space for clients that span over 1,000 transactions, which involved strategic real estate planning, workplace strategy, financial consulting and transaction management. Over his extensive career, Wendelin has represented clients from Fortune 500 corporations to homegrown brands in South Florida such as FIS, TD Bank, Ford Motor Company, Shutts & Bowen, and Banco General.
“We are fortunate to be at a time where the South Florida office market is experiencing continued, heightened interest from companies throughout the country looking to enter or expand to the region,” said Rod Barnes, JLL Market Director for South Florida. “With Wendelin’s addition to our tenant advisory team, we will be in a stronger position to assist new-to-market and existing companies with their office space needs and help guide them through the real estate decision-making process.”
Prior to joining JLL, Wendelin spent six years as a Senior Vice President with CBRE, and previously served as a Vice President at Cresa Partners of Florida, which JLL acquired in 2015.
Wendelin is a native of Miami and grew up in Miami Beach. In addition to his education at the University of Miami, Wendelin was a member of the United States Navy, serving overseas in Yokosuka, Japan. He spent four years onboard the USS O’Brien (DD-975) and served as a Search and Rescue Swimmer (SAR) and Visit, Board, Search, and Seizures (VBSS) team member. Wendelin received several letters of commendation and multiple medals and ribbons for his military service from 1995-1999.
He is an active member of the South Florida community involved with several civic and industry organizations including the Muscular Dystrophy Association, Make-A-Wish Foundation, South Florida Office Brokers Association, and National Industrial & Office Properties (NAIOP) South Florida.
JLL announced that Cruise Yacht Opco, The Ritz Carlton’s luxury yacht service division, has taken 17,000 square feet at Plaza 100, an 11-story, Class A office building in Fort Lauderdale’s NoBro district at 100 NE Third Avenue.
The luxury yachting company will occupy the 175,510-square-foot building’s entire 11th floor penthouse accommodating nearly 60 employees.
JLL Managing Directors Doug Okun and Steven Hurwitz represented the landlord, Zurich Alternative Asset Management, in the lease negations. Keith Edelman, Scott Goldstein, and Zach Wendelin of CBRE represented the tenant Cruise Yacht Opco. Formed in 2006, Zurich Alternative Asset Management (ZAAM) is Zurich North America’s dedicated alternative asset management platform. ZAAM invests solely on behalf of Zurich affiliates worldwide, providing asset allocation, investment selection and investment management across hedge funds, private equity and U.S. real estate.
“Fort Lauderdale’s NoBro district is quickly becoming one of South Florida’s most exciting and sought-after destinations,” said Okun. “The urban offerings and multiple transit options have created a live, work, play lifestyle that is attracting companies of all sizes and across all industries.”
Located near Flagler Village and within minutes of the Brightline private rail train station, Plaza 100 offers tenants upscale amenities steps away from the city’s best entertainment and dining options such as Doc B’s Restaurant + Bar, Morton’s the Steakhouse, American Social and other local favorites. The building features a newly renovated plaza, common areas, and conference center, onsite management, and full service, onsite banking. Current tenants at Plaza 100 include U.S. Legal, Oppenheimer, Katz Barron and Mombach, Boyle, Hardin and Simmons, P.A.
According to JLL’s Q1 Office Report for Broward County, the Fort Lauderdale office market has a positive outlook ahead. With more competitive rental rates than Miami-Dade and Palm Beach and the same weather and tax climate as its neighbors, Fort Lauderdale’s central location provides the broadest access to South Florida’s expansive talent pool.
CBRE Executive Vice President John Criddle, First Vice President Joe Freitas and Transaction Manager Allie Lancashire announced the signing of 20 lease deals totaling 99,015 square feet at Mizner Office Tower & Plaza, bringing Mizner Park Office Tower to 96% occupied and Mizner Park Plaza Real to 93% occupied.
Mizner Park Office Tower is a 7-story building centrally located in Boca Raton’s business district and offers sweeping views of the ocean. With 165,416 square feet of “Class A” office space, free garage parking and 24-hour security services, this premier office tower accommodates companies of all sizes with its superior location, design and service.
The prominent CBRE office team signed Robbins Geller Rudman & Dowd, one of the world’s leading complex class action firms representing plaintiffs in securities fraud, antitrust, breach of fiduciary duty, consumer fraud, and privacy cases, to 26,429 square feet. Headquartered in San Diego, CA, the lease deal marks a relocation and expansion for the law firm from 120 East Palmetto Park Road. Jeremy Hakala with Newmark represented the tenant in the deal.
The team secured new lease deals with Logitix, an advanced ticketing technology firm, for 6,116 square feet, which was represented by Barbara Black and Iker Belauste with JLL; Perr Knight, an actuarial firm, for 4,374 square feet, which was represented by Deborah Fink with CBRE; ImMune Bio a clinical stage immuno-oncology company, for 5,165 square feet, represented by Tawny Moore with Commercial & Luxury Residential Specialist; and Cetera, a financial group, for 5,252 square feet, which was represented by Brad Armstrong with Vestian Global Workspace Services.
In addition, the team signed the following renewals:
Criddle and Freitas secured an additional 10,813 square feet in new deals at Mizner Park Plaza Real, located at 327 & 433 Plaza Real Boulevard in Boca Raton.
The following renewals were also signed:
Mizner Park Plaza Real offers a total of 102,922 square feet of Class “A” luxury office space with spec suites offering immediate occupancy, featuring Plaza views, free garage parking, downtown convenience within walking distance to many shops, restaurants and amenities.
Both office properties are located within Mizner Park, a luxury landmark that includes retail, office, residential, and cultural space, as well as a 5,000-person-capacity amphitheater. In addition, Mizner Park offers luxury cinema iPic Theaters with their Tanzy dining and high-end bowling alley Strike 10. A collection of popular restaurants includes Loch Bar, Yard House, KaPow!, Max’s Grille, Villaggio Restaurant, and Ruth’s Chris Steak House.
Progress continues to be made on the Brightline Boca Raton station and parking garage located on a 1.8-acre site across from Mizner Park. Work is advancing on the 4.5 story, 455-space parking garage as well as the station’s platform foundations. The 38,000-square-foot station and garage are expected to be completed in the fall of this year. Once completed, the station will be Brightline’s fifth in the state, connecting Boca Raton travelers to Miami, Aventura, Fort Lauderdale, and West Palm Beach, with a forthcoming station in Orlando.
JLL has been appointed to lease the mixed-use property Monarch Gardens situated in Miramar, one of Broward County’s most desirable suburban markets. The property underwent a significant renovation during the pandemic as many companies were working remotely and is now in a position to capture new office and retail leasing demand as South Florida experiences an accelerated recovery.
The JLL brokerage team of Katie Fernandez-Espinosa, Vice President of Retail Advisory Services, and Rafael Romero, Senior Vice President of Retail Advisory Services, will be spearheading the retail and office leasing at the property on behalf of the ownership group Dubner Properties. Property management and owner’s representative services are provided by Gibraltar Realty & Management, which also oversaw the property’s renovation.
Situated at 14429-14485 Miramar Parkway, Monarch Gardens underwent a $4 million renovation project led by construction firm Origin Construction, G3 Architecture Interiors Planning and engineering firm Kamm Consulting. The project’s upgrades include a complete renovation of the main lobby, common areas, and bathrooms, which include the installation of modern, touchless fixtures, the addition of three newly constructed spec office suites, as well as contributions to the buildouts of incoming tenants such as Strayer University and Spectrum Brands. Within the office tower, ownership also installed bipolar ionization systems intended to mitigate the spread of airborne pathogens such as the novel coronavirus. The property now boasts class A office space as a result of the investment made in the extensive renovation.
“Recognizing the value of this property and its unique potential as a boutique, low rise office building with ground floor retail, we made the decision to invest in upgrading the property during the pandemic, while many people were adhering to stay-at-home orders,” said Jonathan Calderon, Director at Gibraltar Realty & Management. “Using this time allowed us to enhance both the office and retail offerings. We are confident in the long-term success of Monarch Gardens as the demand for high-quality, less crowded commercial properties is expected to increase further, particularly in suburban markets.”
At a time when many companies are seeking more suburban office space options to place employees closer to home, restaurants and retailers are also recognizing the value of locations that cater to this growing demographic as more employers adopt hybrid workplace models.
Monarch Gardens features 54,000 square feet of office space and 41,000 square feet of retail space at the street level. The mixed-use property is home to a tenant roster that includes Dollar Tree, Strayer University, APX Engineering and Spectrum Brands. Office spaces are available between 2,700 to 7,500 square feet, perfectly suited for professional services companies that seek prime office space in a suburban location closer to established residential communities. The property also offers ample office parking with a ratio of five spaces per 1,000 square feet.
The retail component is comprised of 41,000 square feet with 13,000 square feet currently available for lease. Space options range from 1,200 to 10,000 square feet. The JLL leasing team is seeking complementary retail and restaurant concepts that would cater to the building’s workforce, such as cafes and restaurants serving breakfast and lunch menu options.
“As more people begin to return to an office setting and recalibrate their workplace strategies, suburban quality office and retail space is in high-demand and Monarch Gardens is well positioned to capture that interest from both businesses and retail and restaurant concepts,” said Fernandez-Espinosa.
