Tag Archive for: jones lang lasalle

Sunbeam Awardes JLL 100,000 SF Leasing Assignment

/in /by

Sunbeam Properties, developer and owner of Miramar Park of Commerce, has partnered with Jones Lang LaSalle (JLL) to lease its second generation office flex product, totaling an estimated 100,000 square feet.

The property currently houses more than 160 companies from start-ups to multi-nationals.

“We have worked closely with JLL over the years so they have a thorough, unique understanding of the Park,” said Andrew Ansin, Vice President of Sunbeam Properties. “Their success in the market along with the team’s professionalism, diligence and energy will be an asset to us as we adjust our marketing and leasing efforts to adapt to a changing environment.”

Located east of Red Road on both sides of Miramar Parkway, the Park offers direct access to Florida’s Turnpike and I-75.

Butters Inks 90,000 SF Renewal

/in , /by

Richline Group Inc., a Berkshire Hathaway company, has agreed to a 10-year renewal on 90,000 square feet at 6701 Nob Hill Road. Broker Thomas Viscount, who represented Denver-based landlord Industrial Income Trust Inc., announced the transaction Friday.

The lease is valued at $7.7 million, according to Viscount, senior vice president at Butters Realty and Management LLC of Coconut Creek.

Formed in 2007, Richline manufactures and distributes necklaces, bracelets, earrings, rings and other items to thousands of jewelry outlets, according to its website. In addition to the Tamarac facility, the company has offices in Burbank, California, New York and Warwick, Rhode Island.

Jones Lang LaSalle Inc. senior vice president Nick Wigoda represented Richline.

 

Source: DBR

Packaging Supplier Inks 40,000 SF Lease

/in , /by

Jones Lang LaSalle has secured a 40,000-square-foot lease on behalf of Berlin Packaging, a leading North American packaging supplier, at a new spec distribution building at 9682-9698 Premier Parkway, located within the Miramar Park of Commerce.

The lease marks a significant expansion for the Chicago-based company in the South Florida market. Jones Lang LaSalle’s Managing Director Steven Medwin SIOR, CCIM, Senior Vice President Chris Watts and Vice President Nick Wigoda, completed the lease transaction on behalf of the tenant.

The Berlin Packaging lease brings total occupancy at the 87,540-square-foot building to 100 percent just one month after Sunbeam Properties delivered the spec building to the market. Chicago-based Berlin Packaging chose to expand its South Florida presence to better service new and existing customers from its new home in Broward County.

“We are excited for our new warehousing space in the Miramar Park of Commerce. It will enable us to thrill even more customers with our inventory programs and our long track record of on-time delivery,” said Larry Rydzewski, Berlin Packaging’s Chief Operating Officer.

The remainder of the building is occupied by a new-to-market manufacturing company which recently leased nearly 48,000 square feet, a deal also completed by Jones Lang LaSalle brokers.

“The fact that two highly regarded national companies have absorbed the latest spec building to be constructed at Miramar Park of Commerce, just one month after the new building was delivered, is a testament to the desirability for new warehouses and the strength of the South Florida industrial market,” said Jones Lang LaSalle Managing Director Steven Medwin. “Seeing national companies expanding here is a positive indicator for our regional economy, as their investments translate to additional jobs and increased business activity for our marketplace.”

With demand outpacing supply in South Florida’s industrial market, the region continues to see new spec projects breaking ground within submarkets like Airport West, Medley and parts of Southwest Broward County, according to Jones Lang LaSalle’s latest South Florida Industrial Highlights report. Currently, there are 10 speculative warehouses under construction in South Florida by institutional owners, such as Prologis, Industrial Income Trust, DCT Industrial Trust, and KTR Capital Partners.

Commercial Boulevard Office Vacancies Soaring

/in /by

The office market along the heart of uptown Fort Lauderdale’s Commercial Boulevard offers easy access to Interstate 95 and Florida’s Turnpike and good bargains for businesses seeking breaks on rent.

The mostly older buildings are losing their appeal as tenants leave the stretch for newer and more upscale complexes across Broward County and South Florida.

Real estate brokers say they’re having to forgo traditional office tenants along Commercial and instead are targeting more medical businesses and schools.

“We’re chasing the deals, just like everybody else in that market,” said Peter Reed, a broker at Commercial Florida Realty Services in Boca Raton.

Another broker was even more blunt.

“It’s like hand-to-hand combat retaining and attracting tenants there,” said Jonathan Kingsley, senior vice president at Jones Lang LaSalle in Miami.

As businesses recover from the recession, the region’s most prestigious office buildings are almost fully leased. But second-tier properties continue to struggle. Tenants often prefer newer buildings to them because they offer more efficient layouts and high-speed Internet connections.

Between I-95 and the turnpike, there are 17 buildings in the Commercial Boulevard market consisting of 1.1 million square feet. The vacancy rate is 27.5 percent, well above the 16.5 percent vacancy for all of Broward, according to Commercial Florida Realty.

A 167,270-square-foot building at 2050 Spectrum Boulevard is almost a third vacant, as is a building at 2101 W. Commercial Blvd. Some of the smaller buildings are half-empty.

BellSouth, Orlove Pharmaceuticals, Northwestern Mutual and the Katzman Garfinkel & Berger law firm are among the tenants to leave the Commercial Boulevard market in recent years.

Katzman Garfinkel leased 18,000 square feet at 1501 NW 49th Street for about three years but left in 2011 when it bought a larger building in Margate.

Along Commercial, the firm often found its parking spaces filled by students from a local college, said Donna Berger, managing partner of Katzman Garfinkel. What’s more, the layout of the building was inconvenient, she said.

“When you’re running a business, you’re looking for a big space, parking, and for it to be easy for clients and customers to find you — and you want them to be comfortable when they get there,” Berger said. We had a happy home there for years, but at the end of the day, we just outgrew it.”

Competition from the Cypress Creek market and other complexes in southwestern Broward will make it difficult for Commercial to make a comeback, brokers say.

“There really is no great hope for that corridor,” Kingsley said. “We project that it will always be a secondary market.”

 

Sources: Sun-Sentinel

Jones Lang LaSalle Secures Headquarters For Advantix Systems

/in /by

Jones Lang LaSalle (NYSE:JLL) today announced that Advantix Systems has signed a 40,000-square-foot lease to consolidate and expand its North American corporate headquarters at Sawgrass International Corporate Park in Sunrise, Florida.

The lease represents the latest sign of a national industrial tenant expanding its headquarters and creating positive absorption in South Florida’s active industrial market.

The global provider of cooling and dehumidification systems is consolidating its office and warehouse spaces in North Miami Beach into an expanded space at Marina West, a two-building complex inside Sawgrass International Corporate Park. The company is headed by Chief Executive Officer Dion Joannou. Financial terms of the lease were not disclosed.

Jones Lang LaSalle’s Steven Wasserman, SIOR, and David Wigoda, SIOR, represented the landlord in the lease negotiations. Steven J. Medwin, SIOR, CCIM, and Nick Wigoda of Jones Lang LaSalle represented the tenant.

“With the consolidation and expansion of Advantix Systems, the company is bringing its North American headquarters to Sunrise, allowing for a more efficient operation and increasing its square footage in a prime market in South Florida,” said Medwin. “This move offers an expanded floor plan and allows the firm to house its research and development department, as well as sales and marketing teams under one roof, allowing for greater collaboration and execution of new projects.”

Located at 13800 NW Second St., Marina West is comprised of approximately 400,000 square feet of industrial space and is leased exclusively by Jones Lang LaSalle.

“We are thrilled to welcome Advantix Systems as our newest tenant at Marina West and have the property become home to its North American headquarters,” stated Wasserman. “The property offers class A industrial space and a corporate environment that was a perfect fit for the expanding national firm.”

ACP Revisited?

/in /by

Rumor has it that Alice Lucia of Jones Lang LaSalle has been reunited with Rudy Touzet of Banyan Street Partners.  The two worked together in the early to mid 2000s before Lucia joined JLL in 2006.

Word is that the leasing efforts at Tower 101 , which was recently purchased by Banyan Street Partners, an entity led by Touzet, are now being led by Lucia.

The 230,238 square foot asset was long represented by Owen Sager, who left Grubb & Ellis and joined CBRE back in January.