Tag Archive for: kres commercial

North Palm Beach Office Building Trades For $5.2 Million

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Tom Burst, Director of Sales and Leasing with KRES Commercial, has completed a transaction for the purchase of a 50,000 SF office building, located at 701 US Highway One in North Palm Beach, for $5.2 million.

The purchaser, Document Storage Systems, Inc. (DSS, Inc.), represented by Burst, is a Health Information Technologies, software development and systems integration company.  DSS, Inc. will occupy a total of 30,000 square feet.

This transaction has made a significant impact on the North Palm Beach submarket, representing roughly 8% of the vacant space available. The overall vacancy rate in North Palm Beach will decrease from 30% to 22%, making it a real game-changer for this market.

This purchase is in addition to the 20,000 SF building DSS, Inc. already owns and utilizes as their headquarters in Juno Beach. Tom Burst also represented DSS, Inc. in the purchase of their Juno Beach headquarters 9 years ago.

Geisen & Burst Join Forces

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The Keyes Company is announcing a merger with Burst Commercial Real Estate Services, Inc., in order to form a new entity specializing in commercial real estate.

John Geisen, Executive Vice President, will direct the new company, KRES Commercial, a subsidiary of The Keyes Company.  Mr. Geisen was formerly associated with CB Richard Ellis and Codina / Flagler Real Estate Services. According to Mr. Geisen, “We feel the merger with Burst Commercial demonstrates our commitment to the commercial real estate market, and will help expand our presence in South Florida.”

Burst Commercial Real Estate Services was founded by Tom Burst in 1996, and has been a strong influence in the commercial real estate market ever since. Burst has been active in commercial real estate since 1986 when he first worked with Geisen at CBRE. According to Mr. Geisen, “It seems very natural that Tom and I would reunite after having worked together more than 20 years ago.” Burst, who will serve as Director of Properties at KRES Commercial, commented “I like the idea of putting the old team back together; it will be fun.”

The Keyes Company is expanding in order to provide a superior level of real estate service to national, regional, and local real estate owners throughout Palm Beach County and South Florida. KRES Commercial will focus on the sale, leasing, and management of office, industrial and retail commercial properties. “This is the best team to provide the highest level of service to our commercial clients,” said Mike Pappas, President and CEO of The Keyes Company.