Tag Archive for: kroger

Kroger Relocates, Inks Whopping 43,000 SF Office Lease

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The Kroger Co., the largest grocer by revenue in the U.S., has leased 43,000 square feet of office space at the Boca Raton Innovation Campus at 4800-5002 T-Rex Avenue in Boca Raton.

The company will move its office from 5400 Broken Sound Blvd. Northwest into BRIC’s 4700 building. The new office is about the same size, but it will have a more efficient layout with a large contiguous space, landlord Crocker Partners said.

Crocker Partners and Rialto Capital Management paid $179.3 million for the sprawling tech office complex, marking the biggest office sale in the tri-county region at that time since 2016. The 1.68-million-square-foot office park sits on 123 acres in Boca Raton near I-95. It was developed in the late 1960s and early 1970s by IBM as its North American Research and Development facility. IBM closed it in 1996.

The main function of the office is digital operations.

Mitchell Millowitz of Newmark Knight Frank (NKF) represented Kroger in the lease. Crocker was represented by VP Danielle Vennett and CBRE’s Jeff Kelly.

 

Source:  SFBJ

NKF Brokers Three Office Deals Totaling More Than 98,000 SF

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Newmark Knight Frank (NKF) announced the completion of three high-profile office deals in South Florida totaling more than 98,000 square feet.

The flurry of activity illustrates a recent NKF research report showing vacant office space in South Florida dropping to its lowest level since the Great Recession began more than a decade ago.

In the first deal, Oakland Sun Partners, LLC purchased 1 Dambrackas Way, a 48,671-square-foot Class B office building located in Sunrise. Originally built in 1985, 1 Dambrackas Way is also within a short drive to several nearby retail and dining destinations. The new owners purchased the building for $4.02 million.

NKF Executive Managing Director Mitchell Millowitz, NKF Senior Managing Director Ryan Rosalsky and Associate R.J. Ward represented the buyer.

Millowitz also executed a new lease agreement for e-commerce company Vitacost at 4700 Exchange Court at Boca Raton Innovation Campus. The 35,438-square-foot deal is part of an ongoing transformation for the online vitamin and healthy product supplier, which is a subsidiary of Kroger. Vitacost will relocate from its current headquarters at a one-story building in The Park at Broken Sound in August.

A former IBM corporate hub, Boca Raton Innovation Campus features an impressive array of onsite amenities that include a state-of-the-art fitness center, high-tech conference center, food hall, on-site accredited day care center and numerous walking trails. CBRE Executive Vice President Jeff Kelly represented the landlord, Crocker Partners.

“Vitacost conducted an extensive search of amenity-laden office properties in the region to fulfill its charge of finding a modernized, collaborative workplace environment with an abundance of natural light,” said Millowitz. “Boca Raton Innovation Center is the Southeast’s premier science and technology hub, and its proximity to talent and walkable amenities will provide Vitacost with a significant recruiting advantage in the years to come.”

In the third deal, Millowitz, Rosalsky and Ward represented AlphaStaff, a HR outsourcing firm, in its office relocation from Cypress Creek to Sunrise Corporate Plaza. AlphaStaff will occupy 14,604 square feet of space at the Class A office building in Sunrise beginning in January 2020. Built in 1999, Sunrise Corporate Plaza totals 107,748 square feet and is 100% occupied. Madelayne Garcia and Tom Kates represented the landlord, Stiles.

Two of the three transactions occurred in Broward County, which recorded 191 lease deals totaling more than 563,000 square feet in the first quarter of 2019. Broward also accounted for more than 58% of all Class B leasing activity across South Florida in Q1 2019, as limited blocks of availability in Class A buildings continued to aid the Class B sector.