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Gale Properties Appoints CBRE Exclusive Leasing Agent For West Palm Office Property

July 11, 2023/in News/by SFOBA STAFF

Gale Properties has appointed CBRE as the exclusive leasing agent for The Anthony Building, a historic five-story property in Downtown West Palm Beach.

Located at 312 Clematis St., the 25,000-square-foot property was originally constructed in 1925 as Anthony’s department store. Gale Properties acquired the property in 2016. Ownership plans to execute a capital improvement plan, including renovating the building’s exterior façade, installing a new elevator cab, and updating the common areas with new lighting and flooring.

“Now is the right time to invest in upgrading this iconic property. Clematis Street is experiencing an infusion of capital to transform the area into a high-end live-work-play area as evidenced by the addition of new residential options, Roxy’s announcement of its rooftop restaurant and pool addition, and the Anthony’s own Fitness Hub Studio recently named as one of the top twelve most beautiful gyms in the country,” said Gale Properties President Andrew Gale.

CBRE Senior Associate Max Pawk will lead leasing efforts on behalf of Gale Properties with spaces ranging from 500 square feet to 4,000 square feet of contiguous space available for lease.

“The Anthony Building has been a staple in the heart of Downtown West Palm Beach for many years. Ownership has already invested capital to create move-in ready suites, including some furnished options, and is looking to make further upgrades to meet the immediate needs of tenants looking for a smaller footprint in the market, such as CPAs, attorneys, or financial advisors,” said Pawk.

The property features four floors of office space with high ceilings and hardwood floors, set above ground floor retail.

Tenants have easy access to various restaurants and retail options, as well as nearby access to Palm Beach International and the Brightline train.

The Atrium At Broken Sound Snags 4 New Tenants

March 13, 2023/in Done Deals, News/by SFOBA STAFF

Four companies signed leases for a total of 16,722 square feet of office space in The Atrium at Broken Sound in Boca Raton.

Built in 1986 at 6111 Broken Sound Parkway NW and renovated in 2020, the three-story property totals 100,668 square feet. It is owned by New York-based Alchemy-ABR Investment Partners and Miami-based Breakers Capital Partners.

John Criddle, Joe Freitas and Jeffrey Kelly of CBRE represented Alchemy and Breakers in the lease negotiations.

The four businesses that will move into The Atrium are:

Crossroads Financial, a Boca Raton-based firm that provides credit for small retail and e-commerce businesses. It signed a seven-year lease for a 5,152-square-foot space on the second floor. Max Pawk of CBRE represented Crossroads Financial.
Virtue RX, a distributor of veterinary pharmaceuticals. It signed a lease for 2,084 square feet on the second floor. Virtue was represented by Ingrid Fulmer of Coldwell Banker Commercial NRT.
Nylene, a New Jersey-based distributor and manufacturer of polymer fabrics. It will occupy a 1,795-square-foot office on the second floor.
Cresa Global, a newly established branch office of the Chicago-based tenant representative brokerage. Bob Schneiderman, managing principal of Cresa Global, represented his office in the lease negotiations.

In addition to the new leases, department store Marshalls, a subsidiary of the TJX Cos. (NYSE: TJX), renewed its lease on a 5,946-square-foot space on the third floor for five more years.

Alchemy and Breakers acquired the Atrium at Broken Sound for $21.4 million in November 2018. Available office space is being advertised for $24.50 a square foot on LoopNet.com.

Source: SFBJ

CBRE Named Exclusive Leasing Agent For Plantation Office Building

February 20, 2023/in Done Deals, News/by SFOBA STAFF

Brookwood Financial Partners, LLC has appointed CBRE as the exclusive leasing agent for Lakeside Office Center, a 134,443-square-foot Class A office building located at 600 N. Pine Island Rd. in Plantation.

Brookwood Financial Partners, LLC is a nationally recognized private equity real estate who has invested over $1.9 billion of equity to acquire a portfolio of 200 commercial real estate properties, seven operating companies, and 452 gas stations with convenience stores, with a total capitalization of over $4.5 billion.

“As we continue to invest in Lakeside Office Center, we are partnering with CBRE to rebrand and reposition the property to attract today’s office users. Over the next 12 months we will implement a speculative suite program, upgrades to the lobby, amenity and outdoor areas including additional seating, enhanced Wi-Fi, and collaboration spaces,” said Thania Potosme, Vice President and Asset Manager at Brookwood Financial Partners, LLC.

John Criddle, Joe Freitas and Max Pawk with CBRE will be marketing the property for lease on behalf of Brookwood Financial Partners, LLC. The current vacancy is 37,582 square feet with spaces ranging from 1,500 square feet to 14,760 square feet of contiguous space available for lease.

Built in 1986, Lakeside Office Center is a five-story office building featuring a two-story glass atrium, a conference center, on-site security, and newly constructed, covered parking garage that is shared with the adjacent multifamily project. The property is located approximately 2.5 miles north of the Pine Island exit on Interstate 595, providing tenants with a central location and easy access to Downtown Fort Lauderdale, airports, and other major highways, including the Sawgrass Expressway, Interstate 75, the Florida Turnpike, and Interstate 95.

“Lakeside Office Center is one of a few office properties in the Plantation submarket that provides a true live-work-play environment with walkability to nearby restaurants, banking, retail, and housing. The property is adjacent to multiple new upscale multifamily residences, including Veranda Shoppes, The Remy Apartments, The Manor in Plantation, and the under-construction Plantation Midtown Square project, which will bring more retail and restaurant options. In addition to the surrounding amenities, Brookwood’s capital improvement plan will elevate the property even further and continue to attract office users,” said CBRE First Vice President Joe Freitas.

Grover Corlew Taps CBRE Team To Market Boca Raton Office Buildings

June 26, 2022/in Done Deals, News/by SFOBA STAFF

Grover Corlew tapped CBRE to market two Boca Raton office buildings as the two firms continue to expand their relationship throughout Palm Beach and Broward counties. CBRE Executive Vice President John Criddle, First Vice President Joe Freitas, Senior Associate Max Pawk and Transaction Manager Allie Lancashire have been tapped to lease Palmetto Central, located at 1489-1499 W Palmetto Park Road in Boca Raton.

The prominent CBRE office team was awarded the listing by owner Grover Corlew, which purchased the buildings in 2016.

Construction has commenced on a state-of-the-art redevelopment at 1489 W Palmetto Park Road and will deliver the first Class A building to the Boca Raton office market in over a decade. The 1979-built, 83,000-square-foot building will feature ±26,000-square-foot floor plates once it has been redeveloped, with private patio access for 3rd floor tenants and balcony access on 5th floor, full height hurricane impact glass, VRF HVAC systems to allow custom control throughout tenant spaces along with new spec suites on the 3rd floor. The 5-story building offers 5.0/1,000-square-foot parking (mainly covered garage with additional surface with 12 electric car chargers). The redevelopment is slated for a January 2023 completion date.

An entirely new building exterior, which will include a brand-new façade and hurricane impact windows, is planned for the adjacent 5-story, 87,400 square-foot 1499 W Palmetto Park Road building. The project will also include a state-of-the-art gym, high tech conference center, spacious tenant lounge, a comfortable outdoor seating area, new and improved wayfinding and monument signage throughout, complimented by new landscaping.

Located in the heart of Boca Raton, the property is situated at the NE corner of I-95 and Palmetto Pk Rd. It is equidistant between East Boca (Mizner Park/Royal Palm) and Central Boca while also being just 5 minutes from the new Brightline Station and within a walkable distance to restaurants and retail. In addition to Fort Lauderdale International and Palm Beach International airports, the buildings are also in close proximity to Boca Raton and Fort Lauderdale Executive Airports.

Having earned the reputation in Florida and the southeastern U.S. for reimagining infill office properties in prime locations, the South Florida-based real estate investment management group, Grover Corlew, continues to invest in Boca Raton. Grover Corlew will be renovating 120 E Palmetto, which was recently purchased in March 2022. The company will be upgrading the lobby with new lighting, refreshing the common area corridors, painting the exterior and installing new lighting. Spec suite plans are underway for the 2nd floor and a restroom refresh is planned for the entire building.

Grover Corlew and CBRE’s relationship extends beyond Palmetto Central to 150 & 120 E Palmetto Park Road in East Boca Raton, 600 & 700 W Hillsboro Boulevard in Deerfield Beach, 2401 & 2335 E. Atlantic Boulevard along with 50 NE 26th Avenue in Pompano Beach and 1615 & 1625 S Congress Avenue in Delray Beach (leased by Jeff Kelly and Deborah Fink). The total office portfolio totals 825,095 square feet.

“We have been active in Boca since 2016 when we purchased 1499 Palmetto Park Road, and have since purchased the 1489, 120 and 150 buildings on the same street,” said partner Mark Corlew. “We have and are continuing to commit significant capital to re-introduce these incredibly well-located properties as premier, Class A office buildings with the intent to attract high-quality tenants and talent to our city. Our headquarters are here and we’re raising our children here. Given Boca’s high-quality housing and schools, the new Brightline Station and our growing downtown, our city should be an easy sale to new companies relocating to our region.”