Tag Archive for: michael falk

Multi-Tenant Office Building In West Palm Beach Sells For $13.9 Million

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Colliers South Florida closed last week on the sale of Village Executive Offices, located at 560 Village Boulevard in West Palm Beach.

Executive Managing Director Mark M. Rubin and Director Bastian Laggerbauer of Colliers | South Florida Investment Services Team represented the seller, North King Apartments LLC & Royal King Apartments LLC, in the transaction along with Shlomo Chelminsky from King Real Estate. Colliers Executive Managing Director Michael Falk represented the buyer in the deal.  The building is currently 97% occupied and sold for $13.9 million.

“It was a unique opportunity for our team to execute a value-added plan that monetized the owner’s investment in a competitive market which resulted in multiple aggressive bids,” said Rubin.

The ±62,875-square-foot, three-story multi-tenant office building is meticulously maintained and recently underwent over $880,000 in capital improvements. The property is surrounded by a variety of amenities, including downtown West Palm Beach, and is within minutes from I-95, Florida’s Turnpike, and North Federal Highway/US-1.

“With no deferred maintenance, a solid tenant base and a strong commercial location, 560 Village Boulevard established itself as a solid long-term investment vehicle in the West Palm Beach marketplace,” said Laggerbauer.

Palm Beach County is located within the South Florida metropolis, just north of Miami-Dade and Broward Counties. Together, the tri-county region is the eighth-most populous metro area in the nation and the largest in the State of Florida, recording over 6.2 million residents and accounting for over one-third of the state’s population. According to Fitch reports, Palm Beach County is recognized as one of the nation’s wealthiest counties, with per capita personal income levels nearly 50% higher than state and national averages and high ratings reflective of its diversifying economic base, sound financial position, and moderate debt levels. Furthermore, Palm Beach County is one of the nation’s leading tourist destinations offering white sand beaches, clear turquoise waters, and internationally acclaimed shopping, dining, and golfing venues that appeal to the masses.

 

Four-Building Office Park In Palm Beach County Sells For $155 PSF

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Cushman & Wakefield negotiated the sale and financing of Northpoint Business Plaza, a ±79,516-square-foot office park in Palm Beach County.

The Cushman & Wakefield Capital Markets team of Greg Miller, Scott O’Donnell, Miguel Alcivar and Michael Ciadella, partnered with Michael Falk and Scott Weprin of Colliers International, who represented Northpoint Investments Partnership, LP in the disposition.

ATCG LLC acquired the buildings for $12.35 million, or $155 per square foot.

Jason Hochman of Cushman and Wakefield’s Equity, Debt and Structured Finance Group, assisted ATCG LLC in securing a $7.395 million acquisition loan from Citi.

Northpoint Business Plaza comprises four single-story office buildings developed in 1988 on an ±6.3-acre site at 901 Northpoint Parkway in West Palm Beach. The park is situated less than one mile from the Interstate 95 interchange at 45th Street (Exit 74). This location offers excellent access to Interstate 95, U.S. Highway 1, Florida’s Turnpike, Brightline, Tri-Rail and Palm Beach International Airport.

The buildings were 96.7% occupied at the time of sale. The average suite size is 1,807 square feet. Notable tenants included Healthy Mothers, Healthy Babies; Wood Environment & Infrastructure Solutions; Kennedy Contractors, Inc. and the Florida Department of Highway Safety.

Northpoint Investments Partnership, LP acquired the park in 2014 and subsequently completed a capital improvement program that involved extensive interior suite refurbishment, allowing them to add significant occupancy and drive up rental rates.

“Tenants are attracted to Northpoint Business Plaza due to its efficient, single-story design, which keeps common area expenses to a minimum, providing one of the most cost-effective options in northern Palm Beach County,” said Miller.

Added O’Donnell, “The property has limited competition and aligns perfectly with prospective tenants in the market.”

 

New Office Tenants Coming To 360 Rosemary, Rosemary Square

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Related Companies that prominent investment firm Comvest Partners and leading artificial intelligence firm Levatas LLC will locate their corporate headquarters in the Rosemary Square neighborhood in Downtown West Palm Beach.

Comvest will relocated to 360 Rosemary, a sustainable Class-A office building that features state-of-the-art, loft-style office space and broke ground on May 16. Levatas LLC, a digital transformation agency and leader in artificial intelligence software, will locate its corporate headquarters to Rosemary Square, expected to open in early 2020.

 

“Our vision for Rosemary Square as a true live, work, play neighborhood is resonating with a diverse roster of businesses that recognize the growing value of dynamic locations in building corporate culture, serving clients, and attracting and retaining great talent,” said Gopal Rajegowda, Senior Vice President of Related Companies. “We are proud to offer our tenants a wide-range of office solutions, all surrounded by a vibrant array of cultural, entertainment, dining and retail offerings in the heart of Downtown West Palm Beach. The corporate relocations will also spur economic and employment benefits for the City and region.”

Comvest Partners, a private investment firm providing equity and debt capital to middle-market companies across North America with $3.2 billion of assets under management, has signed a 26,000-square-foot lease to consolidate its offices in a cohesive space at 360 Rosemary supporting the firm’s anticipated growth for the next decade.

Levatas LLC, a leader in Artificial Intelligence solutions and named as one of the “Top 150 Company Cultures in America” by Entrepreneur Magazine, is relocating its headquarters from Palm Beach Gardens to a 16,000-square-foot space in Rosemary Square injecting an anticipated $1.2M into the local economy and adding 50 new jobs to Palm Beach County. The county’s Business Development Board assisted the Levatas team in the search for office space and assisted with a $350,000 Qualified Target Industry (QTI) Tax Refund from the State of Florida, based on the company’s commitment to create new jobs paying an average of $105,490.

 

Michael Falk, Chairman and Managing Partner of Comvest, said, “We look forward to our partnership with Related as we create an office space that supports Comvest’s continued growth. The move to a dynamic and collaborative space will allow us to foster better interaction among teams and promote innovation and forward thinking.”

 

“Our type of work requires a highly skilled group of engineers, data scientists, designers and project managers, so being accessible to the broadest possible pool of talent is critical,” said Chris Nielsen, Founder and Chairman of Levatas. “The proximity of Rosemary Square to the Brightline, which connects the residents of Miami and West Palm, and soon Orlando, opens up a lot of possibility we didn’t have before, both for employees and clients. It’s also nice to be in a creative, urban hub, close to where many of our employees live and play.”

Anticipated LEED Gold, 360 Rosemary is a 300,000-square-foot building designed by Elkus Manfredi Architects and Leo A. Daly that will bring state-of-the-art, connected and innovative workspaces to South Florida. The 20-story modern building will offer loft-style office space with expansive floor-to-ceiling windows that maximize natural light and 10,000 square feet of outdoor amenity space including two terraces that allow for an exceptional indoor/outdoor workplace environment. Located adjacent to the Brightline high-speed rail station which connects West Palm Beach with Miami and Fort Lauderdale, on 10 local bus routes and just 3 miles from the Palm Beach International airport, the building offers unparalleled access to local transportation hubs. Related Companies has retained construction management company Moss as contractor for 360 Rosemary. The building is expected to be complete in early 2021.

360 Rosemary is located in Rosemary Square, which is currently undergoing a $550 million transformation led by Related to become a vibrant community and destination featuring premiere commercial office space; rejuvenated green spaces; modern residences; diverse, experiential retail and culinary offerings; robust arts and cultural programming—culminating in an exceptional new district to live, work and visit in South Florida.

Jon Blunk, President of Tower Commercial Real Estate, is the exclusive leasing agent for 360 Rosemary and represented Related in both transactions. Comvest was represented by CBRE First Vice President Kevin Probel and First Vice President Kevin McCarthy. Levatas was represented by JLL Vice President Cameron Tallon.

 

Source:  CRE-sources