Tag Archive for: michael lerner

Broward County Office Park Fetches $29.25 Million

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Cushman & Wakefield has arranged the sale of Lakeshore Business Center, a four-building office park in Broward County’s Cypress Creek submarket.

The Cushman & Wakefield Capital Markets team of Mike Davis, Scott O’Donnell, Dominic Montazemi, Greg Miller, Rick Brugge and Michael Lerner represented Boca Raton, FL-based Morning Calm Management in the sale.

Miami-based YMP Real Estate Management, LLC acquired the 237,682-square-foot office park for $29.25 million, which equates to approximately $123 per square foot.

Lakeshore Business Center comprises four, two-story buildings developed between 1986 and 2000. The campus is located on a ±17.0-acre site at 5100 and 5200 NW 33rd Avenue and 3201–3125 West Commercial Boulevard in Fort Lauderdale.

The park’s location midway between Interstate 95 and Florida’s Turnpike — South Florida’s two primary north-south arteries — offers nearly one-quarter mile of prominent frontage along West Commercial Boulevard in the Cypress Creek submarket.

“Cypress Creek is Broward County’s second-largest submarket and continues to be a cost effective option for tenants who are seeking easy access to South Florida’s major thoroughfares and a respite from the Fort Lauderdale CBD’s rapidly rising rents,” explained Davis. “As average asking rents in Fort Lauderdale’s CBD increase, the relative value appeal of Cypress Creek as a cost-effective option for Class A and B office space continues to grow.”

Lakeshore Business Center offers a superior parking ratio (4.0 spaces/1,000 square feet) and has received more than $1.3M in capital improvements in recent years, including high-quality interior finishes; upgrades to roofs, HVAC, lobbies and corridors; and major restroom renovations.

Further improvement and development potential is possible for new ownership. Sixteen percent of Lakeshore Business Center’s total square footage is warehouse space, which could be repurposed to office. The site also offers near-term outparcel development opportunities and the potential for a covered land play, leading to future redevelopment.

Lakeshore Business Center was 79% leased at the time of sale, with leasing velocity increasing dramatically in recent years. Notable tenants include Hair Visions International, ECI Telecom and Kirlin Florida.

 

“Lakeshore Business Center provides YMP with tremendous upside potential through the lease-up of 50,000 square feet of vacant space,” said O’Donnell. “Prior ownership had leased 78,000 square feet of new space plus 58,000 square feet of renewals in the past three years, which made up 44% of the entire submarket’s absorption during that period.”

 

Class A Boca Office Building Trades For $34.6 Million

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Cushman & Wakefield has arranged the sale of Wells Fargo Plaza in downtown Boca Raton. The Class A asset consists of a seven-story office building and a two-story building with a Wells Fargo Bank retail branch on the ground-floor, which together comprise 102,431 square feet.

The Cushman & Wakefield Investment Sales Team of Vice Chairman Mike Davis, Managing Director Dominic Montazemi, Executive Director Scott O’Donnell, Executive Director Rick Bruggeand Executive Director Michael Lerner represented IPCP Florida Realty Value Fund I, an entity of Boca Raton-based IP Capital Partners, in the sale.

The $34.6 million sale closed Friday, January 28. The property last sold for $23 million in 2015.

Wells Fargo Plaza was completed in 1999 and features a unique design by internationally renowned architect Phillip Johnson, which makes it a well-known local landmark.

Situated on 2.3 acres at 925 and 975 South Federal Highway, at the intersection with East Camino Real, the property offers panoramic views of the Atlantic Ocean and downtown Boca Raton’s evolving skyline. It is directly across from the highly exclusive Royal Palm Yacht & Country Club, and surrounded by walkable amenities such as Royal Palm Place, which has over 100 designer shops, restaurants, salons and art galleries, as well as a Publix, Fresh Market and Trader Joe’s. It is also less than a mile from Boca Raton’s entertainment center, Mizner Park, which offers numerous dining, shopping and entertainment options.

“Downtown Boca Raton has undergone a major revitalization in recent years that has made it a model for ‘new urbanism,’ integrating office, retail, residential and entertainment with a pedestrian-friendly design,” said Davis. “Wells Fargo Plaza has an ideal position in the heart downtown’s evolving landscape, making it an excellent office location for banks, financial services firms and businesses from a wide variety of industries.”

Added Montazemi, “While the property garnered diverse interest from shepherds of capital both domestic and abroad, the buyer was selected for their proven track record and ability to transact on an expedited basis.”

Wells Fargo Bank has been a tenant at the property since 1999, and most recently renewed its lease through 2025. Other notable tenants include accident attorneys Kanner & Pintaluga, P.A. and marketing agency MoreVisibility.

The property is also considered part of the Federal Highway Corridor micro-market, which is one of the top micro-markets in Palm Beach County, having experienced a 30 percent growth in average base rents over the past five years. With no new office construction in the pipeline and positive net absorption, the Federal Highway Corridor is expected to continue performing at the top of the market.

Fort Lauderdale Office Tower Trades For $113 Million

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Cushman & Wakefield negotiated the $113 million sale of 110 Tower, a 394,830-square-foot trophy office building in the Fort Lauderdale CBD.

The Capital Markets brokerage team of Executive Director Mike Davis, Senior Director Rick Brugge, Senior Director Michael Lerner, Executive Director Scott O’Donnell and Senior Director Dominic Montazemi represented Dallas-based seller Genesis Capital Partners XI Ltd., a GenCap Partners, Inc. investment fund. The asset was acquired by Boca Raton-based IP Capital Partners, LLC for $286 per square foot.

110 Tower is a 30-story, Class A office tower built in 1988. As the tallest and most recognizable building in the CBD, 110 Tower features 22 stories of office space, five stories of structured parking, two stories of mechanical space and ground-floor retail and parking. On-site amenities include restaurants, a health club, a full-service bank, as well as conference and entertainment facilities.

In 2011, 110 Tower completed a comprehensive $15 million renovation program that included upgrades to the ground floor lobby; a new 6th Street look; upgraded upper-floor common areas and other interior spaces; replacement and improvement of all building primary mechanical systems; and a unique exterior lighting system. New and existing amenities include 110 Fitness, Subway, That’s A Wrap, Dunkin’ Donuts, Sabadell Bank, car wash, a wrap-around outdoor terrace, ballroom and multiple conference centers.

110 Tower has received numerous accolades, including USGBC of South Florida’s Gala Verde Award as Florida’s Best in LEED for Existing Buildings; BOMA Fort Lauderdale/Palm Beaches’ TOBY Award for Renovated Building of the Year; BOMA’s Southern Regional TOBY Award for Renovated Building of the Year; and the PRISM Award for Renovated Building.

The property’s location at 110 SE 6th Street sits directly across from the new Broward County Courthouse. Fort Lauderdale has also made a commitment to municipal improvements in immediate proximity to 110 Tower, including the completion of the Wave electric streetcar with a stop directly in front of the asset.

“The CBD has evolved into a true live, work and play environment, which is driving strong demand for office space,” said Davis. “Despite the growth in residential construction and population within the CBD, however, there is currently no new Class A office construction. With growing demand and no new supply, rental rates and occupancies in the Fort Lauderdale CBD are expected to continue to grow well into the future.”