Tag Archive for: mike ciadella

Cushman & Wakefield Arranges Investment Sale Of Fort Lauderdale Office Center

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Cushman & Wakefield represented Coral Ridge Office Center LLC in its $7 million disposition of Coral Ridge Office Center to NRNS Acquisition 3696 Federal Highway LLC.

Cushman & Wakefield’s Scott O’Donnell, Mike Ciadella, Greg Miller and Miguel Alcivar structured this transaction “off market.”

Located at 3696 N. Federal Highway, Coral Ridge Office Center totals 32,445 square feet on approximately 1.4 acres. The building was completed in 1989 and is nearly 55% leased to five professional services tenants. The property is well-suited for professional and service-oriented occupiers seeking high exposure in a well-trafficked corridor.

“With occupancy at 55% and in-place rents significantly below market, Coral Ridge Office Center represents a compelling value-add opportunity. The buyer’s planned capital improvements create a rare opportunity to acquire a quality, highly visible South Florida office asset at an attractive basis, with meaningful upside through increased occupancy and rent growth,” said O’Donnell, Executive Managing Director at Cushman & Wakefield.

 

Cushman & Wakefield Represents Denholtz In $34.5 Million Office Sale

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Cushman & Wakefield represented Denholtz Deerfield LLC in the $34.5 million sale of Deerfield Corporate Park Buildings 1 and 6, two single-story office buildings located in Deerfield Beach.

Cushman & Wakefield’s Scott O’Donnell, Greg Miller, Mike Ciadella and Miguel Alcivar represented the seller in the transaction, with the assets acquired by a private capital investment group.

Located at 602–668 and 776–858 S. Military Trail within the larger Deerfield Corporate Park, the two buildings total 157,510 square feet and are 87.6% leased to 26 tenants, many of whom have maintained long-term occupancy at the property for more than a decade. The campus spans 12.9 acres and was originally built in 1985, with a full renovation completed in 2017. Designed to accommodate office and office-service users, the property is more than 90% built out as office and is strategically positioned just west of the Interstate 95 and SW 10th Street interchange, offering strong regional connectivity.

Within the Deerfield Beach submarket, the single-story office market remains exceptionally tight, with an estimated 1.5% vacancy rate, underscoring the scarcity of comparable space and limited competitive supply.

“This premier location offers significant logistical advantages through direct access to South Florida’s key highway systems, particularly Interstate 95, while also benefiting from proximity to affluent residential communities such as Boca Raton, Parkland and eastern oceanfront neighborhoods that are home to many influential business decision-makers and executives,” said O’Donnell, Executive Managing Director at Cushman & Wakefield.

 

“With the submarket’s low vacancy for single-story office and office-service product and no new construction on the horizon, Deerfield Corporate Park Buildings 1 and 6 present compelling upside through multiple value-add strategies, including mark-to-market rent growth and the potential conversion of existing office suites to more flex-oriented office-service space,” added Miller, Cushman & Wakefield Director.

 

PEBB Enterprises Closes Office Property Sale In Fort Lauderdale’s Cypress Creek

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PEBB Enterprises completed the disposition of the 6400 Building in Fort Lauderdale’s Cypress Creek neighborhood.

The $11.93 million transaction closed on Dec. 17.

JS Florida Ventures, LLC and HS Florida Ventures, LLC purchased the 55,241-square-foot office building at 6400 N. Andrews Ave. The building is 89% leased and is situated adjacent to a Marriott hotel and in close proximity to I-95.

Cypress Creek is a highly desirable office submarket due to its central location, connectivity to major highways and critical mass of retail and dining.

“This sale concludes a successful long-term investment for our company, as we owned the asset for more than 20 years,” PEBB CEO Ian Weiner said. “We are actively pursuing several new office acquisition opportunities in South Florida, and this was the right time to execute the 6400 Building disposition. PEBB remains bullish about the region’s office market and continues to target opportunities aligned with its long-term strategy of acquiring well-located commercial assets with repositioning and/or redevelopment potential.”

Cushman & Wakefield’s Scott O’Donnell, Mike Ciadella, Greg Miller and Miguel Alcivar represented PEBB in the 6400 Building sale.

PEBB’s portfolio of office assets includes, among others, The Eclipse (formerly known as the Office Depot headquarters), in partnership with BH Group, and the Research Park at FAU, in partnership with Banyan Development. Those properties are representative of several office assets that the company owns in its home base of Boca Raton and throughout South Florida.

Cushman & Wakefield Arranges $26M Sale Of Fort Lauderdale Office Campus

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Cushman & Wakefield has arranged the $26 million sale of Commercial Place I and II, a two-building, Class A office campus located at 3230 and 3250 W Commercial Blvd. within Fort Lauderdale’s Cypress Creek/Commercial Boulevard submarket.

Scott O’Donnell, Mike Ciadella, Greg Miller, Dominic Montazemi and Miguel Alcivar of Cushman & Wakefield represented the seller in the transaction. The properties were sold by Brookwood Commercial Place, LLC and acquired by MYP Commercial Place, LLC, an entity managed by Moshe Popack.

“Commercial Place I & II has a history of strong occupancy and institutional ownership making it one of the premier office assets in Central Broward County,” said O’Donnell, Executive Managing Director at Cushman & Wakefield. “With best-in-class amenities and an existing roster of national corporate tenants, Commercial Place I & II offered a tremendous value-add opportunity to return the campus’ occupancy back to historical norms while enjoying strong, debt supporting cash flows.”

Commercial Place I & II spans 175,861 square feet total and was approximately 78% leased at the time of sale to a diverse mix of long-term tenants. The office campus includes best-in-class amenities such as a recently renovated lobby and fitness center, state-of-the-art conference facility for up to 40 people, and a full-service on-site café. Additionally, Commercial Place I & II is conveniently located between Interstate 95 and the Florida Turnpike, boasting unbeatable highway access and visibility to 5.3 million people within a one-hour drive.

 

Cushman & Wakefield Arranges Sale Of Cypress Creek Office Building

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Cushman & Wakefield announced the sale of Prisma at Cypress Creek, a 39,249-square-foot office building located in Fort Lauderdale’s Cypress Creek submarket that is managed by Maynada Capital Advisors, LLC and Ark Plus Group, LLC.

The final sale price was $7.95 million, equating to more than $202 psf.

Cushman & Wakefield’s Miguel Alcivar, Greg Miller, Scott O’Donnell, Dominic Montazemi, and Mike Ciadella represented the seller, South Florida Innovative Offices LLC, in the transaction. Prisma at Cypress Creek was acquired by BFO 1000 NW 65TH ST LLC, a user who plans to office at the building. The buyer was represented by Tom Skeba with RE/MAX.

“Prisma at Cypress Creek offers a differentiated value proposition when compared to similar office assets within the Cypress Creek submarket” said Miller, Director at Cushman & Wakefield. “Through the sellers recent repositioning of the building’s common areas with warm interior finishes and well-appointed art installations, the building has transformed into a contemporary suburban office location and was able to attract multiple new tenants under long-term lease commitments.”

The office building spans three stories and is located at 1000 NW 65th St. It was 93% leased at the time of sale to several tenants in the marketing, engineering, consumer finance, and healthcare sectors.

Prisma at Cypress Creek offers a key transportation competitive advantage through its central location within the Cypress Creek submarket and close proximity to Fort Lauderdale Executive Airport, the Tri-Rail, and major highways such as Interstate 95 and Florida’s Turnpike via Cypress Creek Road. In fact, more than five million people are accessible within a one-hour drive. The office building is also within Fort Lauderdale’s Uptown Urban Village overlay district, which is becoming a live-work-play destination for the area.

 

Levy Realty Advisors, Cushman & Wakefield Arrange $482 PSF Sale Of Boutique Office Building

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Cushman & Wakefield has arranged the sale of Gardens Pointe, a boutique Class A office building totaling 34,867 square feet located in Palm Beach Gardens.

The final sale price was $16.8 million, or $482 per square foot.

Scott O’Donnell, Mike Ciadella, and Dominic Montazemi of Cushman & Wakefield represented the seller, Regency Gardens Pointe LLC, in the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield secured $9 million in acquisition financing through Principal Life on behalf of the buyer, Sunnyfield South LLC, which was represented by Alan Levy, President of Levy Realty Advisors.

“As South Florida continues to heat up, assets with long-term, credit-worthy tenants like Gardens Pointe are attracting record setting pricing,” O’Donnell said.

 

“Lenders continue to appreciate the Florida story, especially for generational assets such as this one,” Hochman added. “We were able to pair our client, an intelligent, long-term investor, with a fantastic lender for a low fixed-rate loan.”

Located at 3507 Kyoto Gardens Drive, Gardens Pointe includes lush landscaping and balconies with panoramic lake views and lakefront walking paths, as well as a boardwalk to Downtown Palm Beach Gardens which offers restaurants, retail and various entertainment options. The property was 95% leased to seven tenants including Merrill Lynch and KeyBank at the time of the sale.