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Class A Office Building In Plantation Nears Full Occupancy After Inking 66,500 Square Feet In Lease Deals

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Encore Capital Management, the developer of Plantation Walk, a $350 million mixed-use office, retail, residential, and hotel destination, recently announced a number of new tenants coming to the development’s 177,000-square-foot Class A office building. Five new tenants have signed leases, joining anchor tenant Aetna, bringing the building to 94% occupancy.

Office Evolution, one of the largest co-working franchises in the country, will open its first South Florida location at Plantation Walk. It will have 40 private offices as well as a traditional, collaborative work space incorporated in its 11,000 square feet space.  Office Evolution also offers virtual memberships, conference rooms, business address plans and additional business services such as phone answering and private mailboxes.

Gridiron Insurance Underwriters, which helps to manage insurance facilities and affinity-based program business on a regional and national basis, will also occupy 11,000 square feet.  Founded in 2006, they are currently based in Plantation, but announced they are moving their headquarters to Plantation Walk.

HCA Healthcare will occupy 26,500 square feet. HCA is made up of locally managed facilities that include 185 hospitals and 119 freestanding surgery centers located in 21 states and the United Kingdom. HCA is a full-floor tenant and will use the offices primarily for clinical and hospital nursing education.

Oncology Analytics provides health plans, providers, and patients with a data-driven, utilization management solution that delivers evidence-based analytics focused exclusively for oncology. The company will be relocating from its current office in Plantation and will occupy 7,000 square feet at Plantation Walk.

Rubenstein Law, a personal injury law firm practicing in Florida for more than 30 years, will occupy 11,000 square feet. The firm wanted a new office built to their exact specifications, resulting in the move from its current office in Plantation to Plantation Walk.

NKF Senior Managing Director Jay Adams exclusively represents the developer for the office leasing.

“The property had strong interest from the beginning, even during the mall demolition, and before there was air conditioning, vertical development and even elevators,” said Adams.  “Within five months of receiving our certificate of occupancy, the building is almost fully leased out, which speaks volumes about the need for this Class-A facility in this type of mixed-use development.”

These companies will be joining the building’s first tenant, Aetna, a CVS Health company, which moved in June of 2019. They are occupying 82,000 square feet of the office building which houses several divisions of the company including commercial business, Medicare, Medicaid and Aetna International.  Aetna committed to the property 12 months prior to the team receiving the Certificate of Occupancy.

“Plantation had been lacking this type and size of office space so we always knew it was going to be a critical component to this project,” said Art Falcone, CEO and Managing Principal of Encore Capital Management. “We’re offering an amenity-rich environment in a walkable area that rivals downtown Fort Lauderdale.”

The remainder of the office building is currently in the process of being leased out, and there is a limited amount of space still available.

Encore recently topped off construction on 171 apartments and is working on the first phase of retail.  In total, the project’s first phase will feature 700 luxury rental apartments under Encore’s The Rise brand and 180,000 square feet of retail space.

Once completed, Plantation Walk will create a downtown-style destination encompassing the ingredients of a true, walkable development that will create “Main Street Plantation.”  Entertainment and lifestyle options will include 180,000 square feet of unique shops and a variety of quick-service and fine dining restaurants.  Located on University Drive just north of Broward Boulevard, Plantation Walk is 10 miles from downtown Fort Lauderdale and 30 miles from downtown Miami.  It features easy access to I-595, Florida’s Turnpike and the Fort Lauderdale-Hollywood International Airport.

 

Two Class A Office Buildings Change Hands

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Newmark Knight Frank (NKF) finalized the sale of two Class A office buildings in South Florida totaling 77,969 square feet, according to a release.

Alan Long, managing director, brokered both transactions.

In the first transaction, Rushmore PGA, LLC sold a 33,090-square-foot office building known as PGA Professional and Design Center to JHKA Group, LLC. Alan Levy, Broker/President of Levy Realty Advisors, represented JHKA Group, LLC in the acquisition. The acquisition price was $10,200,000. Levy Realty Advisors has been appointed Property Manager and exclusive leasing agent.

Located in the heart of Palm Beach Gardens at 4290 Professional Center Drive, the office building is currently 100% leased. Built in 2007, the building showcases beautiful Mediterranean architecture in a pedestrian-friendly atmosphere and is located less than one mile from Interstate 95. Long represented the seller in the transaction.

“PGA Professional and Design Center was a strategic purchase for the buyers as it represents their first acquisition in Palm Beach County,” said Long. “We continue to see high demand for quality Class A office assets in South Florida due to the sparse amount of available space in the region.”

PGA Professional and Design Center is also located within 2 miles of Florida’s Turnpike and is surrounded by a bevy of retail and dining, including Downtown at the Gardens, Legacy Place Shops and The Gardens Mall, which together have more than 250 shops and restaurants.

In the second transaction, Med Prop Management, LLC bought University Medical Arts Building South, a 44,879-square-foot office building, from Rushmore Tamarac, LLC. Located at 7431 North University Drive in Tamarac, the building is 65% occupied with 15,457 square feet of available space. The building was originally constructed in 1998 and was renovated in 2017. Long represented both the buyer and the seller in the transaction.

The building lies on the campus of University Hospital and Medical Center and is located just minutes form the Sawgrass Expressway and the Florida Turnpike. The property also features high visibility along the adjacent State Route 817.

“This medical office building asset checked all the boxes for Med Prop Management, which required a value-add property,” Long said. “The acquisition furthers the buyer’s strategy of increasing asset diversification within their existing portfolio. Continued economic growth and development in the surrounding area will create new opportunities for ownership and strengthens the company’s position over the long haul.”

According to NKF Research, Broward County recorded its lowest vacancy rate in 12 years during Q3 2019, dipping below the 10% mark for the second consecutive quarter while leading the state in demand growth. Broward’s office sector experienced the strongest year-over-year rent growth for the region, with rental rates eclipsing the previous record high of $29.61/SF recorded in 2008.

 

Cushman & Wakefield Arranges 77,000 SF HQ Lease

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Cushman & Wakefield has negotiated a new, 77,000-square-foot lease with Hayes Medical Staffing, a national staffing and recruiting agency for healthcare employers, at Cypress Financial Center in Fort Lauderdale. The Class A space at 5900 N. Andrews Ave. will serve as the company’s corporate headquarters.

Cushman & Wakefield Executive Director Travis Herring and Director Katherine Ridgway represented the landlord, Miami-based Steelbridge, in the lease negotiations. Mitchell Millowitz with Newmark Knight Frank represented the tenant.

Hayes Medical Staffing has approximately 185 employees and recently announced it will add 250 new jobs to the area. The company will take occupancy of its new space in Q4 2019, joining such notable tenants as TD Bank, City National Bank and Altadis.

Cypress Financial Center is the only Class A office building in South Florida that sits adjacent to the region’s primary artery, Interstate 95. Hayes Medical Staffing will gain unparalleled visibility from the highway with top-of-building signage.

Further, an exclusive I-95 on-ramp adds convenience and accessibility throughout the tri-county area. The location also provides convenience to Cypress Creek Tri-Rail station. Other amenities include an attached parking garage, onsite security and property management, a café that serves breakfast and lunch, and weekly car wash service.

Additionally, the property recently completed an extensive capital improvement program, which included elegant renovations to the lobby, common areas, elevators and restrooms, as well as new landscaping, new monument and directional signage throughout the property and new exterior lighting.

“Between the unparalleled accessibility along I-95, nearby amenities and the recent renovations made by Steelbridge, Cypress Financial Center is one of the premier office locations for major corporations and employers in South Florida,” said Herring. “This is evidenced in the property’s continued ability to attract top-tier tenants such as Hayes Medical Staffing.”

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.

Aetna Inks Huge Office Deal At New Mixed-Use Project At Site Of Old Fashion Mall

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Aetna has agreed to a lease for about half of a planned 175,000-square-foot office building at the new Plantation Walk development in Plantation.

The office building is part of a $350 million mixed-use project that Encore Capital Management is building at the site of the old Fashion Mall at 300 NW 82nd Ave. When completed, Plantation Walk also will have 200,000 square feet of retail space and 700 luxury apartments.

A source close to the negotiations confirmed the deal with Aetna. The property’s office leasing agent, Jay Adams of Newmark Knight Frank, declined to comment for this story. Aetna’s broker, Steve Ernst of Cushman & Wakefield, did not return a phone call seeking comment.

The seven-story building is due to be completed this summer, with the first tenants moving in by December, according to a spokeswoman for Plantation Walk.

Aetna currently has about 100,000 square feet at 1340 Concord Terrace at the Sawgrass Corporate Park in Sunrise, according to CoStar data.

 

Source:  CoStar