Tag Archive for: park at broken sound

Meridian Center Of Boca Raton Achieves 95% Occupancy

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Meridian Center of Boca Raton, a premier two-building, 52,000-square-foot office campus located at 6501 and 6531 Park of Commerce Blvd. within the prestigious Park at Broken Sound business park, has reached 95% occupancy, according to Reese Stigliano, President of Stigliano Commercial Real Estate.

In the latest lease transaction, Barentz North America, LLC has renewed their lease for 14,408 square feet. Barentz is a global specialty ingredients distributor and solutions provider. Barentz serves customers across multiple industries including Human & Animal Nutrition, Personal Care, Plastics, Household Care, Industrial & Institutional Cleaning, Pharmaceuticals, and Specialty Intermediates.

Stigliano represented the landlord in this transaction.

“The strong leasing activity at Meridian Center is a testament to the quality of ownership, professional property management, and the site’s exceptional accessibility,” said Stigliano. “Tenants benefit from unmatched connectivity to I-95, Tri-Rail, Brightline, Boca Raton Executive Airport, Palm Beach International Airport, and Fort Lauderdale-Hollywood International Airport.”

Reese Stigliano, President of Stigliano Commercial Real Estate, is a seasoned veteran of the South Florida commercial real estate market, bringing over 40 years of experience to the industry. He specializes in office leasing, investment sales, and land transactions, and also serves as a registered governmental lobbyist. In this role, he advises clients on zoning, land use, and site plan approvals, providing strategic guidance through complex regulatory environments.

Meridian Center Of Boca Raton Achieves 95% Occupancy Milestone With The Farmer’s Dog’s Full Floor Lease

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Meridian Center of Boca Raton, a premier two-building, 52,000-square-foot office campus located at 6501 and 6531 Park of Commerce Blvd. within the prestigious Park at Broken Sound Business Park, has reached 95% occupancy, according to Reese Stigliano, President of Stigliano Commercial Real Estate.

In the latest lease transaction, The Farmer’s Dog, a fast-growing U.S. pet food company known for delivering human-grade meals tailored to each dog’s needs, signed a lease for the entire ground floor of the 6501 building, totaling 19,450 square feet. Stigliano represented the landlord in this transaction.

Earlier this year, Regus, a global provider of modern co-working and flexible office space, opened a 13,000-square-foot facility on the second floor of the same building. The space features over 58 private and shared workspaces and reached 100% occupancy within the first 60 days of operation. Stigliano also served as project coordinator on behalf of the building’s owner, Castle Boca, LLC.

reese stigliano“The strong leasing activity at Meridian Center is a testament to the quality of ownership, professional property management, and the site’s exceptional accessibility,” said Stigliano. “Tenants benefit from unmatched connectivity to I-95, Tri-Rail, Brightline, Boca Raton Executive Airport, Palm Beach International Airport, and Fort Lauderdale-Hollywood International Airport.”

 

Marcus & Millichap Negotiates Sale Of Class A Office Building In Boca Raton

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Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of 1095 Broken Sound Parkway, a 46,593-square-foot Class A office building in the Park at Broken Sound office park in Boca Raton.

The property sold for $9.5 million.

“This asset is the newest Class A office building to be delivered in the 700-acre, dynamically evolving and highly desirable Park at Broken Sound live-work-play office park,” said Douglas K. Mandel, IPA executive managing director. “An ideal corporate or regional headquarters, the acquisition gives our buyer the opportunity to occupy more than 50% of the building’s existing square footage.”

Mandel, along with Tyler S. Kuhlman and Zachary Levine of Marcus & Millichap represented the seller.

“The Palm Beach County office market observed a strong rebound last year, as evidenced by the metro’s office-using employers’ recovery of all pandemic job losses by the second quarter,” said Kuhlman. “Currently, employers are on track to end the year 8,000 positions above pre-health crisis counts.”

Located at the intersection of Broken Sound Parkway and Broken Sound Boulevard, the building has over 400 feet of prime frontage on Broken Sound Parkway. Nearby Interstate 95 gives tenants and their customers easy access to Florida’s Turnpike, three airports, and an abundance of retail, dining, hotel and entertainment options. The 1.5 million-square foot Town Center Mall is 3.2 miles away and the Boca Raton Station of the Tri-Rail system, South Florida’s 71-mile mass transit commuter train system is less than a mile away.

Constructed in 2008, the three-story concrete office building has single-deck structured parking and ample underneath parking with multiple entrances.

 

Stigliano Closes Sale Of Boca Raton Office Buildings

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Reese Stigliano, president of Stigliano Commercial Real Estate, announced the sale of 6501 & 6531 Park of Commerce Blvd. in Boca Raton.

The property consists of 2 multi-tenant office buildings totaling 52,000 square feet. The buildings are situated on 4.35 acres in the prestigious Park at Broken Sound, formerly known as Arvida Park of Commerce, located just north of Yamato Road west of I-95 in Boca Raton.

6501 park of commerce blvd

The sale closed on December 21 for $8.9 million, which equates to $170 per square foot. Stigliano represented the Buyer, Castle Boca, LLC, in the transaction. CBRE’s Jeff Kelly, Sean Kelly and Dave Wigoda represented the Seller, MTI PROPERTIES FLORIDA LLC.

According to Stigliano, “The transaction took over 6 months to close which is significantly longer than usual in today’s market.”

The Buyer assumed a $5.1 million existing Commercial Mortgage-Backed Securities (CMBS) Loan.

“CMBS loans are desirable due to lower interest rates but they are very expensive to prepay and the procedure to assume is arduous. Fortunately, the Seller and Buyer had the patience to work though the loan assumption process,”  he added. 

Stigliano Commercial Real Estate has also been appointed the exclusive leasing agent for the property, which has approximately 13,000 square feet of vacant space.

Reese Stigliano is a recognized leader in the South Florida commercial real estate market, with over 40 years of experience. As President, he focuses on land sales, investment sales and office leasing for the firm. Stigliano’s talent in bringing complicated commercial transactions to a close has been evident throughout his successful brokerage career.

 

Healthcare Company Expands, Inks Deal For 29,000 SF

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Avison Young negotiated the lease expansion and extension for a healthcare company which will take 29,219 square feet long-term at North 40, an office complex in the Park at Broken Sound spanning two buildings and 352,043 rentable square feet.

The company is expanding its space by 7,599 square feet within the building at 901 Yamato Road in Boca Raton.

“The tenant is expanding to accommodate the relocation of another department to its corporate location at North 40,” said Avison Young Principal Mark Rubin. “Offering synergistic tenancy and a convenient location, North 40 continues to be home to many corporate and regional headquarters.”

Rubin represented the tenant and Principals Keith O’Donnell and Gary Gottlieb represented the landlord, PG Mainstreet North Forty, LLC, during the lease transaction.

Ownership acquired North 40 for $68.35 million, the largest sale transaction in Palm Beach County during first quarter 2019. Avison Young has been the exclusive leasing agency for the asset since 2014.

“We were awarded the North 40 leasing assignment at 47 percent occupancy and quickly leased up the complex and maintained an above-market occupancy rate which is currently at 90 percent,” said O’Donnell. “The latest transaction represents strong tenant demand in Boca Raton which continues to be one of South Florida’s hottest office markets.”

In addition to direct access to Interstate 95 from Yamato Road, North 40 boasts an efficient floor design, collaborative meeting areas, a conference center, and a fitness center.