Tag Archive for: scott o’donnell

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.

 

Grover Corlew Acquires Downtown Boca Office Building

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The South Florida-based real estate investment management group, Grover Corlew, has acquired Palmetto Park City Center, a 66,606-square-foot office building in downtown Boca Raton for $25.2 million.

Having earned the reputation in Florida and the southeastern U.S. for reimagining infill office properties in prime locations, Grover Corlew plans to invest in Palmetto Park City Center with upgrades to tenant space, common areas, landscaping and the façade.

Located at 120 East Palmetto Park Road, Palmetto Park City Center is a five-story, Class A office building that sits adjacent to the 109,497-sq.-ft. Bank of America Tower, purchased by Grover Corlew in July 2021.

Less than a year after acquiring the eight-story Bank of America Tower, Grover Corlew has already made major strides toward revitalizing the property. During that time, both tenant occupancy levels and rental rates have risen by 30%. A high-end and well-known restaurant has also signed a 7,800-square-foot lease and will open on the ground floor later this year. Plans are also underway for substantial renovations and development of the Bank of America Tower, which will take advantage of the building’s significant retail frontage along the burgeoning East Palmetto Park Road.

“We have been making continuous investments in Boca Raton since 2016 when we originally purchased 1499 West Palmetto Park Road and subsequently purchased the adjacent 1489 building,” said partner Mark Corlew.  “Our headquarters are here, and we’re raising our children here. We see these two properties as an ideal opportunity to invest in our hometown.”

Originally built in 1996, Palmetto Park City Center is located in the heart of downtown Boca Raton, with direct access on Palmetto Park Rd and just east of US-I.  The property is within walking distance of Mizner Park, is less than a mile from the Boca Raton Resort & Club and is within close proximity to Royal Palm Place, countless restaurants and shops, and the soon to be completed Brightline station. The building was awarded an Energy Star label in 2015 and features a renovated lobby, lush landscaping and ample covered and free surface parking.

In addition to Fort Lauderdale International and Palm Beach International airports, Palmetto Park City Center is also in close proximity to Boca Raton and Fort Lauderdale executive airports.

The Cushman & Wakefield Capital Markets team led by Dominic Montazemi and Scott O’Donnell brokered the transaction, and financing was provided by Wells Fargo facilitated by Patrick Ramge.

“Because of their recent purchase of the adjacent building, Grover Corlew was uniquely positioned to benefit from scale and synergy that buying 120 E. Palmetto Park provides,” said Dominic Montazemi of Cushman & Wakefield.

In November 2021, Grover Corlew sold Sabre Centre I, a Class A office building also located in Boca Raton, after investing significantly in common area and tenant upgrades while re-tenanting the building in its entirety. The building received considerable attention when Gift of Life, a bone marrow and stem cell registry, moved its corporate headquarters there.

Most recently, Grover Corlew launched Mayla Residences, a new ground-up multifamily brand and celebrated the groundbreaking of the 355-luxury residence, Mayla Pompano, located on East Atlantic Boulevard in Pompano Beach.

“This is a strategic move for us as we continue to set our sights on underrealized areas of South Florida,” noted partner Anuj Grover. “This stretch of the East Palmetto Park corridor has tremendous long-term potential as a lifestyle friendly location to do business. We look forward to repositioning and rebranding this exceptionally well-situated property.”