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Todd Everett Parts Ways With NAI/Merin Hunter Codman

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Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired C. Todd Everett as a senior associate in the Fort Lauderdale office, according to Gregory Matus, vice president and regional manager of the office.

In his new position, Everett focuses on the sale of office and industrial properties throughout South Florida. He also holds the title of director of the firm’s National Office and Industrial Properties Group (NOIPG).

“Todd’s in-depth knowledge of the office and industrial investment sales market makes him a tremendous asset to our clients and our firm,’ says Matus. “ His thorough understanding of acquisitions and dispositions, tenant and landlord representation, lease and contract negotiation and market research and financial analysis gives Todd a unique perspective on the sale of office and industrial properties.”

“I am excited to be part of a dominant team in the South Florida market where I can align and leverage my experience and skill set with an unparalleled network and platform to better serve my clients,” says Everett.

Everett began his career in the South Florida market in 1995 with CBRE and has more than 20 years of transactional experience representing institutional and private clients in the sale and leasing of office and industrial properties. He has completed transactions totaling more than $300 million and earned the prestigious designation of SIOR in 2004. Before joining Marcus & Millichap, Everett was a top-producing broker for NAI/Merin Hunter Codman Inc., where he served as Managing Director since 

Everett currently serves on the National Association of Industrial and Office Properties (NAIOP) South Florida Chapter’s board of directors. He is a member of the Society of Industrial and Office Realtor’s (SIOR) National Digital and Media Communications Committee and is co-chair of the Social Media Subcommittee. Everett is also the co-founder and an executive committee member of the Alliance of Corporate Real Estate Executives and Specialists (ACRES), a local networking group and think tank comprised of senior level real estate executives, investors and transaction specialists.

Everett received a bachelor’s degree from the University of Vermont.

Market Report: Palm Beach Reliant On Local Area Business Owners

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By Eric Messer, Research Services Manager, Newmark Grubb Knight Frank

Palm Beach’s office sector continued to feel the pains of a slow-growing economy as overall vacant space still hovered near 22.0 percent.

This was still 280 basis points below the peak of 24.8 percent recorded in the third quarter of 2010.

The industrial market experienced healthier conditions as vacancy rates fell to the eight percent mark at the close of fourth quarter of 2012.  This was a 440 basis point decrease from the 12.4% peak posted three years earlier at the close of 2009.

Both property segments are more dependent on small businesses run by local area owners.  This coupled with the strong ties to the residential sector has stifled stronger momentum that other markets  have seen.

The majority of deals being seen continued to come from tenants in the market as companies take advantage of space opportunities.  This trend will continue throughout 2013 as landlords hold asking rates steady.

Click on the links below for the full report.

4Q12 Palm Beach Office Market Report

4Q12 Palm Beach Industrial Market Report

Market Report: Broward’s Office & Industrial Vacancy Rates Drop

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By Eric Messer, Research Services Manager, Newmark Grubb Knight Frank

Broward County’s commercial markets chugged along in 2012 as modest positive absorption pushed vacancy rates lower for both sectors.

Broward County’s office market continued to hold the lowest vacancy rate while industrial posted the highest in South Florida, albeit just 70 basis points above Palm Beach’s 8.0% industrial vacancy.

Landlords have held asking rents steady as direct weighted averages experienced slight decreases during 2012. The push downward can be attributed to lower-end space remaining on the market as higher-end office space is being leased and the trend of businesses “flight to quality” continued. Similar conditions are projected for 2013 with momentum building toward at end of year and into the first half of 2014.

Click on the links below for the full report.

4Q12 Broward Office Market Report

4Q12 Broward Industrial Market Report

Stiles Enters Into Unprecedented Joint Venture Partnership

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In an unprecedented move to expand construction and development operations throughout the Southeast U.S. and beyond, the Seminole Tribe of Florida, Inc. and Stiles Construction, a division of Stiles, announced a new joint venture partnership to create Seminole Development and Construction, LLC.

The newly created venture provides both Seminole Tribe of Florida, Inc. and Stiles with access to a range of real estate construction project opportunities within the Native American tribal network and also includes projects planned under the auspices of the U.S. federal government.

The first project to emerge from the partnership is Seminole Classic Casino, a 140,000-square foot renovation at 4150 North State Road 7 in Hollywood, FL. The six-month long renovation was completed in January 2013 and included a complete transformation of the building’s exterior and interior, as well as upgrades to the parking lot and landscaping. Other Seminole projects in the pipeline include Brighton Public Safety Complex and a new Noodle Bar at the Hard Rock Seminole Casino.

“Our partnership with Stiles opens a world of opportunity for the Seminole Tribe of Florida, Inc. and for all Native American tribes,” said Tony Sanchez, President of the Seminole Tribe of Florida Inc. “Maintaining our unique Seminole culture while providing the highest level of service to our clients and partners is our first priority, and we believe that with Stiles’ family-owned structure, superior values and first-class reputation, this partnership will lead to new projects that will increase our market share, expand and diversify the Seminole Tribe business operations and create substantial value for our tribe as well as our fellow Native American tribes.”

With this partnership, the Seminole Tribe of Florida, Inc. will be able to offer its vast tribal network Stiles’ 60 years of construction expertise, substantial resources, accomplished staff and diverse range of development and construction services. Seminole Development and Construction will have an opportunity to pursue a variety of planned and new construction projects within the Seminole Tribe of Florida, Inc. real estate portfolio. Furthermore, the combined entity will also market construction services to other Native American tribes and pursue federal 8(a) set-aside contracting work, including judicial, military and naval air station projects, that is only accessible to federally recognized groups.

“It is an honor to join forces with the Seminole Tribe of Florida, Inc. to create a powerful partnership that will allow us to enter into new markets and offer exceptional construction and development services to the Seminole Tribe of Florida, Inc. as well as to their expansive Native American Tribal network,” said Timothy Moore, President of Stiles Construction. “We are proud to have launched our partnership with the transformation of the Classic Casino into a state-of-the-art facility, and look forward to several more great projects together.”

Headquartered in Hollywood, Florida, the Seminole Tribe of Florida is a sovereign government with an elected Tribal Council. The tribe has achieved remarkable success since it became the first U.S. Indian tribe to open high stakes bingo halls in 1979. In 2004, the Seminole Tribe of Florida opened two Seminole Hard Rock Hotels and Casinos in Florida. With the March 2007 acquisition of the Hard Rock franchise, the Seminole Tribe of Florida added the prestige of one of the world’s most respected brands. The economic stability provided by gaming, combined with their cattle, citrus, and other business enterprises, has made the Seminole Tribe of Florida one of the most successful native Indian business tribes in the U.S. today.

Berger Closes 10,000 SF Lease

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Berger Commercial Realty has closed a 10,000-square-foot lease on behalf of Black Oak Partners at 2005 Vista Parkway in West Palm Beach, the brokerage announced.

Berger’s Joseph Byrnes and Greg Milopolous handled the deal for the two-story suburban office building property.

Black Oak had bought the property for $3.73 million in July from Design Arts of Palm Beach. Since that time, Berger’s Tim Hackett has managed the 41,899-square-foot property.

Keith Darby, Viktoria Telek Unload Museum Plaza Office Condo

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Keith Darby, along with Viktoria Telek, represented the buyer in the purchase of a 16,084-square-foot office condominium in Fort Lauderdale’s Museum Plaza office tower.

The property, which is located at 200 South Andrew Avenue, had been bank owned at the time of sale. Terms were not disclosed.

Darby launched a boutique firm, Rise Realty, in September 2012, parting ways with ComReal Ft. Lauderdale, where he served as Corporate Services Advisor since July 2007.

Viktoria Telek joined Darby at Rise Realty in November.  Telek served as Commercial Real Estate Associate with ComReal Ft. Lauderdale for 8 years, leaving in December 2011 to join Cohen Brothers Realty Corp.  At Cohen, Telek served as leasing representative for DCOTA.