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Over 355,000 SF Of Broward Office Space Seized In Foreclosure

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Western National Life Insurance Co., an affiliate of AIG, seized office parks in Deerfield Beach and Oakland Park from Boston-based AEW Capital Management after winning separate foreclosure actions.

The life insurance company previously won a $35.2 million foreclosure judgment against Mainstreet AEW V 800 Fairway and a $31.3 million foreclosure judgment against Mainstreet AEW V Commercial Place. The judgments concerned mortgages of $27.5 million and $26 million, respectively, plus interest and fees. Western National Life Insurance won the foreclosure auctions in March and took title to the buildings in late April.

Hillsboro Executive Center North, located at 800 Fairway Drive, has 340,055 square feet, although only 173,241 square feet is leasable space. It was built in 1987.

Commercial Place, at 3230 Commercial Blvd., has 182,585 square feet.  Tenants include Florida Blue, formerly known as Blue Cross and Blue Shield of Florida.  It was built in1991.

Source:  SFBJ

Surgical Firm Signs 15,000 SF Lease

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Mako Surgical has signed a 15,000-square-foot, long-term lease at the Design Center of the Americas Office Center in Dania Beach.

DCOTA Office Center is located at 1855 Griffin Road and consists of 250,000 square feet.

Mako was represented by Peter Sheridan, senior vice president at Jones Lang LaSalle in the deal. Cohen Brothers Realty was represented by Cushman and Wakefield’s John Criddle and Jon Blunk. Viktoria Telek, director of DCOTA Office Center and Cohen Brothers’ vice president of office leasing, Marc Horowitz, also represented Cohen Brothers.

Mako will be using the space for corporate meetings and as a training center. Cohen Brothers is based in New York and manages more than 12 million square feet nationwide.

Source: The Real Deal

Broward Has It’s Ups And Downs, Palm Beach Sees Tempered Improvement

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According to Grubb & Ellis’ recently issued South Florida Office Trends Report for First Quarter 2012, Broward County’s “up and down pace of net absorption” continued while “tempered improvement” was seen during the First Quarter in Palm Beach County.

You can view Grubb & Ellis’ complete Office Trends Report for each county by clicking on the links below:

Office Trends Report—First Quarter 2012 Broward County

Office Trends Report—First Quarter 2012 Palm Beach County

Office Trends Report—First Quarter 2012 Miami-Dade County

 

Thank you to Eric Messer, Research Services Manager, Grubb & Ellis.

BGC Forms Newmark Grubb Knight Frank

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Newmark Grubb Knight Frank President Jimmy Kuhn

 

BGC is rapidly integrating Newmark Knight Frank, which it acquired in October 2011, with Grubb & Ellis, forming Newmark Grubb Knight Frank, its new full-service commercial real estate platform.

In addition to the Grubb & Ellis professionals now joining the combined firm, Newmark Knight Frank has added more than 50 brokers in offices across the country in the last several months.

Michael Lehrman, global head of real estate at BGC, says in a prepared statement that “With more than 100 offices in North America, 250 million square feet in Property and Facilities Management, and an outstanding national Appraisal business, the creation of Newmark Grubb Knight Frank is a game-changing moment in the real estate industry. Newmark Knight Frank and Grubb & Ellis each have consistently ranked among the leading companies in the real estate industry, and now these two great brands have come together as an even more impressive competitive presence in the real estate marketplace.”

Barry Gosin, CEO of the combined Newmark Grubb Knight Frank, commented, “Our value proposition embraces a portfolio of management services, capital markets, corporate services, investment sales, leasing, tenant and landlord representation, property and facilities management, industrial engineering, appraisal and valuation services. In short, it’s a fresh and comprehensive way of identifying creative, fully integrated solutions to meet clients’ complex real estate objectives by applying BGC’s capital, management, and technology as we enlarge the scale of our real estate services platform and expand into new markets.”

Lehrman adds “Our integrated real estate business brings together an extraordinary team of best-in-class brokers, property management, facilities management and appraisal executives and their staff. This transaction is a testament to the dedication and shared client focus of literally hundreds of individuals at BGC, Newmark Knight Frank, Grubb & Ellis and their respective affiliates.”

According to Jimmy Kuhn, president of the combined Newmark Grubb Knight Frank, said, “With our teams working together, we have already won significant new mandates. Clients are telling us that with the proven strengths of Newmark Knight Frank, Grubb & Ellis’s investment sales capabilities and expertise across multiple practice groups, and BGC’s expertise in global capital markets, Newmark Grubb Knight Frank represents one of the most powerful solutions in the real estate industry.”

Business Complex Breaks Ground In Miramar

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Riviera Point Holdings LLC will break ground March 29 on a $17 million business complex in Miramar that brings international investment and a location for hundreds of new jobs to the area.

The first new office construction in that market since 2009, The Professional Center at Riviera Point, located on a four-acre site at University Drive and the Florida Turnpike, will have 70,000 square feet of office space in two four-story buildings. The initial building is projected for completion in February 2013.

“By attracting job-creating international investment, we expect our Miramar center will help stimulate the regional economy,” said Riviera Point CEO Rodrigo Azpurua, CCIM.  “The first building is funded by $7.5 million from investors from Venezuela, Argentina and Spain who recognize the advantages of owning assets in the United States and qualifying for permanent U.S. residency through the EB-5 program.”

According to an economic impact study by Wright Johnson LLC of Palm Beach, The Riviera Point development will result in the creation of 441 jobs from the construction and operation of the center once fully tenanted. Corrales Architectural Group of Boca Raton designed the professional center and Cushman Wakefield is the leasing agent. According to Jon Blunk of Cushman Wakefield, the complex offers easy access to area expressways and is flexible enough to accommodate multiple professional firms or a single corporate user in each building.  He noted that the development is well-timed to meet the demand for new generation space in a market where vacancy rates have been steadily declining.

The Professional Center at Riviera Point qualified as an EB-5 investment opportunity under the U.S. Citizenship and Immigration Services (USCIS) program, and is part of the Florida Regional Center EB-5 Investment, LLC. EB-5 allows a foreign national interested in obtaining permanent U.S residency to qualify by investing in a commercial enterprise that generates at least 10 jobs for U.S. workers for two years. At that point, the conditional EB-5 Visa becomes permanent. The qualifying investment for a project such as Riviera Point, which is located in a Targeted Employment Area, is $500,000.

Principals of the Riviera Point management team have managed development of nearly 1 million square feet in office properties in South Florida and the Americas. Florida projects include the Coral Springs Professional Campus, and the Lake Mary Professional Campus in Orlando. Azpurua emigrated from Venezuela, where he practiced law, in 2001. Partner Luis Pardo, who came in 2003, is a third-generation Venezuelan developer.

Azpurua said they’ve used their experience to plan a project that meets the stringent criteria fundamental to a successful real estate project and the legal framework of EB-5. “That approach  smooths the way for investors to qualify. As a result, our project is underway while others remain on the drawing boards,” he said. “We know first-hand, having emigrated from Venezuela ourselves, what a life-changing and important step it is, and we are grateful for the opportunity.  We are accountable now to see that our investors succeed, by keeping this project on track and meeting the job creation requirements.”

Riviera Point Holdings enters the Southwest Broward County market at an ideal time, according to Azpurua. “Miramar has set the stage for a thriving economic future,” he said. “We are excited to have a role in the vision that’s taking shape with projects such as Miramar Town Center and Rockefeller Group Corporate Center.”

C&W Begins Search For South Florida Leader

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Cushman & Wakefield has begun an executive search to identify candidates for the South Florida Market Leader position.

C&W Senior Managing Director Shane Soefker will transition from his current role as the firm’s South Florida Market Leader to focus on strengthening the company’s commitment to its investor clients in the state of Florida.

“We are emphatic about the continued growth of our Investor Services platform and we’re relying on Shane’s unique background and experience to organize and drive this important directive on a go forward basis in Florida,” said William Magner, Executive Vice President and Area Leader for Cushman & Wakefield’s Mid-Atlantic/Southeast region.

The transition is expected to take two to three months, during which time Soefker will continue to lead Cushman & Wakefield’s South Florida Operations.