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Stiles Launches New Mixed-Use Development

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Stiles has launched construction of a new mixed-use development with numerous “green” features at the southern gateway to Plantation’s Midtown District – a positive step for Broward’s real estate market.

Stiles is developing the residential component of the project, a new luxury apartment community to be called “One Plantation,” in a joint venture with Prudential Real Estate Investors (PREI). Independently, Stiles owns and is redeveloping the commercial retail component, the adjacent University Shoppes. Located at the northwest quadrant of University Drive and I-595, this mixed-use project will add dimension to the Midtown area’s emerging live-work lifestyle.

Drivers along I-595 can see a sign of economic progress — Stiles Construction’s crane rising in the air.  Stiles President Doug Eagon estimates an average of 225 construction workers will work at the jobsite each month.  Completion of the residential community is expected by June 2013, and the approximate completion date for the retail center’s redevelopment is early 2014.

“We foresee continuing, strong demand for amenity-rich rental residences just steps away from shopping, dining, services and entertainment,” said Eagon. “A Stiles partnership acquired the site several years ago, recognizing its potential as a cornerstone location in the City of Plantation’s vision for Midtown.  We’re pleased to partner with PREI on this venture.”  The partnership has obtained $40.6 million in construction financing from PNC Bank.

The residential component, “One Plantation,” will be a gated apartment community on a 5.5-acre site, with two 12-story towers offering a total of 321 residences.  Stiles Construction is building the residential complex, which is one of Broward County’s first multifamily rental communities designed to achieve Leadership in Energy and Environmental Design (LEED) certification from the U.S. Green Building Council. There will be one-, two- and three-bedroom residences, as well as a 15,600-square-foot clubhouse and a residential parking garage.

While this will be Stiles’ first “green” multifamily residential development, the Fort Lauderdale-based, full-service real estate company has an ongoing commitment to sustainability in all its projects and every aspect of its operations, Eagon said.  The award-winning firm has been responsible for environmental “firsts” such as creating Broward County’s first LEED Silver-certified multi-tenant office building, and it has developed, constructed or played a key consulting role in 16 South Florida LEED projects.

“PREI shares our commitment to sustainability for this new community,” Eagon added.  “We’ve incorporated ‘green’ features that will bring residents energy savings, while reducing the community’s operating costs and enhancing the ultimate value of the property.”

Cohen Freedman Encinosa architects designed the multifamily complex with convenient features such as walk-up access to the ground floor units.

Clubhouse amenities include a pool, spa, California kitchen, firepit, children’s tot lot, 4000-square-foot fitness center, and entertainment area with game rooms, movie theater and lounge. The three-story clubhouse’s roof-top sundeck will create an open-air fourth floor.

A four-story parking garage will connect to the clubhouse and serve residents in both tower buildings.  It will feature a roof-top court for tennis and basketball.

The mixed-use development’s commercial component will reconfigure and renovate the existing University Shoppes retail and office center, to create a more appealing customer environment with easier access and improved traffic flow.  Stiles Architectural Group designed the 65,000-square-foot renovation on a 9.5-acre site just north of the new apartment community.

The popular commercial center will remain in operation throughout the phased renovation and reconstruction period, according to Eagon.  Tenants include McDonald’s, which will move to a new building within the center, plus Goodyear, FedEx, and International House of Pancakes (IHOP). Construction of the multi-phase retail renovation is expected to begin later this spring, and Stiles Realty is targeting additional local, regional and national tenants.

Ryan Goggins Gets “Drilled” In Sun-Sentinel

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You know you’ve really made it when…

Ryan Goggins, a leasing assistant at the Miranar Park of Commerce, was recently interviewed by Cindy Kent of the Sun-Sentinel.

The story reads:

Ryan Goggins, a leasing assistant at the Miramar Park of Commerce, credits his father with introducing him to real estate.

In college, Goggins majored in finance and real estate, and held a variety of internships within the industry.

Getting an education, work experience and developing contacts helped to make him hirable after graduation, Goggins says.

As the initial point of contact for leasing transactions, Goggins creates first impressions and helps to forge lasting relationships through strong customer service skills. He coordinates showing the property and prepares proposals and lease documents. Goggins also participates in negotiations and assists with the business park’s marketing efforts.

Before joining the Miramar Park of Commerce two years ago, Goggins was an acquisition and development associate with J.W. Harris and Company.

Details: Sunbeam Properties Inc., developer of the Miramar Park of Commerce, 10212 USA Today Way, Miramar, FL 33025. Phone: 954-450-7900

The drill-down:

Why are you a good fit for this job? I have a well balanced real estate background. I have held positions in development, finance, property management and residential and commercial leasing. I think this balance has developed my understanding of a company’s real estate needs.

This is a tough time for companies who might pull back on distribution sites, satellite offices and branches. We realize that our tenants’ needs are constantly changing, and we view our relationships with tenants as a partnership and work with them to create mutually beneficial long term partnerships.

What is the typical length of occupancy for a tenant, and how do you prepare for that cycle of renewals and getting new tenants?The typical lease term in the Miramar Park of Commerce is five years. Most of our business comes from servicing our current tenants. We maintain regular contact with them and build long-term relationships. Sunbeam’s ownership of approximately 4.5 million square feet within the park allows us to accommodate changing needs and retain tenants. The brokerage community is an invaluable source of new tenants: they serve as our eyes and ears in the market. Networking at industry events is critical to developing and maintaining these relationships.

What is the aspect to working in South Florida that sets you apart from your counterparts around the rest of the country? Two important factors that set us apart is our position as the Gateway to the Americas; and our high barriers to entry in the real estate market. With our location in proximity to the Americas and our large Latin population, South Florida is able to play the predominate role in trade to Central and South America. Having the Everglades and Atlantic Ocean as two physical barriers, development is constrained which strengthens our market for developers.

How do you parlay those factors into the business? We promote our proximity to the Miami and Fort Lauderdale airports and ports which is something that companies from, or working in, Central and South America look for when they are deciding on an office or warehouse location.

From the perspective of your industry, what fixes would you make to improve the local economy, and in turn, your industry? Florida must strive for a more diversified economy. Our industry will improve through an increase in manufacturing jobs and we have an opportunity to attract additional bio-medical and health care companies to the South Florida region. At the park we lease more than a million square feet of space to health care and pharmaceutical companies. Diversification and growth can be accomplished through legislation to make the state more business friendly.

What is the best advice you ever received? Measure twice, cut once. I try to be as thorough as possible to avoid mistakes.

Great article.  But the comments following the article are definitely worth a look-see.  Click on the Sun-Sentinel link below to view them.

Source:  Sun-Sentinel

Everett Named Broker Of The Year

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NAI/Merin Hunter Codman, Inc. announced that C. Todd Everett, Managing Director of the Investment Services Group of NAI/Merin Hunter Codman, has been named the firm’s Broker of the Year.

The award culminates a stellar 12-months for Everett, during which time he honed in on exclusively representing lenders and private owners seeking to divest properties around the state of Florida. This marks part of a strategic shift both by Everett and the firm as a whole to capitalize on the burgeoning volume of distressed assets deluging the commercial real estate marketplace. Everett, a seasoned veteran with nearly 20 years in the industry, has helped develop a dedicated team to focus on that specific sector.

“Todd Everett has displayed extraordinary leadership and expertise in the commercial real estate industry in Palm Beach County and along the Treasure Coast,” said Jordan C. Paul, Chief Executive Officer of NAI/Merin Hunter Codman. “Now that leadership and acumen have been brought statewide to owners and lenders, resulting in a strong year for Everett and a great contribution to NAI/Merin Hunter Codman.”

Everett is one of five NAI Merin Hunter Codman brokers who hold the prestigious SIOR designation, the commercial real estate industry’s highest and most exclusive professional certification.  Everett is also the Chairman of the North Palm Beach Treasure Coast Council of NAIOP, the commercial real estate development association; a Founding Executive Committee member of ACRES, the Alliance of Corporate Real Estate Executives & Specialists; as well as a Board Director of the South Florida chapter of NAIOP and Chairman of the Palm Beach County Bus Tour for NAIOP. Such designations are indicative of Everett’s prolific contributions and cooperation with colleagues in the commercial real estate industry in Florida. He is a frequent moderator and panelist debating industry topics and also guests on NPR to speak of topical commercial real estate issues in Florida.

In terms of his brokerage achievements this past year for which he was awarded Broker of the Year by NAI/Merin Hunter Codman, Everett closed some of the firm’s highest profile and most challenging leases and sales including representing the United States Army in one of the larger industrial land transactions in Palm Beach County in recent years, the Army’s purchase of a 13.3-acre parcel in Lake Park for $7 million. It is being developed into a state-of-the-art Army Reserve training facility. That deal and others were culminated with the help of Everett’s dedicated brokerage partners David W. Knott and Ryan R. Dinsdale, both Directors within NAI Merin Hunter Codman’s Investment Services Group. The team currently has a 14-building industrial portfolio up for sale in Melbourne along the Treasure Coast and over the last year has represented owners and lenders throughout the state from South Florida all the way to St. Petersburg and Pensacola and beyond.

Added C. Todd Everett on the award, “I’m honored to have received this distinction at NAI/Merin Hunter Codman. Commercial real estate lenders and owners are faced with unprecedented challenges divesting of troubled assets in today’s market. As a result, we have increasingly been asked to expand our services to serve them in regions throughout the state and in some cases even out of state. The resolutions and success we have achieved for our clients over the past year have been very satisfying for me personally as well as my talented team.”

This marks the third time that Everett has received NAI/Merin Hunter Codman’s Broker of the Year award.

Stiles Realty Launches Search For Its Next President

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A regional search is underway for Stiles Realty’s next leader, according to Stiles Chairman and CEO Terry Stiles.

“After 27 years heading our Realty operations, Tom Kates informed us he wants to shed his executive responsibilities and focus on what he loves doing – the transactional side of the business,” Stiles said.  “He’ll help us find Stiles Realty’s next President and take some time off for himself, then return here to concentrate on negotiating major transactions.  Tom’s legacy sets the bar high.”

Kates led Stiles Realty’s expansion as a premier commercial real estate brokerage firm from Miami-Dade throughPalm Beach counties.  The Stiles organization’s strategic plan calls for continued dynamic growth of its third-party brokerage business, Stiles added.

For the right top executive, this is an outstanding opportunity to be a key player in one of Florida’s largest, most respected private real estate development firms – and one of the state’s few full-service commercial real estate companies.

Kates assured us that while he may briefly be out of sight, he intends to continue interacting with friends and colleagues in the brokerage community. His message to brokers: “I’ve already had a great run, Stiles is a great company, and I’ll be back and eager to work with you on future opportunities”

Broward And Palm Beach At Opposite Ends Of Vacancy Spectrum

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By Eric Messer

Broward County has the lowest vacancy rate reported in South Florida.

However, the area’s strong ties to the residential sector is expected to hinder sizeable job growth through the coming year.

No significant shifts are expected for the office sector in Fort Lauderdale and its suburban submarkets. A balance between demand and supply will likely continue through the majority of 2012.

Renewals and relocations will continue to dominate transaction activity as tenants in the market take advantage of space opportunities.

Conversely, the Palm Beach market holds the highest vacancy rate throughout Florida.

The market continued its leveling recovery as sluggish economic growth and lackluster improvements in the housing sector hinder significant expansions in employment. The office sector has seen moderate declines in vacancy since the 23.8 percent peak in first quarter of 2010.

To view the reports in their entirety, click on the links below:

4Q11 Broward Office Market Trends Report

4Q11 Palm Beach Office Market Trends Report

 

Eric Messer is Research Services Manager for Grubb & Ellis Company in Boca Raton. He can be reached at eric.messer@grubb-ellis.com.

200 E Broward Rumored To Gain Back 3 Floors

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Rumor has it that with the approved sale of Ruden McClosky’s assets to Greenspoon Marder, 200 East Broward Blvd. will add three floors, or approximately 30,000 square feet, back into their available inventory.  The 225,000 square foot office building is currently 48% vacant, with 108,158 square feet available, according to CRE-sources data.

The law firm will retain a presence in the building, occupying one of the four floors it currently leases, according to sources.

Last November, Ruden McClosky announced that the US Bankruptcy Court for the Southern District of Florida had approved the sale of its assets to the Greenspoon Marder law firm. As approved, the sale will result in combined operations totaling approximately 140 attorneys and 400 staff members located in 10 offices throughout the state.

Greenspoon’s South Florida offices are located at the Trade Centre South building, at 100 West Cypress Creek Road in uptown Fort Lauderdale. Greenspoon Marder also has offices in Aventura, Boca Raton, West Palm Beach, Stuart and Orlando.

Approximately 50 Ruden McClosky attorneys will continue their practices under the Greenspoon Marder name.

The vacancy at 200 E. Broward is reported to take place in late March.