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Department of Revenue Pulls Tenant Improvement Tax

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The Florida Department of Revenue has decided to suspend its consideration of a sales tax on tenant improvements to commercial property.

For now, at least.

“We are not proceeding with the rule at this time,” DOR spokeswoman Renee Watters said Tuesday.

Commercial real estate brokers and development industry leaders opposed the tax, suggesting it had the potential to have a significant negative impact on the state’s economic comeback.

The Florida Gulfcoast Association of Realtors hosted a meeting of industry leaders and DOR officials in Tampa earlier this month.

Tenant improvements are any type of added or changed development to a real estate structure made to help a lessee conduct business. Industry officials were concerned that a tax would dampen tenants’ willingness to improve and expand their businesses, a key to Florida’s recovery.

Could the proposal return in the future? “That’s what ‘at this time’ generally means,” Watters said.

The state is facing a $2 billion budget shortfall in 2012.

Source: TBBJ

Bo Paty Inks 14,000 EcoPlex Deal

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Florida Public Utilities Company (FPU), a subsidiary of Chesapeake Utilities Corporation (NYSE: CPK),   will relocate its West Palm Beach headquarters office to EcoPlex® at Centrepark West, 1641 Worthington Road, West Palm Beach, FL. FPU has leased 13,924 square feet for a term of five years.  Kris Hustad and Susan Thomas of Touchstone Webb Realty Company represented the tenant and Bo Paty of Navarro Lowrey Properties, Inc. represented the owner in the transaction.   EcoPlex is the first speculative office building in West Palm Beach, and only the second in South Florida, to achieve a LEED® Gold certification from the U.S. Green Building Council (USGBC). Located in the Centrepark Office District, the four-story, 100,000 square foot office building with adjacent garage is the first Class “A”, multi-tenanted “green” office building of its kind inPalm Beach County.

“As we considered options to move ourWest Palm Beachoffice, we were excited to discover the EcoPlex building” said Jeff Householder, FPU’s President. “The building is close to our current downtown facility, which was an important factor. FPU has been providing gas service inWest Palm Beachsince 1924. We have a strong commitment to this community and wanted to relocate in close proximity to downtown. In addition to location, EcoPlex offers us state-of-the-art building technology, with the hurricane-resistant features and emergency power systems that are critical to meeting our customer’s needs during a storm. The energy-saving design and high performance systems (LEED Gold certified) are also in keeping with our interest in promoting clean, efficient energy. As great added features, our employees will have access to a state-of-the-art fitness facility and covered parking.” said Householder.

Listokin & Moore Sell 2 Boca Raton Buildings

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Robert Listokin, SIOR and Peyton Moore, MBA, have completed the sale of two office buildings in Boca Raton in two separate transactions totaling over $6.7 million in value.

Listokin and Moore represented both seller First Southern Bank and buyer Sanctuary Centre Partners, LLC, in the sale of 10 separate office
condominiums at Sanctuary Centre, located at 4800 N. Federal Highway in Boca Raton, FL. A total of 27,503 square feet make up the sold units, which range in size from 642 square feet to 8,256 square feet. Amenities at the project include underground parking and a key location at the major intersection of Federal Highway and Yamato Road in northeast Boca Raton. The buyer plans to lease the units, says Listokin.

The team also sold the Boca Raton Comprehensive Cancer Center at 21020 N. State Road 7 on behalf of the seller, Los Angeles based Aptium Oncology. The 31,632-square-foot office/medical building featured additional land that can support another building of approximately 10,000 square feet, and amenities including impact glass and a location just half a mile from West Boca Medical Center.

 

Lobinsky Herring Team Pulls Out Of Cabot Listings

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Effective Friday, September 16th, Deanna Lobinsky, Travis Herring and Andy Ackerman have discontinued their association with the four Cabot Investment office buildings they once represented on behalf of the owner.

  • Corporate Center, located at 110 E Broward Blvd., Ft. Lauderdale
  • Cypress Creek Tower, located at 800 W Cypress Creek Road, Ft. Lauderdale
  • Preferred Exchange Tower, located at 3111 University Drive in Coral Springs
  • Trafalgar Plaza I & II, 5300-5310 NW 33rd Avenue, Ft. Lauderdale

No reason was given for the CBRE team’s departure, but rumors began swirling about a month ago regarding Cabot’s inability to pay brokerage fees in a timely manner.  ‘Nuff said.

New Commercial Information Exchange Launches In South Florida

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Introducing South Florida’s newest electronic database – FloridaCIE.

ePropertyData has introduced FloridaCIE, a new commercial real estate information exchange specifically for the Miami Dade, Broward and Palm Beach Counties, providing members with access to professional marketing tools, plus organized, analytical data for research and sales. For just $65 monthy, (yep, you got that right…only $65!) members have access to:

  • TENANT LISTS
  • CUSTOM MARKET AREAS
  • POLYGON SEARCHES
  • AUTOMATIC NOTIFICATIONS
  • COMPARABLE SALES
  • MARKETPLACE ANALYTICS
  • BROADCAST EMAILS

FloridaCIE is “property-centric,” meaning that the database that underlies the CIE system is structured and patterned upon an inventory of all the commercial parcels and buildings in the tri-county market. A property -entric system produces more accurate data! The system allows for historical sale and lease transaction tracking in addition to current data.  Sale and lease listing systems cannot compare.

Search commercial real estate for sale and for lease. Search commercial land and multi-family listings. Access listing information for Office, Industrial and Retail product.

Members also have access to tenant information, iPad Mobile App, fastFlyer, National Haves and Wants Database and Investit Lite software – all FREE with their paid subscription!

Come see for yourself!  CRE-sources will be co-hosting a demo of FloridaCIE along with Liberty Property Trust on Wednesday, September 14th at Sunset Plaza, located at 13621 NW 12th Street in Sunrise.  A light breakfast will be served.

All attendees will receive an exclusive 30-day free trial!  CLICK HERE TO REGISTER

Grubb & Ellis Sold?

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Talk of the sale of Grubb & Ellis to Colony Capital LLC, a Los Angeles-based hedge fund manager, circled on Friday.

Grubb & Ellis Co. (NYSE:GBE)  announced in March that is it had hired San Francisco-based investment banking firm JMP Securities to explore strategic alternatives for the company, including a potential sale or merger, provides the latest sign of changes rippling through the CRE brokerage services market.

Grubb then struck a potentially lifesaving $18 million financing deal in late March with Colony Capital LLC, a Los Angeles-based hedge fund manager.

That deal gave Colony—led by billionaire real estate investor Tom Barrack—a 60-day exclusivity period to consider a larger strategic transaction with Grubb, whose stock has been battered by the commercial real estate downturn as well as an ill-fated combination with Santa Ana-based NNN Realty Advisors in 2007.

The exclusivity period ended in May.  As a result, Grubb actively engaged in discussions with additional parties, while continuing discussions with Colony.