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Florida CRE Market Heading Toward Recovery?

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As of mid-year 2011, the Florida commercial real estate market reveals a marked turning point that began late 2010, according to the Florida Market Perspective Mid-Year 2011, a comprehensive assessment and outlook on commercial real estate throughout the state, released by CB Richard Ellis (CBRE).

“Our outlook for Florida is a slow and steady recovery over the next five years,” says Mary Jo Eaton, Senior Managing Director for CBRE in Florida. “During the remainder of 2011 we anticipate seeing more leasing and sales activity—largely in prime submarkets.”

Key Findings:

  • Select industries are beginning to re-establish their confidence in the market through expansions and long-term lease commitments.
  • Multihousing properties are highly targeted by investors in Florida. In core markets, international investors continue to show strong interest in commercial real estate assets.
  • Distressed assets continue to be a concern, but Florida’s lengthy foreclosure process slows the delivery of distressed assets available for acquisition.

Comparatively, Miami is leading the state in new activity. While lease renewals dominate markets outside the core regions, such as Jacksonville and Southwest Florida, market indicators including rental rates and occupancy are showing signs of stabilization. North and Central Florida markets have yet to experience a surge in activity, but CBRE Florida leadership agree that stabilized market indicators and strengthened fundamentals put Florida in a good position for recovery.

What’s your take?  Share your perspective by leaving a comment below.

 

 

CBRE’s Florida Market Perspective reports on seven major markets in Florida, covering office, industrial, retail, and multifamily properties. For the complete look at commercial real estate in Florida, go to www.cbre.com/fmp.

Tenant Talk

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Rumor has it that…

Garda Cash Logistics only signed a short-term lease at Via Mizner in Boca Raton and will be out looking to buy a new headquarters building within a year.

Pernod Liqueur, believed to be based out of LA, is looking for around 20,000 SF of space. From what we’ve heard, Pernod may be representated by a Cushman & Wakefield broker.

If you have some additional inside scoop on either of these tenants, leave us a comment!

Boca Village Corporate Center Under Contract

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The 100,000-square-foot Boca Village Corporate Center, one of the premier Class A office buildings in Boca Raton, is under contract for about $30 million to an investment group from Brazil. The developable land next door is not part of the deal, sources said.

The identity of the buyer was not known, but sources said the buying group is made up of individual investors seeking to park their
money in a stable, revenue-generating property. The character of the group is important because groups of individual investors from Brazil are increasingly interested in South Florida’s commercial inventory.

Malcolm Butters, Ned Segal and Art Falcone were partners in the development of the Boca Village Corporate Center, at 4855 Technology Way. Tenants include professional services firms like Oppenheim and Smith Barney.

Butters Construction and Development would not comment on the possible sale. CB Richard Ellis’ Chris Lee and is representing both parties in the deal, was not immediately available for comment.

Peter Reed, principal with Commercial Florida Realty Services, which is not involved in the deal, said the interest in Boca Village, which may sell for as much as $300 a square foot, is justified because of its location, the quality of the building and the solid tenancy.

Tom Capocefalo, managing director with tenant representative firm Studley, was not involved in the deal, but said the “top tier” tenancy and the small number of trophy office buildings in Boca Raton drove the price.

Source:  SFBJ

Sacks And Reed Close15,000 SF Expansion

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George Sacks and Peter D. Reed, principals of Commercial Florida Realty Services, announced a 15,298sf lease expansion transaction.

Before the Atlanta-based law firm of McCalla Raymer, LLC had an opportunity occupy its new 15,298sf office at 110 Tower in Downtown Fort Lauderdale, the firm exercised its pre-negotiated option to lease an additional floor.

McCalla Raymer has now leased the 24th and 25th floor or 30,596sf at the recently renovated 110 Tower.

The landlord, Genesis Capital Partners XI, Ltd., was represented by Transwestern. 110 Tower is now over 70% leased. The lease value is in excess of $5,000,000.

Source:  FREJ

Stigliano Sells 65 Acres To Hoyer Homes

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Reese Stigliano, a principal at Berger Commercial realty represented Hoyer Homes, LLC in their purchase of  a 65-acre parcel located in the city of Palm Bay in Brevard County, Florida.  The land is located in the master-planned mixed-use development known as Bayside Lakes.  Hoyer  purchased 210 single-family lots.  101 lots were in the Amberwood subdivision and 109 lots were in the Wellington subdivision.

Hoyer purchased the land from CRM Florida Properties, LLC, an entity formed by SunTrust Bank, paid $1,575,000 or $7,500 per lot.  The
purchaser’s objective will be to land bank the land , with the intent to sell to lots in a takedown arrangement to  publicly traded homebuilders, which eliminates the homebuilder’s expensive land development infrastructure cost and interest carry.

The deal was not without its obstacles.  Over $1 million in past due utilities fees were owed. Mr. Stigliano assisted in the negotiation of a
deal with the City of Palm Bay to reinstate the utility agreement and reduced past due fees to $250,000. In addition, a settlement to waive
past due property owners association fees of $250,000 and reduced annual POA fees going forward had to be negotiated.

This is Reese’s second deal with Hoyer Homes.  Reese represented Hoyer in the purchase of 53-acres in Miami-Dade county back in December, 2010.

 

John Geisen To Lead New Keyes Division

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John Geisen has been tapped to lead a new commercial division for Keyes.

Geisen’s role as Executive Vice President of the new division will be focused on all operations of the division including business development, hiring, training, establishing standards, and enhancing commercial support throughout Broward and Palm Beach Counties.

The new division is called Keyes Commercial Real Estate Services, Inc.

“We are honored to have an individual of John’s caliber heading up our new subsidiary,” said Mike Pappas, President and CEO of The Keyes Company. “We feel confident that John’s qualifications and expertise will bring Keyes’ commercial efforts to new heights and strengthen our position in the marketplace. Few if any individuals in the commercial real estate management and sales industry here in the South Florida market can compete with what John brings to the table.”

John has more than twenty years of commercial real estate management experience. He first joined CB Richard Ellis in 1979, known then as Coldwell Banker Real Estate, as an office broker in Cincinnati, and subsequently assumed the role of Senior Vice President/Senior Managing Director in 1995, overseeing all operations of CB’s Palm Beach, Broward, and Miami-Dade County offices.  He then served eight years with Codina/Flagler as President of Real Estate Services, overseeing brokerage and property management for the firm for the State of Florida.