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Plantation’s Cornerstone Corporate Center I Trades For $38 Million

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JLL Capital Markets has closed the sale of Cornerstone Corporate Center I in Plantation.

JLL represented the seller, The AFL-CIO Building Investment Trust, advised by PNC Realty Investors, and procured the buyer, PIR Corner, LLC, an entity managed by Atlanta-based private commercial real estate firm The Brookdale Group.

Comprised of 170,172 square feet, Cornerstone I is located on 9.14 acres overlooking exceptional lake and golf course views at 1200 S Pine Island Road. The Class A, 80% leased multi-tenant asset is perfectly situated at a key access point to the vibrant community of Plantation, with proximity to I-595 and Fort Lauderdale. Cornerstone I boasts high-quality tenancy including Marriott International, Morgan Stanley and MetLife. The Property features a covered parking deck, a recently renovated gym, a café and access to numerous nearby restaurants and amenities.

The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Director Hermen Rodriguez, Managing Director Ike Ojala, Senior Director Matthew McCormack, Associate Max Lescano and Analyst Blake Koletic.

“Even today with rising interest rates, well-located, suburban office buildings have significant investor demand in South Florida,” said Rodriguez.

Berger Commercial Realty Celebrates 25 Years

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Berger Commercial Realty/Corfac International, a leading independent and privately owned regional, full-service commercial real estate firm based in Fort Lauderdale since its founding in 1998, is celebrating its 25-year anniversary, marking a great achievement and a major milestone for the company. The firm’s property management and brokerage services include tenant/landlord and buyer/seller representation; project and construction management; receiverships; agency/project leasing; capital advisory/investment sales; retail services and more.

berger commercial realty_25th-anniversary logo_croppedThe company began as a property management firm and remained solely focused on property management for the first years. Now, as one of the largest independently owned and operated commercial real estate brokerage and property management firms in South Florida, the company has grown to 45 employees with two offices in two counties, currently averaging approximately 300 brokerage transactions each year for a total volume of roughly $400 million.

In 2020, Berger Commercial Realty founded its affiliate company, Andrews Avenue Residential, a residential property management company focused on superior multifamily real estate operations, including full-service management, accounting, and acquisitions. AAR currently manages over 1,800 units throughout the southeast.

“Berger Commercial Realty’s commitment to providing the highest level of customer satisfaction coupled with the unparalleled professionalism of our team members has provided for 25 successful years,” commented Lloyd C. Berger, Berger Commercial Realty President.

With dozens of awards and a talented and resolute team of brokers, property managers, and commercial real estate professionals, Berger Commercial Realty is poised and ready to continue to deliver exceptional results, customer service, and market knowledge for many years to come.

 

JLL Hires CBRE Alum As New Tenant Rep Managing Director

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JLL announced the hiring of commercial real estate industry veteran Zach Wendelin as a Managing Director. In this role, Wendelin will provide strategic, integrated and comprehensive commercial real estate advisory and transaction services for tenants. He will be based in the company’s Miami office.

With over 16 years of experience in the real estate industry and a track-record as a top producer, Wendelin has negotiated more than seven million square feet of leased office space for clients that span over 1,000 transactions, which involved strategic real estate planning, workplace strategy, financial consulting and transaction management. Over his extensive career, Wendelin has represented clients from Fortune 500 corporations to homegrown brands in South Florida such as FIS, TD Bank, Ford Motor Company, Shutts & Bowen, and Banco General.

“We are fortunate to be at a time where the South Florida office market is experiencing continued, heightened interest from companies throughout the country looking to enter or expand to the region,” said Rod Barnes, JLL Market Director for South Florida. “With Wendelin’s addition to our tenant advisory team, we will be in a stronger position to assist new-to-market and existing companies with their office space needs and help guide them through the real estate decision-making process.”

Prior to joining JLL, Wendelin spent six years as a Senior Vice President with CBRE, and previously served as a Vice President at Cresa Partners of Florida, which JLL acquired in 2015.

Wendelin is a native of Miami and grew up in Miami Beach. In addition to his education at the University of Miami, Wendelin was a member of the United States Navy, serving overseas in Yokosuka, Japan. He spent four years onboard the USS O’Brien (DD-975) and served as a Search and Rescue Swimmer (SAR) and Visit, Board, Search, and Seizures (VBSS) team member. Wendelin received several letters of commendation and multiple medals and ribbons for his military service from 1995-1999.

He is an active member of the South Florida community involved with several civic and industry organizations including the Muscular Dystrophy Association, Make-A-Wish Foundation, South Florida Office Brokers Association, and National Industrial & Office Properties (NAIOP) South Florida.

 

Class A Luxury Office Condo In Hallandale Beach Launches Sales

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Grupo Eco, the premier developer of dynamic and architecturally defining mixed-use lifestyle properties, has launched sales of its 12-story, 110,000-square-foot Class A luxury office condo tower in Hallandale Beach’s Atlantic Village.

The innovative office condo tower at 800 N. Federal Highway is the first Class A luxury office space of its kind in Hallandale Beach. It will feature the highest quality finishes tailored to the tastes of sophisticated local business owners and investors seeking real estate opportunities with a successful diversified development group. The office condo tower fulfills Phase 4 of Grupo Eco’s visionary Atlantic Village, the mixed-use high-end lifestyle development transforming Hallandale Beach.

“We felt we had to bring the office condo development to market because there was nothing of this high quality in Hallandale Beach,” said Grupo Eco Developer Daniel Chaberman. “People flocking to new luxury condos like The Residences at Shell Bay by Auberge Resorts Collection and Oasis Hallandale and residents of nearby Golden Beach, Aventura and Sunny Isles want short commutes to the office and the convenience of being able to walk across the street to Atlantic Village to eat at top restaurants, meet with clients, see doctors, visit nail salons, exercise, play soccer and more.”

The façade features floor-to-ceiling glass with floor heights of more than 12.5 feet, offering business owners and users large spaces with expansive views and natural light in the lobby and offices. The building features 10,000 square feet of restaurant and retail space on the ground floor, five parking levels and five floors of luxury offices. The condo units run from 1,097 – 6,618 square feet, with 57 units available. Office suites will range from 1,100 square feet to 6,600 square feet, with asking prices starting at $650 per square foot. Prices could reach $700 a square foot or more for penthouses or for other premium suites.

Grupo Eco is also innovating through its sales strategy by starting construction nine months before launching sales. Typically, developers wait until most of the building is sold before bulldozers and concrete trucks are onsite. The overall strategy speaks to Grupo Eco’s confidence in demand from the local market for its cutting-edge design and well-located office condo product at Atlantic Village.

“Grupo Eco was excited to start construction on the office condo component of Atlantic Village because we understand that buyers want to know exactly when their space will be delivered,” added Chaberman. “We are halfway done and crews are installing the floor-to-ceiling glass. You can see how the design will offer great views of the city and make the office condo tower an architecturally important milestone for Hallandale Beach.”

The Class A office condo development is also Phase 4 of Group Eco’s ambitious lifestyle center along Federal Highway – Atlantic Village.

Phases 1 – 3 of Atlantic Village include 118,000 square feet of fully leased restaurants and retail, one leasable Class A office building and one leasable luxury boutique office building. Current and future tenants include Temakase, Crema Gourmet, Jaffa Israeli Kitchen, Drunken Dragon, The Blues Burgers, Dr. Limon Ceviche Bar, Holi Vegan, El Primo Red Tacos, Crudos, Key Point Academy, Open Hearts Language Academy, Live School of Music, Miami Swimming Academy, Flippos Kids Playground, fitness center 54D, Juventus Academy, operator of soccer fields and more, Browaholic Studio and executive suite provider, The Worx.

“Our main objective has always been to generate great life experiences for those who work and enjoy their leisure time in our developments,” Chaberman said. “We combined our innovative concept, cutting-edge design and unique customer experiences at Atlantic Village to offer the community a distinctive way of living, eating and working. The office condo development is designed to take it to another level of quality and luxury.”

 

The Atrium At Broken Sound Snags 4 New Tenants

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Four companies signed leases for a total of 16,722 square feet of office space in The Atrium at Broken Sound in Boca Raton.

Built in 1986 at 6111 Broken Sound Parkway NW and renovated in 2020, the three-story property totals 100,668 square feet. It is owned by New York-based Alchemy-ABR Investment Partners and Miami-based Breakers Capital Partners.

John Criddle, Joe Freitas and Jeffrey Kelly of CBRE represented Alchemy and Breakers in the lease negotiations.

The four businesses that will move into The Atrium are:

  • Crossroads Financial, a Boca Raton-based firm that provides credit for small retail and e-commerce businesses. It signed a seven-year lease for a 5,152-square-foot space on the second floor. Max Pawk of CBRE represented Crossroads Financial.
  • Virtue RX, a distributor of veterinary pharmaceuticals. It signed a lease for 2,084 square feet on the second floor. Virtue was represented by Ingrid Fulmer of Coldwell Banker Commercial NRT.
  • Nylene, a New Jersey-based distributor and manufacturer of polymer fabrics. It will occupy a 1,795-square-foot office on the second floor.
  • Cresa Global, a newly established branch office of the Chicago-based tenant representative brokerage. Bob Schneiderman, managing principal of Cresa Global, represented his office in the lease negotiations.

In addition to the new leases, department store Marshalls, a subsidiary of the TJX Cos. (NYSE: TJX), renewed its lease on a 5,946-square-foot space on the third floor for five more years.

Alchemy and Breakers acquired the Atrium at Broken Sound for $21.4 million in November 2018. Available office space is being advertised for $24.50 a square foot on LoopNet.com.

Source:  SFBJ

Cresa Expands Florida Footprint With New Boca Raton Office

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Cresa has opened its newest office in Boca Raton, located at 6111 Broken Sound Parkway NW.

Located in central Boca Raton, the new office encompasses approximately 2,000 SF and further enhances the firm’s presence across South Florida. Bob Schneiderman, Managing Principal (previously the Executive Managing Director of Colliers), will head up the office and plans to hire additional advisors and team members to expand the office.

“Bob brings a wealth of market intelligence and client connections to the firm, having served clients locally and around the globe for decades. He is a consummate professional and is a significant addition to our growing Florida operation and advisory platform nationally. We are thrilled to welcome him to Cresa,” said Tim Rivers, Cresa Market Lead – Florida.  

Cresa advocates for tenants in the professional services, technology, supply chain, healthcare, and additional sectors driving significant economic growth throughout the state. Notably, the firm’s Miami office completed 136 projects in 2022 alone, totaling $160 million in transactions.