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Tricera Capital Signs Nearly 50,000 SF Of Office Leases At The Press

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Tricera Capital, the Miami-based commercial real estate firm with a vast portfolio across the Southeast U.S., completed a substantial refinancing and secured numerous exciting leases at its pioneering mixed-use project – The Press – in West Palm Beach.

The new office leases account for a combined total of more than 68,000 rentable square feet.

The refinancing, which closed on July 29, adds $19 million to Tricera’s existing loan with Monroe Capital LLC of Chicago. Tricera plans to use the additional funds for tenant and site improvements and to continue the buildout of the ±136,000-square-foot Workspaces at the Press and the ±120,000-square-foot Shops at the Press.

Recently signed leases at the Workspaces at the Press include: SROA Capital – a self-storage real estate investment firm that leased ±25,900 square feet, Knotel – the global flexible office platform that leased 18,000 square feet, and Blue Sky Financial – a mortgage brokerage firm that finalized a ±5,200-square-foot lease renewal and relocation within the office building

“We are proud of the successful execution to date,” Tricera Managing Partner and CEO Ben Mandell said. “The product offering will fill a void for high-quality retail and office along the South Dixie corridor. The Tricera team also would like to thank Monroe Capital for its continued belief in our ambitious project.”

Jason Krane of Ackman-Ziff Real Estate Group arranged the financing transaction.

The firm found a way to modernize the asset while still maintaining the site’s integrity; paying homage to an important piece of the city’s history.

The Press also includes a newly constructed Starbucks, which opened in June 2021 and has upscale features and a drive thru.

Other members of the project team include:

  • Miami-based Red Door Construction, led by Gal Bensaadon
  • St. Petersburg-based Storyn Studio for Architecture, led by Everald Colas
  • St. Petersburg-based Ya La’ford, a renowned muralist who is creating public art displays on the project’s exterior façade

 

Jaime Sturgis Brokers $10 Million Off-Market Sale Of Flagler Village Office Building To Prominent Investor

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Jaime Sturgis, CEO of Native Realty, just closed his second big off-market Fort Lauderdale investment sales transaction in the past week. On July 20, Sturgis represented both sides of the $10 million sale of a Flagler Village office building.

Charlotte-based real estate investment company Asana Partners purchased the 707 NE Third Ave. property, which includes an 18,251-square-foot office building, adjacent 6,520-square-foot warehouse and surface parking lot. Telecom Building Corp. is the seller.

“With two off-market closings totaling $27.5 million, the past week has been a showcase for Native’s creative dealmaking abilities,” Sturgis said. “The buyer has been actively targeting opportunities in Flagler Village. We were able to identify a well-located office building that strengthens its footprint in the neighborhood.”

In January, Asana made its initial foray into Flagler Village by acquiring The Hive and Flagler Uptown retail and office buildings.

Native recently relocated its corporate headquarters to a new Fort Lauderdale office that is double the size of its previous headquarters. The 4,000-square-foot office is located at 1926 E. Sunrise Blvd. in the city’s Victoria Park neighborhood.

 

Recession Threatens To Slow South Florida’s Booming Office Market

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Office deals in South Florida appear to have slowed as companies reassess their growth strategies, a Colliers broker told the Business Journal.

Mark Rubin, executive managing director of Colliers’ Boca Raton office, said some companies are rethinking their expansions due to inflation and a looming recession.

“New office requests have been tempered a little bit,” Rubin said.

It’s a national trend that seems to have just arrived in South Florida, where quality office space is in limited supply. Nevertheless, there has been “a little bit of a pause” locally, he said.

“This started right before the summer with interest rates,” Rubin said. “The cost of capital went up. I don’t think there’s a significant slowdown. I think there has been a lot more reflection and readjustment.”

He’s optimistic that there will be a “little more action” after Labor Day.

“We are anticipating a strong fourth quarter in the form of sales and leasing,” Rubin said.

South Florida’s commercial market has benefitted from the migration of wealthy individuals to the region from other states. This trend accelerated during the height of the pandemic due to the regions decent weather, absence of Covid-19 regulations, and lack of a state income tax. In the office sector, rents have increased in all three counties as more out-of-state companies seek to open satellite branches in the region.

Kevin Gonzalez, senior managing director of Miami’s Colliers office, said that the Miami-Dade office market is benefitting most as out-of-state companies expand to Miami.

“The Citadel news will continue to feed the momentum that we have already been seeing,” Gonzalez said, referring to the news that billionaire Ken Griffin will move the headquarters of his Citadel companies from Chicago to the Magic City.

That’s clear in the rents office landlords are asking from tenants.

In Broward County, average asking rents were $37.06 a square foot in the second quarter, a 7.5% increase from the previous year, and a 21.5% hike from 2019. Broward’s vacancy fell by one percentage point in the span of a year to 11.7%, but it was still higher than the pre-pandemic vacancy rate of 9.4%.

Jonathan Kingsley, executive VP of Colliers’ Fort Lauderdale office, said there was robust leasing activity in the second quarter for most of Broward.

However, several call centers in the Southwest Broward and Sawgrass Park area shrank their offices or closed down entirely as they either moved employees overseas or had them work remotely, Kingsley said. In those areas, vacancy rates climbed as high as 18.3%, according to Colliers’ figures.

in Palm Beach County, the second quarter vacancy rate of 9.1% was actually lower than before the pandemic. In the second quarter of 2019, 9.6% of Palm Beach County’s office space stood empty. The average asking rents of $39.24 in the second quarter were 9.1% higher than last year, and 22% higher than rents requested in 2019.

Rubin said that vacancies in Palm Beach County are limited to older buildings. The newer buildings, mainly in downtown West Palm Beach, are targeting companies from New York and California that “are used to paying $75 to almost $100 triple net rates.”

That’s caused other office tenants to explore suburban markets outside of downtown West Palm Beach, where rents are comparatively cheaper. But those rents are generally going up as well, Rubin said.

“We got strong demand. We got limited new supply and that’s obviously pushing rental rates significantly across the board,” Rubin said.

 

Source:  SFBJ

 

PEBB Enterprises Purchases Boca Raton Office Property For $29.85 Million With Partner

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PEBB Enterprises, in partnership with Contrarian Capital Management, has acquired the Meridian Office Center in Boca Raton. The joint venture purchased the 11.14-acre property within The Park at Broken Sound for $29.85 million. The purchase marks PEBB’s third acquisition in the prestigious business park.

The 131,680-square-foot property consists of two single-tenant net leased buildings. Cross Country Healthcare occupies the 70,406-square-foot building located at 6551 Park of Commerce Boulevard, and Lexis Nexis occupies the 61,274-square-foot building located at 6601 Park of Commerce Boulevard.

The transaction closed on June 30. Professional Bank handled the financing for the purchase and Christian Lee, Jose Antonio Lobon and Marcos Minaya from CBRE represented the seller in the transaction.

“Our team is constantly looking for opportunities to expand our South Florida portfolio, especially in the thriving Boca Raton office market,” PEBB President and CEO Ian Weiner said. “We have always had great interest in properties located within The Park at Broken Sound and we are excited to be able to grow our footprint in the area.”

The Park at Broken Sound is a 700-acre mixed-use business park conveniently located directly off I-95. It offers free shuttles to and from the city’s Tri-Rail station and has easy access to lifestyle, entertainment and recreation centers nearby.

PEBB Enterprises also owns the 5900 Broken Sound building leased to Infinity Sales Group, and the ADT Building, which is home to the security giant’s corporate headquarters. Both buildings are in The Park at Broken Sound.

Over the last year, PEBB has been extremely active in the Boca Raton office market with acquisitions of the 308,305-square-foot Research Park at Florida Atlantic University and the 61,188-square-foot Eighteen Zero One Building located on North Military Trail.

 

JLL Closes 17,000 SF Lease At Ft. Lauderdale’s Plaza 100

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JLL announced that Cruise Yacht Opco, The Ritz Carlton’s luxury yacht service division, has taken 17,000 square feet at Plaza 100, an 11-story, Class A office building in Fort Lauderdale’s NoBro district at 100 NE Third Avenue.

The luxury yachting company will occupy the 175,510-square-foot building’s entire 11th floor penthouse accommodating nearly 60 employees.

JLL Managing Directors Doug Okun and Steven Hurwitz represented the landlord, Zurich Alternative Asset Management, in the lease negations. Keith Edelman, Scott Goldstein, and Zach Wendelin of CBRE represented the tenant Cruise Yacht Opco. Formed in 2006, Zurich Alternative Asset Management (ZAAM) is Zurich North America’s dedicated alternative asset management platform. ZAAM invests solely on behalf of Zurich affiliates worldwide, providing asset allocation, investment selection and investment management across hedge funds, private equity and U.S. real estate.

“Fort Lauderdale’s NoBro district is quickly becoming one of South Florida’s most exciting and sought-after destinations,” said Okun. “The urban offerings and multiple transit options have created a live, work, play lifestyle that is attracting companies of all sizes and across all industries.”

Located near Flagler Village and within minutes of the Brightline private rail train station, Plaza 100 offers tenants upscale amenities steps away from the city’s best entertainment and dining options such as Doc B’s Restaurant + Bar, Morton’s the Steakhouse, American Social and other local favorites. The building features a newly renovated plaza, common areas, and conference center, onsite management, and full service, onsite banking. Current tenants at Plaza 100 include U.S. Legal, Oppenheimer, Katz Barron and Mombach, Boyle, Hardin and Simmons, P.A.

According to JLL’s Q1 Office Report for Broward County, the Fort Lauderdale office market has a positive outlook ahead. With more competitive rental rates than Miami-Dade and Palm Beach and the same weather and tax climate as its neighbors, Fort Lauderdale’s central location provides the broadest access to South Florida’s expansive talent pool.

 

Grover Corlew Taps CBRE Team To Market Boca Raton Office Buildings

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Grover Corlew tapped CBRE to market two Boca Raton office buildings as the two firms continue to expand their relationship throughout Palm Beach and Broward counties. CBRE Executive Vice President John Criddle, First Vice President Joe Freitas, Senior Associate Max Pawk and Transaction Manager Allie Lancashire have been tapped to lease Palmetto Central, located at 1489-1499 W Palmetto Park Road in Boca Raton.

The prominent CBRE office team was awarded the listing by owner Grover Corlew, which purchased the buildings in 2016.

Construction has commenced on a state-of-the-art redevelopment at 1489 W Palmetto Park Road and will deliver the first Class A building to the Boca Raton office market in over a decade. The 1979-built, 83,000-square-foot building will feature ±26,000-square-foot floor plates once it has been redeveloped, with private patio access for 3rd floor tenants and balcony access on 5th floor, full height hurricane impact glass, VRF HVAC systems to allow custom control throughout tenant spaces along with new spec suites on the 3rd floor. The 5-story building offers 5.0/1,000-square-foot parking (mainly covered garage with additional surface with 12 electric car chargers). The redevelopment is slated for a January 2023 completion date.

An entirely new building exterior, which will include a brand-new façade and hurricane impact windows, is planned for the adjacent 5-story, 87,400 square-foot 1499 W Palmetto Park Road building. The project will also include a state-of-the-art gym, high tech conference center, spacious tenant lounge, a comfortable outdoor seating area, new and improved wayfinding and monument signage throughout, complimented by new landscaping.

Located in the heart of Boca Raton, the property is situated at the NE corner of I-95 and Palmetto Pk Rd. It is equidistant between East Boca (Mizner Park/Royal Palm) and Central Boca while also being just 5 minutes from the new Brightline Station and within a walkable distance to restaurants and retail. In addition to Fort Lauderdale International and Palm Beach International airports, the buildings are also in close proximity to Boca Raton and Fort Lauderdale Executive Airports.

Having earned the reputation in Florida and the southeastern U.S. for reimagining infill office properties in prime locations, the South Florida-based real estate investment management group, Grover Corlew, continues to invest in Boca Raton. Grover Corlew will be renovating 120 E Palmetto, which was recently purchased in March 2022. The company will be upgrading the lobby with new lighting, refreshing the common area corridors, painting the exterior and installing new lighting. Spec suite plans are underway for the 2nd floor and a restroom refresh is planned for the entire building.

Grover Corlew and CBRE’s relationship extends beyond Palmetto Central to 150 & 120 E Palmetto Park Road in East Boca Raton, 600 & 700 W Hillsboro Boulevard in Deerfield Beach, 2401 & 2335 E. Atlantic Boulevard along with 50 NE 26th Avenue in Pompano Beach and 1615 & 1625 S Congress Avenue in Delray Beach (leased by Jeff Kelly and Deborah Fink). The total office portfolio totals 825,095 square feet.

“We have been active in Boca since 2016 when we purchased 1499 Palmetto Park Road, and have since purchased the 1489, 120 and 150 buildings on the same street,” said partner Mark Corlew. “We have and are continuing to commit significant capital to re-introduce these incredibly well-located properties as premier, Class A office buildings with the intent to attract high-quality tenants and talent to our city. Our headquarters are here and we’re raising our children here. Given Boca’s high-quality housing and schools, the new Brightline Station and our growing downtown, our city should be an easy sale to new companies relocating to our region.”

20005.01 1499 Palmetto Park（2022.5.12)

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