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Weston Office Building Changes Hands

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Avison Young’s Florida Capital Markets Group closed the $8.3 million sale of the 33,720-rentable-square-foot landmark office building, Weston Commerce Center, at 1625 N Commerce Parkway in Weston.

The asset was the second of the seller’s 100% occupied, two-building portfolio to sell within three months, both sales totaling $17.2 million.

The seller, HRE/SEFIRA Weston Office, LLC, a joint venture between Highline Real Estate Capital and Sefira Capital, acquired the portfolio in 2017 for $13 million. Fox Ridge Capital, LLC was the buyer in the transaction.

On behalf of the seller, the Weston Commerce Center sale was completed by Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth. The team also facilitated the sale of the portfolio’s other building, a J.P. Morgan Chase Bank-anchored building at 1040 Weston Road, for $8.9 million in December 2020.

“Weston Commerce Center maintained its 100% occupancy rate during the pandemic, which is a testament to the strength of the asset and the market and what attracted strong investor interest,” said Duckworth. “Our client, with the support of the Avison Young leasing team, worked diligently to increase the portfolio’s value and led to a notable return on investment following the sales.”

At the time of the HRE/SEFIRA acquisition in 2017, the properties were 82% occupied. Over the course of three years, the ownership partners increased occupancy to 100% and grew the portfolio’s net operating income by nearly 45%.

“When we acquired the portfolio, we recognized the strength of the Weston submarket and saw the opportunity to drive occupancy and rental rates through the completion of aesthetic improvements and proactive asset management,” said David Moret, President of Highline Real Estate Capital. With the assistance of Avison Young’s leasing team including Principal Greg Martin and Senior Associate Lisa Blumer, the buildings reached full occupancy well ahead of schedule, and we were able to substantially increase rental rates, which ultimately led to two successful sales during a pandemic after a hold period of less than four years.”

 

CBRE To Lease Class-A Office In West Palm Beach

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CBRE has been selected to lease Waterfront Clematis, a 148,856-sq.-ft. Class-A office complex located at 101 and One North Clematis Street in West Palm Beach.

CBRE’s Kevin Probel, Kevin McCarthy and Will Portfolio will be marketing the property for lease on behalf of the owner, a joint-venture between affiliates of Florida Crystals Corporation and Colonnade Properties LLC. The office building, which serves as headquarters for Florida Crystals Corporation, is currently 87.8 percent occupied.

“Waterfront Clematis is a premier Class-A office building in the live-work-play environment of downtown West Palm Beach. We know tenants will be impressed with exceptional views and its convenient location close to many amenities,” said Probel, First Vice President at CBRE.

Located in downtown West Palm Beach, the office complex is in a prime waterfront location with views of Palm Beach. It is in a highly walkable area directly on Clematis street, allowing for easy access to restaurants, retailers, and shops. The property features impact-resistant windows and is in close proximity to the beaches and Palm Beach Island.

“CBRE’s market knowledge, global platform, and national presence will be a major asset when leasing Waterfront Clematis. We look forward to working as a team to lease this one-of-a-kind property,” said Chris Glinski, Executive Vice President at Colonnade Properties.

According to CBRE Research, leasing activity was down from historic norms throughout 2020, but the second half of the year showed positive signs for the market. New-to-market tenants have ramped up their interest in relocating from high-cost states to West Palm Beach, a trend which has slowly occurred in recent years but is now happening in earnest.

Berger Commercial Realty Welcomes Law Firm As 550 Building’s Newest Tenant

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Berger Commercial Realty/Corfac International Senior Sales Associate Jonathan Thiel, Sales Associate John Forman, and Senior Vice President Joseph Byrnes, on behalf of Landlord Blackhawk Properties & Investments, LLC, negotiated a 7,973-square-foot 10-year lease deal with local law firm Gutterman Trial Group at the 550 Building, one of Fort Lauderdale’s newest office/retail projects.

Berger Commercial Realty's Jonathan Thiel, John Forman and Joseph Byrnes

Gutterman Trial Group is a Florida civil litigation firm dedicated to representing insurance carriers and their policyholders.  The practice encompasses an array of matters, including property, casualty, coverage, extra-contractual, subrogation, reinsurance, construction, marine and yacht, transportation and cargo claims.  The firm will be relocating from its current location at 200 East Broward Boulevard.

Cushman & Wakefield’s A.J. Belt and Jeff Holding represented the tenant, which was attracted to the 550 Building due to the new construction, flexible floorplans, and proximity to the new Broward County Courthouse.

Gutterman Trial Group will be joining office tenant Berger Commercial Realty and SOLO Shoppes retail tenants Legacy Fit and Bank of OZK. Berger Commercial will be relocating to a new, state-of-the-art office on the 4th floor.

Located at 550 S. Andrews Avenue, the building stands 7 stories tall, with 6 stories consisting of approximately 86,000 square feet of professional office space with an entire floor totaling approximately 12,500 square feet. The first floor is comprised of approximately 7,500 square feet of prime restaurant/patio space, of which ±4,400 square feet is currently available for lease. The adjacent parking garage will consist of 634 spaces, along with The SOLO Shoppes, which will comprise 13,000 square feet of traditional storefront retail. The entire project will total just over 100,000 square feet of commercial space in addition to the parking garage.

The property formerly housed the 32,500-square-foot Justice Building, which was purchased by Blackhawk in December 2013. Berger represented Blackhawk in its purchase and currently provides leasing and property management for the project.

 

Cushman & Wakefield Hires Director

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Cushman & Wakefield has hired Ron Granite as a Director, joining the Equity, Debt and Structured Finance platform and as a member of the South Florida Office and Industrial Capital Markets team. His responsibilities will include business development and assisting clients in procuring debt and equity solutions across all commercial property groups. He will work out of the Boca Raton office.

“Ron is a seasoned professional with a proven track record and will add significant value on behalf of our clients by supporting crucial capital markets functions,” said Mark Pateman, Esq., Managing Principal of Cushman & Wakefield’s Palm Beach County offices.

Prior to joining Cushman & Wakefield, Granite was a Director at Eyzenberg & Company, where he originated debt and equity financing requests, and provided capital markets solutions to clients and advised on financing options per distinct investor strategies. Previously, he was a Portfolio Manager at IRC Retail Centers, Vice President of Portfolio Management at Rouse Properties, LLC, and Director of Portfolio Management at Brixmor Property Group.

“I am honored to join Cushman & Wakefield, a company I have respected for its national platform, top-tier client service and culture,” Granite said.

Granite is a member of ULI, NYPEN, NYU Alumni Association and the Stuyvesant Alumni Association (SHSAA).

 

After 16 Years, Berger Commercial Realty Is Relocating HQ To Downtown Fort Lauderdale’s SOLO District

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After 16 years at its current location at 1600 Southeast 17th Street in Fort Lauderdale, Berger Commercial Realty/Corfac International is relocating to a new, state-of-the-art office on the 4th floor of the 550 Building, located at 550 South Andrews Avenue in Downtown Fort Lauderdale in the heart of the fast emerging SOLO District.

550 Building

In business for 23 years with offices located in Fort Lauderdale, Miramar and Boynton Beach, Berger Commercial Realty currently leases and manages the 100,316-square-foot, 7-story Class A office building, soon to be the new home of the company.  The 2019-built facility features 12,000-square-foot floor plates; an on-site 634-car parking garage, representing the highest available parking ratio available in Downtown Fort Lauderdale; and a ground floor patio restaurant. Office suites range from 680-square-foot spec suites to full floors.

Berger’s 6,947-square-foot office will feature both collaborative and private workspaces.

“We are excited about our move to the 550 Building,” commented Berger Commercial Realty President Lloyd C. Berger. “The 550 Building will provide a new modern design for our team. We feel fortunate to be able to continue to grow and this move will help us meet the needs of our clients.”

The property is located adjacent to the new 700,000-square-foot Broward County Courthouse within the Central Business District location, yet away from congestion, providing ease of access to major transportation routes.

The lease deal was negotiated by Berger Commercial Realty Senior Vice President Joseph P. Byrnes, Senior Sales Associate Jonathan Thiel and Sales Associate John Forman. Berger will occupy its new offices next month.

 

Class A Office Portfolio In Fort Lauderdale Hits The Market

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Avison Young’s Florida Capital Markets Group has been exclusively tapped on behalf of a fund managed by DRA Advisors LLC to sell Pinnacle Corporate Park, a two-building, class A office portfolio at 500 and 550 W. Cypress Creek Road in Fort Lauderdale.

The asset totals 259,458 square feet on 14.31 acres in Broward County’s Cypress Creek submarket.

Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Greg Martin, and George Vail will lead the sale. The transaction team also includes Avison Young Vice President Brian C. de la Fé and Associates Berkley Bloodworth and Emily Brais.

Over the past 24 months, the Avison Young leasing team led by Martin completed 17 lease transactions totaling 91,000 square feet

“Pinnacle Corporate Park is the most desirable property in the Cypress Creek submarket due to its strong occupancy, rental rate growth, and immediate potential for lease-up,” said Crotty. “In addition to the existing value, the offering provides the opportunity to maximize land on the site in the coming years through residential development.”

Pinnacle Corporate Park coming to market represents the trend of large funds and institutional owners’ confidence to sell large office assets again, as sales declined immediately following the pandemic. The deal would be similar to the recent $78.42 million Plantation Crossroads three-building portfolio sale.

“We are seeing an uptick in demand for investors looking to deploy capital in well-located South Florida office assets,” said Duckworth. “Pinnacle Corporate Park is ideally situated near major expressways, transit, and amenities, and provides the perfect opportunity.”

Pinnacle Corporate Park is positioned in the heart of Fort Lauderdale’s Uptown Urban Village, a master plan that supports the development of a thriving, transit-supportive, mixed-use neighborhood. Its offices are less than a mile from Interstate 95 and directly accessible from the Cypress Creek Tri-Rail station.