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Butters Office Team Closes 171,000 Square Feet of Sales, Leases Since Pandemic Onset

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Since the first case of COVID-19 struck Florida on March 1, the Butters Realty & Management office brokerage team of Darcie Lunsford, Caroline Fleischer, Molly McDonough and Sky Butters have executed more than 170,000 square feet of office transactions. In all, the Butters team generated $32.4 million in aggregate transaction value for internal and third-party assets and clients since the pandemic’s onset.

The transactions span nearly two dozen leases to representation of medical financier Bankers Healthcare Group in its acquisition of a 130,000-square-foot corporate headquarters at 3700 Lakeside Drive in Miramar in an off-market deal.

“As soon as the shelter-in-place order was lifted, our team was back in the office that day,” said Lunsford, director of office leasing at Butters. “We saw a wave of up pent-up demand coming out of the shutdown as leases expired and smaller entrepreneurial companies emerged looking to seize potential deals in the market.”

While many large corporate occupiers have remained reticent to make real estate decisions, firms of less than 5,000 square feet have still been active, Lunsford noted.

“Generally, we are seeing companies with counter-cyclical models, insurance, law, technology or financial service providers and other essential administrative hubs that have not been as drastically impacted by the pandemic-induced recession,” Lunsford said.

“In a tough economic situation like this, you can’t wait for the market to come to you, you have to go to the market,” said Fleischer, director of occupier services for Butters. “There are tenants out there that have a need and a want, but you have to be dogged.”

During the pandemic, Butters also increased occupancy several percentage points to 97 percent within its own four-building Boca Raton office portfolio.

“I think the key factor to our effectiveness in closing a high volume of transactions in the face of this unprecedented crisis is that we are highly focused,” said Malcolm Butters, president of Butters. “We have very strong local relationships and we are able to execute.”

Among the more notable office lease transactions:
• Bohler Engineering leased 4,910 square feet at 1900 NW Corporate Boulevard in Boca Raton
• Medigap Life leased 3,577 square feet at 1900 NW Corporate Boulevard in Boca Raton
• Trust Hills Co. leases 3,680 square feet at 851 Broken Sound Parkway in Boca Raton

Fifteen Group Proposes Mixed-Use Project On Plantation Office Site

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Fifteen Group Capital wants to build a mixed-use project next to a Plantation office building.

The city’s Review Committee will consider development plans for the 13.7-acre site at 8601 W. Sunrise Blvd. the afternoon of Aug. 25. It currently has a 130,549-square-foot office building that was constructed in 1986. AT&T is the main tenant.

The property was acquired for $12 million in 2018 by 8601 West Sunrise Owner LLC, an affiliate of Miami-based Fifteen Group.

The developer is seeking site plan approval for 442 residential units in three buildings totaling 444,168 square feet, 150,000 square feet of offices, and a 2,500-square-foot retail building, which would likely be a drive-thru fast-food restaurant. The project would have 1,326 parking spaces, including a 238,739-square-foot garage.

Attorney C. William Laystrom Jr., who represents Fifteen Group in the application, couldn’t be reached for comment.

“The proposed residential development will complement commercial uses in the area, being that residents of the proposed community will likely shop at businesses located within the nearby commercial plazas such as Jacaranda Square and Jacaranda Plaza, and many other proximate businesses,” the developer stated in the application.

There’s been a recent trend of developing multifamily and restaurants in South Florida office parks to allow people to live where they work.

 

Source:  SFBJ

New York Life Provides $38.3M Refinancing Loan For Fort Lauderdale Office Building

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New York Life Real Estate Investors has provided a $38.3 million refinancing loan for 261 North University Drive, a 172,959-square-foot office building in Fort Lauderdale.

The borrower, Encore Capital Management, recently completed a $15 million renovation of the property, including redesigning the lobby, modernizing the elevators, adding new bathrooms and overseeing new tenant buildouts.

The asset is situated eight miles west of downtown Fort Lauderdale. Furthermore, the property will be part of a mixed-use development that is set to feature 760 multifamily units, 150,000 square feet of retail space and 400 hotel rooms delivering in two phases by 2022.

Kevin O’Grady of Concord Summit Capital and Eric McGlynn of Walker & Dunlop arranged the loan on behalf of Fort Lauderdale-based Encore, and Ryan Doyle and John Lippmann of New York Life originated the loan.

 

Source:  RE Business

Stiles Expands Retail Development, Leasing and Brokerage Platform; Announces Promotion of Dan Coyle to SVP

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Stiles, the Fort Lauderdale-based, 69-year-old, commercial real estate development and third-party services firm, announced today that the company’s retail brokerage and leasing team will join forces with Stiles Retail Group, further augmenting its long-established retail investment platform. Stiles Retail Group is the company’s investment division that is responsible for driving its retail development pipeline across the core markets of the Southeast.

“By combining the forces of our retail investment and brokerage teams, our goal is to significantly grow a retail platform that can offer our clients a full range of services and experience,” said Ken Stiles, Stiles Chief Executive Officer. “In addition, we are armed with long-time tenant relationships and a strong market reputation with owners, and therefore see the opportunity to compete exceptionally well in third-party retail leasing and property sales in our current and future core markets.”

As part of the expansion, Dan Coyle has been promoted to Senior Vice President of Retail Leasing and Brokerage and named Stiles Broker of Record, working with Ryan Karlin, President of Stiles Retail Group. All retail leasing and brokerage activities for Stiles-owned and third-party retail properties will be led by Coyle and his team.

“I’ve spent my career aiming to improve asset value for my clients by finding unique, best-in-class retailers that will elevate the mix of offerings at their shopping centers,” said Coyle. “Joining forces with Ryan and his team not only enhances our ability to service Stiles-owned properties but allows us access to an entirely new stream of major national and regional retailers for our third-party assets. We believe in the future of retail, especially in the grocery-anchored category, and already have a strong pipeline of developments for the post-COVID era.”

The group’s new tagline “Building better retail experiences” speaks to its combined focus on development and third-party leasing. The team will focus on Stiles’ portfolio of owned retail assets, both existing and under development, as well as growing a true third-party leasing and brokerage platform that will compete throughout the Southeast region.

Led by President Ryan Karlin, Stiles Retail Group’s primary focus is the development and redevelopment of grocery-anchored shopping centers, regional power centers and neighborhood retail centers that feature an effective mix of high quality and nationally recognized tenants. The newly combined group has nearly 2 million square feet of retail assignments in its Florida portfolio, which includes more than 600,000 square feet of third-party assignments.

“Integrating brokerage and leasing provides new pathways for growth and allows us to be more efficient in identifying and executing ground-up and redevelopment opportunities,” said Karlin. “Dan and his team are highly attuned to the changing retail landscape, including new trends and emerging markets, which further strengthens our ability to make decisions and shift our strategy.”

Leveraging Stiles’ successful track record of development and strong relationships, the group is positioned to expand in the next several years. In 2020, the group completed Beacon Lakes in Miami, FL, a 430,000-square-foot, large-format shopping center featuring Home Depot, City Furniture, Michaels, Dick’s Sporting Goods, and more. Currently, Stiles has the following retail centers underway in Florida:

In addition, by way of Stiles’ Charlotte office, the company has built a strong retail platform throughout the Carolinas with five grocery-anchored shopping centers completed and two mixed-use centers underway.

C&W’s Holding, Belt & Jolley Close 68,000 SF Of Office Transactions

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Cushman & Wakefield’s Broward County Office Tenant Representation team of Jeff Holding, A.J. Belt, and Christina Jolley arranged 10 office transactions in the second quarter totaling 68,024 square feet.

“We are experiencing a once-in-a-lifetime pandemic, yet our clients continue to focus on the future beyond Covid-19, realizing companies still need to maintain an office presence,” Belt said.

The team’s largest transactions during the second quarter are as follows:

  • The team represented Kovack Securities in a 16,769-square-foot renewal at 6451 N. Federal Highway in Fort Lauderdale
  • The team represented a national financial services client in a 14,203-square-foot renewal at 350 E. Las Olas Boulevard in Fort Lauderdale
  • The team represented Perspective One, LLC, in its acquisition of an 11,970-square-foot office building located at 312 SE 17th Street in Fort Lauderdale
  • The team represented Nordic Aviation Capital, Inc in a 10,000-square-foot sublease at 401 E. Las Olas Boulevard in Fort Lauderdale to Ubicquia, LLC
  • The team represented Kubicki Draper on an 8,571-square-foot renewal 13350 Metro Parkway in Fort Myers

“Because of the added unknowns due to the pandemic, demand for our team’s tenant advisory services are at an all-time high as clients seek strategic answers in solving for the future of the office while insuring that they are able to capture the most advantageous economic and flexible terms available in tomorrow’s office market,” Holding added.

 

CBRE’s Robert Smith, Kirk Nelson and Jeff Kelly Arrange Sale Of Single Tenant Leased Property

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CBRE Executive Vice President Robert Smith, Senior Vice President Kirk Nelson and Executive Vice President Jeffrey Kelly facilitated the sale of a single tenant leased property located at 1715 E Tiffany Drive in Mangonia Park for $5,720,000.

RL Capital LLC paid $5,720,000 for the 43,674-square-foot office/warehouse building, which is situated on 2.82 acres of land fronting 45th Street.

The deal closed June 18.

The owner/seller, Gulfstream Goodwill, executed a sale leaseback to the buyer.

Michael Fisher with John C. Bills Properties LLC and Chris Klein with Treasure Coast Commercial Real Estate Inc. assisted in the sale of the property.

“The Buyer and Seller both worked through a very challenging environment to arrange a successful sale,” commented Nelson.

CBRE's Robert Smith, Kirk Nelson and Jeff Kelly

With over 70 years combined experience as the North and South County brokerage market leaders with CBRE, Inc., Kelly, Smith, and Nelson have completed thousands of sale and lease transactions totaling billions of dollars in total consideration. They consistently achieve production levels high enough to be recognized nationally within CBRE.