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Bridge Completes Sale of Class A Office Tower in Ft. Lauderdale

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Bridge Investment Group LLC’s (Bridge) subsidiary Bridge Office Fund Manager (Bridge Office) has completed the sale of Bayview Corporate Tower, a 12-story, 413,833-square-foot Class A office building and five-story covered parking garage located at 6451 N. Federal Highway in Fort Lauderdale.

Bridge acquired the asset in September 2016 and has executed more than 265,000 total square feet of leasing agreements since, including approximately 235,000 square feet within the past 18 months. Notable tenants include CHG Healthcare, Whole Foods Market, CentralReach, Envision Pharm Group and Kovack Securities. More than 50% of the building’s executives reside within minutes of the property.

The property underwent a $5 million repositioning plan. Recently renovated areas include the lobbies common areas and move-in ready office suites as well as the addition of a new amenity lounge and game room, health club-level fitness center, onsite café and outdoor picnic area.

“The successful disposition of Bayview Corporate Tower reflects Bridge’s keen understanding of the Fort Lauderdale market and next-generation workspaces today’s tenants are looking for, which has taken on even greater importance in the new post-COVID era we are now entering,” said Kelly Kuykendall, director of Asset Management at Bridge Investment Group. “The building’s spacious floor plans enable the type of flexible workspace now essential for many businesses, and the high quality of capital improvements positions the property for long-term prosperity as one of Broward County’s most desirable workplace communities.”

Dominic Montazemi, Mike Davis, Rick Brugge, Rick Colon, Scott O’Donnell, Greg Miller, Mike Ciadella and Miguel Alcivar of Cushman & Wakefield represented Bridge in the transaction.

Following the disposition, Bridge’s Florida portfolio includes eight additional properties, including the 101,405-square-foot 5601 Hiatus Road and the 514,330-square-foot Sawgrass Technology Park in Broward County, the 241,750-square-foot Fountain Square in Boca Raton and 775,000 square feet across three assets in Miami-Dade County.

Global Logistics Company Signs 20,000 SF Office Lease To Relocate, Expand HQ

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Samuels & Associates announced that International Materials, Inc. (IMI), an international trading and logistics provider, signed a 20,052-square-foot lease to relocate and expand its corporate headquarters to the Offices at 4th & 5th Delray.

Moving from Boca Raton to the Delray Beach central business district, IMI will occupy nearly two-thirds of the mixed-use building’s third floor Class A office space at 25 SE 4th Ave.

The relocation and expansion of IMI’s headquarters will allow the company to accommodate its existing HQ roster of 45 full-time professionals and further attract top talent in line with its anticipated growth trajectory.

“As a locally owned and managed business, we are thrilled to move back to downtown Delray Beach where many of us have been residents for years,” said Robert Walsh, President, IMI. “The prospect of locating our headquarters in this state-of-the-art building, steps away from Atlantic Avenue, is a dream scenario that will allow us to grow our business and make room for the future. We are grateful for the support we have received from the City and from Samuels & Associates.”

Approximately 6,181 square feet of office space now remains on the third floor of the Offices at 4th & 5thDelray. The 144,733-square-foot, four-story mixed-use project, newly developed in a joint venture between Samuels & Associates and American Realty Advisors, sits in the heart of Delray Beach.

“Samuels & Associates is delighted to welcome IMI to its new space in the Offices at 4th & 5th Delray,” said Peter Sougarides, Principal, Samuels & Associates. “As we continue to implement a thoughtful placemaking process in the dynamic downtown Delray Beach neighborhood, we look forward to welcoming companies and employees who will enliven the local downtown economy.”

“There is no denying the staying power and increasing vibrancy of Delray Beach’s downtown as a corporate destination. We were able to attract a corporate headquarters relocation during this COVID-19 pandemic,” said Mayor Shelly Petrolia. “We are excited to welcome IMI’s headquarters into the City of Delray Beach and look forward to helping IMI grow in our city.”

“This IMI corporate headquarters relocation to the Delray Beach central business district is a testament to the strength of our city and evidence that the investments in our public-private partnerships strategically located for economic development are beginning to pay off,” said Stephanie Immelman, President & CEO, Greater Delray Beach Chamber of Commerce.

In the transaction, Samuels & Associates was represented by Keith O’Donnell and Gary Gottlieb of Avison Young, and IMI was represented by Ingrid Kennemer of Coastal Commercial Group.

 

 

Cushman & Wakefield Tapped To Lease 5-Building Office Park In Broward County

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Grover Corlew has selected Cushman & Wakefield to oversee leasing at the 218,827-square-foot Hillsboro Center in Deerfield Beach.

John Criddle and Joseph Freita will lead leasing efforts.

Recently, Black Creek Group also tapped the brokerage company as the exclusive leasing advisor for the Bank of America Tower in Boca Raton, located some 4 miles north.

Situated at 700 Hillsboro Blvd., Hillsboro Center I, II, III and IV comprise 100,401 square feet and are currently 88.7 percent leased, while the 118,426-square-foot Hillsboro Center V is located at 600 Hillsboro Blvd. and is 92.8 percent leased. The tenant roster includes Humana, Darby Dental and Pylon Manufacturing Corp. The properties offer a parking ratio of 5 spots per 1,000 square feet, a café and on-site property management and security.

The office buildings are just east of Interstate 95, within walking distance of several hotels, including a Hampton Inn and a DoubleTree by Hilton. Hillsboro Center is less than a mile from the 1 million-square-foot Hillsboro Technology Center and the JM Family Enterprises headquarters, which is undergoing a $150 million renovation.

The 1980s-built buildings last traded in March 2019, when Grover Corlew acquired them from TriGate Capital.

 

Source:  CPE

Levy Realty Advisors Tapped To Lease Cypress Creek Office Building

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Levy Realty Advisors has been named exclusive leasing agent for the renamed Prisma at Cypress Creek.

Ken Silberling, Senior Vice President at Levy, will be marketing the property on behalf of the owners.

The 38,707-square-foot, three-story office building was purchased in March by South Florida Innovative Office, LLC, a division of Maynada Real Estate Advisors.   It is located at 1000 NW 65th Street just off Cypress Creek and Powerline Roads in Fort Lauderdale’s Uptown market. The property features floor to ceiling glass and individually controlled air-conditioning.

Prisma at Cypress Creek-1000 NW 65th Street

“My clients, Maynada Real Estate Advisors, are excited to enter the South Florida market,” commented Silberling. “Although they closed the deal at the onset of the coronavirus lockdown in March, they are committed to growing their presence in the South Florida market and are highly optimistic about the market and the property in the long term. Renovation has commenced on the common areas to create a contemporary boutique office environment.”

“This is kind of a homecoming for me,” continued Silberling, who got his start in commercial leasing and investment in the Cypress Creek market. “Cypress Creek has always benefitted from its proximity to I-95 and the ability to service clients and draw employees from Miami-Dade, Broward and Palm Beach Counties. I also believe it provides the best office space value in South Florida. While I love what’s happening downtown, you can lease quality space uptown for half the price and parking is free which can save another $3 or more per square foot  – and you don’t have to deal with Broward Boulevard at rush hour.”

Availabilities range from 1,650 to 3,850 square feet and the new owners are taking an aggressive and proactive approach to renovating and leasing the building. 3D Virtual tours, floorplans and leasing information can be found at https://prismacypress.com/.

 

Engineering Firm Renews Corporate Headquarter Lease

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Reese Stigliano, president of Stigliano Commercial Real Estate, represented Miller Legg & Associates in the 10,380-square-foot lease renewal and expansion of their corporate headquarters at 5747 North Andrews Way in Fort Lauderdale.

Miller Legg is a 55-year-old, award-winning engineering and environmental consulting company that specializes in landscape architecture, surveying, utility planning and environmental engineering.

According to Stigliano, “We did an extensive search for alternative locations throughout Broward County. After a comprehensive financial analysis of several viable alternatives, the most economical choice was to renew and expand at their current location in the Cypress Creek submarket of Fort Lauderdale.”

The Cypress Creek submarket, with an inventory of 8.4 million square feet, currently has a 12% vacancy with rents close to 10% below the metro average. The Greater Fort Lauderdale office market of approximate 70 million square feet, has seen a significant escalation of rents due to strong demand as well as increases in tenant improvement costs and real estate taxes. Overall office rate vacancy in Greater Fort Lauderdale stands at 8%.

Reese Stigliano“In light of the coronavirus outbreak, the decision to renegotiate their existing lease was indeed fortuitous,” said Stigliano. “We were able to secure a very economical solution with an expansion option to provide Miller Legg the ability to keep their overhead low with the flexibility to expand when necessary.”

Reese Stigliano is a recognized leader in the South Florida commercial real estate market, with over 35 years of experience. As President, he focuses on land sales, investment sales and office leasing for the firm. Mr. Stigliano’ s talent in bringing complicated commercial transactions to a close has been evident in his successful 35-year brokerage career.

WEBINAR: Finding and Capitalizing on Commercial Opportunities

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SFOBA Members are invited to attend this free webinar – Finding and Capitalizing on Commercial Opportunities in the Next 3-6 Months – on –

Click on the following link for more information and to register: https://www.rcapb.com/events/webinar-finding-and-capitalizing-on-commercial-opportunities