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Levy Realty Advisors Seeking Property Manager, Leasing Agent

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Levy Realty Advisors, established in 1977 and recognized as the 16th largest Property Management firm in South Florida, is looking for an experienced Property Manager and Leasing Agent to help with a 1.2 million SF small bay warehouses portfolio in Central Broward and Pompano.

This is an incredible career opportunity with unlimited potential and growth to work in a family owned business atmosphere.

Must have a Florida RE license and willing to work long hours but the compensation will be very rewarding.

Please send resume to alan@levyrai.com.

 

 

Cushman & Wakefield To Lease ±61,000-SF Broward County Office Building

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Cushman & Wakefield was named exclusive leasing advisor for 1400 East Newport Center Drive, a ±61,408-square-foot office building in Broward County.

The Cushman & Wakefield brokerage team of John Criddle and Joseph Freitas was selected to lease the building on behalf of Fort Lauderdale, FL-based building owner NRNS Acquisition Newport LLC.

1400 East Newport Center Drive was developed in 1987 on a ±4.5-acre site in Deerfield Beach. The building features ample parking with six spaces per 1,000 rentable square feet, a fully redundant generator and fully wired cubicles available for use. The asset is currently being renovated. Upgrades include refurbished interior common areas, an updated exterior entrance with a new porte-cochère, refined landscaping and new exterior paint.

The building is 67.4% leased with ±20,000 square feet available at rents ranging from $23 to $25 modified gross plus electric and janitorial. Notable tenants include Harte-Hanks and Freedom Mortgage Corp.

1400 East Newport Center Drive is ideally positioned in the Newport Center office park, offering immediate access SW 10th Street and Interstate 95.

“1400 East Newport Center Drive offers tenants the opportunity to occupy renovated space in a central location at rates that compare very favorably to competitive properties in this and neighboring submarkets,” said Criddle

“Many tenants targeting this market have unique requirements and place tremendous value upon ample parking ratios and reliable backup power,” added Freitas. “1400 East Newport Center Drive is an ideal location for these types of operations.”

 

Berger Commercial Realty/CORFAC Brokers Lease To Secure Second Health Insurance Company Fort Lauderdale Location

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USA Medicare Advisors Insurance Agency, LLC will open its second location in Fort Lauderdale thanks to a new lease brokered by Berger Commercial Realty/CORFAC International for landlord ROC III Fairlead Bayview Corporate Center, LLC.

Berger Senior Sales Associate Jonathan Thiel handled the transaction, which will provide 8,300 square feet of office space throughout a six-year lease for the health insurance company in the 412,520-square-foot, 12-story Bayview Corporate Tower at 6451 North Federal Highway.

BayView Corporate Tower

“The extensive amenities and renovations to the building, in addition to the accessible location, and ample and secure parking have proven very attractive to businesses looking to attract top talent,” Thiel said.  “We used thoughtfulness and creativity to make this deal the right fit for our tenant.”

West Palm Beach To Consider 400,000-SF Office Tower

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A 400,000-square-foot office building could be developed in downtown West Palm Beach if New York-based Cohen Brothers Realty obtains approval to lease a municipal site.

On April 20, the city’s Community Redevelopment Agency will consider approving a lease with the developer, led by Charles S. Cohen, for the 2.4-acre property at 801 S. Dixie Highway. It’s often called the “tent site” because the CRA has set up tents there for special events.

The process began May 2019 when the CRA accepted a letter of intent from Cohen Brothers Realty to start negotiations. The terms of the deal are now hammered out.

The proposed contract says the developer would build at least 400,000 square feet of Class A office space, up to 1,800 parking spaces, and retail space. The project must obtain at least silver-level LEED certification for green building practices and have double-sized sidewalks.

Allison Justice, interim director of the CRA, said no preliminary site plans or renderings have been submitted. It would be up to the city commission to approve the development at a later date.

Under the proposed contract, Cohen Brothers Realty would pay $1.03 million in base rent, with payments commencing when the building obtains its certificate of occupancy. The 49-year lease would have two extension options of 25 years each. The rent would be adjusted annually based on the Consumer Price Index. In addition, the rent would be recalculated every 25 years based on a new appraisal.

For the first 10 years of the lease, the developer would have the exclusive right to buy the property from the CRA.

While the cost of the project wasn’t included in the contract, it was written to provide a significant amount of business to local and diverse firms. The development costs must be allocated to small businesses (15%), the local workforce (10%), minority/women-owned business enterprises (5%), and service-disabled veterans businesses (5%).

Charles Cohen couldn’t immediately be reached for comment. He’s working with Pelli Clarke Pelli Architects and attorney Brian M. Seymour.

After a decade of no activity, the office construction market in downtown West Palm Beach is booming. According to the first quarter report from CBRE, there was 683,095 square feet of office space under construction in the city. The bulk of that is in two projects by the Related Cos. and Palm Beach billionaire Jeff Greene. The city had a 14.6% office vacancy rate, with negative absorption of 19,040 square feet in the first quarter.

The timeline submitted with the proposed agreement says approvals would take 18 to 24 months. The developer would have 60 days within obtaining building permit approval to start site work, 90 days after completing site work to start vertical construction, and 36 months to finish construction.

 

Source:  SFBJ

Berger Commercial Realty/CORFAC International Repeats CoStar PowerBroker Award Wins In 2019 Sales And Leasing

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Berger Commercial Realty/CORFAC International has earned the CoStar Power Broker Award for consecutive years in both the overall Top Leasing and Top Sales categories.

CoStar based its analysis on Berger’s overall 2019 transaction volume and measured it against all active brokers in the market.

“We’ve assembled a focused team of South Florida’s very best commercial real estate professionals and the results speak for themselves,” Berger CEO Lloyd Berger remarked.  “I’m proud of our people and their determination to deliver results—not only for our clients, but for all parties involved in our sales and leasing transactions.  A truly good deal pays dividends for everyone, as well as for the community at large.”

For decades, the CoStar Group, a data/analytics leader in the commercial real estate industry, has bestowed its Power Broker award on commercial real estate professionals and firms in their respective markets that closed the highest transaction volume each year.

On the lease side, Costar calculates deals primarily upon square footage multiplied by the contract rent.  On the sales side, winners are calculated based upon sales dollars.  Only deals that occurred during the most recent calendar year are considered.

 

 

 

Butters’ Conte & Ahearn Negotiate Sale Of Coral Springs Office Building

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The Butters Commercial Real Estate Team of JC Conte and Brian T. Ahearn, CCIM has successfully sold the Aspen Office Building in Coral Springs.

The three-story 18,400-square-foot office building sold for $3,000,000 and was approximately 82% leased at the time of closing.

“I am very pleased that Brian and JC found the perfect local buyer who recognized the long term value add opportunity that this unique asset represented. I know this was a win-win for all parties.” said the Seller, Laura Haimes.