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Berger Commercial Realty Sells Cypress Creek Corporate Corridor Building

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The Cypress Creek Center, among the most desirable buildings in the popular Cypress Creek corporate corridor, was sold for $4.8 million on March 11.

Berger Commercial Realty/CORFAC Senior Vice President Steve Hyatt and Vice President Brian Batchelder represented the seller, Bright Angel, Inc.  Previously, Berger Commercial Realty represented the seller in the successful sale of a commercial warehouse property during 2019.

South Florida Innovative Office, LLC, the Cypress Creek Center buyer, intends to take over the building’s leasing and management, as well as renovate the common areas.  Built in 1997, the building was remodeled in 2018.

“This is South Florida Innovative Office’s first entry into the Broward office market and they’re looking to acquire more,” Hyatt said.  “The Cypress Creek Center has been well-maintained and provides a solid basis for a long-term, stable investment in an established market.”

With 38,707 square feet situated on 1.75 acres with industrial zoning, the three-story Class B building is located at 1000 N.W. 65th St. in Fort Lauderdale centrally between I-95 and Florida’s Turnpike.

 

Cushman & Wakefield Tapped To Lease New 70,000 SF Office Building In Palm Beach County

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Cushman & Wakefield’s John Criddle and Joseph Freitas were named exclusive leasing advisors for ±70,000 square feet of office space in Pebb Capital’s new Sundy Village, a transformative, mixed-use development in Palm Beach County.

Sundy Village is a ±7.0-acre project to be developed in the area surrounding the Sundy House, the oldest house in Delray Beach and current site of a restaurant, boutique inn and botanical garden. The land previously housed the city’s first church, schoolhouse and bank. Portions of the site are listed on the National Register of Historic Places and will be preserved during the development process.

sundy village rendering

Sundy Village is expected to encompass ±50,000 square feet of dining and retail as well as ±70,000 square feet of Class A office space spread across four buildings. Initial office rental rates are expected to range from $45-$50 NNN.

Located at 20 W. Atlantic Ave., Sundy Village is conveniently situated in downtown Delray Beach and will serve as the premier entrance to the dynamic live-work-play Atlantic Avenue corridor, home to an exceptional array of high-end restaurants, hotels, retail and entertainment options, and within walking distance of the city’s historic and scenic neighborhoods.

“The office space at Sundy Village will accommodate a wide range of tenants in state-of-the-art, energy-efficient buildings offering a unique mix of traditional architecture and modern design with underground parking,” said Criddle. “The asset will be the most unique and exciting fully-amenitized Class A office project in the Atlantic Avenue district.”

Added Freitas, “Sundy Village’s location sets it apart from the rest of its competitors in the market. The project is less than one mile from Interstate 95, offering tenants the city’s best access to the interstate while remaining within walking distance of all that burgeoning downtown Delray Beach has to offer.”

“With leasing positioned to be underway, we’re one step closer to realizing our goal of bringing positive economic impact to this Opportunity Zone asset,” said Todd Rosenberg, co-founder and Managing Principal of Pebb Capital. “Our Class A office product, primely situated at the gateway of downtown Delray Beach, will not only foster connectivity, but provide tenants access to a lifestyle retail experience that is very unique to the area.”

Pebb Capital will break ground on Sundy Village this summer. The entire project will be completed in phases, with the final phase expected to be delivered in 2024. Pebb Capital acquired the distressed property for $40 million in October 2019.

 

REIT Planning To Buy Fort Lauderdale Office Tower For $45.5 Million

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Slate Office REIT is planning to buy Cypress Financial Center in Fort Lauderdale for $45.5 million.

The Toronto-based REIT announced it will buy the 201,305-square-foot office building at 5900 North Andrews Avenue for $226 per square foot. Steelbridge CFC LLC, tied to Miami-based Steelbridge Capital, is the seller.

The acquisition is expected to be completed in the second quarter, according to a press release.

The property last sold for $32.5 million in 2014, records show.

Rents at the property are currently 14.5 percent below market, according to the release.

Cypress Financial Center is currently 92.5 percent occupied, with tenants such as City National Bank, Marcus & Millichap, TD Bank, and Altadis.

JLL’s Hermen Rodriguez, Matthew McCormack and Ike Ojala marketed the property for sale.

Slate Asset Management is a real estate focused alternative investment platform with over $6.5 billion in assets under management.

 

Source:  The Real Deal

Bankers Healthcare Group Buys 130K Office Building For HQ Expansion

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Record-breaking growth is driving Bankers Healthcare Group, a leading provider of financial solutions for licensed healthcare practitioners and other highly skilled professionals, to expand to a new corporate headquarters in Miramar and hire new staff.

A BHG company purchased an existing 130,000-square-foot, six-floor building at 3700 Lakeside Dr. in Miramar. Terms of the sale were not disclosed. Butters Realty & Management represented BHG in the off-market purchase.

The company will soon begin remodeling the building, with plans to move in October 2020. BHG’s 260 employees will occupy the first, second, and third floors; the three other existing tenants will remain on floors four through six. BHG will retain its current location in Davie and make it available for commercial lease after the relocation.

“We founded our company’s corporate headquarters in South Florida nearly 20 years ago, and we’re thrilled to continue our growth here,” said Eric Castro, Co-Founder of Bankers Healthcare Group.

“We’ve outgrown our current space and our new building can better accommodate our steadily increasing business and staff numbers.”

BHG’s new headquarters will be equipped to encourage health and wellness. Amenities will include:

  • Gym with personal trainers
  • Café with an on-site chef
  • Yoga/meditation room
  • Massage room

The space will also include a coffee shop and parking to accommodate 700 vehicles. Its central location near the Dade/Broward county line is less than 30 miles to both the Miami International Airport and Ft. Lauderdale International Airport.

BHG has plans to hire an additional 129 employees by next year, as market demand for BHG’s suite of financial solutions continues to increase.

“Miramar is excited to welcome Bankers Healthcare Group to our vibrant city. Miramar is a place where companies like BHG can employ exceptional talent. We’re pleased that this dynamic company will help to further diversify our corporate base,” said Miramar City Manager Vernon E. Hargray.

The purchase was the culmination of an extensive site selection process and complex negotiation process with the seller.

“BHG examined numerous opportunities,” said Molly McDonough, senior vice president of Butters, who worked with BHG in its search along with Butters Executive Vice President Darcie Lunsford. “We had to find a location close to BHG’s existing Davie facility with high-quality corporate infrastructure that could be renovated and occupied quickly enough to meet the company’s brisk growth trajectory. Nothing on the market worked, so we identified and pursued this asset off-market because it fit our needs.”

BHG selected G. Alvarez Studio as the architect.

“From all of us at G. Alvarez Studio, Inc., we would love to say a big congratulations to the entire BHG family! We are so excited to have been awarded this fantastic project, and working with a talented and progressive institution,” said Christian Vidal, AIA, Vice President at G. Alvarez Studio. “Since we met the team, we were quickly drawn to their enthusiasm, internal dynamics and overall workplace atmosphere. We look forward to creating a new space that further reflects and supports BHG’s unique culture, and future growth for years to come.”

 

Class A Office Building In Plantation Nears Full Occupancy After Inking 66,500 Square Feet In Lease Deals

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Encore Capital Management, the developer of Plantation Walk, a $350 million mixed-use office, retail, residential, and hotel destination, recently announced a number of new tenants coming to the development’s 177,000-square-foot Class A office building. Five new tenants have signed leases, joining anchor tenant Aetna, bringing the building to 94% occupancy.

Office Evolution, one of the largest co-working franchises in the country, will open its first South Florida location at Plantation Walk. It will have 40 private offices as well as a traditional, collaborative work space incorporated in its 11,000 square feet space.  Office Evolution also offers virtual memberships, conference rooms, business address plans and additional business services such as phone answering and private mailboxes.

Gridiron Insurance Underwriters, which helps to manage insurance facilities and affinity-based program business on a regional and national basis, will also occupy 11,000 square feet.  Founded in 2006, they are currently based in Plantation, but announced they are moving their headquarters to Plantation Walk.

HCA Healthcare will occupy 26,500 square feet. HCA is made up of locally managed facilities that include 185 hospitals and 119 freestanding surgery centers located in 21 states and the United Kingdom. HCA is a full-floor tenant and will use the offices primarily for clinical and hospital nursing education.

Oncology Analytics provides health plans, providers, and patients with a data-driven, utilization management solution that delivers evidence-based analytics focused exclusively for oncology. The company will be relocating from its current office in Plantation and will occupy 7,000 square feet at Plantation Walk.

Rubenstein Law, a personal injury law firm practicing in Florida for more than 30 years, will occupy 11,000 square feet. The firm wanted a new office built to their exact specifications, resulting in the move from its current office in Plantation to Plantation Walk.

NKF Senior Managing Director Jay Adams exclusively represents the developer for the office leasing.

“The property had strong interest from the beginning, even during the mall demolition, and before there was air conditioning, vertical development and even elevators,” said Adams.  “Within five months of receiving our certificate of occupancy, the building is almost fully leased out, which speaks volumes about the need for this Class-A facility in this type of mixed-use development.”

These companies will be joining the building’s first tenant, Aetna, a CVS Health company, which moved in June of 2019. They are occupying 82,000 square feet of the office building which houses several divisions of the company including commercial business, Medicare, Medicaid and Aetna International.  Aetna committed to the property 12 months prior to the team receiving the Certificate of Occupancy.

“Plantation had been lacking this type and size of office space so we always knew it was going to be a critical component to this project,” said Art Falcone, CEO and Managing Principal of Encore Capital Management. “We’re offering an amenity-rich environment in a walkable area that rivals downtown Fort Lauderdale.”

The remainder of the office building is currently in the process of being leased out, and there is a limited amount of space still available.

Encore recently topped off construction on 171 apartments and is working on the first phase of retail.  In total, the project’s first phase will feature 700 luxury rental apartments under Encore’s The Rise brand and 180,000 square feet of retail space.

Once completed, Plantation Walk will create a downtown-style destination encompassing the ingredients of a true, walkable development that will create “Main Street Plantation.”  Entertainment and lifestyle options will include 180,000 square feet of unique shops and a variety of quick-service and fine dining restaurants.  Located on University Drive just north of Broward Boulevard, Plantation Walk is 10 miles from downtown Fort Lauderdale and 30 miles from downtown Miami.  It features easy access to I-595, Florida’s Turnpike and the Fort Lauderdale-Hollywood International Airport.

 

Berger Commercial Realty Reps Landlord In 23,000-SF Lease Deal

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Berger Commercial Realty/CORFAC Senior Sales Associate Jonathan Thiel and Senior Vice President Keith R. Graves, CCIM, recently represented Sample Executive Center, LLC, the landlord, in the lease of 23,010 square feet to Full Circle Education, LLC.

The property is located at 2001 W. Sample Road, on the northeast corner of Powerline Road in Deerfield Beach.

“With proximity to major roadways, including I-95 and Florida’s Turnpike, the strategic location of this office property, coupled with building signage, made it ideal for Full Circle Education and its students,” said Thiel.