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NAI Merin Hunter Codman Welcomes Industry Veteran To Brokerage Team
NAI/Merin Hunter Codman, Inc., welcomed South Florida commercial real estate expert Adam Starr to the firm’s brokerage team as Managing Director.
Starr will be specializing in the sale and leasing of office and industrial properties throughout south Palm Beach and Broward counties.
Starr, a six-time CoStar Power Broker Award winner, brings over two decades of commercial real estate expertise to NAI/Merin Hunter Codman. Starr has successfully negotiated over 15,000,000 square feet of sales and lease transactions throughout South Florida for firms such as CBRE, Brenner Real Estate Group, and the Trammell Crow Company. Starr’s focus will remain in tenant and landlord representation, as well as investment sales.
“It is always a pleasure to welcome a seasoned, commercial real estate professional to our firm. Adam has successfully navigated a wide variety of transactions through all of South Florida’s market cycles. He is a well-liked and highly respected industry expert that is known for his market knowledge, tenacity, professionalism and absolute commitment to the highest level of service for his clients,” stated Jordan Paul, CEO, NAI/Merin Hunter Codman.
“I have done business with Adam many times over the years. He has developed a remarkable track record of creating value and attaining favorable financial returns for his clients. He is a very welcome addition and will be a true asset to the firm’s brokerage team,” stated NAI/Merin Hunter Codman, Chairman, Neil E. Merin, SIOR, CCIM.
Stiles Realty’s Madelayne Garcia Renews T-Mobile, New York Life At Lake Shore Plaza II
Stiles Realty, a division of the full-service commercial real estate firm, Stiles, announced lease renewals for T-Mobile and New York Life Insurance Company at Lake Shore Plaza II.
Stiles Realty Senior Vice President Madelayne Garcia represented the landlord in the transactions. Mitchell Millowitz of NKF and Cameron Tallon of JLL represented T-Mobile and New York Life respectively.
Lake Shore Plaza II
T-Mobile renewed its 21,104 SF office space while New York Life signed a renewal for its 32,942 SF space. Located at 1300 Concord Terrace in Sunrise, Lake Shore Plaza II is a 128,470 SF Class A office building in the heart of Sawgrass Corporate Park. The LEED Silver certified building is located along the Sawgrass Expressway, minutes from shopping, dining and entertainment, including Sawgrass Mills Mall, IKEA, and BB&T Center.
“We are pleased that established global brands such as T-Mobile and New York Life continue to put their trust in us for their office needs,” Garcia said. “These renewals further illustrate the attractiveness of Lake Shore Plaza II for both existing tenants looking to renew as well as new firms moving into the area.”
T-Mobile provides wireless voice, messaging, and data services and operates the third largest wireless network in the nation with more than 65.5 million customers and annual revenues of $32 billion.
New York Life, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. New York Life’s family of companies offers life insurance, retirement income, investments, and long-term care insurance.
Four-Building Office Park In Palm Beach County Sells For $155 PSF
Cushman & Wakefield negotiated the sale and financing of Northpoint Business Plaza, a ±79,516-square-foot office park in Palm Beach County.
The Cushman & Wakefield Capital Markets team of Greg Miller, Scott O’Donnell, Miguel Alcivar and Michael Ciadella, partnered with Michael Falk and Scott Weprin of Colliers International, who represented Northpoint Investments Partnership, LP in the disposition.
ATCG LLC acquired the buildings for $12.35 million, or $155 per square foot.
Jason Hochman of Cushman and Wakefield’s Equity, Debt and Structured Finance Group, assisted ATCG LLC in securing a $7.395 million acquisition loan from Citi.
Northpoint Business Plaza comprises four single-story office buildings developed in 1988 on an ±6.3-acre site at 901 Northpoint Parkway in West Palm Beach. The park is situated less than one mile from the Interstate 95 interchange at 45th Street (Exit 74). This location offers excellent access to Interstate 95, U.S. Highway 1, Florida’s Turnpike, Brightline, Tri-Rail and Palm Beach International Airport.
The buildings were 96.7% occupied at the time of sale. The average suite size is 1,807 square feet. Notable tenants included Healthy Mothers, Healthy Babies; Wood Environment & Infrastructure Solutions; Kennedy Contractors, Inc. and the Florida Department of Highway Safety.
Northpoint Investments Partnership, LP acquired the park in 2014 and subsequently completed a capital improvement program that involved extensive interior suite refurbishment, allowing them to add significant occupancy and drive up rental rates.
“Tenants are attracted to Northpoint Business Plaza due to its efficient, single-story design, which keeps common area expenses to a minimum, providing one of the most cost-effective options in northern Palm Beach County,” said Miller.
Added O’Donnell, “The property has limited competition and aligns perfectly with prospective tenants in the market.”
Stiles Construction Wins Community Appearance Award From City Of Fort Lauderdale
Stiles Construction, a large-scale general contracting firm and division of full-service commercial real estate company Stiles, was honored by receiving a Community Appearance Award from the City of Fort Lauderdale for the firm’s recently completed renovation of 501 Las Olas Square, which is located on the busy intersection of Las Olas and 5th Ave. – a half city block – in downtown Fort Lauderdale.
The project consisted of a complete interior and exterior renovation of a fully occupied, five-story, 45,856-square-foot office building joined by a courtyard. The renovation modernized the building and retrofitted it to allow for a new mixed-use of tenants including a high-end restaurant, bank, and office space.
“The design of this project truly resonates with the excitement and activity of Las Olas Blvd.,” said Tim Moore, president of Stiles Construction. “From the glass exterior on the retail level to the open and inviting gathering areas within, the well-thought out aesthetic injects new life and energy into the area. We are proud to have had the opportunity to transform this building into something that not only enhances and beautifies the neighborhood, but also brings additional value to the tenants and patrons.”
As part of the project, Stiles Construction replaced the imposing beige precast façade with a store front window system that provides natural light and creates a modern and inviting look. The exterior soffit was replaced with a high-tech faux wood “tongue and groove” system that boasted a decorative color pattern. The roofing, mechanical, electrical, and plumbing systems were upgraded with more energy efficient systems and hardscape/landscape along Las Olas Boulevard as well as the guest arrival area, and a previously underutilized patio behind the building was updated with pavers, tropical plants, trees and decorative benches.
Spirit Airlines Pays $32.5M For New HQ Site
Spirit Airlines acquired the site of its future headquarters in Dania Beach for $32.5 million.
Dania Live 1748 II, an affiliate of Dania Pointe developer Kimco Realty, sold about 8.7 acres at the northwest corner of Bryan Road and Radiant Drive to Spirit Airlines. It’s within the partially completed Dania Pointe mixed-use project, which has retail, apartments and a hotel.
In October, Spirit Airlines announced it would relocate its global headquarters from Miramar into a new 500,000-square-foot facility in Dania Beach. The airline promised to move 1,000 employees to the new HQ and create another 250 jobs.
Slated to open in mid-2022, the facility would cost $250 million to build.
The presence of more than 1,000 Spirit Airlines employees should provide a big boost to the shops and restaurants at Dania Pointe as Kimco continues its buildout. Current tenants in the 102-acre site include BrandsMart USA, Hobby Lobby, YouFit, TJMaxx, Outback Steakhouse, TooJay’s, Firebirds Wood Fired Grill, and Five Below.
Source: SFBJ
