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Get on Track for 2020 – Levy Realty/Brightline to Host SFOBA Kickoff January 16, 2020

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Alan Levy and Levy Realty Advisors will be hosting the SFOBA 2020 kickoff on January 16, 2020 at noon at Spectrum Office Park at 4901 NW 17th Way, just west of I-95 at Commercial Boulevard in Fort Lauderdale. We will have assorted Brightline Prizes and giveaways to all who attend.

Our guest speaker will be Najam Syed, Head of Asset Management for Brightline/Virgin Trains. Topics will include new stations for Boca Raton, Aventura and the Port of Miami as well as extension of the route to Orlando. Najam will also discuss Transit Oriented Development and it’s impact on the office market.

January 2020 SFOBA Meeting

Two Class A Office Buildings Change Hands

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Newmark Knight Frank (NKF) finalized the sale of two Class A office buildings in South Florida totaling 77,969 square feet, according to a release.

Alan Long, managing director, brokered both transactions.

In the first transaction, Rushmore PGA, LLC sold a 33,090-square-foot office building known as PGA Professional and Design Center to JHKA Group, LLC. Alan Levy, Broker/President of Levy Realty Advisors, represented JHKA Group, LLC in the acquisition. The acquisition price was $10,200,000. Levy Realty Advisors has been appointed Property Manager and exclusive leasing agent.

Located in the heart of Palm Beach Gardens at 4290 Professional Center Drive, the office building is currently 100% leased. Built in 2007, the building showcases beautiful Mediterranean architecture in a pedestrian-friendly atmosphere and is located less than one mile from Interstate 95. Long represented the seller in the transaction.

“PGA Professional and Design Center was a strategic purchase for the buyers as it represents their first acquisition in Palm Beach County,” said Long. “We continue to see high demand for quality Class A office assets in South Florida due to the sparse amount of available space in the region.”

PGA Professional and Design Center is also located within 2 miles of Florida’s Turnpike and is surrounded by a bevy of retail and dining, including Downtown at the Gardens, Legacy Place Shops and The Gardens Mall, which together have more than 250 shops and restaurants.

In the second transaction, Med Prop Management, LLC bought University Medical Arts Building South, a 44,879-square-foot office building, from Rushmore Tamarac, LLC. Located at 7431 North University Drive in Tamarac, the building is 65% occupied with 15,457 square feet of available space. The building was originally constructed in 1998 and was renovated in 2017. Long represented both the buyer and the seller in the transaction.

The building lies on the campus of University Hospital and Medical Center and is located just minutes form the Sawgrass Expressway and the Florida Turnpike. The property also features high visibility along the adjacent State Route 817.

“This medical office building asset checked all the boxes for Med Prop Management, which required a value-add property,” Long said. “The acquisition furthers the buyer’s strategy of increasing asset diversification within their existing portfolio. Continued economic growth and development in the surrounding area will create new opportunities for ownership and strengthens the company’s position over the long haul.”

According to NKF Research, Broward County recorded its lowest vacancy rate in 12 years during Q3 2019, dipping below the 10% mark for the second consecutive quarter while leading the state in demand growth. Broward’s office sector experienced the strongest year-over-year rent growth for the region, with rental rates eclipsing the previous record high of $29.61/SF recorded in 2008.

 

Two Hallandale Beach Office Buildings Hit The Market

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Tiktin Real Estate Investment Services (TREIS) has announced two office buildings at 1250 and 2100 E. Hallandale Beach Blvd. in Hallandale Beach have hit the market for $36 million.

Adam J. Tiktin and Alejandro Snyder of TREIS are the exclusive sales agents and represent the Seller, KEI Properties. The buildings are located on the south side of East Hallandale Beach Boulevard and offer excellent visibility and signage opportunities. They are available as a portfolio or for individual sale.

Built in 1982 and situated on 2.7 acres, the 1250 E. Hallandale Beach Blvd. building is 11 stories tall and totals 110,447 rentable square feet. The building is currently nearly 87 percent occupied by medical and professional offices and is anchored by a 12,800 square foot gym.

Just two blocks east and constructed in 1968, the 2100 E. Hallandale Beach Blvd. building features four stories and totals a lot size of 85,680 square feet.  The building is 92 percent occupied by mostly medical and professional offices as well. Situated on nearly two acres, 2100 East Hallandale Beach Blvd. allows for several redevelopment opportunities, as the current zoning allows for developers to build up to 350 feet.

The office market in Hallandale Beach is one of the region’s lowest vacancy markets, showing high supply and demand with only seven percent vacancy as of Q4 2018. This area has experienced significant development with two hotels built in the last three years. Additionally, there are nine projects under construction in Hallandale and 11 approved developments in the pipeline.

Cushman & Wakefield’s John Criddle, Joseph Freitas Named Exclusive Leasing Advisors For Cypress Creek Office Building

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The Cushman & Wakefield office leasing team of John Criddle and Joseph Freitas has been named exclusive leasing advisor for Lakeside Plaza by Hollywood, FL-based owner Naya USA Investment & Management LLC.

Lakeside Plaza is a five-story, ±119,339-square-foot office building developed on a ±6.0-acre site at 6301 NW 5th Way in Corporate Park at Cypress Creek.

The property is situated in the heart of Fort Lauderdale’s Uptown Business District. This location offers unmatched access to Interstate 95, the Cypress Creek Tri-Rail Station and the Fort Lauderdale Executive Airport. The Uptown Business District is poised for additional development and redevelopment that will transform it into the envisioned Uptown Urban Village, a walkable neighborhood of offices, residences, retail and hospitality.

“With the planned renovations, Lakeside Plaza will be a premier mid-rise suburban office building offering a strategic location in the greater Fort Lauderdale office market,” said Criddle.

“As building renovations continue to drive rents and leasing activity in the Cypress Creek market, ownership hired our team to assist in repositioning the asset to complete at a higher class and quality,” added Freitas.

Lakeside Plaza is currently 77.82% leased with 24,466 square feet available at rates ranging from $17.50 to $18.00. Notable tenants include Bosch Security Systems, Custom Service, The Singing Machine and Bitedefender.

Criddle and Freitas are also exclusive leasing advisors for Naya USA’s 7800 Congress Ave., a 40,800-square-foot office building in Boca Raton. Cushman & Wakefield’s South Florida Commercial Team negotiated the $17.65 million sale of Lakeside Plaza to Naya USA in January 2018.

 

2019 Holiday Party – Thank You, Sunbeam Properties

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Thank you to our gracious hosts Maridee Bell, Lauren Pace, Wini Smith and Andy Ansin of Sunbeam Properties for hosting our annual holiday cocktail party at Miramar Park of Commerce on December 5, 2019.

Our hosts, Madiree Bell and Lauren Pace of Sunbeam along with Joe Jarkesy of Stiles

It was great to spend some quality time with good friends and enjoy some great food, beverages, and live music. It was also time to bid a fond farewell to our own Joanne Diaz who has done such a great job of keeping our group organized for more years than we can count. At the suggestion of Ron Osborne, it was unanimously decided by the group that in lieu of our customary prize drawing,  the proceeds would make a great parting gift to Joanne who has tirelessly served the group for so long.

But retired members are always welcome to join us and it was good to see our former leader Ted Harris. Ted stepped to the mic to reiterate the mission of our group, to foster communication and sharing of information among the top office brokers in Miami-Dade, Broward and Palm Beach County.

We also heard from Maridee and Lauren who spoke about the office/flex and land availabilities in the 5.2 million square foot Miramar Park of Commerce. Even if you missed the meeting, you owe it to yourself to review the availabilities in one of South Florida’s premier business parks to support our hosts and possibly to help your won clients.

I also had a chance to promote the next SFOBA meeting on January 16th at Spectrum Office Park at 4901 NW 17th Way in Fort Lauderdale which will be hosted by Levy Realty Advisors. We are considering two great groups and will be announcing our guest speaker any day for the 2020 kickoff meeting.

Wishing everybody a happy holiday season and a healthy and prosperous 2020 from the South Florida Office Brokers Association.

Click for More Photos

Thanks Joanne Diaz and Gus Martinez for all you do!

 

 

 

 

 

Stigliano Negotiates Full Floor Lease At Fort Lauderdale’s Port Royale Financial Center

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Reese Stigliano, president of Stigliano Commercial Real Estate announced that Keefe, McCullough & Co., LLP has renewed its lease for the entire 14,393-square-foot fourth floor at Fort Lauderdale’s Port Royale Financial Center.

Stigliano represented the tenant, one of the largest CPA firms in South Florida, in negotiating the $2.1 million, 12-year extension. Stigliano has represented the firm since 1992 when they initially leased a portion of the 4th floor at Port Royale, located at 6550 N. Federal Highway. The final negotiation included a six-figure tenant improvement allowance, and several expansion and renewal options.

Port Royale Financial Center

According to Stigliano, office rents in Fort Lauderdale metro have posted an average annual gain of 5.2% over the last three years. Vacancies average 8% which are below the national average of 10% for Class A office space. There is 1.6 million SF of new construction underway representing a 2.3% expansion of the existing inventory. Over the last three years, only 776,000 SF has been delivered or a cumulative inventory expansion of 1.1%

“What this lease renewal does is provide the tenant with long term stability on their cost of occupancy in a prestigious Class A office building. Also, this allows the tenant to focus on growing their core business without worrying about outgrowing their space and having to relocate in a very tight real estate market.” said Reese.

Reese Stigliano is a recognized leader in the South Florida commercial real estate market and brings over 35 years of experience in commercial real estate to Stigliano Commercial Real Estate. As president, he focuses on land sales, investment sales and office leasing.