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Joanne Diaz Is Retiring!

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A message from Joanne:

Change seems to be “in the air.”

I would like to announce that I am “stepping down” from the organizational duties that I have performed for the past eleven years for the South Florida Office Brokers Association (SFOBA) effective the end of this year.

In 2008 while working for Flagler, Jim Cahlin, one of the founding members of SFOBA, asked if Ted Harris and I would like to take over the responsibility of organizing and leading the monthly meetings. We said yes and our journey began.

Ted retired on February 12, 2015 and I then had the pleasure of partnering with Gus Martinez of KW Commercial. We have strived over the years to provide a vibrant, valuable market forum for the South Florida brokerage community. We receive no compensation for what we do except for the “sunshine dollars” from your sunny smiles when we see you at the meetings, and hopefully have made a difference for our contributions.

Gus needs a new partner.  Please contact Gus at gusmartinez@kw.com to let him know if you are interested in volunteering and “joining the team.”

Wishing you all much success and fun-filled days always!

 

Blessings, Joanne

 

 

 

 

Levy Realty Advisors Grows Team, Adds Senior VP Of Tenant Representation And Brokerage

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Levy Realty Advisors (LRA) is pleased to announce that Ken Silberling has joined the firm as Senior Vice President-Director of Brokerage and Tenant Representation.

“I am excited and pleased to announce that after many years of knowing Ken Silberling, he will join our company to head up the Brokerage and Tenant Representation division,” said Alan Levy, Broker/President of LRA.  “Ken comes to the company with over 30 years of industry knowledge and experience and is well respected amongst his peers in the South Florida Commercial and Industrial market. Ken will be handling brokerage and tenant representation opportunities that we have been passing up for many years due to our focus on our own portfolio of properties.”

 

“We feel very fortunate to have Ken represent our company,” added Josh Levy, LRA COO.  “This is a new chapter in the evolution of our company.  Ken’s extensive experience and exposure in the market will help us to continue to expand our footprint throughout South Florida. He will also bring an extended level of service to our tenant base of over 1,000 companies occupying over 3 million square feet of space.”

Ken has vast experience in the South Florida commercial /industrial real estate market with expertise in leasing, investments and market analysis.  He was previously Regional Senior Vice President for Truss, an online commercial real estate marketplace where he developed a  comprehensive database of South Florida office space and represented corporate tenants in lease negotiations.

He began his career as Director of Research for Cushman and Wakefield’s Miami office and became a go-to source of information for the local and national media. He later started the research division at Colliers International and became a founding partner at Commercial Florida Realty Partners where he designed market databases, authored market reports and branched into tenant representation and investment sales. He moved on to Danburg Properties of Boca Raton as Vice President of Leasing and Acquisitions where he completed over 700 leases and helped to substantially increase the company’s investment and development portfolio.

He is the author of KenTrends, a blog on commercial real estate and related fields and has achieved national recognition for his blogging and social media activity. He has been a guest speaker and panelist for numerous commercial real estate organizations. His articles have been published via Propmodo and The Broker List and he has been quoted in South Florida’s SunSentinel, the Miami Herald, the South Florida Business Journal and the Wall Street Journal.

Cushman & Wakefield Arranges 77,000 SF HQ Lease

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Cushman & Wakefield has negotiated a new, 77,000-square-foot lease with Hayes Medical Staffing, a national staffing and recruiting agency for healthcare employers, at Cypress Financial Center in Fort Lauderdale. The Class A space at 5900 N. Andrews Ave. will serve as the company’s corporate headquarters.

Cushman & Wakefield Executive Director Travis Herring and Director Katherine Ridgway represented the landlord, Miami-based Steelbridge, in the lease negotiations. Mitchell Millowitz with Newmark Knight Frank represented the tenant.

Hayes Medical Staffing has approximately 185 employees and recently announced it will add 250 new jobs to the area. The company will take occupancy of its new space in Q4 2019, joining such notable tenants as TD Bank, City National Bank and Altadis.

Cypress Financial Center is the only Class A office building in South Florida that sits adjacent to the region’s primary artery, Interstate 95. Hayes Medical Staffing will gain unparalleled visibility from the highway with top-of-building signage.

Further, an exclusive I-95 on-ramp adds convenience and accessibility throughout the tri-county area. The location also provides convenience to Cypress Creek Tri-Rail station. Other amenities include an attached parking garage, onsite security and property management, a café that serves breakfast and lunch, and weekly car wash service.

Additionally, the property recently completed an extensive capital improvement program, which included elegant renovations to the lobby, common areas, elevators and restrooms, as well as new landscaping, new monument and directional signage throughout the property and new exterior lighting.

“Between the unparalleled accessibility along I-95, nearby amenities and the recent renovations made by Steelbridge, Cypress Financial Center is one of the premier office locations for major corporations and employers in South Florida,” said Herring. “This is evidenced in the property’s continued ability to attract top-tier tenants such as Hayes Medical Staffing.”

Another WPB Office Tower Trades

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Cushman & Wakefield has negotiated the sale and financing of 1700 Palm Beach Lakes, a ±113,964-square-foot, Class A office building in Palm Beach County.

The Cushman & Wakefield Capital Markets team of Scott O’Donnell, Dominic Montazemi, Greg Miller, Miguel Alcivar and Michael Ciadella, with significant support from Cushman & Wakefield agency leasing specialist Anthony Librizzi, negotiated the sale on behalf of 1700 PBL LLC, an affiliate of Miami-based Breakers Capital.

Hackensack, New Jersey-based Capstone acquired the building for $19.35 million, or about $170 per square foot.

Jason Hochman of Cushman & Wakefield’s Equity, Debt & Structured Finance group assisted the purchaser in securing an $18.4 million acquisition loan from Blue Vista Finance on behalf of Capstone.

1700 Palm Beach Lakes is an 11-story office tower developed in 1988 on a ±1.24-acre site at 1700 Palm Beach Lakes Boulevard. The property features structured parking, a covered entrance and premium interior finishes, providing a true Class A experience.

Ownership recently completed a capital investment program valued at nearly $2 million that included a complete elevator modernization, complete lobby and garage restorations and a full-building generator replacement.

1700 Palm Beach Lakes’ location along the Palm Beach Lakes Boulevard corridor offers tremendous connectivity to greater West Palm Beach and the central business district (CBD) via the adjacent Interstate 95 interchange, North Congress Avenue and North Australian Avenue. The property is positioned to capitalize on the corridor’s recent transformation, marked by the development of the Palm Beach Outlets and the Hilton Garden Inn West Palm Beach at the Outlets, which serves as Spring Training home for the Houston Astros.

The property was 89.4% occupied at the time of sale. Notable tenants include the Internal Revenue Service (IRS), Valley National Bank, Uniters North America and Comcast Spotlight. The IRS will vacate more than ±32,000 square feet in 3Q 2019, dropping occupancy to 61.1% and creating a tremendous value-add opportunity for new ownership.

“The IRS’ departure actually creates an exceptional value-add opportunity to update a significant swath of older space in the building, bringing it more in line with the needs of modern, smaller tenants which are prevalent in this submarket,” said O’Donnell. “The building is a best-in-class asset and offers Capstone upside potential given the ideal combination of positive market fundamentals, rapid nearby development and potential for a complete property rebranding in one of South Florida’s most exciting cities.”

 

NKF Brokers Three Office Deals Totaling More Than 98,000 SF

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Newmark Knight Frank (NKF) announced the completion of three high-profile office deals in South Florida totaling more than 98,000 square feet.

The flurry of activity illustrates a recent NKF research report showing vacant office space in South Florida dropping to its lowest level since the Great Recession began more than a decade ago.

In the first deal, Oakland Sun Partners, LLC purchased 1 Dambrackas Way, a 48,671-square-foot Class B office building located in Sunrise. Originally built in 1985, 1 Dambrackas Way is also within a short drive to several nearby retail and dining destinations. The new owners purchased the building for $4.02 million.

NKF Executive Managing Director Mitchell Millowitz, NKF Senior Managing Director Ryan Rosalsky and Associate R.J. Ward represented the buyer.

Millowitz also executed a new lease agreement for e-commerce company Vitacost at 4700 Exchange Court at Boca Raton Innovation Campus. The 35,438-square-foot deal is part of an ongoing transformation for the online vitamin and healthy product supplier, which is a subsidiary of Kroger. Vitacost will relocate from its current headquarters at a one-story building in The Park at Broken Sound in August.

A former IBM corporate hub, Boca Raton Innovation Campus features an impressive array of onsite amenities that include a state-of-the-art fitness center, high-tech conference center, food hall, on-site accredited day care center and numerous walking trails. CBRE Executive Vice President Jeff Kelly represented the landlord, Crocker Partners.

“Vitacost conducted an extensive search of amenity-laden office properties in the region to fulfill its charge of finding a modernized, collaborative workplace environment with an abundance of natural light,” said Millowitz. “Boca Raton Innovation Center is the Southeast’s premier science and technology hub, and its proximity to talent and walkable amenities will provide Vitacost with a significant recruiting advantage in the years to come.”

In the third deal, Millowitz, Rosalsky and Ward represented AlphaStaff, a HR outsourcing firm, in its office relocation from Cypress Creek to Sunrise Corporate Plaza. AlphaStaff will occupy 14,604 square feet of space at the Class A office building in Sunrise beginning in January 2020. Built in 1999, Sunrise Corporate Plaza totals 107,748 square feet and is 100% occupied. Madelayne Garcia and Tom Kates represented the landlord, Stiles.

Two of the three transactions occurred in Broward County, which recorded 191 lease deals totaling more than 563,000 square feet in the first quarter of 2019. Broward also accounted for more than 58% of all Class B leasing activity across South Florida in Q1 2019, as limited blocks of availability in Class A buildings continued to aid the Class B sector.

Cushman & Wakefield To Lease Radice Corporate Center

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The Cushman & Wakefield office leasing team of John Criddle and Joseph Freitas has been named exclusive leasing advisor for Radice Corporate Center in Broward County.

Radice Corporate Center is a 353,975-square-foot, three-building, Class A office campus in the Cypress Creek office submarket. The office park comprises Radice Corporate Center I at 600 Corporate Drive, Radice Corporate Center II at 800 Corporate Drive and Radice Corporate Center III at 1000 Corporate Drive.

Radice Corporate Center I is a six-story, 102,350-square-foot building featuring 18,000-square-foot floor sizes and renovated common areas and bathrooms. The building was constructed on the ±4.0-acre site in 1984.

Radice Corporate Center II is a seven-story, 122,625-square-foot building developed in 1986 on a ±6.7-acre site. The asset offers 18,000-square-foot floor plates, renovated common areas and bathrooms, new elevators, a new HVAC system and an on-site café.

Radice Corporate Center III is a seven-story, 129,000-square-foot building developed in 1987 on a ±6.3-acre site. The building features 18,400-square-foot floor plates, an atrium lobby with marble accents and floor-to-ceiling windows. Ownership acquired Radice Corporate Center III earlier this year, securing possession of all three buildings.

Each building at Radice Corporate Center offers Category 5 or T–1 networking, generous surface parking ratios (4.0 spaces/1,000 square feet), canopied parking, on-site property management and roaming 24/7 security.

Radice Corporate Center is situated in a park-like setting adjacent to The Westin Fort Lauderdale and a ±5.5-acre nature preserve and a jogging trail. This location in Cypress Creek offers exceptional visibility from Interstate 95, easy access to all major South Florida thoroughfares and is just minutes from Fort Lauderdale/Hollywood International Airport.

The campus is currently 87.0% leased. Notable tenants include Charter Schools, Mass Mutual, Arizona College, Litchfield Cavo, TekPartners, Aerotek Staffing and Marsh & McLennan along with many other exceptional companies.

Ownership plans significant capital improvements at Radice Corporate Center, including updated landscaping, improved parking, café upgrades and enhanced corporate branding and signage.

“With ownership’s acquisition of Radice Corporate Center III, the entire park is now back under the control of a single entity for the first time since it was developed by Robert Radice in the eighties,” said Criddle. “Owning all three buildings not only provides operational efficiencies, but it offers our tenants the opportunity to grow or contract their office needs under the same ownership group.”

“The need for office space in Broward County continues to be spurred by solid economic growth and job creation,” added Freitas. “With limited new office construction outside the Fort Lauderdale CBD, Radice Corporate Center is well-positioned to capitalize on this increase in demand.”