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Class A Boca Office Building Trades For $34.6 Million

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Cushman & Wakefield has arranged the sale of Wells Fargo Plaza in downtown Boca Raton. The Class A asset consists of a seven-story office building and a two-story building with a Wells Fargo Bank retail branch on the ground-floor, which together comprise 102,431 square feet.

The Cushman & Wakefield Investment Sales Team of Vice Chairman Mike Davis, Managing Director Dominic Montazemi, Executive Director Scott O’Donnell, Executive Director Rick Bruggeand Executive Director Michael Lerner represented IPCP Florida Realty Value Fund I, an entity of Boca Raton-based IP Capital Partners, in the sale.

The $34.6 million sale closed Friday, January 28. The property last sold for $23 million in 2015.

Wells Fargo Plaza was completed in 1999 and features a unique design by internationally renowned architect Phillip Johnson, which makes it a well-known local landmark.

Situated on 2.3 acres at 925 and 975 South Federal Highway, at the intersection with East Camino Real, the property offers panoramic views of the Atlantic Ocean and downtown Boca Raton’s evolving skyline. It is directly across from the highly exclusive Royal Palm Yacht & Country Club, and surrounded by walkable amenities such as Royal Palm Place, which has over 100 designer shops, restaurants, salons and art galleries, as well as a Publix, Fresh Market and Trader Joe’s. It is also less than a mile from Boca Raton’s entertainment center, Mizner Park, which offers numerous dining, shopping and entertainment options.

“Downtown Boca Raton has undergone a major revitalization in recent years that has made it a model for ‘new urbanism,’ integrating office, retail, residential and entertainment with a pedestrian-friendly design,” said Davis. “Wells Fargo Plaza has an ideal position in the heart downtown’s evolving landscape, making it an excellent office location for banks, financial services firms and businesses from a wide variety of industries.”

Added Montazemi, “While the property garnered diverse interest from shepherds of capital both domestic and abroad, the buyer was selected for their proven track record and ability to transact on an expedited basis.”

Wells Fargo Bank has been a tenant at the property since 1999, and most recently renewed its lease through 2025. Other notable tenants include accident attorneys Kanner & Pintaluga, P.A. and marketing agency MoreVisibility.

The property is also considered part of the Federal Highway Corridor micro-market, which is one of the top micro-markets in Palm Beach County, having experienced a 30 percent growth in average base rents over the past five years. With no new office construction in the pipeline and positive net absorption, the Federal Highway Corridor is expected to continue performing at the top of the market.

CBRE Tapped To Lease Plantation’s Newest Class A Office Building

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CBRE is pre-leasing office space at University Professional Center, a 63,600-square-foot office development under construction at 1248 North University Drive in Plantation. The new 3-story property is scheduled for delivery in Q2 2019 and will be the first office building in Plantation built in the last 10 years.

CBRE’s Scott Brenner, Owen Sagar and Deborah Fink are handling leasing efforts at the property on behalf of ownership, Plantation Professional Plaza.

“Adjacent to Plantation’s emerging technology cluster, University Professional Center will be a state-of-the-art office and medical building featuring up to 42,400 sq. ft. of contiguous space, with 26,800 sq. ft. approved for medical office use,” said Scott Brenner, Executive Vice President at CBRE. “The building is coming out of the ground with an anchor tenant in place, Chetu, a global leader in software development.”

The 3-story building offers office space that can be custom designed to tenant specifications. The suites will be individually metered for electric and HVAC use, offering tenants flexible operating hours. The overall parking capacity is 4.6 spaces per 1,000 square feet of leased space, which allows tenants the option to build an increased density floorplan.

University Professional Center is located in the City of Plantation in Broward County, with a population of more than 430,000 within a 5-mile radius. The property enjoys direct access to I-595, as well as Florida’s Turnpike, The City of Plantation is 15 minutes from Downtown Fort Lauderdale and the Brightline/Virgin Trains USA station, Fort Lauderdale-Hollywood International Airport, I-95, and Port Everglades. Approximately 2,600 multi-family and townhomes are currently under construction or approved throughout the City.

The “top off” and ribbon-cutting ceremonies will take place in early and late summer 2019, respectively.

 

CBRE Relocates Ft. Lauderdale Office, Signs 13K SF Lease

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CBRE announced plans today to relocate its Fort Lauderdale office to a new 12,993-square-foot space on the 15th floor at Bank of America Plaza, a 23-story office building also known as Las Olas City Centre in downtown Fort Lauderdale.

Part of CBRE’s global “Workplace360” initiative, the new office at 401 East Las Olas Blvd. will feature both state-of-the-art technology and design that enhances workplace experience and seamlessly connects employees. CBRE plans to complete its relocation in Q3 2019.

CBRE’s Workplace360 initiative promotes flexible and mobile working with enhanced technology and features a balance of workplace settings, including both collaborative and private spaces that employees can self-select to accommodate their hour-by-hour needs.

“At CBRE, we pride ourselves in knowing how to enhance the workplace experience to drive business change,” said Scott Correale, Managing Director at CBRE. “We have seen the success of our Workplace360 Miami office, and we are excited to bring this innovative initiative to Fort Lauderdale. Our new office will create a more collaborative culture for our employees in a sustainable environment, and we know it will have a meaningful impact in attracting and retaining top talent.”

“Our new office will showcase a new way of working to our clients, and we are excited to invite them to our new space. They will experience cutting-edge solutions to help inform their decision-making process as they consider their future workplace needs,” said Zach Wendelin, Senior Vice President at CBRE, who represented the firm in the lease transaction.

CBRE is leveraging its in-house Workplace and Project Management services to implement the project from initiation through move-in. Employee committees will participate in decision-making to create a unique office experience that caters to individual health and wellness, while also reflecting the excellence of the CBRE brand and corporate culture.

“From productivity and wellness, to engagement and recruitment, the workplace directly contributes to business results. Better business performance begins with better workplace performance, and at CBRE, we practice what we preach,” said Cicily Scharlach, program manager for CBRE’s Workplace360 initiative. “By driving greater collaboration and productivity, and improving our business agility, our newest Workplace360 office will be an environment where our employees will feel engaged and thrive.”

CBRE will move from its current offices at 200 East Las Olas Boulevard.

Office Depot HQ Site Sells For $33 Million

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Avison Young Principal Keith O’Donnell completed three transactions totaling $33 million on behalf of Investors Warranty of America to sell a 42.7-acre property in Delray Beach. The site is the former Office Depot headquarters at S. Congress Avenue and Old Germantown Road.

“Immediately after being awarded the listing, we evaluated multiple and varied uses including colleges, office, and entertainment, and investors looking to renovate existing assets,” said O’Donnell. “Ultimately, we secured a dream team of well-known developers to purchase the property and embark on a transformative redevelopment project.”

The property was divided into three parcels and sold to three South Florida development groups which joined together to create a new mixed-use project. Centerpointe Delray Holdings, a partnership between Miami-based firms 13th Floor Investments and Key International and Boca Raton-based CDS International Holdings, plans to build more than 600 multifamily units. Separately, CDS, which also owns The Arbors office building on the northeast corner of the site, plans to develop retail and office components. The project will be anchored by a 1.8-acre park with jogging and bike trails to connect to the 25-acre Delray Natural Oaks Preserve.

“We are excited to bring residential units for families and young professionals to Delray Beach as part of a landmark commercial site,” said Arnaud Karsenti, Managing Principal of 13th Floor Investments. “The result will be a world-class live-work-play community in line with the city’s vision for a vibrant destination along Congress Avenue.”

Inigo Ardid, Co-President of Key International, added: “We’re looking forward to delivering a new wave of residential product to the Delray Beach market, which poses significant growth opportunities. This site will work in tandem with the exciting additions joining the area to create a central lifestyle locale.”

The Delray Beach City Commission unanimously approved the master plan and will collaborate with the developers on the project. Four- and five-story apartment buildings and two- and three-story townhouse buildings are planned. The retail and restaurant space will be near the S. Congress Avenue and Old Germantown Road intersection.

“Early in the seller’s quest for buyers, Keith brought the property to my attention and challenged our team to think about how this last great South Palm Beach County parcel could be integrated into the success of Delray Beach’s downtown transformation,” said Jeff Perlman, Vice President of CDS and former Delray Beach Mayor. “I was the mayor who got the call about Office Depot leaving the site for Boca Raton 12 years ago, a decision that prompted us to rethink the future of Congress Avenue. We believed back then – and still do – that this property will be the catalyst to create Delray Beach’s next great street, and it’s an honor to be involved.”

O’Donnell’s history with the property, which dates back to its days of IBM’s occupancy through Office Depot’s growth to a global enterprise, played a significant role in Investors Warranty’s selection of Avison Young to lead the sale.

“We remained committed to ensuring the delivery to Delray Beach the type of project it deserved while maximizing upside for our shareholders, and Keith’s experience with the property and other complex projects nearby such as Mizner Park in Boca Raton proved invaluable in achieving our goals,” said David Feltman, former executive of Investors Warranty.

Cresa Recognized As Best Commercial Real Estate Brokerage Firm In South Florida

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The winners of the eighth annual Daily Business Review “Best Of  2018” readers’ poll were recently revealed and Cresa was ranked the Best Commercial Real Estate Brokerage Firm (Office) in South Florida.

The annual poll, wherein DBR readers cast their votes for the best legal and real estate companies in the Florida market, “showcases the businesses that stand out among their competitors in providing the essentials required to compete in today’s market,” according to the publication. Cresa was also recognized in the DBR’s “Best Of 2017” poll as the second Best Commercial Real Estate Brokerage Firm (Office).

“We are truly delighted to be recognized once again by the readers of the Daily Business Review as the Top Commercial Real Estate Brokerage Firm in South Florida,” commented Caroline Fleischer, Managing Principal, Cresa South Florida.  “Being voted #1 comes with distinction, and also a great amount of responsibility to our industry and our clients.  Our team is committed to serving the community and our customers as we continue to grow and expand.”

Cresa’s Miami and Fort Lauderdale offices track office and industrial space and trends in the South Florida market, which includes Miami-Dade, Broward and Palm Beach counties. This three-county metropolitan area, also known as the “Gateway to the Americas,” is recognized worldwide as a top international center for commerce and trade and is home to over 1,300 multinational companies from 56 countries. Cresa South Florida specializes in strategic planning, occupier representation, site selection, and sales and dispositions. They also assist with logistics and supply chain management for a wide variety of industrial clients, including distribution and manufacturing companies.

The South Florida team includes (in alphabetical order by last name):

• Glen Carpenter-Vice President/Project Management

• Monica Cornejo-Senior Advisor

• Caroline Fleischer-Managing Principal, Market Leader

• Jeff Hartsook-Principal

• Ryan Hubbard-Senior Advisor

• Glenn Olson-Principal/Project Management

• Zach Talbot-Principal

• Diane White-Business Manager

• Patrick Willis-Vice President

The Cresa South Florida Industrial Team recently completed 7 transactions on behalf of its clients. Hartsook, Willis, and Hubbard represented Consolidated Electrical Distributors, UniFirst in 2 locations, Flamingo Oil/ShopServ, Anixter, CED Greentech, and Ready 2 Transport. The deals completed reflect over 200,000 square feet of industrial space and a value of over $8,000,000.

Cresa’s conflict-free business model is central to its position as the world’s most trusted occupier-centric commercial real estate firm, according to the firm.

Tech Firm Moves HQ To Newly-Constructed Miramar Tech Center, 2 Additional Tenants Ink Deals

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Blanca Commercial Real Estate announced its completion of two lease transactions totaling 13,536 square feet at the Miramar Tech Center, located at 2900 Monarch Lakes Blvd. in Miramar. The news follows the recent occupancy of United Data Technologies into the three-story Class A office building offering approximately 56,710 rentable square feet.

The leases include new tenant 03b Networks (7,011 sf), a subsidiary of SES Networks and the world-leading satellite operator with over 50 satellites in geostationary Earth orbit and 16 in medium Earth orbit, which was represented by Juan Jaramillo of FGI Realty; and the University of Florida’s Warrington’s College of Business (6,525 sf) represented by Franklin Street’s Tom Farmer.

They join recent occupant and building owner UDT (21,155 sf), a technology enabler that helps clients in major industries evaluate, architect, secure and manage technology in mobile, on premise and in the cloud.

“We are thrilled to have facilitated the completion of these lease deals with top organizations on the vanguard of technology and business who appreciate everything this new property has to offer,” said Juan Ruiz Executive Vice President of Blanca Commercial Real Estate. “Its central location and ability to attract top talent from the area makes this property an ideal choice for any company with its eye towards the future.”

 

Added Henry Fleches, CEO of UDT, “The Miramar Tech Center features some of the most advanced redundancy and backup systems in the area making it a perfect solution for any company with a robust need to provide continuous, noninterrupted service, or for any organization looking to ensure business continuity.”

The Tech Center is located in the heart of Miramar and boasts full generator backup power, wind-rated impact glass, electric car charging stations, dual HVAC chillers, heavy power and multiple telecommunication carriers and feeds to ensure redundancy and business continuity. The building is also hardened for hurricane resistance and offers high-end conferencing facilities and garage parking of 5.3 per 1,000 square feet.