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Medical Air Transport Company Moves HQ To Broward

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After recently moving its worldwide headquarters to Fort Lauderdale from outh Lake, Texas, medical air transportation company MASA Global has acquired an office building in Plantation for $12.85 million.

Cornerstone Condominium Investors, managed by Stacey Vogel, sold the 61,362-square-foot office building at 1250 S. Pine Island Road to MASA Property Management, an affiliate of MASA Global. (MASA stands for Medical Air Services Association.) The buyer received a $10.5 million mortgage from Valley National Bank.

The price equated to $209 a square foot.

The office building was constructed on the 2.1-acre site in 2008. It’s just north of busy Interstate 595.

MASA Global’s interest in Broward County was revealed in April 2017, when the Business Journal wrote that the company – under the name “Project Bogey” – filed a job growth incentive application to open an office in Fort Lauderdale. At the time, its headquarters were in South Lake, Texas.

State records show that, in August 2017, MASA Global was approved for up to $210,000 in Qualified Target Industry (QTI) incentives from the state and local governments, should it meet the goal of creating 35 jobs in Broward with an average wage of $71,789. Those jobs must be maintained through 2022.

Maggie Gunther, spokesperson for the Greater Fort Lauderdale Alliance, which helped MASA Global reach the QTI deal, said the project was approved for Fort Lauderdale and no incentives have been paid out to date.

On its website, MASA Global’s worldwide headquarters is now listed as 101 N.E. Third Ave., Suite 1600 in Fort Lauderdale. It still has a membership office in South Lake, Texas. The company has over 1 million members worldwide who depend on it to fly them to medical centers for emergency care. Many of its satellite offices are in Latin America and the Caribbean, which are easily reachable through South Florida airports.

 

Source:  SFBJ

Pharmaceutical Firm Relocates, Inks 56,000 SF Lease Deal

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NAI/Merin Hunter Codman, Inc. announced that it completed one of the largest office lease transactions in Palm Beach County this year with TherapeuticsMD, Inc., which signed a 56,212-square-foot lease at 951 Yamato.

Jay M. Grossman, President and Director, and Richard W. Brockney of NAI/Merin Hunter Codman represented the Landlord, 951 Yamato Acquisition Company LLC, an affiliate of Brookwood Financial Partners, LLC.

Molly McDonough, Senior Vice-President of Butters Realty & Management, represented the tenant in the transaction.

The long-time Boca Raton-based pharmaceutical firm received three FDA product approvals since May and has outgrown its 32,000-square-foot location at 6800 Broken Sound Parkway NW, also in Boca Raton.

When asked why TherapeuticsMD chose 951 Yamato, Josie Weitzel, Director of Corporate Operations, stated “After two long years of researching facility options in the Palm Beach County area, we finally found a space that will offer an open space floor plan, which will allow for a more cohesive and collaborative environment to meet the needs our current and future staff.”

Grossman added, “951 Yamato was well suited for the tenant’s need with its large floor plates. In addition, the ability to find large blocks of office space to accommodate headquarter-sized tenants in Boca Raton is diminishing. The few that can be found are priced at the top of the market, located in less convenient areas, and many lack modern, Class-A features and amenities. 951 Yamato recently completed a million-dollar, environmentally friendly property improvement program to ensure that it remained a first-choice for large office space users. With the signing of the TherapeuticsMD lease and other recent leases, the building is now 89% leased.”

Current plans are to build-out two additional spec suites to be delivered in the first quarter of 2019, and a 2,000-square-foot conference center for the use of all 951 Yamato tenants.

Convey Health Solutions Upgrades To 48,000 SF Space

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Convey Health Solutions, a national provider of health insurance services and technology, is relocating its 500-person Miramar office to MPC-30, the newest building in Sunbeam Properties’ Miramar Park of Commerce.

Convey Health Solutions, which will move from another building within the Park, will occupy 47,819 sq. ft. in MPC-30, a 70,948 sq.-ft. spec office/flex building located at 3140-3188 Executive Way. Convey’s custom build-out of the space in MPC-30 is slated for completion in March.

“Convey chose MPC-30 in order to build out a facility that aligned with the company’s brand and goal to provide a superior work environment for team members,” said JLL Executive Vice President and National Director Ryan Nunes, who represented Convey Health Solutions in the transaction. “We worked closely with Convey and Sunbeam to structure a creative transaction that met Convey’s short- and long-term goals and provided flexibility to excel in an ever-changing business landscape.”

Convey Health Solutions maintains more than 1,500 employees who provide more than eight million Medicare beneficiaries with access to the healthcare services they require. Additionally, the company manages large-scale health insurance processes for clients regionally and nationally.

“One of the many advantages of the Park is that we can make quick decisions at the local level which is important, particularly for companies like Convey Health Solutions that are looking to customize their space based on their business needs,” said Sunbeam Properties Vice President Maridee Bell, who along with Leasing Associate Lauren Pace, represented the Park in the transaction. “With new buildings like MPC-30 and more than 2 million sq. ft. of existing flex and office space, Sunbeam can efficiently and successfully accommodate the diverse needs of a variety of current and future tenants.”

Plantation Office Building Fetches $13.85 Million

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Avison Young’s Florida Capital Markets Group completed the $13.85 million ($173 per square foot) sale of the 80,000-square-foot Bank of America office building at 1776 N. Pine Island Road in Plantation.

The building last sold for $10,900,000 in December 2012.

On behalf of Transatlantic Investment Management Inc., Avison Young Principals David Duckworth, John K. Crotty, CCIM, and Michael T. Fay, facilitated the disposition to the Kislak Organization, a privately held firm based in Miami. The sale represents the fifth transaction the team completed in Plantation to date in 2018 totaling more than $66 million.

“Plantation continues to see low office vacancy rates, high absorption, and impressive rent growth, solidifying it as one of the most desirous suburban submarkets in Broward County for tenants and investors,” said Duckworth. “The property was a value-add opportunity despite its high occupancy due to the below-market, in-place rents.”

For the acquisition, Kislak also engaged the Florida Capital Markets Group to secure a $12.05 million loan.

“We were pleased to work with Avison Young on the acquisition and financing of this well-located, multi-tenant office building,” said Tom Bartelmo, president and CEO of the Kislak Organization. “This investment is a great fit for our strategy of acquiring high-quality commercial real estate in top South Florida submarkets. We like the property’s strong current income and opportunity for enhancements that will draw additional professional office tenants.”

At 80 percent loan-to-value, the loan was negotiated by Avison Young Principal George Vail and financed through Popular Bank for a 10-year term with a 2-year interest-only period, after which it will transition to a 25-year amortization schedule. The interest rate was 4.6 percent.

“Due to the property, location, and the buyer’s well-regarded reputation, we created a competitive environment to get the best loan terms for Kislak,” said Vail. “After receiving multiple term sheets, we locked in a favorable loan with a rare 80 percent loan-to-value ratio, as lenders typically max out at 70 to 75 percent.”

According to research by Avison Young, Plantation is one of the tightest office submarkets in Broward County. As of third quarter 2018, the submarket saw no new construction, one of the lowest vacancy rates which posted at 7.23 percent, and the highest total net absorption level in the county with 78,350 square feet absorbed.

 

Source:  CRE-sources

Berger Commercial Realty Negotiates Multi-Year Lease Deal For Fort Lauderdale Law Firm

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Berger Commercial Realty/Corfac InternationalVice President Brian Batchelder and Michael Feuerman, Esq., CCIM, represented Lochrie & Chakas, P.A., in a 62-month, 2,893-square-foot lease renewal at Victoria Park Centre, located at 1401 East Broward Boulevardin Fort Lauderdale.

Lochrie & Chakas, P.A. is recognized for its experience and knowledge in land use, zoning, environmental, and government law. The firm represents property owners, developers and lenders seeking a wide range of development entitlements and due diligence assessments.  Berger Commercial Realty represents tenants and property owners throughout South Florida in the leasing and purchase/sale of commercial properties.

“We were pleased to renew our office lease here.  Berger Commercial was invaluable in reaching the finishing line,” commented partner Robert B. Lochrie III.

The landlord was represented by Jeff Holding with Cushman and Wakefield of Florida, LLC.

 

Tower Commercial Expands South Florida Team, Names Veteran Broker Senior Managing Director

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Stephen Smith, formerly vice president of the Hogan Group, has joined Tower Commercial Real Estate as Senior Managing Director serving the fast-growing commercial real estate brokerage’s clients in the Miami-Dade and Broward County markets.

Jon Blunk, Tower-CRE president, said, “With the projected growth of these markets, it’s timely to expand Tower-CRE’s team. Steve adds tremendous value for our clients, bringing insight into this region’s dynamics and deep real estate and investment expertise honed in working with leading institutional investors and trophy assets.”

Smith draws on 28 years of experience in leasing and marketing new development in Waterford at Blue Lagoon, a 250-acre office park adjacent to Miami International Airport.  During his tenure, the Hogan Group developed, leased and managed over 2.7 million square feet of multi-tenant and build-to-suit office buildings for Waterford’s joint venture owners, an affiliate of TIAA and Allianz Real Estate of America. Last year alone, Hogan’s team leased nearly 448 million square feet, and Smith was responsible for one of South Florida’s largest office transactions in recent years, a 150,000-square-foot build to suit lease for a major multinational corporation.

Earlier, Smith served as a Vice President at Carey, Kramer, Silvester Associates, loan correspondents for major insurance companies, and was a senior investment analyst for TIAA-CREF in New York, responsible for commercial mortgage investments in the Southeastern U.S.

A resident of Weston, Smith is a graduate of Hobart College and attended the Stern School of Business at New York University. He is a board member of NAIOP’s South Florida Chapter and is active in the Beacon Council and Greater Miami Chamber of Commerce. A community leader, Smith is currently Chairman of the Board of Trustees of the Southern Florida Chapter of the Leukemia and Lymphoma Society and is past Chair and currently serves on the Volunteer Leadership Council of the Miami-Dade Unit of the American Cancer Society.

“I’m excited to join the Tower Team and to help grow their Landlord Agency business. What Tower has achieved in three years since opening is remarkable. I look forward to leveraging my experience for Tower and its clients,” Smith said.

Blunk noted that Smith is the latest high-profile executive to join Tower-CRE as the boutique firm strengthens its presence throughout the Tri-county area. Most recently, Tower-CRE added a tenant representation group, expanded its Fort Lauderdale office, and added a research analyst.