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October Meeting Follow-Up – Sales Tax Update

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Thanks to Adele Stone and Eric Rapkin for another great session and to Sandra Anderson, Elizabeth Jimenez, JLL and Ivy Realty for hosting. Adele wanted to clarify the issue of how the penny surtax in Broward would affect sales tax on commercial rents – here is her response:

SFOBA Members
I want to clarify what was discussed at the SFOBA meeting on Wednesday, October 17th with respect to the 1 penny transportation surtax which is on the upcoming ballot. The fact is that although the 1 penny transportation surtax on the ballot is not tied to the state sales tax (or subject to the same reductions in same), if passed it will be classified as a surtax and surtaxes are paid on commercial rents. The ballot doesn’t indicate any exclusions on the goods and services subject to same.  

This information is being sent for the SFOBA group to know about this if this would be a consideration for them in voting.

 Great event and great turnout!  Good seeing everyone  and thank you for inviting us to participate once again this year.
– Adele Stone

Investment Management Firm Relocates, Signs 25,000 SF Lease Deal

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Global investment management firm Intech is making a big transfer.

The company is planning to move its headquarters out of Related Companies’ CityPlace Tower and into the 221,000-square-foot One Clearlake Centre office high-rise in West Palm Beach.

Intech inked a 25,000-square-foot lease and will be filling up the tower’s top two-floors, according to a press release. The deal also gives the company exterior signage. The firm, which has about $50 billion under its management, is scheduled to occupy its new space by September 2019.

The lease brings the 19-story office tower at 250 South Australian Avenue to 68 percent leased, with asking rents in the tower ranging from $40 per square foot to $45 per square foot, CREC’s leasing director Mark Goldstein said. Other tenants in the building include Richman Greer law firm, Rosenbaum Mollengarden PLLC, BB&T, Prudential and Northwestern Mutual.

Built in 1986, One Clearlake Centre includes a five-story, 662-space parking garage. CREC’s Carol Greenberg Brooks, Goldstein and Robert Dabrowski oversee leasing and management of the property.

Velocis, a private equity real estate manager, paid $42.3 million for the property in July 2017 with CREC. The joint venture invested millions into renovating the building, including revamping its lobby areas, corridors and bathrooms. The partnership also added a creative tenant lounge and offers tenants a new wellness program.

 

Source:  The Real Deal

Downtown Fort Lauderdale Office Tower Trades For $108.5 Million

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1 East Broward Owner, LLC, a joint venture between affiliates of NAI/Merin Hunter Codman and PCCP, LLC, has acquired 1 East Broward, a Class A office tower in downtown Fort Lauderdale for $108,500,000.

The CBRE Capital Markets team facilitated the sale of the 19-story, 351,705 square foot, institutional-quality office building on behalf of the seller, Ivy Realty.

Additionally, the CBRE Debt & Structured Finance team arranged acquisition financing of $77,465,500 with SunTrust Bank on behalf of the buyer. Vice Chairman, Christian Lee and Senior Vice President, José Lobón of CBRE oversaw the transaction on the sale effort, and First Vice President Amy Julian oversaw the financing for CBRE, working with Chief Financial Officer Dung Lam and Acquisitions Director Corey Winsett on behalf of NAI/Merin Hunter Codman. The CBRE team also included Senior Financial Analyst Andrew Chilgren. Rebecca M. Cox, SunTrust Senior Vice President, provided the financing. Kapp Morrison LLP provided legal counsel to the seller and Shutts and Bowen provided legal counsel to the buyer.

The property is located on the northeast corner of Broward Boulevard and Andrews Avenue, in the heart of Fort Lauderdale’s rapidly expanding downtown, across from the new Brightline Rail Station. The 91% leased property includes a 19-story building and a 5-story building that are connected by a covered sky bridge to a 4-story parking structure that provides the office tenants with 772 covered parking spaces. The property recently received an extensive renovation with over $4.9 million invested since the beginning of 2013 and serves as the new U.S. headquarters for KEMET Corporation, a leading publicly-traded global supplier of electronic components. KEMET recently relocated its corporate headquarters from Greenville, SC to 1 East Broward bringing 150 additional jobs to the Fort Lauderdale CBD. KEMET joins several leading law firms who have corporate and regional headquarters at 1 East Broward including Becker & Poliakoff, Quintairos, Prieto, Wood & Boyer, P.A., McGlinchey Stafford and Hinshaw & Culbertson LLP.

The purchaser of the property, 1 East Broward Owner, LLC is a joint venture between affiliates of NAI/Merin Hunter Codman, Inc. and PCCP, a real estate finance and investment management firm, based in New York and San Francisco that has over $6.5 billion in assets under management on behalf of institutional investors.

Jordan Paul, CEO of NAI/Merin Hunter Codman stated, “We are excited to form this venture with PCCP. Fort Lauderdale is transforming into one of the great live, work, play environments in the United States and 1 East Broward enjoys a unique position within the marketplace. NAI/Merin Hunter Codman and PCCP plan to continue improving the property to solidify its position as one of downtown Fort Lauderdale’s premier corporate addresses and we appreciate that SunTrust was able to provide us with a loan that allows for flexibility in achieving this goal.”

NAI/Merin Hunter Codman will take over property management and leasing at 1 East Broward.

NAI/Merin Hunter Codman Chairman, Neil Merin who will oversee the leasing team with NAI/Merin Hunter Codman Commercial Associate Max Pawk stated, “With its strategic location adjacent to the Brightline Rail Station, the Federal Courthouse and within walking distance of both Las Olas Boulevard and all of the exciting new residential and cultural development taking place in Flagler Village, 1 East Broward offers its tenants an ideal corporate home with easy access to everything that is happening in Fort Lauderdale and South Florida.”

Christian Lee, Vice Chairman of CBRE Capital Markets stated, “Ivy did an outstanding job executing its business plan and creating value at 1 East Broward. By virtue of the 20% rent growth we have witnessed in Downtown Fort Lauderdale since 2014, every building in the CBD affords significant upside potential as leases expire and we expect that the new ownership group will be able to continue to enhance the building and benefit from the exciting growth taking place in Fort Lauderdale.”

Jose Lobon, Senior Vice President, CBRE Capital Markets added, “1 East Broward has benefited tremendously from its location in the burgeoning Flagler Village neighborhood of Downtown Fort Lauderdale. Not only is it the closest office tower to the recently opened Brightline train station, but it is also at the gateway to the CBD’s youngest and hippest enclave which has seen a generational transformation over the last decade, including 6,415 new multifamily units, as well as numerous art galleries, restaurants, and amenities.”

TREIS Brokers Sale Of Heron Bay Portfolio In Coral Springs

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Tiktin Real Estate Investment Services (TREIS) announced the $42.95 million sale of the Heron Bay Office and Retail Portfolio in Coral Springs.

The portfolio, located directly off the Sawgrass Expressway on Coral Ridge Drive, features Waterway Shoppes, a 40,258 SF retail center; Heron Bay III, a 45,344 SF Class A office building; and Heron Bay IV, a 45,383 SF Class A office building.

The Sellers, RM-NA HB Three Office Building, LLC, RM-NA HB Four Office Building, LLC and RM-NA HB Waterway Shoppes, LLC sold the property to Asuman 57th Street, LLC for $42.95 million in an all cash deal.

TREIS President and Broker Adam J. Tiktin and Investment Associate Alejandro Snyder represented the Sellers in the transaction.

Closing took place September 26, 2018.

“We took over this Heron Bay portfolio listing after other international and national firms were unable to get it sold, and are pleased to have successfully executed another transaction for our clients,” stated Adam J. Tiktin. He added, “The principals of this portfolio and their team, including Hal Cohen, Adam Reiss, and Bob Sherman, are a true pleasure to work with. We are proud to have represented them at the highest level over the past seven years. During that time, we have successfully sold each and every property that they have exclusively listed with us. To date, we have sold seven (7) buildings for these clients, Barry Ross and Bill Matz, including such assets as: Strayer University in Miramar, FL, Starbucks in Pembroke Pines, FL, Village Shoppes in St. Lucie, FL, Indian Trace Commons in Sunrise, FL, and now the Heron Bay Portfolio. Their professionalism, communication, positive attitude, and integrity are always second to none, and we congratulate them on this sale.”

The three buildings were constructed by the Sellers in 2006 and 2008 and are fully occupied with a mix of national, regional and local tenants. The properties are part of the City of Coral Springs’ 22-acre master-planned commercial development.

The Heron Bay portfolio is located at 5810, 5830 and 6230-6240 Coral Ridge Drive in Coral Springs. The two office buildings benefit from direct visibility to the Sawgrass Expressway, which records traffic counts of 180,000 cars daily.

 

NKF Capital Markets Completes $12 Million Sale Of AT&T Net Lease Office Building In Plantation

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NKF Capital Markets announced the $12 million sale of the AT&T net lease office building in Plantation to Fifteen Group Capital LLC.

The 130,549-square-foot, single-tenant building has been a headquarter location for a subsidiary of AT&T, Bellsouth Telecommunications Inc., since the building was constructed in 1985.

NKF Executive Managing Director Michael Lapointe and Managing Director Michael Lohmannrepresented the owner, FT-Florida Property LLC, along with Brian Bartlett and John Richardsonfrom Newmark Phoenix Realty Group.

Location, accessibility and the potential for future redevelopment were three key factors that influenced the buyer’s purchase decision.

“Acquiring a 14AC site with in-place income in one of the most sought-after submarkets in Broward County was very attractive to the buyer, who has plans to reposition the property in the future,” said Lohmann.

Situated on 13.72 acres at 8601 West Sunrise Boulevard, the two-story office building is based in the heart of a dense commercial corridor. The property also benefits from a wide range of retail options, including several restaurants, medical services, a Walmart and a Publix, and accessibility to major highways.

CBRE Selected To Lease Office Space At South Florida’s Largest Mixed-Use Project

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Metropica, one of the nation’s largest under-construction mixed-use projects, announced today it has retained CBRE to handle pre-leasing at 1700 Metropica Way, a ±170,000 sq. ft. Class A office building to be completed in 2020. The second phase of Metropica’s office development, which entails up to 500,000 sq. ft., is also available for office leasing and build-to-suits. CBRE’s Carol Elis-Cutler and Chris Gallagher will spearhead leasing efforts for 1700 Metropica Way.

In addition to its office component, once completed, Metropica will encompass more than 2,250 residential units, retail, shopping and entertainment, green spaces, public spaces dedicated to the arts, and a boutique luxury hotel. The project, which is being developed by Metropica Development LLC and designed by the award-winning team of Cooper Carry, CI Design, Oppenheim Architecture, YOO Design Studio and EDSA, is scheduled to complete the first of its eight residential towers and welcome its first residents this December.

“Across the U.S., we are seeing the incredible impact and success similar mixed-use projects are having in their markets, such as Hudson Yards in New York City, Avalon in Alpharetta, Georgia, and Ballpark Village in St. Louis, Missouri. We know Metropica will transform Sunrise and West Broward County, and we are thrilled to be part of this ground-breaking project,” said Carol Elis-Cutler, first vice president at CBRE.

1700 Metropica Way’s Class A office space, which is being developed on the southern segment of the project’s 65 acres, will be set atop street-level retail. Future phases will include the 480,000 sq. ft. business park campus on the northern portion of the site. State-of-the-art WiFi throughout Metropica’s outdoor spaces will ensure full connectivity across the entire property.

“We are delighted to be working with CBRE on the pre-leasing of 1700 Metropica, which will be situated in the heart of Metropica’s vibrant urban, high-street community with access to top retail and dining experiences just steps away,” said Bernard Werner, President and COO of Metropica Development LLC.  “CBRE’s national reach and extensive resources make them an ideal match with our vision to bring top corporations, organizations and industries to this compelling new Class A office building.”

Metropica is located at 1800 Northwest 136th Avenue, on the northeast corner of Sunrise Boulevard and 136th Avenue, west of outlet mall Sawgrass Mills. It is just a few minutes from South Florida’s major highways, including I-75, I-95, I-595 and the Florida Turnpike, less than 15 minutes from Weston and the Fort Lauderdale International Airport, and less than a half hour from the Fort Lauderdale beaches, Boca Raton, and Aventura.

“This is a pivotal point for new office development in Sunrise. With occupancy at an all-time high, large office users in the market have very few options when relocating or expanding,” said Chris Gallagher, senior vice president at CBRE. “Metropica is ideally situated in the true urban epicenter of the tri-county area, offering corporate tenants access to more than 6 million people in South Florida through major transportation hubs within an hour’s commute time. Metropica’s truly innovative nature offers corporate clients major connectivity, state-of-the-art offices with high-tech amenities, and much more.”

According to CBRE’s Q2 Office MarketView report, the Sunrise/Sawgrass submarket currently encompasses more than 2.4 million sq. ft. of office space. Leading corporate headquarters in the area surrounding Metropica include American Express, HBO Latino, AT&T, Magic Leap, and Universal Music.