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Douglas K. Mandel, Timothy P. Thomas Negotiate Joint Venture For Class A Office Property In Boca Raton

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Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) Senior Director Douglas K. Mandel, along with National Office and Industrial Properties Group Associate Timothy P. Thomas facilitated a joint venture management restructure for Sabre Centre I, a 102,351-square-foot office building located at 5901 Broken Sound Parkway, within the evolving and highly desirable Park at Broken Sound in Boca Raton.

“Sabre Centre I provided G&C Sabre Investors LLC with the opportunity to partner on a value-add trophy office asset in one of the region’s most highly sought-after submarkets.” commented Mandel.

Doug Mandel

Mandel

Sabre Centre I is the sister building to Sabre Centre II and was the former HQ for Siemens Corporation. The building sits on approximately six acres of land and was approximately 60 percent occupied. Tenants range from various industries such as financial services and sports nutrition.

The property’s location, just north of Yamato Road and less than 2 miles from Interstate 95, is surrounded by new multi-family and retail developments that are transforming the Park at Broken Sound into a Live-Work-Play community. Formerly known as the Arvida Park of Commerce, and often referred to as the “Grande Dame” of South Florida office parks, the Park at Broken Sound contains 5.2 million square feet of office space spread across

Thomas

Thomas

700 acres of beautiful lakes, waterways, and open green space with walking trails.

Mandel and Thomas represented both parties in the JV.

The deal was finalized August 15th.

 

C&W’s Criddle, Freitas Negotiate 83,000 SF In Lease Deals At Cypress Executive Center

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Cushman & Wakefield leasing agents John Criddle and Joseph Freitas have leased more than 83,000 square feet of space at Cypress Executive Center.

Criddle and Freitas represented ICM Realty Group in securing new leases with Delphi Behavioral Health Group, Wells Fargo Bank and Royal Seas Cruise Lines and secured lease renewals with Whiting-Turner Contracting Company and Humana Medical.

Cypress Executive Center is a six-story, 140,635-square-foot, Class A office building located in the heart of Cypress Creek at 1901 West Cypress Road.

ICM purchased Cypress Executive Center in early 2015 and has since successfully repositioned the building into a Class A property via an aggressive building renovation program. Improvements include the complete renovation of the building lobby, common areas, rest rooms and exterior landscaping, plus newly added amenities including a tenant wi-fi lounge, café and conference facility.

“We’re seeing tremendous interest in Cypress Executive Center driven by both ICM’s capital investments and prevailing market trends, which are driving demand in non-CBD markets like Cypress Creek,” said Criddle.

According to Cushman & Wakefield research, a tightening downtown Fort Lauderdale office market has boosted suburban demand. Coupled with significant regional employment gains, the Broward County office market stands to see significant gains in the coming months.

“As the Downtown CBD becomes less of an option due to limited space, many suburban markets that have not peaked will become more attractive to those forced out of downtown due to the high asking rental rates and restricted space availability,” wrote Senior Research Analyst Valerie Tatum in the firm’s 2Q 2016 Broward County Office MarketBeat report. “With limited construction in the pipeline, Cushman & Wakefield anticipates market fundamentals to tighten through the back end of 2016.”

 

Girl Scouts Taps Touchstone Webb To Market Office Building And Land, Relocation

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Touchstone Webb Realty Company has been hired by the Girl Scouts of SE Florida (“GSSEF”) to represent them in Broward and Palm Beach counties.

Touchstone Webb Broker Associate Laureen Hunter, along with Owner/President Susan Thomas, will lead the marketing effort to sell the Girl Scouts’ Oakland Park office property, located at 4701 NW 33rd Ave., as well as a 3.02 acre residential parcel in Parkland.

The 2-story, 20,594-square-foot office building is listed for sale for $3,950,000.

The brokerage firm has also been tapped to secure a new 15,000 to 20,000-square-foot combined office, to be located in southern Palm Beach County, and to locate two new Girl Scout retail stores to serve the organization’s members in the Oakland Park and Jupiter markets.

 

Source:  CRE-sources

Downtown Fort Lauderdale Office Tower Trades For $282 PSF

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After only two years carrying the property, Brookwood Financial Partners has sold Fort Lauderdale’s Plaza 100 office building for $46.5 — $14 million more than what the company originally paid.

Brookwood, which is headquartered in Massachusetts, just sold its 330,747-square-foot property to an affiliate of Zurich Asset Management, an alternative investment division of the international Zurich Insurance Group, records show.

The 11-story building is located at 100 Northeast Third Avenue in downtown Fort Lauderdale. Its square footage is split by offices with 165,000 square feet of leasable space and a garage with roughly 580 parking spaces.

According to data from the CoStar Group, it is 92.5 percent leased, with asking rents averaging $23.5 per square foot, triple net. Notable tenants include Comerica Bank, which has its signage displayed prominently on the building, and financial consulting firm RSM McGladrey.

Brookwood came onto the scene in 2014 when it paid $32.5 million to buy Plaza 100 from an affiliate of Accesso Partners, according to county records. Accesso had paid $20.8 million four years earlier.

The Massachusetts private equity company’s purchase price had broken down to nearly $197 per square foot. Now, the company has raked in just under $282 per foot.

CBRE’s Christian Lee, Jose Lobon, Amy Julian and Marcos Minaya marketed the property on behalf of Brookwood.

According to its website, Brookwood has built a portfolio worth $2.2 billion since launching in 1993. Office properties in central business districts like Plaza 100 make up a relatively small chunk of Brookwood’s real estate purchases, equating to about 8 percent of its portfolio.

The Plaza 100 sale also came sooner than Brookwood’s typical holding period, which lasts three to five years under its current strategy.

 

Source:  The Real Deal

Cushman & Wakefield Acquires Taylor & Mathis

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On the heels of its merger with international real estate powerhouse DTZ,Cushman & Wakefield of Florida Inc. has snapped up a Florida firm with a presence in each of the Sunshine State’s biggest markets.

Cushman this week closed on its acquisition of Tampa-based Taylor & Mathis of Florida, adding about 120 employees to its Florida footprint. Of those, about 100 are in property management, with the remainder in brokerage and leadership positions.

Financial terms of the deal were not disclosed.

With the acquisition, Cushman becomes the second largest property management firm in Florida. The combined company will have a management portfolio of 41 million square feet, employing 270 property managers.

Hank Brenner, president of Taylor & Mathis of Florida, said Wednesday that he and Larry Richey, Florida market leader for Cushman, have had conversations about a potential acquisition dating back years.

“The days of the small guys seem to be limited,” Brenner said, “and we felt like we wanted to get the right fit, and again, this felt like absolutely the right fit.”

Cushman & Wakefield, like its peers in commercial real estate, has an international network through which to market properties and potentially draw new clients. Under Richey’s leadership, Cushman’s Florida network combines the resources of a major corporation with an entrepreneurial vibe in its local offices.

“In my view, this is the single largest acquisition opportunity that’s surfaced in Florida in the last 10 years, maybe 20 years,” Richey said.

Taylor & Mathis has property management and brokerage employees in Tampa, Orlando and Miami. In Jacksonville, the company has a small presence, handling the management of a half-million-square-foot building.

No employees will be cut, Richey said. Taylor & Mathis employees in each market will move into Cushman offices.

One of the biggest changes for the Taylor & Mathis employees will be the available resources, like Cushman’s data and marketing said Damien Madsen, principal in Taylor & Mathis’ Orlando office.

“We try to do so much stuff on our own,” he said. “Having access to resources is going to be a huge, huge benefit to us.”

 

Source:  TBBJ

Valley National Bank Moves To East Las Olas With 10-Year Lease Deal

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Stiles Realty announced today that Valley National Bank has signed a 10-year lease deal at Stiles’ corporate headquarters located at 301 East Las Olas Blvd. in the heart of the downtown Fort Lauderdale financial district.

The financial institution and its more than 30 employees will occupy 3,600 square feet of prime ground floor bank space, which features an ATM directly on Las Olas Blvd., as well as 4,000 square feet of second floor office space for its wealth management and commercial lending operations.

Stiles Realty Senior Vice President Norm Adams represented the landlord in the transaction while Richard Kaufman, of Strategic Realty, represented the tenant.

“This move allows us to offer our clients enhanced services as well as all of the conveniences Las Olas Blvd. has to offer while positioning our brand in the center of the financial district,” said Rudy Schupp, Executive Vice President at Valley National Bank.

Valley National Bank will relocate from a former branch on South Federal Highway in Ft. Lauderdale. The move provides the bank with direct Las Olas exposure, covered parking and proximity to area nightlife, culture and entertainment. The bank space build-out is underway with a slated October opening.

“The deal further fortifies the financial district on Las Olas,” commented Adams. “This corner is highly desirable because of its access to retail, entertainment, restaurants and key financial services firms.”

Adams commented that lease rates on Las Olas have reached all-time highs, but he does not believe they are at their peak.

“The Las Olas corridor has very few options for new market entries. We expect additional rate growth due to the tightening market,” added Adams.

The Plaza at Las Olas features a manicured brick-paved drive around a central fountain, 24-hour security, elegant lobby with high-end finishes and hurricane glass. The property is surrounded by parking and is within walking distance to some of Fort Lauderdale’s most popular dining, entertainment and nightlife, including: YOLO restaurant; Vibe nightclub; FAU; Broward College; Broward Center for the Performing Arts; Fort Lauderdale Art Museum; and more.

In the center of six million square feet of commercial office and mixed-use space, the Plaza at Las Olas is immediately accessible to a daytime population of over 63,000 people. Over 2,200 new residential units are in development within a one-mile radius. Easily accessible from I-595, I-95 and US-1, The Plaza at Las Olas is within a ten-minute drive of Fort Lauderdale/Hollywood International Airport and Port Everglades.