Tag Archive for: slider

Maddy Garcia, Tom Kates Filling Up 800 Fairway With 36,000 SF Of Lease Deals

/in , /by

Stiles Realty executed 35,734 square feet of leases in the past six months at the repositioned 800 Fairway office building in Deerfield Beach.

Stiles worked in concert on this property assignment with Virginia-based Divaris Real Estate, who is a CORE Network Partner.

Notably, Experian Information Solutions signed the second largest new lease in the building for 13,550 square feet over a 5-year term and United Schools Association signed a lease for 4,149 square feet over a 5-year term.

Comprised of 172,323 square feet amidst four floors, 800 Fairway is the largest multi-tenant office building in Deerfield Beach. The building is owned by American General Life Insurance Company and Stiles provides both leasing and management services on the property for the landlord.

“Tenants seeking quality, flexible space and a large amenity base have few options in Deerfield Beach,” said Stiles Realty Director Madelayne Garcia. “800 Fairway has found an effective market niche with its on-site amenities and is drawing attention from large and midsize users that find value in these services.”

Madelayne GarciaTom KatesAccording to Garcia, who represented the landlord along with Broker Associate Tom Kates in all of the transactions, leasing activity accelerated in response to the owner’s extensive renovation in mid-2013.

“800 Fairway’s reputation as the ideal option for larger users in Deerfield Beach is further augmented by its recent renovations, which have been a catalyst for additional leasing activity,” commented Garcia. “This building now offers tenants better quality amenities and a more dynamic business environment.”

800 Fairway-Lobby Renovation800 Fairway underwent extensive interior and exterior upgrades that enriched its amenity base and differentiated it in the market. Notable features include a renovated fitness center with state-of-the-art equipment, lockers and showers, as well as a remodeled atrium lobby, expansive conference center, on-site café, secured parking, lit walking paths, and picnic shaded area.

In addition, renewals and expansions in recent months have accounted for much of the activity at 800 Fairway. Jonathan Brooks, P.A. expanded their lease by 2,401 square feet to occupy a total 8,298 square feet. Three lease renewals totaling 15,635 square feet were also executed, with two closing as recently as July 2014. Renewed tenants include Jacobs Engineering Group for 6,256 square feet, engineering firm Tildin, Lobnitz, Cooper for 4,743 square feet, and nurse employment agency Onward Healthcare for 4,636 square feet.

“We’re pleased with the strong leasing activity that has resulted from our successful repositioning of 800 Fairway,” said Garcia. “The building continues to attract high-quality businesses, which is a direct reflection of the ownership’s commitment to enhancing its quality and marketability.”

800 Fairway is located at 800 Fairway Drive – adjacent to I-95 and in between Hillsboro Blvd and SW 18th Street in Boca Raton.

 

Crocker Picks Up Boca Office Complex

/in /by

One Boca Place, a 277,390 square foot Class A office complex in Boca Raton, changed hands in a $76.35 million transaction, according to a deed recorded Friday in Palm Beach County.

One Boca Place Inc. made a 70 percent premium on the sale after paying $44.73 million in 2001 for the property at 2255 W. Glades Road off Northwest Executive Center Drive. The seller secured about $32 million above what it paid to acquire the property.

A local investment group, CP Boca Place LLC, a Crocker Partners affiliate, purchased the office complex, including the 340,530-square-foot parking garage.

One Boca Place, also called Boca Raton Glades Road Center, is a premium office complex west of I-95.

Tenants range from federal clients, like the Florida Southern Probation Office, to financial services providers and law firms like Proskauer Rose.

Leasing for the property was represented by CBRE‘s Deborah Fink, Michael Wilson and Lisa Lawson.

It is now being represented by Jon Blunk, Mark Pateman, Danielle Vennett and Tara England of Cushman & Wakefield.

 

Source:  DBR

Taylor & Mathis Inks 65,000 SF At Phillips Point

/in , /by

Phillips Point continues to enjoy a historically high occupancy rate with $46.5 million in recent leasing transactions.

Taylor & Mathis Principal Brian Gale has secured four leases totaling 65,600 square feet, with additional deals in the works.

In a new to market deal, Connecticut based Wexford Capital signed a 7,400 lease.  The $4.5 million deal was co-brokered by Neil Merin and Shelbi Quinn of NAI/Merin Hunter Codman. The towers have received strong interest from Northeast based hedge fund and wealth management firms like Wexford. “These types of firms are choosing South Florida because of lower taxes and beautiful weather,” said Taylor & Mathis Principal Brian Gale.

ESPN radio West Palm office of Good Karma Brands will be relocating to Phillips Point Tower, having signed a one million dollar lease for 4,635 square feet. “Phillips Point continues to attract the highest quality tenants in the market, with its unparalleled views and quality of ownership,” said Gale.

The key testament to Phillips Point’s iconic stature in the market is the tenants choosing to stay at the property. In the last couple of years, Taylor & Mathis has reported nearly 150,000 square feet in renewals and expansions, with heavy weight tenants, such as Gunster and Morgan Stanley.  This year has seen two notable renewals.  International law firm, Greenberg Traurig, LLP signed an early renewal for an additional 13 years at the property, signing a 30,254 square foot lease for their West Palm Beach office.  Co-broker Jon Bourbeau of Newmark Grubb Knight Frank represented the law firm in the deal valued at $23 million.

AMG Properties has more than doubled the size of their offices signing a 12,805 square foot expansion along with a 10,518 square foot renewal.  Co-broker Darren Goldstein of Virtual Global Realty represented the real estate management firm in the 23,323 square foot, $18 million deal. “We anticipate seeing additional growth from them yet this year,” stated Gale.

“These tenants conducted extensive due diligence during their search for office space before signing leases at Phillips Point,” stated Gale.

The building is home to internationally recognized tenants including, Gunster, Squire Sanders, Goldman Sachs and Akerman.

 

Where’s The Crazy Money Going?

/in , , /by

by Reese Stigliano
Following the money, based on per square foot prices, here is a countdown of the most expensive commercial real estate  transactions in South Florida so far this summer.

So…“Where is the crazy money going?” 

Here’s the countdown:

5. Federal Government Leased Building: A 35,737 sq.ft. building located at 2805 SW 145th Street in Miramar which is leased to the U.S. Immigration and Customs Enforcement Office (ICE) sold for $13.14 million or $367 per square foot.

4. Retail Strip Centers: Restaurant anchored and Class A located retail demanding top dollar: A 33,469 retail strip center located at 1451-1535 North Federal Highway in Fort Lauderdale sold for $13.8 million or $412 per square foot. In addition, a brand new 19,403 sq.ft. restaurant anchored, strip center located at 6300 North Andrews Avenue sold for $11 million or $566 per square foot.

3. Medical Office Building: A 22,110 sq.ft. building located at 501 West Glades Road, Boca Raton, FL sold for $13.8 million or $624 per square foot.

2. Free Standing Drug Stores: A 15,792 sq.ft. Walgreens built in 2009 located at 12711 Quail Roost Drive, Miami, FL sold for $10.15 million or $634 per square foot.

1. Free Standing Bank Branches: Breaking the $1,000 per square foot barrier: In the month of July, there were three recent TD Bank branch sales:

  • TD Bank located at 1701 East Sunrise Blvd. in Fort Lauderdale totaling 4,698 sq.ft. sold for $5.32 million or $1,133 per square foot.
  • TD Bank located at 3600 North Federal Highway Lighthouse Point totaling 3,439 sq.ft. sold for $5 million or $1,453 per square foot.
  • TD Bank located at 1800 North Pine Island Road in Plantation totaling 3,539 sq.ft. sold for $5.33 million or $1,506 per square foot.

 

Source:  ReeseOnRealEstate

Deanna Lobinsky Tapped To Lease 200 East Broward

/in /by

CBRE has been selected as the exclusive leasing agent for 200 East Broward Boulevard, a landmark, Class A, 225,650-square-foot office tower located in Fort Lauderdale’s Central Business District, according to a release.

The property was recently acquired by Realty Associates Fund X LP, a company linked to Boston-based institutional investor TA Associates Realty LLC, making it the fourth office property to trade in the downtown submarket in the past 12 months.

The new owner will embark on an impressive renovation program for 200 East Broward to capitalize on robust market fundamentals and growing demand for high-quality office space downtown.

Downtown Fort Lauderdale’s office market is performing strongly, with 387,000 square feet of positive absorption over the last year and a half, bringing vacancy down to a pre-recession low of 13.6% (Q2 2014). Since 2011, CBRE has tracked 27 tenants totaling 375,000 square feet that have relocated from the suburbs to the CBD, and projects 32% market rent growth in Fort Lauderdale over the next five years.

lobinsky_deanna_brokerage_ftlaud.jpg“Ideally located in the heart of the ‘live-work-play’ environment of downtown Fort Lauderdale,  200 East Broward is well positioned to capitalize on Fort Lauderdale’s growth spurt and, under the ownership’s new vision and leadership, solidify its position as one of the most desirable office properties in the downtown market,” said CBRE Senior Vice President Deanna Lobinsky.

The 1992-built, 21-story office tower is prominently located at the intersection of Broward Boulevard and SE 3rd Avenue.

The Energy Star-rated project provides for retail and bank space on the ground and mezzanine floors, and eight stories of parking, with the office space on floors nine through 21. Additionally, the property features an attached 9-story parking garage, built in 2002, which combined with the pedestal garage provides for a 2.4 per 1,000 SF parking ratio.

The property is nearly 88% occupied, with tenants including Greenspoon Marder, PNC Bank and  Shutts & Bowen.

CBRE’s Jarred Goodstein and Avi Fisher are collaborating with Lobinsky in representing 200 East Broward Boulevard.

 

 

$20M Delray Beach Sale Biggest Downtown RE Deal In A Decade

/in /by

Jim Knight led the $20 million sale of a mixed-use assemblage that brokers say is downtown Delray Beach’s largest commercial real estate transaction in about a decade.

It closed July 14.

The veteran broker and head of the Knight Group LLC has been doing business from offices in downtown Delray Beach for more than 20 years.

So when Sundy Estates LC wanted to sell an iconic property in the heart of a city tempering history and development, Knight helped ink a record deal to strengthen the economic pulse around the 112-year-old piece of real estate operating as a restaurant, inn and botanical garden.

The deal included the John and Elizabeth Shaw Sundy House and more than 20 parcels along two blocks on both sides of Swinton Avenue between “It was very complex,” said Knight, who will work with the buyer as exclusive agent for the planned mixed-use project, Sundy Lane. “You had a large tract of land with an income-producing hotel, restaurant and other buildings. And you also had vacant land and entitlements that we had to get done.”

Sundy House is the oldest residence in Delray Beach. It’s evolved with the city and earned a listing on the National Register of Historic Places in 1992, about six years before a major restoration to remodel and expand the site.

“Whenever you’re working with a property in the historic district, there’s a lot of emotion involved,” Knight said.

Working the deal meant treading political water and securing new entitlements for the historic corridor that drew strong interest from preservationists. During a public comment session before the City Commission, about 100 speakers showed up to speak both for and against the redevelopment. As the commercial brokerage consultant, Knight was part of a team that helped win the commission’s approval for a central business district overlay that allows expanded commercial uses and construction of up to 38 units per acre.

The approval meant a developer could expand commercial uses, strengthen returns on the investment property and configure uses to preserve the historic landmark.

It took about a year from start to closing.

The buyer was Delray Beach-based Hudson Holdings LLC, which will serve as master developer on a project to add 130 hotel rooms, Class A office space, covered walkways, parking and about 60,000 square feet of retail.

“The sale is significant,” Knight said. “It will raise the value for commercial real estate in downtown Delray Beach.”

 

Source:  DBR