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Palm Beach Gardens Project Eliminates Office Component Amid Traffic Concerns

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The redevelopment of the Panama Hattie’s site near Palm Beach Gardens is being scaled down after nearby residents expressed concerns over the potential traffic impact of the project.

PGA Partners, led by developer Nick Mastroianni, reduced the condo component of the proposed $175 million redevelopment from 150 units to 84. About 20,000 square feet of office and restaurant space is also being eliminated from the plan.

The developer is trying to assemble an eight-acre site that combines waterfront restaurant Panama Hattie’s with other parcels to the south.

An application to annex the site on the south side of PGA Boulevard into Palm Beach Gardens is pending, according to the Palm Beach Post. The properties are part of unincorporated Palm Beach County.

Over the past decade, developers in that part of the county have pushed to construct infill projects with multiple uses in urbanized areas.

 

Stigliano Turns Double Play

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Reese Stigliano, Senior Vice President with Brenner Real Estate Group, completed a double play for his client, SNG Prosthetic Eye Institute.

Ken SilberlingStigliano represented the client in the sale of their office building in Boca Raton and coordinated the relocation to a new leased space in Delray Beach. Reese was assisted in these transactions by his associate, Ken Silberling.

The sale of the 4,010 square foot building, located at 950 NW 9th Court in Boca Raton, closed on Friday, June 13th for $1,225,000.

The buyer was Welcor Holdings, LLC, a local real estate investment firm that plans on leasing the space to a physical therapist. The building, which is located within walking distance to Boca Raton Regional Hospital, sold for over $305 per sq.ft.

“This is a very high price for an empty building,” according to Stigliano, “but the location in east Boca Raton and the unique zoning of MC (Medical Center) made the property very desirable for a medical user.”

Once the building was under contract, the next challenge was identifying a suitable alternative medical space to lease. Also, the client needed to close on the sale and be open for business in the new space virtually the same day without any down time.

Stigliano and Silberling were able to locate a 2,611 square foot medical office condo for lease in the South County Professional Center located at 16244 S. Military Trail in Delray Beach where SNG Prosthetic Eye Institute signed a five (5) year leased valued at over $260,000.

“Reese did an absolutely fabulous job juggling the sale of my building and coordinating the relocation of my company. We sold the building on a Friday and Monday morning I was opened for business in my new location,” according to Nicole Garonzik, owner of SNG Prosthetic Eye Institute.

 

Are You A Member Of SFOBA?

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The prime objective of the South Florida Office Brokers Association (SFOBA) is to give members an opportunity to network with their peers, get more information on what is available in the marketplace, and hopefully get pertinent market information from guest speakers, as well as research analysis for the area.

Our meetings are hosted, graciously, by our members. The host property gets exposure to market the space available in the building and for all to see it first hand.

There is no charge to be a member of  SFOBA, but it is for office brokers only.

If you are an office broker, and not yet a member of SFOBA, please let us know by leaving a comment below.  Be sure to include your name and email address and we’ll be happy to add your name to our current email distribution list to keep you informed of upcoming meetings.

 

 

 

3 Sales In 30 Days Within 3 Miles

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Bonvie Realty closed on three properties within three miles of each other in Fort Lauderdale within the past month.

The buildings are all due to be renovated under their new ownership.

The office buildings are older and have needed major renovations for some time. Each of the three buildings will have the renovation project started before the end of the year under the new owners, though completion dates have not been announced.

TFRE Holdings, Inc. acquired the two-story, 11,609-square-foot retail building at 5130 N. Federal Highway from KAS Partners LLC for $1.03 million, or about $88 per square foot. Rick Bonvie with Bonvie Realty represented both the buyer and seller in the sale.

Bonvie Realty represented the buyer, Steven D’ Apuzzo LLC on the acquisition of 2755 E. Oakland Park Blvd., while Keith Kidwell with Sperry Van Ness represented the seller, Cheiftain Holdings LP. The three-story, 20,961-square-foot office building sold for $1.8 million, or about $87 per square foot.

And most recently, 4331 N. Federal LLC purchased the Monaco Building, a 19,091-square-foot office building located at 4331 N. Federal Hwy., from Mayjus LLC for over $1.5 million, or about $83 per square foot. Rick Bonvie with Bonvie Realty represented the seller, while Kenneth Weston Healthcare represented the buyer.

 

Source:  CoStar

Matthew Hornick Joins Pointe Group Advisors

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Miami-based Pointe Group Advisors today announced that Matthew Hornick has joined as a leasing associate in the firm’s West Palm Beach office.

Hornick is a commercial real estate veteran with more than 20 years of experience. In his new role, he will be responsible for leasing in The Forum office building in West Palm Beach adjacent to the new Palm Beach Outlets, and will actively work to grow Pointe Group’s market presence.

Prior to joining Pointe Group Advisors, Hornick worked as a Corporate Real Estate Advisor for KLM Dutch Airways and Air France in Amsterdam and as an Asset Manager for American Ventures Realty in Miami. Most recently, he served as an Asset Manager and Managing Partner at CMJ/Tempest Associates.

“We are delighted to welcome Matthew to our growing brokerage team at Pointe Group Advisors as our firm continues to expand our West Palm Beach footprint,” said William Holly, president of Pointe Group Advisors. “His extensive commercial real estate experience makes him a significant asset to the firm and to our clients.”

A South Florida native, Hornick graduated from the University of Miami with a bachelor’s of business administration degree in real estate development.

Pointe Group Advisors has offices in Miami, Fort Lauderdale, Palm Beach, Sarasota and Tampa, with five million square feet of commercial space under management and leasing. The firm won the 2013 ‘The Outstanding Building of the Year’ (TOBY) International Award in the category of office buildings under 100,000 square feet by the Building Owners and Managers Association (BOMA) International. The building award was the first in Fort Lauderdale and the Palm Beaches to win at the international level since the inception of the TOBY awards in 1985.

 

Colliers Expands West Palm Beach Office

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Colliers International South Florida is pleased to announce that Edward Lyons, CRE has joined the firm as Senior Advisor in the newly expanded West Palm Beach office.

Ed is known as an accomplished senior executive and consultant with strong capabilities in operational leadership, strategic planning, market and sales development, and mergers and acquisitions in the commercial real estate industry. His track record spans more than 30 years in business development, both domestic and international, with expertise in structuring and growing companies to maximize opportunity through the integration of real estate services.

“I hope to bring great value to Colliers and its clients, through the knowledge and experience gained, and the many institutional and corporate client relationships that I have had the privilege of building, over the last 30 years in the industry,” says Ed.

Throughout a storied career, he has earned the reputation of a trusted advisor, cultivating long-term relationships at executive levels in many organizations. He is a member of CoreNetGlobal and the North Palm Beach Chamber of Commerce. Ed holds the prestigious designation of CRE, a credential that is awarded only to those individuals who are invited by their peers into the membership of The Counselors of Real Estate.

“Ed’s perspective as a global real estate leader provides our clients with unique insights and options,” says Stephen Nostrand, CEO of Colliers International South Florida. “He has demonstrated that strategically executed plans result in more sustainable benefits.”

Prior to joining Colliers, Ed founded AnBro Associates in 2002. As part of his work at AnBro, Ed delivered consulting and interim management support to CoreNet Global, the world’s leading association for corporate real estate executives. He served as their Chief External Affairs Officer with responsibility for relationship management with real estate service providers and large corporate real estate entities around the globe. Ed has also held executive management positions in the U.S. and the United Kingdom at TrammellCrow Company, The Koll Company and CBRE.  Ed attended the University of Colorado where he studied economics and business