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Whelchel Partners Brings 980 Cendyn To 75% Occupied With 50,000 SF In Deals

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Whelchel Partners Real Estate Services has secured more than 50,000 square feet of new tenants at the newly renovated 980 N. Federal Hwy., recently renamed 980 CENDYN.

The Boca Raton office building, formerly known as the Compson Financial Center, sold in August 2013 to local investment group Boca East Investments LLC.  Whelchel Partners represented the buyer in the acquisition of the 95,000 square foot building.

New anchor tenant Cendyn has recently moved into a full floor at the building, relocating its worldwide headquarters. The new ownership’s managing member, Charles Deyo, is also President and Founder of Cendyn, a full service hotel internet marketing agency.

Cendyn @ SPACES ThirdfloorCendyn Spaces, a modern concept business center and co-working location that allows for business and independent contractors to lease office and meeting space by the hour, the day, the month or the year providing ultimate flexibility.

Extensive renovations have recently been completed at the property, including new exterior façade (completion date August 1, 2014), new restaurant (Meat Eatery & Taproom), new HVAC chiller system, high tech security system, a multipurpose redesigned atrium, robust tenant improvements as well as upgraded common areas.  The building incorporates the latest technology innovations including  new 1 Gbps fiber link, Cisco Collaboration Infrastructure, CAT 6 cabling, enterprise class Wi-Fi throughout building.

Other new tenants include, R2 Unified Technology, Flagship Solutions, Matteis & Company and the new restaurant M.E.A.T.(Meat Eatery And Taproom), joining existing anchor tenant Wells Fargo.

The lease transactions bring the building from 25% occupied a year ago to over 75% occupied today.

“New ownership has created the infrastructure and environment to support the full spectrum of office users with the ability to offer 10 minute leases or 10 year leases” says Jay Whelchel, Principal of Whelchel Partners Real Estate, pictured above left.

Jay Whelchel and Whelchel President and Broker Kristy W. Hartofilis, pictured left, will remain on the project as leasing company and asset manager.

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About Whelchel Partners:  Whelchel Partners is located in Boca Raton, and offers commercial real estate services in Broward and Palm Beach Counties. For more information regarding Whelchel Partners, please visit the website at http://www.whelchelpartners.com or call 561-939-6636.

About Cendyn: Cendyn® is a full-service agency specializing in turnkey solutions that drive bottom line results for the travel and hospitality industries.   Cendyn represents 18,000 hotel and travel destinations with clients such as Starwood Hotels & Resorts, Ritz-Carlton Hotel Company, Hyatt Hotels, Hilton Worldwide, Marriott, and other independent properties.  For more information, please call 866-625-4518 or visit http://www.cendyn.com

Peter Sheridan And JLL Part Ways

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Peter Sheridan has left JLL and has joined Liberty Property Trust effective May 5th.

Reportedly, Sheridan will be tasked to handle leasing activity for Liberty’s assets from the Cypress Creek market South including transactions at Miami International Tradeport.

Liberty Property Trust acquired 126 acres in Miami-Dade County in late 2011 for the development of  Miami International Tradeport in conjunction with Butters Construction & Development.

With an anticipated 1.6 million square feet of new institutional-grade warehouse and distribution space planned, Miami International Tradeport (MIT) is expected to add $135 million in value to Miami-Dade County’s tax base and create 4,000 new construction jobs with 2,000 full-time jobs upon completion.

Peter joined JLL in 2011 as Senior Vice President in Agency Leasing.

He previously worked for Premier Commercial Realty as President where he reported directly to the owners of the company regarding marketing, leasing, acquisition, management, design, and development of properties. Previous to that he worked for The Hogan Group as Regional Vice President and for Colliers International as Senior Vice President.

Peter is a member of NAIOP and holds his Florida Real Estate Brokers and Mortgage Brokers Licenses. He earned his Bachelor of Arts in Economics from Wabash College.

 

Office Building Finds New Owner After Less Than 30 Days On The Market

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Avison Young completed the $2.1 million sale of Plantation Tech I, a 37,357-square-foot office building located at 6600 NW 16th Street within, Plantation Technology Park.

David Duckworth, Vice President of Investment Sales with Avison Young, represented the seller, Matecumbe Rand Plantation I, LLC, in this transaction.

“Upon initial evaluation of the asset, we recommended that upcoming expiring leases be extended to add value and marketability of the building,” said Duckworth. “Once completed, we listed the building on the market and had a deal principally agreed upon within 30 days.”

Plantation Tech I is a fully occupied, single-story office building; it was highly sought after because it offers solid in-place cash flow along with value add potential. This submarket is attractive to tenants because of the ability to lease space at rental rates below County averages and it offers flexible zoning, which allows for a myriad of end-users.

Recent market reports indicate that the availability of attractive financing and overall improving market conditions positively impacted the volume of investment sales in the first quarter.

Plantation Technology Park was established in 1948 as the first industrial park in Broward County. The Park is comprised of approximately 160 acres located in the northeastern section of the City of Plantation. The area is home to Motorola Mobility Inc.’s 1 million-square-foot headquarters facility.

Richard Gerber Receives ‘Small Business Leader of the Year’ Award

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The Coral Springs Chamber of Commerce awarded the “Small Business Leader of the Year” for 2014 to Richard Gerber of Bryason Realty Corporation of Boca Raton.

The award is in acknowledgement of Richard’s commitment to the Coral Springs business community, his clients, and the Coral Springs Chamber of Commerce.

As a Commercial Real Estate Sales and Leasing professional with Bryason, Richard has assisted numerous firms in relocations to Coral Springs.

 

 

 

MPOC Scores Again: Maritime Company Inks 24,000 SF Deal

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Wilhelmsen Technical Solutions, a global provider of cost-efficient engineered solutions, equipment and services for the maritime and offshore industries, has moved to the Miramar Park of Commerce.

The company is leasing 24,200 square feet of space in MPC-11 at 2785 N Commerce Parkway.

“To find the place for our South Florida Wilhelmsen Technical Solutions business in today’s demand growing commercial real estate market was quite a challenge,” said Eugene Parfyonov of Wilhelmsen Technical Solutions. “Especially if you need a location that is close to cruise industry main players, must have ‘fit to purpose’ ratio of office and warehouse space that requires constant professional and customer friendly support from the property management team. Miramar Park of Commerce and Sunbeam Properties has it all and at a fair and balanced cost.”

Wilhelmsen Technical Solutions has more than 150 years of combined experience in the shipping and maritime service industries. With expertise in safety, HVAC, electrical and automation and insulation solutions, Wilhelmsen Technical Solutions provides solutions that help reduce installation time, cost and complexity, improve operational efficiency and minimize cost of ownership, and secure regulatory compliance.

“Large companies such as Wilhelmsen Technical Solutions, where efficiency is a top priority, not only require extensive warehouse space but also easy access to major roadways, and we’re able to offer that here at the Park,” said Maridee Bell, vice president of Sunbeam Properties, developer of the Park.

Bell and Ryan Goggins of Sunbeam Properties represented the Park in the transaction. Representing Wilhelmsen Technical Solutions was Tom Viscount of Butters Realty & Management.

Southeast Food Distribution also recently announced the move of its corporate office from Miami Gardens to the Miramar Park of Commerce, as previously reported.

Massive Mixed-Use Project Planned For Western Broward

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It’s like nothing that’s ever been built in South Florida.

Known as Metropica, the “city within a city” would have more than 2,000 condos, 300 townhomes and enough commercial space to hold 11 Walmarts.

The massive, $1.5 billion project — nearly double the size of neighboring Sawgrass Mills — would create the cornerstone of Broward County’s new “Western Downtown.” Construction could start as soon as January, said Michael Moskowitz, an attorney for Metropica developer Joseph Kavana.

It will take an estimated 10 years and 5,000 construction workers to build the mammoth development.

Local real estate experts were stunned by the sheer size of the project.

“My mouth has dropped,” said Jack McCabe, a real estate analyst in Deerfield Beach. “[The developer is] talking about 2,000 more condos in Sunrise and these aren’t even waterfront.” In Broward County alone, 4,000 condo units are either under construction or have been announced for near future development, McCabe said. “[The developer is] talking about 50 percent more than that in just one project,” McCabe said. “I’m surprised as hell. It’s almost like he wants to build a city within a city. With over 2,300 units, there would be 5,000 people living there.”

Jonathan Kingsley, an executive with the commercial real estate services firm JLL, can think of no other project like it in South Florida. “It’s an extremely ambitious concept,” Kingsley said. “There was a mixed-use project announced in Aventura, but not to this scale.”

This week, Broward commissioners gave the developer permission to build on an additional 9 acres of wetlands on the 50-acre parcel. In return, the developer will dedicate $1 million to create 20 acres of wetlands at Long Key Nature Center in Davie.

Once built, Metropica would generate an estimated $22 million a year in taxes, with $5 million going to Broward County, Moskowitz said.

“This is a phenomenal project that’s going to make that western part of Broward a major retail center and residential area,” Moskowitz said. “It fits in perfectly with the mall that’s already there. In terms of building, the real estate downturn is gone. Interest rates remain low. And the need for new housing is still high.”

Like many projects, Metropica was delayed by the Great Recession, Moskowitz said. “For all the time we’ve waited, this is the perfect time for them to hit the ground running and build what they’ve wanted to build for the past 15, 20 years,” Sunrise Commissioner Joey Scuotto said. “I’m happy it’s finally coming. It’s going to be a nice draw. It’s all good. They want to build condos, office space, restaurants and cafes.”

Kavana will soon meet with Sunrise officials to finalize plans for the project, Moskowitz said. “Just because he has approval for the maximum doesn’t mean he’ll build that,” Moskowitz said in an interview. “Their goal is to break ground on the first phase of development in January 2015.”

County Commissioner Martin Kiar, who represents the area, said officials in neighboring Plantation have told him they don’t want another Tao, the 26-story twin condo towers in Sunrise east of the mall. “Plantation residents have been telling me they don’t want another eyesore like Tao,” Kiar said. “That’s why it was important to me to make sure they build lower buildings. And now they have more land to build on because we released the 9 acres.”

Kavana is selling a 7-acre parcel on the west side of Northwest 136th Avenue to a developer who has plans to build Portico, a cluster of five- and six-story apartment buildings with a total of 417 units. The Portico project may break ground as soon as August and open within two years, said Maria Sanchez, development director for the Richman Group of Florida in West Palm Beach.

Kavana, founder and CEO of K Group Holdings Inc., has owned the Metropica parcel since 1994. The Uruguay-born developer has been involved in several international real estate projects, including YOO Punta del Este in Uruguay and YOO Nordelta in Buenos Aires. Kavana has lived in Miami since 1980 and was involved in several local projects, including Jacaranda West in Plantation and Chapel Trail in Pembroke Pines.

His latest venture has been in the making for 20 years, his attorney said.

“Once it’s done, if it does to come to fruition, it would create a big economic boon for our community,” Kiar said. “I’m excited about this project. We’ve been working on this for so long.”

Metropica By The Numbers*

Size: An estimated 4 million square feet, nearly double the size of Sawgrass Mills

Height: Up to 18 stories

Condo units: 2,083

Townhouse units: 300

Office space: 785,000 square feet (roughly the size of 7.3 Walmart stoes)

Retail space: 485,000 square feet (roughly the size of 4.5 Walmart stores)

*Numbers are based on initial plans

Source:  SunSentinel