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Butters Inks 90,000 SF Renewal

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Richline Group Inc., a Berkshire Hathaway company, has agreed to a 10-year renewal on 90,000 square feet at 6701 Nob Hill Road. Broker Thomas Viscount, who represented Denver-based landlord Industrial Income Trust Inc., announced the transaction Friday.

The lease is valued at $7.7 million, according to Viscount, senior vice president at Butters Realty and Management LLC of Coconut Creek.

Formed in 2007, Richline manufactures and distributes necklaces, bracelets, earrings, rings and other items to thousands of jewelry outlets, according to its website. In addition to the Tamarac facility, the company has offices in Burbank, California, New York and Warwick, Rhode Island.

Jones Lang LaSalle Inc. senior vice president Nick Wigoda represented Richline.

 

Source: DBR

Jupiter/Juno Tops South Florida Office Market, West Palm Turning Corner

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West Palm Beach struggled last quarter but has made the turn showing positive absorption, the majority of which was in the suburban markets, according to a report by KRES Commercial.

Palm Beach Gardens/North Palm Beach made huge strides, leasing over 100,000 square feet year to date and absorbing over 35, 000 square feet.

The Jupiter/Juno Beach market, however, continues to make positive strides, becoming the healthiest office submarket in South Florida. Net absorption was another 1% for the quarter, bringing the total vacancy rates down to 6%, with true absorption numbers equal to the larger Palm Beach Gardens market at 31,000 square feet, year to date.

CLICK HERE TO DOWNLOAD THE COMPLETE REPORT

Herring, Lobinsky Bring 17,400 SF Tenant To Coastal Tower

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CBRE has arranged a lease for insurance company USI, the 9th largest insurance broker in the United States, at Coastal Tower, a Class A, LEED ®EB Silver-certified office building at the corner of US 1 and Commercial Boulevard in Fort Lauderdale.

The company will relocate approximately 80 employees from its current location at Broward Trade Center, located at 200 W. Cypress Creek Road, to the new office, located on the 6th floor, when it assumes occupancy on January 1, 2014.

CBRE is the leasing agent for Coastal Tower owner California State Teachers’ Retirement System (CalSTRS).

While the Broward County office market continues to post year-over-year negative absorption, leasing at  Coastal Tower has actually picked up pace in 2013. USI is the 10th tenant this year to sign a new lease or expansion there. CBRE has arranged more than 28 new leases at Coastal Tower over the past three years, bringing the building up to 83% occupancy.

“While the office market remains flat, we have been fortunate to attract many office users in the market primarily because businesses are looking for dependable property ownership and great on-site amenities like fitness centers and food services, all of which Coastal Tower offers,”  said CBRE First Vice President Travis Herring. “It does not hurt that we are also located close to several affluent communities where business owners and employees want to live.”

Located at 2400 East Commercial Boulevard, Coastal Tower is a LEED® and Energy Star Certified, Class A office building located within walking distance to several restaurants, hotels, banks and shops, and  across the street from Holy Cross Hospital and the Holy Cross Wellness Pavilion.

Herring, along with CBRE Senior Vice President Deanna Lobinsky and Associate Katherine Ridgway, are the exclusive leasing agents for Coastal Tower.

RWNK Reps Tenant In 23,000 SF Expansion, Lease Extension

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Michael Scarpino, CCIM, Frank Morrison and Jennifer Scarpino of NAI Rauch Weaver Norfleet Kurtz & Co. represented the tenant, Woodfield Distribution, LLC in the expansion lease of 22,648 square feet at Boca Distribution Center 1 for a total combined SF of 70,744, located at 951 Clint Moore Road in Boca Raton.

Woodfield Distribution, LLC also extended their original lease by 50 months to coincide with the ten year term on the expansion space.

Christopher Thomson of Cushman & Wakefield represented the landlord, Prologis.

Woodfield Distribution, LLC is planning to use the facility to manufacture and distribute pharmaceuticals from this location. It is a consolidation of the company’s distribution from several other locations throughout the country. The company has been manufacturing with third party vendors for some time, and will continue to do so, but this facility will be used to manufacture high demand pharmaceuticals in order to better control the timing on the manufacturing and distribution process. Woodfield will be renovating the entire expansion space.

The 50-month lease extension and 22,648 SF expansion is valued at over $2.8 million.

REPORT: Fort Lauderdale Office Market Gaining Traction… Slowly

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A recent report compiled by Eric Messer, Research Services Manager with Newmark Grubb Knight Frank, indicates that although the Fort Lauderdale office leasing market experienced little change during the second quarter of 2013, demand did outpace supply.  Numerous small relocations and expansions of existing tenants within the market continued to fuel the positive net absorption.

So how long will tenants continue to have the upper hand in lease negotiations?  CLICK HERE TO DOWNLOAD THE FULL NGKF 2Q13 BROWARD OFFICE MARKET REPORT TO FIND OUT

 

Interested in other Newmark Grubb Knight Frank Reports?  Click on the following links to download:

Newmark Grubb Knight Frank’s 2Q13 Broward Industrial Market Report

Newmark Grubb Knight Frank’s 2Q13 Palm Beach Office Market Report

Newmark Grubb Knight Frank’s 2Q13 Palm Beach Industrial Market Report

Newmark Grubb Knight Frank’s 2Q13 Miami Office Market Report

Newmark Grubb Knight Frank’s 2Q13 Miami Industrial Market Report

 

 

 

Busekrus Secures Buyer For 274,000 SF Broward Portfolio

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KTR has acquired the Prospect Park portfolio, a 274,000 SF industrial/flex portfolio in Ft. Lauderdale.

The portfolio consists of 63,800 square feet of single story, walk-up office; 82,000 square feet of flex; and 128,500 square feet of industrial distribution space.  The park is located just west of the Ft. Lauderdale Executive Airport in what is known as the Ft. Lauderdale Commerce Center.

Public records indicate the seller was an affiliate of Invesco Real Estate based in Texas.

The 16 building portfolio was built in 1983 and was 48% occupied at the time of the sale. KTR will seek to reposition the properties for immediate lease-up.

“The Prospect Park Portfolio acquisition is an interesting opportunity to buy functional, multi-tenant warehouse and flex product at a very attractive basis,” commented PJ Charlton, Senior Vice President of Investments for KTR.  “With convenient access to the major highways and population centers and a central Broward County business location, we intend to rebrand the portfolio and restore a stabilized occupancy level.  We will implement an immediate capital program to modernize the building exteriors and tenant spaces.”

This acquisition brings KTR’s total footprint in Florida to approximately 5.0 million square feet.

This Portfolio was marketed by Marty Busekrus, a Director with HFF, as previously reported by CRE-sources.  Busekrus is responsible for industrial investment sales throughout the Southeastern United States.  The portfolio was being marketed without an asking price, however sources close to the deal report a price of roughly $13.5 million, which calculates to approximately $49 per square foot.