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Costume World Inks 30,000 SF Lease

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Costume World leased 29,474 square feet of retail space known as Suite 1 within the former Caldwell Theatre property, located at 7901 N. Federal Highway in Boca Raton.

Kathleen Alberts, CCIM, Senior Vice President, Brokerage; Suzanne Lopez, Commercial Associate; and Helen Weissman, Commercial Associate; all with Brenner Real Estate group, represented the landlord, Legacy Bank.

The tenant was represented by co-brokers Greg Lawrence of The Commercial Department, Inc. and Kelly Kigar of K. Kigar, LLC.

In another transaction, Adam Starr, Vice President, Commercial Brokerage, closed a 6,737 square foot deal with Morris Law Group and Elder Law Associates, at International Plaza, located at 7284 W. Palmetto Park Road in Boca Raton.

The two independent law practices share office space. Starr represented the law firms.

Morris Law Group and Elder Law Associates will be relocating from within Boca Raton where they have leased the same location for 13 years. They are scheduled to occupy the new offices July 1st.

Co-brokers representing the landlord, Schever International Plaza, Inc., were Ingrid Fulmer and Andrea Raskin-Lapis of Coldwell Banker Commercial NRT.

Boynton Beach To Proceed With Major Development Project

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The Boynton Beach Community Redevelopment Agency accepted a request that could change the face of the city’s downtown.

After discussion and community input, the CRA board decided that it will negotiate a plan with One Boynton Realty for development of an 11-story mixed use tower, a 12-story mixed use tower, an 11-story hotel and a 50,000 square-foot national headquarters for law firm, Kanner and Pintaluga at 222 N. Federal Highway, at the southeast corner of Boynton Beach Boulevard and Federal Highway.

The law firm, which started in Boynton in 2003, moved to Delray last year and could potentially come back to the city with 200 jobs, said executive director Vivian Brooks.

The law firm is also looking at two properties in Delray Beach, but the city feels like it is at a point where it can compete.

The city issued a request for developers on the North Federal Highway property in February. The One Boynton Realty/Kanner and Pintaluga project was the only bidder by the April 5 deadline.

The proposed project is anticipated to be completed in four phases:

  • Phase 1 (April 2013-February 2015): Six-story, 50,000 square feet of offices over 300-space garage. Proposed anchor: Kanner and Pintaluga law firm.
  • Phase 2: (January 2014-April 2017): Twelve-story, 183-unit residential tower at north end of site; seven floors of apartments over 506 space garage, as well as retail and office space.
  • Phase 3: (June 2015-June 2018): Eleven-story, 99-unit residential tower on south end of site.
  • Phase 4: (January 2016-January 2019): 12-story, 120-room hotel at south end of site, with 120 parking spaces.

 

Source:  Sun-Sentinel

Payment Processing Company Inks 25,000 SF Deal

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Payment processing company United TranzActions has signed a lease for 25,000 square feet in Miramar.

Caroline Fleischer, Cushman & Wakefield, associate director, tenant representative services, represented UTA in the lease at 3200 Executive Way.

With the new space, the tenant is able to locate all operations in one contiguous suite and UTA got a higher-than-average parking ratio, both of which were important values for the company.

 

Source:  SFBJ

Packaging Supplier Inks 40,000 SF Lease

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Jones Lang LaSalle has secured a 40,000-square-foot lease on behalf of Berlin Packaging, a leading North American packaging supplier, at a new spec distribution building at 9682-9698 Premier Parkway, located within the Miramar Park of Commerce.

The lease marks a significant expansion for the Chicago-based company in the South Florida market. Jones Lang LaSalle’s Managing Director Steven Medwin SIOR, CCIM, Senior Vice President Chris Watts and Vice President Nick Wigoda, completed the lease transaction on behalf of the tenant.

The Berlin Packaging lease brings total occupancy at the 87,540-square-foot building to 100 percent just one month after Sunbeam Properties delivered the spec building to the market. Chicago-based Berlin Packaging chose to expand its South Florida presence to better service new and existing customers from its new home in Broward County.

“We are excited for our new warehousing space in the Miramar Park of Commerce. It will enable us to thrill even more customers with our inventory programs and our long track record of on-time delivery,” said Larry Rydzewski, Berlin Packaging’s Chief Operating Officer.

The remainder of the building is occupied by a new-to-market manufacturing company which recently leased nearly 48,000 square feet, a deal also completed by Jones Lang LaSalle brokers.

“The fact that two highly regarded national companies have absorbed the latest spec building to be constructed at Miramar Park of Commerce, just one month after the new building was delivered, is a testament to the desirability for new warehouses and the strength of the South Florida industrial market,” said Jones Lang LaSalle Managing Director Steven Medwin. “Seeing national companies expanding here is a positive indicator for our regional economy, as their investments translate to additional jobs and increased business activity for our marketplace.”

With demand outpacing supply in South Florida’s industrial market, the region continues to see new spec projects breaking ground within submarkets like Airport West, Medley and parts of Southwest Broward County, according to Jones Lang LaSalle’s latest South Florida Industrial Highlights report. Currently, there are 10 speculative warehouses under construction in South Florida by institutional owners, such as Prologis, Industrial Income Trust, DCT Industrial Trust, and KTR Capital Partners.

Deborah Fink, Jeff Kelly Sign 40,000 SF Tenant

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CBRE has completed a major 39,788 square foot lease for a Professional Services firm at an office building within The Arbors Campus in Delray Beach, a 245,000 square foot office campus.

Senior Vice President Jeffrey Kelly joined Deborah Fink on the CBRE team representing the landlord.  CBRE’s Jay Dowlen, Charlie Carrocio and John Jaspert represented the tenant. The name of the Professional Services firm has not been disclosed.

The transaction placed the firm at 1615 Congress Avenue and furthers a significant increase in occupancy levels since a change in ownership and management took place less than a year ago.

“Within the past six months, more than 64,000 square feet of new leasing and tenant move-ins have been accomplished at The Arbors,

New ownership and CBRE’s leasing and management teams, coupled with an exceptional campus location and economic value, have attracted prestigious new tenants such as Hospice of Palm Beach County, Regus and a notable Professional Services firm,” said CBRE Vice President Deborah Fink.

Managed and leased by CBRE, The Arbors was purchased by 1615 Arbors North Associates, LLC an affiliate of RexxHall Realty, LLC, based in New Rochelle, NY, through the CBRE Private Capital Markets group one year ago. In that time, the three-building campus has moved from 45% to 66% occupancy.

“The efforts of the CBRE team, combined with ownership’s attention to tenant needs and detail, has given The Arbors a real competitive edge in the marketplace,” said Daniel Stauber, Managing Director of RexxHall Realty, LLC.

Carrocio and Jaspert are a part of the newly formed CBRE Florida Occupier Service Practice Group. Coldwell Banker’s Ingrid Fulmer and Andrea Raskin-Lapis represented Hospice and Jones Lang LaSalle’s Scott Goldstein and Keith Edelman represented Regus.

UPDATE: Sales Tax On Commercial Leases

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The 2013 Session is in full swing and much of the discussion is about the tight budget.

While the Florida Legislature is not starting with a deficit as they have in the past many years, there is very little wiggle room.  As most everyone knows, a full repeal of the sales tax on commercial rents is scored as a cost of approximately $1.3 billion.  The Florida Realtors’ bill sponsors introduced a phase out of the tax over six years to minimize that fiscal impact.  They meet with legislators EVERY day about this priority and while the merits of the public policy are being embraced across the board, there are still concerns with the fiscal impact of a total phase out.  Knowing the state budget will only get better, they have raised the idea of lowering the sales tax from 6% to 5% this year and then they can come back next year and continue the work (it gets them the same short term positive impact but the fiscal is lower when not including  4%, 3%, 2%, 1% and then eventually total repeal in the current bill).  Legislative leaders do appear more open to this option for the current session, but they would still need to help them find the $90+ million that this would cost in year one.

No matter what they advocate this year, the Florida Realtors organization is laying the groundwork for a full repeal over the next few years.  They want to see some positive movement in the current session on this issue though.  Therefore, they have drafted four potential amendments to the current legislation with the hope of getting that positive movement.

You can read the current legislation by going to the organization’s Legislative Tracker and scrolling down to HB 629 or SB 656.  Again, as introduced, this legislation provides for a phase out of the sales tax on commercial leases over six years.

The four amendments they have drafted as potential back up options would replace the six year phase out with one of the following:

  1. Lowering the sales tax from 6% to 5%.  As mentioned above, this still costs over $90 million in the first year (with Jan 1, 2014 start date) and over $216 million in successive years.
  2. Repealing just the sales tax paid on property tax.  Legislative staff are assuming property taxes are approximately 4.5% of rent receipts.
  3. Removing the sales tax on CAM charges (legislative staff believe this costs more than option 2 or 4).
  4. Removing the sales tax on property insurance.

The sales tax on commercial rents issue WILL be one of the top talking points for Great American Realtor Days.  Join them at the Capitol on April 9 & 10.  It is expected that the House bill will be on the agenda of the House Finance & Tax Subcommittee prior to then.  There will be a call for action when it is cleared for the agenda.

 

Source:  Florida Realtors