Tag Archive for: stiles

Stiles’ Norm Adams Represents First ‘Virtual’ Lease Transaction To Relocate Tenant HQ From NYC To Downtown Fort Lauderdale

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Stiles Senior Vice President Norm Adams overcame the challenges of leasing in a COVID-19 world, utilizing technology and a wealth of online tools to get a new tenant signed despite the tenant never seeing the space in person.

Through a series of livestream video conferences, virtual tours and presentations, and electronic brochures, Adams and Senior Associate Sheila Roux conducted the showings and negotiations to attract TruCapital Partners FL, Inc. into a three-year sublease for 4,176 square feet at Broward Financial Center in Downtown Fort Lauderdale.

TruCapital Partners FL, Inc. is relocating its corporate headquarters from Manhattan to Fort Lauderdale. Paul Levine of Commercial Space Realty represented the subtenant.

“In this new environment, we used technology to find new ways to show space and process transactions,” Adams said.  “This lease was completely negotiated and inked before the tenant ever stepped foot in the space. The new tenant got a close look at everything from the layout of furniture to IT racks and connections so phones and computers could be ordered before arriving in Fort Lauderdale.”

 

Roux added, “We walked the entire space on FaceTime focusing on areas of importance to the tenant. Appropriately, as the space itself is a high-tech, plug-and-play office formerly occupied as prior HQ for JetSmarter, a private aviation software company.”

Stiles is a 69-year-old, full service commercial real estate firm headquartered in Fort Lauderdale.

Stiles Expands Retail Development, Leasing and Brokerage Platform; Announces Promotion of Dan Coyle to SVP

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Stiles, the Fort Lauderdale-based, 69-year-old, commercial real estate development and third-party services firm, announced today that the company’s retail brokerage and leasing team will join forces with Stiles Retail Group, further augmenting its long-established retail investment platform. Stiles Retail Group is the company’s investment division that is responsible for driving its retail development pipeline across the core markets of the Southeast.

“By combining the forces of our retail investment and brokerage teams, our goal is to significantly grow a retail platform that can offer our clients a full range of services and experience,” said Ken Stiles, Stiles Chief Executive Officer. “In addition, we are armed with long-time tenant relationships and a strong market reputation with owners, and therefore see the opportunity to compete exceptionally well in third-party retail leasing and property sales in our current and future core markets.”

As part of the expansion, Dan Coyle has been promoted to Senior Vice President of Retail Leasing and Brokerage and named Stiles Broker of Record, working with Ryan Karlin, President of Stiles Retail Group. All retail leasing and brokerage activities for Stiles-owned and third-party retail properties will be led by Coyle and his team.

“I’ve spent my career aiming to improve asset value for my clients by finding unique, best-in-class retailers that will elevate the mix of offerings at their shopping centers,” said Coyle. “Joining forces with Ryan and his team not only enhances our ability to service Stiles-owned properties but allows us access to an entirely new stream of major national and regional retailers for our third-party assets. We believe in the future of retail, especially in the grocery-anchored category, and already have a strong pipeline of developments for the post-COVID era.”

The group’s new tagline “Building better retail experiences” speaks to its combined focus on development and third-party leasing. The team will focus on Stiles’ portfolio of owned retail assets, both existing and under development, as well as growing a true third-party leasing and brokerage platform that will compete throughout the Southeast region.

Led by President Ryan Karlin, Stiles Retail Group’s primary focus is the development and redevelopment of grocery-anchored shopping centers, regional power centers and neighborhood retail centers that feature an effective mix of high quality and nationally recognized tenants. The newly combined group has nearly 2 million square feet of retail assignments in its Florida portfolio, which includes more than 600,000 square feet of third-party assignments.

“Integrating brokerage and leasing provides new pathways for growth and allows us to be more efficient in identifying and executing ground-up and redevelopment opportunities,” said Karlin. “Dan and his team are highly attuned to the changing retail landscape, including new trends and emerging markets, which further strengthens our ability to make decisions and shift our strategy.”

Leveraging Stiles’ successful track record of development and strong relationships, the group is positioned to expand in the next several years. In 2020, the group completed Beacon Lakes in Miami, FL, a 430,000-square-foot, large-format shopping center featuring Home Depot, City Furniture, Michaels, Dick’s Sporting Goods, and more. Currently, Stiles has the following retail centers underway in Florida:

In addition, by way of Stiles’ Charlotte office, the company has built a strong retail platform throughout the Carolinas with five grocery-anchored shopping centers completed and two mixed-use centers underway.

Stiles Realty’s Madelayne Garcia Renews T-Mobile, New York Life At Lake Shore Plaza II

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Stiles Realty, a division of the full-service commercial real estate firm, Stiles, announced lease renewals for T-Mobile and New York Life Insurance Company at Lake Shore Plaza II.

Stiles Realty Senior Vice President Madelayne Garcia represented the landlord in the transactions. Mitchell Millowitz of NKF and Cameron Tallon of JLL represented T-Mobile and New York Life respectively.

Lake Shore Plaza II

Lake Shore Plaza II

T-Mobile renewed its 21,104 SF office space while New York Life signed a renewal for its 32,942 SF space. Located at 1300 Concord Terrace in Sunrise, Lake Shore Plaza II is a 128,470 SF Class A office building in the heart of Sawgrass Corporate Park. The LEED Silver certified building is located along the Sawgrass Expressway, minutes from shopping, dining and entertainment, including Sawgrass Mills Mall, IKEA, and BB&T Center.

“We are pleased that established global brands such as T-Mobile and New York Life continue to put their trust in us for their office needs,” Garcia said. “These renewals further illustrate the attractiveness of Lake Shore Plaza II for both existing tenants looking to renew as well as new firms moving into the area.”

T-Mobile provides wireless voice, messaging, and data services and operates the third largest wireless network in the nation with more than 65.5 million customers and annual revenues of $32 billion.

New York Life, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. New York Life’s family of companies offers life insurance, retirement income, investments, and long-term care insurance.

Stiles Construction Wins Community Appearance Award From City Of Fort Lauderdale

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Stiles Construction, a large-scale general contracting firm and division of full-service commercial real estate company Stiles, was honored by receiving a Community Appearance Award from the City of Fort Lauderdale for the firm’s recently completed renovation of 501 Las Olas Square, which is located on the busy intersection of Las Olas and 5th Ave. – a half city block – in downtown Fort Lauderdale.

The project consisted of a complete interior and exterior renovation of a fully occupied, five-story, 45,856-square-foot office building joined by a courtyard. The renovation modernized the building and retrofitted it to allow for a new mixed-use of tenants including a high-end restaurant, bank, and office space.

“The design of this project truly resonates with the excitement and activity of Las Olas Blvd.,” said Tim Moore, president of Stiles Construction. “From the glass exterior on the retail level to the open and inviting gathering areas within, the well-thought out aesthetic injects new life and energy into the area. We are proud to have had the opportunity to transform this building into something that not only enhances and beautifies the neighborhood, but also brings additional value to the tenants and patrons.”

As part of the project, Stiles Construction replaced the imposing beige precast façade with a store front window system that provides natural light and creates a modern and inviting look. The exterior soffit was replaced with a high-tech faux wood “tongue and groove” system that boasted a decorative color pattern. The roofing, mechanical, electrical, and plumbing systems were upgraded with more energy efficient systems and hardscape/landscape along Las Olas Boulevard as well as the guest arrival area, and a previously underutilized patio behind the building was updated with pavers, tropical plants, trees and decorative benches.

 

 

NKF Brokers Three Office Deals Totaling More Than 98,000 SF

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Newmark Knight Frank (NKF) announced the completion of three high-profile office deals in South Florida totaling more than 98,000 square feet.

The flurry of activity illustrates a recent NKF research report showing vacant office space in South Florida dropping to its lowest level since the Great Recession began more than a decade ago.

In the first deal, Oakland Sun Partners, LLC purchased 1 Dambrackas Way, a 48,671-square-foot Class B office building located in Sunrise. Originally built in 1985, 1 Dambrackas Way is also within a short drive to several nearby retail and dining destinations. The new owners purchased the building for $4.02 million.

NKF Executive Managing Director Mitchell Millowitz, NKF Senior Managing Director Ryan Rosalsky and Associate R.J. Ward represented the buyer.

Millowitz also executed a new lease agreement for e-commerce company Vitacost at 4700 Exchange Court at Boca Raton Innovation Campus. The 35,438-square-foot deal is part of an ongoing transformation for the online vitamin and healthy product supplier, which is a subsidiary of Kroger. Vitacost will relocate from its current headquarters at a one-story building in The Park at Broken Sound in August.

A former IBM corporate hub, Boca Raton Innovation Campus features an impressive array of onsite amenities that include a state-of-the-art fitness center, high-tech conference center, food hall, on-site accredited day care center and numerous walking trails. CBRE Executive Vice President Jeff Kelly represented the landlord, Crocker Partners.

“Vitacost conducted an extensive search of amenity-laden office properties in the region to fulfill its charge of finding a modernized, collaborative workplace environment with an abundance of natural light,” said Millowitz. “Boca Raton Innovation Center is the Southeast’s premier science and technology hub, and its proximity to talent and walkable amenities will provide Vitacost with a significant recruiting advantage in the years to come.”

In the third deal, Millowitz, Rosalsky and Ward represented AlphaStaff, a HR outsourcing firm, in its office relocation from Cypress Creek to Sunrise Corporate Plaza. AlphaStaff will occupy 14,604 square feet of space at the Class A office building in Sunrise beginning in January 2020. Built in 1999, Sunrise Corporate Plaza totals 107,748 square feet and is 100% occupied. Madelayne Garcia and Tom Kates represented the landlord, Stiles.

Two of the three transactions occurred in Broward County, which recorded 191 lease deals totaling more than 563,000 square feet in the first quarter of 2019. Broward also accounted for more than 58% of all Class B leasing activity across South Florida in Q1 2019, as limited blocks of availability in Class A buildings continued to aid the Class B sector.

Stiles Realty Adds Industry Veteran To South Florida Team

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Stiles announced that Joseph Jarkesy has joined the team as a Vice President in Stiles Realty, a division of the full-service commercial real estate firm, Stiles.

With more than 15 years of commercial real estate experience, Jarkesy will focus on landlord and tenant representation of office and retail space as well as owner representation in the acquisition, holding, and disposition of their real estate assets.

Previously, Jarkesy was with The Fitzgerald Group, where he specialized in landlord representation of office buildings in the Fort Lauderdale area. He brokered more than $40 million in commercial real estate transactions over the last five years.

 

“Joe is a knowledgeable professional who brings a wealth of commercial real estate experience to our team,” said Paul Marko, president of Stiles Realty. “His legacy of success with retail and office leasing as well as owner representation will be a great asset to the Stiles Realty team.”

Jarkesy has completed all the courses to sit for the CCIM designation test in the fall of 2019 and is a member of the South Florida Office Brokers Association (SFOBA). He earned a Bachelor of Science in Real Estate and Finance and a certificate in Urban and Regional Planning from Florida State University.