Tag Archive for: stiles

Sawgrass Office Park Changes Hands

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N/S Sawgrass Office Associates LLC, a company managed by Stiles Corp., sold Sawgrass Technology Park, located at 1601 NW 136th Ave. (N. Harrison Parkway) in Sunrise on Tuesday.

Fifteen Gap Sawgrass LLC, a company managed by Miami-based Fifteen Group, is the buyer. The company obtained a $40.84 million loan from Wells Fargo Bank N.A. for the acquisition.

In February 2012, Madelayne Garcia, Stiles Realty Director of Real Estate, inked a  long-term extension of the 116,000-square-foot Sheridan Healthcare lease in the park. Garcia received NAIOP’s prestigious Office Lease Transaction of the Year Award of Excellence for all of South Florida for that lease.

The Stiles-managed company paid $79 million in 2005 for the complex.

Mady Garcia Negotiates 9,500 SF Expansion

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Emerson, a global manufacturing and technology company, announced its second expansion in two years of its Latin operations in South Florida.

According to Stiles Realty director of leasing, Madelayne Garcia, who represented the landlord, Emerson will expand by 9,500 square feet, where it already has 18,000 square feet at Stiles’ Lake Shore Plaza II office building.

Emerson said it will invest $400,000 to renovate the newly leased space and create about 20 new jobs. The renovation will be designed by Stiles Architectural Group and managed by Stiles Tenant Improvement Services.

Lake Shore Plaza II is a 130,000-square-foot multi-tenant office building located in Sawgrass International Corporate Park at the intersection of I-75 and I-595 and the Sawgrass Expressway. The building is certified LEED Silver by the U.S. Green Building Council and boasts numerous energy-efficient and environmentally friendly features, including an indoor air quality system, water-conserving features, recycling program, pest management system, and preferred parking for hybrid and energy efficient vehicles.

Stiles Enters Into Unprecedented Joint Venture Partnership

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In an unprecedented move to expand construction and development operations throughout the Southeast U.S. and beyond, the Seminole Tribe of Florida, Inc. and Stiles Construction, a division of Stiles, announced a new joint venture partnership to create Seminole Development and Construction, LLC.

The newly created venture provides both Seminole Tribe of Florida, Inc. and Stiles with access to a range of real estate construction project opportunities within the Native American tribal network and also includes projects planned under the auspices of the U.S. federal government.

The first project to emerge from the partnership is Seminole Classic Casino, a 140,000-square foot renovation at 4150 North State Road 7 in Hollywood, FL. The six-month long renovation was completed in January 2013 and included a complete transformation of the building’s exterior and interior, as well as upgrades to the parking lot and landscaping. Other Seminole projects in the pipeline include Brighton Public Safety Complex and a new Noodle Bar at the Hard Rock Seminole Casino.

“Our partnership with Stiles opens a world of opportunity for the Seminole Tribe of Florida, Inc. and for all Native American tribes,” said Tony Sanchez, President of the Seminole Tribe of Florida Inc. “Maintaining our unique Seminole culture while providing the highest level of service to our clients and partners is our first priority, and we believe that with Stiles’ family-owned structure, superior values and first-class reputation, this partnership will lead to new projects that will increase our market share, expand and diversify the Seminole Tribe business operations and create substantial value for our tribe as well as our fellow Native American tribes.”

With this partnership, the Seminole Tribe of Florida, Inc. will be able to offer its vast tribal network Stiles’ 60 years of construction expertise, substantial resources, accomplished staff and diverse range of development and construction services. Seminole Development and Construction will have an opportunity to pursue a variety of planned and new construction projects within the Seminole Tribe of Florida, Inc. real estate portfolio. Furthermore, the combined entity will also market construction services to other Native American tribes and pursue federal 8(a) set-aside contracting work, including judicial, military and naval air station projects, that is only accessible to federally recognized groups.

“It is an honor to join forces with the Seminole Tribe of Florida, Inc. to create a powerful partnership that will allow us to enter into new markets and offer exceptional construction and development services to the Seminole Tribe of Florida, Inc. as well as to their expansive Native American Tribal network,” said Timothy Moore, President of Stiles Construction. “We are proud to have launched our partnership with the transformation of the Classic Casino into a state-of-the-art facility, and look forward to several more great projects together.”

Headquartered in Hollywood, Florida, the Seminole Tribe of Florida is a sovereign government with an elected Tribal Council. The tribe has achieved remarkable success since it became the first U.S. Indian tribe to open high stakes bingo halls in 1979. In 2004, the Seminole Tribe of Florida opened two Seminole Hard Rock Hotels and Casinos in Florida. With the March 2007 acquisition of the Hard Rock franchise, the Seminole Tribe of Florida added the prestige of one of the world’s most respected brands. The economic stability provided by gaming, combined with their cattle, citrus, and other business enterprises, has made the Seminole Tribe of Florida one of the most successful native Indian business tribes in the U.S. today.

Recent Deals Bring Las Olas City Centre To 99% Leased

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Bank of America Plaza at Las Olas City Centre (LOCC) is gaining rapid leasing momentum and drawing major national office and retail tenants to fill more than 115,000 square feet since the start of the year.

“LOCC has found an effective market niche with tenants that thrive on the building’s amenities and location on Las Olas Boulevard” said Stiles Director of Leasing Norm Adams. “We’re drawing major banks and financial service firms, law firms, trendy cafes, high-end restaurants and retail tenants who all enjoy having both professional and residential targets at their doorstep.”

Recent leases from Bank of America for 56,742 square feet; Boies, Schiller & Flexner for 22,632 square feet; BBX Capital Corporation for 16,355 square feet; Patriot National Insurance expansion of 12,142 square feet; Farlie & Turner for 3,788 square feet; and Subway and Offerdahl’s have brought the 408,079-square foot office tower at 401 East Las Olas Boulevard to 99 percent leased.

LOCC is a Class A 23-story office and retail building developed by Stiles and owned by institutional investors advised by JP Morgan Asset Management. Stiles has provided the leasing and property management for LOCC since its development and was reassigned to the building by the new ownership.

Stiles Realty Appoints New President

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Stiles Realty, the brokerage and leasing division of Stiles, today announced the appointment of industry veteran Paul Marko as president.

In this role, Mr. Marko will assume leadership of the division, directing its market expansion throughout Florida as well as its strategic effort to grow third-party business. Mr. Marko will take over for Stiles’ current president of Realty, Tom Kates, who is retiring after 27 years with the Company.

As president, Mr. Marko will play an integral role in helping Stiles to execute on its strategy to increase Stiles’ footprint across the state while further penetrating its core South Florida markets. In addition to increasing third-party leasing business, he will be responsible for enhancing operations, broker retention, recruiting and professional development. Mr. Marko will also focus on driving growth by leveraging client relationships across the Stiles’ various service divisions, including Property Management, Construction, Architecture, Tenant Improvement and Development.

“Paul’s tremendous expertise combined with the unique structure of Stiles will enable Stiles Realty to achieve the growth we expect in the short-and long-term,” said Stiles Chief Executive Officer, Terry Stiles.  “Paul has a deep knowledge of the local market, proven ability to build long-term relationships with clients and track record of success in the leasing and brokerage arena. With him on the team we will be better positioned to take advantage of new market opportunities while also maintaining our reputation as the leading provider of commercial real estate spaces throughout Florida.”

Prior to joining Stiles, Mr. Marko served for 12 years as First Vice President at CBRE (NYSE: CBG), the world’s largest commercial real estate services firm, according to the company. He also served for six years with Codina Group/Codina Realty Services in a similar capacity.

Mr. Marko will be based in Fort Lauderdale, FL. He is active in the community, and has served on the Board of Directors of the Broward Alliance, the local chapter of CoreNet Global, and Junior Achievement of South Florida. He is a native of Fort Lauderdale and holds a bachelor’s degree in Business Administration from Florida Atlantic University, Boca Raton, FL.

About Stiles

Stiles is a full-service commercial real estate firm with a clear mission: Invest. Build. Manage. Stiles services include leasing and brokerage, property management, development, construction, architecture, acquisitions and financing.  Headquartered in Fort Lauderdale, Stiles also has regional offices in Miami, Fort Myers, Tampa and Orlando, Florida. Stiles is responsible for more than 37 million square feet of office, industrial, retail and mixed-use residential projects throughout the southeastern United States. For more information, please visit http://www.stiles.com or call 954-627-9300.

Harley Davidson’s Pompano Showroom Sells

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Rossmeyer’s former Harley Davidson dealership, located at 2900 Center Port Circle in Pompano was purchased by 9006-4940 U.S., Inc. for $2.75 million, or about $162 per square foot.

The 17,000-square-foot building was built in 2002 on 2.9 acres.

Kimberly Barbar of Stiles Realty represented the seller. Jay Meitchik of The Fitzgerald Group represented the buyer.

Source:  CoStar