Tag Archive for: the park at broken sound

PEBB Enterprises Purchases Boca Raton Office Property For $29.85 Million With Partner

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PEBB Enterprises, in partnership with Contrarian Capital Management, has acquired the Meridian Office Center in Boca Raton. The joint venture purchased the 11.14-acre property within The Park at Broken Sound for $29.85 million. The purchase marks PEBB’s third acquisition in the prestigious business park.

The 131,680-square-foot property consists of two single-tenant net leased buildings. Cross Country Healthcare occupies the 70,406-square-foot building located at 6551 Park of Commerce Boulevard, and Lexis Nexis occupies the 61,274-square-foot building located at 6601 Park of Commerce Boulevard.

The transaction closed on June 30. Professional Bank handled the financing for the purchase and Christian Lee, Jose Antonio Lobon and Marcos Minaya from CBRE represented the seller in the transaction.

“Our team is constantly looking for opportunities to expand our South Florida portfolio, especially in the thriving Boca Raton office market,” PEBB President and CEO Ian Weiner said. “We have always had great interest in properties located within The Park at Broken Sound and we are excited to be able to grow our footprint in the area.”

The Park at Broken Sound is a 700-acre mixed-use business park conveniently located directly off I-95. It offers free shuttles to and from the city’s Tri-Rail station and has easy access to lifestyle, entertainment and recreation centers nearby.

PEBB Enterprises also owns the 5900 Broken Sound building leased to Infinity Sales Group, and the ADT Building, which is home to the security giant’s corporate headquarters. Both buildings are in The Park at Broken Sound.

Over the last year, PEBB has been extremely active in the Boca Raton office market with acquisitions of the 308,305-square-foot Research Park at Florida Atlantic University and the 61,188-square-foot Eighteen Zero One Building located on North Military Trail.

 

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.

Boca Office Building Goes Under Contract For $24 Million

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Less than three years ago, Mainstreet Capital Partners and Davis Cos. paid $28.3 million for two office properties and vacant land in Boca Raton.

Now the firms stand to recoup most of that money by selling just one of the assets – a five-story office building at 900 Broken Sound Pkwy NW.

The 115,986-square-foot building is under contract for $24 million, CoStar reported.

The buyer is an institutional investor affiliated with the NAI / Merin Hunter Codman in West Palm Beach, according to a person involved in the negotiations.

The other assets in the $28.3 million portfolio were 5500 Broken Sound Blvd. NW and a nine-acre parcel.

The building at 900 Broken Sound Pky once housed Nokia and Siemens. It’s now 80 percent leased to three tenants: CSL Plasma, Geosyntec Consultants and Score at the Top.

Peter Reed, a Palm Beach County office broker not involved in the sale, said the transaction is part of a trend in which landlords are cashing out more quickly than they have in the past. He noted that recent owners of the Esperante and CityPlace Tower office buildings in West Palm Beach also have sold those properties after only a few years.

“That’s become more the mindset of owners,” said Reed, with Commercial Florida Realty Services in Boca Raton. “Owners aren’t necessarily holding on for five, seven, 10 years anymore.”

900 Broken Sound Pky was built in 1989 in what was then known as the Arvida Park of Commerce, a 700-acre corporate business park. It has since been renamed The Park at Broken Sound as part of a rebranding that also included a rezoning that cleared the way for retail and residential. The additional uses make the park more attractive to investors, brokers say.

“The [rezoning] has been a big driver in value,” said Brady Titcomb, a broker with JLL. “Now there’s a whole neighborhood that you didn’t have before.”

 

Source:  CoStar