Tag Archive for: todd everett

Marcus & Millichap Arranges Sale Of Downtown West Palm Beach Office Building

/in , /by

Marcus & Millichap announced the sale of The Galleria International, a 42,263-square-foot office property and adjacent 30,000 square-foot parking lot located at 301 Clematis Street and 300 Banyan Boulevard in West Palm Beach, according to Ryan Nee, First Vice President/District Manager of the firm’s Fort Lauderdale office.

The asset sold for $20,000,000.

“This transaction is indicative of the insatiable demand for high-quality assets and locations in downtown West Palm Beach primed for re-development and amplified by accelerated in-migration to the region partly as a result of newly formed trends brought on by the pandemic,” stated C. Todd Everett, First Vice President Investments, “Downtown West Palm Beach and Clematis Street are finally at the tipping point of critical mass needed to realize the City’s longtime vision of a 24-hour live, work, play environment.” Everett said.

Everett in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Galleria International, LLC and Safe Parking, LLC.  The buyer, Clematis Banyan Investors, a limited partnership, was secured and represented by Scott Geller, an investment specialist in Marcus & Millichap’s New Jersey office.

The Galleria International and 300 Banyan are located in the heart of historic downtown West Palm Beach.  The Property is a three-story building featuring prime high-street retail on the ground floor fronting both Clematis Street and Olive Avenue with professional offices on the second and third floors. The Buyer plans to gut renovate the interior and preserve the historic exterior of the existing building while creating a true Class “A” office experience with high ceilings and large windows. Plans for the parking lot include a 12-story, 100,000 square foot Class “A” office tower on top of structured parking.

 

Plantation Office Portfolio Fetches $43 Million

/in , /by

Institutional Property Advisors (IPA), a division of Marcus & Millichap announced the sale of Plantation Corporate Center I & II.

The two-building, 239,616-rentable-square-foot office portfolio, located within the Jacaranda Park of Commerce in Plantation, sold for $43,150,000.

The transaction closed February 12.

“Plantation Corporate Center I & II is a high-end asset with stable income that presents new ownership with an opportunity for future upside through re-leasing and potential development,” says Douglas K. Mandel, senior managing director. “Both assets are leased to Crawford and Company through 2021, with Centerfield and Aetna Life Insurance Co. occupying the buildings under sublease agreements.”

Mandel and C. Todd Everett, SIOR represented the seller, a limited-liability company and procured the buyer, a joint venture partnership between IP Capital Partners, LLC and a fund managed by Westport Capital Partners LLC.

Plantation Corporate Center I & II is located on a 20.3-acre lakefront land parcel at 1600 and 1601 SW 80th Terrace between University Drive and Pine Island Road on the north side of Interstate 595. Access to Florida’s Turnpike, Interstate 95, and the Sawgrass Expressway is nearby.

 

Marcus & Millichap’s Mandel, Everett Negotiate Sale Of Class A Office Building

/in , /by

Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) senior director Douglas K. Mandel, along with and C. Todd Everett, SIOR, Director, NOIPG, negotiated the sale of Northpoint Corporate Center, a 98,903-square-foot Class A office building located at 701 Northpoint Parkway in West Palm Beach, Florida.

Doug Mandel and Todd EverettSmithfield, R.I.-based Douglas Pike Associates, LLC purchased the five-story office building for $15,000,000. The purchase includes a separate, free-standing office outparcel of approximately 2,000 square feet located on the south side of the main building and directly on the lakefront.

The deal closed June 30.

Mandel and Everett jointly represented both the Seller, The Realty Associates Fund VIII, L.P., and the Buyer in the transaction.

Since Northpoint Corporate Center was developed in 1988 by Stiles Corporation, the building has attracted such prominent tenants as CBS, BellSouth, BlueCross BlueShield, ADP Inc., Traveler’s Insurance and First American Title.

The property is located at the 45th Street I-95 Interchange in West Palm Beach, just minutes from nearby restaurants, retail shops and the Marriott Courtyard Hotel and approximately 15 minutes from the Palm Beach International Airport. Northpoint Corporate Center was also awarded an Energy Star label in 2011, 2012, 2013 and 2014 for its operating efficiency.

 

“The building has attracted the attention of an array of investors as well as a variety of Fortune 500 companies due to its excellent location and large, flexible floor plates that can accommodate tenants in excess of 20,000 square feet,” commented Mandel.

Including this deal, Mandel has closed more than $200 million in sales this year, including the sale of the following Palm Beach County assets:

  • New Century Commons in Delray Beach, which sold for $33,000,000.
  • Gulfstream Plaza in West Palm Beach, which sold $13,050,000, just more than double what it last traded for in 2013.
  • Atrium at Broken Sound, a 98,000 SF office building in Boca Raton, which sold on January 14 for $17,050,000.
  • And, together with Everett, the sale of 314 Clematis, a 27,091-square-foot office building located in West Palm Beach, for $6,750,000.

“The West Palm Beach market is undergoing explosive developmental growth with many new mega-scale projects in the works, forecasting continued strong demand for real estate within the county well into the future,” Mandel added.

CRE Broker Uses F-Word To Describe Palm Beach County’s Biotech Dreams

/in /by

Visions of drug plants, wet labs and incubator space once danced in the heads of Palm Beach County’s commercial real estate brokers and developers. But a decade after former Gov. Jeb Bush recruited the Scripps Research Institute to Florida, those dreams remain just a dream.

Perhaps patience is wearing thin among the commercial real estate types who once embraced the fantasy of a thriving biotech sector. Consider this exchange  during Thursday night’s NAIOP South Florida event in West Palm Beach.

“I don’t even really know what to ask,” said Todd Everett, a broker at Marcus & Millichap and moderator of a panel discussion. “Is this our legacy, or is this a flop?”

“It’s slow in maturing,” said Jonathan Satter, a broker at Avison Young. “There’s a long way to go.”

Despite Florida’s $1.5 billion bet on biotech, private-sector spin-offs are nearly non-existent.

Bush, who worked in commercial real estate for a time before he was elected governor, insisted that northern Palm Beach County would need 8 million square feet of space for biotech companies. But Scripps spinoffs take little more than a few thousand square feet of space in Jupiter.

 

Source:  Palm Beach Post

Todd Everett Parts Ways With NAI/Merin Hunter Codman

/in /by

Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired C. Todd Everett as a senior associate in the Fort Lauderdale office, according to Gregory Matus, vice president and regional manager of the office.

In his new position, Everett focuses on the sale of office and industrial properties throughout South Florida. He also holds the title of director of the firm’s National Office and Industrial Properties Group (NOIPG).

“Todd’s in-depth knowledge of the office and industrial investment sales market makes him a tremendous asset to our clients and our firm,’ says Matus. “ His thorough understanding of acquisitions and dispositions, tenant and landlord representation, lease and contract negotiation and market research and financial analysis gives Todd a unique perspective on the sale of office and industrial properties.”

“I am excited to be part of a dominant team in the South Florida market where I can align and leverage my experience and skill set with an unparalleled network and platform to better serve my clients,” says Everett.

Everett began his career in the South Florida market in 1995 with CBRE and has more than 20 years of transactional experience representing institutional and private clients in the sale and leasing of office and industrial properties. He has completed transactions totaling more than $300 million and earned the prestigious designation of SIOR in 2004. Before joining Marcus & Millichap, Everett was a top-producing broker for NAI/Merin Hunter Codman Inc., where he served as Managing Director since 

Everett currently serves on the National Association of Industrial and Office Properties (NAIOP) South Florida Chapter’s board of directors. He is a member of the Society of Industrial and Office Realtor’s (SIOR) National Digital and Media Communications Committee and is co-chair of the Social Media Subcommittee. Everett is also the co-founder and an executive committee member of the Alliance of Corporate Real Estate Executives and Specialists (ACRES), a local networking group and think tank comprised of senior level real estate executives, investors and transaction specialists.

Everett received a bachelor’s degree from the University of Vermont.

Everett Named Broker Of The Year

/in /by

NAI/Merin Hunter Codman, Inc. announced that C. Todd Everett, Managing Director of the Investment Services Group of NAI/Merin Hunter Codman, has been named the firm’s Broker of the Year.

The award culminates a stellar 12-months for Everett, during which time he honed in on exclusively representing lenders and private owners seeking to divest properties around the state of Florida. This marks part of a strategic shift both by Everett and the firm as a whole to capitalize on the burgeoning volume of distressed assets deluging the commercial real estate marketplace. Everett, a seasoned veteran with nearly 20 years in the industry, has helped develop a dedicated team to focus on that specific sector.

“Todd Everett has displayed extraordinary leadership and expertise in the commercial real estate industry in Palm Beach County and along the Treasure Coast,” said Jordan C. Paul, Chief Executive Officer of NAI/Merin Hunter Codman. “Now that leadership and acumen have been brought statewide to owners and lenders, resulting in a strong year for Everett and a great contribution to NAI/Merin Hunter Codman.”

Everett is one of five NAI Merin Hunter Codman brokers who hold the prestigious SIOR designation, the commercial real estate industry’s highest and most exclusive professional certification.  Everett is also the Chairman of the North Palm Beach Treasure Coast Council of NAIOP, the commercial real estate development association; a Founding Executive Committee member of ACRES, the Alliance of Corporate Real Estate Executives & Specialists; as well as a Board Director of the South Florida chapter of NAIOP and Chairman of the Palm Beach County Bus Tour for NAIOP. Such designations are indicative of Everett’s prolific contributions and cooperation with colleagues in the commercial real estate industry in Florida. He is a frequent moderator and panelist debating industry topics and also guests on NPR to speak of topical commercial real estate issues in Florida.

In terms of his brokerage achievements this past year for which he was awarded Broker of the Year by NAI/Merin Hunter Codman, Everett closed some of the firm’s highest profile and most challenging leases and sales including representing the United States Army in one of the larger industrial land transactions in Palm Beach County in recent years, the Army’s purchase of a 13.3-acre parcel in Lake Park for $7 million. It is being developed into a state-of-the-art Army Reserve training facility. That deal and others were culminated with the help of Everett’s dedicated brokerage partners David W. Knott and Ryan R. Dinsdale, both Directors within NAI Merin Hunter Codman’s Investment Services Group. The team currently has a 14-building industrial portfolio up for sale in Melbourne along the Treasure Coast and over the last year has represented owners and lenders throughout the state from South Florida all the way to St. Petersburg and Pensacola and beyond.

Added C. Todd Everett on the award, “I’m honored to have received this distinction at NAI/Merin Hunter Codman. Commercial real estate lenders and owners are faced with unprecedented challenges divesting of troubled assets in today’s market. As a result, we have increasingly been asked to expand our services to serve them in regions throughout the state and in some cases even out of state. The resolutions and success we have achieved for our clients over the past year have been very satisfying for me personally as well as my talented team.”

This marks the third time that Everett has received NAI/Merin Hunter Codman’s Broker of the Year award.