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2025 Golf Tournament

Wed, 07 May 2025 10:46:05 GMT

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04.03.25. NAIOP 2025 Awards of Excellence

Wed, 16 Apr 2025 16:30:04 GMT

Event Photos

05.16.24. Treasure Coast Update

Fri, 17 May 2024 15:44:11 GMT

Presentation Summary Slides

Workforce on the Treasure Coast:

Colliers Treasure Coast GIS Map:

03.14.24. 2024 Awards of Excellence

Tue, 19 Mar 2024 14:23:42 GMT

Event Pictures

01.25.24 Economic Outlook Event

Fri, 26 Jan 2024 04:52:06 GMT

Event Pictures

2023 Golf Tournament

Tue, 21 Nov 2023 20:09:11 GMT

2023 Golf Tournament

11.07.23 Signature Speaker Program with Arthur Smith

anjelica@naiopsfl.org (Jules Morgan) — Wed, 08 Nov 2023 00:04:37 GMT

2023 Signature Speaker Program with Arthur Smith

07.20.23 Mid-Year Update

Thu, 20 Jul 2023 18:36:21 GMT

Event Pictures

05.11.23 NAIOP Treasure Coast Development Event

Tue, 16 May 2023 17:01:43 GMT

Event Pictures

NAIOP Corporate

Jules.morgan@naiopsfl.org (Jules Morgan) — Mon, 17 Apr 2023 19:24:23 GMT

NAIOP Corporate News

Board Briefings:

April Board Briefing

The information above is a brief synopsis on the status of the association as well as upcoming focal points.

03/30/23 Awards of Excellence

Wed, 12 Apr 2023 17:13:21 GMT

Thank you to our photography sponsor - Best Roofing

Pictures by: Mermaid and Me Photo

*Click on the pictures to enlarge/download

Click here to view the winners!

Developing Leaders Social

Thu, 23 Mar 2023 19:57:07 GMT

Diners, Dives & Conversations

The South Florida Chapter of Developing Leaders is Growing!!

Drop in for a drink and good conversation amongst some of the area's leading Commercial Real Estate Developers, Owners, and Investors.

Orlando Central Office Park Signs 20 New Office Tenants

Wed, 15 Mar 2023 03:10:47 GMT

Orlando Central Office Park Signs 20 New Office Tenants

More than 49,000 SF of new office space and 107,994 SF of renewals and expansions inked at Grover Corlew’s 46-acre signature property

Orlando, Fla. (March 8, 2023) – Grover Corlew, a Florida-based real estate investment group and owner of the revitalized Orlando Central office park, announced today that it has signed more than 155,000 square feet of new office space, tenant renewals and expansions over the past year.

In 2019, Grover Corlew reintroduced the one-and two-story mid-century office property following two years of extensive interior and exterior upgrades. The transformed complex of 21 scenic and suburban office buildings today offers discerning tenants appealing new workspaces with custom buildouts, stylish finishes, and floor-to-ceiling glass windows with plenty of natural lighting.

“Orlando Central consistently remains a popular choice for businesses, despite the fluctuations in the office market we’ve witnessed over the past several years,” said Partner Anuj Grover. “We’re near full occupancy, with a continued steady interest from new tenants who are attracted to the property’s elevated Class-A enhancements and prime location near Baldwin Park and Winter Park.”

With an emphasis on creating a workstyle to match the surrounding neighborhoods and upscale lifestyle, the property emphasizes workspaces that feature modern technology and sustainability, along with intuitive design features. Orlando Central works closely with individual tenants to personalize each space, adding custom upgrades such as open office plans, full-service breakrooms, nursing rooms, stand-alone coffee bars, payroll door access, LED lighting and more.

“We’re thrilled to welcome so many new and notable tenants to Orlando Central and grateful for our longstanding relationships with tenants who have decided to renew or expand here,” said Partner Mark Corlew. “Orlando Central has location, ease, sophistication and value all working in its favor and that’s a winning scenario for most businesses looking to relocate in today’s market.”

Among the notable 20 new tenants at Orlando Central Office Park are:

Acousti , an industry leader in interior building finishes and specialty construction, has signed a new lease for 8,200 sq. ft. of office space and will relocate its headquarters to 1040 Woodcock Road, Suite 100, Orlando, Florida later this month.
Interior Talent, a leading talent recruitment and retention firm for the architecture, interior design, engineering, retail and manufacturing industries, has signed a new lease for 6,915 sq. ft. of office space at 1080 Woodcock Road, Suite 200, Orlando, Florida.

OptumServe Health , a division of UnitedHealth Group, Inc. (NYSE:UNH) that offers healthcare services for federal agencies and communities, has leased 4,717 sq. ft. of office space at 3751 Maguire Boulevard, Suite 211, Orlando, Florida.

Quantum Improvements Consulting , a woman-owned business devoted to the science of training and providing solutions to improve human performance, has signed a new lease for 4,354 sq. ft. at 1080 Woodcock Road, Suite 100, Orlando, Florida.

City Year , a nonprofit organization that recruits AmeriCorps members to pursue a life-changing year of service in public schools, has signed a new lease for 3,455 sq. ft. of office space and will relocate to 3165 McCrory Place, Suite 122, Orlando, Florida, in May 2023.

Renewals and expansions at Orlando Central accounted for more than 107,944 sq. ft. of leased space, led by the U.S. General Services Administration Department of Immigration with the renewal of 32,330 sq. ft. of office space and followed by Cuhaci Peterson™, a tenant since 2014 and a nationally recognized commercial architecture and engineering firm, with the renewal of 23, 869 sq. ft. of office space. Other notable transactions included the expansion of the Florida Department of Health offices to total 56,029 sq. ft. and the headquarters expansion of Franchise Brokers Associates to 6,046 sq. ft.

Named Outstanding Building of the Year by BOMA Orlando in 2019, Orlando Central is situated 3.5 miles east of Orlando’s central business district. The office park is immediately adjacent to the west of Baldwin Park, one of Orlando’s few “live, work, play” communities set within a dense, walkable community with the perfect mix of amenities, parks and recreation. Located just five minutes north is the City of Winter Park, one of Central Florida’s most affluent suburbs well-known for its historic roots and high-end retail.

Colliers Facilitates Sale of Two Education Portfolios in Florida for $238M

Wed, 08 Mar 2023 00:17:25 GMT

Colliers Facilitates Sale of Two Education Portfolios in Florida for $238M to Everglades College – Keiser University’s Parent Company

The Colliers South Florida Investment Services Team and Education Services Group collaborated in representing the seller in the transaction.

CENTRAL & SOUTHWEST FL | February X, 2022 – Colliers is pleased to announce the sale of two education portfolios to Everglades College – Keiser University’s parent company for $238 million. Executive vice President Mark M. Rubin, Vice President Bastian Laggerbauer, and Associate Jake Stauber of the Colliers South Florida Investment Services Team collaborated with Senior Vice President Achikam Yogev of the Education Services Group in representing the seller, Keenan Development Group, in the transactions.

“Despite significant market headwinds in the first quarter of 2022, our team executed a multi-faceted marketing strategy that ultimately led to a successful transaction at aggressive pricing,” said Rubin. “The tenant, Keiser University, executed their right of first refusal and purchased the entire portfolio over the past eight months.”

Keiser University occupies the entire suburban office portfolio of eleven properties totaling 749,789 square feet throughout Florida. The two portfolios are comprised of eleven buildings including the Nineteen Hundred and Spectrum 1500 Buildings in Fort Lauderdale, Athena Vista Phases I and II in West Palm Beach, Demeter Pembroke Pines in Pembroke Pines, Delphi Fort Myers in Fort Myers, Venus Investment Property in Tampa, LWR Commons and University Commons in Sarasota, and Olympus Lakeland Phases I and II in Lakeland.

“Our team was presented with a distinct opportunity where current ownership was the original landlord/developer of the property and had worked hand-in-hand with the current tenant for over 30 years in establishing their Florida presence,” said Laggerbauer. “This was a win-win situation, in which Everglades College will now own essential and mission-critical real estate for their esteemed institution.”

In the last 45 years, Keiser University has quickly become Florida’s largest private, non-profit university. The institution serves approximately 20,000 students, 3,800 employees, and more than 66,000 alums across 21 campuses in Florida’s metropolitan areas. The school flourishes as its performance enhances due to its thriving hybrid learning model. The university has continued to experience substantial growth, even in the face of economic prosperity and downtown, due to the countercyclical nature of the education sector.

The accredited university offers students over 100 doctoral, specialist, master’s, bachelor’s, and associate degrees. Keiser’s academics also specialize in fundamentally critical areas such as nursing, nursing assistance, and home healthcare, as demand for these specialties remains strong across the U.S. The university’s dedication to providing students with the highest standard of career-focused education has been granted nearly $76 million in scholarship funds for academic and need-based students over the last two years, ensuring their commitment to educating and developing professionals to serve and compete globally.

Keenan Development Group, owned by Bill Keenan and Dale Chynoweth, has provided leading design and construction services throughout Florida for over 28 years. The property development and management company boast an extensive portfolio of commercial, residential, and resort properties throughout the United States and Canada.

Confidence in niche and income-producing assets has risen as a widespread return to normality across most sectors picked up momentum at the outset of 2022. The interest in stable assets like education facilities also returned, despite a market shift later in 2022, as institutional investors exercise caution due to uncertainties around inflation and rising interest rates. Desirable education and healthcare assets, particularly in the Sun Belt markets, are the most coveted at a time when supply is limited. As the fastest-growing state in the U.S. in 2022, Florida’s population growth and strong market fundamentals attract investors seeking recession-proof income-producing assets. Between new-to-market corporations and Florida’s growing population, education enrollment numbers are expected to climb, fueling the strength of education assets.

Marcus & Millichap Brokers the Sale of a 30-Unit Coral Springs Apartment Building for $8.1 Million

Tue, 07 Mar 2023 23:40:10 GMT

Marcus & Millichap Brokers the Sale of a 30-Unit

Coral Springs Apartment Building for $8.1 Million

CORAL SPRINGS, F la., Mar. 07, 2023 – Marcus & Millichap (NYSE: MMI) , a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Fairway Views, a five-story, 30-unit apartment complex in Coral Springs, Florida. The asset sold for $8,100,000 .

“We sold Fairway Views to the seller over 20 years ago,” said Evan P. Kristol, executive managing director investments. “Coral Springs only has a handful of rental buildings that trade each year, so this is a very unique sale. The property was converted to condominiums 15 years ago but put back together after the seller acquired the remaining units in 2022.”

Kristol, Brandon J. Rex and Austin Michels, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor . The buyer, also a private client, was also procured by Kristol, Rex, and Michels.

Fairway Views is located at 8740 N.W. 40th St. between Wiles Road and Sample Road, just east of North University Drive. Built in 1986 and situated on a 1.51-acre site, the boutique apartment community offers a unit mix of 30 two-bedroom/two-bath apartments. Property amenities include a secured lobby with telephone entry, central elevator, trash chutes, two stairwells, expansive landscaped grounds with fruit trees, 73 surface parking spaces, and a quiet residential setting.

TCRE Named Exclusive Leasing Agent

Tue, 28 Feb 2023 21:35:53 GMT

TCRE Named Exclusive Leasing Agent for 500 S. Australian waterfront class A office building in West Palm Beach

TCRE NAMED EXCLUSIVE LEASING AGENT FOR 500 S. AUSTRALIAN WATERFRONT CLASS A OFFICE BUILDING IN WEST PALM BEACH

New Ownership CS Venture’s Comprehensive Renovation Program Slated for

Completion Q2 2023

WEST PALM BEACH, Fla. (Feb. 28, 2023)– TCRE , a full-service commercial real estate brokerage in South Florida, announced today the firm has been named the exclusive leasing agent for 500 S. Australian, a 102,087-square-foot, 10-story Class A office building located off Clear Lake at 500 S. Australian Ave. in West Palm Beach.

“500 S. Australian caters to tenants seeking high-end professional office space in West Palm Beach without the traffic or extra commute time,” said Constance Thomas, senior managing director at TCRE, who is spearheading leasing efforts for ownership. “Spectacular unobstructed water views, offering a substantial rent discount in the CBD, onsite parking garage and security, an updated design, and prime location steps from the train station with many local amenities and daily conveniences, all speak to what tenants are looking for in today’s market.”

CS Ventures Management, a joint venture led by Spencer J. Schlager and Charles L. Rosenberg, acquired the office building in December 2022. A comprehensive $3 million exterior and interior renovation program is underway including a new landscape design, roof installation, painting the entire building and garage, and upgrading common areas and restrooms. Completion is slated for Q2 2023.

The tower offers executive office space ranging in size from 1,000-12,500 square feet with onsite management, several conference rooms and unobstructed views of Clear Lake and the Downtown West Palm Beach skyline. Exclusive building signage is available.

The building provides a modern and tranquil work environment. Features include an updated lobby, Field of Greens salad eatery, manned security, ATM, and structured parking garage for tenants and guests with electrical car charging stations.

500 Australian is approximately 92 percent leased with tenants including Centennial Bank, Castle Group, Edward Jones, the U.S. General Services Administration, law firm Goldberg Segalla, N2W Software and civil engineering firm Chen Moore and Associates.

Situated just west of downtown, 500 Australian is approximately one block north of Okeechobee Boulevard with Clear Lake to the west. The transit-oriented building is ideal for commuters who appreciate the building’s prime location without traffic. In addition to its close proximity to I-95, Downtown West Palm Beach and the Palm Beach Airport, 500 Australian is within walking distance to the Tri-Rail, Brightline station and Marriott Hotel. Tenants have an abundance of nearby retail, dining, entertainment and housing options.

Marcus & Millichap Brokers the Sale of a 24,949-square foot Industrial Building

Tue, 21 Feb 2023 22:27:26 GMT

Marcus & Millichap Brokers the Sale of

a 24,949-square foot Industrial Building

MIAMI GARDENS, F la., February 16, 2023 – Marcus & Millichap (NYSE: MMI) , a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 24,949-square foot industrial property located in Miami Gardens, Florida for $4,200,000 .

“This is a strategic acquisition right across City Hall in an area with significant growth and an asset class with very limited market supply with easy access to all points in Miami-Dade and Broward counties,” said, Alex D. Zylberglait senior managing director investments. Zylberglait and Michael Crocchiola, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

The building is pre-cast concrete with a 16' ceiling height, three different level loading docks, a drive-up ramp for forklifts, and 25 car parking spaces suitable for various warehouse uses. The property recently underwent improvements including roof upgrades and subterranean tank removal.

The property located at 18470 Northwest 27th Avenue. The property is on a major road Northwest 27th Avenue, with approximately 200 feet of frontage. This asset sits at the intersection of two major transit corridors.

GATSBY FL ORIDA ONCE AGAIN TEAMS UP WITH BROKERAGE TCRE

Tue, 21 Feb 2023 22:07:30 GMT

GATSBY FLORIDA ONCE AGAIN TEAMS UP WITH BROKERAGE TCRE TO LEASE 200,000SF PGA TOWER OFFICE BUILDING IN PALM BEACH GARDENS

WEST PALM BEACH, Fla. (Feb. 20, 2023) – Coming off the heels of its leasing success at the new 220,000-square-foot office complex DiVosta Towers, TCRE , a full-service commercial real estate brokerage in South Florida, today announced the firm has been named the exclusive leasing agent for PGA Tower, a 200,000-square-foot office building in Palm Beach Gardens being developed by the same owner, Gatsby Florida, led by President Babak Ebrahimzadeh and Vice President Isaac Shalom.

“We are thrilled to work with Gatsby once again and represent this premier office property in such a high-growth and desirable area,” stated Jon Blunk, president, TCRE. “PGA Tower offers a rare opportunity to be housed in a brand-new Class A building in the center of the ‘Wall Street of the South’, a business community that has been experiencing explosive growth due to the influx of residents and new-to-market firms. With Gatsby’s forthcoming plans, PGA Tower stands out through its offering of well-located and highly-amenitized office space to enhance the overall workplace experience. Tenants will also benefit from the booming business landscape as well as an abundance of prominent retailers and restaurants surrounding them.”

Gatsby Florida, a division of New York City-based family investment firm Gatsby Enterprises, plans to break ground on PGA Tower in Q2 2023 with opening slated for Q4 2024. Office leasing is being led by TCRE President Jon Blunk, Executive Director Laurel Oswald, Senior Managing Director Constance Thomas and Senior Vice President Cristina Glaria.

Situated on seven acres near the intersection of PGA and RCA boulevards, the eight-story office building will feature column-free, 25,000-square-foot floor plates; fine dining restaurant; 7,000 square feet of quick-serve restaurants and retail, fitness center; conference center, rooftop patio and 838 covered garage parking spots along with EV charging stations. PGA Tower’s offices will feature 10-foot, floor-to-ceiling windows with hurricane-resistant glass, full generator back-ups and building top signage.

TCRE has a long-standing, proven track record of successfully leasing office space throughout the tri-county region. The brokerage currently represents numerous high-profile office projects including 360 Rosemary and One Flagler and was recently named the exclusive leasing agent for The Offices at The Press, the former headquarters of the Palm Beach Post, and 500 Australian, a waterfront Class A office building in in West Palm Beach.

PGA Tower is located at 11200 RCA Center Drive, Palm Beach Gardens, FL 33410.

Real Exchange Program DL Social

Thu, 16 Feb 2023 19:02:52 GMT

What is P3? Come find out what you need to know.

March 2nd 5pm-7pm Come and join us for a members only Developing Leaders Real Exchange Program with Guest Speaker Jeffrey Siniawsky. Click the link to register.

2023 Awards of Excellence

Thu, 16 Feb 2023 18:46:23 GMT

2023 Awards of Excellence Sponsorships now available see below.

Awards of Excellence March 30th, 2023 5:00pm-10:00pm at the Seminole Hardrock Hotel and Casino 1 Seminole Way Davie, FL 33314

Gemstones check your email for appropriate links and codes to register, If you have any questions please email Misty@Naiopsfl.org

2023 Awards of Excellence Sponsorship Opportunities

NAI/Merin Hunter Codman Hires Matthew Brown as Chief Operating Officer

Tue, 10 Jan 2023 23:56:06 GMT

NAI/Merin Hunter Codman Hires Matthew Brown as Chief Operating Officer

West Palm Beach, FL – NAI/Merin Hunter Codman one of South Florida’s leading commercial real estate services and investment firms has hired Matthew Brown as Chief Operating Officer.

As Chief Operating Officer, Mr. Brown will be responsible for overseeing the growth and operation of NAI/Merin Hunter Codman’s real estate brokerage and property management businesses as well as playing a key role in identifying and closing real estate acquisition opportunities in the Southeastern United States on behalf of the firm’s affiliated MHCommercial Real Estate Funds.

Bringing over 20 years’ experience to the firm, Mr. Brown comes to NAI/Merin Hunter Codman from New York City based Dabby Investments where he served as Chief Investment Officer responsible for identifying and acquiring value-add commercial real estate assets throughout the United States. He also brings a strong commercial real estate brokerage and capital markets advisory background to NAI/Merin Hunter Codman having previously served as a Managing Director and capital markets team leader with Colliers International, Newmark, and the Carlton Group.

Mr. Brown said, “I am truly fortunate to be working with a fantastic team, across a variety of business lines that NAI/Merin Hunter Codman has successfully cultivated over the last 30 years. I am enjoying reconnecting and making many new friends in South Florida’s brokerage community as we are actively expanding our commercial real estate brokerage platform. On the fund side, we continue to leverage our management and leasing expertise in delivering value for our investors, and I am excited to help further scale this side of our business.”

Jordan Paul, Chief Executive Officer of NAI/Merin Hunter Codman said, “Matt’s combination of capital markets, real estate brokerage, acquisition, and transaction experience makes him the ideal person to join us in a leadership role as we continue to grow our real estate services and investment management businesses.”

2023 BOD Voting Ballot

Thu, 05 Jan 2023 20:48:26 GMT

Cast Your Vote for 2023!

Download your Board of Directors Voting Ballot and

return to misty@naiopsfl.org

9/16/2022 Broward Bus Tour

Wed, 07 Dec 2022 20:54:18 GMT

View Publication Here:

2023 Outlook Program

Wed, 07 Dec 2022 19:34:43 GMT

Images and links from this event coming soon.

If you are interested in sponsoring for this event, please email misty@naiopsfl.org

Miami Bus Tour 2023

Wed, 07 Dec 2022 18:00:12 GMT

CLICK ON THE IMAGE BELOW TO OPEN TOUR GUIDE

Mardi Gras Miami - Sponsorship

SPONSORSHIP OPPORTUNITIES for Miami-Dade County Bus Tour 2023 Thursday February 9th

Awards of Excellence 2023

Wed, 07 Dec 2022 18:00:11 GMT

Now Accepting Applications

11/30/22 A Fresh Look at West Palm Beach

Fri, 02 Dec 2022 18:21:40 GMT

What a fantastic panel. A great big thank you to our Sponsors, our Speakers, and our Moderator for such a successful event at a terrific venue.

NAI/MERIN HUNTER CODMAN WELCOMES WEST MARINE’S CORPORATE HEADQUARTERS

anjelica@naiopsfl.org (Jules Morgan) — Tue, 15 Nov 2022 22:48:03 GMT

NAI/MERIN HUNTER CODMAN WELCOMES WEST MARINE’S CORPORATE HEADQUARTERS TO 1 EAST BROWARD IN DOWNTOWN FORT LAUDERDALE

- The national boating supply company created significant jobs and invested $800,000

of capital investments in the buildout of its 50,000 square foot space. -

Fort Lauderdale, Fla. – NAI/Merin Hunter Codman, the property leasing and management company of 1 East Broward, an iconic 19-story, 350,000-square-foot office building in Fort Lauderdale, is proud to welcome West Marine, the nation’s leading retailer for the sailing, boating, fishing and watersports markets, to its new 50,000-square-foot corporate headquarters at 1 East Broward.

1 East Broward, one of Fort Lauderdale’s leading Class A office buildings, is centrally located on the northeast corner of Broward Boulevard and Andrews Avenue, just a short walk from Fort Lauderdale’s many amenities including the Brightline Train station, the fast-growing Flagler Village residential neighborhood, and Las Olas Boulevard.

West Marine’s relocation of their corporate headquarters from Santa Cruz, California to Fort Lauderdale will create approximately 225 corporate jobs over time and tallied an $800,000 capital investment into the property and community according to the Greater Fort Lauderdale Alliance. Thursday, October 27th marked the ribbon cutting ceremony at their new 1 East Broward headquarter location. Ribbon cutting attendees included West Marine Chief Executive Officer Eric Kufel and Chief Commercial Officer Stacey Renfro, as well as Broward County Mayor Michael Udine, Greater Fort Lauderdale Alliance President and CEO Bob Swindell, Fort Lauderdale Chamber President and CEO Dan Lindblade, and top members of Downtown Fort Lauderdale. Mr. Kufel along with the City of Fort Lauderdale’s Vice Mayor Sorensen, and City Commissioner, District 2 Steven Glassman cut the ribbon at the ceremony.

The city of Fort Lauderdale, which has over 300 miles of inland waterways and is home to about 50,000 yachts, is known as the Yachting Capital of the World. It’s no wonder this South Florida city attracted West Marine. Their CEO, Eric Kufel, recently stated, “Our relocation to Fort Lauderdale means we can better serve the sailing and boating communities. We want to be where the boaters are, not only to support the existing community, but welcome newcomers to the industry.”

NAI/Merin Hunter Codman Chief Executive Officer Jordan Paul stated, “We are thrilled that West Marine has chosen 1 East Broward for its corporate headquarters. West Marine is an iconic brand that meshes perfectly with the outdoor lifestyle that makes Fort Lauderdale a unique city to live, work and play. We are honored that West Marine has selected 1 East Broward as its new corporate home and look forward to working with them for many years as they continue to grow their market leading business.”

For information about office space available for lease at 1 East Broward or throughout South Florida feel free to contact Neil Merin and Adam Star at 561-471-8000 or astarr@mhcreal.com.

Affordable Housing Project Receives Approval

anjelica@naiopsfl.org (Jules Morgan) — Tue, 15 Nov 2022 22:34:02 GMT

Affordable Housing Project
Receives Approval from
Sweetwater City Commission

SWEETWATER, FL (Nov. 9, 2022) – As Miami-Dade’s affordable housing crisis continues, the Sweetwater City Commission has cleared the way for CREI Holdings to develop an additional 316 affordable housing apartments. Li’l Abner III, which will rise next to its sister buildings Li’l Abner I and II, will help ease Miami’s shortage of affordable housing among seniors, one of the most vulnerable populations in the region.

“CREI Holdings is committed to providing affordable and workforce housing for seniors who are being squeezed out of the Miami-Dade market by skyrocketing rents,” said Raul Rodriguez, Managing Member of CREI Holdings. “We decided to build Li’l Abner III after experiencing firsthand the urgent need for affordable housing. For example, we currently have over 1,000 people on a waitlist for Lil Abner I, which only has 87 units. We are grateful to Sweetwater City Commissioners for their vision and leadership in helping bring new affordable housing projects to the community. Because of their support, hundreds of struggling seniors won’t suffer from housing insecurity anymore.”

Demand for housing coupled with a shortage of developable land has made South Florida one of the most expensive areas to live in the United States. Miami-Dade County is facing an unprecedented need for more access to affordable housing. Along with rising home prices, monthly rental rates in Miami-Dade County have skyrocketed nearly 60 percent, compared to just 19 percent nationally, leaving those who live on the margins with fewer choices, according to the University of Miami’s Office of Civic and Community Engagement .

At the same time, the cost of building affordable housing projects has also skyrocketed, making it almost impossible for developers to launch new housing developments for seniors and families struggling to pay their rent. Affordable housing developers are increasingly depending on partnerships with local, regional and federal governments to be able to afford the construction and operation of their housing projects. Case in point, Li’l Abner II, which will be completed in January 2023, received a $2 million grant from Miami-Dade County early this year to cover the unexpected drastic increase of construction material and labor costs.

The demand for affordable housing is such that Li’l Abner II, with 244 apartments under construction next to Li'l Abner I, has received over 400 applications, nearly double the number of residents that can be accommodated. Li’l Abner II will provide affordable and workforce housing for residents over 55. Li’l Abner III will also provide apartments for low-income seniors in a healthy, clean and safe environment.

Marcus & Millichap Arranges $18.1 Million Industrial Asset Sale in Miami

anjelica@naiopsfl.org (Jules Morgan) — Tue, 15 Nov 2022 19:17:24 GMT

Asset Sale in Miami

MIAMI, Fla., Nov. 10, 2022 – Marcus & Millichap (NYSE: MMI) , a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Doral Industrial, a 93,046-square-foot industrial building in Miami, Florida. The asset traded for $18.1 million.

“Built in 1983, Doral Industrial sits on just over 4.5 acres and consists of 26 suites,” said Michael Alaoui, senior associate in Marcus & Millichap’s Miami office. “This well-maintained asset benefits from the neighboring demographics, which include a five-mile radius population of 428,000. The building has strong visibility on highly trafficked 64 ^th Street. Being only 13 miles from Downtown Miami, this asset and its retailers capitalize from the over 10 million visitors to Miami each year.” The buyer, a limited liability company, was secured and represented by Alaoui.

Doral Industrial is located off Highway 826, approximately four miles from major national retailers including Walmart, Target and Best Buy.

Marcus & Millichap Brokers the Sale of a Walgreens on Miami Beach for $35.25 Million

anjelica@naiopsfl.org (Jules Morgan) — Tue, 01 Nov 2022 17:37:53 GMT

MIAMI BEACH, F la., October 26, 2022 – Marcus & Millichap (NYSE: MMI) , a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a Trophy Miami Beach Walgreens, a 22,875-square foot net-leased property located in Miami Beach, Florida. The property sold for $35,250,000 .

“We held an incredibly competitive sales process to this trophy asset in the heart of South Beach,” said Ronnie Issenberg, senior managing director investments. “With over 12 years remaining on a 25-year initial lease term and with seven options to extend for five years each, our new buyer now possesses this unique rental opportunity that increases growth in both the initial term and during option periods. Additionally, Miami’s annual yearly visitors sits around 24 million, providing a constant demand for a renowned retail giant such as Walgreens to provide for the millions who visit South Beach,” said Issenberg. “Our competitive sales process created a multiple offer scenario thus allowing us the opportunity to vet for the best buyer the market would bear, in this case a large exchange buyer based in NYC. The sales price and cap rate are indicative of the flight to quality we are seeing today’s market environment and speaks to the overall demand for high quality and marquee assets such as this Walgreens, especially in Florida.” adds Esteves. Issenberg, Gabriel Britti and Ricardo Esteves, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, 509 Collins Realty, a limited liability company.

The Walgreens is located at 509 Collins Avenue. The property is strategically located on the hard-corner signalized intersection of Collins Avenue and 5th Street. The asset benefits from being on the last vehicular intersection before entering the beach, making this location the “Gateway to Miami Beach”. Collins Avenue and 5 ^th Street are also one of South Beach’s busiest North-South and East-West corridors, providing incredible visibility on an iconic South Beach location which also brings about high traffic counts and tremendous foot traffic.

The two-story trophy property sits just one block away from Ocean Drive and its world class beaches, minutes from the newly renovated State of the Art Miami Beach Convention Center, Lincoln Road and some of South Beach’s most iconic resorts, such as; The W South Beach, The Faena, Fontainebleau, The Ritz-Carlton, Loews, and The Delano.

Marcus & Millichap Arranges the $9.35 Million Sale of Apartments in Hollywood, Florida

Tue, 01 Nov 2022 17:37:50 GMT

Marcus & Millichap Arranges the $9.35 Million Sale of Apartments in Hollywood, Florida

HOLLYWOOD, Fla., Nov. 01, 2022 – Marcus & Millichap (NYSE: MMI) , a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Cleveland Paradise Apartments, a 34,871-square-foot apartment complex in Hollywood, Florida. The property sold for $9.35 million.

“This was a unique opportunity to acquire one of only a few 50+ unit apartment buildings east of Federal Highway in the city of Hollywood, Florida,” said Evan Kristol, executive managing director investments.

Kristol, Felipe Echarte, and Brandon Rex, investment specialists in Marcus & Millichap’s Fort Lauderdale office, represented the seller and buyer, both private investors.

Cleveland Paradise Apartments is located at 1720 Cleveland Street and is 12 minutes from Fort Lauderdale-Hollywood International Airport. Built in 1972, the property consists of one studio, 32 one-bedroom/one-bath, one two-bedroom/one-bath, and 16 two-bedroom/two-bath units. Apartment amenities include a laundry facility, a pool, and air conditioning.

TCRE AND ALLIANCE HP COMPLETE 17 OFFICE LEASES AT FORT LAUDERDALE’S ONE FINANCIAL PLAZA, BRINGING OCCUPANCY OVER 92%

Tue, 25 Oct 2022 18:22:18 GMT

Wave of New-to-Market Tenants Coupled with Tenant Expansions

MIAMI (Oct. 6, 2022)–TCRE, a full-service commercial real estate brokerage in South Florida, today announced 17 lease transactions in 2022 totaling approximately 52,000 square feet at One Financial Plaza, a 283,000-square-foot, 28-story Class A office tower located in the Central Business District of Downtown Fort Lauderdale, FL. The leases, which include six new-to-market tenants, two market relocations and numerous lease renewals and expansions, bring the building over 92 percent occupancy. Laurel Oswald, Jon Blunk and Cristina Glaria of TCRE exclusively represent the landlord, Alliance HP. The building is professionally managed by CP Group.

“The market is changing; With numerous new residential towers on the north side of downtown, the brokers in the market and their tenants are recognizing the convenience of our location, and the building’s top-notch amenities including the Tower Club continue to make One Financial Plaza the destination of choice,” stated Ira Bergstein, Director of Leasing, Alliance HP.

“Leasing activity was largely driven by the building’s extensive amenity offerings as well as the Landlord’s hands-on approach and focus on delivering the best possible tenant experience at the building,” added Laurel Oswald, executive director, TCRE.

The new-to-market leases include the following:

- STEMCOR, a British steel trading and distribution company, has leased 3,465 RSF; Represented by Adam Talbot, CRESA.

- AGI Capital has leased 2,091 RSF; Represented by AJ Belt and Jeff Holding, Cushman Wakefield.

- RVM Enterprises has leased 3,465 RSF; Represented by Steve Hyatt, Berger Commercial.

- Rockwave Capital, a New York-based investment firm, has leased 1,262 RSF.

Xplore Group, relocating from Miami, has leased 1,065 RSF; Represented by Walter Robinson, Robinson Commercial.

- Meirowitz & Wasserberg, LLP, a New-York-based personal injury law firm, has leased 1,694 RSF.

Two notable in-market relocations include:

- Oppenheimer, a global full-service brokerage and investment bank, has leased the full 21 ^st floor totaling 11,213 RSF (in-market relocation); Represented by Adam Bernstein and Barbara Black, JLL.

- Silverman Schermer law firm has moved its office at 401 E. Las Olas Blvd. to occupy 3,400 RSF; Represented by Kim Barbar, Stiles.

TCRE has also secured 22,452 RSF of renewals and expansions for existing tenants. These include:

- Cohen Blostein & Ayala PA has expanded and renewed 5,414 RSF; Represented by Mark Goldstein, Jasper Realty.

- Advanced Recovery Systems (ARS) has renewed 7,800 RSF; Represented by Thomas Capocefalo, Savills.

- Insperity HR Solutions has renewed 4,725 RSF; Represented by Zach Wendelin, CBRE.

One Financial Plaza is a landmark building in the heart of downtown Fort Lauderdale. Originally constructed in 1972, the building has completed a multi-million-dollar renovation program. The ground floor lobby and retail spaces have been modernized, and the east building entrance was completely redesigned. A high-end fitness center and conferencing facilities add to the daily comforts and conveniences, and the exclusive Tower Club located on the top floor boasts sweeping views of downtown and the Atlantic Ocean, a fine dining restaurant, bar and lounge, meeting rooms and event space.

The office tower is conveniently located two blocks from Las Olas Boulevard, a shopping, dining and cultural destination with a plethora of restaurants within walking distance from the property. The building offers easy access to US-1, I-95 and I-595 and is minutes from the Fort Lauderdale/Hollywood International Airport and Fort Lauderdale’s Brightline train station.

One Financial Plaza is owned by Alliance HP and managed by CP Group. The building is located at 100 SE 3 ^rd Ave., Fort Lauderdale. For leasing information, please call TCRE at (954) 628-5355 or visit https://tcrefl.com .

Powerhouse Scott Sherman Launches Real Estate Investment Firm

Tue, 25 Oct 2022 16:39:21 GMT

Seasoned real estate veteran Scott Sherman has officially launched Torose Equities, a Miami-based real estate investment firm with a value-add urban retail, office and mixed-use strategy

MIAMI, FL [Oct. 17, 2022] – Seasoned real estate veteran Scott Sherman has officially launched Torose Equities, a Miami-based real estate investment firm with a value-add urban retail, office and mixed-use strategy targeting the Southeastern United States.

Torose will be Sherman’s newest venture after successfully launching Miami-based Tricera Capital in 2017 and growing the company to become a household name and key player in major Florida markets. In just five years, Sherman spearheaded the acquisition of 30+ commercial assets totaling $700 million and more than 2.5 million square feet.

Sherman brings with him the former investment arm of Tricera Capital to lead Torose. Ari Sasson serves as Torose’s Chief Financial Officer and Aaron Kay as Director of Acquisitions.

“We are excited to continue to build on the chemistry and momentum we established as a team over the past five years,” said Torose Founder & Principal Scott Sherman. “Our investment strategy at Torose will be familiar to our investment partners. Now more than ever before, Torose’s contrarian approach to real estate investment and development will benefit from the current economic environment.”

Similar to Sherman launching Tricera Capital during the height of the “retail apocalypse,” Torose’s founding team saw the perfect window of opportunity to start another investment firm focused on value-add opportunities amid rising interest rates and growing uncertainty in the real estate market. The team has wasted no time, with properties already under contract that are expected to close by the end of the year.

Some of the team’s most high-profile acquisitions in the past five years include the former Palm Beach Post site in West Palm Beach; Cube Wynwood office building; Offices at Atria in Downtown Sarasota; and a portfolio of properties in Downtown St. Petersburg. The team is also partnered on several notable mixed-use developments including The Dorsey in Wynwood in a JV with Related and Alex Karakhanian; and The Boulevard in a JV with 13th Floor Investments.

The Torose team will continue to target assets ranging from $10 million to over $100 million in core markets in the Southeastern U.S., including Miami, West Palm Beach, Fort Lauderdale, Tampa, St. Petersburg, Sarasota, Nashville, Raleigh-Durham, and Atlanta.

Colliers facilitates the sale of Singer Island Corporate Center for $8.56M

Tue, 18 Oct 2022 21:32:12 GMT

The Colliers South Florida Investment Services Team represented the seller in the sale of the multi-tenant office building on Singer Island

RIVIERA BEACH, FL | October 13, 2022 – Colliers is pleased to announce the sale of Singer Island Corporate Center. The impeccably maintained five-story office building is located at 2655 N Ocean Drive on Singer Island. Director Bastian Laggerbauer and Executive Managing Director Mark M. Rubin represented the seller, R.J. Finlay & Co., in the transaction, which closed on October 13, 2022. Tony Hollis from the Hollis Realty Group represented the buyer, Babak Ebrahimzadeh, in acquiring the multi-tenant office tower.

“With tremendous ocean and Intracoastal views, this sale marks a rare opportunity for an investor to acquire a meticulously maintained office asset on one of South Florida’s coveted barrier islands. We enjoyed working with R.J. Finlay & Co. on the leasing and management of Singer Island Corporate Center for over 7 years with a subsequent successful sale,” said Laggerbauer.

Singer Island Corporate Center is the only competitive office building of quality and scale on the barrier island. The property is situated on a highly visible corner parcel on North Ocean Drive, surrounded by an abundance of luxury condominiums, single-family residences, parks, and the pristine private and public beaches of Singer Island. The 45,198 square-foot office building with dedicated multi-story parking garage sits on 1.7 acres of land while providing strategic positioning and convenience to neighboring counties and flourishing South Florida markets. The property has undergone significant renovations in the last five years, including common area and garage upgrades.

“Out-of-market investors remain bullish in the South Florida office market,” said Rubin. “This sale reflects their steady pursuit of assets with rent growth potential in the flourishing greater West Palm Beach Submarket.”

The buyer, Babak Ebrahimzadeh, is a private investor and owner of commercial properties in South Florida and New York. In the last three years, Babak Ebrahimzadeh has been involved in acquiring; Delray Retail Plaza, a mixed-use plaza for $30 million, DiVosta Towers, two Class A office towers for $80 million, 800 Brickell, a Class A office tower for $126 million, and a 1.2-acre site for $5.5 million for the development of a 12-story office building in Commerce Pointe Corporate Center. After the acquisition of Singer Island Corporate Center, it is likely Babak will soon further renovate the property to achieve higher occupancy and rents.

The seller, R.J. Finlay & Co., is a full-service real estate and building materials firm whose diverse portfolio spans numerous companies and properties throughout the United States. The firm's mission is to facilitate real estate development, construction, and management by offering a single, unparalleled source for services and materials. Their company portfolio is comprised of industry leaders working seamlessly to deliver excellence by promoting quality, reputation, and craftsmanship.

The City of Riviera Beach is in the Northern Palm Beach County office submarket, it has one of the fastest growing economies in Florida and is known as Florida’s “Prosperity Coast”, where businesses enjoy a high quality of life and a growing economy. Riviera Beach has nearly 450,000 square feet of office product with a vacancy rate of 10%, a 70-basis point decrease year-over-year. The Northern Palm Beach County office submarket is the area’s most prominent office submarket, comprised of 8.1 million square feet of office space across more than 200 buildings. The influx of companies and individuals to the region has pushed rent growth by 29.3% over the last five years; however, it remains an affordable and appealing market for relocation and investment compared to the rest of the county.

Packaging design firm Smurfit Kappa signs lease to relocate HQ to Plantation, leasing 10,763 square feet at landmark Royal Palm Office Park

Tue, 18 Oct 2022 17:35:57 GMT

Smurfit Kappa, a global leader in paper‐based packaging solutions, is relocating its United States headquarters to the 465,000‐square‐foot Royal Palm business campus at Pine

Island Road and I‐595 in Plantation.

Smurfit Kappa, a FTSE 100 company has over 350 production sites across 36 countries. The

company, whose corporate offices are currently located in Sunrise, has inked a long‐term lease

for 10,673 square feet of office space at the three‐building park.

The new lease reflects Smurfit Kappa´s desire to be in a best‐in‐class and highly amenitized

office, setting to serve its existing employees while also setting the tone to attract high‐caliber

talent.

Butters Realty & Management office team of Caroline Fleischer, Darcie Lunsford and Sky

Butters represented Smurfit Kappa. Danet Linares of Blanca Commercial Real Estate

represented the landlord, TR Royal Palm Corp.

“Smurfit Kappa was seeking an upscale office venue that would help enhance its positioning by

providing a myriad of on‐site amenities,” said Fleischer, who is executive vice president of

occupier services. “Royal Palm’s café, fitness center, conference facilities, garage parking and

executive lounge made it an attractive choice.”

Smurfit Kappa offers customers in the consumer, retail, industrial and e‐commerce sectors an

unrivalled portfolio of paper‐based packaging solutions which are 100% renewable and

biodegradable and are sourced from recyclable material.

The Company expects to move into its new headquarters by the Fall of 2023.

The Butters Realty Industrial Team is proud to have represented Challenge Warehousing, Inc’s interest in their leasing of 82,198 SF with Link Logistics

Tue, 18 Oct 2022 17:30:59 GMT

The Butters Realty & Management Industrial Brokerage Team of JC Conte, SIOR, and Brian T. Ahearn, CCIM, represented the interest of Challenge Warehousing, Inc. in their Industrial lease at 1900 NE 7th Avenue, Dania Beach, FL 33004.

Link Logistics operates a portfolio of over 400 million square feet of logistics real estate in key markets throughout the United States. Established by Blackstone in 2019 as a best-in-class logistics real estate operating platform, they seek to bring their customers the highest quality logistics portfolio, operated to the highest standard. Their properties are at the center of the modern supply chain, helping their customers move products faster and more efficiently than ever before. Their real estate investment business operates a diverse portfolio, including an unsurpassed selection of last mile facilities in highly sought-after urban infill locations. Tom O’Loughlin & Larry Genet with CBRE represented the Landlord, Link Logistics interests in the transaction.

As Port Everglades Distribution Center was nearing completion, Challenge Warehousing initially agreed to terms to lease half of the new building. Within one month of leasing 41,099 square feet, Challenge won some new customers, and they quickly came to terms to lease the entire building. They occupied a large space in Davie for many years and always knew they could grow their business if they moved much closer to Port Everglades. It just so happened that Link’s delivery of the Port Everglades Distribution Center lined up well with Challenge’s lease expiration in Davie. This relocation proved to be the main catalyst for Challenge’s recent growth.” said Conte.

Since 1982 Challenge Warehousing, Inc. has provided tailored 3PL solutions to international and domestic customers. Their intermodal shipping options, secure warehousing, expedited paperwork, and on-time delivery adds up to convenience and profitability for its clients. Their modern new South Florida warehouse includes more than 82,000 square feet of storage space which has climate control, 32 foot ceiling height, loading docks, and state-of-the-art computers & equipment. The facility is fully protected with an ESFR sprinkler system, and a standard alarm system with police coverage 24/7. Challenge Warehousing assists with new builds and refits, and logistics coordination (pick-up and delivery in the tri-county area, cargo customs clearance, and bonded paperwork). They embrace the complexities presented by globalization. They make it their business to recognize these demands and partner with their customers in fulfilling their needs efficiently. Client satisfaction is their number one priority.

“Within a month of moving into the first half of the building we had new customers knocking on our door but we were already full. We quickly came to terms on the balance of the building and occupied. It felt like a Field of Dreams: ‘build it and they will come.’ It’s been well said that when it comes to real estate, it’s location, location, location, and we are very happy with our new address.” said Rex McQuade, President of Challenge Warehousing.

Developers pouring slab on 664,176-square-foot Class A industrial project in South Florida

Tue, 18 Oct 2022 17:23:40 GMT

Kings Logistics Center in Fort Pierce is one of the largest speculative industrial developments under construction in the market

Fort Pierce, Fla. (October 17, 2022) USAA Real Estate and Seefried Industrial Properties have completed site work and started to pour the slab and walls at Kings Logistics Center, one of the largest speculative industrial developments with available space in the South Florida market. The 664,176-square-foot Class A industrial park is located just off Interstate 95 at Orange Avenue/SR-68 in Fort Pierce, Florida.

Kings Logistics Center will be one of only a few industrial distribution centers located along I-95 between Daytona and Jacksonville. The property is expected to be completed in February 2023.

Colliers’ Lee Morris from Orlando and the Falk-Weprin Team from West Palm Beach will handle leasing on the project. The space features a 40-foot clear height, 248 trailer spots, 676 parking spots, excellent circulation with truck queuing lanes and a flexible site plan that can serve a single user or be divided for multiple tenants.

“Large industrial users looking to serve South Florida with freight coming from the ports of Jacksonville, Savannah, Charleston or down I-95 from the Northeast previously had few options. Kings Logistics Center offers a strong workforce, lower overall occupancy costs than comparable facilities in the tri-county market, and easy access to South Florida, making it a great fit for companies looking for a large-scale e-commerce, distribution or manufacturing facility. Also, because of limited options in southwest Florida, it is an option for firms impacted or expanding as a result of the recent impacts from Hurricane Ian. ”

-Lee Morris, SIOR, Executive Managing Director, Colliers

The property is equidistant from Lakeland and Miami and offers easy access to South Florida via I-95 and the Florida Turnpike. Over 20 million customers – or 93% of Florida’s population - are accessible within a four-hour drive of Kings Logistics Center.

“This area of the South Florida industrial market has seen tremendous growth recently, adding key logistics facilities for two Amazon facilities, as well as FedEx and Chaney Brothers, which have joined existing operations for Walmart, CVS, Pepsi, Cold Air Distributors and Tropicana,” Morris said.

“The reasonable cost of land in Fort Pierce compared to Dade, Broward and Palm Beach counties, along with the availability of affordable housing and an abundant labor force, make the area a target for logistic expansions in South Florida.”

-Michael Falk, SIOR Executive Managing Director, Colliers Falk-Weprin Team, West Palm Beach, FL

USAA Real Estate and Seefried Industrial Properties are also installing the roof and slated to complete a 984,960-square-foot Building #100 of I-4 Logistics Park in Deltona/Orlando with an expected completion date of January 2023 for phase one. Construction of the remaining buildings in the park, including a 500,000-square-foot building and several rear-load buildings, will soon follow.

Colliers facilitates the sale of South City Plaza for $51M

Wed, 12 Oct 2022 12:13:26 GMT

The Colliers South Florida Investment Services Team represented the seller in the disposition of the Class A office building in Boca Raton

BOCA RATON, FL | October 10, 2022 – Colliers is pleased to announce the sale of South City Plaza. The four-story Class A office building is located at 1515 South Federal Highway in Boca Raton, FL. Executive Managing Director Mark M. Rubin, Director Bastian Laggerbauer, and Financial Analyst Jake Stauber of the Colliers South Florida Investment Services Team represented the seller, Penn-Florida Companies, in the transaction which closed October 7, 2022. Maria Gomez, President of Powerful Real Estate LLC., represented the buyer, Renaissance Properties, in acquiring this trophy office tower.

“The interest from buyers seeking high-quality office investment properties in South Florida remains strong and steady,” said Rubin. “This transaction is a testament to the strength and fundamentals of the Boca Raton office market.”

The 179,837 square-foot building is situated on a premier 3.66-acre parcel near the bustling downtown core of Boca Raton. The property offers monument signage opportunities that are visible along Federal Highway providing exposure to over 33,000 travelers per day. South City Plaza boasts a highly coveted location between two of South Florida’s most traveled thoroughfares, the Federal Highway and Dixie Highway. The office tower is less than a five-minute drive from Penn-Florida Companies’ $1.2 billion-dollar redevelopment project, Via Mizner. The mixed-use project will feature a Mandarin Oriental Hotel, luxury apartments, private condominium homes, retail space, and a golf course spanning three towers connected by a sky bridge. Recent developments in Boca Raton’s downtown core further position South City Plaza as a prime investment asset in a high-growth market. Additionally, the construction of a Brightline stop soon will further underline the building’s future value retention and growth.

“Even amidst an evolving and challenging debt market, our team relished the opportunity to work alongside sophisticated counterparts on both sides that have successfully acquired and repositioned assets in high-demographic markets across the U.S.,” said Laggerbauer.

The buyer, Renaissance Properties, is a New York-based commercial real estate firm led by Kenneth and Bradley Fishel. The family-run organization is a leading owner and manager of more than one million square feet of commercial space throughout New York and Southern Florida. The company plans to reposition and inject capital into the property to solidify its positioning as a trophy Class A asset within the East Boca Raton submarket.

The seller, Penn-Florida Companies, is an innovative real estate owner and developer focused on enhancing life experiences through its portfolio of unique commercial, residential, and hospitality properties. The Boca Raton-based firm owns and operates millions of square feet in existing assets, while developing various prominent projects.

As the second largest city in Palm Beach County, Boca Raton draws residents, tenants, and investors with its high quality of life, growing population, educated workforce, and friendly business environment. The influx of finance and technology firms from high tax-burdened northeastern states has helped to compress the vacancy rate down to a ten-year low of 9.8% and an all-time high rental rate of $41.54 per square foot. These strong market fundamentals have also attracted investors to Boca Raton setting a record office sales volume in 2021 at $922 million. So far in 2022, Boca Raton has seen $345 million in office investment sales, with the price per square foot reaching $248. Historically, private and institutional investors have been majority buyers; however, in 2022, the dynamic shifted with more cross-border investors. This trend is expected to continue as overseas investors seek stability and hedge against inflation in the U.S.

Avison Young facilitates three-parcel sale to Newgard Development Group for master-planned development on Miami River in Brickell

Wed, 12 Oct 2022 12:05:40 GMT

Newly sold land to serve as gateway to Newgard’s three-tower residential and marina project

MIAMI – Avison Young’s Florida Capital Markets Group spearheaded the sale of three land parcels to serve as the gateway to Newgard Development Group’s master-planned three-tower residential and marina project on the Miami River. Totaling three-fifths of an acre, the newly traded addresses are 66 SW 6th Street, 625 SW 1st Avenue, and 69 SW 7th Street in Brickell, one of Miami’s most ideal live-work-play neighborhoods. Newgard’s project at 99 SW 7th Street will include the nearly sold-out Lofty Residences Brickell, a second branded multifamily building, and a third luxury branded condominium tower.

Avison Young Principals Michael T. Fay, who is also Managing Director of the firm’s Miami operations; John K. Crotty; David Duckworth; and Vice President Brian C. de la Fé; represented a family trust seller in the disposition to an affiliate of Harvey Hernandez’ Newgard Development Group. The parcels sold for a total of $7 million which, coupled with the recently acquired 1.6-acre riverfront property on 7th Street, brings the developer’s total land investment to $57.5 million.

“We were approached by Newgard to facilitate the sale due to our relationship with the seller, whom we represented, as well as our experience selling properties with unique redevelopment plays across South Florida,” said Fay. “Ultimately, all of those factors led to a smooth transaction to expand what will be an area-defining project and key component bolstering Brickell’s lifestyle appeal.”

Positioned just northwest of Brickell City Centre, a $1.5 billion mixed-use destination with plans for expansion, Newgard’s project could span nearly 2 million square feet with 400 feet of frontage along the Miami River.

“Michael and his team were instrumental to the success of this transaction,” said Hernandez. “We have a big vision for this neighborhood, and these properties play an essential role in this vision.”

Developers continue to bet on demand for new housing, as Miami sees no slowdown of capital and residents relocating to the market from other metropolitan areas. Brickell alone has more than a dozen residential projects planned or underway, with waterfront developments attracting exceptional interest.

Colliers Names Industry Veteran to Lead Industrial Services

Wed, 05 Oct 2022 17:29:03 GMT

Colliers | U.S. announced that Stephanie Rodriguez has been named National Director, Industrial Services

LOS ANGELES, CA – October 4, 2022 – Colliers | U.S. announced today that Stephanie Rodriguez has been named National Director, Industrial Services | U.S.

An industry veteran, Rodriguez brings nearly 25 years of commercial real estate experience. She will be based in Miami and will oversee industrial services nationally.

In her new role, Rodriguez will focus on overall growth of the company’s industrial business, including the establishment of new and expansion of existing client relationships as well as talent recruitment and retention. She will also work to strengthen the company’s industrial platform, including thought leadership, research and marketing.

“I am excited to be joining a firm with such an entrepreneurial and collaborative culture focused on driving exceptional results,” said Rodriguez. “I look forward to partnering with the incredible professionals at Colliers to grow our platform and maximize the potential of property and real assets to accelerate the success of our clients, our investors and our people.”

Prior to joining Colliers, Rodriguez spent nearly 15 years at Duke Realty Corporation, rising to oversee leasing for a multi-market, multi-million-square-foot portfolio in Central and South Florida in addition to leading property management, development and marketing of the firm’s industrial portfolio in the region. Prior to her time at Duke, she held progressively more senior roles at Trammell Crow Company and CBRE.

“Adding a diverse, energetic leader like Stephanie is evidence of our abilty to attract best-in-class industry talent,” said Gil Borok, President and Chief Executive Officer | U.S. & LATAM. “With Stephanie at the helm of this important and dynamic asset class, I have no doubt that we will provide even better client service as we lead our industry into the future.”

Rodriguez is a member of NAIOP and served as president of the organization’s South Florida chapter in 2020. She volunteers with several local charities, including Kids in Distress, Hope South FL and SOS Children’s Village.

Q3 Market Data Highlights Continued Strength of CRE in South Florida

Wed, 05 Oct 2022 12:18:57 GMT

As Miami-Dade, Broward and Palm Beach Counties continue to experience robust growth across all asset classes, Colliers has released the preliminary Q3 market data for the office, industrial and retail markets

Report Highlights:

Miami-Dade:

· The retail market vacancy rate decreased to 3.2%, and the average direct asking rate continued to increase, hitting $43 NNN.

· The office market vacancy rate decreased 0.4%, and the direct asking rate increased by over $3 PSF to $57.09 for Class A space.

· The industrial market had an all-time low vacancy rate of 2.1% and the direct asking rate for warehouse and flex space increased.

Broward:

· The retail market hit a new high direct asking rate, $26.56.

· The office market direct vacancy rate declined for the sixth consecutive quarter, asking rates continue to increase.

· The industrial market vacancy decreased to a new low, 3.1%, and asking rates increased.

Palm Beach:

· The retail market vacancy rate decreased for the sixth consecutive quarter to 3.6%, and the direct asking rate reached another new high, $28.02.

· The office market vacancy rate decreased to 8.1%, and asking rates increased by over $1 PSF.

· The industrial market vacancy rate increased slightly to 3.1%, and direct asking rates reached new highs for warehouse and flex space.

Marcus & Millichap Arranges the Sale of a $8.3 Million Industrial Building

Wed, 05 Oct 2022 12:12:31 GMT

Marcus & Millichap announced the sale of 3611 NW South River Drive, a 19,548-square foot industrial property located in Miami, FL

MIAMI, F la., Oct. 4, 2022 Marcus & Millichap (NYSE: MMI) , a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 3611 NW South River Drive, a 19,548-square foot industrial property located in Miami, FL, according to Harrison E. Rein, regional manager of the firm’s Miami office. The asset sold for $8,300,000 , which is above the listed price of $8,200,000.

“This is a strategic acquisition right on the Miami River with direct access to Miami International Airport and multimodal possibilities.” Said Alex D. Zylberglait, senior managing director “the asset was owned for many years by a family, and it will likely be owned for many years to come by the buyer’s family given its exclusive appeal.”

Zylberglait and Michael Crocchiola, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust and the buyer, Miami River Industrial Center, LLC a limited liability company.

The subject is currently zoned Palmer Lake Metropolitan Urban Center (PLMUC). PLMUC allows for a variety of permitted uses including but not limited to numerous industrial uses, recreational boat storage, marinas, and product processing right on the Miami River, which allows for loading and unloading containers and cargo vessels. The property’s permitted uses also include many other commercial uses.

The property is located at 3611 NW South River Drive. The subject is situated on the south bank of the Miami River, west of Interstate 95 and just east of the Miami International Airport. The property has frontage on South River Drive with access to both directions of traffic. The subject site is about three miles upriver from the Intracoastal Waterway (ICW), which provides access to Biscayne Bay and the Atlantic Ocean and 8 miles from Downtown Miami.

Colliers continues expansion with the addition of seasoned Senior Director of Industrial Services

Wed, 05 Oct 2022 12:03:17 GMT

Colliers South Florida welcomes Lauren Pace as Senior Director

MIAMI, FL, October 4, 2022 – Colliers announced today that Lauren Pace has joined the firm as Senior Director based in South Florida. In her new role, Pace will work alongside Steven Wasserman and Erin Byers focusing on industrial services for the region while based in Brickell.

"At Colliers, we continue to pursue top-tier talent and strategically expand our presence in South Florida. We're pleased to welcome Lauren to the firm," said Julie Northcutt-Dunn, Executive Managing Director and Market Leader for Colliers South Florida.

Before joining Colliers, Pace served as a Senior Leasing Representative for Duke Realty. In this role, Pace was responsible for maintaining occupancy, handling tenant relations, and attracting new companies to Duke Realty’s portfolio in South Florida, consisting of 9.5 million square feet of industrial product.

Prior to her role at Duke Realty, Lauren was the Director of Leasing for Sunbeam Properties. In this role, Lauren was responsible for managing lease renewals, expansions, and new tenants for a portfolio consisting of 6 million square feet.

Pace serves as secretary on the Executive Board of Directors for NAIOP (National Association for Industrial and Office Parks) and was named South Florida Member of the Year in 2020. She’s also an active member of the Greater Fort Lauderdale Alliance, CIASF (Commercial Industrial Association of South Florida), and CREW (Commercial Real Estate Women Network).

Marcus & Millichap Brokers the $8.5 Million Sale of a Boutique Multifamily Building in Coral, Gables Florida

Wed, 03 Aug 2022 18:47:06 GMT

The property sold for $8.5 million ($500,000 per unit) or $320.19 per rentable square foot on the 0.33-acre site

Coral Gables, Fla., July 14, 2022 – Marcus & Millichap (NYSE: MMI) announced today the sale of 300 Majorca Avenue, a “boutique” 17-unit apartment building, constructed by Coral Gables based T. A. Builders. The property sold for $8.5 million ($500,000 per unit) or $320.19 per rentable square foot on the 0.33-acre site.

“This sale reflects the continued interest in the Coral Gables multifamily submarket by well-experienced investors,” said Landy Toledo, first vice president investments in Marcus & Millichap’s Miami office. Toledo represented the seller, a Mexico City, Mexico based developer, and procured the buyer, FLB Bay Harbor LLC.

300 Majorca Avenue is comprised of two townhouses and 15 two-bedroom/two-bathroom apartments. Building amenities include under-cover parking, a fitness center, courtyard fountains, lush landscaping, and an outdoor barbecue terrace on the 4th floor. The property is in the heart of Coral Gables, within walking distance of the Coral Gables business district, high-end shops and restaurants.

The property is less than 5 minutes from the Miracle Mile, Coral Gables Museum, University of Miami and the Venetian Pool. The building is also a short drive from Downtown Miami and the beaches.

NAIOP Florida helped lead the effort to further streamline the local building permit and inspection process

cwilliams@achieveagency.com (Clay Williams) — Wed, 03 Aug 2022 16:01:35 GMT

Specifically, HB 423 addresses local government information requests, private providers, and issuance of certificate of occupancy

Building Regulation - NAIOP Florida helped lead the effort to further streamline the local building permit and inspection process. Specifically, HB 423 addresses the following areas:

• Local Government Information Requests - Limits the number of times a local government can request additional information on a permit to three, and each request has a 30-day time limit to act. Further, before the third request, the local government must meet with the applicant to resolve the issues.

• Private Providers - Requires local government to provide equal access to all permitting and inspection documents. As well, defines the "reasonable administrative fee" as tied to the actual cost incurred by the local government.

• Issuance of Certificate of Occupancy - Requires that if a notice of deficiency is not issued within 10 days, the certificate of occupancy is automatically granted and is deemed issued as of the next business day.

Economic Development - NAIOP Florida successfully lobbied for the reauthorizing and funding of VISIT Florida ($50 million). As well, the reauthorization and funding of Florida Job Growth Grant Fund ($50 million).

Affordable Housing - Successfully lobbied towards full funding of the Sadowski Trust Fund with $209.5 million going towards SHIP (rental assistance) and $153.2 million going towards SAi L (housing development assistance).

Commercial Fire Alarm Systems - NAIOP Florida supported and successfully advocated for legislation (SB 140 - Perry) that would streamline the local government approval process for fire alarm systems. This reform prevents a local government from requiring a contractor to submit plans or specs as a condition of obtaining a permit for an eligible fire alarm system.

Floating Solar Facilities - NAIOP Florida supported and successfully advocated for legislation (HB 1411 - Avila) that expanded the uses of floating solar facilities in local government's comprehensive plans. A "floating solar facility" is defined as a solar facility located on a wastewater treatment pond, abandoned limerock mine area, stormwater treatment pond, reclaimed water pond, or other water storage reservoir. The bill requires the solar facilities to be a permitted use. This reform will enable more commercial properties to diversify its energy portfolio.

Defeating Bad Legislation

• Successfully lobbied against far-reaching consumer data privacy legislation that would have put forward heavy regulations on Florida businesses regarding consumer data, including a private cause of action.

• Lobbied for the defeat of construction defect legislation that would have reduced commercial owner's ability to sue for latent building defects from ten (10) to seven (7) years.

Grover Corlew Acquires Site in Fort Lauderdale’s Urban Uptown Village to Build Mayla Cypress Creek

cwilliams@achieveagency.com (Clay Williams) — Mon, 18 Jul 2022 20:48:43 GMT

This is Grover Corlew’s second upscale multifamily community

under the Mayla Residences brand

Fort Lauderdale, Florida (July 18, 2022) – Grover Corlew announced today the acquisition of a 3.71-acre site which includes nearly an acre of land on the Citrix (Nasdaq: CTXS) campus and an office building at 6261 N.W. Sixth Way, in Fort Lauderdale’s up-and-coming Urban Uptown Village. Grover Corlew’s site will be developed into Mayla Cypress Creek, the real estate investment management group’s second multifamily project in South Florida.

Focused on acquiring, transforming and managing office, multifamily and retail properties across the southeastern U.S., Grover Corlew plans to level the 36,282-square-foot office complex at 6261 N.W. Sixth Way and develop the site into Mayla Cypress Creek, a seven-story luxury residential building. Mayla Cypress Creek will be conveniently located just west of I-95 along Cypress Creek Road and in close proximity to the Cypress Creek Tri-Rail station.

“We’re thrilled that the city has approved mixed-use zoning that will bring Mayla Cypress Creek to what is becoming a lifestyle-workstyle area of Fort Lauderdale,” said partner Anuj Grover. “Mayla Cypress Creek will enable those who work in nearby office buildings to live close by in an upscale setting. Along with new multifamily residences, the mixed-use zone will also encourage restaurants, retailers and entertainment venues to move into the district. Similar to Flagler Village, this region has great potential to emerge as Fort Lauderdale’s next on-trend neighborhood.”

Featuring 312 upscale residences, Mayla Cypress Creek will include high-end lifestyle amenities to elevate the surrounding office and commercial district into a vibrant neighborhood to live, work and play. Like Mayla Pompano, which is currently under construction along the east Atlantic Boulevard corridor and set for completion in 2023, Mayla Cypress Creek will include a courtyard with a pool, a fitness center, coworking space, a yoga area, a clubroom and a dog spa. Residents will have access to 586 indoor and outdoor parking spaces that will be shared with the neighboring Citrix office building.

Mayla Residences set a high standard for luxury multifamily residences in prime locations that promote walkability. The contemporary residences are designed to maximize beauty and function with generous interior features and are being designed to mirror the personality of each local community where they are located.

“We are strategically focused on building upmarket Mayla Residences across South Florida, and we’ve identified rising areas that are ideally located near major roadways, Tri-rail and Brightline for our new residential complexes,” said partner Mark Corlew. “Many communities are dealing with a shortage of housing, so we are thrilled to be introducing our upscale multifamily model to help alleviate these issues and create more connected and vibrant local communities.”

Grover Corlew plans to break ground on the new project in August 2023.

Marcus & Millichap Facilitates Sale of Kitchen Social in Midtown Miami for $4.53M

cwilliams@achieveagency.com (Clay Williams) — Wed, 13 Jul 2022 13:41:02 GMT

The sellers were represented by Marcus & Millichap in the sale of the NNN-leased building.

Miami, July 13, 2022 – As Miami’s retail market continues to thrive, leading commercial real estate brokerage firm Marcus & Millichap (NYSE: MMI) facilitated the sale of Kitchen Social, a two-story, 4,900-square-foot property located at 3404 North Miami Ave in Miami, Florida. The property sold for $4.53 million.

Marcus & Millichap’s Senior Vice President of Investments Scott Sandelin, along with Jonathan De La Rosa marketed the triple-net leased property on behalf of the sellers, Aron and Shelby Rosenberg. Their company, New York-based R&B Realty Group, managed the property. Marcus & Millichap’s Glen D. Kunofsky and Richard Nardi of the Manhattan office procured the buyer, Adam Ramer. John Horowitz in Marcus & Millichap’s Brooklyn office served as the broker of record and assisted in closing the transaction.

“The continued demand for well-located second-generation restaurant space in South Florida provided the perfect opportunity to sell a property that was no longer part of our core portfolio,” said Shelby Rosenberg, R&B Realty’s Head of Development and Acquisitions, US Portfolio. “We continue to look for new opportunities in the South Florida market and beyond.”

Built in 1937, the Kitchen Social property went through a $2.5 million renovation in 2011, selling for $1.25 million the same year. According to property records, the building also sold for $3.25 million in 2015. The property was home to Prohibition Restaurant and Speakeasy until January 2022, and Kitchen Social Midtown opened in February 2022.

“The recently created community vision plan and zoning overhaul for this area dubbed ‘Wynwood Norte’ has created a buzz and spurred activity in terms of sales and plans for future development projects within the district,” said Marcus & Millichap’s Scott Sandelin.

The 3,080-square-foot lot is centrally located in Midtown Miami, nestled among the Design District, Wynwood Arts District and the Adrienne Arsht Center for the Performing Arts just east of Interstate 95 (I-95) and within 10 minutes of Downtown Miami.

The property is also adjacent to The Shops at Midtown Miami Mall, a 26-acre development featuring various retail and restaurants, including Nordstrom Rack, Target, Five Guys, Marshalls, Ross, Party City and more.

Colliers Facilitates Sale of Office Building in Fort Lauderdale for $3.125M

cwilliams@achieveagency.com (Clay Williams) — Fri, 08 Jul 2022 14:06:24 GMT

Colliers South Florida’s Urban Core Division represented the seller and buyer in the sale of the 11,171 SF two-story office building.

Fort Lauderdale, FL (July 8, 2022) – Colliers closed on the sale of a two-story office building located at 1001 South Andrews Avenue in Fort Lauderdale, FL. Colliers South Florida’s Urban Core Director Bradley Arendt represented the seller, Write Stuff Enterprises, and the buyer, Fazio Properties, LLC., in the transaction. The property consists of an 11,171 SF office building situated on a 28,124 SF lot.

“Fort Lauderdale’s market continues to flourish, we continue to see increased demand not only for development properties but for income-producing assets,” said Arendt. “We’re pleased to have assisted the buyer and seller in achieving the ultimate deal scenario within a brief timeline. The property generated significant interest, and we’re thrilled to have reached an agreement before the property went to market.”

The seller, Write Stuff Enterprises, is a leading publisher of corporate history and company anniversary books founded by Jeff Rodengen in 1986.

The buyer, Fazio Properties, LLC., owns and manages several commercial and residential development properties throughout South Florida, making the purchase a perfect fit in their existing portfolio. Fazio Properties is a family-owned and operated real estate development and management company based in Downtown Fort Lauderdale. They will not be occupying the newly acquired office building and plan to use it for investment purposes solely. The property is located in the regional activity center (RAC) and provides very liberal zoning, offering a myriad of other uses and the potential for redevelopment in the future.

As a widespread return to office gains momentum in the second quarter of 2022, the confidence in office investments also rises. Investments in income-producing office product picked up significantly throughout 2021 and well into 2022, particularly in the highly sought-after South Florida market, where office sales volumes in 2021 broke records. While institutional investors exercise caution due to uncertainties around inflation and rising interest rates, private investors remain ready to deploy capital. South Florida remains well-positioned to attract these investors due to its office supply-demand imbalance and rising rental rates.

3480 Main in Coconut Grove achieves full occupancy

cwilliams@achieveagency.com (Clay Williams) — Wed, 08 Jun 2022 17:22:52 GMT

Colliers South Florida represented the landlord, CGI Merchant Group, in fully leasing the boutique building in Coconut Grove

COCONUT GROVE, FL, June 8, 2022 – CGI Merchant Group acquired 3480 Main, a Class A mixed-use building in the heart of Coconut Grove, in June 2020 at less than 50% occupancy. The five-story boutique building is now fully leased. The penthouse at 3480 Main was also recently leased at a record rate, setting a high-water mark for office rents in the Coconut Grove office submarket. Colliers Executive Managing Director Stephen Rutchik and Managing Director Tom Farmer represented the landlord, CGI Merchant Group.

“The unique live-work-play experience at 3480 Main has set the standard for the office experience in Coconut Grove,” said Rutchik. “From the lobby to the rooftop deck, the property provides an impression that tenants and clients will remember along with excellent connectivity to almost all of Miami.”

The Arquitectonica-designed building provides a unique tenant experience with a mixture of tradition, business, and modernity- a tribute to the essence of the Grove. 3480 Main features a signature ground-floor restaurant and rooftop bar by one of North America’s leading lifestyle and hospitality companies, Ink Entertainment. Amal, a fine-dining concept, will bring modern Lebanese cuisine to Coconut Grove, and the rooftop terrace will offer an oasis garden and 360-degree views of Miami and Biscayne Bay.

“Acquiring 3480 Main at the height of the pandemic, a time of general uncertainty, required a measured approach to our lease-up strategy and overall business plan,” said Jonathon Pavlov, Director of Asset Management at CGI. “We consider this a huge success in executing that plan, specifically related to the select tenancy for this unique world-class asset.”

CGI Merchant Group is a minority-owned global investment manager focusing on commercial real estate and private equity. The firm has executed more than $2.5 billion in historically affiliated capital transactions since its founding in 2006. The firm relocated its corporate headquarters in Palm Beach Gardens to 3480 Main in December 2021.

Average Class A rents in Coconut Grove reached $61.62 per square foot in the first quarter of 2022. This market activity is 17 percent higher than the average rent for Class A space in Miami-Dade County, which in contrast, ended the first quarter at $52.59 per square foot. Coconut Grove had one of the tightest office markets for many years, with almost no Class A office space available and the lowest vacancy rates among Miami-Dade County’s submarkets. Until 2017, there had not been any new office construction since the delivery of the SBS building in the 1980s. However, a resurgence of investment in the submarket fueled the development of several new Class A office buildings contributing to a rise in Class A rental rates, an increase of 15 percent since the first quarter of 2020.

Marcus Millichap Brokers the Sale of a Grocery Store-Anchored Center in North Palm Beach for $36 Million

cwilliams@achieveagency.com (Clay Williams) — Wed, 08 Jun 2022 17:05:07 GMT

NORTH PALM BEACH, Fla., June 1, 2022 – Marcus & Millichap (NYSE: MMI) , a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Shoppes at City Centre, a grocery-anchored shopping center located in North Palm Beach, Florida for $36 million.

“Demand for quality retail shopping centers remains very strong in South Florida. As the North Palm Beach area has continually been a strong retail submarket, we received multiple bids from highly qualified investors,” said Douglas Mandel, executive managing director in Marcus & Millichap’s Fort Lauderdale office.

Mandel, along with Tyler Kuhlman, and Zachary Levine, investment specialists, had the exclusive listing to market the property on behalf of the seller, JB Shoppes, LLLP. The buyer, Shoppes at City Centre LLC, was also procured by Mandel, Kuhlman, and Levine.

Built in 1999, the property is anchored by West Marine and Doris Italian Market & Bakery. Other national tenants include Carrabba’s Italian Grill, Sherwin Williams, UPS Store, Dollar Tree, and Zoo Health Club. The Shoppes at City Centre is located at 11201-11261 U.S. Highway 1, on the west side of US-1, just south of PGA Boulevard. The property was 96.8% occupied at the time of sale.

Avison Young closes sale of five-property assemblage and redevelopment site near Miami Beach’s iconic Lincoln Road

cwilliams@achieveagency.com (Clay Williams) — Tue, 07 Jun 2022 19:32:10 GMT

Large 1.38-acre site boasts potential for significant mixed-use project in popular tourist destination

MIAMI – Avison Young’s Florida Capital Markets Group closed the sale of the five-property assemblage and redevelopment opportunity at 1656-1680 Alton Road, a premier location in Miami Beach, Florida, totaling 1.38 acres on the block running up to the iconic Lincoln Road.

Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; and Vice President Brian C. de la Fé represented Alton Road Invest, LLC, during the disposition to BH The Alton LLC. The sale represents the buyer’s second acquisition in Miami Beach and the second sale Avison Young completed on behalf of the seller within second-quarter 2022.

“The walkability of the area and the property’s access to Lincoln Road were very attractive to the buyer,” said Crotty. “We worked with the seller to deliver the Alton Road property with a clear path to development which was also important, as developers want to take advantage of the hot market by trying to get a site shovel ready as soon as possible.”

According to Avison Young market insights, Miami Beach has seen an influx of capital and residents relocating to the market. As a result, home prices have surged and average class A and B apartment rents in Miami Beach have increased by over 20% year-over-year. Office rents are also on the rise for newly constructed class A space across South Florida and are the highest in Miami-Dade County.

Colliers facilitates $16M sale of state-of-the-art jet engine testing facility in Palm Beach County

cwilliams@achieveagency.com (Clay Williams) — Fri, 03 Jun 2022 19:16:38 GMT

State-of-the-art jet engine testing facility sells for $16 Million in Palm Beach County.

Colliers South Florida represented the seller, Apogee Investment Partners LLC., in the disposition of the 44.42-acre testing facility

Palm Beach, FL, June 3, 2022 – Colliers, on behalf of Apogee Investment Partners LLC., closed on the disposition of an industry-leading jet engine testing facility located at 18855 Bee Line Highway in north-central Palm Beach County, FL, and operated by CTS Engines. Executive Managing Director Mark M. Rubin, Director Bastian Laggerbauer, and Financial Analyst Jake Stauber of the Colliers South Florida Investment Services Team, in collaboration with Executive Managing Director Steven Wasserman and Managing Director Erin Byers from the Industrial Services Group, represented the seller in the transaction.

“This sale demonstrates continued strong investor interest in mission-critical industrial assets in Palm Beach County,” said Rubin.

The sale of the testing facility represented an extremely rare industrial opportunity due to its design and construction for the specific use of turbine engine testing and maintenance. The tenant invested over $12.7 million in building the testing facility, which spans 44.42 acres and features a state-of-the-art, high thrust turbine engine testing stand and ancillary components capable of accommodating the airline industry’s most significant turbine engines.

“The most challenging aspect of the sale was finding a niche buyer whose criteria aligned with this unique product being sold,” Laggerbauer said. “Ultimately, the tenant, CTS Engines, decided to purchase the asset due to its essential use required for the continued success of the company.”

CTS Engines is headquartered in Fort Lauderdale and is a recognized leader in the provision of engine field services including FAA, and EASA 145 repair station certifications for a wide variety of turbine engines. Their field service capabilities include fan and blade changes, hot section inspections, engine disassembly, engine lease return inspections/evaluation, and more.

Palm Beach County continues to reflect a healthy industrial market with strong leasing activity driving positive net absorption and a low vacancy rate of 3.2 percent. New supply has been quick to lease-up and/or sell; however, the second half of the past year saw no new deliveries, and there are currently 548,000 square feet under construction. With an uptick in land/industrial investments, due to the scarcity of developable sites, investor interest is strong, but opportunities similar to this purchase continue to prove hard to find.

Prominent Miami Beach Walgreens Sells for $9.4 Million

cwilliams@achieveagency.com (Clay Williams) — Wed, 01 Jun 2022 15:18:32 GMT

MIAMI, May 31, 2022 – Marcus & Millichap (NYSE: MMI) , a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 15,020-square-feet Walgreens situated on a 33,600-square-foot lot. The trophy, net-leased property sold, for $9.4 million.

“The acquisition of this asset sets a new record low in terms of cap rates for net leased assets backed by drug stores,” said Scott Sandelin, senior vice president investments in Marcus & Millichap’s Miami office. “In exchange, the buyers have secured one of the largest parcels of land on South Beach with a secure cash flow stream as the area continues to develop.”

Sandelin and Alejandro D’Alba in the Marcus & Millichap Miami office, along with Douglas Mandel in the Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The property was purchased by 524 Jefferson Avenue LLC.

The Walgreens is located at 524 Jefferson Avenue, directly off State Road A1A (SR-A1A). It is within minutes of South Beach, The Villa Casa Casuarina at the Former Versace Mansion, the Miami Beach Convention Center, and some of South Beach’s most iconic restaurants and resorts.

07/14/22 MEMBER-ONLY NAIOP Board of Director's Open House Meeting

cwilliams@achieveagency.com (Clay Williams) — Thu, 26 May 2022 20:34:39 GMT

When: Thursday July 14, 2022

Time: 4:30pm - 6:30pm

Where: Tower Club

100 SE 3rd Ave 28th Floor, Fort Lauderdale, FL 33394

(click here for directions)

Members Only!

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 6750 North Andrews Avenue, Suite 200, Ft. Lauderdale, FL 33309

Miami Gardens Office Building Trades for $16.8 Million

cwilliams@achieveagency.com (Clay Williams) — Thu, 26 May 2022 20:09:47 GMT

MIAMI GARDENS, Fla., May 17, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Commons Plaza at 5901 Miami Gardens Drive in Miami Florida. The newly renovated, 56,601-square-foot, three-story office building sold for $16.8 million or $297.34 per square feet.

The 2.95-acre lot is located at the intersection of Northwest 183rd Street and Northwest 57th Avenue, two major transit corridors with an average of over 80,000 vehicles a day. Commons Plaza consists of 144 units (the transaction did not include units 109 and 215) and is 99% occupied by a mix of professional tenants.

“This property has been fully remodeled and stabilized, catering primarily to smaller tenants with a waitlist reflecting the strong demand for this kind of product,” said Alex D. Zylberglait, senior managing director investments in Marcus & Millichap’s Miami office. “It provides the buyer a solid, in place return with a diversified tenant roster.”

Zylberglait had the exclusive listing to market the property on behalf of the seller, Commons Plaza LLC and procured the buyer, MG Office Plaza, LLC.

The property is within minutes of Florida Memorial University, Miami-Opa Locka Executive Airport, and surrounded by nationally known retailers including Target, Ross Dress for Less, Lowe’s Home Improvement and Walmart.

Avison Young closes $150M bulk condo sale in Miami's Edgewater neighborhood

cwilliams@achieveagency.com (Clay Williams) — Tue, 24 May 2022 16:03:15 GMT

South Florida-based Two Roads Development acquires 3.5-acre prime waterfront site with plans for an ultra-luxury branded residential property

MIAMI – Avison Young’s Florida Capital Markets Group closed the $150 million sale of Biscayne 21, a waterfront development site spanning 3.5 acres at 2121 N. Bayshore Drive in the Edgewater neighborhood of downtown Miami. The buyer, South Florida-based Two Roads Development, plans to redevelop the existing 191-unit condo building into an ultra-luxury branded residential development.

“Over the last decade, Two Roads Development has helped put Miami’s Edgewater district on the map as one of the City’s most in-demand residential neighborhoods with successful luxury condominium developments including Biscayne Beach and Elysee,” said developer Taylor Collins, managing partner of Two Roads Development. “Plans for our newest development, which will feature a signature architectural design by Bernardo Fort-Brescia of Arquitectonica, include a mix of ultra-luxe condominiums and signature branded residences that will elevate Edgewater’s global appeal as Miami’s premier enclave for luxury high-rise living.”

Avison Young Principals John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; David Duckworth; and Vice President Brian C. de la Fé negotiated the sale on behalf of the various unit owners.

“The Biscayne 21 sellers wanted to capitalize on the appreciation of their waterfront land value at a time when developers are maximizing development projects with water views,” said Crotty. “By arranging the sale in bulk as a collective group, we were able to negotiate for a multiple of more than three times what the sellers would have sold their individual units for on a one-off basis. Our team has handled more complex bulk condo sales resulting in terminations of condo associations in strategic locations than any other firm in South Florida.”

Miami has seen an influx of capital and residents relocating to the market from other metropolitan areas to take advantage of Florida’s 0% state income tax and Miami’s business-friendly environment. As a result, home and condo prices have surged over the past 18 months, with waterfront luxury condos demanding the highest prices per square foot.

“We received multiple offers for Biscayne 21 and ultimately selected a proven buyer who offered the best price and has substantial expertise in the Edgewater area having recently completed the waterfront Elysee tower to the north,” said Fay. “Two Roads Development agreed to provide the sellers the option to stay in their units temporarily while plans are being finalized to replace the current building with an ultra-luxury residential development that could rise as high as 650 feet with all units having views of Biscayne Bay.”

The property boasts unobstructed water views to the east and the south due to being positioned on a hard corner of land that extends out just north of Paramount Bay. Margaret Pace Park is located across the water to the south, ensuring that no towers will be constructed in the future that will block views to the south.

Kaseya chooses 800 Brickell for its new headquarters

cwilliams@achieveagency.com (Clay Williams) — Mon, 23 May 2022 20:13:03 GMT

Colliers South Florida represented the landlord, Gatsby Florida, and Cushman & Wakefield represented the tenant, Kaseya, in the transaction.

MIAMI, FL, May 23, 2022 – IT powerhouse Kaseya is expanding its North American headquarters to the top three floors at 800 Brickell, signing a lease for 42,872 square feet. Executive Managing Director Stephen Rutchik, Managing Director Tom Farmer, and Director Tyler de la Pena represented Gatsby Florida, the landlord, in negotiating the long-term lease. Cushman & Wakefield’s Vice Chairman, Tony Jones, represented the tenant in the deal.

“Thoughtful, transformative improvements at 800 Brickell allow the building to compete with newer product,” said Rutchik. “We are continuing to see an influx of tech and innovation companies into Miami, and to Brickell in particular. As owners make savvy, tenant-centric improvements to meet the unabated demand for Class A office space, rental rates on Brickell are on a path to reach triple digits.”

According to Colliers research, the vacancy rate for Class A office properties hovered at 9.6 percent in the first quarter of 2022, while asking rental rates increased 35 percent year-over-year, ending at $81.19 per square foot full service.

Kaseya is a premier provider, designer, and developer of unified IT management and security software for managed service providers and small to medium-sized businesses. The company delivers technologies that allow organizations to efficiently manage, secure, and backup IT. Kaseya is expanding its Miami presence beyond its current locations, 35,000 square feet at 701 Brickell Avenue and 66,000 square feet at 777 Brickell Avenue. The growing company has offices in more than 20 countries, with plans to expand and hire 1,100 new employees worldwide with nearly half of its new workforce to be based in Miami. Kaseya will have prominent building top signage visible from the “main and main” corner of 8th Street and Brickell Avenue. This transaction brings the building to 97% leased.

"Kaseya continues to grow exponentially, and we are excited to further expand our footprint in Brickell with this additional space to accommodate our burgeoning workforce," said Fred Voccola, Kaseya’s CEO. "This deal is extra special for us, as the building will have Kaseya branding proudly displayed for the thousands of people who travel through downtown every day to see. We are committed to Miami and contributing to its tech renaissance and are excited to have our brand prominently represented on the building as part of the Brickell corridor."

800 Brickell currently offers numerous amenities to its tenants, including on-site parking, Enzo Custom Clothes, Born Brickell Barbers, and car wash services, with Orangetheory and Poke House set to open soon. Additional dining options coming soon include Ninive, a middle-eastern fine dining restaurant; Just Salad, a fast-casual healthy dining concept; Cortadito, a Latin American coffee shop and bakery; and Vinya, a contemporary wine, beer and spirit market. The 15-story building is completing exterior and common area renovations which will provide contemporary, tenant-centric amenities. 800 Brickell is within walking distance of Brickell City Centre and Mary Brickell Village and offers immediate access to the Miami Metromover and Metrorail.

Gatsby Florida, a premier real estate company based in New York City and Miami led by principals Nader Shalom and Babak Ebrahimzadeh, bought the mixed-use building in 2019. Since the acquisition of 800 Brickell Avenue, Gatsby Florida has repositioned and renovated the property into a top performer in the market. Renovations include a new lobby, new retail presence along Brickell Avenue, and new common areas and bathrooms. Gatsby Florida has also acquired other high profile Class A buildings such as DiVosta Towers in 2020, which is located in Palm Beach Gardens. Gatsby Florida seeks to continue to acquire and develop more class A office projects throughout South Florida.

“We believe that Brickell is the epicenter of Miami’s growth as both a regional and national powerhouse,” said Isaac Shalom, Vice President of Gatsby Florida. “Bringing Kaseya into our building will not only contribute to the success of our property, but Miami as a whole. We are happy to accommodate them and welcome them to occupy our property as their corporate headquarters.”

Bridge Industrial Announces Formal Launch of its ESG Program

cwilliams@achieveagency.com (Clay Williams) — Mon, 23 May 2022 18:58:30 GMT

To ensure the successful launch and development of its program, Bridge partnered with leading sustainability consulting firm Verdani Partners

Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, announced today the formation of its environmental, social, governance (ESG) program and that it is working with ESG consultancy firm Verdani Partners (“Verdani”) to ensure the smooth integration of the newly established program throughout the company’s corporate culture. In establishing the program, Bridge aims to create lasting value through sustainability.

To help spearhead the program, Bridge promoted Francesca De Amicis as the firm’s Vice President of Operations and Sustainability. In this role, Francesca will be responsible for the implementation of policies and strategies which support and drive the organization’s ESG goals and will facilitate coordination between Bridge and Verdani.

“We are impressed with Verdani’s track record of developing industry leading ESG programs for commercial real estate portfolios. At Bridge, we want to demonstrate ESG leadership, and with Verdani’s partnership, we feel confident that we can make significant strides toward reaching net zero emissions and advancing decarbonization efforts in the industrial sector,” said De Amicis.

As part of its comprehensive ESG program, Bridge has established environmental, social, and governance initiatives that align with the company’s visioned corporate impact.

Environmental – Bridge seeks to create value through innovative and sustainable practices that center around environmental conservation, decarbonization, and resilience. To do so, Bridge will focus on operational excellence for reduced resource intensity as well as strategic positioning in green buildings and climate resilient assets to improve energy efficiency and ensure the longevity of its portfolio.

Social – Through emphasis on engagement and education, health and well-being, and diversity, equity, and inclusion (DEI), Bridge believes in fostering a healthy, vibrant, and diverse workforce, partnerships, and communities. To drive positive community impact, Bridge tailors its projects to meet local community needs and involves itself in community improvement initiatives that extend beyond individual asset performance.

Governance – Priding itself on strong business ethics, transparency, and integrity, Bridge is committed to creating lasting value for stakeholders by infusing ESG into its corporate identity and leading through demonstrated performance.

“As the industrial sector continues to experience tremendous growth and seemingly unlimited demand, we believe it is our job as a leader in the industry to take the initiative on driving sustainable efforts in the sector,” said Steve Groetsema, Chief Operating Officer and Partner at Bridge. “Discussions around ESG and sustainability are not new to the commercial real estate industry, but the conversation holds more gravity now than ever before as we witness first-hand the irrefutable need for greater resilience and regeneration of assets. We’re proud to be at the forefront of this conversation, working diligently to create lasting value for our tenants and investors alike.”

Bridge has already demonstrated commitment to ESG excellence by partnering with USGBC, ULI Greenprint, EPA’s Energy Star Program, ISSP and Measurabl, all leading organizations in sustainability. With assistance from Verdani, Bridge will strengthen alignment with UN Sustainable Development Goals (SDGs), establish a roadmap strategy to reach net zero emissions across all operations, and will report to the GRESB Real Estate Assessment for the first time this year.

Colliers brokers assist in the sale of a development site in Miami’s A&E District for $19.75M

cwilliams@achieveagency.com (Clay Williams) — Thu, 19 May 2022 17:53:07 GMT

Colliers South Florida’s Urban Core Division team represented the seller in the transaction

MIAMI, FL, May 19, 2022 – As South Florida’s market continues to evolve as a hotspot for real estate development and investment, Colliers negotiated the sale of a 37,252-square-foot development site known as Block E at 1550 NE Miami Place in the heart of the Arts and Entertainment District. The site is located within the boundaries of the opportunity zone and is zoned T6-24a O which allows the developer to build up to seven times the property land square footage and up to 500 units per acre.

Colliers’ Executive Managing Director Mika Mattingly and Senior Associate Cecilia Estevez represented the seller, Kluger Family Trust, in the transaction.

“This transaction showcases the continued growth of demand for development sites in Miami and emerging neighborhoods like the A&E district,” said Mattingly. “In a very short time we have seen the Arts and Entertainment District radically transform from a deserted, bleak industrial area, into a neighborhood with a thriving pulse.”

The buyer, Jenny Bernell of Clearline Real Estate, is a developer of multifamily and mixed-use real estate projects in the growing areas of Florida, New York and New Jersey. The firm currently has 1,500 multifamily units in the development pipeline. This transaction marks Clearline’s third development site acquisition in Miami in the last year with plans for multifamily development.

The property is uniquely located 1,000 feet away from the Metro mover, which provides connection to the Brightline station, downtown Miami, and Brickell. The access creates prime pathways of mobility so that tenants can embrace the “work, live, and play” aspect of the area. The district is also home to several landmarks such as the Adrienne Arsht Center for performing arts, the Perez Art Museum and the Patricia and Phillip Frost Museum of Science, all within a five-minute walk from Block E. Over the last three years, the A&E district has experienced tremendous growth with proposed developments on every corner and a number of surrounding residential projects at 100% occupancy within weeks of opening.

With the A&E district’s rapid growth capturing global attention from investors, developers, new tenants and the world’s most renowned creatives, the city of Miami made the development of the district a top priority with new zoning to allow residential and commercial density construction. Over the last two years, the number of multifamily units grew more than 20 percent, office inventory increased 50 percent, and the number of hotel rooms more than doubled. The district is quickly densifying with arts, retail and restaurants, vibrant new office development and new-to-market tenants as well as an influx of people, creating one of the most exciting new urban areas in the United States.

Shawmut Design and Construction Expands Footprint in South Florida with New West Palm Beach Office

cwilliams@achieveagency.com (Clay Williams) — Thu, 19 May 2022 17:44:20 GMT

The firm’s second South Florida location opens to meet strong regional demand for commercial space

WEST PALM BEACH, FL (May 4, 2022) – In response to growing client and market demand, Shawmut Design and Construction, a leading $1.3 billion national construction management firm , is pleased to announce the establishment of its newest office, located in The Square in the heart of West Palm Beach at 700 South Rosemary Avenue. The new office marks the firm’s second office in South Florida and 11 ^th nationwide.

“West Palm Beach is booming, and Shawmut’s market share is increasing in tandem,” said Tim Barges, Director – South Florida, Shawmut Design and Construction. “With a decades-long presence in the region, we have had the opportunity to work on countless signature projects, and we look forward to continued growth with new and existing clients in the region.”

Shawmut has been active in South Florida for the last 25 years and opened its first office in Miami in 2015. The firm played an instrumental role in developing the Miami Design District, and its growing regional portfolio also includes Lucid Motors Studios at Rosemary Square and Brickell City Centre, work at the Southeast Financial Center plaza, the Fontainebleau Miami Beach penthouse renovation, and current construction is underway for Hilton Fort Lauderdale Marina’s new event center. Additional key clients include Jones Lang Lasalle; Sub-Zero, Wolf, and Cove Showroom Miami; Baccarat; and Sanitas Medical Centers.

The new Shawmut office will offer a full suite of services for clients across sectors—spanning from hospitality to retail to commercial interiors. Shawmut’s expertise and history in South Florida lays a strong foundation for this new outpost as the city experiences significant commercial leasing activity and development, coupled with extensive renovations and enhancements to existing centers. Shawmut is well-positioned to deliver on increasing demand from both new and long-standing clients.

In addition to the new office, Shawmut has also welcomed Dan Paulus to the firm to lead business development efforts in South Florida. Dan brings nearly 20 years of industry experience to Shawmut and will play a fundamental role in cultivating relationships and bringing in new opportunities. In addition to his industry experience, Dan is an active member of the South Florida community and AEC industry, serving as a board member for the Eda and Cliff Viner Community Scholars Foundation and the Associated Builders and Contractors Institute (ABC-I); an advisory board member of the College of Design & Construction at Florida Atlantic University; and is active with the Girls Go Build program. Dan is the founder of the Renegades of Real Estate Classic, uniting Florida State University alumni to raise scholarship money for the FSU Real Estate Center, providing students with internships, career shadowing opportunities, mentorships, and more.

“We are happy to have Dan join us as our new director of business development during this exciting time in South Florida,” continued Barges. “As we continue to grow our business in the region and expand further into the commercial and interiors sectors, Dan's experience and reputation will be vital as we strive to provide our clients a better building experience.”

Today’s announcement comes as Shawmut celebrates its 40th anniversary and embarks on a strategic ten-year growth plan. The firm has taken deliberate steps to prepare for an aggressive growth trajectory driven by a significant increase in the market share of projects with substantial scope and complexity. This ten-year growth is being driven in part by opening the West Palm Beach office to serve growing market demand better, as well as focusing on larger work, assembling a team of skilled large-project builders, and adding expertise in the commercial, education, healthcare, and life science sectors nationwide.

Stiles Unveils Luxury Mid-Rise Multifamily Apartments in Plantation, FL

cwilliams@achieveagency.com (Clay Williams) — Thu, 19 May 2022 17:42:04 GMT

The Ellsworth launches its website, TheEllsworthApts.com.
Luxury apartments to feature largest pool and outdoor entertainment area in Plantation

Plantation and Fort Lauderdale, FL (May 18, 2022) – Stiles Residential Group is pleased to announce the launching of TheEllsworthApts.com , the website for The Ellsworth at Midtown Plantation, a 315-unit apartment home community under construction in the heart of Plantation, FL at the corner of Peters Road and SW 80 ^th Street. Community details and pre-leasing registration are now available on the website. First occupancy is expected in late 2022. Stiles Residential Group is a leading luxury multifamily developer in the Southeast and division of 71-year-old South Florida-based commercial real estate firm Stiles.

“Having delivered one of our first luxury multifamily projects in Plantation more than a decade ago, we remain highly invested in the city of Plantation and are thrilled to have the opportunity to bring the next generation of amenity-rich, luxury living options to the area with The Ellsworth,” said Jeff McDonough, Stiles Residential Group President. “We continue to see extraordinarily high demand and a shortage of high-quality apartment homes in South Florida’s most desirable submarkets such as Plantation, which remains an attractive location due to its quality Class A office space, public and private schools, direct access to major highways and excellent shopping and dining destinations.”

Located at 1301 SW 80th Terrace in Plantation’s dynamic Midtown District, The Ellsworth will deliver residents an array of options for entertaining, unwinding, and gathering with family and friends. The expansive pool deck and outdoor entertainment area is planned to be the one of the largest offered in Plantation in the multifamily category with more than 15,000 square feet of space. The project will also feature today’s most in-demand amenities such as pickleball and basketball courts, secured pet park and pet spa, private speakeasy-styled resident lounge, massage chair sanctuary, co-working office spaces, putting green, a state-of-the art fitness center, and more.

“The Ellsworth will offer a truly distinctive living experience with an unmatched level of quality, amenities and design,” said Toni Rials, Senior Director Real Estate, Greystar. “We are creating a community that complements the rapidly evolving landscape of the Plantation Midtown District into an urban, walkable neighborhood that combines the highest standard of living with the convenience of its proximity to shops and restaurants. The Ellsworth embodies the energy of the surrounding neighborhood while providing a relaxed, family-oriented atmosphere for residents.”

The Ellsworth will feature nine floor plans across one-, two- and three-bedroom apartments ranging from 800 square feet to over 1,300 square feet. Units include one of two distinct kitchen styles on alternating floors along with modern finishes throughout. The 8 ^th level speakeasy lounge and other amenities will overlook the resort pool and cabanas.

Among its most distinguished unit offerings will be the lakeview units, which will have panoramic views of two tranquil lakes set on the project’s east and south boundaries. In addition, select units will offer higher ceilings to add volume and allow for more natural light in the space, with 12-foot ceilings on the 1 ^st floor units and 10-foot ceilings on higher floor units.

The Ellsworth was designed by Miami-based architecture design firm MSA Architects, Inc. and is under construction by general contractor Stiles Construction. The project is the latest collaboration between award-winning joint venture partners Stiles and PGIM Real Estate, the real estate investment management business of PGIM. The partnership most recently celebrated the completion of Fort Lauderdale’s tallest luxury apartment tower, Alluvion Las Olas, which achieved full stabilization within the first year of opening, several months ahead of schedule.

“We are proud to launch another project through our partnership with Stiles, a best-in-class multifamily developer,” said Soultana Reigle, Senior Portfolio Manager, U.S. Value Add Strategies at PGIM Real Estate. “This transaction represents PGIM Real Estate’s continued optimistic outlook for the multifamily sector and we look forward to the opportunity to support additional groundbreaking development projects in the region.”

The building will be managed by Greystar, an international leader in multifamily real estate. Founded in 1993, Greystar manages over 400,000 residences and oversees a $14 billion portfolio globally. The Ellsworth has invited visitors to explore the new website for more details about expected pre-leasing dates, floor plan options, additional amenities, and interior unit finishes. Visit www.TheEllsworthApts.com .

Cushman & Wakefield Secures ±152,573-SF Lease with Ryder Logistics at Cabot Miramar

cwilliams@achieveagency.com (Clay Williams) — Thu, 19 May 2022 17:39:37 GMT

Cushman & Wakefield’s South Florida Industrial Team of Matt McAllister, Chris Metzger, Rick Etner, and Christopher Thomson Have Now Brought the ±304,428-Square-Foot Distribution Center to Full Occupancy

MIRAMAR, FL, May 18, 2002 — Cushman & Wakefield’s South Florida Industrial Team has negotiated a ±152,573-square-foot lease with Ryder Logistics at Cabot Miramar in Broward County.

The Cushman & Wakefield team of Matt McAllister , Chris Metzger , Rick Etner Jr. , and Christopher Thomson represented Boston-based building owner Cabot Properties in the lease negotiations. Jose and Sebastian Juncadella of Fairchild Partners represented Ryder Logistics.

Ryder Logistics relocated and expanded its third-party logistics operations to Cabot Miramar from Seneca Park in Pembroke Pines, FL, where it previously occupied ±80,000 square feet. The company will take occupancy immediately.

Cabot Miramar is a ±304,428-square-foot distribution center developed on a ±20-acre site at 15501 SW 29th Street in Miramar Centre Business Park. The rear-load distribution facility features Interstate 75 visibility, spec office, 32-foot clear height, a 130-foot truck court, 48 dock doors, 50-foot by 50-foot column spacing, an ESFR (Early Suppression, Fast Response) fire safety system, energy-efficient T–5 lighting, as well as restaurants and shops within walking distance.

Cabot Miramar is now 100 percent leased. Other notable tenants include Aero Accessories and All Clear .

Cabot Properties recently acquired Cabot Miramar and retained South Florida Industrial Team as leasing advisor. Cushman & Wakefield has also leased the building for the three prior owners as well, dating back to 2015 when the asset came on-line.

“Our team’s long history with Cabot Miramar provided us with the experience and market knowledge to connect Cabot Properties with ideal tenants," said McAllister. “We are extremely pleased to have brought the building to full occupancy shortly after the Cabot acquisition. This deal is a win-win for both parties.”

The seven-member South Florida Industrial team led by Metzger, Etner, and Thomson negotiated just over 17 million square feet of sale and lease transactions valued at more than $593 million in 2021. For more information, please visit www.southfloridaindustrialteam.com .

Congress Executive Center, a Medical and Professional office building in Boynton Beach, sells for $11 million

cwilliams@achieveagency.com (Clay Williams) — Mon, 16 May 2022 19:23:31 GMT

Colliers South Florida Investment Services Team represented the seller in the transaction

BOYNTON BEACH, FL May 16, 2022 – An Atlanta and South African-based buyer, OrbVest US, Inc., recently closed on Congress Executive Center, a 4-story medical and professional building located at 1301 N. Congress Avenue in Boynton Beach, FL. The property, which was 100% occupied, closed on May 12, 2022, for $11 million.

Executive Managing Director Mark M. Rubin, Director Bastian Laggerbauer, and Financial Analyst Jake Stauber of Colliers’ South Florida Investment Services Team represented the seller, Triple Double Real Estate (Andrew “Avi” Greenbaum and Jeremy B. Becker) in the transaction. Andy Belew of Consilium Capital Partners represented the buyer.

“The trade of Congress Executive Center represents a 75% increase in value from its previous purchase price, less than one year ago," said Rubin. "This sale is indicative of the strong demand for stabilized medical office properties with solid fundamentals, sound in-place tenancy and investor confidence in the Boynton Beach submarket.”

The 40,210-square-foot, 4-story, medical and professional office is located on nearly 2 acres, adjacent to the Boynton Beach Mall, which has plans for a major redevelopment. With plans for abundant shopping, dining, and entertainment across the street, Congress Executive Center stands out as one of the most strategically located medical and professional office buildings in the area.

“Congress Executive Center is a great addition to the buyer's current and impressive portfolio of healthcare real estate,” said Laggerbauer. “The seller was able to increase the property’s value significantly by attracting strong medical tenancy to the asset and achieving a 100% occupancy rate.”

The office investment market in South Florida broke records in 2021, despite uncertainties surrounding the coronavirus pandemic and return to the office delays. South Florida’s strong demand drivers like, declining unemployment, population growth, and confidence in the economy are creating an imbalance in supply and demand. Including Boynton Beach, there is limited supply of quality products with competitive buyers driving the price up; sales price per square foot increased 19 percent year-over-year, ending in 2021 at $285. Boynton Beach, amongst the rest of South Florida, is expected to see another strong year for office investment. However, high demand and limited supply will likely remain imbalanced.

06/23/22 NAIOP SFL's Developing Leader Social at American Social Brickell

cwilliams@achieveagency.com (Clay Williams) — Mon, 16 May 2022 15:07:04 GMT

NAIOP South Florida Networking Socials are events for all types of real estate professionals who want to establish meaningful business relationships, furthering their career to grow and thrive...while enjoying South Florida's vast craft breweries, distilleries, bars, and dives!

When: Thursday June 23, 2023

Time: 5pm - 7pm

Where: American Social Brickell

690 SW 1st Ct Miami FL 33130

(Click here for directions)

Tickets:

Members $0

Non-Members $25

*Onsite registration available - Non Members: $4 0

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 6750 North Andrews Avenue, Suite 200, Ft. Lauderdale, FL 33309

06/08/22 NAIOP SFL's Developing Leader Real Exchange Series with... Walter Duke, III, MAI, CCIM

cwilliams@achieveagency.com (Clay Williams) — Fri, 13 May 2022 21:03:57 GMT

Housing affordability is at crisis levels in South Florida. And this is not just a quality-of-life issue, it is also a major business advocacy problem. Join us as Walter B. Duke, III, MAI, CCIM lays out the current state of the market, unwinds some common misperceptions, explains why it is important to the Broward County economy that we get this right, and provides a suggested path forward to address this crisis.

Click here to view Walter Duke's bio!

When: Wednesday June 8, 2022

Time: 5pm - 6:30pm

Where: Brody & Associates

201 East Las Olas Blvd. Suite 1600, Ft. Laud, FL 33301

(click here for directions)

Tickets

Members: $0

Non-Members: $50

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 6750 North Andrews Avenue, Suite 200, Ft. Lauderdale, FL 33309

Plaza 1551, a 39,072 SF five building office complex in West Palm Beach, sells for $6.95 million

cwilliams@achieveagency.com (Clay Williams) — Fri, 13 May 2022 20:16:53 GMT

Colliers South Florida Investment Services and Office Team represented the seller in the transaction

WEST PALM BEACH, FL (May 13, 2022) – Northeastern investors continue to move their capital to the West Palm Beach office market. Colliers recently brokered the $6.95 million sale of Plaza 1551 located at 1551 Forum Place in West Palm Beach, FL. The transaction closed on May 11, 2022. Executive Managing Director Mark M. Rubin and Director Bastian Laggerbauer of Colliers’ South Florida Investment Services Team in collaboration with Executive Managing Director Michael Falk represented the seller, Forum Place Investments, LLC. Mitchell Adelstein from Capstone Realty Group was the buyer.

“This sale is indicative of the current market, illustrating the continued surge in office sales volume in Palm Beach County over the past year. The buyer being from the northeast continues the trend of more capital moving to South Florida,” said Rubin.

“This purchase was a good fit for the buyer to further expand and diversify their portfolio in the Palm Beach Lakes Corridor market,” added Laggerbauer.

The highly sought-after Class B office complex is approximately 91% occupied by 10 tenants including Phipps Reporting, Labor for Hire, Richard S. Bernstein & Associates, Ibero Property, and more. The 39,072 square-foot five-building office complex is situated on approximately 4 acres. The site offers convenient access to local lodging, hospitals, the Palm Beach Outlet Mall, the Palm Beach International Airport, Downtown West Palm Beach and many other amenities. Tenants enjoy a lushly landscaped courtyard, upgraded common areas, monument signage, and ample parking in a clean and quaint office park setting.

“The property is an interesting purchase as Colliers represented the original acquisition when the owner sought an off-market opportunity, now once again the team provided an excellent return on the investment,” said Falk. “The direct access and single-story construction were important selling points, at the same time, its size and location provide excellent value-add opportunities for the future.“

Palm Beach County became one of the nation’s most attractive office markets in 2021, drawing new-to-market tenants with a growing skilled population, the forthcoming return to the office, and significant business and economic incentives among many other factors. Investors became attracted to Palm Beach County’s safe and stable market. The in-migration of companies presented investors with the opportunity to acquire product and raise rents in-line with the increasing demand seen in the record-setting sales activity for the year. In 2021, Palm Beach County’s office sales volume increased almost three times that of 2020, reaching $2.2 billion with a total of 91 transactions, almost double the number of transactions in 2020. The City of West Palm Beach saw even larger increases, reaching a sales volume of $822 million across 30 deals in 2021, up from $66 million across 10 deals in 2020.

05/26/22 NAIOP FL Advocacy Update: Legislative Session Wrap-Up & Look Ahead

cwilliams@achieveagency.com (Clay Williams) — Thu, 12 May 2022 20:02:21 GMT

NAIOP FL Advocacy Update: Legislative Session Wrap-Up & Look Ahead

NAIOP FL Webinar for Members

Join NAIOP Florida for a Legislative Wrap-up and 2023 Preview with lobbyist,

Chris Carmody of Gray Robinson

What happened during session?

What were the NAIOP wins?

What issues are we pursuing?

Where are we now?

What lies ahead?

Event Details:

May 26, 2022

10:00 am - 11:00 am

ZOOM Webinar

Registration Information:

Registration is free and open to all NAIOP members. Members only event.

*Registration closes EOB May 24th.*

*Zoom details will be provided to registered guests on May 25th*

RSVP here!

Thank you to:

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 6750 North Andrews Avenue, Suite 200, Ft. Lauderdale, FL 33309

801 Brickell occupancy rises to 87% leased as activity ramps up with four new deals

cwilliams@achieveagency.com (Clay Williams) — Thu, 12 May 2022 19:41:18 GMT

Colliers South Florida represented the landlord, Nuveen, in the transactions

MIAMI, FL (May 4, 2022) – Colliers Q2 Office Report showed falling vacancy rates and unwavering demand in the Miami-Dade central business district. This trend is evidenced by strong leasing activity in the landmark office tower 801 Brickell, where four leases were recently signed. Executive Managing Director Stephen Rutchik and Managing Director Tom Farmer represented the landlord, Nuveen Real Estate, in negotiating the two new leases and two renewals of long time tenants totaling 10,883 square feet. Real estate giant Nuveen has taken 3,487 square feet as its Brickell headquarters and Capital Management firm StoicLane joins the stellar tenant roster at the building where investment firms Selvatra and Cassel Salpeter also renewed their leases. Together, these transactions bring the building to 87% leased.

“As tenants return to Brickell, and new tenants enter the market, leasing activity has accelerated and tenants demand high-quality space, which Nuveen provides at 801 Brickell with a multi-million dollar renovation and focus on elevating the tenant experience,” said Rutchik.

801 Brickell is currently undergoing a multi-million dollar transformation, including a completely enhanced lobby, redesigned common areas, and upgraded amenities, consisting of a wellness center, state-of-the-art conference center, and a tenant lounge on the fifth floor. The trophy office building is also evolving its exterior landscaping and ground-floor retail, while focusing on environmentally sound office building management, including HVAC system improvements designed to provide cleaner, healthier indoor environments and digital touchless systems implemented throughout the building.

“In 2017, with a number of existing longstanding investments in the region, we first opened a Miami office as we adopted a regional and sector model in an initiative to decentralize and deliver outperformance through hands-on investment management,” said Charles Russo, Nuveen Real Estate’s Southeast Regional Head for Office and Life Sciences. “Over the last five years, we have been successful driving asset values and growing AUM across sectors directly as a result of our hands-on approach by being local and interacting regularly with leading market participants. We currently have over 2.7 million square feet of Class A trophy office investments in Miami Dade alone. We are excited about our move to the newly renovated 801 Brickell at a time when Miami is attracting top talent, companies and thought leadership across a diverse set of industries.”

Nuveen Real Estate is one of the largest investment managers in the world with $152 billion of assets under management. The firm manages a suite of funds and mandates, across both public and private investments, spanning both debt and equity across diverse geographies and investment styles. The company will be relocating to 801 Brickell from its current offices on Brickell Key. StoicLane is a private holding company focused on providing strategic capital and operational expertise to digitize and expand businesses in the finance, insurance, and real estate sectors. Selvatra is an investment firm owned by parent company Colpatria, focused on co-investing with family offices and private equity funds in operating companies in the United States, Canada, and Europe in a wide range of sectors. Cassel Salpeter & Co. is an independent investment banking firm that assists middle-market and emerging growth companies across industries with investment banking and financial advisory services.

Brickell’s modern and updated trophy assets like 801 Brickell are clear winners of the relentless influx of tenants and unprecedented demand that is outpacing supply. The migration of people, capital and companies relocating and expanding to Miami has caused an uptick in occupancy levels to 90.4 percent and a 35 percent hike in rental rates year-over-year at Brickell’s Class A office buildings.

Marcus & Millichap Announce Senior Promotions for Ryan Nee and Harrison Rein

cwilliams@achieveagency.com (Clay Williams) — Thu, 12 May 2022 16:08:48 GMT

FORT LAUDERDALE, Fla., May 9, 2022 – Marcus & Millichap (NYSE: MMI) , a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the promotion of Ryan Nee to Senior Vice President and Division Manager for the Southeast Division of Marcus & Millichap, and Harrison Rein to Regional Manager of the Miami and Fort Lauderdale offices.

“I am honored by the promotion and the expanded role. It is a privilege to work with the best and the brightest in the commercial real estate brokerage industry,” said Nee.

In his role, Nee leads the Florida and Georgia offices and over 250 investment sales agents and financing professionals and four executives. In his previous role as First Vice President/District Manager, Nee led the brokerage operations for the state of Florida.

“Harrison Rein will lead the South Florida region as Regional Manager. Over the past several years, Harrison’s leadership steered the South Florida region to historic achievement. I am fortunate to be a partner with Harrison and work closely with him daily,” added Nee.

“I am appreciative of the opportunity to lead the most talented investment sales professionals and loan originators in the marketplace,” said Rein.

Rein’s promotion to Regional Manager will focus on recruiting, hiring, training and developing agents and staff in South Florida. Rein, headquartered between the Miami and the Fort Lauderdale office, joined the firm as an associate in 2012 and has leveraged his vast brokerage experience in his leadership of the South Florida region.

In addition to the promotions, the firm recently received CoStar’s PowerBroker Award for Top Sales Firm. The new appointments reflect Marcus & Millichap’s opportunities for advancement, growth, and overall strategic vision for the company.

NAIOP SFL's Chapter Meeting - Economic/Mid-Year Update

cwilliams@achieveagency.com (Clay Williams) — Wed, 11 May 2022 15:55:38 GMT

SAVE THE DATE!

When: TBA
Time: 12pm - 1:30pm
Location: Fort Lauderdale

More information coming soon!

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 6750 North Andrews Avenue, Suite 200, Ft. Lauderdale, FL 33309

05/24/22 NAIOP Chapter Meeting - Where hustle brings heat, St. Lucie County

cwilliams@achieveagency.com (Clay Williams) — Tue, 10 May 2022 18:16:13 GMT

Missed the event? watch the playback below!

When: Tuesday May 24, 2022

Time: 4pm - 6:30pm

Where: Tradition town hall

10799 SW Civic Ln, Port St. Lucie, FL, 34987

(Click here for directions)

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 6750 North Andrews Avenue, Suite 200, Ft. Lauderdale, FL 33309

Leasing Activity Heats up at The Gateway at Wynwood

cwilliams@achieveagency.com (Clay Williams) — Tue, 10 May 2022 16:51:27 GMT

WYNWOOD, FL (May 5, 2022) – As Miami continues to experience a post-pandemic boom, The Gateway of Wynwood - the newest office building in the Wynwood area - announces tech start-up OpenStore’s expansion and the growth of its impressive roster of tenants with the addition of two new leases.

Aron Rosenberg, the developer behind The Gateway at Wynwood, has signed a lease with OpenStore for an approximately 26,000-square-foot expansion, bringing the company's total footprint in the building to over 40,000 square feet. At the same time, The Gateway at Wynwood signed a new lease with Baseline, a vertically integrated platform investment company, for 5,000 square feet of office space. It also signed a lease with Mediterranean-Asian-Fusion Steakhouse concept DALIYAH and MIZU Rooftop Garden for approximately 6,000 square feet of ground-floor restaurant space plus the nearly 3,000-square-foot rooftop area.

The Gateway at Wynwood was represented by Colliers’ Executive Managing Director Stephen Rutchik, Managing Director Tom Farmer and Director Tyler de la Pena in the office lease transactions. CBRE’s Alex Cesar, First Vice President of Retail Advisory and Transaction Services, and Drew Schaul, Senior Vice President of Advisory and Transaction Services, represented The Gateway at Wynwood in the retail lease.

“Leasing activity has ramped up since the building’s opening, and we are excited to welcome these new tenants and see a current tenant expand so fast at The Gateway at Wynwood,” said Shelby Rosenberg, R&B Realty’s Head of Development and Acquisitions, Asset and Property Manager, US Portfolio. “Our building continues to remain a hub for new-to-market tenants, expansions and relocations to Wynwood, the ‘place-to-be’ for companies looking for a live-work-play environment. We are proud of the role we have played in the transformation of this community into one of Miami’s hottest neighborhoods.”

The Gateway at Wynwood, which opened in 2022 as the first tenant took occupancy in January, recently achieved LEED Gold Certification. The building implemented practical and measurable strategies and solutions in areas including sustainable site development, water savings, energy efficiency, materials selection and indoor environmental quality. Green buildings allow companies to operate more sustainably and give the people inside them a healthier, more comfortable space to work.

OpenStore, the building’s first tenant to officially move in, is a platform that allows entrepreneurs with Shopify businesses to sell their companies and receive liquidity for what they’ve built. Founded by Keith Rabois of Founders Fund, Jack Abraham of Atomic, and Michael Rubenstein, the former President of AppNexus, OpenStore connects merchants and customers into a single unified shopping experience through access to data, information, and capital. The company announced in July that it raised $30 million in Series A funding, with a valuation of $250 million. OpenStore’s goal is to offer instant liquidity for eCommerce entrepreneurs.

Baseline is focused on developing and operating short and long-term single-family rentals. Baseline’s principals have delivered over 4,000 market-leading vacation rentals and 20,000 single-family homes with an aggregate value of over $7 billion. This will be the Orlando-based company’s first Miami office.

DALIYAH and MIZU Rooftop Garden’s concept was created by DZYNE Hospitality and OPSO Group, which are partnering with Canada’s A5 Hospitality. DZYNE Hospitality, led by Derrick Orosa, aka “DZYNE,” is working with OPSO Group, the company behind some of Miami’s trendiest restaurants, including Midtown’s MAÜ MIAMI and KAVO MIAMI, on the new concept. Founded by Alexandre Besnard and Patrick Hétu, A5 Hospitality has been a leading player in Montreal’s hospitality industry for 15 years. A5 has a varied yet targeted offering, ranging from high-end Japanese dining to large-scale entertainment projects, specializing in the development and operation of restaurants and bars. MIZU Rooftop Garden is set to open first, in time for Art Basel 2022, with the downstairs restaurant, opening by Summer of 2023.

“Our Rooftop Garden has the most amazing views of the entire Miami Skyline, South Beach, Brickell, Downtown, Midtown, Design District and of course, Wynwood”, said DZYNE of DZYNE Hospitality. “Our high-end Mediterranean Japanese Steakhouse will be situated in between all the action of Wynwood, making it the ideal destination location, where you can have amazing Japanese cuisine with disco, retro and high energy music playing throughout the restaurant or take our private elevator directly to the Rooftop Garden and lay back for some specialty cocktails, bottle service, Japanese Krudos, fresh sushi and cold Japanese dishes, as well as Wagyu and Kobe BBQ.”

The Gateway at Wynwood offers about 195,000 square feet of leasable Class A office space and nearly 25,900 square feet of prime street-level retail space. Designed by renowned architect Kobi Karp, the environmentally responsible building features flexible floorplans, a private rooftop terrace, gym, unique bay window system, 24/7 on-site security, vibrant exterior cladding, and 2:1,000 on-site covered parking. The Gateway at Wynwood announced the building's first office lease with biotech company Veru Inc in the summer of 2021. The eight-year, 12,155-square-foot lease will serve as the company's global headquarters and triple Veru's current office space.

Butters and BentallGreenOak announce plan for the development of Gulf Landing Logistics Center, a new 2.2M sf Class A business park in Fort Myers, FL

cwilliams@achieveagency.com (Clay Williams) — Tue, 10 May 2022 14:36:53 GMT

Fort Myers, FL (May 4, 2022) – Today, Butters Group and BentallGreenOak announced a partnership to develop “Gulf Landing Logistics Center” a 2,200,000 square foot, Class A business park located in Fort Myers, FL. This new development will reside on 284 acres of land acquired through the partnership, representing one of the largest commercial and logistics developments in Southwest Florida to date.

The partnership anticipates developing the property in several phases, with the first phase including seven new buildings with a combined 740,000 sq. ft and occupancy expected in the third quarter of 2023. Construction will commence during the Fall of 2022.

“This will be one of the finest business parks in the Naples/Fort Myers region. We are excited to be building in one of the most dynamic regions of Florida” said Malcolm Butters, CEO of Butters Group.

“With the tremendous growth in Southwest Florida, we recognized an opportunity to produce a first-class logistics facility with the flexibility to meet the needs of many different types of users” said Kyle Jones, Director of Investments at Butters.

“BentallGreenOak is excited to draw on the strength of our partnership with Butters to build a truly best in class business park that will serve the vastly growing needs of the region. Gulf Landing Logistics Center delivers new industrial space to serve a thriving economy and offers tenants the opportunity to grow and strengthen their business in our Park for the long term,” said Kevin Rivest, Managing Director for BentallGreenOak.

The current plan for Gulf Landing Logistics Center includes 14 buildings in a range of different sizes and configurations. A portion of the site plan offers flex space for light industrial and office users while the remainder of the site is geared to bulk distribution, e-commerce, and other light industrial users. Built-to-Suit opportunities are available, and the site plan will likely evolve to address specific tenant requirements.

The prime property includes almost a mile of I-75 frontage on the western boundary, extending east to Ben Hill Griffin Pkwy, north nearly to Terminal Access Road, and south to commercial properties on the north side of Alico Road.

Bridge Industrial Announces Multiple Acquisition Team Hires

cwilliams@achieveagency.com (Clay Williams) — Tue, 10 May 2022 14:33:24 GMT

Leading industrial developer and investment manager builds national team including hiring of

Stefan Sansone, Director Northeast Acquisitions

Bridge Industrial (“Bridge”), the privately-owned, vertically integrated real estate operating company and investment manager, today announced it has hired Stefan Sansone as Director, Acquisitions for its Northeast Region, and promoted Cory Welper to Director, Acquisitions for its Central Region.

Sansone will head the pursuit of new leads, manage broker relationships, and underwrite acquisitions within New Jersey and New York in Bridge’s Northeast Region, while Welper will serve as his counterpart for the Chicago and South Florida markets, which comprise Bridge’s Central Region. Both will report to Nick Siegel, who is leading Bridge’s nationwide acquisitions platform as Partner, Acquisitions and oversees overall investments and portfolio strategy.

Bridge has also hired Henry Gruger as a senior analyst to support the newly established team, which will focus directly on expanding Bridge’s national acquisitions platform and value-add strategy.

The formation of this team follows Siegel’s promotion to Partner, Acquisitions last month and Bridge’s first acquisition under its new platform, Pompano Beach Commerce Park — a three-building, 336,852-square-foot industrial campus in Pompano Beach, Florida — in December of 2021.

“As we continue to focus on acquiring existing properties where we can generate significant value, we’re extremely excited to have Stefan and Cory lead our efforts in the Northeast and Central Regions as we expand our acquisition business in the months and years ahead, ” said Steve Poulos, Founder, CEO, and Partner of Bridge Industrial.

Prior to Bridge, Sansone worked at Seagis Property Group LP, where he was responsible for asset management, sourcing, and evaluation for value-add acquisitions in the outer boroughs of New York City and Northern New Jersey. Sansone graduated from Lehigh University with a bachelor’s degree in Political Science and a minor in Real Estate. He is an active member of NAIOP, and a junior board member for The Boys and Girls Club of Greater St. Louis.

“Bridge prides itself not only on cultivating top industrial talent, but also on finding seamless culture fits when hiring from outside the company. Stefan and Cory both represent exactly what we are looking for to lead our acquisitions efforts across the country, and I’m eager to work with both of them,” said Siegel.

Since joining Bridge in 2020, Welper has been involved in 22.2 million square feet of successful industrial transactions, valued at $4.1 billion, across Bridge’s Chicago, Miami, Seattle, Los Angeles, and London markets.

As an Analyst, Gruger will be responsible for all aspects of underwriting for Bridge's national acquisition efforts, in addition to assisting with leasing, project marketing, coordinating debt and equity financing and the disposition process. He previously worked at Cushman & Wakefield in their Capital Markets group on the Office Investment Sales team. Gruger graduated from Miami University in Ohio with a bachelor’s degree in Business Administration, specializing in Finance, and is a member of NAIOP.

Construction Progressing at New FINFROCK Concrete Manufacturing Facility in Belle Glade with Construction Milestone

cwilliams@achieveagency.com (Clay Williams) — Mon, 09 May 2022 18:45:01 GMT

Concrete pieces used to create the build facility were made by employees who will work there

Completion set for later this summer

Belle Glade, Florida (April 25, 2022) – The walls are rising at the new FINFROCK 140,000-sq.-ft. precast concrete manufacturing facility in Belle Glade that will bring 200 jobs to the area and more than $242 million in economic stimulus.

After many months of preparations, including the pouring of concrete pieces for the building, FINFROCK, the only vertically integrated design-builder and manufacturer of its kind in the industry, reached a major milestone as it begins vertically erecting the Belle Glade facility. In typical FINFROCK fashion, the pieces will come together like a giant Lego project in record time, with completion expected later this summer.

“This is an exciting milestone for FINFROCK because this new facility will help us to better serve clients in southeast and southwest Florida,” said CEO Allen Finfrock during a sneak peek of the progress for community leaders. “The best part of this project is that the employees that have joined us since we came into the Glades community have been working on making the pieces to build the building where they will build their careers with FINFROCK.”

FINFROCK designs all of its buildings out of resilient prestressed/precast concrete because it is aesthetically versatile, cost-effective, low maintenance and designed to last. As part of the first phase of the Belle Glade project, FINFROCK will construct two bays that are 120 feet wide and span 800 feet long. The project includes the use of 120-foot-wide “double T’s,” arguably the largest ever manufactured in Florida.

“As with all of our buldings, they are built to last,” added Finfrock “We are excited to be here, grow our business and provide more new career opportunities for residents as the new facility gets up and running.”

The new facility sits on the site of the former Glades Correctional Institution.

Avison Young closes $20M sale of vacant development site in Downtown Fort Lauderdale

cwilliams@achieveagency.com (Clay Williams) — Mon, 09 May 2022 17:59:43 GMT

Rare 1.24-acre site primed for office, multifamily, hotel or mixed-use development

Fort Lauderdale, Fla. – Avison Young’s Florida Capital Markets Group negotiated the $20 million sale of the 1.24-acre development site at 121 E. Broward Blvd. in downtown Fort Lauderdale, Florida. One of the few remaining vacant parcels in the central business district, the property is primed for office, multifamily, hotel, or mixed-use development totaling more than 500,00 square feet of rentable space.

Avison Young Principals Michael T. Fay, who is also Managing Director of the firm’s Miami operations; David Duckworth; John K. Crotty, CCIM; and Vice President Brian C. de la Fé represented the seller and long-time client, Broward GP, LLC, during the disposition. The sale brings the total dollar volume of transactions the team closed during the last week of April 2022 alone to $154 million.

“Investor appetite across all property types has been strong and shows no signs of slowing despite concerns in other urban markets nationally,” said Fay. “The buyer has been very active in the Fort Lauderdale market and understood the significance of the site’s location, being the crown jewel and gateway into Fort Lauderdale.”

With easy access to Interstate 95 to the west, and just a few blocks away from Brightline’s Fort Lauderdale station, the site is the only vacant private property on Broward Boulevard between the train tracks and the Intracoastal Waterway. Over the past decade, downtown Fort Lauderdale has seen significant multifamily development, rising office rental rates, and exciting new retail and dining options, making it an amenity-rich live-work-play area that is attractive to modern professionals and residents. Hence, the 121 E. Broward Blvd. property has doubled in value since it last sold in 2004.

Bridge Industrial Secures $154M Construction Loan for Phase II of its 2.7 MSF Bridge Point Commerce Center in Miami Gardens, Fla.

cwilliams@achieveagency.com (Clay Williams) — Fri, 29 Apr 2022 19:10:15 GMT

Phase I of the highly successful logistics park totals 1.1 MSF and is fully leased; Phase II totals 1.6 MSF of Class-A industrial space and will be delivered in 3Q 2023

Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, today announced it has secured $153.5 million in financing to complete the construction of Phase II of its highly anticipated Bridge Point Commerce Center project in Miami Gardens, FL. Consisting of two Class-A industrial buildings totaling nearly 1.6 million square feet of space, Phase II is on track to be delivered in the third quarter of 2023.

The loan, issued by CIBC Bank USA, was secured by Steve Roth of CBRE’s Debt and Structured Finance team.

“CIBC Bank came through again with great execution,” said Kevin Carroll, Partner, Southeast Region of Bridge Industrial. “They have become an invaluable partner here in South Florida, and we look forward to continuing our relationship. Now that we’ve fully leased Phase I and have financing in place, we can focus all of our attention on bringing Phase II to full occupancy."

Strategically located between Miami-Dade and Broward Counties on a 186-acre site at 4310 NW 215 ^th Street, Bridge Point Commerce Center is a Class-A industrial park that will encompass 2.7 million square feet at full build out. The business park offers Florida Turnpike frontage with 155,310 cars passing per day. Phase I, consisting of three buildings totaling 1.1 million square feet of industrial space, was delivered in 2019 and is fully leased to a prestigious list of tenants including CITY Furniture, one of Florida’s largest home furnishing retailers, and HapCor, one of the leading grocery distributors to the Caribbean and Latin America, among others. Divisible to 80,000 square feet, Phase II features two buildings that are 794,230 square feet each with 36’ clear ceiling heights. The park’s location is equidistant from Miami International Airport and Fort Lauderdale International Airport and offers immediate access to all points in South Florida via the Florida Turnpike and I-75. Build-to-suit and build-to-own opportunities available.

For more information about Bridge Point Commerce Center or to schedule a tour, contact CBRE’s Tom O’Loughlin, SIOR at (954) 356-0468 or David C. Albert at (305) 381-6474.

Bridge is one of South Florida’s most active industrial real estate developers. Since 2012, the company has acquired approximately 700 acres in 17 separate transactions across South Florida. Bridge has delivered and/or has under construction approximately 8 MSF of Class-A industrial space regionwide.

Franjo Construction Announces Rebrand of Florida Affiliate: Franjo Builders

cwilliams@achieveagency.com (Clay Williams) — Wed, 27 Apr 2022 15:13:18 GMT

Franjo Construction is proud to announce the new identity of its Florida affiliate (formerly known as GSD Contracting LLC): Franjo Builders LLC. The rebrand follows the 2019 acquisition by an ownership group based in Pittsburgh, PA. The name “Franjo” comes from two brothers’ names: Frank & Joe Leonello, Jr., who incorporated Pittsburgh-based Franjo Construction Corporation in 1997. Over its 25 years, the firm has built a strong reputation for commercial construction in western PA, OH, and WV. With the acquisition, GSD Contracting became an affiliate of Franjo Construction. The two increasingly began to leverage each other’s experience, team members, knowledge of their respective local markets, and other resources.

The affiliated companies benefit from having a home office in Pittsburgh that serves as a hub for accounting, marketing & communications, estimating, and major operations. In Fort Lauderdale, Division Manager Wyatt Woolverton oversees the operations, such as business development, estimating, project management, and office administration. Keeping in regular communication with the home office in Pittsburgh allows both teams to learn from and support each other. Joe Leonello, Jr. (Managing Partner, Franjo Builders LLC and President, Franjo Construction Corp.) states that while “learning a new market presents its challenges, time brings an understanding of how to navigate it.” The rebrand will “allow us to place our footprint and solidify our place in the Florida market.”

The affiliated Franjo companies’ mission is to unite its customers and team to build the future. The vision is to exceed expectations, build trust, and create value. This is achieved by utilizing a collaborative approach with regular, open communication. It is a win-win when both your clients and your team are happy, and that is at the core of everything Franjo does.

For more information, please visit Franjo Builders on the site here.

Avison Young closes $18M sale of 50Forty on 7th, a medical & professional office building in Miami

cwilliams@achieveagency.com (Clay Williams) — Mon, 25 Apr 2022 21:04:40 GMT

Seller achieves 25% asset appreciation in 14 months with strategic value-add plan

Miami – Avison Young’s Florida Capital Markets Group closed the $18 million sale of 50Forty on 7 ^th , a nine-story, ±82,298-square-foot medical and professional office building at 5040 NW 7 ^th Street in Miami’s Airport submarket near the prestigious Waterford office district.

Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; and Vice President Brian C. de la Fé represented the seller, Riverside 1031 LLC. The buyer was Miami-based Valoro Capital.

“Our client purchased the asset in January 2021 for $14.5 million as a value-add opportunity,” said Duckworth. “They implemented a plan, including leasing up the property to 93.3% occupancy, to take advantage of improved market conditions and achieved 25% asset appreciation within 14 months.”

More than half of the 50Forty building’s tenant roster comprises medical office users, followed by business services and government tenants. Its location just two minutes from the Miami International Airport, coupled with and onsite parking structure and recent significant renovations, has attracted new tenants. The property has maintained a 95% retention rate over the past three years.

“With the asset near full, the new owner has the opportunity to bring current rents to market,” said Crotty. “Driven by an influx of out-of-state firms, average asking rents in the Miami Airport submarket have climbed to $39 per square foot as of first-quarter 2022, a new record high for the area but competitive when compared to nearby Coral Gables.”

According to Avison Young’s first-quarter 2022 research , Miami’s overall vacancy contracted to 16.5 from 16.9 at the end of 2021. Vacancies are expected to contract further in 2022 as several large new-to-market relocations are still planned for South Florida and some businesses choose to expand to capture rents now that will only continue to grow in the coming months.

“Office buildings are seeing strong investor demand and appreciation right now,” added Duckworth. “Rental rate growth has largely outweighed risks such as rising interest rates, and we have yet to see a slowdown in overall investor demand in South Florida.”

The 50Forty building is well-positioned in a medical district with nearly 150 physicians’ groups within a three-mile radius and seven hospitals within a 25-minute drive, thanks to easy access to Florida’s Turnpike, the Dolphin and Palmetto Expressways, and Interstate 95. The nearby population with a relatively older median age, spends more than $75 million annually on healthcare, suggesting that medical office demand will continue to increase in the coming years.

Waterfront Development Portfolio on Normandy Isle Sells For $15.85M

cwilliams@achieveagency.com (Clay Williams) — Wed, 20 Apr 2022 15:11:33 GMT

MIAMI BEACH, Fla., April 18, 2022 – Marcus & Millichap (NYSE: MMI) , a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Pierre On the Bay and 2095 Bay Drive in Miami Beach, Florida. The combined properties sold for $15,852,000.

“We had a tremendous amount of activity on this site from both developers and multifamily investors,” said Shelly Argy, associate in the Marcus & Millichap Miami office. “A real estate investment group based out of Canada, Magnum Holding Company, Inc. are the ones who acquired the site as they strongly believe in the revitalization of Normandy Isles. Already having a strong presence in Central Florida, they are now expanding their footprint into South Florida.

Argy and Ryan T. Shaw, first vice president investments, had the exclusive listing to market the property on behalf of the seller, MANAPOLI 18 LLC, a limited liability company. Jonathan Kotler procured the Canada-based buyer.

Pierre On the Bay, located at 2050 Bay Drive, is a development site currently housing two multifamily buildings on Normandy, Isle, a submarket of Miami Beach, Florida. The 70-unit, 35,405-square-foot property sold for $13,975,000. Property features include panoramic views of Biscayne Bay, in an area with significant demand for development opportunities. The waterfront site has direct frontage of the Kennedy Causeway and access to surrounding beaches. 2095 Bay Drive, a 7,250-square-foot property sold for $1,877,000.

Marcus & Millichap Announces the $11 Million Sale of Doral Park Centre

cwilliams@achieveagency.com (Clay Williams) — Wed, 20 Apr 2022 15:09:47 GMT

DORAL, Fla., April 19, 2022 – Marcus & Millichap (NYSE: MMI) , a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Doral Park Centre, a seven-suite, 13,925-square-foot retail property located in Doral, Florida. The property sold for $11 million or $789.72 per square foot.

“The sale of Doral Park Centre at just over one percent off the list price is a testament to the quality of the asset the developer created in this vibrant, highly regarded market of Doral,” said Edward Romo, senior associate in Marcus & Millichap’s Miami office.

Romo and Scott Sandelin, senior VP of investments of the Sandelin Group of Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, an affiliate of IRAS Group, a prominent Miami-based real estate investment firm.

“After having stabilized the property post-pandemic and securing a strong tenancy, we felt it was the correct time to recycle capital into new value add opportunities,” said Jean Paul Irastorza, senior VP of asset management for IRAS Group. “We continue, however, to be bullish on Doral’s long-term growth and future development.”

The buyer, who recently sold a warehouse property in Doral and chose to reinvest a portion of the proceeds from that sale into Doral Park Centre, was procured by Kristina Filippone of First City Realty Partners, Inc.

The fully leased retail property is directly across from the largest undeveloped parcel of land in Doral, a 175-acre site recently put under purchase contract by Bridge Industrial.

Doral Park Centre is located at 3887 NW 107th Ave in the upscale Miami suburb of Doral, Florida. Originally built in 2014, the retail center sits on .70 acres. It is 100% fully occupied by a diverse mix of well-curated tenants, including 5.11 Tactical Miami, PANNA New Latino Food, Ohana Sushi, 107 Beauty Bar & Spa, and CKO Kickboxing, among others.

Village of Indian Creek is First in Miami-Dade County To Select BasaFlexTM and BasaMeshTM Reinforcement Products For Underground Concrete Structures

cwilliams@achieveagency.com (Clay Williams) — Wed, 20 Apr 2022 14:58:43 GMT

Third announced specification for Basanite, Inc.’s products in 2022 as municipalities seek alternatives to steel reinforcement products

POMPANO BEACH, FL, April 20, 2022— Basanite, Inc. ( OCTQB: BASA ), a manufacturer of environmentally friendly, high-performance composite construction materials made from basalt fiber and basalt fiber reinforced polymer, announced that it has been selected to manufacture and supply multiple concrete reinforcement products (notably its BasaFlex ^TM and BasaMesh ^TM products) for use in fortifying sea walls, concrete catch basins and stormwater structures for the 300-acre island municipality of Indian Creek Village.

The selection by Indian Creek Village is the third announced municipal approval in Florida for Basanite’s products this year, as municipalities search for stronger and more environmentally friendly alternatives to steel reinforcement products.

The underground infrastructre application for which Basanite’s products have been approved is an integral component of the island enclave’s multi-phase Roadway Redevelopment Project.

“Indian Creek is surrounded by the saltwater of Biscayne Bay in Miami-Dade County, making it imperative for Village building officials to select the toughest, most resilient, reinforced concrete available on the market today,” Basanite Director Fred Tingberg explained. “The basalt fiber reinforced polymer we manufacture to fortify concrete is not only the green choice, but it also significantly strengthens and extends the life of concrete structures.”

Basanite engineered, developed and manufactures sustainable, non-corrosive, lightweight, composite concrete reinforcing products such as BasaFlex ^TM and BasaMesh ^TM using basalt fiber as an alternative to conventional steel reinforcement.

Indian Creek Village is directly latitudinal to the Town of Surfside in Miami-Dade, site of the oceanfront Champlain Towers collapse in June 2021 where rising groundwater, king tides and deteriorating concrete from the ensuing saltwater erosion were considered as potential factors of the disaster.

“We believe that concrete reinforced with BasaFlex ^TM and BasaMesh ^TM will be a key element in helping the iconic and historic community of Indian Creek maintain its security and structural integrity for decades to come,” Tingberg added.

A partnership led by Butters Group and Konsker Development submitted plans to the city of Boca Raton to redevelop a four-acre site

cwilliams@achieveagency.com (Clay Williams) — Thu, 14 Apr 2022 02:48:05 GMT

BOCA RATON, FL – A partnership led by Butters Group and Konsker Development has submitted plans to the city of Boca Raton to redevelop a four-acre site on Military Trail near Glades Road and Town Center mall into a modern, 120,000-square-foot, five-story new office building.

Construction of Midtown Place at Boca Raton will launch in early 2023, delivering the first major ground-up development of a multi-tenant Class A+ office building to the city in more than a decade. Butters expects to deliver the five-story, $70 million-plus office building by mid-2024.

With its eye-catching curves, contemporary waves, and sweeping balconies, the project will raise the city’s existing office offerings for companies seeking a new, best-in-class corporate address. The building is designed by the world-renowned international architecture firm SAOTA in partnership with RLC Architects in Boca Raton

“We are going to attract the high-end, multinational firms that are relocating to South Florida from all over the USA.” said Malcolm Butters, president of Butters. “Many of those firms want new Class A+, state-of-the-art construction and until now they have not been able to get that in Boca Raton.”

Midtown Place will feature the latest design elements and amenities including floor-to-ceiling impact glass windows, full-building back-up generator, garage parking, outdoor terraces, onsite café, gathering plazas and a high-concept destination restaurant on the ground floor.

The project also offers efficient floorplates, ranging from 10,372 square feet to a full floor at 29,357 square feet. These expansive floorplates will allow companies of all sizes to design the types of collaborative, culture-enhancing professional spaces that employees want to work in post-pandemic.

“Midtown Place’s location within Boca Raton’s bustling Midtown business district is unparalleled,” said Kyle Jones, director of investments at Butters. “It offers corporate occupiers’ easy access and walkability to business class hotels like the Marriott, top restaurants and high-end shopping venues including Saks, Neiman Marcus and Nordstrom.”

The project is now preleasing and offering tenants upscale, customized office suites with substantial tenant improvement design and finish packages. The Butters team of Darcie Lunsford, Caroline Fleischer and Sky Butters will be handling marketing and leasing.

“The pandemic changed the way we think about what we want from our offices. Innovative environments and higher-level interactive experiences that build and animate corporate culture is what many companies and their employees now want” said Darcie Lunsford, director of office leasing at Butters. “Look, if your company can dream it, we can build it at Midtown Place and your employees can live it.”

10/3/22 NAIOP's Annual Charity Golf Tournament

cwilliams@achieveagency.com (Clay Williams) — Fri, 08 Apr 2022 16:37:57 GMT

When: Monday October 3, 2022

Time: 9am registration, 10am shotgun

Where: Fort Lauderdale Country Club

415 E Country Club Cir, Fort Lauderdale, FL 33317

(Click here for directions)

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 6750 North Andrews Avenue, Suite 200, Ft. Lauderdale, FL 33309

Colliers Facilitates $14.85M Sale of Two Industrial Buildings Located in Fort Lauderdale

cwilliams@achieveagency.com (Clay Williams) — Thu, 07 Apr 2022 15:35:23 GMT

Colliers South Florida Investment Services Team represented the seller and buyer in purchasing the two industrial buildings totaling 71,682 square feet

FORT LAUDERDALE, FL | April 6, 2022 – Colliers closed this week on the sale of two industrial buildings located at 3000 & 3060 SW 2nd Avenue in Fort Lauderdale, FL. Executive Managing Director Mark M. Rubin, Director Bastian Laggerbauer and Financial Analyst Jake Stauber of the Colliers South Florida Investment Services Team, in collaboration with Executive Managing Director Steven Wasserman and Managing Director Erin Byers from the Industrial Services Group represented the seller, Apogee Investment Partners LLC., as well as the buyer, Elion Acquisitions, LLC., in the transaction. The buildings are currently occupied by CTS Engines, an industry-leading turbine engine Maintenance, Repair, and Overhaul (MRO) company, with long-term leases in-place.

“The South Florida industrial market continues to flourish, with most industrial space achieving top leasing rates. Our team firmly believes that the market will continue to thrive, particularly mission-critical assets located in strong markets such as this one,“ said Rubin. “Due to the unique nature of the tenant and their industry, identifying the right buyer whose criteria aligned with the business was key.”

The two buildings that were part of the sale included a 60,000 SF repair facility recently renovated in 2019 and a 11,682 SF staging facility which are conjoined by a recently-constructed covered walkway. Combined, both buildings total 71,682 SF and are situated on 2.62 acres of land. The properties are adjacent to Fort Lauderdale Hollywood International Airport, less than 3 miles from Port Everglades and approximately 30 minutes from the Miami International Airport.

“The properties are a great addition to Elion Partners’ current portfolio of quality industrial and mission critical distribution assets with flourishing and successful tenants as occupants as well as being located in a strong market,” said Bastian Laggerbauer.

Elion Partners is a vertically-integrated industrial specialist and sponsor of the institutional real estate investment vehicles. They are committed to the continual enhancement of firm resources including research, technology and talent, to better serve their investment partners, competitively positioning Elion’s investment vehicles. Elion Partners is minority-owned and have offices in Miami, Seattle, New York and Los Angeles.

The Broward County industrial market continues to thrive with low vacancy rates at 4.2 percent, high tenant demand and record absorption. These strong market fundamentals continue to attract investors, and the rising rental rates combined with a a dwindling supply of developable land have heightened investor demand causing industrial sales to achieve top dollar pricing. Mission critical assets like this one with long-term, target industry tenants, are highly sought after by investors and have become more challenging to find in today’s competitive industrial marketplace.

The Easton Group Acquires Hollywood, Florida Industrial Property for $14.35 Million

cwilliams@achieveagency.com (Clay Williams) — Wed, 06 Apr 2022 16:40:44 GMT

Commercial real estate firm continues push to grow portfolio of Industrial Outdoor Storage (IOS) assets in Florida

Hollywood/Doral, Fla.—April 6, 2022— The Easton Group has added another property to its growing portfolio of Industrial Outdoor Storage (IOS) assets. On April 4th, the commercial real estate firm acquired a vacant 29,897 square-foot truck terminal in Hollywood, Florida for $14.35 million.

The building sits on a 5.85-acre site at 3811 Pembroke Road near the I-95 interchange with easy access to the Fort Lauderdale-Hollywood International Airport and Port Everglades.

C.J. Easton and David Wilf, both acquisition principals with The Easton Group, sourced the deal. The pair joined the company together in 2021 to focus on buying industrial properties that cater to growth segments including outdoor storage.

The seller, Dayton Street Partners, represented by Walter Byrd of Transwestern in the transaction, previously leased the property to the now defunct Central Freight Lines.

Easton said it plans to make improvements to the property to prepare it for another tenant.

“We are very bullish on the IOS space, and we continue to seek out more opportunities in the sub-sector,” said Easton. “With the unquenchable demand for industrial space and dwindling supply available, this niche product category is coming into its own. IOS has become increasingly more competitive over the last 12 months as more and more participants enter the market, particularly in South Florida.”

In November, The Easton Group and two institutional partners bought a 10-acre masonry yard in Sanford, Florida. In December, the investors acquired an 8.97-acre industrial development site in Riviera Beach with plans submitted to build a truck terminal. The team plans to continue acquisition efforts to add to the ever-growing IOS strategy.

IBI Group Announces Acquisition of Florida-Based Architectural Design Firm, RLC Architects

cwilliams@achieveagency.com (Clay Williams) — Wed, 06 Apr 2022 16:14:00 GMT

RLC’s expertise in the supply chain, logistics and real estate industries strengthens IBI’s industrial engineering and mixed-use architectural service offering while enhancing its U.S. presence

TORONTO, ON (April 4, 2022) – Global design and technology firm, IBI Group Inc. (TSX: IBG) (“IBI” or the “Company”), announced today that it has completed the purchase of Florida-based architectural firm, RLC Architects (“RLC”) (the “Acquisition”). RLC’s diverse team of 25 professional staff will bring significant experience across the industrial, residential, commercial, education and interior architecture sectors.

RLC complements IBI’s existing industrial engineering and architectural business, expands its U.S. market presence and contributes to the firm’s long-term growth strategy. The Acquisition demonstrates IBI’s commitment to prudent and accretive growth while supporting an ongoing commitment to sustainability, given RLC’s leadership in “green design” across South Florida.

“Integrating the RLC team’s expertise and focus on industrial distribution centres — a key element of efficient supply chains — adds a unique skillset to IBI, which enhances our industrial engineering and architectural practice and expands our U.S. reach. The Acquisition supports our growth strategy and contributes to revenue, backlog and ongoing margin improvement,” said IBI Group CEO, Scott Stewart . “The team at IBI is very pleased to welcome RLC and look forward to a successful integration that will enable us to efficiently grow to other regions.”

Founded in 1990, RLC specializes in planning and designing award-winning buildings and communities in South Florida. Their work has received numerous awards from industry associations, including the American Institute of Architects 2019 AIA Palm Beach Merit Award in Design Excellence for their design of the Boca Ice and Fine Arts Center and the Briny mixed-use community. Seven of RLC’s recently completed projects have attained LEED certification and over fifty percent of its professional staff have their LEED accreditations. RLC’s focus on sustainable design and client-focused solutions will combine with IBI’s focus on improving urban livability and taking action on climate change.

“The RLC team is very excited to become part of IBI Group,” said RLC President, Bruce W. Retzsch. “RLC’s 32-year legacy of design excellence and client service is continuously expanding. Combining our skill sets will enable the firm to realize synergies across a broad range of services, while IBI’s technology-driven design approach will enable us to deliver higher levels of service for our clients. We see many opportunities to leverage our respective strengths, expand our service offerings and continue driving long-term growth.”

“The addition of RLC’s expertise to IBI’s existing architectural and engineering services is an exciting complement to IBI’s current work and provides a great opportunity to deepen and broaden our relationships with the South Florida and Southeastern U.S. client base,” said IBI Group Director, USA, Todd Hoisington .

The Acquisition builds upon IBI Group’s strategic focus on growing its urban environment and infrastructure design presence in the U.S.

For more information and/or to connect with IBI Group, please contact David Bosworth at david@bullseye-communications.com or 1-416-846-3540.

Marcus & Millichap Arranges the Sale of a 21,510-SF Shopping Center

cwilliams@achieveagency.com (Clay Williams) — Wed, 06 Apr 2022 15:54:48 GMT

OAKLAND PARK, Fla., April 4, 2022 – Marcus & Millichap (NYSE: MMI) , a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Boulevard Center, a 21,510 square-foot shopping strip in Oakland Park, Florida. The 14-suite property sold for $4,925,000.

The Center’s corner building is a 3,130-square-foot free-standing restaurant on 28,760-square-feet of land. The second free-standing building totaling 2,460-square-feet is adjacent to the main center, which is 17,500-square-feet on 51,351-square-feet of land.

“It’s rare to find a shopping center in South Florida on a main artery with over 57,000 vehicles per day at below replacement cost. The average land value on East Commercial Blvd is approximately $60 per square foot; my client viewed the acquisition as covered land play. It’s become extremely challenging to source value-add assets in the South Florida market due to an abundance of capital looking to be placed,” said Jonathan De La Rosa, first vice president in Marcus & Millichap’s Miami office.

De La Rosa exclusively secured and represented the buyer.

The 1.84-acre lot is located at 1504-1538 E Commercial Blvd. The property is 100% occupied by 12 long-term tenants, including Thai Spice Restaurant, Tropibowls,

Perry Wings, Intense Fitness LLC, and many other services.

The Boulevard Center consists of 5 buildings developed in the ’60s and ’70s, with renovations completed over several years.

Colliers facilitates $21.75M industrial sale in Miami

cwilliams@achieveagency.com (Clay Williams) — Tue, 05 Apr 2022 19:31:21 GMT

10.35 Acres sold for Industrial Development in Miami-Dade County

Colliers South Florida represented the buyer in the $21.75 million transaction

MIAMI, FL, April 5, 2022 – As the frontier of industrial development continues to drive the demand for developable land in Florida, Colliers negotiated the sale of the Borden Dairy Co./Velda Farms dairy processing facility at 501 NE 181st St in Miami for $21.75 million.

Colliers South Florida’s Executive Managing Director Steven Wasserman and Managing Director Erin Byers represented the buyer, CP Logistics Miami 95 LLC., in the transaction. Harold Ginsberg from Southern Asset Service Corporation represented the seller, New Dairy Florida, LLC., in the transaction. In this highly competitive industrial real estate sales market, the buyer signed the purchase and sales agreement and closed the same day.

“This transaction showcases how developers are getting more creative with purchasing sites, often looking for properties that can be demolished or rebuilt,” said Wasserman. “This site provided a strategic location with I-95 frontage that was optimal for redevelopment.”

The buyer, CP Logistics Miami 95, LLC., also known as Panattoni Development, has plans to redevelop the site into a 126,000-square-foot Class A warehouse by late 2023. The current tenant for the past 50 years, Borden Dairy, will vacate the site for redevelopment.

“This purchase reflects the strength of Florida’s industrial sector and the tremendous demand from developers and tenants for more space,” said Byers. “The market continues to thrive from robust interest from developers looking to build.”

Panattoni Development is a privately held commercial real estate development company specializing in industrial, office and build-to-suit projects. Panattoni has successfully developed more than 544 million square feet of industrial, office and retail space in more than 310 cities.

Favorable market fundamentals driven by population growth and a relentless demand for industrial space has heightened investor attention in Miami-Dade County reflected by record-breaking industrial sales activity in 2021. With high absorption rates expected to continue, coupled with land scarcity and a current vacancy rate of 2.7 percent, investors and developers are looking for new opportunities within existing warehouse sites that are prime for redevelopment.

Marcus & Millichap Brokers the Sale of Fontainebleau Park Office Plaza for $12.5M

cwilliams@achieveagency.com (Clay Williams) — Tue, 05 Apr 2022 15:20:59 GMT

MIAMI, March 31, 2022 – Marcus & Millichap (NYSE: MMI) , a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Fontainebleau Park Office Plaza, a 49,150-square-foot office building in Miami, Florida. The two-story, 89-suite office property sold for $12.5 million.

Alex D. Zylberglait, CCIM, senior managing director investments in Marcus & Millichap’s Miami office, had the exclusive listing to market on behalf of the seller, a private family. The buyer, 175 LLC, a Florida Limited Liability Company, was also procured by Zylberglait. Marcus & Millichap Capital Corporation’s Robert Bhat, senior vice president, arranged acquisition financing.

“This asset offers tremendous upside with rents significantly below market located in the heart of Miami, minutes away from Miami International Airport with future redevelopment potential,” said Zylberglait.

Fontainebleau Park Office Plaza is located at175 Fontainbleau Boulevard, just west of West Flagler Street and the Fontainebleau Blvd Intersection. It is situated on a 3.09-acre parcel of land featuring 49,150-square-feet of rentable space.

The 1974-build consists of private offices and open floor space allowing for a wide range of uses and easy configuration. Fontainebleau Park is currently 97% occupied by a mix of medical and professional tenants.

04/21/22 NAIOP's Developing Leader Social at The Standard Cuisine & Cocktails

cwilliams@achieveagency.com (Clay Williams) — Fri, 01 Apr 2022 20:30:55 GMT

NAIOP South Florida Networking Socials are events for all types of real estate professionals who want to establish meaningful business relationships, furthering their career to grow and thrive...while enjoying South Florida's vast craft breweries, distilleries, bars, and dives!

When: Thursday April 21, 2022

Time: 5pm - 7pm

Where: The Standard Cuisine & Cocktails

187 SE Mizner Blvd RPP 38-39, Boca Raton, FL 33432

(Click here for directions)

Tickets:

Members $0

Non-Members $25

*Onsite registration available - Non Members: $40

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 6750 North Andrews Avenue, Suite 200, Ft. Lauderdale, FL 33309

06/02/22 NAIOP SFL's Chapter Meeting - The Wild World of Miami Office

cwilliams@achieveagency.com (Clay Williams) — Fri, 01 Apr 2022 02:08:53 GMT

SAVE THE DATE!

The Wild World of Miami Office

When: Thursday June 2, 2022
Time: 5pm - 7pm
Location: 701 Brickell, Miami

More information coming soon!

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 6750 North Andrews Avenue, Suite 200, Ft. Lauderdale, FL 33309

05/24/22 NAIOP SFL's Chapter Meeting - In the heart of St. Lucie County

cwilliams@achieveagency.com (Clay Williams) — Fri, 01 Apr 2022 02:07:39 GMT

SAVE THE DATE!

In the heart of St. Lucie County

When: Thursday May 24, 2022
Time: 4pm - 6:30pm
Location: Tradition Town Hall, Port St. Lucie

More information coming soon!

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 6750 North Andrews Avenue, Suite 200, Ft. Lauderdale, FL 33309

CBRE Welcomes a Top Office Team in Miami

cwilliams@achieveagency.com (Clay Williams) — Fri, 01 Apr 2022 01:34:36 GMT

Miami – March 22, 2021 – CBRE announced that Eric Groffman, Cameron Tallon, Edward Quinon, Josh Gibbons, Emily Brais and Tatiana Castro have joined the firm’s Miami office and will specialize in office leasing throughout the Miami area. The team was formerly with JLL and represents a 5 million square foot portfolio of Class A office space throughout Miami-Dade County.

“We are thrilled to welcome the team to CBRE. Integrating them into our platform will only add to the strengths of our office agency teams. We look forward to leveraging the collective market expertise to provide the best services for our clients,” said Josh Bank, senior managing director of CBRE in South Florida.

With more than 20 years of industry experience representing some of the most reputable owners and prominent office buildings throughout Miami-Dade County, Eric Groffman joins as an Executive Vice President. Mr. Groffman was previously a senior managing director at JLL.

“We recognize that the CBRE platform provides enhanced opportunities to add value for our clients,” said Mr. Groffman.

Cameron Tallon joins as a Senior Vice President. Mr. Tallon began his career over a decade ago, specializing in tenant representation at Cresa and JLL. In 2018, he transitioned to the agency practice and began solely focusing on landlord representation partnered with Mr. Groffman. Mr. Tallon was most recently a managing director at JLL.

Edward Quinon joins as a First Vice President. He started his career at JLL in tenant representation and was most recently an asset manager at Banyan Street Capital.

Josh Gibbons returns to CBRE as a First Vice President. He had previously worked at CBRE as the research and marketing manager for South Florida.

Emily Brais joins as an Associate. She started her career as an intern with the Capital Markets Group at Avison Young before joining the agency team at JLL.

Tatiana Castro joins CBRE as the team’s Client Services Team Lead. She previously worked at Avison Young as a marketing coordinator and JLL as a senior brokerage assistant.

Grover Corlew Names Vice President of Property Management

cwilliams@achieveagency.com (Clay Williams) — Thu, 31 Mar 2022 18:17:10 GMT

Boca Raton, Florida (March 30, 2022) – Florida-based real estate investment group Grover Corlew announces the appointment of Marlene Diaz as Vice President of Property Management.

In her new position, Diaz will oversee all property management activities for Grover Corlew’s expanding portfolio of office properties.

A 37-year commercial real estate veteran, Diaz has significant experience in operations, sales, leasing, acquisitions, dispositions and project management in the office, industrial and residential sectors. Diaz joins Grover Corlew following a distinguished career as vice president of Cushman & Wakefield and director of operations for Taylor & Mathis of Florida. Diaz has worked with both private and institutional ownership groups, including UBS, IP Capital, AEW, Prudential and MetLife.

“Marlene has incredible energy, a proven track-record of successful leadership and an impressive commercial real estate background,” said Partner Anuj Grover. “There is no doubt she will be an asset to our team as she oversees our expanding portfolio of high-end signature office buildings.”

Diaz has been an active member of BOMA Miami-Dade since 1994, serving as board president and serving as a member of the executive committee for six years. Impressively, Diaz has been the recipient of the BOMA TOBY “Building Excellence” Awards at the local, regional and international levels from 1996 to 2020.

“Marlene will lead a very talented Grover Corlew property management team,” noted Partner Mark Corlew. “Her experience will bring considerable added value to our team, our properties and our tenants.”

A resident of Miami Lakes, Diaz earned a bachelor’s degree in accounting and business management from Florida International University. She holds a Real Property Administrator (RPA) designation from BOMA, is a licensed Florida Real Estate Sales Associate and a member of the National Association of Realtors.

Duke Realty inks its largest South Florida lease deal, FedEx Ground secures ~501k sf of space

cwilliams@achieveagency.com (Clay Williams) — Thu, 31 Mar 2022 18:12:07 GMT

Miami 27 Business Park is 100% leased, Duke Realty’s South Florida portfolio is 97% leased

WESTON, Florida — March 29, 2022 — The South Florida office of Duke Realty Corporation (NYSE: DRE), the leading domestic only, pure-play logistics property REIT (Real Estate Investment Trust) in the United States, secured a long-term lease agreement with FedEx Ground, a leader in cost-effective package ground shipping, for a new facility, at Miami 27 Business Park 10300. The company announced the start of the 501,224-square-foot speculative development at 10300 NW 121st Way in Medley, Florida in May 2021. The building is now 100 percent leased to FedEx Ground, making it the largest lease deal for Duke Realty’s South Florida office.

“Miami 27 was a speculative development designed and developed to give Duke Realty the edge in a highly competitive South Florida industrial market with a vacancy rate of approximately 2.6 percent,” said Stephanie Rodriguez, senior vice president of Duke Realty’s Florida region. “Our investment paid off with prelease deals and lease agreements that have ensured Miami 27 will be 100 percent leased for several years to come.”

Duke Realty’s Miami 27 Business Park is a two-building development in Medley, Florida adjacent to U.S. Highway 27, with convenient connectivity to the Florida Turnpike, I-75, and State Road 826, a roadway that provides direct access to the cargo area of Miami International Airport. Miami 27 Business Park 10300 sits on a 23.3-acre site within the 34.9-acre Business Park. In August 2021, Duke Realty announced it preleased Miami 27 Business Park 10310, a 221,984-square-foot facility at 10310 NW 121st Way. Both facilities were built to LEED® certification standards — meeting requirements for environmentally sustainable construction and site development, water savings, energy efficiency and construction waste management.

“The demand for ideally-located space is high across the country,” said David Loudenslager, Duke Realty’s vice president of leasing and development in South Florida. “Duke Realty’s advantage is our newer portfolio with modern amenities that incorporate innovative technology. By working with our broker partners, we can match their clients’ needs and turn them into long-term Duke Realty tenants.”

Duke Realty was represented by Erin Byers and Steven Wasserman with Colliers International and Loudenslager in lease negotiations.

Bridge Industrial Appoints Partner Nick Siegel as Head of National Acquisitions

cwilliams@achieveagency.com (Clay Williams) — Thu, 31 Mar 2022 17:49:36 GMT

Former Chicago region Partner to spearhead acquisitions across the U.S., supporting Bridge’s newly launched value-add platform

Bridge Industrial (“Bridge”), the privately-owned, vertically integrated real estate operating company and investment manager, announced today that it has promoted Nick Siegel to Partner, Acquisitions. In his new role, he will lead Bridge’s expanded national acquisitions platform, with a focus on value-add strategy across its core U.S. markets.

Siegel will remain based at Bridge’s headquarters in Chicago, where he previously served as Partner for the region, and will oversee a national team of professionals charged with growing the firm’s strategy in Chicago, New Jersey, New York, Miami, Los Angeles/San Francisco, and Seattle. In December 2021, Bridge completed its first acquisition under its new platform, purchasing Pompano Beach Commerce Park — a three-building, 336,852-square-foot industrial campus in Pompano Beach, Florida.

“The expansion of our value-add platform complements our long history of ground-up development business,” said Steve Poulos, Founder, CEO, and Partner of Bridge Industrial. “Nick’s expertise and his tenure with Bridge make him the perfect person to lead our nationwide strategy.”

Since joining Bridge in 2015, Siegel has been responsible for Bridge’s acquisition and development activities throughout the Chicagoland region. Throughout his time at Bridge, he has been involved in over 18.5 million square feet of industrial real estate transactions across both Chicago and South Florida.

"I could not be more excited to play a leading role in our growing acquisitions platform," said Siegel. "As we continue to expand our range of capabilities, our dedicated team will oversee the acquisition of existing building and shell/forward opportunities that can meet the increased demand for warehouse space across the U.S."

Nick is a graduate of the University of Wisconsin-Madison, where he holds a Bachelor of Business Administration Degree with a double major in Real Estate and Urban Land Economics and Finance, Investments and Banking. He is a member of NAIOP, the WREAA, and is the president of the CJE Senior Life Associate Board.

05/04/22 NAIOP South Florida's Signature Speaker Series with... Jocko Willink

cwilliams@achieveagency.com (Clay Williams) — Fri, 25 Mar 2022 15:20:59 GMT

Thank you to Theodore Brown from Avison Young and Maria Pierson from Pierson Grant for the photos

(Click on the photos to enlarge)

When: Wednesday May 4, 2022

Time: 5pm - 7pm

Location: Seminole Hard Rock Hotel & Casino

1 Seminole Way, Hollywood, FL 33314

Click here for directions

Thank you to our event sponsors:

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 6750 North Andrews Avenue, Suite 200, Ft. Lauderdale, FL 33309

The Gateway at Wynwood Signs Office Lease with Commercial Real Estate Brokerage Firm Marcus & Millichap

cwilliams@achieveagency.com (Clay Williams) — Fri, 25 Mar 2022 03:26:19 GMT

Miami, Fla. (March 23, 2022) – As Miami’s office market continues to flourish, Marcus & Millichap has signed a long-term lease at The Gateway at Wynwood. The firm will occupy 12,029 square feet of space on the 7th floor of the recently opened The Gateway at Wynwood office building, located just at the intersection of the thriving Wynwood and Midtown Miami neighborhoods.

Scheduled to take occupancy in Q3 2022, the space will become Marcus & Millichap’s Miami office. Marcus & Millichap (NYSE: MMI) is a prominent national brokerage firm that specializes in commercial real estate investment sales, financing, research and advisory services for private clients and major/institutional investors. The Gateway at Wynwood, which was developed by New York-based R&B Realty Group, received its Temporary Certificate of Occupancy in December 2021. Marcus & Millichap will be joining OpenStore and Veru as the first three tenants in The Gateway at Wynwood. OpenStore, founded by Keith Rabois and Jack Abraham, was the first to move in.

R&B Realty was represented by Colliers’ Executive Managing Director Stephen Rutchik, Director Tom Farmer and Director Tyler de la Pena. Marcus & Millichap was represented by CRESA’s Zach Talbot and Carlo Brignardello.

“We are excited to welcome Marcus & Millichap to The Gateway at Wynwood family,” said Shelby Rosenberg, R&B Realty’s Head of Development and Acquisitions, Asset and Property Manager, US Portfolio. “We have seen a tremendous amount of interest in The Gateway at Wynwood in the first part of the year, and this lease highlights the increasing demand for quality office space in Wynwood’s rising office market. The Gateway at Wynwood is uniquely positioned with unmatched accessibility to the Midtown and Wynwood neighborhoods, and all of the amenities they have to offer, as well as proximity to the bay and downtown Miami.”

The Gateway at Wynwood offers about 195,000 square feet of leasable Class A office space and nearly 25,900 square feet of prime street-level retail space. Designed by renowned Architect Kobi Karp, the environmentally responsible building features flexible floorplans, a private rooftop terrace, gym, unique bay window system, 24/7 on-site security, vibrant exterior cladding, and 2:1,000 on-site covered parking.

Marcus & Millichap, which has over 80 offices throughout the United States and Canada, specializes in investment brokerage and financing with a track record of property matching each property with the largest pool of qualified buyers. Marcus & Millichap reported that their value of recently closed transactions accounts for $4.7 billion in Florida alone.

“By positioning ourselves within the epicenter of Miami, our agents are able to continue at the forefront of the commercial real estate industry throughout the city,” said Ryan Nee, division manager, Marcus & Millichap. “By taking residency in an iconic, newly constructed building like The Gateway at Wynwood, we are symbolizing that our Miami branch aims to build a strong foundation within the community and continuously provide the highest-level specialized service on behalf of investors in the CRE space for years to come.”

R&B Realty’s vision for Wynwood has helped fuel a new office submarket in Miami, creating competition for more established office markets such as downtown Miami, Brickell, Aventura and Coral Gables. Already, several big-name companies have made Wynwood their home, including Spotify, Live Nation, Chase and Founders Fund. Other companies looking at the area include Google, Dentsu and other creative marketing agencies.

The Gateway at Wynwood is located minutes away from downtown Miami, Aventura and Miami Beach as well as Brightline’s Miami Central, Miami International Airport and Port Miami – the cruise capital of the world. Strategically located near Interstate 95, The Gateway at Wynwood can be easily accessed from Fort Lauderdale and West Palm Beach to the north. The Gateway at Wynwood is also bordered by the Wynwood Arts District, Midtown Miami, Edgewater and the Miami Design District, which are among South Florida’s fastest-growing residential and commercial destinations.

According to the Q4 Miami-Dade office market report by Colliers, the office market fundamentals continued to show great strength with a decreasing vacancy rate, increasing asking rental rate, and a third consecutive quarter of positive net absorption.

State Street realty brokers close more than 250,000 square feet of commercial real estate transactions in South Florida

cwilliams@achieveagency.com (Clay Williams) — Fri, 25 Mar 2022 03:25:30 GMT

Miami, FL – (March 23, 2022) – State Street Realty, a Miami-based brokerage and advisory firm, recently completed lease and sale transactions totaling over 257,648 square feet. These commercial real estate transactions were all completed throughout the South Florida area in January, February and March by Vice President Frank Trelles, SIOR and Sales Associate Jason Gonzalez.

Deals that State Street Realty recently closed include:

Frank and Jason represented the buyer who purchased a 13,000 SF warehouse space located at 10650 NW 29 Street in Doral. Hector Catano of Cornerstone Realty represented the seller.
Frank and Jason represented the tenant in a 13,000 SF warehouse lease located at 1400 NW 89 Avenue. The landlord was represented by Andrew Fernandez of CBRE.
Frank and Jason represented the tenant in a 38,648 SF warehouse lease located at 10255 NW 116 Way in Medley, FL. The landlord was represented by Stuart Gordon of Cushman & Wakefield.
Frank and Jason represented the tenant in a 66,000 SF warehouse lease located at 9001 NW 87 Avenue. The landlord was represented by Devin White of CBRE.
Frank and Jason represented the landlord in a 127,000 SF industrial lease located at 7000 NW 33 terrace. The tenant was represented by George Pino, President of State Street Realty.

State Street Realty’s office is based out of Beacon Centre Business Park located at 8319 NW 12 Street, Doral, Florida. For more information, please contact State Street Realty at (305) 447-3390.

Bridge Industrial Named Developer of the Year in South Florida

cwilliams@achieveagency.com (Clay Williams) — Fri, 25 Mar 2022 03:23:35 GMT

This marks the fourth time winning this prestigious honor from NAIOP's South Florida Chapter in the past six years

Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, today announced it has been named Developer of the Year by the South Florida chapter of NAIOP, a leading commercial real estate industry association. This marks the company’s fourth time earning this prestigious recognition since first establishing a South Florida foothold in 2012.

“It has been an incredible run for us here in South Florida since first entering the market a decade ago,” said Kevin Carroll, Partner, Southeast Region of Bridge Industrial. “We are honored to have received this prestigious recognition, but more importantly, to be able to continue to serve the community. Our world-class projects not only generate new jobs and investment, but also serve to meet our changing supply chain needs. Last year was marked by tremendous growth, and we would be remiss if we did not thank our talented team of professionals and valuable partners for all of their hard work and dedication."

Presented at NAIOP South Florida’s Annual Awards of Excellence Dinner, held at the Seminole Hard Rock Hotel & Casino on March 10, this highly coveted award is presented to one developer that best exemplifies leadership and innovation in the region’s commercial real estate market. Bridge Industrial was recognized for completing, acquiring and/or breaking ground on 6.1 MSF of speculative industrial development projects that are changing the South Florida landscape.

Cushman & Wakefield Negotiates BayWa’s Lease of Pompano Industrial Center

cwilliams@achieveagency.com (Clay Williams) — Fri, 25 Mar 2022 03:20:59 GMT

Matt McAllister, Chris Metzger, Rick Etner, and Christopher Thomson Represented Building Owner Black Creek Group in the Lease of the ±25,300-Square-Foot Warehouse and Distribution Center

POMPANO BEACH, FL, March 22, 2022 — Cushman & Wakefield's South Florida Industrial Team negotiated a full-building lease with BayWa r.e. Solar Systems, LLC at Pompano Industrial Center on behalf of building owner Black Creek Group .

The Cushman & Wakefield team of Matt McAllister , Chris Metzger , Rick Etner , and Christopher Thomson represented Denver-based Black Creek Group in the lease negotiations. Skylar Stein , Wayne Ramoski , and Gian Rodriguez in Cushman & Wakefield's Miami office represented BayWa.

Irvine, CA-based BayWa r.e. Solar Systems LLC is a leading U.S. distributor of solar and energy storage components and systems. The company serves local, independent installers by offering best-in-class photovoltaic products, forecasting, consulting, and customer support. BayWa r.e. Solar Systems LLC is a subsidiary of BayWa AG , a German retail and agribusiness conglomerate based in Munich.

The lease represents BayWa's entry in the South Florida market. The company will utilize the space at Pompano Industrial Center for warehouse, distribution, and administrative purposes. BayWa moved into the building on March 1.

Pompano Industrial Center features ±5,489 square feet of office space, six dock-high doors, one drive-in door, 18-foot ceiling heights, 30-foot by 34-foot column spacing, and ESFR (Early Suppression, Fast Response) fire safety system. The building's location at 2151 Blount Road provides exceptional access to both Interstate 95 and Florida’s Turnpike.

“Pompano Industrial Center is ideally located for BayWa's warehouse and distribution needs," said McAllister. "The facility's position offers the shortest drive to both I-95 and Florida's Turnpike in Broward County, providing efficient routing to customers in the local market and beyond."

Marcus & Millichap Announces $10.8 Million Industrial Portfolio Sale in Margate

cwilliams@achieveagency.com (Clay Williams) — Sat, 19 Mar 2022 03:17:32 GMT

MARGATE, Fla., March 18, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a four-building, 56,988-square-foot industrial portfolio located in Margate, Florida. The 4.99-acre property sold for $10,750,000 or $190 per square foot.

The Mears Parkway industrial portfolio is fully occupied with a diverse mix of 46 tenants on short-term leases. The buildings, constructed in 1979 and 1986, have been owned and operated by the current owners since 1998. This is the first time the property has sold since it was established over two decades ago.

“This trade illustrates the continued, frenzied demand for industrial space throughout the state of Florida,” said Kuhlman, senior associate in Marcus & Millichap’s Fort Lauderdale office. Kuhlman, along with Douglas K. Mandel, executive managing director, exclusively represented the seller, RRK Properties. The buyer was Cabessa Realty Investments.

“Lack of quality industrial inventory coupled with surging buyer demand continues to drive prices in the industrial sector throughout South Florida,” added Mandel.

Mears Parkway is located at 2200 Mears Pkwy in Margate, Florida. It is strategically located in central Broward, near Florida’s major north/south thoroughfares, including the Florida Turnpike, North State Road 7, and Coconut Creek Parkway. Each unit offers a mix of 75% warehouse and 25% office space with a private bathroom. Additionally, the property features 16-foot clear heights with 10’ x 10’, grade-level, roll-up doors, and ample parking.

The Gateway at Wynwood scores Danish furniture chain as first retail tenant

cwilliams@achieveagency.com (Clay Williams) — Sat, 19 Mar 2022 03:15:57 GMT

WYNWOOD (March 18, 2022) – Miami’s retail market continues to experience tremendous growth as The Gateway at Wynwood has signed a long-term lease with BoConcept, the first retail tenant announced for the building. BoConcept will occupy 3,000 square feet of ground-floor retail space at the newly opened office building. The premium Danish retail furniture chain has more than 300 stores in over 65 countries around the world, and this will be the company’s fifth store in South Florida.

CBRE’s Alex Cesar, First Vice President of Retail Advisory and Transaction Services, represented The Gateway at Wynwood in the transaction. CBRE’s Drew Schaul, Senior Vice President of Advisory and Transaction Services, represented BoConcept.

“BoConcept is a fantastic addition to The Gateway at Wynwood’s ground-floor retail space,” Shelby Rosenberg, R&B Realty’s Head of Development and Acquisitions, Asset and Property Manager, US Portfolio. “The Gateway at Wynwood provides an outstanding retail location with visibility at the intersection of Midtown Miami and Wynwood neighborhoods. We expect to make more exciting announcements soon as we continue to see an increase in interest from retail tenants who want to be in Miami’s trendiest neighborhood.”

BoConcept designs, produces and sells contemporary furniture, accessories and lighting for living, dining, sleeping, home-office and outdoor spaces. They also offer a comprehensive in-home or store interior design service to help customers create a personal home. The store is expected to open in Fall 2022.

“The Gateway at Wynwood is an ideal setting for a BoConcept store”, said Steen Knigge, director of U.S. marketing for BoConcept. “This fifth BoConcept location in Miami officially puts BoConcept at the pinnacle of progressive, urban furniture design in Florida. This store is in a prominent position to not only introduce the Danish design concept of home comfort and coziness known as “hygge” to many more people from around the world, but, more importantly, to reinforce BoConcept’s global commitment to creating modern design elements that elevate interior spaces to achieve their true potential.”

This transaction is representative of what is happening in the Miami-Dade County retail market. This sector has successfully re-established stability two years into the pandemic and saw improvements throughout 2021 with positive net absorption, manageable new supply, increasing asking rental rates and a decreasing vacancy rate each quarter, according to the Colliers’ Q4 retail market report. Overall vacancy decreased to 3.7% in the fourth quarter and asking rates significantly increased.

Brooklyn firm secures $11M acquisition loan for high-rise development site in Fort Lauderdale

cwilliams@achieveagency.com (Clay Williams) — Fri, 18 Mar 2022 03:13:49 GMT

Colliers Florida’s Debt & Equity team represented the buyer in securing the $11M acquisition loan with a local community bank

FORT LAUDERDALE, FL, March 17, 2022 – As out-of-state investors continue their expansion into South Florida’s markets, Colliers facilitated the off-market sale of the Himmarshee development site in Downtown Fort Lauderdale. Colliers’ Managing Director- Debt & Equity, Tony Gannacone, represented the buyer, the offices of Heights Legacy, in securing the loan and Managing Director Bradley Arendt and Executive Managing Director Mika Mattingly represented the seller in the transaction.

“Despite the financing challenges presented by COVID, our team worked collaboratively with the bank to meet the client’s needs,” says Gannacone. “The result was a financing solution with great leverage and rate that supported the acquisitions group’s expansion into the market.”

The buyer, the offices of Heights Legacy, purchased the development site in a joint venture for $6.7M. Heights separately bought the retail portion for $7.8M for a total sales price of $14.5M.

“This was a no-brainer deal, perfectly located, a block from Brightline, surrounded by The Performing Arts Center and The Museum of Science,” says Arendt. “Not only is the location stellar, but the two one-acre sites produce in-place income from existing bars, restaurants and a parking lot.”

At a time when development opportunities are few, investor interest in South Florida is peaking, particularly among out-of-state buyers. Approximately $1.6 billion has been invested in South Florida land opportunities year-to-date among out-of-state buyers, furthermore, approximately $481.5 million or 30 percent of that, is sourced to the buyers in the NYC metro area.

Marcus & Millichap Brokers $46.7 Million Biscayne Boulevard Development Site Sale in Miami

cwilliams@achieveagency.com (Clay Williams) — Thu, 17 Mar 2022 03:11:35 GMT

MIAMI, March 10, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 3333 Biscayne Boulevard, a 2.91-acre development site located in the Edgewater neighborhood of Miami, Florida. Located on an entire city block, the assemblage comprises a 2.80-acre site that sold for $45 million and a 0.126-acre corner parcel located at 440 N.E. 34th Street that sold for $1.7 million in a separate transaction to Aimco. Altogether, the assemblage sold for $46.7 million.

“This sale reflects the continued bullish investment in South Florida by out-of-market buyers who have earmarked South Florida as their primary growth market. Within South Florida, Edgewater continues to be a submarket receiving much attention from developers and investors to place capital,” said Landy Toledo, first vice president investments in Marcus & Millichap’s Miami office. The transaction follows Marcus & Millichap’s recent sale to Aimco of the adjacent Hamilton on the Bay multifamily assemblage.

Toledo had the exclusive listing to market 3333 Biscayne Boulevard on behalf of the seller, Miami Sunrise Properties LLC, managed by Camila Koelbl in Key Biscayne. The property was purchased by the Beitel Group of Brooklyn, New York.

The asset is one of the largest remaining mixed-use development sites in the Edgewater District. The block stretches from Biscayne Boulevard to N.E. 5th Avenue, between NE 33rd Street and N.E. 34th Street. The T6-36A-L/T6-36a-0 zoning allows for mixed-use development, including residential of up to 60 stories, hotel, office, and commercial/retail.

The assemblage is strategically located within half a mile of Miami’s Design District, within one-third of a mile of the 645,000-square-foot Shops at Midtown Miami, and within 1.5 miles of cultural attractions, including the Adrienne Arsht Center, Pérez Art Museum Miami (PAMM), Phillip and Patricia Frost Museum of Science and FTX Arena American, formerly known as the American Airlines Arena. Comprised of 11 parcels, 3333 Biscayne Boulevard includes a Wendy’s restaurant, three apartment buildings, and several single-family homes on short-term leases.

Colliers' Mika Mattingly named #1 Top Producing Broker of the Year in South Florida

cwilliams@achieveagency.com (Clay Williams) — Thu, 17 Mar 2022 03:09:12 GMT

Miami, Fl. [March 16, 2022] – Colliers Executive Managing Director, Urban Core Division’s Mika Mattingly won the #1 Top Producing Broker of the Year for 2021 award at the firm’s South Florida Annual Awards and Recognitions ceremony, marking the first time a female broker at Colliers has garnered this prize.

Mattingly, who leads Colliers’ Urban Core Division, specializes in core asset sales, off-market sales, and assemblages across core South Florida neighborhoods. During the South Florida market’s pandemic-driven real estate boom, Mattingly capitalized on the growing demand for commercial real estate assets in submarkets like downtown Miami. In 2021 she brokered a total of $240 million in transactions, which made her Colliers’ Top Producing Broker in South Florida.

“The South Florida real estate market is on fire, and the relationships that I’ve nourished over the years with buyers and sellers are yielding results,” Mattingly said. “I’m very proud of the Urban Core Division team, because without their support and collaboration I could never have achieved this level of success. The transactions we close are complex and often require unconventional strategies to help parties reach a consensus. We work hard to make deals happen, and take great pleasure in our clients’ accomplishments.”

In the last two years, Mattingly has been involved in 63 percent of all commercial real estate inventory in Downtown, a one-mile radius of Miami’s urban core. Within the last 18 months alone, she has assembled a critical mass by selling 31 buildings in that area.

One of her high-profile clients is Moishe Mana, who owns nearly 58 properties in Downtown Miami; Mattingly has brokered 95 percent of Mr. Mana’s transactions. In 2014, she introduced Mana to Miami’s historic district and shared her vision for the area, which benefits from some of the city’s most generous zoning codes. At that time, Mattingly was one of the few commercial brokers who understood the tremendous potential of Downtown Miami. Since she started promoting the area seven years ago, property values in that pocket of Miami have risen 300 percent.

Armed with a strong knowledge of building-level market data for Downtown Miami and a knack for navigating the complexities of urban zoning and approvals, Mattingly has established herself as one of the driving forces that helped transform a neglected business corridor into a revitalized destination for real estate investing and community growth.

“Through perseverance and a keen eye for the highest and best use of properties, I’ve sold many of the area’s cherished historical buildings,” Mattingly said. “Some of them had been left vacant for years but are now being reborn with an influx of capital and urban renewal efforts. These landmark buildings include the Old Post Office, Shoreland Arcade, Lawson E. Thomas Courthouse Center, and La Epoca. I am pleased to be the area’s conduit for revitalization.”

For more information, visit https://urbancorerealestate.com/ .

Bridge Industrial Inks 312,103 SF Lease with FreezPak; Brings Bridge Point Cold Logistics Center to Full Occupancy

cwilliams@achieveagency.com (Clay Williams) — Mon, 14 Mar 2022 19:43:00 GMT

This marks the first South Florida location for the New Jersey-based third-party food logistics company

Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, today announced it has inked a 312,103-square-foot, full building lease with New-Jersey-based FreezPak, bringing its highly anticipated Bridge Point Cold Logistics Center project to full occupancy. On track for delivery in the fourth quarter of 2022, the pioneering Hialeah, Fla. project represents the first, for-lease cold storage facility to be built on a speculative basis in the region.

This is the first South Florida location for the leading third-party food logistics company. Consistent with FreezPak’s other facilities, the South Florida location will offer cross docking, transportation, repacking, overseas container plug in, USDA and FDA services.

“We are thrilled to have been able to meet all of FreezPak’s unique requirements and welcome them to South Florida,” said Kevin Carroll, Partner, Southeast Region of Bridge Industrial. “Our state-of-the-art facility will allow for optimal distribution to FreezPak’s customers and help fuel its continued growth.”

Dave Aschenbrand, Vice President of Cold Storage for Bridge Industrial added, “As the nation’s food logistics industry continues to shift to accommodate today’s e-commerce-based economy, demand for modern, efficient cold storage and distribution facilities like Bridge Point Cold Logistics Center is growing. We will continue to leverage our resources and capabilities to meet demand for these niche facilities that are critical to our global supply chain infrastructure.”

“FreezPak is excited to have a presence in South Florida. We are planning to be in every major port and the Miami site helps us achieve that goal,” said Dave Saoud, Co-CEO of FreezPak. Mike Saoud, Co-CEO of FreezPak added, “Our customers will benefit from this expansion, and the port of Miami is a great site to leverage our expertise.”

Bridge Point Cold Logistics Center is a joint venture between Bridge and PGIM Real Estate, the global real estate investment and financing business of Prudential Financial, Inc. The facility features a front-load design with 50' clear heights that maximize pallet storage efficiency; 348' building depth, 48 dock-high doors, three grade-level truck ramps, an estimated 3% office finish, 207 car parking spaces, and 49 trailer parking stalls. The facility’s high-tech refrigeration systems provide broad temperature flexibility in all units, ranging from -10°F to +55°F, allowing the building to accommodate both freezer and cooler users. The property’s prime location just south of the Miami-Dade and Broward County line, offers easy access to Florida’s major transportation arteries including the Florida Turnpike, I-75 and State Road 826.

Headquartered in Carteret, NJ, FreezPak Logistics is one of the leading full-service cold and dry storage in the United States. The company operates six world-class facilities across New Jersey and Philadelphia, Pa., and is slated to open this new South Florida location next year. With more than 60 million cubic feet, FreezPak Logistics locations are strategically located near the nation’s busiest air and seaports with easy access to major highways to ensure fast and efficient distribution.

Bridge currently has over 1 million square feet of Class-A cold storage product in the development pipeline across its core industrial supply-constrained markets nationwide. Bridge Cold is a specialized division of Bridge Industrial that focuses on the development and acquisition of modern, efficient cold storage warehouses and distribution facilities designed to meet the unique requirements of today’s essential businesses that store and distribute perishable goods.

Grover Corlew Acquires Palmetto Park City Center in Downtown Boca Raton for $25.2 Million

cwilliams@achieveagency.com (Clay Williams) — Mon, 14 Mar 2022 19:37:00 GMT

South Florida real estate investment group adds fourth Boca Raton office building to its portfolio

Boca Raton, Florida (March 8, 2022) – The South Florida-based real estate investment management group, Grover Corlew, has acquired Palmetto Park City Center, a 66,606-sq.-ft. office building in downtown Boca Raton, Florida, for $25.2 million.

Having earned the reputation in Florida and the southeastern U.S. for reimagining infill office properties in prime locations, Grover Corlew plans to invest in Palmetto Park City Center with upgrades to tenant space, common areas, landscaping and the façade.

Located at 120 East Palmetto Park Road, Palmetto Park City Center is a five-story, Class A office building that sits adjacent to the 109,497-sq.-ft. Bank of America Tower, purchased by Grover Corlew in July 2021.

Less than a year after acquiring the eight-story Bank of America Tower, Grover Corlew has already made major strides toward revitalizing the property. During that time, both tenant occupancy levels and rental rates have risen by 30%. A high-end and well-known restaurant has also signed a 7,800-sq.-ft. lease and will open on the ground floor later this year. Plans are also underway for substantial renovations and development of the Bank of America Tower, which will take advantage of the building’s significant retail frontage along the burgeoning East Palmetto Park Road.

“We have been making continuous investments in Boca Raton since 2016 when we originally purchased 1499 West Palmetto Park Road and subsequently purchased the adjacent 1489 building,” said partner Mark Corlew. “Our headquarters are here, and we’re raising our children here. We see these two properties as an ideal opportunity to invest in our hometown.”

Originally built in 1996, Palmetto Park City Center is located in the heart of downtown Boca Raton, with direct access on Palmetto Park Rd and just east of US-I. The property is within walking distance of Mizner Park, is less than a mile from the Boca Raton Resort & Club and is within close proximity to Royal Palm Place, countless restaurants and shops, and the soon to be completed Brightline station. The building was awarded an Energy Star label in 2015 and features a renovated lobby, lush landscaping and ample covered and free surface parking.

In addition to Fort Lauderdale International and Palm Beach International airports, Palmetto Park City Center is also in close proximity to Boca Raton and Fort Lauderdale executive airports.

“Because of their recent purchase of the adjacent building, Grover Corlew was uniquely positioned to benefit from scale and synergy that buying 120 E. Palmetto Park provides,” said Dominic Montazemi of Cushman & Wakefield.

In November 2021, Grover Corlew sold Sabre Centre I, a Class A office building also located in Boca Raton, after investing significantly in common area and tenant upgrades while re-tenanting the building in its entirety. The building received considerable attention when Gift of Life, a bone marrow and stem cell registry, moved its corporate headquarters there.

Most recently, Grover Corlew launched Mayla Residences, a new ground-up multifamily brand and celebrated the groundbreaking of the 355-luxury residence, Mayla Pompano, located on East Atlantic Boulevard in Pompano Beach.

“This is a strategic move for us as we continue to set our sights on underrealized areas of South Florida,” noted partner Anuj Grover. “This stretch of the East Palmetto Park corridor has tremendous long-term potential as a lifestyle friendly location to do business. We look forward to repositioning and rebranding this exceptionally well-situated property.”

The Cushman & Wakefield Capital Markets team led by Dominic Montazemi and Scott O’Donnell brokered the transaction, and financing was provided by Wells Fargo facilitated by Patrick Ramge.

For more information on Grover Corlew, visit grovercorlew.com.

Mastercard International renews 53,700 SF lease at 801 Brickell

cwilliams@achieveagency.com (Clay Williams) — Mon, 14 Mar 2022 19:33:16 GMT

Colliers South Florida represented the landlord, Nuveen Real Estate, in the transaction

MIAMI, FL, March 8, 2022 – Global payment technology solutions giant, Mastercard International, re-committed to their tenancy in Brickell by renewing their 53,700-square-foot office space at landmark office tower, 801 Brickell. Executive Managing Director Stephen Rutchik and Managing Director Tom Farmer represented the landlord, Nuveen Real Estate, in negotiating the long-term lease renewal early this February. Cushman & Wakefield’s Executive Managing Director, Tony Jones, represented the tenant.

“Ownership has shown its commitment to thoughtful improvements that meet the evolving needs of tenants at 801 Brickell,” said Rutchik.

Mastercard has been a tenant at 801 Brickell since 1986.

“This lease renewal represents the relationship we have built with our long-term tenants at 801 Brickell,” said Charles Russo, Nuveen Southeast Regional Head. “As the largest owner of Class A office on Brickell Avenue we have been very active over the last two years renovating and leasing our assets to meet the dynamic needs of our valued tenants.”

801 Brickell is currently undergoing a multi-million dollar transformation, including a completely enhanced lobby and redesigned common areas featuring natural finishes. The fifth floor of the building is being transformed to feature a range of amenities, including a wellness center, state-of-the-art conference center and tenant lounge. The exterior landscaping of the Class A office tower has also been re-imagined alongside the expansion of ground-floor retail options.

Focusing on environmentally sound office building management, the renovations will include HVAC system improvements designed to provide a cleaner, healthier indoor environment. Digital touchless systems are also being implemented throughout the building and will keep tenants informed of renovation updates, event information, transportation options, conference room reservations, and work order capabilities.

Grover Corlew Breaks Ground on Mayla Pompano

cwilliams@achieveagency.com (Clay Williams) — Mon, 14 Mar 2022 19:30:48 GMT

Real estate investment group’s first multifamily development under the Mayla Residences brand

Pompano Beach, Florida (March 9, 2022) – Grover Corlew hosted a groundbreaking ceremony for Mayla Pompano, a new luxury multifamily residence in Pompano Beach, Florida. This is the first of several properties under the brand name of Mayla Residences to be developed by the real estate investment management group focused on acquiring, transforming and managing office, multifamily and retail properties across the southeastern U.S.

“We are thrilled that construction has begun on Mayla Pompano, the first of many soon-to-be-built Mayla Residences,” said partner Anuj Grover. “Mayla Pompano will be a pedestrian-friendly community with easy access to the beach and lifestyle amenities along East Atlantic Boulevard.”

Among those in attendance at the groundbreaking were Broward County Vice Mayor and former Pompano Beach Mayor Lamar Fisher; Pompano Beach Mayor Rex Hardin; Pompano Beach City Commissioners Andrea McGee, Rhonda Eaton and Tom McMahon; Pompano Beach City Manager Greg Harrison; and Pompano Beach Community Redevelopment Agency Director Nguyen Tran.

“It’s through a shared vision and partnerships between the city, county, the community and quality developers like Grover Corlew that we are able to stand here today and celebrate the groundbreaking of Mayla Pompano,” said Broward County Vice Mayor Fisher. “This will be the pivotal development for East Pompano. It’s what we have all dreamed about.”

The two-building, Class A 355-unit Mayla Pompano will offer open floorplans that range in size from studio to three-bedroom layouts, spanning 548 to 1383 sq. ft. and will include workplace housing. The signature project will be an economic boost to the area.

“We have 60,000 sq. ft. of office and ground-floor retail space in the adjacent 2335 and 2401 Atlantic buildings that we will renovate to make Mayla Pompano a true mixed-use development,” said partner Mark Corlew.

Mayla Pompano residences will be highlighted by spa-inspired bathrooms with soaking tubs, frameless shower enclosures, back-lit vanity mirrors; quartz countertops, high-end cabinetry with under cabinet lights, stainless steel appliances, bottom mount sinks, built-in microwaves, glass cooktops, and full height tile backsplashes in the kitchen; walk-in closets with high-end shelving; private balconies; hurricane impact windows; and washer and dryers in each residence.

Residents of Mayla Pompano will have exclusive access to a two-story clubroom; co-workspaces; a TV lounge; a 24/7state-of-the-art fitness Center and yoga-aerobics room; resort-style pools with cabanas; outdoor kitchens with seating at both buildings; a pedestrian bridge between buildings; a dog spa; bicycle storage and repair station; ample garage parking; storage cages; and interior mailrooms and package rooms.

“Nothing happens in a city without a great team and part of the reason we are here today is the incredible efforts of so many to turn our city in a new direction,” added Pompano Beach Mayor Hardin. “Thanks to Redevelopment Management Associates, the Pompano Beach Community Redevelopment Agency, and Pompano’s city manager and commissioners. It takes sustained pressure to make things happen, and today’s celebration is a result of that unrelenting tenacity.”

Completion of Mayla Pompano is expected by July of 2023.

MSA Architects is the architect for Mayla Pompano, and Verdex Construction is the general contractor.

For more information on Grover Corlew, visit grovercorlew.com.

STATE STREET REALTY HIRES BRANDON CAREAGA AS SALES ASSOCIATE OF COMMERCIAL SALES & LEASING

cwilliams@achieveagency.com (Clay Williams) — Mon, 14 Mar 2022 19:22:31 GMT

Miami, FL – (March 9, 2022) – State Street Realty, a Miami-based brokerage and advisory firm, announces the hire of Brandon Careaga to join its team of successful professionals as Sales Associate. The new hire comes as State Street Realty celebrates its 10 ^th year in the commercial real estate business and closes 2021 with another record breaking year.

State Street Realty has experienced tremendous growth in the past year and is excited about the new hire. As Sales Associate, Mr. Careaga will be responsible for new business development, tenant representation and landlord representation. He will also assist the lead brokers in various leasing assignments. Mr. Careaga joins State Street Realty after having served as Associate at the Easton Group where he focused on developing and implementing marketing strategies and identifying business opportunities. Prior to that, Mr. Careaga was General Partner at MLB Capital in Detroit, Michigan where he handled acquisitions and investments of low income housing properties. He has over 8 years of property management and real estate experience. Mr. Careaga received his Master of Science in International Real Estate and his Bachelor of Science in International Relations at Florida International University.

“Mr. Careaga is a welcomed addition to our growing State Street Realty brokerage team and will bring his valuable skill sets to his role within our firm,” stated Mr. George Pino, President of State Street Realty.

State Street Realty’s office is based out of Beacon Centre Business Park located at 8319 NW 12 Street, Doral, Florida. For more information, please contact State Street Realty at (305) 447-3390.

CRG to Build Chamberlain University Campus and Adtalem Global Education Offices at Former USA Today Site in Miramar, Fla.

cwilliams@achieveagency.com (Clay Williams) — Mon, 07 Mar 2022 20:40:16 GMT

Former USA Today printing and distribution facility will be renovated to integrate Adtalem Global Education’s Chamberlain University campus, as well as administrative offices for Adtalem’s Ross University School of Medicine, American University of the Caribbean School of Medicine, and Medical Education Readiness Program

MIRAMAR, Fla. (March 7, 2022) — CRG , the national real estate development and investment firm, announced today that it plans to renovate a former printing and distribution facility, once the home of USA Today, into a state-of-the-art healthcare education facility for Adtalem Global Education’s institutions, including a campus for Chamberlain University, which has the largest nursing school in the country. The facility will replace Chamberlain’s current nearby Miramar location. The site is being designed to house administrative offices for other Adtalem educational institutions and projects, including Ross University School of Medicine, the American University of the Caribbean School of Medicine, and the Medical Education Readiness Program, pending regulatory approvals.

“Chamberlain University has a longstanding commitment to support students through access and a personalized learning approach,” said Karen Cox, PhD, RN, FACHE, FAAN, Chamberlain University president. “Now, more than ever, there is a global demand for healthcare professionals.”

The ultramodern Chamberlain University campus in Miramar will include over 56,000 square feet of space to house lecture-style classrooms, science labs, and simulation care centers, along with an admissions center, faculty offices, and student amenities, such as study areas and lounges. The campus will also include landscaped outdoor spaces and 300 parking spots.

“This project represents our first build-to-suit for Adtalem Global Education, a company that recognizes the critical need for qualified healthcare professionals and is moving fast to deliver high-quality educational programs across the country,” said Shawn Clark, president at CRG. “We are thrilled to partner with them to establish what will be one of the largest nursing schools in Florida and look forward to working together to create high-tech educational facilities in other markets.”

On behalf of Adtalem Global Education, CRG sourced the location and acquired the land for the project. The campus renovations were designed by Lamar Johnson Collaborative (LJC), a subsidiary of CRG’s parent company, Clayco. Construction will be completed by Excel Construction of Florida, Inc.

“CRG’s vertically integrated platform is scalable to meet the diverse needs of our clients,’” said Jason Blum, vice president of development for CRG. “This project is a great example of leveraging CRG’s strength in identifying and acquiring excellent sites with LJC’s design talent and Excel Construction’s on-the-ground expertise to deliver a winning solution quickly.”

“This is an important project considering the nursing and healthcare worker shortage here and nationally,” said Excel Construction of Florida president Eric Wolf. “We have built out space for colleges in the past, but this is the largest interior and most unique repurposing of space we’ve ever done. It’s projects like this one, where we entirely rehabilitate and bring new life and purpose to outdated spaces, that highlight our extensive capabilities.”

With 23 campuses nationwide, Chamberlain University is accredited by The Higher Learning Commission. The university offers a Bachelor of Science in Nursing degree program and several online post-licensure programs, including masters and doctorates of nursing, public health, and social work.

For more information on the degree programs that will be offered at the Miramar site, visit https://www.chamberlain.edu/ .

Avison Young negotiates new 53,119 SF lease for Sandals Resorts affiliate Unique Vacations in Miami

cwilliams@achieveagency.com (Clay Williams) — Thu, 03 Mar 2022 18:23:29 GMT

Lease marks tenant’s relocation and expansion in the market, brings 5505 Waterford to 100% leased

MIAMI – Avison Young secured a 53,119-square-foot space on behalf of Unique Vacations, an affiliate of all-inclusive resort company Sandals, at the 5505 Waterford class A office building in Miami. The new, long-term lease brings the 212,619-square-foot building to 100% leased and marks Unique Vacations’ relocation and expansion from its previous space in the Glenvar Heights area near South Miami to 5505 Blue Lagoon Drive in Miami’s Airport submarket.

Avison Young Principal and Miami Managing Director Donna Abood, Vice President Joe Abood, and Senior Associate Peyton Dowd represented the tenant during the lease transaction. The team came highly recommended by Hospitality Purveyors Inc. an affiliate of Sandals, due to the successful representation they provided in securing 76,867 square feet of industrial space at the Prologis Beacon Lakes Park. CBRE’s Gordon Messinger represented the landlord, FSP Blue Lagoon Drive, LLC.

“We began our relationship with Unique Vacations by consulting on how much space the company would need for its growth in a relocation,” explained Donna Abood. “Following our recommendations, we were engaged and quickly identified the ideal space, which was previously occupied by Burger King, at 5505 Waterford. It was the only building available to seamlessly meet Unique Vacations’ location and space needs.”

Positioned 10 minutes from Downtown Miami and Coral Gables, two other major Miami business hubs, the Airport submarket is home to several prominent corporate and Latin American headquarters including Burger King, Subway, FedEx, L’Oreal, and Airbus. Lennar Homes’ headquarters occupies floors 4-9 at 5505 Waterford, where Unique Vacations will be the only other tenant.

“The number of companies choosing the Airport Miami submarket, specifically the Blue Lagoon area, for office space continues to increase due to the location’s easy access to the Miami International Airport and major highways and thoroughfares,” said Joe Abood. “Less and less large blocks of space over 50,000 square feet in Blue Lagoon are ready to be occupied within 12 months, so there is much anticipation around the redevelopment projects slated to bring roughly 1.9 million square feet of mixed-use space to the area.”

According to Avison Young insights , overall office leasing activity in Miami saw a resuregence during 2021 and is up 30.3% from total leasing volume during 2020. Total leasing volume during 2021 was just behind pre-pandemic levels at year-end 2019 at 4.9 million square feet. Net absorption ended the year on a positive note at 434,713 square feet absorbed during 2021.

Exclusive Pinecrest Retail Strip in Miami Sells for $5.75 Million

cwilliams@achieveagency.com (Clay Williams) — Tue, 01 Mar 2022 16:25:55 GMT

MIAMI, Fla., Feb. 25, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Landmark Center, a 6,950-square foot retail property located in Miami, Florida. The retail property sold for $5,750,000.

Built in 1959, the 6,950-square-foot, six-tenant building is located within the exclusive Pinecrest municipality of Miami. The owners of Landmark Center spent over $360,000 to renovate the property in 2020, including a brand-new roof (with 20-year warranty), new store fronts, new HVAC units and new 40-year recertification.

Drew A. Kristol and Kirk D. Olson, both Senior Vice Presidents of Investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a joint venture between Lombardi Properties and Bayshore Investment Partners. The buyer, a private investor, was procured by Alex Zylberglait, Senior Managing Director for the same Miami office of Marcus & Millichap.

“This was a rare opportunity to own a renovated 100% occupied retail strip along South Dixie Highway in one of the most wealthy and dense retail corridors in the entire state of Florida. We had a lot of competition from both local and national investors and ended up selling the property at the full list price,” said Kristol.

Landmark Center is located at 12441 S Dixie Hwy in Miami, Florida, along the heavily traveled South Dixie Highway (US-1). The property is anchored by AT&T with multiple small bays and a healthy parking ratio of over four spaces per 1,000 square feet.

Society Las Olas Riverfront Retail Center Sells for $17M

cwilliams@achieveagency.com (Clay Williams) — Wed, 23 Feb 2022 18:18:04 GMT

FORT LAUDERDALE, Fla., Feb. 21, 2022 – Marcus & Millichap (NYSE: MMI) announced today the sale of Society Las Olas Riverfront, the 17,084-square-foot retail center located on the ground floor of the newly constructed 639-unit Society Las Olas apartment tower in Downtown Fort Lauderdale, Florida. The property sold for $17 million.

Douglas K. Mandel, executive managing director in Marcus & Millichap’s Fort Lauderdale office along with Tyler Kuhlman, senior associate, had the exclusive listing to market the property on behalf of the seller, Tricera Capital and Merrimac Ventures. The buyer was PMG-Greybrook Riverfront LLC.

“The sale demonstrates continued support for Florida retail in high-quality locations. Downtown Fort Lauderdale continues to see tremendous growth and development with the addition of renowned culinary offerings, the construction of +4,300 residential units, the addition of 900 more hotel rooms, and 7.6 million square feet of office space,” said Mandel.

The retail property is a 2020-build, surrounded by Fort Lauderdale’s major tourist attractions, including The Wharf, Las Olas Boulevard, Millionaires Row, and the Riverwalk. Ground-floor tenants of the Society Las Olas Riverfront retail center is currently tenanted by Matchbox, Big Buns, Pura Vida, and Asbury Ale House.

A plan for the second phase of Society Las Olas would bring the unit count to 1,200 apartments. Additionally, it is planned to include a 30,000-square-foot co-working space on the 2 ^nd and 3 ^rd floors, offering a live-work experience within the Riverfront neighborhood.

Bridge Industrial Expands its South Florida Development Team, Welcomes Industry Veterans Ben Branch, Adolfo Reutlinger and Ramiro Garcia

cwilliams@achieveagency.com (Clay Williams) — Thu, 17 Feb 2022 18:43:59 GMT

Investment Manager and Real Estate Operator Continues to Grow its Regional Team to Accommodate its Growing Footprint that Now Spans 5 MSF+, with an Additional 2.5 MSF+ Under Construction

Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, today announced it is expanding its South Florida team with three new hires: Ben Branch joins as Vice President of Construction, Adolfo Reutlinger joins as Director of Development; and Ramiro Garcia joins as Senior Director of Development.

“We are pleased to welcome Ben, Adolfo and Ramiro to our expanding South Florida team,” said Kevin Carroll, Southeast Partner at Bridge. “These highly regarded industry professionals bring decades of experience and local market knowledge that will prove to be invaluable as we continue to grow our regional portfolio of state-of-the-art industrial real estate assets in order to meet ever growing market demand.”

In his new role, Branch, a construction industry veteran who brings more than 25 years of experience, will oversee the design, development, and construction of Bridge’s new regional projects. Prior to joining Bridge, he served as Executive Vice President of Design and Construction for a South Florida real estate and investment firm, where he was responsible for overseeing real estate asset development and capital improvements related to land development projects. Branch holds a master’s degree in business administration (MBA) from Florida International University (FIU) and a bachelor’s in architectural engineering from Penn State University. Committed to his community, Branch serves as secretary on the Mission to Haiti Board of Directors. He previously served on the MBA Advisory Board at FIU.

As Director of Development, Reutlinger is responsible for overseeing all tenant improvement projects for Bridge in the South Florida market. The seasoned development professional brings more than 15 years of experience in the commercial construction industry as a general contractor, having worked on a variety of project types including industrial, governmental, and retail, among others. He holds a Bachelor of Science in Construction Management from Florida International University and is a State of Florida Certified General Contractor.

As Senior Director of Development, Garcia is responsible for managing the development process of the firm’s assets in South Florida including, due diligence, entitlement, design, and construction. Prior to joining Bridge, Garcia served as a Senior Project Manager with a major industrial property REIT, where he managed the design, development, and construction of projects in Chicago, and later, South Florida. Garcia earned a Bachelor of Environmental Design in Architecture, with a minor in Construction Science from the Texas A&M University.

Bridge is one of South Florida’s most active industrial real estate developers. Since first entering the market in 2012, the company has acquired approximately 700 acres in 17 separate transactions throughout Miami Dade and Broward Counties. Bridge has delivered and/or has under construction approximately 8 million square feet of Class-A industrial space regionwide.

Environmental budget bill criticized by DeSantis would allow speedier wetlands permitting — for a price

cwilliams@achieveagency.com (Clay Williams) — Wed, 16 Feb 2022 17:02:22 GMT

TALLAHASSEE, Fla. — Critics say a budget conforming bill that Gov. Ron DeSantis opposes includes questionable changes to wetlands permitting and state land conservation programs, including allowing utilities to make donations to the Florida Department of Environmental Protection for expedited permitting.

DeSantis last week opposed FL SB2508 (22R) because he says it’s being “rammed through” the legislative process and it puts the future of a reservoir south of Lake Okeechobee at risk. The full Senate is scheduled to take up its proposed 2022-23 state budget and its budget conforming bills on Thursday.

In a move that angered environmentalists and others, the measure would allow utilities and others seeking permits for projects involving "public purposes" to make donations to the Department of Environmental Protection for expedited permitting including the federal wetlands permitting.

"Florida’s jacked-up 404 [wetlands] program not getting you that permit fast enough? For a fee, you can get it quicker," said Tania Galloni, Florida's managing attorney with the Earthjustice law firm, this week.

The vexation over the proposal is also part of a broader frustration over wetlands policies. Environmental groups already are battling the state Department of Environmental Protection and the Environmental Protection Agency in federal court over the EPA's decision in 2020 allowing Florida to take over the federal wetlands permitting.

The Center for Biological Diversity, Sierra Club and other groups say the decision in the final days of the Trump administration was illegal and now puts endangered species habitat at risk. Now they say the bill language could cause destruction even faster.

The governor's office and Department of Environmental Protection this week acknowledged receiving questions but did not provide answers about the governor's stance on the wetlands permitting bill language and whether the department requested it or was consulted on it.

Senate spokesperson Katie Betta responded to questions by pointing to a section of federal law that provides for a similar expedited permitting program with the federal wetlands system.

That Senate bill language says any agreement to speed up permitting must "not affect impartial decision-making, either substantively or procedurally."

The proposed law change affecting the Department of Agriculture and Consumer Affairs would expand the Rural and Family Lands Protection Program to include actual land-buying. The program now only provides payments to agricultural landowners to not develop their land.

And the bill would allow those conservation easements to be used for mitigation banking, meaning developers could pay to improve wetlands on conservation easements for permission to destroy wetlands elsewhere.

Senators did not consult state agriculture officials on the proposed changes to the program, said Shelby Scarpa, deputy chief of staff at the Department of Agriculture and Consumer Services.

"So all we can do at this time is speculate about how the proposed changes would affect this office and the Rural and Family Lands Protection Program," Scarpa said.

The Senate has proposed $300 million for the Rural and Family program in fiscal year 2022-23, a huge increase over recent years when the program received little or no funding. But that money is tied to approval of the program changes in the controversial measure.

While Agriculture Commissioner Nikki Fried supports the Rural and Family Lands program, "She remains skeptical of the true intentions" of the increased funding, Scarpa told POLITICO, because the money would not be released until after Fried leaves office in 2023 under the Senate proposal.

Critics say the program expansion would compete with the Florida Forever land-buying program at the Department of Environmental Protection that is based on a scientific evaluation and ranking of potential new state lands.

State Sen. Ben Albritton (R-Wauchula) said the program would give FDACS the "flexibility" to buy land in a region targeted for conservation easements but where one landowner perhaps only wants to sell.

"I don't think they are competing, I really don't," Albritton told POLITICO.

The bill also would remove timber and cattle ranches as preferred acquisitions for the Rural and Family Lands program under state law.

Lindsay Cross of Florida Conservation Voters said timber and cattle ranches are preferred for conservation because they typically contain more wildlife habitat than other more intensive farm uses, such as a strawberry field.

She also argued that allowing mitigation banking to occur on protected lands would create "double-dipping" for landowners and result in less wetlands protection and restoration.

Lawmakers only held one hearing for the proposed committee bill, before the Senate Committee on Appropriations on Feb. 4.

Some critics echo the governor in saying the proposals in the bill need more public vetting.

"There are many items [in the bill] that will fundamentally change and potentially harm our conservation land programs," Cross said.

State Sen. Jeff Brandes (R-St. Petersburg) last week told the appropriations committee last that conforming bills can damage the legislative process.

"I say that as a point for some of our Senate colleagues to always be wary of conforming bills — period," he said.

But state Sen. Kelli Stargel (R-Lakeland), the Appropriations Committee chair, told reporters that the bill did not contain significant policy changes — in spite of the

arguments from bill opponents, including DeSantis, who said it does.

"We want to make sure it's properly vetted and people have an opportunity to properly discuss it," Stargel said. "I think we've been able to do that with our conforming bills."

Marcus & Millichap Announces Exclusive Listing of Walgreens in Deerfield Beach for $11.78M

cwilliams@achieveagency.com (Clay Williams) — Wed, 16 Feb 2022 02:36:11 GMT

DEERFIELD BEACH, Fla., Feb. 14, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, has received the exclusive listing for a large 24-Hour Walgreens in Deerfield Beach, Florida, located off Federal Highway and East Hillsboro Boulevard.

The asset is priced at $11,780,000 million. The property has an above average store size of approximately 16,507-square-feet and includes both a drive-thru lane and liquor store for a total of 1.49-acres. Built in 2010, the Walgreens-leased property is located at 1041 E. Hillsboro Boulevard in Deerfield Beach, Florida.

Drew A. Kristol, Kirk Olson and Benedict Gutierrez, investment specialists in Marcus & Millichap’s Miami office, have the exclusive listing to market the property on behalf of the seller, a private investor.

“This is a rare opportunity for an investor to acquire a long-term, income-producing property with tremendous intrinsic value in the affluent city of Deerfield Beach, arguably one of the hottest real estate markets in the country with one of the strongest tenants in the world,” said Gutierrez.

Marcus & Millichap Announces Sale of Multifamily Asset in Miami Beach for $6.8M

cwilliams@achieveagency.com (Clay Williams) — Fri, 11 Feb 2022 15:54:45 GMT

MIAMI BEACH, Fla., Feb. 11, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Villas at Normandy Isle, located at 1971-1985 Bay Drive in Miami Beach, Florida. The two-story, 24-unit apartment property sold for $6,800,000.

Joseph P. Thomas, Adam G. Duncan, Alec Demetriou, Eduardo Toledo, Jonathan De La Rosa, Marisol Hernandez, and AJ Stanford, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the Miami-based seller, a limited liability company. The undisclosed buyer was procured by Landy Toledo, first vice president investments in Marcus & Millichap’s Miami office.

Originally built in 1938, the 2-building property was completely renovated in 2021 to include hurricane-resistant impact windows and doors, new roofs, air conditioning units and interior modernization inclusive of custom cabinets, quartz countertops, porcelain floors, stackable washer/dryers, and luxurious finishes. According to the Miami-Dade Property Advisor, the property consists of 16,365-square-feet on a 21,790-square-foot lot (0.50-acres).

The Villas at Normandy Isle features a unit mix of (4) one-bedroom/one-bathroom apartments and (20) two-bedroom/one-bathroom apartments. The property is situated on Normandy Isles, just east of North Bay Village, west of North Beach and south/southwest of Surfside, Bal Harbour, Bay Harbor Islands and Sunny Isles.

Marcus & Millichap Announces the Exclusive Listing of Atlantiqua in Miami Beach

cwilliams@achieveagency.com (Clay Williams) — Wed, 09 Feb 2022 16:27:24 GMT

MIAMI BEACH, Fla., Feb. --, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the exclusive listing for Atlantiqua, a 10,000-square-foot residential property located in Miami Beach, Florida. According to Ryan Nee, regional manager of the firm’s Miami office, the asset is listed for $14,930,000 or $1,493 price per square foot.

Alex D. Zylberglait and Michael Crocchiola, investment specialists in Marcus & Millichap’s Miami office, have the exclusive listing to market the property on behalf of the seller, a limited liability company.

“This is an exclusive opportunity to control a brand-new boutique short term rental asset nestled in the heart of the Miami Beach hotel district with exceptional amenities, just steps away from both the beach and the intracoastal. This world-class private luxury asset will be sought after by both investors and users alike,” said Zylberglait.

The building consists of four, three-bedroom luxury suites with a personal spa, rooftop infinity pool, recreational area, and an eight-car parking garage with electronic car charging stations. The property is set to undergo two million dollars worth of renovations and is projected to be completed in 2022 with 82.5% occupancy.

Atlantiqua is located at 245 30th Street in Miami Beach, Florida, between two major transit corridors, Collins Avenue and Indian Creek Drive. It is within walking distance to major entertainment destinations in Miami Beach, including Ocean Drive, Boardwalk, Beachwalk, and numerous famous clubs and restaurants.

Marcus & Millichap Brokers the Sale Of A 59,070-SF Office Building on University Drive

cwilliams@achieveagency.com (Clay Williams) — Wed, 09 Feb 2022 16:14:07 GMT

PLANTATION, Fla., Feb. --, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of Plantation Corporate Center, a 59,070-square-foot office property located in Plantation, Florida. The 3.19-acre property sold for $12,700,000.

Alex D. Zylberglait and Michael Crocchiola, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, Rüger Holding, a German real estate investment group, headed by René Gerdom. The buyer, MMB Commercial Properties Company, Inc., was secured and represented by Zylberglait and Crocchiola.

“This one-of-a-kind asset provides the buyer a strategic location in central Broward County with a roster of professional tenants in a beautifully built corporate center with a strong upside in the growing Plantation submarket,” said Zylberglait.

Plantation Corporate Center is located at 2 S. University Drive in Plantation, Florida, on a hard signalized corner of West Broward Boulevard and South University Drive, directly across from Westfield Broward Mall. The 1985-build was renovated in 2019 and is currently 88% occupied.

Bridge Industrial Promotes Andrew Hurwitz to Market Officer for New York Region

cwilliams@achieveagency.com (Clay Williams) — Tue, 08 Feb 2022 20:12:02 GMT

Former leasing and acquisitions Vice President will now lead the expansion and focus of Bridge’s New York office

Bridge Industrial (“Bridge”), the privately-owned, vertically integrated real estate operating company and investment manager, announced today that it has promoted Andrew Hurwitz to Market Officer, New York Region. Hurwitz will lead all aspects of development and acquisition across New York’s five boroughs and Western Long Island. Hurwitz will also be charged with opening and growing Bridge’s first New York office.

“In his short time here at Bridge, Andrew has achieved so much success in both our Chicago and Seattle regions, where he demonstrated his skill and expertise in growing those offices. There’s no doubt in my mind that Andrew is the perfect person to build the Bridge brand and grow our New York office,” said Steve Poulos, Founder and CEO of Bridge Industrial. “Andrew will leverage our NJ/NY track record to expand our development and acquisition pipeline.”

Hurwitz will build out the New York team and grow the regional business — predominantly focusing on deploying capital in this region on behalf of Bridge and its long-standing institutional partners. He will lead Bridge’s investment, leasing and disposition activities in New York while initially leveraging the support, development/construction, and property management personnel based in Parsippany, NJ.

“The New Jersey team is looking forward to working with Andrew and I’m personally eager to partner with him as he grows our existing presence in New York,” said Jeff Milanaik – Partner, Northeast Region. “We’ve spent decades building a strong reputation and industrial development portfolio here in the Northeast and we’re confident that Andrew will meet the goals we’ve set for our strategic expansion in one of the country’s most critical population centers.”

To date, Bridge’s northeastern portfolio totals 18.7 million square feet, and currently has one development under construction in New York. Sunset Industrial Park — the four-building, 1.6-million-square-foot project — broke ground in 2020 and includes a 1.1-million-square-foot multistory warehouse facility. Hurwitz’s appointment comes after the firm’s announcement in late 2020 that the company would continue to expand its strategic capabilities and overall reach within the industrial, investment, and capital markets arenas.

“I’m thrilled to accept this new position and am ready to expand our presence in New York by following the example set by the Partners in our existing markets and specifically our veteran team in New Jersey,” said Hurwitz. “This is a unique opportunity in a critical market for Bridge to showcase our transition from pure-play industrial development to a strategic asset management leader focused on long-term ownership, and to bring our reach in New York City and Long Island to new heights.”

Hurwitz joined Bridge in January 2018, moving from Associate to the position of Vice President, where he was responsible for underwriting; leasing; project marketing; debt coordination; and equity financing for Bridge’s acquisitions in both Seattle and Chicago. Prior to joining Bridge, Hurwitz worked at Jefferies as an Industrials investment banking analyst. He is a graduate of the University of Michigan’s Ross School of Business where he earned his Bachelor of Business Administration degree with an emphasis in finance and accounting. He is also an active member of NAIOP (National Association of Industrial and Office Professionals).

The expansion comes after Bridge announced it has completed over $6.5 billion in transactions across 23.5 million square feet in the U.S. and U.K. in 2021 – the most active year for the firm to date.

Marcus & Millichap Brokers the Sale of An Iconic Building in Miami Beach’s Fashion District For $6.6M

cwilliams@achieveagency.com (Clay Williams) — Tue, 08 Feb 2022 16:03:42 GMT

MIAMI BEACH, Fla., Jan. 31, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 600 Collins Avenue, an 8,331-square-foot retail property located in Miami Beach, Florida. The asset sold for $6,500,000.

The building sits on the hard corner of 6 ^th and Collins Ave., just one block west of the renowned Ocean Drive and South Beach. The iconic building is set to undergo major renovations, including a new façade and state-of-the-art interiors.

Drew A. Kristol and Kirk D. Olson, both senior vice presidents of investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also procured by Kristol and Olson.

“The buyer was attracted to the opportunity for immediate upside in rents along with the potential to develop the oversized lot at some point in the future,” said Kristol.

Victoria At Lauderhill Sells For $12.78M To Treevita

cwilliams@achieveagency.com (Clay Williams) — Mon, 07 Feb 2022 17:15:53 GMT

LAUDERHILL, Fla. , Jan. 26, 2022 – Marcus & Millichap (NYSE: MMI) , a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Victoria at Lauderhill, an 88-unit apartment property located in Lauderhill, Florida. The 3.44-acre site sold for $12,780,000.

“The Victoria at Lauderhill is an excellent value-add opportunity for the buyer due to its unique unit mix of two- and three-bedroom apartments, below-market rents and its Central Broward County location,” said Felipe J. Echarte, senior vice president in Marcus & Millichap’s Fort Lauderdale office.

Echarte, Evan P. Kristol and Brandon J. Rex had the exclusive listing to market the property on behalf of the seller, a limited liability company. Treevita, a North Mimai Beach, privately held real estate investment firm led by Hugo Cascavita purchased the property. Treevita owns and operates more than 500 units in the Southeast and was also procured by Echarte, Kristol and Rex.

Victoria at Lauderhill is located at 2011-2051 NW 43rd Terrace, just west of 441 (SR-7) with Oakland Park Boulevard to the north and Sunrise Boulevard to the south. Built in 1963, the community consists of five two-story buildings featuring 44 two-bedroom and 44 three-bedroom apartments. Treevita plans to add value to the community by renovating the common areas as well as the interiors of the units. The property is currently 98% occupied.

The Easton Group JVs with LBA Logistics to Acquire Hialeah Development Site for $29.4 Million

cwilliams@achieveagency.com (Clay Williams) — Mon, 07 Feb 2022 16:22:16 GMT

Partners planning to build two warehouse/distribution facilities on the 26.44-acre parcel

Doral, Fla.—February 7, 2022—The Easton Group and LBA Logistics are partnering on their third South Florida real estate deal with acquisition of a 26.44-acre development site in Hialeah. The joint venture paid $29.4 million for the land located 4220 West 91 ^st Place. The transaction closed Friday, February 4.

Easton has submitted plans to the city to build two spec warehouse/distribution facilities totaling 462, 954 square feet. Each will have 36-foot clear heights. The site plan also calls for 124 trailer stalls and 407 parking spaces. Construction on the new warehouse is expected to start towards the end of 2022 and take about a year to a year and a half to complete.

Easton and LBA are also partnering on a 266,760-square-foot warehouse development in neighboring Hialeah Gardens which should be delivered in the second quarter of 2022.

“Our most recent deal in Hialeah is an important piece to the puzzle for our partnership with LBA as we now control over 40 acres in this submarket,” said Dalton Easton, an associate with The Easton Group.. “Our two developments will feature over 725,000 square feet of Class A product with 200 trailer stalls, 615 parking spaces and 36-foot clear heights.”

Easton is scheduled to deliver 393,910 square feet of industrial product to Miami-Dade County over the next six months. That includes the Hialeah Gardens development and another 127,150-square-foot warehouse under construction at International Corporate Park (ICP) in Doral.

“In my nearly 50 years of developing and investing in industrial real estate, this is one of the busiest cycles I have ever lived through,” said Edward W. Easton, founder and Chairman of The Easton Group. “Demand is as strong as I have ever seen it. With vacancies dropping and rents climbing, I do not see this upward trend slowing any time in the near future.”

In September The Easton Group joint ventured with LBA to acquire a 105,365-square-foot warehouse in Doral at 9880 NW 25 ^th Street. The California-based company has been making a push into Florida to take advantage of the growth taking place.

NAIOP's Industrial Event - LEED: Green Initiatives

cwilliams@achieveagency.com (Clay Williams) — Wed, 02 Feb 2022 20:35:57 GMT

Date/Time/Location: TBA

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 6750 North Andrews Avenue, Suite 200, Ft. Lauderdale, FL 33309

Gables Ponce Secures Architectural & Engineering Firm Tenant for 24,000 SF Ground Floor Space

cwilliams@achieveagency.com (Clay Williams) — Tue, 01 Feb 2022 20:01:59 GMT

CORAL GABLES, FL, February 1, 2022 – As recent trends indicate more professional services tenants opting from traditional office space to ground level retail options, Bermello Ajamil & Partners inks a new 10-year deal for a 24,000-square-foot space on the ground floor at Gables Ponce, a 367-unit luxury residential tower, located at 4585 Ponce de Leon Boulevard in Coral Gables.

“We are looking forward to welcoming Bermello Ajamil & Partners to Gables Ponce. They will be a welcomed addition to the area businesses and our community,” shared Darin Botelho, Vice President, Commercial Real Estate for Gables Urban.

Colliers South Florida’s Executive Managing Director of Retail Services Jonathan Carter and Senior Director Pablo Camposano represented the landlord, Gables Residential (LG CORAL GABLES, LLC, a Florida limited liability company) in negotiating the new lease. Monette Klein-O’Grady and Daniel O’Grady at Prime Sites Inc., represented the tenant, Bermello Ajamil & Partners.

“Bermello Ajamil’s signing on a power corner at Ponce & LeJeune continues a trend of upper echelon architecture and design providers making a statement as to the quality of their services by doing a beautiful buildout in a signature premises,” said Carter.

Bermello Ajamil & Partners is an international multi-disciplinary Architecture and Engineering firm headquartered in Miami providing complete planning, design and construction services in the disciplines of architecture, engineering, planning, interior design and landscape architecture. The firm will occupy the 24,000 square foot ground floor retail space which was formerly occupied by a grocery tenant and more recently used as a furniture showroom. The lease was executed in October 2021, with possession in early 2022 to commence tenant improvements. Bermello Ajamil & Partners is expected to fully occupy the space at the beginning of the second half of 2022.

“We are very pleased to have delivered the adaptive re-use for 24,000 square feet at a very high profile office use to the next generation at 4711 LeJuene Road,” said Prime Sites partners Monette and Daniel O’Grady

A successful mixed-use ecosystem requires multiple factors including residents, workers, visibility, accessibility, walkability and strong foot traffic. The growing trend of mixed-use ground floor office space and retail-to-office conversions boosts the foot traffic for retail centers and provides a diversified, and steady rental revenue stream for landlords with typically longer term commitments. The combination of residential, retail and office components in a mixed-use development creates a synergy of uses that each empower one another.

Avison Young closes South Florida retail plaza sale with buyer interested in redevelopment

cwilliams@achieveagency.com (Clay Williams) — Tue, 01 Feb 2022 17:42:52 GMT

Avison Young closes $6.28M sale of Florida Career College Plaza, a fully occupied two-tenant plaza totaling 34,904 SF in Margate, Florida

Margate, Florida – Avison Young’s Florida Capital Markets Group closed the $6.28 million sale of Florida Career College (FCC) Plaza, which totals 34,904 square feet and spans 5.94 acres at 3271-3285 N. State Road 7 in Margate, Florida. The plaza is fully occupied by Florida Career College and a children’s daycare provider called The Toddler Club. The sale provides the buyer with strong in-place cash flow from long-term tenants with the additional benefit of future redevelopment potential.

Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; and Vice President Brian C. de la Fé represented the seller, Penn Dutch Plaza, LLC. The buyer was Barron Real Estate, Inc.

“Developers are taking a strategic approach to their land investments due to a lack of vacant land in Broward County,” said Duckworth. “Purchasing cash flow assets like FCC Plaza allows the buyer to control a larger inventory of land for future development.”

Adjacent to FCC Plaza sits a 124,000-square-foot retail center anchored and owned by Broward Meats, a well-established local grocer, with YouFit as the second occupant. Fully-leased outparcels include two medical buildings, a retail building, and a bank.

03/10/22 NAIOP's Awards of Excellence

cwilliams@achieveagency.com (Clay Williams) — Wed, 26 Jan 2022 17:12:20 GMT

Thank you to our photography sponsor - Duke Realty

Pictures by: Mermaid and Me Photo

*Click on the pictures to enlarge/download

Click here to view the winners!

When: Thursday March 10, 2022

Time: 5:30pm - 9:00pm

Where: Seminole Hard Rock Hotel & Casino

Terrace Ballroom (Click here for map of the property)

1 Seminole Way, Davie, FL 33314

(Click here for directions)

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 6750 North Andrews Avenue, Suite 200, Ft. Lauderdale, FL 33309

Bridge Industrial Announces Over $6.5 Billion in Transactions in 2021

cwilliams@achieveagency.com (Clay Williams) — Wed, 26 Jan 2022 16:39:05 GMT

Leading industrial real estate operator and investment manager executed over 23.5 million square feet of deals while expanding its capital relationships and strategic capabilities

Bridge Industrial (“Bridge”), the privately-owned, vertically integrated real estate operating company and investment manager, announced today that it has completed over $6.5 billion in transactions across 23.5 million square feet in 2021. Bridge acquired 25 new properties totaling 17.5 million square feet, valued at $4.9 billion, and also executed nine sales or refinances on projects totaling six million square feet and $1.6 billion in value.

The activity comes as Bridge continues to expand its strategic capabilities and overall reach within the industrial and investment arenas.

“The past year has yielded tremendous results for the industrial sector across the globe — similarly, 2021 was a busy year at Bridge as we continued to expand and diversify our business,” said Steve Poulos, CEO and Founder of Bridge. “Our increased transaction activity has necessitated an increase in our overall capital markets pursuits, and we have been fortunate to attract new strategic partners as we continue to leverage our international, vertically-integrated operating footprint. We are incredibly proud of the success we’ve experienced to date, and look forward to making 2022 another great year.”

Bridge has continuously proven itself as a leader in the industrial sector, first as an industrial development/acquisition firm and then in 2020 adding an investment management focus. The investment management efforts, led by Sean Zasche, CFO, raised over $4 billion of equity in 2021 to deploy across the firm's strategies.

In December, Bridge also officially launched a new strategic venture focused on value-add acquisitions with the purchase of a 336,852-square foot industrial campus in Pompano Beach, Florida.

Bridge also expanded its presence in several regional markets amidst a successful transition to investment management – this includes the relocation of the firm’s corporate headquarters in downtown Chicago; the expansion of the firm’s London office; and expansion of the firm’s California office to San Francisco/Bay Area.

“The hard work carried out by the entire team at Bridge in 2021 was nothing short of extraordinary, as our firm experienced its most active year to date,” said Steve Groetsema, COO of Bridge. “We also welcomed 40 new employees to Bridge throughout 2021 to supplement this rapid growth and are continuously looking for more of the real estate industry’s top talent.”

"Our platform has gained incredible momentum over the last few years, and our already robust development pipeline indicates that it is likely to continue in 2022,” said Tony Pricco, Chief Investment Officer at Bridge. “As we acquire more properties and strengthen our long-term ownership and investment management strategies, we are in better position than ever to generate market leading returns for our expanding list of partners.”

Bridge’s current transaction and groundbreaking pipeline for 2022 includes 31 potential acquisitions totaling 11.9 million square feet with a projected value of $4.2 billion.

Grover Corlew Launches Mayla Residences New Ground Up Multifamily Properties

cwilliams@achieveagency.com (Clay Williams) — Mon, 24 Jan 2022 16:39:24 GMT

South Florida-based real estate investment management group announces Mayla Residences’ first multifamily community with $78.2 million in financing from PNC Bank, NA

Pompano Beach, Florida (January 24, 2022) – Grover Corlew, a real estate investment management group focused on acquiring, transforming and managing office, multifamily and retail properties across the southeastern U.S., has announced plans for a new portfolio of multifamily residences under the brand name of Mayla Residences.

Grover Corlew secured $78.2 million in financing from PNC Bank, NA for the construction of the first property under the Mayla Residences umbrella, Mayla Pompano, which will break ground in February at 2335 and 2401 E. Atlantic Blvd. in Pompano Beach.

Mayla Residences set a high standard for luxury multifamily residences in prime locations that promote walkability. The contemporary residences are designed to maximize beauty and function with generous interior features. Residents also will enjoy access to lifestyle-oriented amenities and ample parking.

“With Mayla Residences, we are dedicated to perfecting the multifamily living experience with refined luxuries, unanticipated conveniences and spaces with local personality and flare,” said partner Anuj Grover. “We have identified properties that are conveniently located and that meet the lifestyle needs of its discerning residents.”

Mayla Residences will be built in markets throughout South Florida and beyond and mirror the personality of the local communities where they are located while also bringing an elevated quality of living to residents.

“The goal is to create more connected, pedestrian-friendly communities, where people can live, work and play,” added Grover.

The two-building, Class A 355-unit Mayla Pompano is designed with superior craftmanship and style and brings the tropical atmosphere of the city indoors, showcasing highly textured natural materials, unique dark and light wood tones mixed with serene blue hues. Open floorplans range in size from studio to three-bedroom layouts, ranging from 548 to 1383 sq. ft.

“We are extremely excited about Mayla Pompano,” said Nguyen Tran, Pompano Beach Community Redevelopment Agency Director (CRA). “The CRA was intimately involved to help get this project off the ground which includes 53 units of workforce housing. Due to the lack of signature projects of this size in the immediate area, the spin-off impacts due to the spending of the residents will create an economic boost to the surrounding businesses, generate new developments, increase demand for more commercial space, and provide additional employment opportunities. This is what CRA’s are all about and why we got involved.”

Features within each residence will include spa-inspired bathrooms with soaking tubs, frameless shower enclosures, back-lit vanity mirrors; quartz countertops, high-end cabinetry with under cabinet lights, stainless steel appliances, bottom mount sinks, built-in microwaves, glass cooktops, and full height tile backsplashes in the kitchen; walk-in closets with high-end shelving; private balconies; hurricane impact windows; and washer and dryers in each residence.

“We are thrilled to build for Grover Corlew as they realize their vision of creating upscale multifamily residences in Pompano Beach," said Rex Kirby, Chief Executive Officer and founder of Verdex Construction. "Mayla Pompano will add a new layer of vibrancy to the city."

Mayla Pompano is part of a transformation in Pompano Beach as businesses, retail centers and entertainment venues continue to move in along the East Atlantic Boulevard corridor. Mayla Pompano will create an estimated 600 jobs and also increase demand for surrounding businesses which will have a lasting economic impact on the city.

Mayla Pompano will reinvigorate the nearly three acres of underutilized parking lots behind Grover Corlew’s 2401 Atlantic and 2335 Atlantic office buildings. Plans include 60,000 sq. ft. of retail space on the ground floor of Mayla Pompano, wrapped parking to minimize traffic impact and the addition of a pedestrian plaza to activate the retail corridor, enhance walkability and increase connectivity to the beach. Through extensive interior and exterior renovations Grover Corlew will integrate its two existing office properties on Atlantic Boulevard to mirror the look and feel of Mayla Pompano.

Completion of Mayla Pompano is expected by July of 2023.

“We’ve spent the past 25 years focused on transformations, and beginning early on, Grover Corlew successfully acquired, revitalized and repositioned thousands of multifamily units in Nashville and Tampa before turning our attention to suburban office and retail revitalization and development,” said partner Mark Corlew. “Ground-up multifamily development is a next logical step for us as we begin to reimagine underutilized properties and land in our current portfolio. We’re excited to bring high quality living to cities like Pompano Beach that are attracting new businesses on a daily basis.”

MSA Architects is the architect for Mayla Pompano, and Verdex Construction is the general contractor.

For more information on Grover Corlew, visit grovercorlew.com.

OpenStore opens office in The Gateway at Wynwood

cwilliams@achieveagency.com (Clay Williams) — Fri, 21 Jan 2022 20:38:44 GMT

Miami, FL (Jan. 21, 2021) -- As tech companies continue to rapidly expand and enter the Miami market, OpenStore has moved into its new office space in Wynwood.

Founded by Keith Rabois of Founders Fund, Jack Abraham of Atomic, and Michael Rubenstein, the former President of AppNexus, OpenStore is a platform that allows entrepreneurs with Shopify businesses to sell their companies and receive liquidity for what they’ve built. The tech company occupies 14,914 square feet at The Gateway of Wynwood , located at the intersection of the iconic Wynwood and Midtown Miami neighborhoods. It is the first tenant to move into the recently completed building.

R&B Realty Group , the developer behind The Gateway at Wynwood, was represented by Colliers’ Executive Managing Director Stephen Rutchik, Managing Director Tom Farmer and Director Tyler de la Pena. OpenStore was represented by JLL’s Adam Bernstein and Jeffrey Gordon.

“We are very excited to welcome OpenStore to The Gateway at Wynwood,” said Shelby Rosenberg, R&B Realty’s Head of Development and Acquisitions, Asset and Property Manager, US Portfolio. “OpenStore is a fantastic fit for our spec suite program, offering the tech company flexibility as it continues to scale up and grow. We are continuing to see strong leasing activity and continued interest from a variety of sectors. We expect to have more exciting news to announce soon.”

OpenStore connects merchants and customers into a single unified shopping experience through access to data, information, and capital. The company announced in July that it raised $30 million in Series A funding, with a valuation of $250 million. OpenStore’s goal is to offer instant liquidity for eCommerce entrepreneurs.

OpenStore’s founders, Keith Rabois and Jack Abraham, helped fuel the rise of Miami’s tech scene when they were among the first high-profile executives to announce their move to Miami. The Miami tech movement, which was sparked by City of Miami Mayor Francis Suarez’s now infamous tweet - “How can I help?” - has transformed the city’s office market. Companies and executives in search of a better quality of life, lower taxes and great weather have descended upon Miami, now dubbed the “Silicon Valley of the South.”

R&B Realty devoted the entire 10th floor of The Gateway at Wynwood to fully built-out and ready for move-in office space, dubbed ‘spec suites.’ Designed by Gensler, the spec suites take the stress out of the office leasing and build-out process, providing companies flexibility in their space, and the ability to move in almost immediately upon completion of the building. OpenStore’s lease occupies the remainder of the spec suites available on the 10th floor. Due to its success, the spec suites program has been expanded to the 9th floor. The move-in ready suites, starting at 2,000 square feet, can be combined to form bigger units as well.

The Gateway at Wynwood offers about 195,000 square feet of leasable Class A office space and nearly 25,900 square feet of prime street-level retail space. Designed by renowned architect Kobi Karp, the environmentally responsible building features flexible floorplans, a private rooftop terrace, gym, unique bay window system, 24/7 on-site security, vibrant exterior cladding, and 2:1,000 on-site covered parking. This summer, R&B Realty Group announced the building's first office lease with biotech company Veru Inc. The eight-year, 12,155-square-foot lease will serve as the company's global headquarters and triple Veru's current office space

Franklin Street Arranges Sale of Fort Lauderdale Apartment Property for $340K Per Unit

cwilliams@achieveagency.com (Clay Williams) — Fri, 21 Jan 2022 15:42:15 GMT

LA-based Cochise Capital acquired The Mahalo Isles, a 20-unit waterfront asset

FORT LAUDERDALE, FL (January 20, 2022) – Franklin Street has arranged the sale of a 20-unit, waterfront multifamily property in Fort Lauderdale’s Harbordale submarket for $6.8 million. The pricing – considered top of market for a 1970s era property – equates to $340,000 per unit and $512 per square foot.

Franklin Street’s South Florida Multifamily Investment Sales Team of Ryan Wold , Dan Dratch and Greg Matus represented the seller, EGE Holdings, LLC, in the transaction. The buyer is Cochise Capital , a Los Angeles-based investment firm with a growing presence in South Florida. In October 2021, the firm acquired a four-property apartment portfolio in Fort Lauderdale also marketed by Franklin Street.

The 13,320-square-foot property consists of 18 one-bedroom, one-bathroom units and two two-bedroom, two-bathroom units. Five of the 20 units were recently fully renovated with premium updates, including new hardwood flooring or tile, new kitchen countertops and cabinets and remodeled bathrooms.

The property also includes 14 boat slips that recently received a brand new electric panel. Other amenities include ample parking, a sparkling pool, waterfront views, tropical landscaping and a newly installed camera-based security system.

“The Mahalo Isles enjoys an irreplaceable waterfront location in one of South Florida’s most sought-after submarkets, making it a prime value-add opportunity,” said Wold. “Cochise Capital has an excellent opportunity to grow rents through continuing the renovations started by the previous owner. The property also has great potential for redevelopment in the future.”

At 1520 SE 15th St. , The Mahalo Isles is situated on 0.72 acres on one of Harbordale’s exclusive isles, just two blocks away the 17th Street Causeway, which provides direct access to the world famous Fort Lauderdale Beach. It is also down the street from the renowned 15th Street Fisheries restaurant and a new Whole Foods-anchored mixed-use development with 244 Class A apartments.

Marcus & Millichap Brokers All Cash Deal for Aspen Dental and MD Now Urgent Care Portfolio in Hialeah for $7.5M

cwilliams@achieveagency.com (Clay Williams) — Thu, 20 Jan 2022 19:50:54 GMT

HIALEAH, Fla., Jan. 20, 2022 – Marcus & Millichap (NYSE: MMI) , a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Aspen Dental and MD Now Urgent Care (“MD Now”), two brand new net-leased properties located in Hialeah, Florida. The two-building, 27,650-square-foot asset sold for $7,575,000 .

MD Now is Florida’s largest urgent care provider, with over 55 physician-led facilities across the state. Aspen Dental offices, independently owned and operated, offer affordable, state-of-the-art dental care across the state. The properties are located at 385 and 395 W 49th Street, at the main intersection of Red Road and West 49 ^th Street, adjacent to a Walmart-anchored shopping center and the Palm Springs Mile Shopping Mall.

“This Class A asset is strategically located on one of the best intersections in Miami-Dade County. We have an incredible demand for hard assets in South Florida and a lack of supply, causing downward pressure on cap rates. This property was on the market for less than 90 days and we received multiple competitive offers. Ultimately, we were able to close the transaction before the end of the year, which was our client's objective,” said Jonathan De La Rosa, first vice president investments.

De La Rosa, Eduardo Toledo, Brandon Holmes, and Matthew Albregts, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor based in Doral, was procured by Toledo and De La Rosa.

Built in 2021, the two medical office buildings are easily accessible to major access roads in the area, including Interstate-75 (I-75), Palmetto Expressway, Florida Turnpike, and US 27. Both tenants executed 10-year net leases with healthy rental increases throughout their term. MD Now was recently acquired by HCA who operates 170 urgent cares throughout 19 states. HCA has plans to continue to expand its urgent care business throughout Florida. Aspen Dental has been aggressively working to penetrate the South Florida market and has successfully planted their flag in Florida’s sixth-largest city, Hialeah.

Bridge Industrial and PSP Investments Form Joint Venture to Invest $550M in Build-to-Core Assets

cwilliams@achieveagency.com (Clay Williams) — Thu, 20 Jan 2022 17:33:42 GMT

PSP Investments and Bridge Industrial expand partnership to capture potential of e-commerce and create jobs in local communities

Bridge Industrial (“Bridge”) and the Public Sector Pension Investment Board (“PSP Investments”) today announced the establishment of a joint venture to develop best-in-class modern warehousing in urban infill locations in core markets across the US.

Bridge is a privately-owned, vertically integrated real estate operating company and investment manager. PSP Investments is one of Canada’s largest pension funds, with a diversified global portfolio across public and private markets.

PSP Investments and Bridge have allocated US$550M in equity to the joint venture with an option to re-up for a further US$550M, to bring the commitment to US$1.1 billion. The joint venture will see the deployment of a build-to-core strategy in supply-constrained U.S. markets, creating more warehouse space to support the global shift to e-commerce.

The venture serves as an expansion of the existing partnership between Bridge and PSP Investments, originally announced in May 2021, which was initially formed for the development and acquisition of last-mile industrial facilities in London and the United Kingdom.

“This venture is an exciting expansion of our successful partnership with PSP Investments,” said Steve Poulos, Founder, CEO, and Partner at Bridge. “We look forward to growing our portfolio of build-to-core industrial properties with PSP Investments, now on both sides of the Atlantic.”

The joint venture was seeded with two industrial building assets—one in New Jersey and the other in Los Angeles—enforcing Bridge’s credibility and business model in US coastal regions, which serve as major conduits of international goods.

“We are pleased to broaden our relationship with Bridge Industrial, from the UK to the US, with their proven expertise in developing modern facilities in key US markets,” said Carole Guérin, Managing Director, Head of Americas, Real Estate Investments, at PSP Investments. “We are strategically aligned to leverage the transition to e-commerce with high-quality properties that provide jobs in local communities while incorporating sustainable design features.”

Bank Of America Building in Hollywood, Florida Sells For $5.6M

cwilliams@achieveagency.com (Clay Williams) — Thu, 20 Jan 2022 17:26:09 GMT

HOLLYWOOD, Fla., Jan. 19, 2022 – Marcus & Millichap (NYSE: MMI) announced today the sale of Bank of America Building, a three-story, ± 20,000-square-foot office property located in Hollywood, Florida. The asset sold for $5,600,000.

“Bank of America Hollywood presents a unique office rebranding opportunity in a highly sought-after Hollywood submarket. The property benefits from frontage to Hollywood Blvd and will surely benefit from the increasing market fundamentals,” said Kuhlman, senior associate in Marcus & Millichap’s Fort Lauderdale office. Kuhlman and Douglas K. Mandel had the exclusive listing to market the property on behalf of the seller, Raf Ridge LLC.

Bank of America Building is located at 3801 Hollywood Blvd, a prime office location strategically located on the iconic Presidential Circle in the heart of Hollywood. Situated on four parcels totaling 1.2 acres, the property benefits from close proximity to major highways, the Hollywood Tri-Rail station, Fort Lauderdale’s International Airport, and the Starbucks and Target-anchored Hollywood Hills Plaza. The property is anchored by Bank of America.

The Butters Industrial Team of Thomas J. Hotz and Brian T. Ahearn, CCIM have completed a new lease transaction totaling 51,837 square feet at Hillsboro Technology Center in Deerfield Beach, FL.

cwilliams@achieveagency.com (Clay Williams) — Fri, 14 Jan 2022 20:22:13 GMT

DEERFIELD BEACH, FL – On December 30, 2021, The Butters Industrial Team of Thomas J. Hotz, and Brian T. Ahearn, CCIM completed a long-term lease transaction with Fuse Specialty Appliances. Fuse Specialty Appliances expanded from 18,650 square feet in Building F to 51,837 square feet into the newly constructed Building H at Hillsboro Technology Center (HTC), Deerfield Beach’s state of the art Class “A” industrial business park. Totaling 152,747 square feet and featuring 210’ bay depth and 34’ average clear height, Building H was completed in December 2021 and is now 34% leased.

Fuse Specialty Appliances is a high-end residential appliance supplier with showroom locations in Fort Lauderdale, Naples, North Palm Beach, and Miami. Serving all of South Florida, Fuse Specialty Appliances supplies and distributes a large variety of kitchen appliances, laundry appliances, and outdoor cabinetry. They carry major brands such as Sub-Zero, Wolf, Monogram, Miele, Viking and many more. The Fuse Specialty Appliances team brings decades of experience working with designers, architects, cabinet makers, and contractors that are involved in designing and building a dream kitchen.

“We are extremely pleased to expand Fuse Specialty Appliances into Building H and congratulate them on their rapid growth. We look forward to their continued success at Hillsboro Technology Center.,” said Thomas J. Hotz, Senior Vice President of Butters Realty & Management.

Hillsboro Technology Center (HTC) is a co-development between Bristol Group and Butters Realty & Management and is situated on 75 acres at the northeast quadrant of Interstate 95 and Hillsboro Boulevard in Deerfield Beach, FL. It is considered North Broward’s finest state-of-the art business park comprised of industrial, office, and hotel product. In addition to Building H, the 144,168 square foot Building G at Hillsboro Technology Center was completed in December 2021. Building G is 75% leased and features 170’ bay depth and 34’ average clear height. Following completion of Buildings G and H, Hillsboro Technology Center now consists of over one million square feet of Class A commercial space. www.hillsborocenter.com

02/17/22 NAIOP's Developing Leader Social at 27 Bar & Lounge, Ft. Laud

cwilliams@achieveagency.com (Clay Williams) — Thu, 13 Jan 2022 19:53:28 GMT

NAIOP South Florida Networking Socials are events for all types of real estate professionals who want to establish meaningful business relationships, furthering their career to grow and thrive...while enjoying South Florida's vast craft breweries, distilleries, bars, and dives!

When: Thursday February 17, 2022

Time: 5pm - 7pm

Where: 27 Bar & Lounge

835 ne 3rd Ave, Fort Lauderdale, FL 33304

(Click here for directions)

Tickets:

Members $0

Non-Members $25

Online registration closed

*Onsite registration available - Non Members: $40

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 6750 North Andrews Avenue, Suite 200, Ft. Lauderdale, FL 33309

Cushman & Wakefield Brings Cypress Pointe Distribution Center to 100% Occupancy With Two Leases Totaling ±153,495 Square Feet

cwilliams@achieveagency.com (Clay Williams) — Wed, 12 Jan 2022 21:29:25 GMT

Cushman & Wakefield’s South Florida Industrial Team of Chris Metzger, Rick Etner Jr., Christopher Thomson, Matt McAllister, and Merritt Etner Secured Leases with JFC International, Inc. and Reload Floating Energy, Quickly Bringing the New Pompano Beach Warehouse and Distribution Center to Full Occupancy

POMPANO BEACH, FL, JANUARY 12, 2022 — Cushman & Wakefield’s South Florida Industrial Team has brought Cypress Pointe Distribution Center to full occupancy securing two leases totaling ±153,495 square feet at the recently-completed warehouse and distribution center.

The Cushman & Wakefield team of Chris Metzger , Rick Etner Jr. , Christopher Thomson , Matt McAllister , and Merritt Etner secured the leases with JFC International, Inc. and Reload Floating Energy on behalf of building owner Link Logistics .

JFC International, Inc. leased ±87,189 square feet in the building. The company is a subsidiary of Kikkoman Corporation, a food distributor with more than a century of experience delivery healthy, safe, high-quality Asian food products across North America from a network of strategically located distribution centers. JFC International, Inc. is relocating its existing Pompano Beach sales office and warehouse to Cypress Pointe Distribution Center.

CBRE’s Mike Oretsky, Tom O’Loughlin, and Larry Genet represented JFC International, Inc. in the lease negotiations.

Reload Floating Energy is an affiliate of Pompano Beach-based AccuSolar and subsidiary of AccuDock , the leading residential and commercial floating dock manufacturer in the world. The company leased ±66,756 square feet at Cypress Pointe Distribution Center.

Reload Floating Energy will utilize the space at Cypress Pointe Distribution Center for the manufacturing, warehousing, and distribution of AccuSolar products. AccuSolar builds on AccuDock’s 25-year history of floating product design and manufacturing, bringing the concept of floating structures into the renewable energy market with innovative approaches to utilize bodies of water for large utility scale floating solar installations. The technology was recently implemented in a one megawatt floating solar array at Tampa Electric’s (TECO) Big Bend Facility .

Berger Commercial’s Jonathan Thiel and Keith Graves represented Reload Floating Energy in the lease negotiations.

Cypress Pointe Distribution Center is located at 1800 SW 13th Court in Pompano Beach. The ±153,496-square-foot facility was built in 2021 and features 32-foot clear ceiling heights, an ESFR (Early Suppression, Fast Response) fire safety system, energy-efficient LED lighting, 40 dock-high doors, two drive-in doors, 54-foot by 193-foot bay sizes, 54-foot by 44.5-foot column spacing, a 4,000 PSI floor load rating, and a 120-foot truck court. The site is zoned I-1 by the City of Pompano Beach.

Cypress Pointe Distribution Center is ideally located between Interstate 95 and Florida’s Turnpike. This geographically central position within the market provides exceptional access to the entirety of South Florida’s tri-county area of Miami-Dade, Broward, and Palm Beach Counties.

“JFC International and Reload Floating Energy rely heavily upon their warehouse and distribution networks to efficiently deliver their product,” said Metzger. “Cypress Pointe Distribution Center was a great match for both companies, offering state-of-the-art space in a tremendous central location.”

Joint Venture Sells Homestead Pavilion Shopping Center for $82M

cwilliams@achieveagency.com (Clay Williams) — Mon, 10 Jan 2022 21:14:39 GMT

Colliers South Florida represented the seller, Homestead Pavilion Acquisition LLC., in the transaction

MIAMI, FL, January 10, 2022 – As investments into South Florida’s market continue to soar, CREC Capital’s co-founders Alan Esquenazi and Warren Weiser facilitated the sale of a 298,000 SF retail center located at 2400 NE 10th Ct in Homestead.

The joint venture, Homestead Pavilion Acquisition, LLC., is made up of an ownership group including CREC Capital, Highline Real Estate Capital, MMG Equity Partners, and Lubert-Adler Real Estate funds. Danny Finkle and Eric Williams from JLL represented the buyer, an entity controlled by Wharton Realty Group, in the transaction.

“The transaction represents a strategic acquisition for the New Jersey-based real estate company to position themselves in an expanding bustling market,” said Alan Esquenazi, Co-Founder & Partner of CREC Capital. “The purchase further validates the strength of the South Florida retail market and the robust recovery in retail space post-pandemic.”

During the pandemic, ownership fully leased the property by securing tenants: Sprouts Farmers Market, Target, Dr. Limon, and Body Details. This dominant retail center in southern Miami-Dade County serves Homestead, Cutler Ridge, and the Florida Keys. The joint venture retained ownership of Target, Raising Canes, and Murphy Oil.

“Despite the pandemic’s challenging effects on the marketplace, we were able to line up anchor and in-line tenants which elevated the existing tenant base and supported a favorable execution for both sides of the transaction,” said Warren Weiser, Co-Founder & Partner of CREC Capital.

Wharton Realty Group is a premier real estate company based in New Jersey focused on managing and leasing diversified properties across the country with over one thousand tenants.

The resilience of the South Florida retail market throughout the pandemic has made it a hot spot for retail investors. Investment sales volume for retail assets in Miami-Dade County surged by 164.3 percent in 2021 reaching a total deal volume of $577 million, compared to the pre-pandemic year 2019 where the total trade volume of retail assets was $218 million.

Cushman & Wakefield Negotiates EverWest’s $58.25M Acquisition of South Florida Industrial Building

cwilliams@achieveagency.com (Clay Williams) — Mon, 10 Jan 2022 18:33:44 GMT

Cushman & Wakefield’s South Florida Industrial Team of Rick Etner Jr., Chris Metzger, Christopher Thomson, Matt McAllister, and Merritt Etner Represented EverWest in the Purchase of a ±248,770-Square-Foot Warehouse and Distribution Center at 20351 Sheridan Street in Pembroke Pines

PEMBROKE PINES, FL, JANUARY 10, 2022 — Cushman & Wakefield’s South Florida Industrial Team has negotiated the purchase of 20351 Sheridan Street, a ±248,770-square-foot warehouse and distribution center in Broward County.

The Cushman & Wakefield team of Rick Etner Jr., Chris Metzger, Christopher Thomson, Matt McAllister, and Merritt Etner represented the buyer, Denver-based EverWest Real Estate Investors LLC, which acquired the asset for $58.25 million ($234 per square foot). The seller, Sheridan Real Estate Investment B LLC, was self-represented in the transaction.

20351 Sheridan Street is a ±248,770-square-foot Class A warehouse and distribution center featuring 59 loading docks, a 180-foot truck court, heavy 1,600 Amp/480 Volt three-phase power, and a shell layout accommodating a wide variety of uses. The building was developed in 2020 on a ±13.7-acre site approximately four miles west of Exit 93 on Interstate 75.

“EverWest is fully committed to expanding our footprint in South Florida and this acquisition is a great continuation of those efforts,” said EverWest Director of Acquisitions Tyler Williams. “The Cushman & Wakefield team worked hand-in-hand with us through the holidays to get this one across the finish line by year-end, an almost unprecedented quick close from contract to close in under 20 days.”

“Investors are clamoring for Class A facilities like this in the South Florida market,” said Etner. “This elevated demand meant it was imperative that we act quickly to help secure the acquisition for EverWest.”

The seven-member South Florida Industrial team led by Metzger, Etner, and Thomson negotiated just over 17.5 million square feet of sale and lease transactions valued at more than $543 million in 2021. For more information, please visit www.southfloridaindustrialteam.com.

Marcus & Millichap Closes Deal on 47,654-SF Industrial Property Near Magic City Innovation District for $13M

cwilliams@achieveagency.com (Clay Williams) — Fri, 07 Jan 2022 21:19:40 GMT

MIAMI, Fla. , Jan. 7, 2022– Marcus & Millichap (NYSE: MMI) , a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Little River, a 47,654-square foot industrial property located in Miami, Florida. According to Ryan Nee, first vice president and district manager of the firm’s Miami office, the asset sold for $13 million.

“This deal is a fantastic value add acquisition by a creative buyer in very competitive market,” said Michael Alaoui, senior associate in Marcus & Millichap’s Miami office. The buyer, OM Capital, was secured and represented by Alaoui.

Little River Industrial is located at 240-300 NE 72nd Street in Miami, Florida. The area has seen significant development activity in the last few years with the addition of large-scale developments, including the Magic City Innovation District in Little Haiti. The 18-acre development is within 1 mile of the Little River property and is expected to reshape the landscape in the years to come.

Avison Young names Randy Buddemeyer as Managing Director of Florida region Buddemeyer joins as Principal, will grow Florida-area presence for global commercial real estate firm

cwilliams@achieveagency.com (Clay Williams) — Thu, 06 Jan 2022 17:03:03 GMT

Tampa, Fla. – Avison Young today announced the appointment of Randy Buddemeyer as Avison Young Principal and Managing Director of the firm’s Florida region. Buddemeyer, who has led a very successful career spanning more than three decades in brokerage and property management services, has been tasked with growing the firm’s market share in Florida.

“Randy has been a force in Florida’s commercial real estate market for more than 30 years,” said Juan Bueno, Avison Young Principal and U.S. President. “He exudes leadership and brings deep-rooted experience in strategic real estate planning, leasing and investment sales. Additionally, his knowledge of and proven experience offering clients integrated real estate services solutions translates well with our expansion goals both locally and on a global level.”

In step with the growth of the region overall, Avison Young’s Florida team of commercial real estate advisors continues to experience success across all of its business lines. As strategic advisors to tenants, owners, and investors, these professionals help clients realize their goals, consistently executing major commercial space leasing and commercial building investment sales transactions in all asset types. With nearly 30 million square feet (msf), Avison Young has a significant property management presence in Florida.

Prior to joining Avison Young, Buddemeyer served as president of Newmark Knight Frank’s (NKF) Property Management services division where he led the property management of investment properties and facilities across the country and Mexico. Buddemeyer joined NKF from CBRE where he was managing director for asset services and practice leader for agency office leasing for Florida. He is involved in professional organizations, including Building Owners and Managers Association (BOMA) International and the Institute of Real Estate Management (IREM). Buddemeyer also sat on the Board of Directors for the Barth Syndrome Foundation.

“Avison Young has expanded significantly while remaining both client and employee focused,” stated Buddemeyer. “This firm has a culture that embraces diversity which is paramount to the long-term growth and sustainability of an organization. I look forward to contributing to the success of the company and cultivating and expanding our client base in Florida.”

Buddemeyer will succeed Pike Rowley, Principal, who will remain with the firm and focus his efforts as an advisor and consultant for occupiers. Rowley has successfully overseen the growth of Avison Young’s Florida region for the past 9 years.

“From day one, we focused on recruiting for character first, believing that production would follow, and that has proven to be the case,” stated Rowley. “I could not be more proud of the team we have assembled in Florida and believe that under Randy’s leadership, Florida is well positioned to continue to grow.”

Bridge Industrial Acquires Site of First Value-Add Property in Pompano Beach, Florida

cwilliams@achieveagency.com (Clay Williams) — Wed, 05 Jan 2022 02:16:37 GMT

Investment manager and real estate operator will make capital improvements to three-building, 336,852-SF campus as part of newly launched strategic venture

Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, today announced it has acquired Pompano Beach Commerce Park — a three-building, 336,852-square-foot industrial campus in Pompano Beach, Florida.

Following the acquisition, Bridge plans to launch a comprehensive capital improvements program at the property, inclusive of landscaping, parking lot upgrades, monument signage, and roof replacements. The acquisition will mark Bridge’s first property closing as part of a new value-add strategy.

“The acquisition of this campus in a prime submarket marks not only the latest addition to our growing portfolio, but the introduction of a new value-add strategy that will expand our capabilities and allow us to acquire existing buildings and deliver even more services to our clients in the region,” said Nick Siegel, Partner with Bridge.

Jose Lobon of CBRE National Partners represented the Seller in the transaction.

Located on Powerline Road in the Pompano Beach submarket of Broward County, Pompano Beach Commerce Park is made up of three industrial buildings — spanning 140,094 square feet, 124,894 square feet and 71,864 square feet, respectively. The facilities possess several attractive characteristics including 24-clear heights and multiple points of ingress and egress along its 800 feet of linear frontage along Powerline Road. Bridge has had previous development success in Pompano Beach, with its Bridge Point Powerline Road project spanning over 450,000 square feet less than one mile from its newest acquisition.

The campus is located less than two miles from I-95 and just 1.4 miles from the Florida Turnpike, allowing users to reach nearly all of Florida’s population of 6.2 million within just a 60-minute drive. The property also sits just 15 miles from Port Everglades and the Fort Lauderdale-Hollywood International Airport, and roughly 40 miles from the Port of Miami and Miami International Airport. The central location of the site allows its tenants to service 92% of South Florida’s 6.2 million population within a 60-minute drive time.

“South Florida is one of the most supply-constrained markets in the entire country, and Bridge has found major success in developing and operating state-of-the-art warehouse space that can help meet the immense demand from industrial users in this area,” said Kevin Carroll, Southeast Partner at Bridge.

Bridge is one of South Florida’s most active industrial real estate developers. The company has acquired approximately 700 acres in 17 separate transactions throughout Miami Dade and Broward Counties and delivered approximately 7 million square feet of Class-A industrial space across the region since entering the market in 2012. The company’s current South Florida portfolio spans more than 5 million square feet of company-owned and third-party managed properties with an additional 2.5 million square feet under construction.

Grover Corlew Delivers $2,500 in Gifts to Children with Special Healthcare Needs at Children’s Diagnostic & Treatment Center (CDTC)

cwilliams@achieveagency.com (Clay Williams) — Mon, 03 Jan 2022 16:40:59 GMT

Fort Lauderdale, Fla. (December 23, 2021) – The South Florida-based real estate investment group, Grover Corlew, brightened the holidays for special needs children being treated at Children’s Diagnostic & Treatment Center (CDTC) by helping to fill the CDTC’s Holiday Toy Shop with $2,500 in gifts for children of all ages.

“Grover Corlew is wholeheartedly committed to supporting kids in our South Florida communities,” said Partner Anuj Grover. “The work they do at CDTC, the comprehensive health care they provide, is life-changing for the more than 10,000 children and families they serve each year.”

Anuj Grover and Mark Corlew, along with members of their staff, delivered toys for kids of all ages including everything from crib toys and tonka trucks to books to LEGOS and sports equipment. In addition to CDTC, Grover Corlew regularly helps underserved children and families, supporting Broward Education Foundation, Florence Fuller Child Development Centers, Boys & Girls Clubs of Broward County and Pompano Beach Elementary School.

“South Florida is our home and it’s also where we do business, so we take great interest in doing what we can to support our local communities and help families thrive,” noted Partner Corlew. “The holidays can be difficult for those children and families who are struggling, particularly with health issues. We hope this donation brings smiles and joy to the CDTC families this holiday season.”

Children’s Diagnostic & Treatment Center (CDTC) is a not-for-profit that serves more than 10,000 clients with special healthcare needs in Broward County annually. As a facility of Broward Health, CDTC’s mission is to promote the optimal health and well-being of children with special healthcare needs by providing comprehensive prevention, intervention, and treatment services.

Moishe Mana Adds Three Buildings to Flagler District Assemblage

cwilliams@achieveagency.com (Clay Williams) — Mon, 03 Jan 2022 16:35:49 GMT

Colliers South Florida’s Urban Core Division Team Represented Both the Buyer and Seller in the Transaction

MIAMI (December 23, 2021) - Visionary entrepreneur Moishe Mana has acquired three buildings at 100 N Miami Avenue, 173 NE 1 ^st Street and 124 NE 2 ^nd Avenue for $25,375,000. Together the properties total 50,197 sq. ft., situated on 28,750 sq. ft. of land.

Colliers Urban Core Division Executive Managing Director Mika Mattingly and Senior Associate Cecilia Estevez represented both the buyer, Moishe Mana of Mana Common, and the sellers, SG&S Inc and Flexini Investments Inc., in this off-market transaction.

“Transformative developments taking shape in downtown Miami, along with organic growth of quality retail and restaurants in the area, have resulted in a migration of people seeking a true work, live, play environment,” said Mattingly. “After years of being ignored by the investment community, everyone is rushing to own a piece of downtown Miami, fueling an insatiable desire for real estate in this submarket. Transactions like this are reducing the inventory available for investment, with very few opportunities of this size and scale remaining in downtown.”

Moishe Mana, CEO of Mana Common, is the largest private landowner in Miami with a significant assemblage of over 60 properties spanning more than 1.3 million square feet in downtown Miami’s Flagler District. Under his real estate division, Mana Properties, the visionary entrepreneur has begun construction on several sites in downtown Miami including at the Nikola Tesla Innovation Hub, the first building on track for completion.

“The Flagler District is on its way to becoming the best neighborhood in America,” said Moishe Mana. “We are turning the downtown core into Miami's economic engine. What the people of Miami really need are jobs-- high-paying, long-term, wealth-creating jobs, so those that built Miami into a global destination can benefit from its prosperity.”

As downtown Miami continues to flourish with the return of global capital and major developments underway, Moishe Mana intends to transform the neighborhood into a global hub for tech and innovation, connecting North and Latin American markets. The vision comes from a thoughtful intent to support commercial development in the downtown core as the demand for office and retail spaces in Miami increases.

01/20/22 NAIOP's 2022 Economic Outlook Virtual Program

cwilliams@achieveagency.com (Clay Williams) — Wed, 22 Dec 2021 02:51:35 GMT

CLICK HERE TO VIEW THE REBECCA ROCKEY, CUSHMAN & WAKEFIELD PRESENTATION

CLICK BELOW TO VIEW THE MARK VITNER, WELLS FARGO PRESENTATIONS:

PART 1

PART 2 Economic Outlook 2022: The Pandemic-Hardened Economy

Omicron, inflation, staffing shortages, supply chain disruptions and a delay to returning to the office. As much as we tried to turn the page, 2022 is starting out a lot like 2021. But with these economic headwinds already baked in, could the U.S. and global economy finally reach equilibrium this year - or maybe even pull away from the turbulence? What trends will dominate 2022 and what’s on the horizon for the commercial real estate sector?

To find out what to expect in 2022, join NAIOP South Florida on Jan. 20 for its virtual economic outlook program as its presents two of the nation’s top economic sages:

Mark Vitner, senior economist of Wells Fargo

Rebecca Rockey, global head of economic analysis & forecasting at Cushman & Wakefield

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 6750 North Andrews Avenue, Suite 200, Ft. Lauderdale, FL 33309

Infinity Properties, led by Shane Decker and Brett Schlacter close on their 8th industrial deal this year

cwilliams@achieveagency.com (Clay Williams) — Wed, 22 Dec 2021 02:19:55 GMT

Infinity Properties, led by Shane Decker and Brett Schlacter close on their 8 ^th industrial deal this year adding 86,000 SF to their portfolio with a $9,125,000 off-market purchase located at 2750 Michigan Ave, Kissimmee, FL (Orlando MSA). The deal was sourced in-house by Pamela McCleod, Infinity’s Director of Acquisitions and includes 6 buildings fronting busy Michigan Ave sitting on over 6.5 acres. The deal closed on 12.20.2021.

The asset consists of pristine small-bay (four-buildings) + two retail/flex buildings strategically located just minutes off the Turnpike, which is centrally located immediately in between Orlando’s International Airport and the Walt Disney World Resorts and is the largest light industrial/flex commerce park of its kind in the area. This particular submarket of Orlando is experiencing massive growth with new developments breaking ground all over the place.

The unit sizes (1,700 SQ FT bays) and configuration, curb appeal + total footprint makes this acquisition a perfect addition to Infinity’s portfolio. The Kissimmee submarket is currently experiencing a sub-2% vacancy factor.

Infinity Properties closed on a $10,000,000 3-building portfolio purchase earlier this year in Orlando consisting of near identical product (small-bay) in Longwood, FL. This brings Infinity to over 200,000 SF of assets under management in the Orlando MSA and plans to acquire another 800,000 SF in 2022.

Infinity Properties is one of Florida’s top buyers for light industrial flex product, acquiring 27 buildings and over $75,000,000 worth of deals in 2021 alone.

For any deals or partnership opportunities please contact:

shane@infinitypropertiesusa.com

brett@infinitypropertiesusa.com

pamela@infinitypropertiesusa.com

Bridge Industrial Secures Loan to Refinance 97% Leased, Phase I of Its Bridge Point Commerce Center in Miami Gardens

cwilliams@achieveagency.com (Clay Williams) — Tue, 21 Dec 2021 01:56:13 GMT

CBRE Arranged the Loan to Refinance Phase I of Bridge Industrial’s Largest Business Park in

South Florida

Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, today announced it has secured a long-term, fixed-rate loan to refinance Phase I of its Bridge Point Commerce Center in Miami Gardens, Fla.

Delivered in January, Phase I of the Class-A industrial park consists of three buildings totaling 1.1 million square feet of space that is nearly fully leased at 97 percent to notable tenants including CITY Furniture and HapCor, among others. Construction is underway on Phase II of the project, which encompasses two buildings, totaling 1.5 million square feet and is on schedule to be delivered in early 2023.

The loan was issued by Hartford Investment Management Company and secured by Steve Roth of CBRE’s Debt & Structured Finance team. Loan proceeds will be used to retire an existing construction loan with a floating rate.

“Modern, last-mile logistics centers like Bridge Point Commerce Center continue to outperform the market,” said Kevin Carroll, Partner, Southeast Region of Bridge Industrial. “We are pleased to have been able to take advantage of historically low interest rates and lock into an extremely attractive fixed rate.”

Strategically located between Miami-Dade and Broward Counties on a 185-acre site at 4310 NW 215th Street, Bridge Point Commerce Center offers Florida Turnpike frontage with 155,310 cars passing per day. Divisible to 40,000 square feet, the first two buildings in Phase I are 286,991 square feet with 32’ clear ceiling heights and the third is a 534,816-square-foot, cross-dock facility with 36’ clear ceiling heights. Divisible to 80,000 square feet, Phase II features two buildings that are 794,230 square feet each with 36’ clear ceiling heights. The park’s location is equidistant from Miami International Airport and Fort Lauderdale International Airport and offers immediate access to all points in South Florida via the Florida Turnpike and I-75.

Bridge is one of South Florida’s most active industrial real estate developers. The company has acquired approximately 500 acres in 16 separate transactions throughout Miami Dade and Broward Counties and delivered approximately 7 million square feet of Class-A industrial space across the region since entering the market in 2012. The company’s current South Florida portfolio spans more than 5 million square feet of company-owned and third-party managed properties with an additional 2.5 million square feet under construction.

For more information about Bridge Point Commerce Center or to schedule a tour, contact CBRE’s Tom O’Loughlin, SIOR at (954) 356-0468 or David C. Albert at (305) 381-6474.

6th Annual Sunbeam Polar Express Delivers Holiday Gifts to Underserved Children and the Elderly in Miramar

cwilliams@achieveagency.com (Clay Williams) — Tue, 21 Dec 2021 01:52:32 GMT

Miramar Park of Commerce tenants rally together to help kids and seniors in need with Miramar Police Department’s Operation Blue Squad

MIRAMAR, Fla. (December 20, 2021) – Hundreds of children and seniors in Miramar will receive gifts this holiday season thanks to the Sunbeam Polar Express Toy Drive. Sunbeam Properties & Development hosted the 6th Annual Sunbeam Polar Express in which more than 50 tenants and vendors of the Miramar Park of Commerce donated toys, games, books and more for kids of all ages as well items for the elderly including anti-slip socks, blankets and food.

Sunbeam joined with the Miramar Police Department Operation Blue Squad to deliver the gifts to underserved children and the elderly in Miramar as well as children at Joe DiMaggio Children’s Hospital.

“Every child should be able to experience the excitement of opening a special gift, and we are incredibly grateful to our very generous tenants for pitching in and supporting our community,” said Sunbeam Properties & Development Vice President Maridee Bell. “Since the pandemic began, there are also so many more lonely and isolated elderly in need of support, so we were happy to help provide needed items to make their holidays a little brighter as well.”

During the Sunbeam Polar Express, Sunbeam Properties & Development employees and Miramar Park of Commerce tenants personally joined in the procession of vehicles decorated with Santa’s reindeer and carrying gifts to the Miramar Police Station. The group had a little extra fun dressing up in their ugly, but festive, Christmas and Hanukkah sweaters.

“Seeing the pure joy on a young person’s face because someone cared enough to think of them during the holidays is priceless,” added Bell. “Special thanks to the Miramar Police Department for their ongoing partnership to make the Polar Express a success.”

Sunbeam Properties & Development also partners with the Miramar Police Athletic League for Hangin’ with 5-0, a free, six-week summer camp and life-changing program for at-risk youth in Miramar. The camp, which helps bridge the gap between police officers and local youth, serves more than 80 students ages nine to 14 each summer.

Bridge Industrial and CPP Investments Form $1.1 Billion Joint Venture for Build-to-Core Industrial Assets

cwilliams@achieveagency.com (Clay Williams) — Tue, 21 Dec 2021 01:50:04 GMT

Partnership will target development of modern warehouse facilities in supply-constrained markets across the U.S., including a 2.6-million-square-foot development in Miami

Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, and Canada Pension Plan Investment Board (“CPP Investments”) today announced the formation of a joint venture to develop industrial properties in several core markets across the United States.

CPP Investments and Bridge have allocated US$1.1 billion in equity to the joint venture, and will focus on developing industrial assets for long-term ownership in core U.S. markets. CPP Investments will own a 95% stake in the joint venture and Bridge will own the remaining 5%.

“We’re excited to form this new strategic partnership with CPP Investments, which will allow Bridge to continue to scale our infill portfolio in our core U.S. markets,” said Steve Poulos, Founder and CEO of Bridge. “Demand for industrial space continues to outpace supply in infill markets across the U.S., supporting Bridge and CPP Investments’ shared vision of the long-term value and opportunity in the industrial sector.”

The venture was seeded with a 175-acre site within Miami’s Airport West submarket, located in the city of Doral. The development will include six buildings that will total 2.6 million square feet of state-of-the-art warehouse space once completed.

“We’re pleased to form a new partnership in the growing industrial real estate sector alongside proven developer and operator Bridge, further diversifying our real estate investments across multiple U.S. markets,” said Peter Ballon, Managing Director, Global Head of Real Estate, CPP Investments. “The significant demand for purpose-built logistics real estate that can help ease existing warehouse supply burdens aligns with our long-term investment strategy.”

Excel Construction of Florida Kicks Off the Holidays with Support for Sports Radio Host Channing Crowder’s Toy Drive for Boys & Girls Clubs

cwilliams@achieveagency.com (Clay Williams) — Tue, 21 Dec 2021 01:48:05 GMT

FORT LAUDERDALE, Fla. (December 20, 2021) – Excel Construction of Florida President Eric Wolf is a big fan of the Florida Gators and a strong supporter of children’s causes so it was an easy decision to donate to former University of Florida and Miami Dolphins star linebacker and WQAM 560 sports radio host Channing Crowder’s toy drive benefiting Boys and Girls Clubs of Broward County.

Wolf scored some points with kids at Boys and Girls Clubs delivering the toys during the annual WQAM 560 Sports Radio toy drive.

“The team at Boys & Girls Clubs and at WQAM have a winning game plan in bringing holiday cheer to the kids,” said Wolf. “We are thrilled to support them and the children and families they serve all year long through afterschool programs, camps and activities.”

For more information about Excel Construction of Florida, visit excelsf.com .

4-acre Oceanfront Development Opportunity in Miami Beach - Millionaire’s Row

cwilliams@achieveagency.com (Clay Williams) — Fri, 17 Dec 2021 18:48:23 GMT

Castle Beach Club Condo Association selects Colliers to market the transformative once-in-a-lifetime opportunity

MIAMI BEACH, FL, December 14, 2021 – With development activity in Miami Beach on the rise as wealthy residents continue to move into the area, Castle Beach Club Condo Association has received several unsolicited offers to acquire its four acres of land with 576 linear feet of frontage of the world-renowned Miami Beach. The condominium, located at 5445 Collins Avenue, has selected Colliers to market this opportunity.

Colliers South Florida Vice Chairman Ken Krasnow, Executive Managing Director Gerard Yetming, Director Brooke Berkowitz, and Senior Financial Analyst Julian Zuniga are handling the assignment on behalf of the Castle Beach Club Condo Association.

“Miami Beach continues to evolve into an internationally known, world-class, 24-hour destination, “ said Krasnow. “There is substantial demand in the marketplace for new developments and Castle Beach Club’s location offers unmatched connectivity and accessibility to all major South Beach attractions.”

Castle Beach Club is an existing condominium building built in 1966 that sits on a 3.98-acre beachfront parcel. This one-of-a-kind unprecedented land site offers a world-class development opportunity that will appeal to buyers from around the globe.

“Miami Beach continues to cement its reputation as a global destination, attracting extremely wealthy individuals and leaders of prominent financial and technology companies around the world,” said Yetming.

As land becomes increasingly scarce, opportunities for development on Miami Beach have become few relative to the heightened demand. Year-over-year condominium sales have posted an increase of 64% in Miami Beach with average price-per-square-foot of new-construction, oceanfront condos jumping 21% from 2019 to 2021. The Castle Beach Club site represents the rare opportunity for developers to build a project that would re-shape the Miami Beach Skyline.

Butters Forms Joint Venture with BlackRock Real Assets Fund to build 200,000 Square Foot Industrial Building

cwilliams@achieveagency.com (Clay Williams) — Fri, 17 Dec 2021 18:45:51 GMT

COCONUT CREEK, FL – Butters Construction & Development has partnered with a fund managed by BlackRock Real Assets to acquire a vacant 103,000 square foot office building at 5601 Hiatus Road, Tamarac, Florida. The partnership plans to develop a 200,000 square foot industrial building on the 12.5-acre site.

The development will consist of a rear-loaded bulk distribution center with 32-foot clear heights and will accommodate tenants ranging in size from 20,000 to 200,000 square feet. The site has frontage along Commercial Boulevard and is just east of the Sawgrass Expressway interchange, offering tenants visibility and access to major distribution thoroughfares.

“This is the future of South Florida industrial – finding underused assets and repurposing them into modern industrial facilities,” said Malcolm Butters, President of Butters Constructions & Development. “We have done this with a golf course before, and now with the increased demand for industrial, we are able to do this with office buildings with excess land.”

"This investment fits our strategy focusing on infill industrial investments in high-growth, supply constrained markets across the U.S. Development represents an opportunity for our clients to achieve attractive risk-adjusted returns in the targeted industrial sector," said John Lamb, Managing Director at BlackRock Real Assets. “Butters has been a terrific partner, and we look forward to successfully developing this project with them.”

Leasing will be handled by the Cushman & Wakefield Team of Chris Metzger and Richard Etner.

Avison Young closes $105M sale of Biscayne Place, a full city block spanning ±3.04 acres for major residential, mixed-use development near Miami’s Arts & Entertainment District

cwilliams@achieveagency.com (Clay Williams) — Fri, 17 Dec 2021 18:14:38 GMT

All-cash deal represents the highest price per unit for any non-waterfront property in the district

Miami – Avison Young’s Florida Capital Markets Group completed the $105 million sale of Biscayne Place, an area-defining residential and mixed-use development opportunity comprised of one full city block measuring ±3.04 acres. The property is located at 1700 Biscayne Blvd. in the Edgewater neighborhood, just north of Miami’s Arts & Entertainment District. The Melo Group, a Miami-based development firm, purchased the property in an all-cash deal with plans to build apartments, condominiums, and retail spanning four 60-story towers.

Avison Young Principals Michael T. Fay, who is also Managing Director of the firm’s Miami operations; John K. Crotty, CCIM; David Duckworth; Vice President Brian C. de la Fe; and Associate Berkley Bloodworth represented the Fort Lauderdale-based selling entities led by James Goldstein. Global Investments Realty Principal Joel Rodriguez represented the Melo Group.

“At $69,000 per buildable unit, the Biscayne Place sale marks the highest price per square foot for any non-waterfront property in Miami’s Arts & Entertainment District and the second-highest in Edgewater,” said Fay. “It was a pleasure to work with the seller, James Goldstein, a long-standing client, to sell the property for what will be an iconic mixed-use project for the area.”

The transaction underscores the high demand for apartments, which continue to garner record rental rates throughout South Florida. Rent in Miami is 10% higher than projections from the beginning of the pandemic, according to studies. Avison Young research further indicates Metro Miami’s projected population growth, due to domestic and international migration, in the coming five years is expected to exceed 9%. Currently, the Edgewater submarket outperforms both the Greater Downtown and the Miami-Dade County markets in rent growth and occupancy.

Positioned between Biscayne Boulevard and Northeast Second Avenue and between 17 ^th Street and 17 ^th Terrace, the site sits in an Opportunity Zone that ranks in the top 1% in terms of population growth and total retail sales. It is currently home to a Burger King, a two-story mixed-use commercial building, a house converted for commercial use, and parking lots as well as several vacant parcels. The property’s future development will enjoy spectacular views, walkability, and frontage on Biscayne Boulevard which provides a marquee address and superb accessibility.

Avison Young negotiates 50,000 SF long-term office lease for Sonny’s Enterprises new Corporate Offices

cwilliams@achieveagency.com (Clay Williams) — Tue, 07 Dec 2021 20:53:29 GMT

HQ relocation provides the tenant expanded warehouse space in neighboring industrial park

Tamarac, Fla. – Avison Young today announces it negotiated a new, 47,851 square-foot long-term office lease at Westpoint Business Center at 5870 Hiatus Road in Tamarac, Florida. The lease marks the latest expansion for Sonny’s Enterprises, which is relocating its corporate offices to 5870 Hiatus Road.

Sonny’s, headquartered in Tamarac, is an international manufacturer and marketer of conveyorized car wash equipment, parts, and supplies. The company occupies 350,000 square feet in Tamarac including within Westpoint Distribution Center, a warehouse park neighboring Westpoint Business Center. Avison Young Principal Tom Viscount, who represented the tenant in the office lease transaction, represented the company in 215,000 square feet of those transactions.

"Strategically located off of the Sawgrass Expressway and Commercial Boulevard, the industrial park’s ease of access and attractive nearby amenities continued to be favorable for Sonny’s Enterprises latest expansion through the relocation of their HQ,” said Viscount. “Due to our long-standing relationship and deep understanding of our client’s growth needs, we were pleased to facilitate their new office HQ within the business park.”

According to research by Avison Young, leasing activity gained momentum during third-quarter 2021, as Broward County's office market continued to recover. Year-to-date leasing volume is down only 7.0% compared to 2020.

Moxies Restaurant to Open at The Main Las Olas in Downtown Fort Lauderdale

cwilliams@achieveagency.com (Clay Williams) — Tue, 07 Dec 2021 20:46:43 GMT

Fort Lauderdale, Fla (December 7, 2021) – Moxies, in partnership with Eatz Hospitality and Northland Properties, today announced the planned restaurant opening at The Main Las Olas in downtown Fort Lauderdale in Fall 2022. The prime new location marks Moxies’ second restaurant in Florida and sixth in the U.S. as Moxies restaurants continue to gain popularity across the U.S.

Located at 201 E. Las Olas and SE 3rd Ave, the restaurant will be situated at the southwest corner of The Main Las Olas, spanning more than 12,000 square feet of indoor-outdoor dining on two levels.

The Main Las Olas was completed in 2020 by Fort Lauderdale-based, commercial real estate development firm Stiles, in partnership with San Francisco-based Shorenstein Properties, LLC, an owner and operator of high-quality office, residential and mixed-use properties across the U.S.

Renowned for their globally inspired menu, lively atmosphere and warm hospitality, the Moxies experience at The Main Las Olas will come to life with unique design elements including a second-floor mezzanine and patio in addition to beautiful indoor-outdoor bars on both floors. A covered outdoor patio will allow for al fresco dining with artificial living walls and several areas for dining, lounging and gathering.

“We’re thrilled for the opportunity to become part of The Main Las Olas community in Fort Lauderdale,” said P aul Randle, President and CEO of Eatz Hospitality Inc. and Franchise Owner . “Our entire team is excited to host everyone who lives, works and visits this dynamic and stylish neighborhood when our doors open next year.”

"We are pleased to welcome Moxies to The Main Las Olas, the newest and most iconic mixed-use tower in downtown Fort Lauderdale,” said Dan Coyle, Senior Vice President, Stiles Retail Group . “ Moxies’ casual, cool atmosphere, extensive menu, and exciting happy hour perfectly complement the building's chic interior design and retail lineup. The restaurant’s outdoor area will draw excitement and energy to this part of the downtown Las Olas corridor, and we are confident that Moxies will be a go-to gathering place for tenants, residents, and visitors downtown."

STATE STREET REALTY BROKERS CLOSE MORE THAN 80,920 SQUARE FEET OF COMMERCIAL REAL ESTATE TRANSACTIONS IN SOUTH FLORIDA

cwilliams@achieveagency.com (Clay Williams) — Fri, 03 Dec 2021 21:59:29 GMT

Deals are valued at over $11 million

Miami, FL – (November 30, 2021) – State Street Realty, a Miami-based brokerage and advisory firm, recently completed lease and sale transactions totaling over 80,920 square feet with a value of $11,925,000. These commercial real estate transactions were all completed throughout the South Florida area in September, October and November by Vice President Frank Trelles, SIOR and Sales Associate Jason Gonzalez.

Deals that State Street Realty recently closed include:

Frank and Jason represented Rolo Transport who leased a 25,920 SF warehouse space located at 6035 Southern Blvd. in West Palm Beach, Florida. Prologis was represented by Peter Sheridan of CBRE. The transaction is valued at $2 million.

Frank and Jason represented the seller of a 2,500 SF office condo located at 2801 Florida Avenue. The transaction is valued at $925,000.

Frank and Jason represented the seller, El Progresso in the sale of their 30,000 SF retail space located at 11710 NW South River Drive. The transaction is valued at $6 million.

Frank and Jason represented the tenant, Triton Logistics in a 22,500 SF industrial lease located at 12500 NW 25 Street. The landlord, Prologis was represented by Brian Smith, Audley Bosch and Matt Maciag. The deal is valued at $2 million.

State Street Realty’s office is based out of Beacon Centre Business Park located at 8319 NW 12 Street, Doral, Florida. For more information, please contact State Street Realty at (305) 447-3390.

Weston Pointe – Managed by Foundry Commercial – Recognized with BOMA Fort Lauderdale / Palm Beaches TOBY Award

cwilliams@achieveagency.com (Clay Williams) — Fri, 03 Dec 2021 20:22:03 GMT

Spec development lease completed by Avison Young and State Street Realty underscores pent-up demand in competitive industrial market

WESTON, Fla. (December 1, 2021) – Weston Pointe, a 388,112-square-foot, Class-A office park located in Weston, Fla., was recently recognized with The Outstanding Building of the Year (TOBY) Award in the Suburban Office Park – Low Rise category by BOMA Fort Lauderdale / Palm Beaches (Building Owners Managers Association).

Featuring four, four-story buildings along North Commerce Parkway in the South Florida community, Weston Pointe is centrally located, providing fast and easy access to destinations including Weston Town Center, Cleveland Clinic Florida, and Sawgrass Mills Mall. Owned by New York Life and managed by Foundry Commercial, Weston Pointe boasts walking trails, scenic views, and preserved wetlands throughout its campus setting.

“We are thrilled that the efforts of our property management and engineering teams have been recognized by BOMA with the prestigious TOBY award,” said Cary Fronstin, Director of Property Management Operations for Foundry Commercial. “Our commitment to tenant satisfaction and creating an inviting work environment has helped Weston Pointe remain one of the highest occupied suburban office parks in western Broward County.”

The TOBY Awards represent an international competition recognizing properties that exemplify superior building quality and excellence in office building management. A TOBY Award is the most prestigious and comprehensive in the commercial real estate industry. During the competition, all facets of a building's operations are thoroughly evaluated. Buildings are judged on everything from community involvement, tenant relations and site management to environmental and green policies and procedures. As the leading organization for the commercial real estate property management community in South Florida and part of a larger network of associations, BOMA Fort Lauderdale / Palm Beaches plays an important public role as a leader and advocate in the industry.

King Ocean Services signs new 157,258 SF lease for its relocation & expansion at Beacon Lakes development in Miami

cwilliams@achieveagency.com (Clay Williams) — Thu, 02 Dec 2021 17:51:06 GMT

Spec development lease completed by Avison Young and State Street Realty underscores pent-up demand in competitive industrial market

Miami – King Ocean Services signed a new, long-term, 157,258-square-foot industrial lease transaction for its relocation and expansion within Miami. Avison Young and State Street Realty facilitated the transaction on behalf of the international cargo transport company, which will fully occupy Building 24 at Prologis Beacon Lakes, at 13155 NW 19th Lane in Miami's Airport West submarket. Construction on the class A property is set for completion in third-quarter 2022.

King Ocean Services is one of the largest niche ocean cargo companies serving the Caribbean, Central and South American regions. The new lease represents a 53,000-square-foot expansion and solidifies the company's significant commitment to its clients and overall growth.

Avison Young Principal Wayne Schuchts and Senior Associate Bobby Benton co-represented the tenant with State Street Realty's Ed Lyden during the lease transaction.

"Miami's class A industrial market is incredibly tight, especially for large, ideally-located, single-tenant buildings like Beacon Lakes 24," said Schuchts. "It is one of the few buildings at the business park within those criteria with secured trailer parking and modern specifications, which perfectly matched our client's needs."

According to an Avison Young research, total industrial vacancy in Miami-Dade County is at its lowest point since 2018 at 4.4%, with the Airport West submarket reporting the lowest vacancy in the market at 4%. Recent leasing activity has demonstrated strong occupier interest in large blocks of space (100,000 square feet and greater). Miami's continued influence as a global gateway with robust industrial fundamentals continues to spur demand on the part of tenants and investors alike, forcing developers to continue to search for sites to stay ahead of demand.

"With rising rental rates creating a challenging and competitive environment for tenants in the market, we advised King Ocean Services to secure their ideal space now to avoid the risk of a depleted inventory and higher rents in the future," said Benton. "Ultimately, working with King Ocean's well-organized, decisive management team and Prologis' first-class customer service team, led by Barbara Mantecon, resulted in a deal providing our client the best value and perfect timing for their ideal building size, specs, and location."

Prologis' Beacon Lakes business park offers unparalleled connectivity with direct access to major highways, including the Dolphin Expressway, Florida's Turnpike, and the Palmetto Expressway, which grants easy access to Miami International Airport and Port of Miami. Amenities include The Shoppes at Beacon Lakes consisting of 500,000 square feet of shopping, dining, and entertainment.

Index Investment Group & Verdex Construction preempts marketing process and buys office building in West Palm Beach for $13.4 Million

cwilliams@achieveagency.com (Clay Williams) — Thu, 02 Dec 2021 16:45:17 GMT

Colliers | South Florida Investment Services Team represented Index Investment Group in the purchase

WEST PALM BEACH, FL | December 1, 2021 – District Pointe LLC, a JV between Index Investment Group and Verdex Construction, purchased a 65,760 square foot office building located at 1501 Belvedere Road in West Palm Beach for $13.4 million. By taking a proactive approach, Colliers was able to work with Index and Verdex on securing the opportunity prior to the property being widely marketed.

Executive Managing Director Mark M. Rubin and Director Bastian Laggerbauer of Colliers | South Florida Investment Services Team represented Index Investment Group, a privately-owned development company, and Verdex Construction, a top-10 South Florida construction company, on the purchase. Michael Feuerman, Steve Hyatt and Daniel Silver of Berger Commercial Realty represented the seller, CEMEX.

The property has operated as a single-tenant user building since its construction in 1983 and has been occupied by its owner Rinker/CEMEX since then. The building will be rebranded as “District Pointe,” repositioned and completely renovated from a single tenant to a multi-tenant modern office building where Verdex will be a full floor tenant. The name came from the building’s gateway position between the revitalized West Palm Beach Warehouse District and the Palm Beach International Airport.

“This was a strategic acquisition for Index Investment Group and Verdex Construction,” said Laggerbauer. “Increasing office rental rates in the Downtown core are displacing tenants to properties on the outskirts - District Pointe’s comprehensive renovation and location will make it an attractive alternative for tenants in the market.”

As sale prices for office buildings in West Palm Beach’s core downtown market continue to rise with more owners investing in capital improvements and necessary building renovations, average rental rates in the West Palm Beach downtown area have almost doubled to above $60.00, per square foot (gross).

“The broader West Palm Beach office market provides a haven for tenants looking for more affordable rents, while remaining close to the urban core,” said Rubin. “The superior access to the Airport, surrounding infrastructure and investments in these peripheral West Palm Beach buildings presents a value-add opportunity for landlords to renovate older office supply to meet the growing demand.”

Index Investment Group with its North American Headquarters in Jupiter, FL, was founded in Sweden in 1998 by Bjarne Borg and Fredrik Alama, two dynamic entrepreneurs with a never-ending dedication to business opportunities. The firm has developed more than 6.8 million square feet of commercial space and over 8,400 residential units. Verdex Construction was founded by Rex B. Kirby, Jr., a 40-year veteran of the construction industry and the company has in only 7 years become one of the top-10 South Florida construction companies.

Miller Construction Begins $6 Million HQ and Clinical Service Center For Fort Lauderdale-based First Choice Laboratory

cwilliams@achieveagency.com (Clay Williams) — Thu, 02 Dec 2021 16:42:57 GMT

FORT LAUDERDALE, Fla. – Miller Construction has launched a comprehensive interior and exterior renovation for First Choice Laboratory, creating an upscale, two-story corporate headquarters and clinical services center for the high-complexity laboratory company at 1200 NW 62 Street in Fort Lauderdale’s Cypress Creek area.

The seven-month build’s exterior work includes re-skinning the building, replacing the roof, structurally enlarging window openings to enhance natural lighting, and pouring new beams on the existing structure to support the increased window height and weight.

Designed by FSMY Architects of Fort Lauderdale, the 22,872-square-foot building will feature a new porte cochere entry and exterior textures including paneling and stucco with wood and tile features, plus green screen for adding live greenery. Miller’s crews are gutting the interior, demolishing and replacing the building’s elevator, adding a new conference room and building a reception area and clinical testing and laboratory processing rooms on the ground floor, plus corporate offices on the upper floor.

Currently based nearby in Fort Lauderdale, First Choice Laboratory is a high-complexity laboratory serving healthcare providers. The laboratory uses state-of-the-art equipment, best-in-class lab diagnostic tools, automated computer systems, expert staff to ensure accurate analysis for COVID-19, clinical, respiratory, allergy, genetic and pharmacogenetic testing.

Engineering project team members for the renovation include Bryntesen Structural Engineers of Fort Lauderdale, and KAMM Consulting of Deerfield Beach (MEP).

Founded in 1973, Miller Construction is a prominent Florida design/builder and construction services firm serving commercial, healthcare, industrial, retail, automotive, hospitality and educational markets. For information: www.millerconstruction.com .

AutoNation and Inter Miami CF Partner Raises $125,000 for the Breast Cancer Research Foundation

cwilliams@achieveagency.com (Clay Williams) — Mon, 29 Nov 2021 15:48:59 GMT

Fort Lauderdale, Florida (November 22, 2021) – Through a partnership with major league soccer team Inter Miami CF, AutoNation, Inc. (NYSE: AN), America’s largest and most admired automotive retailer, presented a check for $125,000 to the Breast Cancer Research Foundation (BCRF), which is dedicated to ending breast cancer by advancing the world’s most promising research.

The check presentation was made by Marc Cannon, AutoNation Executive Vice President and Chief Customer Experience Officer; Jorge Mas, CEO & Managing Owner of Inter Miami CF and Chairman of the Board and Co-Founder of MasTec, one of the largest and most diversified U.S. infrastructure services providers in the country; and 4-time INDY 500® Champion Hélio Castroneves, a member of the DRVPNK AutoNation Racing Team.

“Fighting to end cancer is AutoNation’s key philanthropic mission,” said Cannon. “We are so proud of the momentum that has been created with our DRVPNK initiative and the incredible partnerships that we are forging across the country with the singular goal of driving out cancer.”

AutoNation hosted a DRVPNK Night at the DRV PNK Stadium in Fort Lauderdale during soccer season where the check was presented. At the game, AutoNation Associates rallied behind the cause, wearing pink to honor those touched by cancer. Raffle tickets were sold for the chance to win team signed merchandise which raised additional funds for breast cancer research.

AutoNation is recognized for “turning the auto industry pink” through its singular charitable mission, Drive Pink (DRVPNK). In 2013, AutoNation made the decision to direct all its charitable initiatives towards fighting cancer. Two years later, it launched its Drive Pink (DRVPNK) initiative and to date has raised and donated more than $28 million to support critical research and treatment through partnerships with cancer charities from coast to coast.

“This year, for the first time, breast cancer became the most common cancer in the world,” said BCRF President and CEO Myra Biblowit. “The need to discover better, more effective treatments has never been greater. Through our shared commitment to propel research, we will bring the end of breast cancer into focus.”

AutoNation is the official and exclusive automotive dealership partner of Inter Miami CF.

Two national tenants sign leases at River Landing Shops & Residences west of Downtown Miami

cwilliams@achieveagency.com (Clay Williams) — Mon, 29 Nov 2021 15:40:29 GMT

Miami, FL. [Nov. 22, 2021] -- As the South Florida retail market continues to heat up, River Landing Shops & Residences is welcoming two new national tenants to the 8.14-acre development along the scenic Miami River west of Downtown Miami. The new tenants, BurgerFi and Häagen-Dazs, are a perfect complement to the existing tenant mix at River Landing, which opened nearly a year ago. The mixed-use development has become the heart and soul of the community surrounded by the up-and-coming Allapattah and Miami’s Health District. The tenant mix offers customers a unique experience on the bank of the Miami River, one of Miami’s jewels.

This announcement comes shortly after River Landing welcomed four new retail tenants last month bringing River Landing Shops to over 90% leased. River Landing’s office space is also leasing fast, with nearly two-thirds of the space already leased.

“BurgerFi and Häagen-Dazs are a fantastic addition to the incredible roster of tenants at River Landing Shops & Residences,” said Coralee Penabad, co-partner of Coral Gables-based Urban-X Group, the developer behind the 2.2 million-square-foot development owned by Canada-based H&R REIT. “We have watched River Landing grow and become the soul of the community over the last year, where people come together to enjoy the riverfront and a unique shopping experience. As our vision has come to life, we are proud to continue to attract tenants that are a perfect fit for our vibrant community.”

BurgerFi has leased 1,200 square feet on River Landing’s first floor and is scheduled to open fall 2022. The South Florida-based American fast-casual restaurant chain offers hormone-free and antibiotic-free angus hamburgers, french fries, hot dogs, and custard.

Häagen-Dazs has leased 818 square feet on the first floor and is scheduled to open fall 2022. The American ice cream company is marketed as a "super-premium" brand, offering ice cream in several traditional and unique flavors. The dedicated retail outlets serve ice cream cones, sundaes, sorbet and more.

River Landing’s recently announced tenants include P.Pole Pizza, Publix Liquors, Carrot Express, CKO Boxing Gym, and The Charter Agency. Recently opened and soon-to-open national and regional retail and restaurant tenants include Publix Supermarkets, Ross Dress For Less, Burlington Stores, Hobby Lobby, Five Below, Chase Bank, AT&T, Planet Fitness, Old Navy, Ulta Beauty, Sapphire Prive Med Spa, Pediatric Dental Center, Aspen Dental, Chick-fil-A, Lime Fresh Mexican Grill, Ficelle Boulangerie & Pâtisserie, and Tanuki.

River Landing is located at 1400 NW North River Drive, just steps away from the Health District, with a daytime population of more than 50,000. Strategically located between downtown Miami and Miami International Airport, River Landing is helping to meet the growing demand for quality discount retail, grocery, banking, and lifestyle services. It is one of the few retail, office, and residential developments that is accessible by boat in Miami.

By incorporating the Miami River into the project, River Landing offers shoppers an experience that can’t be replicated by online shopping. The development offers a large open, outdoor atrium that connects the retail stores and creates a communal space for residents and visitors to enjoy. Its design merges interior and exterior environments, allowing retailers to extend into the riverfront patio and atrium spaces to enhance the overall customer experience.

River Landing consists of approximately 360,000 square feet of retail/commercial space, 135,000 square feet of Class A office, 528 market-rate apartments, more than 2,000 parking spaces and a landscaped Riverwalk. The diverse retail tenant mix serves residents of River Landing, the surrounding community, and River Landing’s office tenants. Office tenants at River Landing include the Miami-Dade State Attorney’s Office (SAO), which is set to occupy 49,379 square feet, among others. The office space at River Landing is currently 60% leased.

River Landing is close to two Metrorail stations and the rapid transit system that connects all the major hospitals and research centers to Downtown Miami, East Kendall and Hialeah as well as the Tri-Rail, a commuter rail line linking Miami, Fort Lauderdale, and West Palm Beach. River Landing is also served by Miami's Trolley system and is located at the crossroads of Miami-Dade’s main thoroughfares: Interstate 95 and State Road 836.

For more information visit: https://riverlandingmiami.com/

New Photos: Wynwood just got a little more vibrant

cwilliams@achieveagency.com (Clay Williams) — Thu, 18 Nov 2021 17:37:59 GMT

Here are the latest photos showing the progress at The Gateway at Wynwood as the building nears completion. The long-awaited exterior garage cladding, which depicts a vibrant mural, has been fully installed just in time for Art Basel next month. Additionally, the rooftop deck has been completed and signage is going up around the building.

The Class A office building, developed by R&B Realty Group and designed by renowned Miami architect Kobi Karp, has helped turn Wynwood into a mini-city. The office building, which found inspiration in Wynwood’s innovative spirit and modern vibe, will allow Wynwood's new residents to walk to their offices and shops without having to get in their cars. Wynwood, which used to be home to neglected warehouses, is seeing a construction boom of condos and apartments and, now, office buildings as well.

The Gateway at Wynwood offers about 195,000 square feet of leasable Class A office space and nearly 25,900 square feet of prime street-level retail space at the intersection of Wynwood and Midtown. This summer, R&B Realty Group announced the building's first office lease signed with biotech company Veru Inc. The eight-year, 12,155-square-foot lease will serve as the company's global headquarters and triple Veru's current office space.

Miller Construction Completes F3 Marina, Fort Lauderdale, Second Fully Automated Drystack Marina of its Kind in U.S.

cwilliams@achieveagency.com (Clay Williams) — Thu, 18 Nov 2021 17:14:52 GMT

FORT LAUDERDALE, Fla. – Miller Construction has completed the innovative, six-level automated drystack F3 Marina in Fort Lauderdale’s 17 ^th Street Causeway marine district for owner Founders 3.

The nation’s second fully automated drystack marina of its kind, F3 Marina features an automated crane that lifts and stores or retrieves boats as long as 46 feet in under five minutes – a breakthrough for the marine industry.

Constructing the 59,000-square-foot, 130-foot-high structural steel and precast concrete building on a tight waterfront site at 1335 SE 16 Street posed a range of complex staging and scheduling challenges, according to Miller Construction President Brian Sudduth. Before building the massive 1,750-ton structural steel frame, Miller’s team worked with Florida Power & Light to convert overhead power lines to an underground run, without impacting the busy area’s existing utilities.

F3 Marina features a wet well at the building’s center, with two lifts positioning boats to be raised by the high-tech crane. Knowing the crane would be shipped in 100-foot-long sections, Miller’s team identified and resolved clearance issues during preconstruction to smoothly coordinate installation within the project’s schedule.

“To streamline construction scheduling for the building that is 400 feet long, we sequenced seven sections, starting at both the east and west sides, and coming together at the middle of the building for closure,” Sudduth said. That enabled steel erection to move back and forth between east and west sides of the project, creating enough space for the other trades to skin and start MEP work as each steel section was built. At times the project team had three cranes, 15 booms and four forklifts working inside the building.

It was an exercise in precision. “Thousands of bolts and plates connected the steel structure,” Sudduth noted. “When the two ends met at the building’s center, we had a quarter-inch tolerance to install the final bolts into the plate/beam connections. The bolts slid right into place,” he added.

Designed by architect RINKA of Milwaukee, F3 Marina includes 700 precast concrete panels and 26,000 square feet of curtain wall glass, creating an upscale, contemporary exterior. Engineers were Jezerinac Group of West Palm Beach (structural), and Edgewater Resources of Pompano Beach (civil).

Miller Construction is a prominent design/builder and construction services firm serving Florida industrial, retail, commercial, automotive, healthcare, hospitality and education markets since 1973. For information: www.millerconstruction.com .

Brooklyn-based firms purchase high-rise development site in Urban Core Fort Lauderdale for $14.5M

cwilliams@achieveagency.com (Clay Williams) — Thu, 18 Nov 2021 17:03:35 GMT

Colliers South Florida’s Urban Core Division represented both the buyer and seller in the sale of the 31,224 SF building situated +/- 2 acres

FORT LAUDERDALE, FL, November 17, 2021 – As South Florida’s markets continue to strengthen from the migration of out-of-state developers, Colliers facilitated the off-market sale of the Himmarshee development site in Downtown Fort Lauderdale. Colliers’ Director Bradley Arendt and Executive Managing Director Mika Mattingly represented both the buyer, Heights Advisors, and the seller, 111 Property Group, in the transaction.

The buyers, Heights Advisors and Legacy Partners, purchased the development site in a joint venture for $6.7 million. Heights separately bought the retail portion for $7.8 million for a total sales price of $14.5 million.

Heights Advisors, a Brooklyn-based community real estate developer and investment management firm, has led more than $1.5 billion in real estate projects. Heights has also led more than $1 billion in real estate transactions as the direct developer. Heights currently oversees more than 1 million square feet of ground-up development and residential conversions in New York and Philadelphia, managing the construction administration in every project they work on.

“In addition to Fort Lauderdale’s incredible cultural arts, entertainment and business districts, its recent thoughtful and clear codification of its zoning rules has ensured its place as one of the prime centers for growth in the United States,” says Stephen Palmese from Legacy Partners, a family-owned investment company based in Brooklyn, New York.

At a time when development opportunities are few, investor interest in South Florida is peaking, particularly among out-of-state buyers. Approximately $1.6 billion has been invested in South Florida land opportunities year-to-date among out-of-state buyers, furthermore, approximately $481.5 million, or 30 percent of that, is sourced to the buyers in the NYC metro area.

Palm Beach Symphony Builds Community Partnering with Related Companies

cwilliams@achieveagency.com (Clay Williams) — Tue, 16 Nov 2021 17:30:31 GMT

West Palm Beach, Fla. (November 15, 2021) – Palm Beach Symphony musicians have been busy this fall, engaging the community from South Florida to the Hamptons including an event with Related Companies at 360 Rosemary.

To promote its 48th Season, Palm Beach Symphony kicked off fall with a performance at an intimate gathering hosted by Related Companies and Palm Beach Symphony on the lush outdoor terrace of the stunning 360 Rosemary, a state-of-the-art, best-in-class office building in the heart of downtown West Palm Beach. Guests enjoyed a picture-perfect night with a private performance by musicians from the Palm Beach Symphony, under the baton of Maestro Gerard Schwarz. In addition to Related Companies, the West Palm Beach Downtown Development Authority graciously sponsored the food and beverages for the evening, served by Hilton West Palm Beach.

Palm Beach Symphony is also curating Music Mondays at 360 Rosemary featuring free musical performances open to the public next to The Wishing Tree each Monday from now through December 27 from 6 to 6:30 p.m. before the nightly snowfall and lightshow.

“Arts and culture is at the heart of our community in Downtown West Palm,” said Gopal Rajegowda, Partner, Related Southeast. “We are honored to have a world-class organization such as the Palm Beach Symphony as our neighbor and for the opportunity to present experiences such as this to our tenants and partners.”

Related Companies recently completed 360 Rosemary, the 20-story, 300,000-sq.-ft. Class A office building earlier this year. The building consists of several shared spaces including a fitness center, a conference rooms and the outdoor terrace, with a lobby café and two restaurants, Harry’s & Adrienne’s, coming in 2022.

Palm Beach Symphony opened its 48th season under the baton of Music Director Schwarz with pianist Hélène Grimaud in November. Other celebrated musicians including pianists Yefim Bronfman and Maria João Pires, violinist Midori and clarinetist Jon Manasse will also take the stage during the Masterwork Series season. This marks the first time the entire season will be performed at the Kravis Center for the Performing Arts in West Palm Beach.

Peter M. Gottsegen, The Lachman Family Foundation, Patrick and Milly Park, Felicia Taylor/The Mary Hilem Taylor Foundation, DeLuca Foundation, Leonard and Norma Klorfine Foundation, Charles and Ann Johnson/The C and A Johnson Family Foundation, Patricia Lambrecht, Dodie and Manley Thaler and the Thaler/Howell Foundation, NetJets, Lugano Diamonds, Findlay Galleries, HSS Florida, PNC Private Bank, The Colony Hotel, Related Companies, Provident Jewelry, IYC, Palm Beach Design Masters, Braman Motorcars, and Gent Row LLC are proud sponsors of Palm Beach Symphony. Programs are also sponsored in part by the State of Florida, Department of State, Division of Arts and Culture and the Florida Council on Arts and Culture.

9-acre land site sells for $10M for 250-unit multifamily development in Miramar, Florida

cwilliams@achieveagency.com (Clay Williams) — Tue, 16 Nov 2021 16:57:15 GMT

Avison Young’s Keith O’Donnell and Colliers’ Mark Rubin collaborate on off-market sale

Miramar, Fla. – Avison Young’s Florida Capital Markets Group helped facilitate the $10 million sale of a vacant 9-acre development site at 3100 S.W. 145 ^th Avenue in Miramar, Florida. The land will be used for a 250-unit multifamily project called Alexan Miramar as part of Miramar’s Monarch Lakes residential community.

Avison Young Principal Keith O’Donnell and Colliers Executive Managing Director Mark Rubin coordinated the off-market transaction between the seller, Workspace Property Trust, and the buyer, Trammell Crow Residential.

“We were approached by the seller to gauge interest from our investor-developer relationships in the South Florida region,” said Rubin. “In a short time, we secured a sales price $2 million higher than the appraisal value. The seller was pleased to part with the property without the added time and cost of bringing it fully to market.”

The multifamily development plan for the 9 acres of land includes two six-story apartment buildings with 125 units each, a clubhouse, and a swimming pool. A four-story office building stands adjacent to the land site.

“The property was previously zoned for ‘community business’ and slated for Phase III of an office development,” said O’Donnell. “Upon reviewing a development proposal from Trammell Crow, the Miramar City Commission unanimously voted to rezone the land for ‘mixed-use,’ allowing for multifamily development.”

The property sits on the northwest corner of Southwest 145 ^th Avenue and Miramar Parkway, just east of Interstate 95. Nearby amenities include a supermarket, restaurants, retail, and bank offices.

Cushman & Wakefield Leases ±180,306 Square Feet at Tamarac Business Center

cwilliams@achieveagency.com (Clay Williams) — Mon, 15 Nov 2021 21:47:16 GMT

Cushman & Wakefield’s South Florida Industrial Team of Chris Metzger, Rick Etner Jr., Christopher Thomson, and Matthew McAllister Negotiated Leases with Medify Air, Wheel Pros, and The Lotus Group, Bringing the Broward County Industrial Building to Full Occupancy

TAMARAC, FL, NOVEMBER 15, 2021 — Cushman & Wakefield’s South Florida Industrial Team negotiated leases with Medify Air, Wheel Pros, and The Lotus Group at Tamarac Industrial Venture, LLC’s (TIV) newly-constructed Tamarac Business Center. The three leases bring the ±180,306-square-foot industrial building to full occupancy shortly after the team leased the facility’s sister building, 6901 North Hiatus Road , to an e-Commerce user in April of this year.

The Cushman & Wakefield team of Chris Metzger , Rick Etner Jr. , Christopher Thomson , and Matthew G. McAllister secured the leases on behalf of TIV, a joint venture of Coconut Creek, FL-based Butters Construction and Development and an institutional capital partner.

Medify Air

Medify Air , a South Florida-based producer of air purifiers and filters for the consumer, business, medical, and scholastic markets, leased ±115,115 square feet at Tamarac Business Center. The company is expanding from its current Deerfield Beach facility and took occupancy in Tamarac Business Center on October 1. Bob Schneiderman of Colliers International represented Medify Air in the lease negotiations.

Wheel Pros

Denver-based Wheel Pros leased ±40,171 square feet in Tamarac Business Center. Wheel Pros is a leading designer, marketer, and distributor of branded aftermarket wheels and a distributor of performance tires and accessories. The company will utilize the space as a warehouse and distribution center. The Tamarac location will be Wheel Pros' fifth in the state of Florida, where it already has facilities in Miami, Tampa, Orlando, and Jacksonville. Wheel Pros, which will move into the space in the first quarter of 2022, was represented by Reid Bassinger of Lee & Associates in the lease negotiations.

The Lotus Group

The Lotus Group leased ±25,020 square feet, relocating and expanding from its existing Broward County headquarters, warehouse, and distribution facility to Tamarac Business Center. Founded in 1991, The Lotus Group offers an exclusive mix of best-in-class smoking accessories, including lighters, cigar cutters, gift sets, humidors, cigar cases, ashtrays, humidification accessories and butane gas. The Lotus Group will take occupancy in the first quarter of 2022 and was self-represented in the lease negotiations.

Tamarac Business Center is located at 6801 North Hiatus Road in Tamarac. The ±180,306-square-foot building was completed earlier this year, and features 32-foot clear ceiling heights, an ESFR (Early Suppression, Fast Response) fire safety system, LED lighting, 44 dock-high doors, two ramps, 54-foot by 42.5-foot column spacing, and a parking ratio of 1:1,000. The site is zoned LI-1 by Broward County.

Tamarac Business Center currently consists of two buildings totaling ±358,628 square feet and is centrally located in South Florida’s tri-county area of Miami-Dade, Broward, and Palm Beach Counties. Its position within the market provides immediate access to the Sawgrass Expressway and is a short drive from Interstate 595, Interstate 75, Interstate 95, and Florida’s Turnpike. Both buildings are now at 100 percent occupancy.

“The appetite for modern, flexible warehouse and distribution space with ready access to the entire South Florida market continues to grow,” said Metzger. “Users are eager to capitalize on the operating efficiencies offered by the new, high-quality spaces developers like TIV are bringing to market.”

The seven-member South Florida Industrial team led by Metzger, Etner, and Thomson negotiated just over 13 million square feet of sale and lease transactions valued at more than $313 million in 2020. For more information, please visit www.southfloridaindustrialteam.com .

A New Speakeasy Experience, Red Phone Booth, Enters the South Florida Market

cwilliams@achieveagency.com (Clay Williams) — Mon, 15 Nov 2021 21:43:26 GMT

Colliers South Florida represented Red Phone Booth in the lease for 4,516 square feet of retail space at 1010 Brickell Avenue

MIAMI, FL, November 15, 2021 – With the limited amount of quality commercial space remaining in Brickell, Red Phone Booth has signed a new lease for 4,516 square feet of retail space at 1010 Brickell Avenue in Miami. The 1920's prohibition-era themed speakeasy restaurant, bar, and cigar lounge currently has locations in Atlanta, Texas, and Tennessee. This will be the company’s first franchise location.

Jonathan Rosen, Director of Colliers South Florida’s Retail Services team, represented the new franchisee owner of Red Phone Booth, Johnny Weber, in negotiating the lease valued at around $4 million. Rafael Romero and Katie Fernandes Espinoza at JLL represented the landlord, Mattoni Group.

“1010 Brickell was a perfect fit for Red Phone Booth due to its central location to Brickell’s critical mass and its proximity to Brickell’s most successful restaurants and bars,” said Rosen. “The space is slightly hidden, which will nicely complement Red Phone Booth’s ’speakeasy’ feel and adds another exciting attraction to the vibrant Brickell nightlife scene.”

Red Phone Booth joins a plethora of restauranteurs relocating or expanding their concepts to the South Florida region. Restaurants were initially lured by looser COVID-restrictions over the past two years, but now opportunity abounds with continued mass in-migration. In Brickell alone, the population is expected to grow to 39,200 over the next five years, an increase of 15 percent. The popularity of Brickell’s retail market is demonstrated by a restaurant space vacancy rate that compressed 150 basis points to 10.8 percent in the past year.

“We are actively exploring new markets, and at the top of our list are Fort Lauderdale, Delray Beach, Naples and Tampa. We will consider other markets with strong office, hotel, and residential density in South Florida as well. A lease agreement in Palm Beach Gardens is being finalized,” said Weber.

Slated to open at the end of summer 2022, guests will enter the genuine prohibition-era themed experience after securing a secret code and dialing it into a restored antique London-style red phone booth at the entrance. Red Phone Booth first launched its flagship location in Atlanta in 2016 and it quickly became a city favorite for its unique atmosphere, cocktails, delicious food and exceptional cigars. The concept was inspired by co-owner Stephen de Haan, whose grandfather held secret legendary lake house parties during the Prohibition Era.

With plans for further expansion in the South Florida market, Red Phone Booth has retained Jonathan Rosen at Colliers to assist in their active search for more locations.

Miller Construction Begins 495,073 SF Modlo Air Logistics Center in Doral for Modlo and Foundry Commercial

cwilliams@achieveagency.com (Clay Williams) — Wed, 03 Nov 2021 17:19:27 GMT

DORAL, Fla. – Miller Construction is underway with the new, 495,073-square-foot Modlo Air Logistics Center warehouse/distribution complex in Doral for Foundry Commercial and Modlo, the logistics platform of GLP Capital Partners. Miller’s crews have demolished a 1960s-era PepsiCo bottling facility at the 23.7-acre site and are installing pads for simultaneous construction of the development’s three “green” warehouse buildings.

Modlo Air Logistics Center brings Miller Construction’s projects underway or completed during this year for Foundry Commercial to more than 2.2 million square feet. This latest team-up for the companies, located at 7777 NW 41 Street, Doral, is creating next-generation logistics space within two miles of Miami International Airport’s cargo entrance and close to major expressways and Port Miami.

All three buildings are scheduled for completion in summer 2022, according to Miller Construction President Brian Sudduth. The structures will have 36-foot clear height ceilings and 54-foot column spacing to streamline workflow. Square footage will be 171,254 (Building 1), 173,716 (Building 2) and 150,103 (Building 3). Designed by RLC Architects of Boca Raton to achieve Leadership in Energy and Environmental Design (LEED) certification, all three buildings will have energy-saving features including insulated glass, R-20 roofs, LED lighting, and electric car charging stations.

“Efficiency is crucial for the warehouse/distribution sector, and this location just off the Palmetto Expressway and close to one of the nation’s top cargo airports is a competitive edge,” said Sudduth. “Design that adds storage volume and speeds through-put also boosts efficiency,” he added. “We expect to see growing demand for warehouse space with 36-foot ceilings, rather than the more standard, lower heights.”

Foundry Commercial’s project team for the Doral warehouse complex includes Miami engineers Puga & Associates International (MEP), DDA Engineers (structural) and Kimley-Horn (civil).

Miller recently completed two additional projects for Foundry Commercial. Cypress Pointe Distribution Center in Pompano Beach adds 153,496 square feet of highly efficient warehouse/distribution space to the North Broward market. This summer Miller’s crews also delivered the two-building, 312,592-square-foot Midpoint Miami Logistics Park in Hialeah Gardens for Foundry Commercial and Modlo. Challenges included obtaining a Class IV wetlands permit, and fast-track, simultaneous construction of both structures.

Avison Young closes $13.5M sale of 75,026 SF single-tenant, triple net lease industrial building in Sunrise, Florida

cwilliams@achieveagency.com (Clay Williams) — Wed, 03 Nov 2021 02:19:54 GMT

Property trade represents rare opportunity in Broward County’s low vacancy, high demand industrial market

Sunrise, Fla. – Avison Young’s Florida Capital Markets Group negotiated the $13,468,000 sale of the 75,026-square-foot single-tenant, triple net lease industrial building in Sawgrass International Corporate Park at 403 Sawgrass Corporate Parkway in Sunrise, Florida. The building is fully leased by Optimum Nutrition®, a multinational publicly traded company and the #1 performing nutrition brand globally.

On behalf of the seller, 403 Sunrise Parkway LLC, the sale was spearheaded by Avison Young Principals David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; John C. Crotty, CCIM; Vice President Brian de la Fé; and Associate Berkley Bloodworth. SAFCO Capital Corp. was the buyer.

“The property represented a rare opportunity to secure a single-tenant, triple net lease building occupied by a mission-critical facility for a tenant that has been operating at the location for over 13 years,” said Duckworth. “The in-place lease has approximately 5 years of the primary term remaining with built-in annual increases, which made the property an extremely attractive investment for buyers.”

Broward County’s industrial market continues to outperform all other asset types throughout 2021, reporting a 6.3% overall vacancy rate at the end of third-quarter 2021. The property is located in the active West Sunrise industrial market, where lower average rents provide investors the opportunity to create additional value in the long term.

“We received tremendous interest in this asset from the new capital that has been flowing into South Florida,” said Fay. “Our ultimate winning bidder was an aggressive California-based 1031 investor.”

The Optimum Nutrition building sits on five acres in Sawgrass International Corporate Park, South Florida’s largest corporate park featuring 612 acres of prime sites and facilities for corporate headquarters and regional office operations. It is strategically bound by Interstate 595, Interstate 75, and Sunrise Boulevard, offering excellent highway visibility and easy access to Fort Lauderdale-Hollywood and Miami International Airports. Nearby amenities include the Sawgrass Mills Regional Mall, Florida’s largest outlet retail center and the eighth largest shopping center in the U.S. with 2.4 million square feet of retail space and over 350 stores and restaurants.

CITY Furniture Partners with Miller Construction to Deliver 4 New Projects, Totaling Over 584,000 Square Feet of Retail and Commercial Space, Throughout Florida

cwilliams@achieveagency.com (Clay Williams) — Fri, 29 Oct 2021 20:43:36 GMT

As CITY Furniture expands its statewide network of showrooms and distribution centers, Miller Construction will fast track 584,000 square feet across four projects representing an investment of more than $39 million throughout Southeast, Southwest and Central Florida for the national Top 100 Furniture Retailer.

Details of the four major projects include:

CITY Furniture Showroom Naples, Fla.

Miller will launch an expansion and renovation of CITY Furniture’s Naples showroom located at 14250 Tamiami Trail North, building out 47,000 square feet of new retail shell space adjacent to the existing 80,000-square-foot store. The project also includes upgrades of the entire showroom, which Miller built in 2008, to the home furnishings and accessory brand’s Generation 3 Design Standards. Focused on an enhanced in-store experience, CITY Furniture’s Generation 3 Design adds a KC Café & Wine Bar, an expansive Mattress Gallery and a CITY Marketplace home accessories store-within-a-store.

CITY Furniture Showroom, Altamonte Springs, Fla.

In the Orlando market, Miller this month completed CITY Furniture’s 137,000-square-foot superstore at 555 Douglas Avenue, overlooking I-4 in Altamonte Springs. Built to achieve National Leadership in Environmental Energy and Design (LEED) Standards, the two-story CITY Furniture showroom will feature upscale finishes throughout and statement-making escalators overlooking the high-volume entry and interior.

CITY Furniture Showroom, Hollywood, Fla.

Miller is currently underway with a major interior and exterior renovation of a 114,000-square-foot former K-Mart, creating a Generation 3 CITY Furniture showroom in Hollywood inside Oakwood Plaza at 3800 Oakwood Boulevard. Miller’s scope includes adding expanses of glass to enhance natural light, and modifying structural steel and columns to erect CITY’s signature red steel rooftop design. Miller’s expedited schedule will deliver the finished product in time for Black Friday and the upcoming holiday shopping season.

CITY Furniture Distribution Center, Miami Gardens, Fla.

Supporting the retailer’s rapid growth and same-day delivery offerings for in-stock merchandise, Miller is handling the build-out of a new 286,991-square-foot CITY Furniture distribution facility at Bridgepoint Commerce Center, 4350 NW 215 Avenue in Miami Gardens. Nearing completion, Miller’s project has included electrical installation, warehouse lighting, generator, gas tanks, fire alarms, dock levelers, and internal workspaces.

“Miller brings tenacity and professionalism to every project, and because they fully understand how our business works, they’re constantly providing innovation, advanced technology and cost-effective solutions,” said CITY Furniture President Andrew Koenig, whose company has teamed with Miller Construction on 28 projects. “As we continue growing statewide, they have proven to be an extremely trusted, and valued, partner.”

Coca-Cola Beverages Renews Lease at Seneca Industrial Park in Pembroke Park

cwilliams@achieveagency.com (Clay Williams) — Fri, 29 Oct 2021 20:41:57 GMT

Colliers Team Kingsley-Rutchik represented Coca-Cola Beverages in the transaction

PEMBROKE PARK, FL, October 28, 2021 – Coca-Cola Beverages signed a lease renewal for their 93,700 square feet warehouse and distribution center at Seneca Industrial Park, located at 2500 SW 32nd Avenue in Pembroke Park. Jonathan Kingsley, Executive Managing Director for Colliers Office and Industrial Services, represented Coca-Cola Beverages in the 64-month term renewal.

“This renewal signifies the excellent long-term relationship between Coca-Cola and Nuveen,” said Kingsley. “We’re seeing more tenants and landlords recognizing the value of their long-term relationships in a very competitive industrial market environment.”

According to the most recent Colliers market report, Broward County’s industrial market ended the third quarter with over 1.5 million square feet of net absorption and a development pipeline of 1.3 million square feet.

The renewal is valued at nearly $4 million and was executed in July this year. Coca-Cola has been a long-term tenant at the Seneca Industrial Park, an 885,000-square-foot Class A distribution and warehouse, since 2005, when Kingsley first introduced Coca-Cola to the park. Transwestern Senior Vice President Thomas Kresse represented the landlord, Nuveen, in the transaction.

Robust leasing activity and compressing vacancy rates position Broward County for a record-breaking year for net absorption. Rent growth has been intensified by the elevated demand for quality industrial supply, and a 1.3 million square foot new development pipeline. This renewal is reflective of the heightened demand for Class A industrial product and the desire to lock in commitments to quality space.

Excel Construction of Florida Earns an Excellence in Construction Eagle Award for Marble of the World

cwilliams@achieveagency.com (Clay Williams) — Wed, 27 Oct 2021 20:37:35 GMT

Aventura, Florida (October 27, 2021) – The Associated Builders and Contractors (ABC) has awarded leading South Florida industrial and construction company, Excel Construction of Florida, with an Excellence in Construction (EIC) Eagle Award for the sophisticated construction of the Denver-based Stone Collection Marble of the World. Eagle Award winners represent the construction industry’s most prestigious projects of the year and are determined by each project’s complexity and overall success.

“I share this distinguished award with my talented team,” said Excel Construction of Florida President Eric Wolf. “This project was particularly extraordinary because we successfully transformed a warehouse into a high-end showroom, similar to the type of space you might see in upscale design centers around the world. This is not your typical marble showroom.”

Marble of the World’s new 94,264-sq.-ft. showroom and warehouse, located in Pompano Beach, Florida, is resplendent with high-end features including a custom-built trellis, custom millwork and exquisite chandelier lighting. The warehouse space is intricately designed to look and feel like an art gallery, showcasing world-class and exotic marbles from around the world in a sophisticated and welcoming atmosphere where designers and the public can feel comfortable spending the day selecting from the finest in luxury finishes.

Excel Construction of Florida managed the project from start to finish, which required a high level of precision and attention to detail. Highlights of the project included:

a signature custom trellis, which took two months to complete on-site, and was created with 50,000 pounds of industrial steel that was repeatedly “bondoed” and carefully painted to a smooth aluminum-textured like finish;

special attention and care in the construction of the support structures throughout the showroom which required custom reinforcements to the walls to hold the stone and marble;

a state-of-the-art lighting system with only the most advanced lighting controls and adjustments, highlighted by a one-of-a-kind custom chandelier; and

a computer control room configured to accommodate two different manufacturers of lighting systems, Lutron and Evo Lite, which was custom built for the project.

“This Taj Mahal in a warehouse is Excel’s most high-end design build ever in an industrial space, and the result is a canvas of beauty, function and elegance,” added Wolf. “Marble of the World’s new showroom is a testament to the exceptional work that can be done under the leadership of a general contractor with a commitment to excellence.”

For more information about Excel Construction of Florida, visit excelsf.com .

Thomas J. Hotz of Butters Realty & Management is pleased to announce the sale of 6850 Lyons Technology Circle in Coconut Creek FL

cwilliams@achieveagency.com (Clay Williams) — Tue, 26 Oct 2021 14:01:55 GMT

COCONUT CREEK, FL – Butters Realty & Management is pleased to have represented Keane Realty Holdings, LLC, a Florida limited liability company in the sale of their 45,156 square foot, freestanding office/warehouse building on 2.89 acres located at Lyons Technology Park in the City of Coconut Creek, FL for $8,275,000.00. The Buyer, Venezia Real Estate, LLC, a large importer of unique natural stones such as granite, marble, soapstone, onyx and travertine slabs from all around the world, purchased the facility for their south Florida corporate offices and operation. The Buyer was represented by Richard F. Etner, Jr of Cushman & Wakefield of Florida.

“The building was a perfect fit for Venezia’s business and operation. The entire due diligence and closing process went uninterrupted and it was once again a pleasure working with Rick Etner with closing this transaction”, said Tom Hotz, Sr Vice President at Butters Realty & Management.

Franklin Street Arranges $10.3M Sale of 43-Unit Multifamily Portfolio in Fort Lauderdale, FL

cwilliams@achieveagency.com (Clay Williams) — Thu, 21 Oct 2021 20:17:56 GMT

Los Angeles-based investment firm Victoria Park Investors, LLC acquired the four properties

FORT LAUDERDALE, FL (October 13, 2021) – Franklin Street has arranged the acquisition of a value-add multifamily portfolio consisting of four properties and 43 units in Fort Lauderdale. The 100% occupied, 33,557-square-foot portfolio traded for $10.3 million, or $239,535 per unit.

Franklin Street’s Dan Dratch , Greg Matus , Travis Jones and Ryan Wold , with the firm’s South Florida Multifamily Investment Sales Team, represented Victoria Park Investors, LLC, a Los Angeles-based investment firm, in acquiring the portfolio from South Florida-based The Grand Capital.

The portfolio includes the following properties:

Victoria Breezes, a 16-unit property at 701 NE 16th Ave.
Ocean Breeze Apartments, an 8-unit property at 1725 NE 7th St.
Tennis Court Apartments, a 9-unit property at 627-631 NE 10th Ave.
The Coco Palm, a 10-unit property at 312 NE 15 ^th Ave.

“This portfolio achieved strong per unit and per square foot pricing due its prime location in the Victoria Park submarket and proximity to downtown, Las Olas Boulevard and the beach,” said Dratch.

Franklin Street also provided Capital Advisory and Insurance Services for the buyer. Joseph Landsberg arranged a 65% loan-to-value, 10-year, fixed-term loan with five years interest-only from a national balance sheet lender. Evan Seacat and Bradley Cassidy arranged the insurance policy.

Seacat, who serves as Regional Managing Director for Franklin Street in Fort Lauderdale, added, “Our full-service approach to this deal, involving collaboration across several of our business lines, allowed us to provide a smoother experience for both the buyer and seller.”

Across the four properties, the unit mix consists of (19) units with one bedroom and one bathroom, (18) units with two bedrooms and one bathroom, (2) units with two bedrooms and two bathrooms and (4) studio apartments. Most of the residences feature fully upgraded interiors including vinyl flooring and stainless-steel electric appliances. In the past few years, the portfolio has received over $400,000 in capital improvements.

Situated just off US-1, the properties are all within a mile from one another and offer convenience to numerous restaurants, bars, shops, parks and galleries.

Construction Underway for Next-Gen Green Warehouses at Modlo Air Logistics Center in Doral

cwilliams@achieveagency.com (Clay Williams) — Thu, 21 Oct 2021 19:57:47 GMT

Doral, Fla. (October 20, 2021) – Foundry Commercial, a full-service real estate services and investment firm with offices across the Sun Belt, in partnership with Modlo, the logistics platform of GLP Capital Partners, recently announced that construction has commenced on the Modlo Air Logistics Center located at 7777 NW 41st Street in Doral.

When completed, the distribution complex will encompass three LEED-certified warehouse buildings totaling over 495,000 square feet. The anticipated completion is targeted for summer 2022. In preparation for the new build, an older PepsiCo bottling facility that once sat on the 23.7-acre site was removed to make way for the new warehouse buildings, which will feature insulated glass, R-20 roofs, LED lighting, and electric car charging stations.

“As industrial remains one of the fastest-growing asset classes in the industry, it’s imperative that those of us developing new properties consider the environmental impacts and find ways to lessen our carbon footprints,” stated David Blount, Vice President, Foundry Commercial. “We’re proud to be teaming up with Modlo to develop new warehouses that will not only be more sustainable over time but will also reduce the operational costs for tenants now and in the future.”

The site is located within two miles of the Miami International Airport’s cargo entrance and is also near major expressways and Port Miami. The three structures – Building 1 (171,254 sq ft), Building 2 (173,716 sq ft), and Building 3 (150,103 sq ft) – will be equipped with 36-foot clear height ceilings and 54-foot column spacing.

In addition to Foundry Commercial, which is serving as the fee developer for the build, project collaborators include Miller Construction, Puga & Associates International, DDA Engineers, and Kimley-Horn.

Avison Young releases its third-quarter 2021 South Florida office market reports

cwilliams@achieveagency.com (Clay Williams) — Thu, 21 Oct 2021 19:54:53 GMT

Avison Young released its South Florida office market reports for third-quarter 2021. The reports include key data takeaways for each market’s economic conditions, the pandemic recovery rate, office demand, office supply, pricing trends, and capital markets.

Below, I’ve included links to the report for each county's office market.

Miami Office Market Report (Q3 2021)

Fort Lauderdale Office Market Report (Q3 2021)

Palm Beach Office Market Report (Q3 2021)

Bridge Industrial Hires Ben Bischmann as First SVP of National Operations and Asset Management

cwilliams@achieveagency.com (Clay Williams) — Thu, 14 Oct 2021 19:01:00 GMT

Veteran industrial executive will elevate and streamline operations, third-party management and investment offerings for Bridge’s growing U.S. portfolio

Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, today announced that Ben Bischmann has joined the firm’s corporate team as its first-ever Senior Vice President of National Operations and Asset Management.

In his new role, Bischmann will be responsible for managing Bridge’s national portfolio, leading the development and institution of strategic operations, capital improvements and other best practices. Through this process, Bischmann will also strengthen and grow Bridge’s offering of third-party property management services to institutional owners who have acquired properties developed and sold by Bridge.

Bischmann will report to Bridge’s executive team in Chicago, and will oversee day-to-day property management for the Chicago region — the company’s largest regional portfolio. His addition to the Asset Management team is another step in Bridge’s strategic shift to focus on long-term investment across its national portfolio.

“In previous years, Bridge has worked diligently to and succeeded in building top-tier teams in each of our regional markets. Now, with a successful and distinguished presence in these local markets, we look forward to leveraging Ben’s extensive expertise to streamline and standardize operations at the national level,” said Steve Groetsema, COO and Partner at Bridge Industrial. “Ben is an exciting addition to the Bridge team, and his presence strengthens our proven reputation as a superior, vertically-integrated real estate operator and investment manager in the industrial market.”

Bischmann previously served as Executive Vice President of Industrial Property Management at JLL, where he served as the Midwest Industrial Property Management (IPM) Lead. As part of the role, he managed the growth of the region’s portfolio of 69 million square feet; served as the national client relationship lead for a portfolio of over 180 properties across 20 markets; and assisted in the development, institution and management of operational and investment strategies.

Prior to JLL, Bischmann served as an Account Manager at Colliers, overseeing 1.4 million square feet of office and 5.9 million square feet of industrial real estate, along with coordination of all operations, leasing, construction, sustainability, and overall investment strategy.

“Bridge has built an impressive reputation and a national portfolio of truly state-of-the-art industrial assets, and I’m eager to get to work on optimizing its performance by introducing new value-add strategies, evolving its third-party management and expanding its suite of investment offerings,” said Bischmann. “The Bridge team and I hold a shared vision to establish our operations and asset management as the best of any industrial platform in the country, and I look forward to this opportunity to combine my industry knowledge with Bridge’s elite regional teams to accomplish this goal.”

Bischmann also currently serves as a Co-Chair for the Advisory Board of Roosevelt University’s Marshall Bennett Institute of Real Estate in Chicago, which works to encourage the growth of a diverse and socially conscious real estate industry. He holds a bachelor’s degree from University of Illinois, and earned his master's degree in Business Administration from Roosevelt University.

Bridge’s national property management portfolio currently comprises 89 buildings and totals 22.6 million square feet across its six regional markets of Chicago, Miami, New Jersey/New York, Los Angeles, San Francisco, and Seattle.

STATE STREET REALTY CELEBRATES TEN YEARS, $1 BILLION IN TRANSACTIONS

cwilliams@achieveagency.com (Clay Williams) — Wed, 13 Oct 2021 19:06:32 GMT

Leading Miami based brokerage and advisory firm has closed more than 13 million square feet of deals

Miami, FL – (October 12, 2021) – State Street Realty, a leading Miami-based brokerage and advisory firm, announced today it is celebrating its 10-year anniversary, marking a great achievement and a major milestone for the company. State Street Realty has been in business since 2011. Since then, the company has completed over 750 commercial real estate transactions with a transactional value of $1 billion and totaling more than 13 million square feet of completed office and industrial transactions.

The State Street Realty team offers more than 85 years of combined real estate experience. George Pino, SIOR is President and possesses over 29 years of real estate brokerage, land development and property management experience. Throughout his career, Mr. Pino has generated over $2 billion in sales and over 30 million square feet in leasing transactions. Ed Lyden, SIOR, is Executive Vice President of State Street Realty. He has over 31 years of experience advising both landlords and tenants in Miami-Dade County. Throughout his career, Mr. Lyden has maintained a “Client First” focus, which has enabled him to establish long-term relationships with his clients. He is considered a valued partner to those seeking solid advice, valuable insight, and strategic solutions to unique real estate and business challenges. Frank Trelles, SIOR, is Vice President of State Street Realty. He has been a top producer in the South Florida commercial real estate market for the last 16 years. Mr. Trelles has closed over $700 million in commercial transactions.

Brian Cabielles, SIOR is Senior Associate at State Street Realty. He is responsible for new business development, tenant and landlord representation and market research. In 2015, he was recognized by Real Estate Forum as an Emerging Leader in Industrial Real Estate. Most recently, Mr. Cabielles was a finalist for NAIOP’s Awards of Excellence Rookie of the Year award. As a Commercial Sales and Leasing Associate, Jason Gonzalez is responsible for new business development, tenant and landlord representation, and market research. He supports the firm's Vice President, Frank Trelles, SIOR.

In 2021, the South Florida Business Journal named Mr. Pino and Mr. Trelles 2021 Power Leaders in Commercial Real Estate. GlobeSt.com recognized State Street Realty as a 2021 Industrial Influencer and named Mr. Pino an Industrial Influencer in 2020. State Street Realty has been named NAIOP Industrial Broker Team of the Year Finalist in 2020, 2018 and 2017.

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Mr. Pino was also named NAIOP Broker of the Year in 2020, 2019, 2018 and 2017. Mr. Pino won the award in 2015, 2014, 2011, 2010 and 2009. NAIOP (National Association of Industrial and Office Parks) is the leading organization for developers, owners and investors of office, industrial, retail and mixed-use real estate.

State Street Realty’s first-hand knowledge touches on every aspect of industrial real estate, including representation of both sellers and purchasers. The company has an excellent track record of building long lasting relationships with each of its clients and has closed some of the largest leases, as well as sales and purchases of both buildings and land in South Florida.

Mr. Pino and the State Street Realty team have always focused on the fundamentals of professionalism, expertise and high quality service as the cornerstones of the company. This dedication and discipline served the company well in the face of the COVID-19 global pandemic, which disrupted the industry and created chaos in the industrial market.

Mr. Pino and the State Street Realty team addressed the immediate need for stability by reaching out to all of its clients during the first week of the national shutdown. The goal, as Mr. Pino communicated it to his team, was to assure the companies and their representatives that State Street Realty had a plan in place to continue the due diligence on all ongoing transactions and that the team had all the virtual tools necessary to close leases, and sales and purchases of all of the buildings and land in their portfolio. As a result, State Street Realty continued to demonstrate that it can adapt quickly to any crisis, offering the same opportunity and professionalism as before the pandemic.

“State Street Realty’s boutique platform, coupled with our tremendously talented team, has allowed us to offer an even higher, more customized level of customer service to our valued clients,” Pino commented. “We understand the correlation between building long-term relationships and exceeding client expectations and are proud that many of our existing core group of clients have been our partners for a decade or longer.”

State Street Realty’s office is based out of Beacon Centre Business Park located at 8319 NW 12 Street, Doral, Florida. For more information, please contact State Street Realty at (305) 447-3390.

Current Builders Launches ESOP to Retain and Attract Top Construction Employees

cwilliams@achieveagency.com (Clay Williams) — Wed, 13 Oct 2021 18:58:35 GMT

General Contractor Offers Employee Stock Ownership Plan to Facilitate Long-term Employment

POMPANO BEACH, FL--Current Builders ( www.currentbuilders.com ), an award-winning general contractor based in Florida, has announced an employee stock ownership plan (ESOP) as part of the company’s strategy to retain and attract top construction employees. The shortage of qualified workers in the construction industry continues to be a persistent national issue, but Current Builder’s CFO Rick Colandreo believes that initiatives, such as his company’s recently launched ESOP, will place his firm in an advantageous position to meet the tremendous demand for multifamily and mixed-use housing in Florida.

“According to the state’s CFO, Jimmy Patronis, almost 1,000 people a day have been moving to Florida, so the need for new construction is enormous,” stated Colandreo, whose firm has offices in both the east and west coasts of Florida. “To meet this demand, we felt that creating a benefit-rich environment for our employees was essential. After months of research and consulting with leading professionals in the realm, Current Builders is proud to have launched this employee stock ownership plan.”

As CFO, Colandreo is tasked with long-term planning for the company, including succession planning and expanding opportunities for growth. After conducting a valuation of the company, reviewing past performance and the future potential, Colandreo and CEO Michael Taylor approached the partners about selling a percentage of their shares to launch the ESOP. The partners retained 51.2% of the company, therefore allowing 48.8% of the stock to be sold in the ESOP.

Credits will be allocated to employees based upon longevity and salary. Eligibility begins after one year of employment and is open to a wide range of employees, including hourly laborers, receptionists and all levels of management, as long as the key criteria have been met. This program is above and beyond Current Builders’ already generous benefit programs which include a 401k, health insurance, disability insurance, life insurance and a bonus program.

“We chose an ESOP because it rewards diligence and loyalty,” continued Colandreo. “Employees who remain with our firm long-term will reap tremendous financial benefits and will feel an even greater sense of pride because they are not just a person who works for a construction company, they are a part-owner of Current Builders.”

Bridge Continues to Expand Its South Florida Team, Welcomes John Forman as Senior Director of Acquisitions

cwilliams@achieveagency.com (Clay Williams) — Wed, 13 Oct 2021 16:36:14 GMT

The Florida-native brings nearly a decade of experience to Bridge, along with a knack for sourcing off-market transactions

Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, today announced the appointment of John Forman as Senior Director of Acquisitions. The Florida-native brings nearly a decade of experience to his new role. He will be based out of Bridge Industrial’s Miami office and responsible for supporting all aspects of the development process across the region, including acquisition, leasing and disposition.

“We welcome John to our expanding South Florida team,” said Kevin Carroll, Partner, Southeast Region for Bridge Industrial. “He brings a stellar reputation and has a particular knack for sourcing untapped development opportunities, which is critical as we look to continue to grow our world-class industrial portfolio in one of the nation’s most in-demand logistics markets.”

Prior to joining Bridge, Forman worked as a Senior Sales Associate at Berger Commercial Realty Corp./CORFAC International, specifically focused on representing sellers, buyers, and landlords with their industrial real estate needs.

Forman is a graduate of Florida Atlantic University and holds a Bachelor of Arts in Marketing and Management with a focus in Entrepreneurship. Forman holds a Florida Real Estate Sales Associate License and is a member of the NAIOP South Florida Chapter.

Earlier this year, Bridge welcomed Stephanie Echazabal and Carlos Rodriguez to its growing asset management team in South Florida, which currently manages an approximately 5 million-square-foot portfolio of Class-A industrial space across the region.

Avison Young closes $9.15M Gables Court bulk condo sale, secures Southwest Miami’s highest price per condo unit sold in bulk to date in 2021

cwilliams@achieveagency.com (Clay Williams) — Mon, 11 Oct 2021 19:02:19 GMT

Miami – Avison Young’s Capital Markets Group completed the $9,150,000 sale of 39 condominium units at the Gables Court Condominiums, a gated residential community consisting of six, three-story multifamily buildings in Southwest Miami. The condominiums comprising the sale are located at 6821, 6851, and 6861 on S.W. 44 ^th Street in Miami, Florida.

Avison Young Senior Vice President Rosendo Caveiro exclusively represented the seller, a private investor, in the bulk condo disposition to Opterra Capital, LLC. The sale represents the highest price per condo unit sold in bulk in the Southwest Miami submarket to date in 2021.

“Miami’s multifamily market continues to experience an uptick in demand, as rents have been rising month-over-month during the past 12 months, and the vacancy rate has increased to over 97%, up from a prior-year low of 94%,” said Caveiro. “With single-family residential prices up 16% year-over-year, an increasing presence of investor activity in the single-family market, and scarcity of developable land in South Florida, the mid-to-long term outlook for multifamily product in South Florida remains strong.”

The buyer was attracted to the Gables Court’s first-rate condition and centralized location near the University of Miami, Florida International University, Miami Children’s Hospital, South Miami Hospital, and walkability to retail, office, and recreational destinations. Representing 25% of the community, the portfolio includes spacious, three- and two-bedroom/two-bathroom units, many of which were recently upgraded, all with assigned parking.

“There was a high number of all cash offers received in a very short time showcasing a robust demand for this type of product and the location,” added Caveiro. “The Gables Court portfolio offers various investment plays, including keeping the condos as rentals in the short to mid-term and potentially considering resale at retail prices to first-time homebuyers and empty nesters.”

Gables Court is strategically situated between the affluent municipalities of Coral Gables and South Miami. The community is proximate to major roadways including Ludlam Road and Bird Road and one mile east of the Palmetto Expressway (State Road 826). Additionally, it is one block from Ludlam Trail, a six-mile linear park that will include more than 1,000 rental apartments, retail, office, and bike and exercise trails.

FINFROCK ANNOUNCES NEW $120 MILLION ALIRO APARTMENT PROJECT IN NORTH MIAMI BEACH

cwilliams@achieveagency.com (Clay Williams) — Thu, 07 Oct 2021 15:57:16 GMT

Multifamily project to be first completed at new FINFROCK manufacturing facility in Belle Glade

North Miami Beach, Florida (October 6, 2021) – FINFROCK, a design-builder and manufacturer that recently expanded operations into South Florida, will serve as architect, structural engineer, precast concrete manufacturer and general contractor for a $120 million expansion of Aliro Apartments, a North Miami Beach multifamily development owned by New Jersey-based Optimum Properties. The project is expected to break ground in early spring of 2022.

"We are excited to partner with Optimum Properties on Aliro Apartments, a high-profile multifamily project that will showcase our vertically integrated design-build and manufacturing capabilities to the South Florida market,” said Allen Finfrock, CEO. “The project will also expedite the creation of more jobs in South Florida with Aliro's first precast building components set to be poured at our new manufacturing facility in Belle Glade, Florida."

The Aliro Apartments project will include the renovation of five existing buildings that currently total 870 units, an addition of a 516-unit, nine-story building and a 21,200-sq.-ft. amenity building, along with the creation of two resident parking structures totaling more than 1,000 parking stalls.

“With 870 units already occupied, the site poses the challenge of building with minimal disruption to the current residents,” added President Bill Finfrock. “But with FINFROCK’s unique building solution, most construction will occur off-site at the manufacturing facility so that Aliro residents won't experience heavy site traffic, inconvenient debris or disruptive construction that would typically come with a project of this size.”

FINFROCK's award-winning architecture team has designed the Aliro Apartments with radius balconies and a wide array of luxury amenities that will provide residents with their very own community conveniences just steps away from their living quarters. The new 21,200-sq.-ft. amenity building will feature a 2,600-sq.-ft. clubhouse, a 3,700-sq.-ft. café and market, 5,500 sq. ft. of residential storage, a 1,800-sq.-ft. work-from-home lounge, a 3,300-sq.-ft. fitness area and an additional 4,300 sq. ft. of space for retail, leasing and a pet spa.

Earlier this year, FINFROCK broke ground on the 140,000-sq.-ft. manufacturing facility in Belle Glade, on the site of the former Glades Correctional Institution. The company’s expansion into Palm Beach County will bring 200 jobs to the area and more than $242 million in economic stimulus.

The Butters Industrial Team of Thomas J. Hotz and Brian T. Ahearn, CCIM have completed a new lease transaction totaling 89,638 square feet at Hillsboro Technology Center in Deerfield Beach, FL.

cwilliams@achieveagency.com (Clay Williams) — Thu, 07 Oct 2021 15:54:23 GMT

DEERFIELD BEACH, FL – On September 30, 2021, The Butters Industrial Team of Thomas J. Hotz, and Brian T. Ahearn, CCIM completed a long term lease transaction with AMD Supply, LLC to expand by 89,638 square feet into Building G at Hillsboro Technology Center (HTC), Deerfield Beach’s state of the art Class “A” industrial park. Totaling 144,168 square feet, Building G is now 62% pre-leased. The project is currently under construction and on pace for a December 2021 completion. AMD Supply, LLC now leases a total of 128,679 square feet at Hillsboro Technology Center (HTC).

AMD SUPPLY, LLC has been in business for over 16 years and is quickly growing into one of the largest distributors of aluminum and fencing products in Florida. AMD Supply, LLC serves Orlando, Tampa, and all of South Florida with quality aluminum and fence products such as: Hurricane Shutters, Aluminum Fence Supply, Vinyl Fencing, Aluminum Castings, Fence and Gate Hardware, Aluminum Sheets, Aluminum Mill Finish, Aluminum Extrusions and Marine Grade Aluminum. AMD Supply, LLC was represented by Joel Kattan, SIOR and Anthony Peragine with SVN Commercial Realty.

“Joel Kattan who represented AMD Supply, LLC is a tough negotiator that worked diligently to achieve his client’s long term expansion requirements. We are extremely pleased to expand AMD Supply into Building G. We look forward to their continued success and growth at Hillsboro Technology Center.”, said Brian T. Ahearn, Senior Vice President of Butters Realty & Management.

Hillsboro Technology Center (HTC) is a co-development between Bristol Group and Butters Realty & Management and is situated on 75 acres at the northeast quadrant of Interstate 95 and Hillsboro Boulevard in Deerfield Beach, FL. It is considered North Broward’s finest state-of-the art Business Park comprised of industrial, office, and hotel product. In addition to Building G, Building H is currently under construction, which will total 152,747 square feet with 210’ bay depth and 34’ average clear height. Upon completion of Buildings G and H in December 2021, Hillsboro Technology Center will consist of over one million square feet of Class A commercial space. www.hillsborocenter.com

South Florida’s Construction Experts Weigh in on Alternative Methods for Maintaining Project Momentum During NAIOP CRE.Converge 2021

cwilliams@achieveagency.com (Clay Williams) — Tue, 05 Oct 2021 21:21:04 GMT

Miami Beach, Florida (October 5, 2021) – Florida’s leading construction and commercial real estate experts recently gathered for NAIOP’s annual CRE.Converge conference in Miami Beach to discuss the state of project momentum during today’s post-pandemic construction boom. Moderated by FINFROCK President, Bill Finfrock, the panel discussion centered around alternative construction systems, strategies for maintaining strong client relationships despite escalating costs and supply chain issues and staffing in a post-pandemic environment.

Panelist included Excel Construction of Florida President Eric Wolf, Project Management Advisors, Inc. President and CEO Roger McCarron and Williams Company Senior Pre-Construction Manager Lee McNeil.

Finfrock, whose design-build company specializes in modular construction, is seeing increased demand for efficiency to help compensate for some of these inevitable delays. “As a design-builder, we not only work off our own plans, but we can begin procurement and even construction early in the design process,” said Finfrock. “We are also able to further compress schedules through our unique method of modular off-site construction.”

President of Excel Construction of Florida, Eric Wolf, also noted that forward-thinking business practices have helped his company earn clients’ trust and keep projects running smoothly. “We foster solid client relationships which frequently earns us repeat business, so it’s extremely important to maintain transparency and an open line of communication with regards to escalating costs and unavoidable delays,” said Wolf. “People appreciate honesty. It’s that simple.”

Nearly 1,000 industry leaders attended CRE.Converge. Keynote speakers included basketball legend and real estate entrepreneur Grant Hill; Related Group President Jon Paul Pérez; Marcus & Millichap President and CEO Hessam Nadji; and Moody’s Analytics Chief Economist Mark Zandi. Breakout panels provided attendees with commercial real estate expertise on a wide variety of relevant topics for today’s business climate, including adaptive reuse of big box retail, the capital side of cold storage, future-proofing the workplace and more.

Kimco Seeks Office Tenants for New Oakwood Plaza South Redevelopment Project in Hollywood

cwilliams@achieveagency.com (Clay Williams) — Mon, 04 Oct 2021 20:43:36 GMT

Colliers Florida has been tapped to lease the new Class AA office component within the 2.3 million square foot mixed-use redevelopment project

Hollywood, FL, October 4, 2021 – Kimco Realty Corp. (Kimco) will redevelop Oakwood Plaza South, a 37.2-acre site featuring the CentrePointe Offices at Oakwood, into a new, mixed-use community featuring over 1,000,000 RSF of office space in four buildings. Located at 2800 Oakwood Boulevard in Hollywood, Florida, once fully built, the project will total approximately 2.3 million square feet, with a sophisticated mix of shop, work, live, play, and stay options. Colliers Florida Vice Chairman Ken Krasnow, Executive Director Alfie Hamilton and Executive Managing Director Gerard Yetming are handling the listing on behalf of Kimco.

“This project offers the future of corporate office campus-setting,” Krasnow said. “With demand to live in the area growing as a result of higher occupancy rates in new and existing multifamily products, CentrePointe Offices at Oakwood offers class AA office space with unsurpassed accessibility and visibility that is centrally located within the South Florida tri-county market.”

The project is located nearby the Oakwood Plaza North and Dania Pointe, a 2.5 million square foot mixed-use project that earned Kimco the ENR Southeast 2020 Best Projects for office/retail/mixed-use development, Award of Merit. In addition to the new office space, the redevelopment will include on-site hospitality, recreation, multifamily residential, restaurants and curated specialty retail. Situated at the corner of Sheridan Street and I-95, the project is within walking distance to the Sheridan Tri-Rail station, less than two miles from the Fort Lauderdale/Hollywood International Airport, four miles from Port Everglades and six miles from the new Brightline Fort Lauderdale Station. The developers are actively working on the zoning and master plan approvals.

“CentrePointe Offices offers a new central office hub for South Florida businesses,” said Hamilton. “The developers are working to create an office environment with next-gen users in mind.”

Despite the increasing vacancy rate in Broward County, major office tenants have recently leased or renewed space including Spirit Airlines, Chewy, Magic Leap, UKG, Citrix, American Express, Hotwire, JM Family Enterprises and Royal Carribbean. Leasing activity and net absorption are expected to rebound after a successful return to the office as normal business activities resume and the migration of companies from northeastern states and California continues. The migration is driven by a number of push and pull factors, but the most prominent are the tax incentives, cost of living, and quality of life that Broward County offers, with COVID-19 being the final push for many companies. Recently delivered space will be absorbed quickly as tenants continue the flight to quality, especially new-to-market tenants.

CBRE Arranges Sale of 38-Acre Industrial Development Site in Davie, Florida

cwilliams@achieveagency.com (Clay Williams) — Fri, 01 Oct 2021 16:10:06 GMT

Fort Lauderdale, Fla. – October 1, 2021 – CBRE has arranged the sale of Davie Industrial Center, a 38.51-acre industrial development site in Davie, Florida. Industrial Outdoor Ventures purchased the property from an undisclosed seller. The site can accommodate a single or multi-tenant industrial development from 50,000-sq-ft. to 400,000-sq-ft. with e-commerce, distribution, corporate headquarters, or manufacturing operation with heavy parking requirements.

CBRE’s Larry Genet , Tom O’Loughlin and Jake Zebede represented both the buyer and seller in the transaction. The team will be marketing the property for lease.

"For years developers have tried to purchase this property for its location, heavy industrial zoning, and the sheer fact that almost no land of this scale remains in South Florida. Providence and persistence got it done." said Mr. Zebede, who formed a relationship with the seller amid a highly competitive process.

“We are committed to investing and growing our presence in the South Florida industrial market while continuing our national strategy to develop low coverage industrial sites with excess land,” said Eric Johnson at Industrial Outdoor Ventures. “This site is a unique e-commerce development opportunity in a market with very limited supply. We look forward to future projects in this dynamic industrial market and are thrilled to work with CBRE on this site.”

Davie Industrial Center is located at 3055 Burris Road, proximate to major roadways the Florida Turnpike and Interstates 95 and 595.

Franklin Street Brokers Sale of Hialeah Medical Plaza for $7.65M

cwilliams@achieveagency.com (Clay Williams) — Thu, 30 Sep 2021 17:30:52 GMT

MIAMI (Sept. 24, 2021) — Franklin Street has arranged the sale Hialeah Medical Plaza, a two-story commercial building featuring 41,000 square feet of retail and office space at 3750 W. 16 Ave. in Hialeah, Florida. KEI Acquisitions, LLC acquired the site from RG Property Group Holdings LLC for $7.65 million.

Adam J. Tiktin and Greg Matus , of Franklin Street’s Florida Investment Sales Team, represented the buyer in this transaction. The deal closed on Sept. 23rd.

Originally constructed in 1981 and situated on 1.19 acres, Hialeah Medical is 98 percent occupied by 29 medical-based businesses and retailers, including Proactive Health Corp, Tropical Medical Center, New Life Medical Research, Green Cross Clinic, Belen Therapy Medical Center and Benjamin Meat Store, among others.

The property features strong fundamentals including easy access, sufficient parking and an excellent location. Located in the heart of Hialeah along West 16 ^th Avenue at the corner of West 37 ^th Street, Hialeah Medical Plaza offers excellent visibility with traffic counts of approximately 31,000 vehicles per day. The site is adjacent to Lowe’s and Target, and further benefits from its close proximity to Westland Mall and the Palmetto Expressway.

Franklin Street Brokers Sale of Promenade Shoppes in North Lauderdale for $13.58M

cwilliams@achieveagency.com (Clay Williams) — Thu, 30 Sep 2021 17:03:18 GMT

MIAMI (Sept. 29, 2021) — Franklin Street has arranged the sale of Promenade Shoppes, a new 39,650-square-foot shopping center at 7910 West McNab Rd. in North Lauderdale, FL.

Zenix Properties, LLC, led by Roberto Alberro, acquired the site from Arena North Lauderdale Shoppes, LLC for $13,575,000.

Adam J. Tiktin and Greg Matus , of Franklin Street’s Florida Investment Sales Team, represented the seller in this transaction. The deal closed on Sept. 27 ^th . They were able to procure the buyer for $395,000 over list price.

Built in 2018, the shopping center is fully occupied with 17 tenants, including SunSouth Health Center, T-Mobile, Cricket Wireless and Sarku Japan, with several other strong regional tenants that service the surrounding area and its residents.

Promenade Shoppes is situated on 4.46 acres at the signalized intersection of West McNab Road and Avon Lane, with traffic counts exceeding 47,000 vehicles per day. The property also benefits greatly from the robust customer base drawn in by the neighboring Walmart, Burger King, Mattress Firm, AutoZone and Spin Car Wash, as well as its close proximity to the Florida Turnpike.

STATE STREET REALTY BROKERS CLOSE MORE THAN 147,000 SF OF COMMERCIAL REAL ESTATE TRANSACTIONS IN SOUTH FLORIDA

cwilliams@achieveagency.com (Clay Williams) — Thu, 30 Sep 2021 16:40:06 GMT

Deals are valued at over $25 million

Miami, FL – (September 29, 2021) – State Street Realty, a Miami-based brokerage and advisory firm, recently completed lease and sale transactions totaling over 147,000 square feet with a value of over $25,000,000. These commercial real estate transactions were all completed throughout the South Florida area in August and September by Vice President Frank Trelles, SIOR and Sales Associate Jason Gonzalez.

Deals that State Street Realty recently closed include:

Flamingo Supermarkets leased a 46,328 SF warehouse space located at 2581 N. Hiatus Rd. in Hollywood, Florida. The transaction is valued at $16 million.
TSI Flooring leased a 13,600 SF industrial space located at 6451 NW 102nd Avenue in Doral. The landlord, Everwest was represented by Andrew Fernandez of CBRE. The transaction is valued at $1 million.
Continental Freight leased 41,969 SF of industrial space at 2301 NW 107 ^th Avenue in Doral. The landlord is Foundry and was represented by Fairchild Partners Sebastian Juncadella and Jose Juncadella. The transaction value is $4 million.
Alexim Trading leased a 30,000 SF warehouse space located at 12600 NW 25 ^th Street in Miami. The landlord, Foundry was represented by Fairchild Partners Sebastian Juncadella and Jose Juncadella. This deal is valued at $2.5 million.
NPL Leased a 10,300 SF space located at 1500 SW 5th Court in Pompano Beach, FL. The landlord is Liberty and was represented by broker Peter Sheridan. The transaction value is $1 million.
Venegroup leased 14,150 SF of warehouse space located at 11421 NW 39 ^th Street in Doral. The transaction is valued at $1 million.

State Street Realty’s office is based out of Beacon Centre Business Park located at 8319 NW 12 Street, Doral, Florida. For more information, please contact State Street Realty at (305) 447-3390.

Avison Young tapped to sell rare five-property assemblage and redevelopment opportunity near Miami Beach’s iconic Lincoln Road

cwilliams@achieveagency.com (Clay Williams) — Thu, 23 Sep 2021 21:49:44 GMT

Large 1.38-acre site boasts potential for landmark residential/hospitality, retail project in the heart of popular tourist destination

MIAMI – Avison Young’s Florida Capital Markets Group has been exclusively selected to sell a five-property assemblage and redevelopment opportunity at 1656-1680 Alton Road, a premier location in Miami Beach, Florida. Totaling 1.38 acres on the block running up to the iconic Lincoln Road, the portfolio includes 1.21 acres or 52,500 square feet of contiguous developable lots with an existing 55,516-square-foot mixed-use/retail structure along Alton Road and an additional 0.17-acre or 7,500-square-foot parking lot on the West Avenue side.

Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Vice President Brian C. de la Fé; and Associate Berkley Bloodworth will spearhead the sale on behalf of Alton Road Invest, LLC. Avison Young Principal George Vail is available for debt and equity discussions.

“Investor-developer interest remains high for prime location opportunities,” said Crotty. “There is currently no other property on the market in the area like this Alton Road portfolio, considering its development potential and proximity to Lincoln Road retail and the beach.”

Several investment scenarios are possible with the asset. In-place zoning permits redevelopment into residential and hospitality uses, which would be supported by the major Lincoln Road shopping destination. Nearby projects with similar zoning, such as the recent 17 West to the north and the high profile 1212 Lincoln Road to the south, were recently redeveloped to include residential, hospitality, or retail uses. Additional investment options include a covered land play with the existing retail structure or the in-place retail use. Ace Hardware and Elevation Fitness are current tenants at the property.

“We expect the strongest interest from potential buyers seeking to redevelop and maximize the use of the property and location,” continued Crotty. “The asset will also receive significant attention from investors attracted to high retail values on and near Lincoln Road, a tourist hotspot and primary outdoor mall in Miami Beach.”

Lincoln Road sees a retail spend in excess of $1 billion and more than 11 million visitors annually.

Law firm Weiss Serota doubles Palm Beach County footprint, leasing 12,138 square feet at landmark Boca Raton building

cwilliams@achieveagency.com (Clay Williams) — Thu, 23 Sep 2021 21:41:11 GMT

BOCA RATON, FL – The law firm of Weiss Serota Helfman Cole & Bierman is expanding in Boca Raton. The 30-year-old business and government law firm has signed a long-term lease for 12,138 square feet at One Boca Place, a 277,390-square-foot, Class A building on Glades Road near I-95.

The new lease will more than double the size of the firm’s Boca Raton office, setting the foundation for continued growth of staff, attorneys, and practice lines in Palm Beach County.

Butters Realty & Management office team of Caroline Fleischer, Darcie Lunsford and Sky Butters represented Weiss Serota in the lease transaction. Laurel Oswald of TCRE represented landlord, CP Group.

“While many companies were shedding real estate and recalibrating staffing levels in the face of the pandemic, Weiss Serota seized the counter-cyclical opportunity to grow, turning uncertainty to its negotiating advantage,” said Butter’s Fleischer, who is executive vice president of occupier services. “One Boca Place, fresh off the heels of a multimillion renovation, offered the firm both the prestige and the physical infrastructure needed to meet its growth trajectory.”

Weiss Serota originally established a Boca Raton office in January 2017, with just five Palm Beach County-based attorneys there at the time. Since then, the firm has more than tripled the size of its team and anticipates having at least 17 attorneys working out of One Boca Place when it moves into the space in spring 2022. The new office gives the firm additional space to continue its expansion in Palm Beach County.

Notable recent additions to the firm’s Boca Raton office include The DuBosar Law Group, led by accomplished litigator Howard D. DuBosar, veteran construction attorney Ronald S. Nisonson and veteran municipal and real estate attorney David N. Tolces.

“Our Boca Raton office has proven to be a catalyst for growth for the entire firm, particularly with our private sector practice areas,” said Brett J. Schneider, Partner and Boca Raton Office Managing Director. “There is tremendous activity and expansion occurring throughout Palm Beach County. We believe our continued growth and new space will help us better serve this growing business community while also provided our employees with a vibrant and highly desirable place to work near where many of them live.”

Construction Update at The Gateway at Wynwood

cwilliams@achieveagency.com (Clay Williams) — Thu, 23 Sep 2021 21:33:19 GMT

The most recent milestone - the installation of exterior garage cladding, which depicts a vibrant mural - is an exciting step forward as the building moves toward completion. The photos also include a look at the rooftop, bike racks and lobby of the building.

The Class A office building, developed by R&B Realty Group and designed by renowned Miami architect Kobi Karp, found inspiration in Wynwood’s innovative spirit and modern vibe using the building as a canvas to showcase the mural that wraps around the building and incorporates the exciting energy of the surrounding community. The Gateway at Wynwood is contributing to Wynwood's transformation into a bustling city that offers real staying power.

While Wynwood has seen significant change over the past five years, the next five years will bring even greater change as new construction is underway that will aid in Wynwood’s evolution. Both the multifamily and office inventory in the Wynwood area is poised to double over the next three years as projects that are currently under construction are delivered.

The Gateway at Wynwood offers about 195,000 square feet of leasable Class A office space and nearly 25,900 square feet of prime street-level retail space on the border of the Wynwood and Midtown neighborhoods. This summer, R&B Realty Group announced the building's first office lease with biotech company Veru Inc. The eight-year, 12,155-square-foot lease will serve as the company's global headquarters and triple Veru's current office space.

Miller Construction Completes Miami Lighthouse Academy’s 30,000-Square-Foot Expansion

cwilliams@achieveagency.com (Clay Williams) — Thu, 23 Sep 2021 21:29:10 GMT

Miami Lighthouse for the Blind Adds New, Highly Accessible K – Grade 2 Classrooms For Its Nationally Acclaimed Children’s Learning Programs

MIAMI – Completing a complex, fast-tracked nine-month build in time for the new school year, Miller Construction has delivered a five-story, 30,000-square-foot expansion that brings the Miami Lighthouse for the Blind new, highly accessible Kindergarten through Grade 2 classrooms serving blind and visually-impaired students.

Expansion of the innovative Miami Lighthouse Academy at Miami Lighthouse for the Blind’s campus added 8,595 square feet of classroom and office space, plus two levels of covered parking. At Miami Lighthouse Academy -- a nationally recognized model for educational inclusion and classroom readiness -- blind and visually impaired children ages one through four from throughout Miami-Dade County learn side-by-side with sighted pre-school classmates from the surrounding community. The expansion’s new classrooms provide the Academy with a learning environment dedicated for blind students in Kindergarten, Grades 1 and 2, preparing them for an easy transition to public schools.

Designed by Wolfberg Alvarez & Partners, the project expanded Miami Lighthouse’s existing 115,000-square-foot building footprint to encompass the organization’s entire 1.39-acre site at 601 SW 8 ^th Avenue. Miami Lighthouse for the Blind remained fully operational throughout construction, as Miller’s team worked to ensure convenience and safety of the organization’s staff and clients.

“The Lighthouse had made a series of expansions, growing through the decades at its site,” said Miller Construction President Brian Sudduth. “This project tied all sections together for efficiency and esthetic appeal, while providing flex space for the future. We’re proud to be part of a community partnership that’s making a tremendous difference for so many children and families,” he added.

Miller’s project connected on each of four stories with a parking and classroom structure that was completed at the site in 2018. Challenges included precisely matching floor elevations, tying into the existing storm drainage system and ensuring the new and older buildings’ finishes matched. Using Building Information Modeling (BIM) for detecting potential clashes and for coordinating trades, Miller expedited the schedule.

Aligned with Miami Lighthouse’s mission of serving the visually impaired of all ages, all signage and elevators in the new space incorporate Braille. Three stair towers that lead to specific locations help students exit the building safely, and the expansion included a safe new playground and green space where students can play and learn orientation and mobility skills and grow and maintain an edible garden.

In addition to its architectural role, Wolfberg Alvarez & Partners of Coral Gables was the project’s civil and MEP engineer. Bliss & Nyitray of Miami was structural engineer.

Founded in 1973, Miller Construction is a prominent Florida design/builder and construction services firm serving commercial, industrial, hospitality, automotive, retail, healthcare and educational markets. For information: www.millerconstruction.com .

Miami Lighthouse is the oldest and largest private agency in Florida assisting persons of all ages who are blind and visually impaired. The organization annually transforms the lives of 90,000 blind and visually impaired people, babies to seniors, and their families. The Miami Lighthouse Academy learning initiative is in partnership with Miami-Dade County Public Schools, The Children’s Trust and the Early Learning Coalition of Miami-Dade/Monroe. For more information about Miami Lighthouse for the Blind and Visually Impaired, visit www.MiamiLighthouse.org .

CBRE ARRANGES THREE NEW MEDICAL OFFICE LEASES AT MEDSQUARE HEALTH IN MIAMI

cwilliams@achieveagency.com (Clay Williams) — Thu, 23 Sep 2021 20:02:09 GMT

Miami – Sept. 22, 2021 – CBRE has arranged three new leases totaling more than 18,000-sq.-ft. at MedSquare Health, a 121,000-sq.ft., newly constructed Class A medical office building in Miami.

Miami Plastic Surgery, an award-winning plastic surgery practice which signed a 10,000-sq.-ft. lease, will relocate from the Baptist Medical Arts Building. CIRA Centers, a highly technical and professional performance medical diagnostic imaging facility which signed a 5,300-sq-ft. lease, is adding an additional location. Ketamine Health Centers, a leading ketamine infusion therapy treatment center which signed a 3,000-sq.-ft. lease, will relocate from 1430 S. Dixie Hwy. in Coral Gables, Fla.

CBRE’s Gordon Messinger represented the landlord, MAS*AJP, in the transaction.

“These new tenants will be joining an expansive roster of existing healthcare and wellness companies at MedSquare Health, which has only been open since November 2020,” said Mr. Messinger, an Executive Vice President at CBRE. “The property is in a prime location and is the first off-campus Class A medical office to be built in the Baptist Hospital of Miami submarket in more than 20 years. As a result, we are seeing high demand in this building, as several prominent companies have expressed interest very recently. I wouldn’t be surprised if we sign several more leases at this location in the coming months.”

MedSquare Health is a three-story medical office building that is located at 9408 Southwest 87th Avenue, near Dadeland Mall, Miami Marriott Dadeland and major roadways South Dixie Highway and Palmetto Expressway. The property is a LEED certified building designed by Modis Architects with careful attention to the quality of tenant and patient experience, from the work environment to outdoor gathering spaces, with an emphasis on maximizing natural light throughout with floor-to-ceiling glass windows. Building amenities include a two-story parking garage with valet parking, 7:1,000 parking ratio, an on-site café and shared conference room space.

Excel Construction of Florida Appoints New Superintendents

cwilliams@achieveagency.com (Clay Williams) — Thu, 23 Sep 2021 16:55:56 GMT

New hires will support the company’s expansion and high-profile construction projects in the pipeline

DAVIE, Florida (September 22, 2021) – South Florida’s leading industrial and commercial construction company, Excel Construction of Florida (Excel), announces the appointment of Jeffrey D. Leonelli and John D. Smith as construction superintendents.

“We have several noteworthy new projects underway throughout the tri-county region necessitating an expansion of our staff,” said Excel Construction of Florida President Eric Wolf. “Jeff and John have the knowledge, experience and proven management skills to lead our construction teams, ensuring our projects are completed on time and at a high level of client satisfaction.”

Jeffrey D. Leonelli joins the Excel team with more than 35 years of experience in the industry overseeing construction and tenant improvements for large projects throughout Florida, Georgia and Massachusetts. Prior to joining Excel, Leonelli was a superintendent with Emerald Construction Corp., overseeing industrial, retail and governmental projects, including the new Lauderhill Transit Center. Leonelli began his career with East Coast Builders in Massachusetts and was previously a superintendent for Intertech Construction Inc. and Telesco Construction Inc. Leonelli is a resident of Deerfield Beach.

Prior to his appointment at Excel, John D. Smith was general superintendent for Montierre Development where he was responsible for all field operations. The 20-year construction industry veteran has supervised several projects throughout South Florida, including the renovation of 41 FPL substations, Target and Super Target retail stores and a 15,000-sq.-ft. Goodwill store. Smith is a resident of West Palm Beach.

For more information about Excel Construction of Florida, visit excelsf.com .New Paragraph

BBX Capital Real Estate Launches New Division - BBX Industrial

cwilliams@achieveagency.com (Clay Williams) — Wed, 22 Sep 2021 15:17:06 GMT

Fort Lauderdale, Fla (September 15, 2021) – BBX Capital Real Estate is pleased to announce the launch of its newest division, BBX Industrial, which will focus on identifying infill speculative and industrial build to suit opportunities in the State of Florida and opportunistically in other key logistics markets.

The new division will be led by Mark G. Levy, who will serve as its President and is a seasoned veteran of the commercial real estate industry with more than 28 years of experience in senior executive leadership positions with a diverse array of public and private real estate companies. Levy’s broad experience encompasses development, acquisitions, dispositions, and asset management. Notably, throughout his career, Levy has been involved in the development, acquisition, and asset management of over $1B of industrial real estate in key U.S. logistics markets.

Levy was most recently Executive Vice President of Industrial Acquisitions for Hilco Redevelopment Partners, where he was responsible for the expansion of Hilco’s real estate development, acquisition, investment, and capital structuring activities nationwide. Prior to that, he served in various senior leadership roles for Opus South Corporation, Duke Realty (NYSE:DRE), Prologis (NYSE:PLD) and JLL (NYSE:JLL).

“We are pleased to welcome Mark to our organization,” commented Seth M. Wise, President of BBX Capital Real Estate. “Mark’s wealth of industrial real estate knowledge, market expertise, and strong track record will add tremendous value as we continue to grow BBX Capital Real Estate and continue to expand our real estate platform.”

“I am excited to join BBX Capital Real Estate and launch this new industrial division,” said Mark Levy. “BBX Capital Real Estate’s long-standing track record of value creation, in-house management capabilities, as well as trusted institutional capital partners, will allow us to evolve quickly and create a strong pipeline of projects. Now is an ideal time to launch this division due to the secular change in consumer buying habits and retailer distribution which has fueled sustained demand for warehousing and logistics facilities, especially in infill locations in high growth states such as Florida”.

BBX Capital Real Estate, a division of BBX Capital, Inc., is engaged in the acquisition, development, construction, ownership, financing, and management of real estate and investments in real estate joint ventures, including investments in multifamily rental apartment communities, single-family master-planned for sale housing communities, and commercial properties located primarily in Florida. BBX Capital Real Estate also has an approximate 50% ownership interest in The Altman Companies which includes membership interests in Altman Development Company, Altman-Glenewinkel Construction and Altman Management Company.

Colliers closes on $6.3 million sale of West Palm Beach medical office

cwilliams@achieveagency.com (Clay Williams) — Wed, 22 Sep 2021 15:07:44 GMT

Colliers South Florida recently closed on the $6.3 million sale of 4601 N. Congress Avenue in West Palm Beach. The two-story, 25,453-square-foot medical office sold to 1460 Russell Road Associates, LP. Colliers South Florida Investment Services Team Mark M. Rubin, Executive Managing Director, and Bastian Laggerbauer, Director, represented the seller, 4601 North Congress, LLC, in the transaction.

4601 N. Congress is an on-campus, multi-tenant medical office building, not encumbered by a ground lease. As such, the Colliers South Florida Investments Services Team was able to generate significant interest from a wide range of institutional and private investors nationwide, achieving market-leading pricing for the seller.

“As medical care is an essential service, coupled with South Florida’s favorable demographics, medical office opportunities remain a highly coveted asset class by investors,” said Rubin.

“Strategically located just off I-95 in the HCA owned and operated JFK Medical Center North Campus on the corner of Congress Avenue and 45th Street, the medical office building was 88 percent leased at the time of sale,” Laggerbauer added.

According to the Colliers Q2 Office Market Report for Palm Beach County, total vacancy rates decreased to 11.4% in Q2, the lowest vacancy rate in the market since Q2 2020. At the same time, rental rates increased to $36.53 per square foot, an increase of 7% year-over-year. The stability displayed in the office market coupled with mass corporate migrations is causing investors to flock to Palm Beach County in search of mature properties with a healthy tenant base as well as value-add properties, and both property types are poised for rental rate increases after acquisition.

Avison Young closes record $18M sale of 56,072-SF industrial/flex building in South Florida

cwilliams@achieveagency.com (Clay Williams) — Tue, 21 Sep 2021 16:58:50 GMT

Sale marks highest PSF achieved for an industrial property in Broward County

Miramar, Fla. – Avison Young negotiated the $18 million sale of the 56,072-square-foot Miramar Park of Commerce industrial/flex building at 10315 USA Today Way in Miramar, Florida. At $321.02 per square foot, the transaction represents the highest price per square foot secured for an industrial/flex property in Broward County.

On behalf of the seller, Zeta Associates, LLC, Avison Young’s Industrial leasing team and Florida Capital Markets Group teamed up to complete the record-setting disposition to CRG Acquisition, LLC. The effort was led by Principals Tom Viscount, David Duckworth, Michael T. Fay, John C. Crotty, Wayne Schuchts, and Senior Associate Bobby Benton.

“The sale demonstrates both the resilience and attractiveness of the South Florida industrial market,” said Viscount. “Specifically, the significant price per square foot is indicative of the high demand for class A industrial and flex space, as investors continue to see South Florida as a key growth region. Due to the extraordinary demand and limited supply, less than 10 flex buildings over 50,000 square feet sold in the past year.”

The asset’s buyer is an investor who was attracted to Miramar Park of Commerce’s great location, well-maintained properties, and the prestige of the park. They plan to renovate the building to create a high-end educational campus-like setting to lease it to one of their national clients that operates a medical school.

“The buyer recognized the uniqueness and value of the building’s overall footprint and quality infrastructure sitting on seven acres, which cannot be replicated in today’s market,” added Viscount. “These factors certainly contributed to the notable sales price.”

Equidistant from Fort Lauderdale and Miami, Miramar Park of Commerce is a light industrial park campus in Southwest Broward County fronting the Florida Turnpike just one mile east of the Red Road Interchange. With over 5 million square feet of office/service, laboratory, pharmacy, light manufacturing, and distribution space, the world-class park is home to 10,000 employees from more than 170 national and international companies.

Five New Tenants sign leases at River Landing Shops & Residences west of Downtown Miami

cwilliams@achieveagency.com (Clay Williams) — Mon, 20 Sep 2021 19:22:55 GMT

Miami, FL. [Sept. 20, 2021] -- One year after River Landing Shops & Residences opened, five new tenants are set to join the 8.14-acre development along the scenic Miami River west of Downtown Miami. Four new retail tenants and one new office tenant will occupy close to 9,000 square feet of space, bringing River Landing Shops to approximately 90% leased.

The new national and locally based tenants are a perfect complement to the existing tenant mix at River Landing, which has become the heart and soul of the community surrounded by the up-and-coming Allapattah and Miami’s Health District. The tenant mix offers customers a unique experience on the bank of the Miami River, one of Miami’s jewels.

The new leases signed recently are:

• P.Pole Pizza, a Coral Gables-based restaurant geared toward millennials and Generation Z, is leasing 1,400 square feet of retail space on the center’s first floor. The restaurant is known for its skateboard-shaped, 13-inch thin-crust artisan pies featuring pizza doughs made fresh daily, a variety of sauces, more than 40 toppings and low prices. P.Pole Pizza is scheduled to open at River Landing Shops in the first quarter of 2022.

• Publix Liquors will occupy 1,290 square feet on its first floor and is scheduled to open in the third quarter of 2021. The liquor store, part of the popular Publix Super Markets brand that currently has a location at River Landing, offers a variety of wine, beer, soft drinks, and accessories, all in one convenient location.

• Carrot Express will occupy 2,000 square feet on the first floor and is scheduled to open in first quarter of 2022. Since 1993, Carrot Express has been a hub for wellness in Miami. The restaurant offers a balance of delicious and nutritious foods to make their health-conscious meals tasty.

• CKO Boxing Gym will occupy 3,100 square feet on its third floor and is on track to open in the first quarter of 2022. Founded in 1997, the gym offers fun and engaging group fitness classes to help the everyday person lose weight by burning fat and toning muscle.

• The Charter Agency signed a lease for 1,000 square feet of office space. The Charter Agency delivers best-in-class yachting and deep-sea fishing charters, from Florida to the Bahamas and the Caribbean, and will also operate the boat docks at River Landing Shops via the “River Landing Yacht Club” coming soon.

“As our project has come to life over the last year, we have continued to see strong interest in River Landing Shops & Residences from both retailers and office tenants,” said Andrew Hellinger, co-partner of Coral Gables-based Urban-X Group, the developer behind the 2.2 million-square-foot development owned by Canada-based H&R REIT. “River Landing was designed to become the heart and soul of this community, and our carefully curated retail and lifestyle tenants are the perfect fit for the residents who live in the region, those who work in River Landing and the surrounding area, and those who visit the Mid River District on a daily basis. We couldn’t be more proud of the impressive list of tenants who have chosen to call River Landing home. River Landing is not only creating jobs, but also creating a vibrant environment where the community congregates and gets to enjoy Miami at its finest.”

Some of River Landing’s other national and regional retail and restaurant tenants include Publix Supermarkets, Ross Dress For Less, Burlington Stores, Hobby Lobby, Five Below, Chase Bank, AT&T, Planet Fitness, Old Navy, Ulta Beauty, Sapphire Prive Med Spa, Pediatric Dental Center, Aspen Dental, Chick-fil-A, Lime Fresh Mexican Grill, Ficelle Boulangerie & Pâtisserie, and Tanuki.

River Landing is located at 1500 NW North River Drive, just steps away from the Health District, with a daytime population of more than 50,000. Strategically located between downtown Miami and Miami International Airport, River Landing is helping to meet the growing demand for quality discount retail, grocery, banking, and lifestyle services. It is one of the few retail, office, and residential developments that is accessible by boat in Miami.

For more information visit: https://riverlandingmiami.com/

CBRE Brings on Industry Veterans John Criddle and Joe Freitas in South Florida, Expands Office Practice

cwilliams@achieveagency.com (Clay Williams) — Thu, 16 Sep 2021 17:05:43 GMT

Boca Raton, FL – Sept. 14, 2021 – CBRE announced that John Criddle and Joe Freitas have joined the company. Mr. Criddle joins as an Executive Vice President and Mr. Freitas joins as a First Vice President specializing in the representation of office landlords. Mr. Criddle and Mr. Freitas will focus on assignments in Palm Beach and Broward County, where they have established themselves as one of the most respected office leasing teams in the region. The team comes to CBRE from Cushman & Wakefield’s Boca Raton office.

“John and Joe have built a reputation as one of the go-to teams for both institutional and private equity investors looking to lease their buildings,” said David Bateman , Managing Director at CBRE. “Adding John and Joe to our team will make a big difference for CBRE as we continue to grow our market share across South Florida and deliver superior outcomes for our clients.”

The team oversees an extensive portfolio across Palm Beach and Broward County, where they represent several owners including Clarion Partners, ICM Realty Group, Zell Holdings and IP Capital. The team will continue to focus on developing strategies to drive leasing activity, increase tenant retention, maximize rental rates and stabilize operating income for their clients.

Grover Corlew Donates Supplies for Broward and Palm Beach County Title I Schools

cwilliams@achieveagency.com (Clay Williams) — Thu, 16 Sep 2021 16:35:53 GMT

FORT LAUDERDALE, Fla. (September 16, 2021) – During a year when back-to-school donations were in short supply, Real Estate Investment Management Group Grover Corlew, along with their employees and tenants of the company’s buildings, came together to donate backpacks, folders, notebooks, pencils, art supplies and more, to ensure that students in need returned to school prepared for learning. Broward and Palm Beach County’s Title I school students and teachers will benefit from the donations, which are available to teachers through the Broward Education Foundation and the Education Foundation of Palm Beach County.

“If it weren’t for the Broward Education Foundation and the Education Foundation of Palm Beach County, many students in our community would not begin the school year prepared with even the basic necessities,” said Partner Anuj Grover. “As a father, I know just how expensive it can be to adequately prepare a child for learning each year. Teachers also spend money to buy supplies for their classrooms. We hope to ease the burden with these donations, particularly for those struggling to get by. Every little bit helps.”

Prior to the pandemic, more than 200,000 students in Broward County Public Schools were living in poverty, based on qualification and participation in the National School Lunch Program where students receive meals at school for free or at a discount. And in Palm Beach County, nearly 70% of schools are designated as Title I schools, where 70% of children live at or below the poverty level. According to 90% of teachers surveyed by the national non-profit Kids in Need Foundation, three in four students arrive to class without the requisite school supplies necessary for learning.

Not only has Covid drastically increased the need for basic school supplies for students in Title I schools, but the school supply centers in these counties are also reporting low levels of donations this year due to the fallout from COVID-19.

Donated school supplies will stock the shelves of Broward Education Foundation’s School Supply Center in Pompano Beach, and the Red Apple Supplies store in Riviera Beach, where teachers from Title I schools shop for free to equip students with supplies needed during the school year.

“This past year has been particularly difficult for students and teachers, so we are proud to support organizations that provide the necessary tools that these students need to succeed and that teachers need to thrive,” added Partner Mark Corlew.

For more information on Grover Corlew, visit grovercorlew.com.

Cushman & Wakefield Arranges ±66,000-SF Renewal with MAN Engines & Components in Pompano Beach

cwilliams@achieveagency.com (Clay Williams) — Thu, 16 Sep 2021 16:29:13 GMT

The South Florida Industrial Team Represented the German Engineering and Manufacturing Firm in the Lease Negotiations

POMPANO BEACH, FL, September 15, 2021 — Cushman & Wakefield’s South Florida Industrial Team negotiated three lease renewals totaling 66,053 square feet on behalf of German manufacturer MAN Engines & Components at 551 SW 13th Terrace in Pompano Business Park.

The Cushman & Wakefield team was comprised of Matthew G. McAllister, Chris Metzger, Richard F. Etner Jr., and Christopher Thomson. Pete Sheridan of JLL represented the building’s owner, Prologis.

MAN Engines & Components is a subsidiary of Augsburg, Germany-based MAN Energy Solutions, which produces large-bore diesel engines and turbomachinery for use in marine propulsion systems, power plant applications, and turbochargers. MAN Energy Solutions employs more than 14,000 people globally with MAN Engines & Components employing 42 workers at this location in Pompano Beach, where it packages MAN high speed marine engines for major boat builders and its distributors.

Since 1997, MAN Engines & Components has been the primary importer and service representative of MAN engines, components, and parts. The company services North, Central, and South America. MAN Engines & Components is also the exclusive importer of industrial diesel and gas engines for construction equipment, agricultural machinery, and power generation, including CHP (combined heat power) applications.

“We are incredibly pleased to have represented MAN Engines in their lease renewals at Pompano Business Park,” said McAllister. “Retaining technical companies with a long history of employing the highly-skilled workforce of Broward County is a win-win for all parties.”

10/7/21 Chapter Meeting: "Wall Street South"

cwilliams@achieveagency.com (Clay Williams) — Wed, 15 Sep 2021 01:12:00 GMT

Tickets:

Members $65

Non-Members $80

Door registration will be available, pricing will increase.

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 6750 North Andrews Avenue, Suite 200, Ft. Lauderdale, FL 33309

Avison Young secures highest PSF for land/building in Miami's Wynwood YTD

cwilliams@achieveagency.com (Clay Williams) — Tue, 14 Sep 2021 16:09:15 GMT

Avison Young ’s Florida Capital Markets Group closed the $8.25 million year-to-date record sale of the property at 2032 N.W. 2nd Ave. in Miami’s Wynwood submarket. The sale, which consists of three folios totaling 13,000 square feet of land, with the southernmost folio hosting a 3,111-square-foot single-story building, represents the highest closing price-per-square-foot for land ($635/sf) and/or building ($2,652/sf) in the surrounding Wynwood area to date in 2021.

The property is directly positioned on the N.W. 2nd Avenue arterial roadway of the Wynwood district, which has emerged over the past decade as one of Miami’s most popular districts for nightlife and is now flooded with new vertical construction in every direction.

Avison Young’s Vice President Brian C. de la Fé; Principals Michael T. Fay, who is also Managing Director of the firm’s Miami operations; John K. Crotty, CCIM; David Duckworth; and Associate Berkley Bloodworth represented the seller, Rosie Studio, LLC. Sterling Equity Realty represented the buyer, Arbor Green, Inc.

Butters affiliate buys Boca Raton site for $11M, plans new office

cwilliams@achieveagency.com (Clay Williams) — Fri, 03 Sep 2021 17:30:53 GMT

Via South Florida Business Journal

A company led by Malcolm Butters , the CEO of Coconut Creek-based Butters Construction & Development, paid $11 million for a mostly vacant retail building in Boca Raton to redevelop it as an office tower.

CRVII Boca TC, managed by M. Timothy Clark of Austin, Texas-based Cypress Real Estate Advisors, sold the 35,669-square-foot former health club at 1751 N. Military Trail to Boca Midtown Place LLC, managed by Butters and partner Mitchell Konsker in New York. A note attached to the deed says the maximum development potential on the site under the current zoning is 120,000 square feet.

The deal was brokered by Roxanne Register and Jon Cashion of Katz & Associates.

The property last traded in 2011 when it was foreclosed upon . CRVII Boca still owns the neighboring property at 21046 Commercial Trail, which has a Bowlero.

The site Butters’ company acquired totals 4.19 acres and was developed in 1985. Nippers Bar & Grill operates in part of the building, but the entire facility used to be a Bally Total Fitness. It’s located just south of Glades Road, near the Interstate 95 exit and the Town Center at Boca mall.

Butters said he plans to build a high-end, Class A office building of about 120,000 square feet there. This would be the first major new office building in Boca Raton in more than 12 years, he said.

"We have four or five office buildings in Boca that we own or manage leasing for and all of them are 90%-plus occupied and rents are climbing," Butters said. "The story of office space dying [during the Covid-19] pandemic is over exaggerated."

Butters said this is a great office development site because it's near Interstate 95, many restaurants are in walking distance such as in the neighboring Shops at Boca Center, and the mall is close enough to visit to run errands.

He's still working on building designs with architects. Darcie Lunsford , an executive VP at Butters, said it will be a "highly amenitized" building with an urban style, featuring a courtyard and a rooftop space. It will be called Midtown Place at Boca Raton. They are aiming for a 2023 delivery, she said.

"The tenants are flocking from the Northeast to South Florida and they want something new and really modern and sophisticated," Lunsford said. "This is going to be a more cutting edge and urban design, like you might find in Miami or New York."

Excel Construction of Florida Donates Supplies for Broward County Title I Schools

cwilliams@achieveagency.com (Clay Williams) — Fri, 03 Sep 2021 14:48:18 GMT

FORT LAUDERDALE, Fla. (August 26, 2021) – To ensure that students in Title I Schools in Broward County kicked off the school year prepared with essential classroom supplies, Excel Construction of Florida donated backpacks, folders, notebooks, pencils, art supplies and more to Broward Education Foundation’s Back to School Drive.

This year, supplies are even more important as students begin returning to the classroom.

“My mom was a Broward County school teacher for 35 years and I am a dad myself, so I am always compelled to support children’s causes, particularly when it comes to education,” said Excel Construction of Florida President Eric Wolf. “We all know how expensive it can be to get our kids ready for the new school year. In so many cases, teachers also spend hundreds of dollars throughout the year to supplement basic school supplies. Thanks to Broward Education Foundation, students and teachers in Title I schools have access to the resources and tools that will help them succeed in the classroom. We are happy to help.”

Prior to the pandemic, more than 200,000 students in Broward County Public Schools were living in poverty, based on qualification and participation in the National School Lunch Program where students receive meals at school for free or at a discount. Add to that the fact that three in four students arrive to class without the requisite school supplies necessary for learning according to 90% of teachers surveyed by the national non-profit Kids in Need Foundation. Covid drastically increased the need for basic school supplies for students in Title I schools.

Donated school supplies will fill the shelves of Broward Education Foundation’s School Supply Center in Pompano Beach where teachers from Title I Broward County schools shop for free twice a year to equip students with supplies during the school year.

In addition to company and employee donations, Excel Construction of Florida hosted a drive for its subcontractors with participating companies including Kyle Plumbing, D & D Welding, All Pro Drywall and Aaron’s Window Treatments.

For more information about Excel Construction of Florida, visit excelsf.com .

Amerant Bank Signs Lease for Office Space in Miramar Park of Commerce

cwilliams@achieveagency.com (Clay Williams) — Fri, 03 Sep 2021 14:41:31 GMT

MIRAMAR, FL (September 03, 2021) -- As the office market in South Florida continues to rebound, Amerant Bank, N.A. signed a 10-year lease for a 56,494-square-foot office space in the Miramar Park of Commerce at 10500 Marks Way.

Colliers’ Executive Managing Director Jonathan Kingsley and Managing Director Jarred Goodstein represented Sunbeam Development, the landlord, in the transaction. CBRE’s Gordon Messinger represented Amerant Bank, the tenant.

“The unique, free-standing flex office space offered by our client was the perfect fit for Amerant, offering ample parking and visibility,” said Kingsley. “We were under a tight timeline and received interest from many prospective tenants, but we were able to secure the best fit for everyone involved. Miramar Park of Commerce is a very sought-after location for this type of tenant. Case in point, the space is located next to a 48,000-square-foot building that we previously leased in its entirety to another high quality tenant.”

Amerant Bank is the second-largest community bank headquartered in Florida and is a subsidiary of Amerant Bancorp Inc. (NASDAQ: AMTB and AMTBB). Headquartered in Coral Gables, the bank provides individuals and businesses in the U.S., as well as select international clients, with deposit, credit, and wealth management services. Over 300 Amerant Bank team members will occupy the new office space as early as Fall 2022.

“Miramar Park of Commerce continues to attract new and established businesses. We see Amerant Bank as an asset to the surrounding community where they can grow and prosper,” said Ryan Goggins, Vice President, Acquisitions, Leasing and Marketing for Sunbeam, who along with Maridee Bell represented the Park. “Flex office space, particularly over the last year, is attractive to companies looking for alternatives to traditional office space. At the Miramar Park of Commerce, we take a personalized approach to tenant relationships and work diligently to meet their needs efficiently and cost effectively.”

Since breaking ground in 1984, Sunbeam has developed the Miramar Park of Commerce into the largest locally owned and managed business Park in South Florida, with more than five million square feet of office/service, laboratory, pharmacy, light manufacturing and distribution space.

“It was important we find a space that meets the evolving needs of our team members,” said Carlos Iafigliola, Chief Financial Officer, Amerant Bank. “After extensive research, we found this conveniently located, brand-new modern workspace will do exactly that.”

Duke Realty preleases 100% of new ~221k sf facility in Miami 27 Business Park

cwilliams@achieveagency.com (Clay Williams) — Wed, 01 Sep 2021 16:56:52 GMT

Consumer products company leases remaining ~61k sf of space in building 2

WESTON, Florida — August 24, 2021 — The South Florida office of Duke Realty Corporation (NYSE: DRE), the leading domestic only, pure-play logistics property REIT (Real Estate Investment Trust) in the United States, has entered into a long-term lease agreement with a consumer products company for 61,191 square feet of logistics space in Building 2, a 221,984-square-foot facility within Miami 27 Business Park. Building 2 at 10310 NW 121st Way is still under construction and scheduled for completion in September 2021.

“We moved forward with Miami 27 Business Park and its two speculative developments in order to gain a competitive edge in the market and even before we have completed our facilities, we have garnered strong client interest and secured lease agreements for space,” said Stephanie Rodriguez, senior vice president of Duke Realty’s Florida Region. “Duke Realty’s in-service portfolio in South Florida is currently 99 percent leased and our Miami properties are 100 percent leased — proving that the demand for modern, convenient logistics space, especially large distribution warehouses is still there.”

Duke Realty’s Miami 27 Business Park is a two-building development in Medley, Florida adjacent to U.S. Highway 27, with convenient connectivity to the Florida Turnpike, I-75, and State Road 826, a roadway that provides direct access to the cargo area of Miami International Airport. In May 2021, Duke Realty announced it had started construction of Building 1 of Miami 27 Business Park, a 501,224-square-foot facility on 23.3 acres at 10300 NW 121st Way in Medley, Florida. Building 1 is scheduled for completion in fall 2021. Both facilities at Miami 27 Business Park are being built to LEED® certification standards.

“Our sustainably-designed, tenant-friendly developments boast technology and innovation that helps improve operating efficiency and lower the cost of doing business for our tenants,” said Rodriguez. “That’s why our facilities are highly desirable to companies looking for space.”

Brian Smith with JLL represented the tenant in its lease while Duke Realty was represented by listing agent Erin Byers with Colliers International South Florida and David Loudenslager, Duke Realty’s vice president of leasing and development in South Florida.

There are pre-leasing opportunities available at Miami 27 Business Park. Contact David Loudenslager at david.loudenslager@dukerealty.com or Lauren Pace at lauren.pace@dukerealty.com.

The Easton Group JVs with LBA Logistics to Acquire Doral Warehouse for $19.5 Million

cwilliams@achieveagency.com (Clay Williams) — Mon, 30 Aug 2021 20:07:32 GMT

The Easton Group JVs with LBA Logistics to Acquire Doral Warehouse for $19.5 Million

Doral, Fla.— (August 30, 2021)– The Easton Group, a leading commercial real estate firm in South Florida, has joint ventured with Irvine, California-based LBA Logistics to acquire a 105,365 square-foot warehouse in Doral, Florida for $19.5 million. The transaction closed August 27. The seller is Badia Spices which moved operations to a new location. Dalton Easton of Easton & Associates, The Easton Group’s brokerage division, represented the joint venture. Hani Jardack of Jardack Commercial Realty represented Badia.

The building is located at 9880 NW 25 ^th Street. Built in 1998, it is equipped with air conditioning throughout, solar panels on the roof, 26-foot clear heights and 192 parking spots. Twelve-thousand square feet is dedicated to office space.

“We felt this acquisition was a tremendous value when you consider how high the replacement cost would be,” said Easton. “You can’t build something like this in a good location for anywhere near the price we paid because of escalating land values and construction costs. Doral remains one of the strongest industrial sub-markets in Miami-Dade driven mainly by its proximity to Miami International Airport and PortMiami.

Over the past 12 months, industrial lease rates have increased by 11% and continue trending upward.

LBA is making a big push into Florida to take advantage of the growth taking place in the state. This is the second joint venture with The Easton Group. The two are partnering on a ground-up development of a 266,760-square-foot warehouse in Hialeah Gardens that is due to be delivered in the second quarter of 2022.

Easton will start marketing the property for a new single-user tenant and feels it is suitable for a variety of different uses.

BEA Equities’ 315 South Biscayne Building in Downtown Miami Lands AM100 Law Firm Polsinelli

cwilliams@achieveagency.com (Clay Williams) — Mon, 30 Aug 2021 18:46:49 GMT

CBRE represented the landlord in recent transactions, bringing the building to 100% leased

Miami, FL – August 30, 2021 – BEA Equities’ office and restaurant property 315 South Biscayne will welcome two new tenants: Polsinelli, a new-to-market AM100 law firm, and a credit restaurant, both recently signing long-term leases. With the closing of these two transactions, the building is now fully leased.

The 34,341-sq.-ft. Class A office and restaurant building is located at 315 South Biscayne Boulevard in downtown Miami. Polsinelli Law is occupying The Related Group’s former space, totaling 23,617 square feet. The credit restaurant will occupy approximately 10,000 square feet, which will bring the building to 100% occupancy.

CBRE’s, Kevin Gonzalez , Maggie Kurtz and Jake Freeman represented BEA Equities in the transaction. Additionally, CBRE’s Marsha Griffiths and Drew Schaul are overseeing the retail / restaurant lease. The CBRE team was able to successfully lease the entire building before the close of the sale of the building, bolstering the buyer’s investment and the value of the property.

“These transactions illustrate recent trends in the Miami market, including an influx of new-to-market tenants like Polsinelli,” said Mr. Gonzalez, a Vice President at CBRE. “These leases also reflect the appeal of the 315 Biscayne property, its ability to attract high caliber organizations, and its incredible value.”

The iconic property is prominently situated at the southern turn of Biscayne Boulevard, steps away from Miami’s best restaurants, hotels, residences, and cultural destinations. The five-story 315 South Biscayne building consists of two floors of office space situated above a full floor restaurant and private parking garage. Each floor features unobstructed panoramic views of the Biscayne Bay & Miami’s skyline.

According to CBRE’s Miami Q2 office report, new-to-market tenants touring the market totaled approximately 1.1 million sq. ft. Net investment sales in Downtown Miami surged in 2021 totaling $763 million year-to-date.

Franklin Street Arranges $7M Acquisition of Luxury New Construction Apartment Community in Fort Lauderdale

cwilliams@achieveagency.com (Clay Williams) — Mon, 30 Aug 2021 15:40:26 GMT

Terra Equity Group acquired the asset from Defined Companies

FORT LAUDERDALE, FL (August 30, 2021) — Franklin Street has arranged the acquisition of a 22-unit luxury apartment community in northwest Fort Lauderdale for $7 million, or approximately $318,181 per unit. The Class A property, at 3050 NW 68 ^th St. , was completed in 2020 and completed full lease up in early 2021. The property is currently 100% occupied with an average rent of $1,890 per month.

Franklin Street’s Dan Dratch and Greg Matus , with the firm’s South Florida Multifamily Investment Sales Team, represented Vino Kulhari of Terra Equity Group in acquiring the asset in an off-market deal. Terra Equity Group is a Pembroke Pines, Florida-based private equity firm focused on investing in commercial and multifamily properties.

The sellers, Noah Leon and Steven Guasch of Defined Companies , were represented by Tal Frydman of Newmark. Defined Companies, based in Fort Lauderdale, focuses on developing and delivering attainable, high-quality residential communities in the multifamily and single-family asset classes.

“Demand for multifamily in South Florida continues to be extremely strong,” said Dratch. “In this competitive market, we were pleased to have helped our client secure the contract for this property without it ever officially hitting the market.”

“Broward County added 38 new multifamily assets to its inventory in 2020, and this is the first one to trade,” added Matus. “As the pandemic spurs demand for clean, spacious, new-construction units, we expect to see several more 2020-built assets change hands before the end of the year.”

The property, previously known as Lineo Palm Aire, will now be called Terra Palm Aire under Terra Equity Group’s ownership. Situated in Fort Lauderdale’s Palm Aire submarket, the asset offers convenience to Florida’s Turnpike, Interstate 95 and numerous retail, dining and entertainment options.

Terra Palm Aire consists of two three-story buildings situated on just under 1 acre. The unit mix includes one- and two-bedroom floor plans averaging 1,011 square feet. All residences have contemporary kitchens with quartz countertops and stainless steel appliances, as well as in-unit washers and dryers and luxury wood-style flooring throughout. Select residences have outdoor terraces, private yards and attached garages.

Marketing for the sale of Champlain Towers South in Surfside, Florida, officially launches

cwilliams@achieveagency.com (Clay Williams) — Mon, 30 Aug 2021 15:37:33 GMT

Stalking horse bidder reviews contract as Avison Young’s Michael T. Fay and team proceed with Surfside listing

Surfside, Fla. – Pursuant to the direction of the Honorable Judge Michael A. Hanzman and the court appointed receiver Michael Goldberg, Avison Young officially launches the marketing process for the sale of the Champlain Towers South site in Surfside, Florida, today. Efforts to establish a suitable memorial immediately adjacent to or near the site honoring the cherished memories of the victims of the horrific tragedy of June 24, 2021, are ongoing.

Avison Young’s Michael T. Fay and his team John K. Crotty, David Duckworth, Brian C. de la Fé, and Berkley K. Bloodworth are spearheading the sale, pro bono. The team welcomes all inquiries regarding the property and will soon announce the date and time for a live bidding process to take place in the courtroom in the coming weeks. Additionally, a contract for $120 million is in review by an undisclosed stalking horse bidder.

The Surfside land at 8777 Collins Avenue spans ±1.88 acres or ±81,886 square feet. The offering memorandum is available to the public and can be downloaded via the following link: http://properties.avisonyoung.com/surfside

For more information:

Michael T. Fay , Principal and Managing Director, Avison Young – Miami: 305.447.7842

John K. Crotty , Principal, Avison Young: 305.447.7865

David Duckworth , Principal, Avison Young: 954.938.1806

Brian C. de la Fé , Vice President, Avison Young: 305.476.7134

Berkley K. Bloodworth , Associate, Avison Young: 954.938.1804

www.avisonyoung.com

State Street Realty brokers recently close more than 1,100,000 sf of commercial real estate transactions in South Florida valued over $56 million

cwilliams@achieveagency.com (Clay Williams) — Fri, 27 Aug 2021 16:15:02 GMT

Miami, FL – (August 23, 2021) – State Street Realty, a leading Miami-based brokerage and advisory firm, is taking full advantage of a strong and robust South Florida commercial real estate market. The firm recently completed an impressive thirty-one (31) warehouse and office lease & sales transactions totaling over 1.1 million square feet with a value of over $56,000,000. These commercial real estate transactions were all completed throughout the South Florida area. State Street Realty President George Pino stated, “South Florida’s industrial real estate market is experiencing strong leasing activity, low vacancy rates and asking rent hikes. Also, industrial investment activity in Miami-Dade has exceeded $2.5 billion since 2020. Institutional investors are keen to own recession-proof warehouse properties equipped to handle large tenants specifically in the e-commerce industry. Such tenants continue to expand as a result of online retail consumer demand. Surging demand for warehouse space nearby major airports and seaports is making industrial space harder to find and more expensive. The readiness and availability of warehouse space has now become the top priority for occupiers of industrial space.”

Deals that State Street Realty recently closed include:

Stoneline Group, the Tenant, leased 29,250 square feet of industrial warehouse space at Prologis MIA Business Center located at 3407 NW 72 Avenue, Miami, FL. State Street Realty’s President George Pino, SIOR and Senior Associate Brian Cabielles represented the Landlord. Audley Bosch, SIOR, of JLL represented the Tenant.
VSE Aviation, the Tenant, leased 50,391 square feet of industrial warehouse space at Prologis Beacon Centre located at 8578 NW 23 Street, Doral, FL. State Street Realty’s President George Pino, SIOR and Senior Associate Brian Cabielles represented the Landlord. Matthew Cheezem of JLL represented the Tenant.
Rakmark, Inc., the Tenant, leased 1,800 square feet of industrial flex warehouse space at Transal Park located at 8290 NW 27 Street, Doral, FL. State Street Realty’s President George Pino, SIOR and Senior Associate Brian Cabielles represented the Landlord. One Sotheby’s International Realty represented the Tenant.
Upper Logistics, the Tenant, leased 5,400 square feet of industrial warehouse space at PS Business Park located at 1507 NW 82 Avenue located in Doral, FL. State Street Realty’s Vice President Frank Trelles, SIOR, and Jason Gonzalez represented the Tenant.
Maxim Healthcare Services, the Tenant, leased 10,160 square feet of office space at Westside Office Plaza located at 8400 NW 33 Street, Doral, FL. State Street Realty’s President George Pino, SIOR and Executive Vice President Ed Lyden represented the Landlord. Michael Bosica and Ben Sarason of Cushman & Wakefield represented the Tenant.
Abysse America, Inc., the Tenant, leased 20,754 square feet of industrial warehouse space at Duke Miami Industrial Logistics Center located at 15002 NW 107 Avenue, Hialeah Gardens, FL. State Street Realty’s Senior Associate Brian Cabielles and Vice President Frank Trelles, SIOR, represented the Landlord. Brandon Careaga of Edward W. Easton & Company represented the Tenant.
CIF Group International, the Tenant, renewed their lease for 38,400 square feet of industrial warehouse space at Prologis Beacon Industrial Park located at 11013 NW 30 Street, Doral, FL. State Street Realty’s President George Pino, SIOR and Senior Associate Brian Cabielles represented the Landlord and Gabriel Menocal, SIOR, and Lucia Custer of NAI Miami represented the Tenant.
Magna International, the Tenant, leased 8,668 square feet of industrial warehouse space at Flagler Station Business Park located at 11421 NW 107 Street, Miami, FL. State Street Realty’s President George Pino, SIOR, and Senior Associate Brian Cabielles represented the Tenant and Stuart Gordon, SIOR, of Cushman & Wakefield represented the Landlord.

State Street Realty’s office is based out of Beacon Centre Business Park located at 8319 NW 12 Street, Doral, Florida. For more information, please contact State Street Realty at (305) 447-3390.

Fogo de Chão To Open At The Main Las Olas In Early 2022

cwilliams@achieveagency.com (Clay Williams) — Wed, 25 Aug 2021 02:05:32 GMT

Internationally-Renowned Steakhouse Continues Expansion with Plans to Open Fifth Florida Restaurant on Las Olas Blvd.

Fort Lauderdale, Fla. August 24, 2021 – Internationally-renowned steakhouse Fogo de Chão announced it has signed a lease agreement to open its fifth location in Florida on the corner of Southeast Third Avenue & Las Olas Boulevard, in collaboration with South Florida-based, 70-year old full service commercial real estate development firm Stiles and San Francisco-based Shorenstein Properties, LLC, an owner and operator of high-quality office, residential and mixed-use properties across the U.S. The restaurant is slated to open in 2022 at The Main Las Olas, a 1.4 million-square-foot, mixed-use office, residential and retail community featuring destinations for gathering, dining and shopping. Stiles and Shorenstein completed development on The Main Las Olas in 2020. Fogo currently has Florida locations in Orlando, Miami Beach and Jacksonville with another under construction at The Plaza Coral Gables.

“The Fogo brand is steeped in rich tradition and Brazilian heritage, which mirrors the international cultures of both Fort Lauderdale and Florida as a whole,” said Barry McGowan, Chief Executive Officer of Fogo de Chão. “We are proud of our brand’s rapid global growth in recent years as we expand in new and existing cities, and credit that to our differentiated, experiential dining and broad guest appeal. We look forward to sharing the art of churrasco with the Fort Lauderdale community in 2022.”

The new restaurant will feature unique design aesthetics, including floor to ceiling windows, modern chandeliers and rich furnishing colors that pay homage to Fogo’s Brazilian roots. A covered outdoor patio will allow for al fresco dining, and private dining spaces can accommodate intimate gatherings as well as larger celebratory events. Additional highlights that aim to enhance the guest experience include a glass-encased wine room displaying many of South America’s finest varietals and a dry-aged meat cabinet for in-house aging.

“We are pleased to welcome Fogo to The Main Las Olas, the newest and most iconic office tower in downtown Fort Lauderdale,” said Dan Coyle, Vice President of Stiles Retail Group. “Fogo’s vision for a landmark restaurant on Las Olas fits perfectly with The Main’s modern aesthetic and striking retail space and will draw excitement and energy to the downtown Las Olas Boulevard corridor.”

Fogo’s menu consists of a variety of hand-carved, fire-roasted meats – including premium, indulgent cuts like a decadent Wagyu New York Strip and 42-day aged Tomahawk Ribeye, as well as seafood options, seasonal dishes, and fresh fruits and vegetables on the Market Table. A Weekday Lunch option starting at $15 will also be offered in Fort Lauderdale, along with specialty Brazilian-inspired cocktails, award-winning South American wines and All-Day Happy Hour in both the bar and dining room. The Fort Lauderdale location will also offer Fogo To-Go and Offsite Catering so guests can enjoy Fogo in any space.

For more information about Fogo de Chão, visit fogo.com .

SVN Commercial Partners Hires Retail & Office/Industrial Team Leaders

cwilliams@achieveagency.com (Clay Williams) — Thu, 19 Aug 2021 16:10:58 GMT

Boca Raton, Fla. (August 15, 2021) – SVN Commercial Partners (SVNCP) is pleased to announce the affiliation with two highly experienced commercial real estate advisors. Elon Gerberg and Adam Klein bring to the growing SVNCP South Florida office over $1 billion in career investment property sales. In the past twelve months, they’ve closed a number of record-setting transactions in each of their respective asset classes. Gerberg and Klein, formerly of Marcus and Millichap, have been chosen to lead the newly formed 'ROI Partners’ (Retail, Office, and Industrial) at SVNCP.

“Due to their collaborative nature and track record, we are excited to welcome Elon and Adam into SVN,” says Managing Director, Scott Maesel. “We fully expect these two, with the combination of their local knowledge, and our national reach, to build dominant teams in the South Florida market.”

The pair will serve as Team Leaders for the 'ROI Partners’ and will focus on growing their practice in the mid-market brokerage space. Klein stated, “We look forward to providing a comprehensive suite of offerings and technology to our clients.”

The team’s growth will be led by established SVN managing directors, Ashley Bloom and Scott Maesel, both with over a decade of proven track records at SVN in their existing offices in Sarasota, Fort Myers, Port Charlotte, Chicago, and Denver. “We’re excited to be a part of the rapid growth of SVN Commercial Partner’s in the State of Florida led by two well-established SVN veterans,” Gerberg commented.

Franklin Street Brokers Sale of Retail Property Leased to Red Lobster in Orlando

cwilliams@achieveagency.com (Clay Williams) — Wed, 18 Aug 2021 17:06:39 GMT

MIAMI (August 18, 2021) — Franklin Street has arranged the sale of a 1.44-acre site leased to Red Lobster at 7373 W. Colonial Dr. in Orlando. An entity owned by Abraham Cherem acquired the site from Master Carwash, L.L.C, for $4,193,312 million.

Adam J. Tiktin , Greg Matus and Steven Logan of Franklin Street’s Florida Investment Sales Team, represented seller in this transaction. The deal closed on Aug. 9th.

The Red Lobster property features 7,900 square feet and has 18.5 years remaining on its lease. The building is an outparcel to a 209,686-square-foot shopping center that benefits from retailers including Burlington, Ross Dress for Less, Marshalls and more.

The property is situated on West Colonial Drive with average traffic counts of over 46,000 vehicles per day. Its centralized location is seven miles from Universal Studios, eight miles from downtown Orlando and 20 miles from Orlando International Airport. For more information, please visit FranklinSt.com .

$21M Development Site Hits the Market in Miami's A&E District

cwilliams@achieveagency.com (Clay Williams) — Wed, 18 Aug 2021 17:01:16 GMT

37,000 SF Development Site Hits the Market for $21M Near Downtown Miami

MIAMI, FL (August 18, 2021) -- Colliers South Florida’s Urban Core Division has been tapped to market Block E, a 37,000-square-foot development site in the Arts & Entertainment District near downtown Miami. Located at 1550 NE Miami Place, the development site is listed for $21 million.

Colliers’ Executive Managing Director Mika Mattingly, Associate Cecilia Estevez, and Associate Christina Searles are handling the listing on behalf of the Kluger Family, the seller.

“In a very short time, we have seen the Arts and Entertainment District radically transform from a deserted, bleak industrial area to a thriving neighborhood with a strong pulse,” said Mattingly. “The district is home to a thriving arts, cultural, and entertainment scene that is attracting an influx of new residents. Nearby residential projects in the district have leased nearly 100% percent of units within weeks of opening, which speaks to the continued demand. The neighborhood is attracting major investors and developers as this vibrant and bold neighborhood continues its evolution.”

The Block E development site is conveniently located just 1,000 feet from the Metromover, providing connectivity to Brightline’s MiamiCentral station, downtown Miami and Brickell. Under Miami 21, the proximity to the Metromover removes the parking requirement for residential sites. The site, which is located in an opportunity zone, is zoned T6-24a which allows for up to 48 stories and 338,993 buildable square feet, with bonuses. Due to its location in the Omni density overlay, the development can include 427 residential units or 854 hotel units.

The Arts & Entertainment District, also known as the A&E District, is an emerging residential neighborhood of Miami that is located north of the Central Business District, South of Wynwood and west of Edgewater. The neighborhood has seen immense growth and beautification over the past few years, with a number of residential projects breaking ground and nightlife entertainment options.

“All roads lead to the Arts and Entertainment District, and its unmatched connectivity makes it the next logical step for development as downtown expands to the north,” said the Kluger Family. “We have assembled over 4.5 acres of land over the past forty years, and developers have expressed interest in this site so we felt it was time to list the ‘hole in the donut’ of the A&E District.”

The A&E District is home to several Miami landmarks and hot spots for tourists such as the Adrienne Arsht Center for the Performing Arts, Live Modern School of Music, the Perez Art Museum and the Phillip and Patricia Frost Museum of Science, all located within a 5-minute walk of the Block E development site. The $800 million signature bridge project, which will connect I-395, SR 836 and I-95, is just two blocks south of the site.

Bridge Inks 113,000 SF+ Lease with Shipmonk at Bridge Point 595 in Davie, FL

cwilliams@achieveagency.com (Clay Williams) — Thu, 12 Aug 2021 16:13:37 GMT

Represents Second Bridge Industrial Development Project that the Fast-Growing South Florida Tech Startup Company Calls Home

Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, today announced it has inked a new lease at Bridge Point 595 in Davie, Fla. ShipMonk, Inc., a leading provider of e-commerce fulfillment and technology solutions, has signed a long-term lease agreement to occupy 113,360 square feet in Building 1 of the three building, 677,314-square-foot industrial park delivered earlier this year.

“We are delighted to once again work with the ShipMonk team and welcome them to the tenant mix at Bridge Point 595,” said Kevin Carroll, Partner, Southeast Region of Bridge Industrial.

Aaron Hirschl, Vice President of Bridge added, “ShipMonk recognized the value Bridge Point 595 offers—a brand new modern industrial facility with a highly accessible location, two minutes from I-95 and the Florida Turnpike. We are pleased to have been able to meet all of their requirements.”

Berger Commercial Realty/CORFAC International’s Senior Vice Presidents Joseph P. Byrnes and Keith R. Graves, CCIM and Senior Sales Associate John Forman represented the landlord in the transaction. Mitchell Millowitz, Executive Managing Director with Newmark represented the tenant, ShipMonk, one of South Florida’s fastest growing tech startups.

“The tenant was attracted to this facility because of its superior location, access to major highways throughout South Florida, and the proximity to its existing facility,” explained Byrnes. “They currently lease all of Riverbend, a Bridge Industrial development at Broward and I-95. Bridge Industrial develops their projects with best-in-class amenities and features, which is very appealing to the quality tenants that occupy their facilities. Bridge Point 595 is the first and last mile to everywhere.”

Bridge Point 595 is already home to K&K Transfer, a full-service moving, delivery, storage and warehousing company, which signed a long-term lease agreement earlier this year to occupy 34,467 square feet.

Bridge Point 595 features three Class-A industrial buildings. Buildings 1 and 2 will each total 290,295 square feet and Building 3 will total 96,724 square feet. The three buildings will feature 32’ clear ceiling heights, dock-high loading, ESFR sprinkler systems, a 1.04/1,000 parking ratio, 54’ column spacing and 60’ speed bays. The rear-load facilities are located minutes from 595, I-95 and Florida’s Turnpike, offering easy access to South Florida’s major transportation arteries. The park also offers easy connections to South Florida’s busiest air and seaports, including Fort Lauderdale - Hollywood International Airport and Port Everglades, Port Miami and Miami International Airport.

ShipMonk was originally launched out of Florida Atlantic University’s Tech Runway in 2014 by 30-year-old entrepreneur Jan Bednar. Today, the company has more than 1,000 employees across facilities in Fort Lauderdale, FL, Pittston, PA, Los Angeles, CA, and Prague, Czech Republic.

For more information about Bridge Point 595 or to schedule a tour, contact the Berger industrial team of John Forman and Senior Vice Presidents Joseph Byrnes and Keith Graves at (954) 652-2031.

Sushi Maki Signs Lease for New Restaurant Concept on Fort Lauderdale’s Bustling Las Olas Corridor

cwilliams@achieveagency.com (Clay Williams) — Wed, 11 Aug 2021 20:06:02 GMT

FORT LAUDERDALE, FL (August 11, 2021) – Evidencing the explosive growth of South Florida’s retail market, Sushi Maki has signed a 2,136-square-foot lease on the iconic Las Olas Boulevard in Fort Lauderdale. Located on the ground floor of a Class A, 287,000-square-foot office building at 200 East Las Olas Boulevard, the new concept in “Polished Fast-Casual Dining” is slated to open in October.

Founded by noted business leader Abe Ng, Sushi Maki is a sushi bar chain with more than 20 locations across the tri-county region. The restaurant will be Sushi Maki's first high street-urban location, and first restaurant in Broward County. The ground-floor retail. The space was previously occupied by Beehive.

Colliers’ Jenny Gefen, Director - Retail, represented Sushi Maki in the transaction. PRII SR 200 EAST LAS OLAS OWNER, LLC, a joint venture between Prudential and Stiles, is the landlord and was represented by Stiles’ Michael Carpenter.

“The space provides Sushi Maki with incredible visibility along the burgeoning Las Olas strip and an ideal venue for introducing a new sushi bar concept alongside the market’s top retail operators,” Gefen said. “This location will benefit from the area's daytime population of office workers, as well as the surrounding residential and nightlife crowds. The continued expansion of retailers and restaurants highlights the strength of our market as we move into the second half of 2021.”

Ng, who strategically expanded his family’s Canton Chinese Restaurants since the late 1990s to become an award-winning, go-to regional sushi brand, is responding to changing customer preferences and market dynamics in the New Normal by introducing the “Polished Fast-Casual Dining” concept which he expects will create a new industry standard. Specifically, the Polished Fast-Casual Dining concept represents an evolution of the traditional fast-casual by including real glassware and plateware rather than disposable options, and enabling customers to choose whether to order from team members or QR codes and enjoy their meals at tables indoors or outdoors, or pick up their meals curbside from dedicated “grab and go'' parking spots.

“Expanding to Fort Lauderdale’s bustling Las Olas corridor is a pivotal strategic step as part of our continued expansion as South Florida’s go-to sushi restaurant brand,” Ng said. “We are seeing a growing demand for quality lunch and dinner options on Las Olas as our business-friendly region continues to attract local and national professionals and families. These individuals are migrating to Fort Lauderdale based on its attractive benefits, including beautiful weather, great schools, access to mass transit, central location between Miami and Palm Beach, and unique entertainment and amenities in what is becoming a regional destination to live, work and play.”

According to the Colliers’ preliminary Q2 retail market report, the Broward retail market remained strong, with only a .3% increase in vacancy since Q2 2020. Downtown Fort Lauderdale’s direct vacancy rate was 5.3%, with the highest average direct triple-net asking rates in Broward County.

Excel Construction of Florida Completes State-of-the-Art Expansion of VSE Aviation Services Headquarters

cwilliams@achieveagency.com (Clay Williams) — Wed, 11 Aug 2021 20:04:32 GMT

MIRAMAR, Fla. (August 11, 2021) – Turning an older, tired cooking school space and reimagining it into a modern office, maintenance, repair and distribution facility for the aviation industry was all part of the most recently completed project for Excel Construction of Florida, a leading South Florida-based industrial and commercial construction company.

Excel Construction of Florida completed the 61,085-sq.-ft. expansion of the headquarters of VSE Aviation Services (VSE), formerly 1st Choice Aerospace, which now occupies 104,996 sq. ft. of space in MPC-22B at 3321-3361 Enterprise Way in the Miramar Park of Commerce.

“The beauty of this project was the transformation of this space from what was previously Le Cordon Bleu cooking school to a state-of-the-art aviation facility,” said Excel Construction of Florida President Eric Wolf. “The contrast between the two spaces couldn’t be more profound. With this challenging and transformative project, we were able to salvage and integrate some existing components while upgrading and revitalizing the space into something fresh and new.”

The VSE expanded space includes the addition of new offices, restrooms, a large and colorful breakroom, maintenance and repair space and a new distribution area. Offices and conference rooms are glass-front with stylish and durable finishes from floor to ceiling. Excel Construction of Florida also worked closely with suppliers on modern custom furnishings and fully integrated technology for the space.

“We’ve been fortunate to complete several aviation-related projects this year in Miramar and have completed countless new tenant buildouts, expansions and new building construction projects here, which helped to ensure that this project was completed seamlessly,” noted Wolf.

Headquartered in South Florida, VSE provides services and parts for commercial, cargo, business, general aviation, military, defense and rotorcraft customers globally. VSE supports operators around the globe through maintenance, repair and overhaul (MRO) services for engine accessories and traditional commercial components.

A Jones Lang LaSalle (JLL) project, the buildout was designed by Tewes Design Group, LLC and was completed in July 2021.

For more information about Excel Construction of Florida, visit excelsf.com .

Franklin Street Brokers Sale of Commercial Development Site in Pembroke Park for $2.8M

cwilliams@achieveagency.com (Clay Williams) — Wed, 11 Aug 2021 15:33:30 GMT

MIAMI (August 11, 2021) — Franklin Street has arranged the sale of a 1.87-acre vacant site ripe for development at 3900 W. Hallandale Beach Blvd. in Pembroke Park, Florida. KEI Acquisitions LLC acquired the site from Aspen Nursery, LLC, also known as Aspen Nursery, LLC & Canal Street, LLC, for $2.8 million.

Adam J. Tiktin and Greg Matus , of Franklin Street’s Florida Investment Sales Team, represented both the buyer and seller in this transaction. The deal closed on July 29.

The property offers 655 feet of frontage along West Hallandale Beach Boulevard and can accommodate drive-through services. The site is zoned for commercial use and is ideal for retail, office, restaurants or shopping center.

“This property presented a rare opportunity to acquire a well-located development site in South Florida’s increasingly constrained land market,” said Tiktin. “Further, the site’s flexible zoning and excellent visibility on Hallandale Beach Boulevard make it prime for a variety of retail and commercial uses.”

Located within the Business District of Pembroke Park, the site is situated between Hallandale Beach and Miramar and just minutes away from I-95. Hallandale Beach Boulevard is the main east-west throughway connecting these two cities, with traffic counts estimated at 44,000 vehicles per day.

Bridge Inks 180,000 SF Lease with Major Tenant, Bringing Phase I of Bridge Point Commerce Center to Nearly Full Occupancy

cwilliams@achieveagency.com (Clay Williams) — Tue, 10 Aug 2021 17:58:58 GMT

Bridge Continues Construction on Phase II of the 2.1 MSF+ Class-A Industrial Park in Miami Gardens, Set to Be Delivered in Early 2023

Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, today announced it has completed a 179,634-square-foot, long-term lease agreement with a major tenant at Bridge Point Commerce Center in Miami Gardens, Fla. This newest lease brings Bridge Point Commerce Center Phase I, totaling 1.1 million square feet of Class-A industrial space, to 97 percent leased. Construction has commenced on Phase II of the logistics park, which totals 1 million square feet of Class-A industrial space and is set to be delivered in early 2023.

“We are pleased to welcome another investment-grade tenant to Bridge Point Commerce Center,” said Kevin Carroll, Partner, Southeast Region for Bridge Industrial. “With Phase I essentially fully leased, we are laser focused on delivering Phase II of the project to meet strong market demand.”

Aaron Hirschl, Vice President of Bridge added, “We continue to attract institutional credit tenants to Bridge Point Commerce Center, which speaks volumes to the quality of our state-of-the-art logistics hub and its prime distribution location.”

The CBRE team of Tom O’Loughlin, SIOR, David C. Albert, Devin White and Larry Genet represented the developer, Bridge Industrial, in the transaction. The tenant was represented by Jones Lang LaSalle’s Sky Groden and Evan Christiansen.

“Finding a highly-accessible distribution location to facilitate last-mile delivery service across the tri-county region was critical for this particular tenant,” said O’Loughlin. “In the end, Bridge Point Commerce Center was the best fit. The logistics hub features modern, efficiently designed buildings with an unparalleled distribution location, and the owner was able to meet all of the tenant’s unique requirements, and more. We look forward to leasing up Phase II of this world-class project, as industrial demand continues to outpace supply across South Florida.”

Strategically located between Miami-Dade and Broward Counties on a 185-acre site at 4310 NW 215 ^th Street, Bridge Point Commerce Center offers Florida Turnpike frontage with 155,310 cars passing per day. Phase I of the Class-A industrial park, featuring three buildings totaling 1.1 million square feet, was delivered in January and is home to CITY Furniture and HapCor, among other notable tenants. Phase II consists of two buildings spanning 794,230 square feet each, divisible to 80,000 square feet. The buildings feature 36’ clear ceiling heights, 114 dock-high doors, four drive-in doors, 50-foot by 54-foot column spacing, 60-foot speed bays, and exterior surface storage, which allows the ability to park 391 trailers total. Build-to-suit and build-to-own opportunities are also available. The park’s location is equidistant from Miami International Airport and Fort Lauderdale International Airport and offers immediate access to all points in South Florida via the Florida Turnpike and I-75.

For more information about Bridge Point Commerce Center or to schedule a tour, contact CBRE’s Tom O’Loughlin, SIOR at (954) 356-0468 or David C. Albert at (305) 381-6474.

Is the Economic Recovery Still on Track?

cwilliams@achieveagency.com (Clay Williams) — Thu, 05 Aug 2021 20:18:49 GMT

*Did lower than expected GDP growth disrupt the recovery?

*What do the latest indicators tell us about the outlook?

*Why investors continue to favor commercial real estate assets

See our latest research reports on these topics and more at MarcusMillichap.com

Provided By:

John Chang

Senior Vice President, Research Services

John Chang serves as the senior vice president and national director of Research Services for Marcus & Millichap Inc. Mr. Chang is responsible for the production of the firm’s vast array of commercial real estate research publications, tools and services.

12/10/21 NAIOP's Miami Dade Bus Tour

cwilliams@achieveagency.com (Clay Williams) — Wed, 04 Aug 2021 15:38:07 GMT

2021 MIAMI DADE BUS TOUR!

Click here to view the 2021 Miami Dade Bus Tour Publication!

When : Friday December 10, 2021

Time : 7:30am - 3:00pm

Registration/Cocktail Hour Location: 545 Wyn

545 NW 26th Street, Miami, FL 33127

(click here for directions)

We encourage all of our attendees to adhere to CDC guidance, including recommending that our unvaccinated attendees wear masks indoors. As we have said, the event setup will allow for attendees to stay outdoors if you choose to. There will be ample room outdoors and indoors.

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 6750 North Andrews Avenue, Suite 200, Ft. Lauderdale, FL 33309

10/18/21 NAIOP's Annual Charity Golf Tournament

cwilliams@achieveagency.com (Clay Williams) — Tue, 03 Aug 2021 21:09:02 GMT

NAIOP Annual Charity Golf Tournament

Congratulations to our winning team:

Andrew Michael, Mateo Jimenez, Carlos Lara & Will Gilbert

Check out the rest of the pictures below! Pictures courtesy of Mermaid & Me Photo, Alex Morales from Avison Young & Samantha Van Nuys from Pierson Grant

(Click on the photos to enlarge)

When : Monday October 18, 2021
Time : 9:30am (10:30am shotgun)

Location: Grande Oaks Golf Club

3201 W Rolling Hills Cir, Davie, FL 33328

Click here for directions

Thank you to our sponsors:

Tournament Host

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 6750 North Andrews Avenue, Suite 200, Ft. Lauderdale, FL 33309

Foundry Commercial, HighBrook Investors Close on Americas International Center in Doral, FL

cwilliams@achieveagency.com (Clay Williams) — Tue, 03 Aug 2021 18:54:15 GMT

Doral, Fla. (August 3, 2021) – Foundry Commercial, a full-service real estate services and investment firm with offices across the Sun Belt, in partnership with HighBrook Investors, recently announced closing on the Americas International Center (“AIC”) industrial park, located along NW 12th Street in Miami-Dade County.

The 147,000-square-foot shallow bay facility, which is 95% leased, is positioned within one of the most active industrial submarkets in the country.

“The popular Airport West submarket, offering ease of access to all of Miami-Dade County, including the port, the airport, and multiple major arteries, provides the ideal location for an asset class which continues to experience increased demand,” stated Ted Elam, Vice President of Development & Investments, Foundry Commercial. “There are a number of options to consider for the future of this property. HighBrook and Foundry can create value by improving the existing asset and there is also the potential for redevelopment in an extremely desirable industrial corridor.”

Foundry and HighBrook purchased the property from a family business unit that had owned AIC for more than 20 years. Foundry Commercial has developed over 6.4 million square feet in South Florida during the past three years.

Finfrock names business development director to lead South Florida expansion client outreach

cwilliams@achieveagency.com (Clay Williams) — Tue, 03 Aug 2021 18:48:32 GMT

South Florida (July 6, 2021) – FINFROCK has announced the appointment of Scott Zdroik as director of business development for FINFROCK South Florida. FINFROCK is expanding the company’s presence, allowing the design-builder to better serve the South Florida market. FINFROCK recently announced the building of 140,000 square feet of precast concrete manufacturing facilities and administrative offices in Belle Glade.

As business development director, Zdroik will lead client outreach, track new market trends, communicate the FINFROCK difference, propose and develop strategic partnerships, create and drive long-term objectives to meet business needs, and create and maintain brand awareness in South Florida.

Zdroik joins FINFROCK with more than 10 years of business development experience. He was most recently with Scioto Properties in Powell, Ohio, where he led the oversight of all ground-up construction projects and all ADA residential modifications and redevelopments across the United States. During his successful tenure at Scioto, he grew the company’s initial 400 home portfolio to 800 homes across 42 states in five years.

"I am thrilled to join a family-owned and operated company with 75 years in the business that has streamlined the construction process through their unique building delivery system,” said Zdroik. “Not often do you see a vertically integrated design-builder with personnel in-house for each phase of the process in the construction industry. I am particularly enthusiastic about the prospect of new multi-family residential development due to the economic boom and growth in residential sales in South Florida.”

Headquartered in Apopka, Florida, FINFROCK is a design-build firm with a portfolio that spans from parking structures to student housing, office buildings, hotels and multi-family residential units.

368,287-SF Industrial Lease Signed at First Park Miami

cwilliams@achieveagency.com (Clay Williams) — Mon, 02 Aug 2021 20:02:50 GMT

Carbel is the first tenant at First Industrial’s new spec Class A industrial park

Miami, Fla. –July 28, 2021– CBRE announced the first tenant signing at First Park Miami, a new Class A industrial park located at 8801 NW 87 ^th Avenue in Miami. Carbel, LLC, a warehouse, distribution, and transportation company, is leasing 368,287 sq. ft. at the park to grow and enhance its operations and better serve its customers’ logistics needs. Carbel leased the entirety of Building Two and half of Building One, which are currently under construction with targeted completions in the fourth quarter of 2021 and late 2022, respectively.

CBRE’s Devin White , David Albert , and Andrew Fernandez represented the owner, First Industrial Realty Trust, Inc., in the transaction. The tenant was represented by Luis Marquez of Synergy Industrial Partners. Chris Willson, Executive Director at First Industrial, is leading the development project for the industrial park.

“This is a huge win for First Industrial and the project,” said Mr. White, a Senior Vice President at CBRE. “Carbel is a top-tier distribution company that needed more space to grow and keep up with demand, while also wanting to be in a campus-like environment. First Park Miami met all of the company’s criteria and then some.”

The buildings are part of the first phase of development in the park, which includes four buildings totaling more than 800,000 sq. ft. of industrial space. In total, the park will offer a campus-like environment across 126 acres comprised of 2.5 million sq. ft. of logistics space. Property features include 32’-36’ clear heights, 120’-180’ truck courts, extensive dock high loading, an ESFR sprinkler system, and ample on-site parking. The property is in a central location close to the Palmetto Expressway, Florida Turnpike, and the Miami International Airport.

“We welcome Carbel to First Park Miami and thank them for choosing our park for their South Florida business home,” said Mr. Willson of First Industrial Realty Trust. “We look forward to further growth at the park as we expand our investment in South Florida to meet tenants’ expanding logistics needs in this supply-constrained market.”

According to CBRE Research, the Miami-Dade County industrial market experienced a strong first quarter and continued to display sound market fundamentals. Leasing activity was extremely robust with transaction volume totaling roughly 4.5 million sq. ft. across 178 transactions.

Tower Development Site in Downtown Miami sells for $10 Million

cwilliams@achieveagency.com (Clay Williams) — Mon, 02 Aug 2021 19:56:22 GMT

Colliers’ Urban Core Division represented the seller in the transaction

MIAMI (July 30, 2021) – As downtown Miami continues to experience an unprecedented amount of activity, Colliers’ Urban Core Division has closed on another land sale located at 56 SW 1st St and 65 SW 2nd Street. The development site, which sold for $10 million will be home to The M Tower, an approved 53-story, 440-unit apartment tower. This is Colliers’ Urban Core Division’s third land deal in downtown Miami in the last month, totaling close to $100,000,000.

Colliers' Executive Managing Director Mika Mattingly and Associate Cecilia Estevez represented Downtown 56, LLC, the seller in the transaction. EP Realty’s Estrella Perez represented Downtown 1st Street LLC, the buyer.

M Tower will consist of 622,783 square feet of gross building area, with 25,732 square feet of office space and 1,089 square feet of retail. The development site also includes a parking garage owned by the Miami Parking Authority (MPA), located at 70 SW 1st St.

The 16,718-square-foot site includes air rights, waivers, and the ability to build residential units over the adjacent parking garage. The proposed units are targeted toward students and young professionals looking for a connected urban experience, currently the largest market of downtown residents.

“The downtown Miami market has never been more active than it is right now,” Mattingly said. “This market is poised to see the largest influx of investors ever from other states and this transaction highlights that trend. New York-based Downtown 1st Street LLC’s purchase of this development site proves that the migration from the Northeast has only accelerated as the vibrant downtown neighborhood continues to evolve.

“One thing that Miami has that other major US cities don’t have is a business-friendly mayor who is welcoming new businesses and investment that creates jobs and expands the city’s tax base to boost our local economy,” Mattingly added. “For years, Miami has promoted smart growth with greater density in downtown Miami due to the area’s easy access to mass transit. The vibrancy of downtown Miami is also increasingly attracting young professionals and families, and this project offers a tremendous opportunity to accommodate the growing population.”

The project has Urban Development Review Board (UDRB) approval, which it obtained through an extensive RFP process. The entitlement provides additional air rights, waivers, and the ability to construct a residential tower over the adjacent Miami Parking Authority (MPA) garage.

M Tower will provide residents with pedestrian access to shops, restaurants, and offices in the Central Business District, an up-and-coming trendy area. M Tower is strategically located near mass transit and major thoroughfares, with direct access to I-95 and the Miami Avenue Metromover station. It is a few blocks away from MiamiCentral Station, which connects to Fort Lauderdale, West Palm Beach, and soon Orlando. The site is also near PortMiami, known as the cruise capital of the world.

Downtown Miami continues to experience robust demand as it attracts a younger, wealthier and more educated population. Downtown is the largest employment center in Miami-Dade, with more than 175,000 employees and a day-time population of 235,000. The city is home to the highest concentration of banks and financial institutions outside of Manhattan, and tourism is at an all-time high with more than 6 million visitors per year. M Tower stands to benefit from the area’s rapid population growth. Since 2010, the population of Downtown Miami has increased approximately 52% and is expected to increase another 16% by 2024.

The Infrastructure Bill and Its Impact on Cryptocurrencies

cwilliams@achieveagency.com (Clay Williams) — Fri, 30 Jul 2021 17:52:24 GMT

The United States Senate’s bipartisan infrastructure bill, negotiated in principle with President Biden, provides for revenue offsets as projected by the Joint Committee on Taxation to the tune of $28 billion in cryptocurrency tax enforcement collections. To help finance legislative initiatives, lawmakers are looking at enhancing IRS information reporting requirements with respect to digital assets, including cryptocurrency.

The summary of the provision includes revising the definition of “broker” to include trading platforms pertaining to the trading of digital assets as well as making clear that broker-to-broker reporting within the meaning of Section 6045(g)(3) of the Code applies to digital assets. Lastly, the bill would provide that businesses should report cash payments in excess of $10,000 with respect to receipt of digital assets. While the text of the legislation is not currently available, and a vote in the U.S. Senate has not taken place, the above salient points are said to be tabled and discussed in a summary draft entitled, “Bipartisan Infrastructure Investment and Jobs Act.”

The impact of these provisions will place enormous reporting requirements on cryptocurrency investors, broker-dealers and consumers that use cryptocurrencies for the exchange of goods or other form(s) of payment.

Buchanan’s tax and government relations teams are monitoring these provisions closely and will provide you with updates as the legislative process becomes clearer.

Avison Young 2Q 2021 South Florida industrial market reports

cwilliams@achieveagency.com (Clay Williams) — Thu, 29 Jul 2021 20:39:28 GMT

Fort Lauderdale Industrial Market Report (Q2 2021)
E-commerce continues to have a significant impact on the Fort Lauderdale market, which is creating market demand for higher quality class A distribution space. Developers continue to scout for sites to stay ahead of demand and average asking rents continue to report incremental gains.

Miami Industrial Market Report (Q2 2021)
Miami’s overall vacancy rate shows continued resilience with vacancy at 4.4%, a 60-basis point decrease from the previous quarter. Logistics, e-commerce, and 3PL firms are among the fastest expanding industries fueling space requirements in Miami.

West Palm Beach Industrial Market Report (Q2 2021)
E-commerce continues to have an impact on the West Palm Beach market and the dwindling availability of quality class A distribution space is creating heightened occupier demand. Absorption through mid-year has been solid and is indicative of healthy overall fundamentals.

CBRE Arranges Sale of Office Building for $6.3M in Delray Beach, Florida

cwilliams@achieveagency.com (Clay Williams) — Tue, 27 Jul 2021 17:55:43 GMT

Delray Beach, Fla. – July 27, 2021 – CBRE has arranged the sale of Old School Square, a 10,260-sq.-ft. office building in Delray Beach. Manimal Land Co. sold the property to Diamond Communications LLC, for $6.3 million. The firm will occupy 4,926 sq. ft. of the second floor and lease the remaining 5,334 sq. ft. of the building.

CBRE’s Owen Sagar and John Jaspert represented the seller in the transaction.

“The client shifted from leasing to selling the building,” said Sagar “We were able to find a buyer who will occupy a portion of the building and lease out the remaining space. The Palm Beach County office market is one of the hottest in the U.S. right now and there is strong interest from prospects to lease the first floor.”

Old School Square is a newly renovated building that is in downtown Delray Beach and within walking distance of dozens of restaurants, shops and hotels. The building comes with on-site parking, a rare amenity in the area.

Grover Corlew Purchases Downtown Boca Raton Office Tower for $44.6 Million

cwilliams@achieveagency.com (Clay Williams) — Mon, 26 Jul 2021 20:42:38 GMT

Signature office building acquisition expands Grover Corlew’s footprint and reinforces long-term commitment to Boca Raton and Palm Beach County

Boca Raton, Florida (July 26, 2021) – In a challenging market during the height of the pandemic, Grover Corlew set about to do the improbable. The real estate investment management group with a reputation for transforming many of South Florida’s iconic, yet outdated office buildings, purchased the 109,497-sq.-ft. Bank of America Tower in downtown Boca Raton in an off-market transaction with plans to reinvest in the signature building and re-energize Boca Raton’s downtown.

Downtown Boca Raton is known for upscale restaurants, entertainment, shopping and lifestyle venues. Grover Corlew wants to leverage downtown Boca’s strengths to attract national, regional and local companies by creating a best-in-class office experience.

“The fact that we put this off-market deal together is a testament to our team’s aggressiveness, persistence and vision,” said Partner Mark Corlew. “This is an exciting time for Boca Raton and all of Palm Beach County with the influx of companies that are moving to our area. We believe there is an unmet demand in Boca Raton for modern, Class A office space supported by abundant amenities. We are entirely reimagining this property and plan to invest significant capital that will take advantage of its bullseye location and expansive Palmetto Park Road frontage.”

Located at 150 East Palmetto Park Road in downtown Boca Raton, Florida, the property was purchased by Grover Corlew for $44.6 million and sits at the intersection of East Palmetto Park Road and SE Mizner Boulevard. Positioned in the heart of Boca Raton’s central business district, the Bank of America Tower is located within less than a mile of the Boca Raton Resort & Club, which is currently undergoing a sweeping $150 million luxury renovation. Additionally, the building is adjacent to Royal Palm Place and in walking distance to Mizner Park and the soon to be completed Brightline Station.

“Boca Raton has an abundance of luxury housing and is known for its highly rated schools. Having said that, the city needs additional modern, high-quality Class A office buildings,” added Partner Anuj Grover. “This purchase is a steppingstone in our commitment to this market. We want to be at the forefront of Boca’s resurgence, and to a greater extent, Palm Beach County. We are excited for the future.”

In addition to Bank of America, the Class A energy star certified building’s tenants include Charles Schwab and Waypoint Residential.

Originally built in 1970, the eight-story Bank of America Tower offers impressive city and ocean views, a grand lobby, on site management and building engineer, WiFi access in the lobby, a conferencing facility and free surface and covered garage parking with roving security.

In addition to Fort Lauderdale International and Palm Beach International airports, the Bank of America Tower is also near Boca Raton and Fort Lauderdale executive airports.

The Cushman & Wakefield Capital Markets team led by Dominic Montazemi, Scott O’Donnell and Mike Davis brokered the transaction. Jason Hochman and Ron Granite facilitated the financing through Wells Fargo Bank.

For more information on Grover Corlew, visit grovercorlew.com.

Excel Construction of Florida Breaks Ground on a Class A Industrial Spec Building in Davie Business Center

cwilliams@achieveagency.com (Clay Williams) — Fri, 23 Jul 2021 18:24:35 GMT

Davie, Florida (July 22, 2021) – To keep up with high demand in South Florida for industrial and warehouse space, Excel Construction of Florida, a leading South Florida-based industrial and commercial construction company, broke ground on Building E, the company’s fifth industrial building in the Davie Business Center.

Located at 3360 Davie Road in Davie, Florida, the new 225,580-sq.-ft. building, along with the seven additional buildings in the park, is owned and managed by IDI Logistics, a leading investor and developer of logistics real estate nationwide. Building E will offer tenants newly constructed, first-generation industrial space with 32 feet of clear building height.

“We started working with IDI logistics in 2016 to build this state-of-the-art and centrally located business park,” said Excel Construction of Florida President Eric Wolf. “In just a few short years the entire area has been transformed into an ideal location for businesses. IDI Logistics has been an exceptional partner to work with on this project, and we look forward to delivering this new building on time and on budget.”

Davie Business Center’s prime location allows for easy and cost-efficient distribution to the tri-county area and beyond. The buildings are within close proximity to I-595, I-95, I-75 and the Florida Turnpike.

“We want to extend our thanks to the Town of Davie and the community leaders who attended the ribbon cutting for their support of business development,” said Wolf. “I especially appreciate Davie Assistant Town Administrator Phillip Holste, who was instrumental in making this project a reality.”

Notable tenants in the Davie Business Center include Kellstrom Aerospace; Vortex Aviation; Aviall, A Boeing Company; Western Union; Encore; Jarlin Cabinetry; Daco World; and Richelieu Hardware; among others.

Larry Dinner of CBRE is the leasing representative for IDI Logistics for the new building.

For more information about Excel Construction of Florida, visit excelsf.com .

Avison Young arranges for FAU Tech Runway to lease space at the new Boynton Beach Town Square

cwilliams@achieveagency.com (Clay Williams) — Fri, 23 Jul 2021 15:43:44 GMT

Boynton Beach, Fla. – Avison Young is pleased to announce that, following a Boynton Beach City Commission 4-0 vote on July 20, 2021, FAU Tech Runway has been approved to lease the 1,850-square-foot, ground-floor innovation and collaborative office space at City Hall at Boynton Beach Town Square. As part of the agreement, Boynton Beach’s Department of Economic Development and Strategy will provide a one-time $50,0000 grant for programming within the space.

“FAU Tech Runway is excited to open a satellite office in Boynton Beach and be part of the City’s effort to help entrepreneurs,” said Joshua D. Glanzer, Associate Vice President of Media Relations and Public Affairs at Florida Atlantic University. “We look forward to the next steps with the City and its partners while we finalize the necessary paperwork.”

Located at 100 E. Ocean Ave., Town Square represents a public-private partnership between the City of Boynton Beach, the Boynton Beach Community Redevelopment Agency, and E2L Real Estate Solutions, master developer of the 16.5-acre complex anchoring the heart of downtown Boynton Beach, Florida.

“Having first-hand experience with the Research Park at FAU in Boca Raton and the success of hosting Tech Runway graduates in the Park, it was clear that FAU would be the ideal growth accelerator and value creator for Town Square,” said Keith O’Donnell, Principal with Avison Young. “Together, the unique opportunity for FAU Tech Runway to expand its offerings and brand in Palm Beach County at Town Square, the County’s first City Hall public-private partnership.”

O’Donnell has worked alongside the public-private partnership and spearheaded the Boynton Beach Town Square assignment for the past five years. Additionally, he handled the relocation of the entire City Municipal Services off-site for two years while the project was developed.

“As the five-year master developer on the Town Square project, we’re looking to the future and believe welcoming FAU Tech Runway for the space to provide programming for new businesses and entrepreneurs marks an important milestone,” said Mark Hefferin, President of E2L Real Estate Solutions, LLC. “It has been wonderful to witness the City of Boynton Beach creating forward-thinking opportunities for its citizens, and we’re pleased that Avison Young brought FAU to the table to be a part of what the city is building.”

The Town Square project includes the $118 million renovation of the historic Boynton Beach High School into an Arts and Cultural Center, a Children’s Schoolhouse Museum, fire station, residential, retail and hospitality space, amphitheater, hotel, parking garages, library, a new City Hall and creates a positive community and economic impact.

“We are excited that FAU Tech Runway will operate the space at Town Square, which offers on-campus resources unavailable anywhere else in Palm Beach County,” said Lori LaVerriere, Boynton Beach City Manager. “Having a tech and business incubator at City Hall not only facilitates a pipeline of startups in the city, but it also plays a significant role in establishing the future of downtown.”

The City of Boynton Beach is undergoing a renaissance and regeneration. Current and future planned development underscore the City’s growth and investment opportunities. Planned projects such as 115 North Federal Hwy., the CRA’s East Boynton Beach Boulevard (BBB) Corridor project, and Riverwalk complement the redevelopment of Downtown Boynton Beach as a destination for residents, visitors, and businesses.

Beach Towing Purchases Sunset Harbour Property for $6.5M

cwilliams@achieveagency.com (Clay Williams) — Wed, 21 Jul 2021 18:35:58 GMT

Colliers Urban Core Division closed on the $6.5 million sale of 1349 Dade Boulevard in Miami Beach today. The Sunset Harbour property, which was purchased by the longtime tenant Beach Towing, currently consists of a 2,600-square-foot building and a 17,932-square-foot lot.

Colliers' Executive Managing Director Mika Mattingly and Associate Cecilia Estevez represented Festa Family Trust, the seller in the transaction. Eric A. Gonzalez of Roca Gonzalez, P.A. was legal counsel representing the Festa Family Trust in the sale of the property.

“Sunset Harbour has undergone an incredible transformation,” said Mattingly. “This is the first neighborhood I farmed, selling a good chunk of the market’s available land at the time. The area has exploded with development since then.”

Beach Towing has operated an automobile storage and towing company at the property since 1986. The towing company began operations when the property was within an Intensive Commercial District (C-6), which grandfathered the company in when the zoning was changed three years later to Commercial Medium Intensity (C-5). Beach Towing operates as a legal, non-conforming business.

Bridge Industrial Further Expands its South Florida Asset Services Team with Two New Hires

cwilliams@achieveagency.com (Clay Williams) — Wed, 21 Jul 2021 17:02:43 GMT

Bridge’s Growing South Florida Asset Management Portfolio Currently Spans 4.5 MSF+ of Class-A Industrial Space

Bridge Industrial (“Bridge”) today announced it is expanding its South Florida asset services team to accommodate its growing asset management portfolio, which currently spans approximately 5 million square feet of Class-A industrial space across the region.

Stephanie Echazabal, who brings more than seven years of experience, joins as property and office coordinator and will be responsible for providing support to both the development and property management teams. Carlos Rodriguez, who brings nearly five years of relevant experience, joins as property coordinator and will be responsible for supporting the property management team. Both Echazabal and Rodriguez will be based out of Bridge’s Miami office.

“We pride ourselves on attracting the industry’s top talent and future leaders, as evidenced by our newest hires,” said Kevin Carroll, Partner, Southeast Region for Bridge. “With more growth on the horizon, now is the time to bolster our world-class team to ensure we continue to deliver the highest level of service to our customers and partners.”

Elizabeth ”Liz” David, Senior Vice President, Asset Management of Bridge added, “We are delighted to welcome both Stephanie and Carlos to our South Florida team. They’re experienced, knowledgeable and dedicated professionals that will prove to be a tremendous asset as we continue to expand our asset management platform across the Southeast region.”

Prior to joining Bridge, Echazabal worked with the University of Miami’s Graduate School where she served as the workday liaison for her department, handling various accounts payable matters. S previously served as Assistant Property Manager at Rand Real Estate Services. Echazabal earned her bachelor’s degree in Business Administration from Florida International University.

Rodriguez previously worked in the accounting department at Fowler White Burnett, P.A. where he was responsible for handling various accounts receivable and payable matters. Rodriguez holds a bachelor’s degree in both finance and real estate from Florida State University.

Last year, Bridge Industrial added Marlene Alonso to its South Florida asset management team. Alonso, who brings more than a decade of property management experience, serves as Regional Property Manager. She is responsible for the day-to-day management and operations across Bridge’s South Florida asset management portfolio, including properties that are under development.

Bridge is one of South Florida’s most active industrial real estate developers. The company has acquired 493 acres in 16 separate transactions throughout Miami Dade and Broward Counties and delivered approximately 7 million square feet of Class-A industrial space across the region since entering the market in 2012. The company’s current South Florida portfolio spans 4.5 million square feet of company-owned and third-party managed properties.

CBRE arranges sale of one town center in Boca Raton for $99.5 million

cwilliams@achieveagency.com (Clay Williams) — Tue, 20 Jul 2021 15:12:42 GMT

Boca Raton, FL – July 19, 2021 – CBRE facilitated the $99,500,000 sale of One Town Center, an institutional-quality, Class A+ 191,294-sq.-ft. office tower located in the premier Boca-Glades micro-market of Boca Raton, one of the wealthiest and fastest growing enclaves in the United States. The sellers, a joint venture between prominent commercial real estate firm CP Group, formerly Crocker Partners, and Siguler Guff & Co., were exclusively represented by the CBRE Capital Markets team of Christian Lee , José Lobón , Amy Julian , Andrew Chilgren , and Royce Rose . The team also included Michael Erickson from Tower Commercial Real Estate, who is the leasing broker for the property. The buyer is Prime US REIT (PRIME), based in Singapore. KBS serves as the U.S.-based asset manager for the portfolio, which included identifying and sourcing this asset on PRIME’s behalf.

As one of the premier office properties in Boca Raton, One Town Center is a 10-story building with an adjacent 435-space parking garage and 274 surface parking spaces, resulting in a parking ratio of 3.7 per 1,000 sq. ft. The property is well positioned in the Midtown Boca Raton corridor, close to upscale executive housing and 1.2 miles from I-95. The asset also is in close proximity to Florida’s Turnpike, the Boca Raton Airport, executive country clubs and housing communities, hotels, retail, and dining options.

“One Town Center is the top office address in the market with the most desirable curb appeal and the best rent roll in terms of credit, character, rate, and longevity with six years of weighted average lease term,” said Mr. Lee, a Vice Chairman at CBRE.

“The combination of increasing demand and a lack of new construction in Boca has driven 28% market rent growth since 2013, and is expected to result in similar growth on a go-forward basis,” added Mr. Lobón, an Executive Vice President with CBRE.

One Town Center was developed by Tom Crocker in 1991 as the worldwide headquarters for WR Grace as part of their relocation from New York. WR Grace vacated in 2001 and the space was reabsorbed by Tyco, a national security systems company with over $20 billion market capitalization at the time. MetLife purchased the building in 2007 but after Tyco vacated in 2012, MetLife was unable do the heavy lifting of multi-tenanting the building. The property was sold to Crocker Partners who restored One Town Center to its prestigious status, bringing the building from 26% to 94% occupancy.

LensCrafters Ditches Sawgrass Mills Mall for a Community Shopping Center Aligned with National Retail Trend

cwilliams@achieveagency.com (Clay Williams) — Mon, 19 Jul 2021 20:35:55 GMT

Miami Manager secured new retail tenants in South Florida totaling 11,455 square feet, including LensCrafters

Sunrise, Florida -- [July 19, 2021] -- In recent years, national retailers have begun to ditch enclosed malls for community shopping centers, and the pandemic has accelerated that trend. LensCrafters just signed a lease at The Gateway at Sawgrass, a community shopping center, to relocate from the Sawgrass Mills mall in Sunrise. The open-air Gateway at Sawgrass is about 2 miles from the mega outlet shopping mall operated by Simon Property Group.

LensCrafters is one of three tenants Miami Manager secured in Q2 2021 in its Broward County retail centers in Sunrise and Coconut Creek. All the leases total 11,455 square feet of retail space. The other two new tenants are Calvary Chapel Fort Lauderdale and Salon L V. The tenants are expected to open the doors later this year.

“The LensCrafters deal is a sign of our times,” said Miami Manager COO Milton Mekler, who negotiated the lease. “Several retailers traditionally found in enclosed malls are choosing to open off-mall locations. Sephora, Bath & Body Works, Foot Locker and Bloomingdale’s are aggressively pursuing the off-mall concept too. We are currently in conversations with a few other national retailers who are considering relocating from an enclosed mall to our shopping centers in the region. This shows that brick-and-mortar retail is not dead. It is simply catching up with consumers’ preferences and their always-evolving behavior. That explains why we have had more leasing activity in the first half of 2021 than we have had in a long time.”

LensCrafters, an international retailer of prescription eyewear and sunglasses, will occupy 4,216 square feet at The Gateway, which is owned and operated by Sunrise-based Miami Manager. LensCrafters and Miami Manager began negotiating in early 2020, as the pandemic kept people at home to curtail the spread of COVID-19 and enclosed malls were forced to shut down for several months. LensCrafters’ new location will be at 157 NW 136 ^th Avenue in Sunrise.

Calvary Chapel Fort Lauderdale will occupy 6,000 square feet at Miami Manager’s Village Shoppes of Coconut Creek at 4690 State Road 7. The Evangelical church currently has nine locations in South Florida.

Salon L V will occupy 1,239 square feet at 181 NW 136 ^TH Avenue in The Gateway at Sawgrass in Sunrise.

Miami Manager’s Q2 2021 leasing activity follows an active Q1, when the shopping center owner and operator leased a total of 17,507 square feet to several small to midsize businesses either entering new neighborhoods or expanding their current footprint in South Florida. This new generation of tenants are absorbing some of the space vacated by struggling businesses during the pandemic.

In a sign of a quick recovery, Broward County’s retail market performed well in Q1 2021 with strong market fundamentals and limited amounts of new construction, according to Colliers' Retail Market Report for Broward. Limited new supply was added in Q1 2021, but 628,909 square feet remains under construction in the County. The retail market achieved a positive net absorption of 193,693 square feet pushing the vacancy rate down to 5.4 percent, a decrease of 20-basis points quarter-over-quarter. Additionally, the overall asking lease rate increased 3.7 percent quarter-over-quarter, ending the first quarter at $22.71 per square foot. In the coming year, the retail market is expected to remain stable and on the road to recovery.

Avison Young closes $5.55M REO sale of 35,078 RSF JFK Medical Building in Lake Worth, Florida

cwilliams@achieveagency.com (Clay Williams) — Thu, 15 Jul 2021 20:08:03 GMT

Significant market sale underscores high demand for distressed and medical office assets as inventory remains low

Lake Worth, Fla. – Avison Young’s Florida Capital Markets Group closed the $5.55 million distressed asset sale of the JFK Medical Building, a four-story, multi-tenant medical office building totaling 35,078 rentable square feet. Situated in one of the two primary office nodes of Palm Beach County’s Palm Springs/Lake Worth submarket, the property is located at 4801 South Congress Ave in Lake Worth, Florida. The asset was sold on the Ten-X online auction platform.

Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami office; Vice President Brian de la Fé; and Associate Berkley Bloodworth completed the sale of the foreclosure property on behalf of the owner, JPMCC 2006-LDP7 OFFICE 4801, LLC. BD 4801, LLC was the buyer.

“As REO [real estate owned] distressed asset inventory remains low, the 30-percent-occupied JFK Medical Building represented a significant investment opportunity at a considerable discount to replacement cost,” said Crotty. “The asset’s recent renovations, coupled with it’s proximity to the JFK Medical Center, will provide the buyer with tremendous upside from lease-up opportunities.”

Conveniently located within a half-mile of the main campus of the JFK Medical Center, a 486-bed medical and surgical facility, and HCA East Florida-affiliated hospital, JFK Medical Building boasts excellent frontage, access, and visibility on Congress Avenue, and is just one mile west of Interstate 95. Over the past two years, ownership invested over $500,000 in major capital expenditure work including, new elevator cabs, a new common-area HVAC system, new flooring in the lobby, a resealed parking lot, new exterior landscaping, refaced monument signage, and a partial ceiling tile replacement.

Leasing activity has been strong in Palm Beach County to date in 2021, with strong in-migration coming from the Northeast contributing to the market’s economic growth. As a result, average base rents continue to climb and are among the highest in the country, according to Avison Young’s second-quarter 2021 office market report .

South Florida ranked #1 for tech-degree graduate diversity

cwilliams@achieveagency.com (Clay Williams) — Tue, 13 Jul 2021 20:18:40 GMT

Miami – July 13, 2021 – According to CBRE’s 2021 Tech Talent Report, South Florida has the most diverse tech-degree graduate pool in the U.S., ranking first with 68.1 percent of its graduates in underrepresented race/ethnicity groups.*

Numerous indicators underscore the resilience of tech talent during COVID-19. These occupations registered job growth of 0.8 percent in 2020 in the U.S. while non-tech occupations declined by 5.5 percent. Software developers and programmers were the most in demand tech-job category last year, adding 85,000 U.S. jobs for a 4.8 percent growth rate from a year earlier. Beyond the tech industry itself, those that added tech workers last year include financial activities, professional & business services, and government.

South Florida has the 23 ^rd largest tech talent labor pool nationally with 67,500 tech workers, an 18 percent increase from 2015. Following the pandemic, factors including the size of a market’s talent labor pool is a key indicator of a region’s economic recovery.

Overall, the top five markets for tech talent in 2020 were the San Francisco Bay Area, Seattle, Washington, D.C., Toronto and New York City, all large markets with a tech labor pool of more than 50,000. South Florida ranks #37 on the report as North American tech-talent employment weathered the pandemic better than most other professions.

“South Florida will continue to benefit and gain momentum based on the factors highlighted in this report, particularly a diverse and growing talent pool with a focus on the technology sector,” said Josh Bank , a Managing Director at CBRE in Miami. “In the market, we are witnessing a tipping point as the growing technology sector matures into a true global tech hub. This makes a vibrant ecosystem in which accessing talent is such a critical component.”

Of South Florida’s 2,770 tech-degree graduates in 2020, more than two thirds were of underrepresented races and ethnicities. Roughly half of that graduate class is Hispanic, while 15.1% are Black and 3.1% are in the “other category.” CBRE doesn’t count Asian or White tech-talent workers and graduates among those underrepresented in North America.

CBRE’s annual report, now in its ninth year, ranks the top 50 North American markets by analyzing 13 measures of their ability to attract and develop tech talent, including tech graduation rates, tech-job concentration, tech labor pool size, and labor and real estate costs, among others. CBRE also ranks the Next 25 emerging tech markets on a narrower set of criteria. Tech talent is defined as 20 key tech professions -- such as software developers and systems and data managers – across all industries.

South Florida stood out in the report in a number of other key areas:

The millennial population aged 23 to 38 increased by 5.7 percent (70,017 people) since 2014.
South Florida’s average annual apartment rent amounts to 22.3 percent of the average tech-talent wage, the fourth most expensive among the 50 largest tech-talent markets.
The average tech talent wage has increased by 17.9 percent in from 2015-2020 to an average of $92,096.
South Florida had 12,677 tech-degree completions from 2015-2019.
Overall, South Florida ranks in the middle of the pack for tech company operating costs. The average one-year cost for operating a 500-employee tech company occupying 75,000 sq. ft. in South Florida amounts to $44.2 million. That ranks as the 23 ^rd most expensive among the top 50 tech-talent markets.

Top Overall North American Tech Markets

To download the report, click here .

*Aggregate of Hispanic, Black, Other Non-White/Non-Asian.

Tiktin Real Estate Investment Services Brokers Sale of Bank of America Building in Delray Beach Sells for $2.82M

cwilliams@achieveagency.com (Clay Williams) — Tue, 13 Jul 2021 16:25:47 GMT

BANK OF AMERICA BUILDING IN DELRAY BEACH SELLS FOR $2.82 MILLION

MIAMI (July 13, 2021)—Tiktin Real Estate Investment Services (TREIS), a leading commercial real estate investment sales brokerage firm, today announced the sale of a 4,774-square-foot freestanding building occupied by Bank of America at 13700 S. Jog Rd. in Delray Beach, FL. Maloof Properties, Inc. acquired the 1.25-acre site from Master Carwash, LLC for $2.82 million. Adam J. Tiktin and Steven Logan of TREIS represented the Seller. Closing took place July 12th.

The property has four drive-through lanes and offers excellent visibility with an average daily traffic count of over of 29,000 vehicles per day. The site is an outparcel to a Publix anchored shopping center and is a highly desirable location in the Boca Raton and Delray Beach submarket.

For more information, please call 305-363-4750 or 844-4-TIKTIN or visit www.tiktinrealestate.com .

Bridge Industrial Insights

cwilliams@achieveagency.com (Clay Williams) — Mon, 12 Jul 2021 16:26:06 GMT

This Time Was ACTUALLY Different

This recession was different for the industrial sector. Despite a crushing economic downturn, the industrial sector continued on as if nothing happened. Bridge research did a dive into the data to examine how this recession was different and why.

Read Bridge's Q2 2021 Industrial Insights

09/10/21 NAIOP's Broward County Bus Tour

cwilliams@achieveagency.com (Clay Williams) — Fri, 09 Jul 2021 19:54:14 GMT

When : Friday September 10, 2021
Time : 7:30am - 2:30pm

Registration/Cocktail hour location:

The Main Las Olas - 201 E Las Olas Blvd, Fort Lauderdale, FL 33301

Click here for directions

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 6750 North Andrews Avenue, Suite 200, Ft. Lauderdale, FL 33309

Excel Construction of Florida Completes a 75,000 Sq. Ft. Corporate Headquarter Buildout for Aero Accessories

cwilliams@achieveagency.com (Clay Williams) — Fri, 09 Jul 2021 18:41:03 GMT

MIRAMAR, Fla. (July 9, 2021) – Excel Construction of Florida, a leading South Florida-based industrial and commercial construction company, has completed the buildout of the corporate headquarters for Aero Accessories, a leader in next generation fuel, pneumatic, hydraulic, power generation and electronic repairs, at Miramar Centre, Building B, which is owned and managed by Bridge Development Partners.

Located at 15501 Southwest 29th Street, Suite 201, the state-of-the-art headquarters buildout included the addition of more than 5,000 amps of power, 10,400 sq. ft. of corporate offices, 2,875 sq. ft. of general office space and a break room, more than 30,000 sq. ft. of component repair space and 31,403 sq. ft. of general warehouse and storage space. The project also incorporated a new slab and bollard for future machinery to an exterior fenced area of the property.

“Miramar has become a hub for aviation companies due to the city’s proximity to all three international airports as well as local executive airports,” said Excel Construction of Florida President Eric Wolf. “Based on our reputation for quality work and efficiency, Excel Construction of Florida has had the privilege of being involved with several local aviation industry tenant buildouts, including Aero Accessories’ original Miramar-based corporate headquarters.”

Aero Accessories is recognized as a top employer in the South Florida aviation community, and in 2020, the company doubled its total square footage at Miramar Centre. Aero Accessories supports the world’s largest airlines and suppliers with cost effective maintenance, repair and overhaul (MRO) services and comprehensive supply chain management support.

“This is Aero Accessories third and largest project with Excel Construction of Florida and they have been a key partner supporting us as we’ve grown over the last decade,” said Aero Accessories President David Vail. “The newly completed state of art facility positions us to continue our growth through the next decade and beyond.”

The buildout was designed by Steven Myott. Construction on the project was completed in June 2021.

“Excel Construction of Florida is proud to deliver another high-quality finished project, on-time and on-budget,” noted Wolf. “The backbone of our business is excellence, and this new Aero Accessories buildout is a testament to that.”

For more information about Excel Construction of Florida, visit www.excelsf.com.

07/28/21 Developing Leaders Influential CRE Professionals Series with Aaron Hirschl

cwilliams@achieveagency.com (Clay Williams) — Fri, 09 Jul 2021 17:52:04 GMT

Click here to view Aaron Hirschl's bio

When : Wednesday July 28, 2021
Where : Tap 42 Craft Kitchen & Bar - Midtown Miami
3252 NE 1st Ave Suite 101, Miami, FL 33137
Time : 4pm - 6pm
click here for directions

Tickets:

Members - Free

Non-Members - $25

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 6750 North Andrews Avenue, Suite 200, Ft. Lauderdale, FL 33309

Avison Young releases new interactive website for 2Q 2021 South Florida office market reports

cwilliams@achieveagency.com (Clay Williams) — Fri, 09 Jul 2021 16:41:40 GMT

Fort Lauderdale Office Market Report (Q2 2021)

Market fundamentals are stable and showing signs of improvement with a marked uptick in leasing interest and touring activity. A majority of occupiers in Fort Lauderdale continue to prefer 3-5 year deals at present, and landlords continue to provide free rent on multiple-year deals.

Miami Office Market Report (Q2 2021)
Total vacancy in Miami is at an eight-year high, totaling 16.9%, however leasing momentum is strong and sublease space is beginning to moderate. Asking rents are up significantly as the amount of activity and tenants in the market has landlords confident that they can achieve premium rates.

West Palm Beach Office Market Report (Q2 2021)

Leasing activity has been strong in West Palm Beach so far in 2021 with strong in-migration coming from the Northeast. Average base rents continue to climb, particularly within the CBD as pricing pressure heats up due in part to an increased supply of class-A space.

The Gateway at Wynwood Signs First Office Lease with Oncology Biopharma Company Veru Inc.

cwilliams@achieveagency.com (Clay Williams) — Thu, 08 Jul 2021 16:44:47 GMT

Brand new Wynwood office tower developed by R&B Realty Group will serve as Veru’s Miami global headquarters

Miami, Fla. (July 7, 2021) – As a sign that Miami’s office market is continuing to heat up, The Gateway at Wynwood just signed an eight-year lease with Veru Inc. Veru (NASDAQ:VERU) is an oncology biopharmaceutical company with a focus on developing novel medicines for the management of prostate and breast cancers. The company will occupy 12,155 square feet of space on the border of the iconic Wynwood and Midtown Miami neighborhoods. The new lease will more than triple Veru’s current office space.

Scheduled to take occupancy in Q1 2022, this will be Veru’s new Miami-based global headquarters, moving from an existing office space in Wynwood. Veru has also expressed interest in taking occupancy as soon as The Gateway at Wynwood, which is currently under development, is delivered. The project, being developed by New York-based R&B Realty Group, is scheduled for completion in Q4 of 2021.

R&B Realty was represented by Colliers South Florida’s Executive Managing Director Stephen Rutchik, Director Tom Farmer and Director Tyler de la Pena. Veru was represented by JLL’s Vivian Gonzalez.

“We are excited that Veru chose our new Class A office building for their global headquarters,” said Shelby Rosenberg, R&B Realty’s Head of Development and Acquisitions, Asset and Property Manager, US Portfolio. “This lease highlights the increasing demand for quality office space in the Wynwood area. The Gateway at Wynwood is uniquely positioned with unmatched accessibility to the Midtown and Wynwood neighborhoods, and all of the amenities they have to offer, as well as proximity to the bay and downtown Miami.”

The Gateway at Wynwood will offer about 195,000 square feet of leasable Class A office space and nearly 25,900 square feet of prime street-level retail space. Designed by renowned Architect Kobi Karp, the environmentally responsible building features flexible floorplans, a private rooftop terrace, gym, unique bay window system, 24/7 on-site security, vibrant exterior cladding, and 2:1,000 on-site covered parking.

Veru, which also has offices in London and in Malaysia, is focused on the development and commercialization of novel medicines for management of two of the most prevalent cancers globally – prostate cancer and breast cancer. Based on positive clinical trial results, Veru also has an agent being evaluated in an ongoing Phase 3 clinical trial for the treatment of hospitalized patients with moderate to severe COVID-19 who are at high risk for acute respiratory distress syndrome. Veru’s new lease at The Gateway at Wynwood will triple the company’s existing Miami footprint to accommodate its rapid growth and planned future growth.

“Veru is a biopharma company dedicated to the development and commercialization of novel cancer drugs for prostate and breast cancers. As a high-tech company, we view both The Gateway at Wynwood and the Wynwood neighborhood itself as the perfect fit for Veru, as both are also cutting edge,” said Dr. Mitchell Steiner, Chairman, President and CEO. “We believe that Wynwood’s eclectic mix of commerce, culture, restaurants and technology provides the ideal location to enable Veru to continue to grow and flourish as a global leader in oncology therapeutics.”

R&B Realty’s vision for Wynwood has helped fuel a new office submarket in Miami, creating competition for more established office markets such as downtown Miami, Brickell, Aventura and Coral Gables. Already, several big-name companies have made Wynwood their home, such as Spotify, Live Nation and Founders Fund. Other companies looking at the area include Google, Dentsu and other creative marketing agencies.

Colliers Signs Lease for New Miami Headquarters

cwilliams@achieveagency.com (Clay Williams) — Thu, 08 Jul 2021 16:40:06 GMT

The leading commercial real estate firm will occupy 11,273 SF at 801 Brickell

MIAMI (July 7, 2021) -- Colliers South Florida is joining the groundswell of office leasing activity across South Florida in the first half of 2021, committing to a 10-year lease for an 11,273-square-foot office space at 801 Brickell. The new office space will serve as Colliers’ South Florida Headquarters.

Colliers’ Executive Managing Director Jonathan Kingsley represented Colliers in the transaction. The Landlord, Nuveen Real Estate, was represented by Colliers’ Executive Managing Director Stephen Rutchik.

“This transaction speaks to Colliers’ continued confidence in the Miami office market, as well as the continued growth of our market share across the region,” said Julie Northcutt-Dunn, Executive Managing Director and Market Leader for Colliers South Florida. “After a successful pivot to working from home in 2020, we are excited to move back to a physical office, and expect many companies will do the same.”

801 Brickell is undergoing an $10 million transformation of common areas, and will continue offering concierge-level attention to tenants, Colliers is constructing high-tech, custom-built office space that reflects industry best practices and Colliers market position.

Colliers has seen impressive growth in the last few years, and significantly strengthened its influence in the South Florida market. The South Florida firm has acquired strategically positioned brokerage and property management firms and a number of notable professionals, currently 183 in total.

801 Brickell is an iconic 415,000-square-foot office tower located in the heart of Miami’s financial district, providing immediate access to world-class hotels, residences, dining, and shopping, as well as proximity to Downtown, Miami Beach and Coral Gables. It’s conveniently located in the booming epicenter of Brickell, offering tenants a car-free lifestyle amid first-class amenities, retail and dining concepts with Brickell City Centre and Mary Brickell Village just steps away.

The LEED (EB) Gold Certified building has attracted an impressive roster of notable tenants including MasterCard, Spaces, Atlantic Sapphire, Booking.com, Insightec, Legacy Wealth Advisors, Cassel Salpeter, Bessemer Trust Company, Odyssey RE and Komodo, among others.

The Butters Realty Industrial Team of Thomas J. Hotz and Brian T. Ahearn, CCIM have completed two new lease transactions totaling 35,754 SF at Hillsboro Technology Center in Deerfield Beach, FL.

cwilliams@achieveagency.com (Clay Williams) — Tue, 06 Jul 2021 17:35:32 GMT

DEERFIELD BEACH, FL – The Butters Realty Industrial Team of Thomas J. Hotz and Brian T. Ahearn, CCIM recently completed two long term lease transactions at Hillsboro Technology Center, Deerfield Beach’s state of the art Class “A” business park. Building E, a 123,290 square foot industrial building and Building F, a 151,852 square foot industrial building, are now 100% leased.

Elite Aluminum Corporation: Headquartered in Coconut Creek, FL, Elite Aluminum Corporation is a manufacturer of roof systems, screen rooms, pergolas and railings designed for numerous commercial and residential applications. Elite Aluminum Corporation leased 17,134 square feet in Building E located at 500 Hillsboro Technology Drive for a storage and distribution operation. The tenant was represented by Tom Hotz and Brian Ahearn of Butters Realty & Management.

Fuse Specialty Appliances: Fuse Specialty Appliances is a high-end residential appliance dealer who expanded their South Florida distribution operation at Hillsboro Technology Center. The tenant sells and distributes products by Sub Zero, Miele, Viking and many more. Fuse Specialty Appliances leased 18,650 square feet in Building F located at 550 Hillsboro Technology Drive. The tenant was represented by Tom Hotz and Brian Ahearn of Butters Realty & Management.

“We are very pleased to add Elite Aluminum Corporation and Fuse Specialty Appliances to our tenant roster and look forward to their success and growth at Hillsboro Technology Center,” said Tom Hotz, Senior Vice President of Butters Realty & Management.

Hillsboro Technology Center is a co-development between Bristol Group and Butters Group. The state of the art business park is situated on 75 acres at the northeast quadrant of I-95 and Hillsboro Boulevard in Deerfield Beach, FL. Hillsboro Technology Center consists of industrial, office and hotel and is considered the finest business park in Northern Broward County. Upon completion of industrial Buildings G and H, which are currently under construction with an expected completion date in fourth quarter of 2021, Hillsboro Technology Center will consist of over one million square feet of Class A commercial space. www.hillsborocenter.com

Moishe Mana’s Mana Common Acquires Development Site in Downtown Miami for $12.3 Million

cwilliams@achieveagency.com (Clay Williams) — Tue, 06 Jul 2021 17:17:12 GMT

Colliers’ Urban Core Division represented both the buyer and seller in the transaction

MIAMI (July 6, 2021) – Colliers’ Urban Core Division has closed on a second land deal in a week in downtown Miami. The 22,500-square-foot development site, located at 49 NW 1st Street, sold for $12,375,000 and is currently home to a parking lot. Colliers' Executive Managing Director Mika Mattingly represented Andrew Mirmelli Company: M&M Parking, the seller. Mattingly also represented Moishe Mana, the buyer in the transaction.

“This transaction showcases how high the demand is for property in downtown Miami,” Mattingly said. “The transformative projects that are beginning to take shape in the area, along with the influx of residents and jobs, are attracting investors from all over the world. It continues to prove that now is the time to invest in the future of downtown Miami.”

Moishe Mana, CEO of Mana Common, is the largest private landowner in Miami with a significant assemblage of over 60 properties spanning more than 1.3 million square feet in downtown Miami’s Flagler District. The visionary entrepreneur recently acquired two additional properties in the area that is being transformed into a global hub for tech and innovation. In addition to the recent purchases, Mana Common has begun construction in several sites in downtown including at the Nikola Tesla Innovation Hub.

“We’re committed to reviving the Flagler District through sustainable revitalization,” says Moishe Mana. “We are using the existing structures to preserve the character of the neighborhood while building a tech ecosystem that prioritizes the community’s needs.”

South Florida has continued to see an influx of residents from New York, California and other states seeking lower taxes, better weather, and a higher quality of life. Greater Downtown’s population was 92,235 people in 2018, a jump of 38% since 2010, according to a study from Miami’s Downtown Development Authority (DDA). Downtown and Brickell have also emerged as the top choice for the largest technology and financial firms. According to a recent report from the DDA, at least 700 new jobs are expected in the area over the next few years.

Avison Young completes $12.1M sale, secures debt for Atrium West office building in Sunrise, Florida

cwilliams@achieveagency.com (Clay Williams) — Wed, 30 Jun 2021 19:50:10 GMT

Sunrise, Fla. – Avison Young’s Florida Capital Markets Group negotiated the $12.1 million sale of Atrium West, a 99,870-square-foot office building situated on 8.78 acres at 7771 W. Oakland Park Blvd. in Sunrise, Florida.

Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami office; Vice President Brian de la Fé; and Associate Berkley Bloodworth completed the sale on behalf of the seller, Douglas Pike Associates, LLC. George Vail, Principal with Avison Young, secured the debt for the buyer, an affiliate of McGuire Development Company.

“Atrium West represented an opportunity for a savvy investor to acquire a South Florida asset priced below replacement cost and generate significant cash flow,” said Duckworth, who also spearheaded the previous sale of the asset in 2015. “The buyer was attracted to the property’s solid tenancy at 81% occupancy, as well as its excellent value proposition to office tenants seeking a high-quality building without the high rental rates currently quoted in the nearby Plantation and Sawgrass Corporate Park submarkets.”

Atrium West represents McGuire Development Company’s first Southeast Florida acquisition. Brian Askey, AVP Florida Real Estate at McGuire Development represented the purchaser throughout the transaction. “While our family has invested in a variety of opportunities in Florida over many years, we are drawn to Atrium West and other synergistic opportunities because of the sustained population growth and business friendly climate of South Florida. As a Fort Lauderdale Resident I feel the positive impact of growth in the community and I look forward to continuing to participate in the success of the region,” said Jim McGuire, CEO of McGuire. McGuire Real Estate Services of Florida will be providing leasing services for the property. The company continues to actively pursue investment opportunities with the intent to grow.

“There was exceptional interest from multiple lenders for this deal,” said Avison Young Principal George Vail, who secured the $8.9 million loan for the buyer. “This is especially due to the best-in-class sponsorship and to the property’s location in South Florida, which has continued to see accelerated growth as companies have relocated to the area en masse since the COVID-19 pandemic.”

Conveniently located in Central Broward County, Atrium West is just minutes from Florida’s Turnpike, Sawgrass Expressway, and Interstate 95. Area amenities include Sawgrass Mills Mall and many restaurant and banking locations. Fully renovated in 2015, some of the building’s attributes include picturesque interior and exterior landscaping, a sculpture fountain and modern furniture throughout the lobby, and plentiful parking which can accommodate just about any parking requirement.

New 50,000 SF Lease Brings Miami-Dade State Attorney's Office to River Landing Shops & Residences

cwilliams@achieveagency.com (Clay Williams) — Tue, 29 Jun 2021 20:47:16 GMT

The law firm will occupy nearly one-third of River Landing’s office space as office leasing activity on the Miami River heats up

MIAMI, FL [June 16, 2021] -- River Landing Shops & Residences is pleased to announce a nearly 50,000-square-foot lease with Miami-Dade County on behalf of the Miami-Dade State Attorney’s Office. The Offices of State Attorney Katherine Fernandez Rundle will occupy an entire floor at the recently opened mixed-use development on the Miami River just west of Downtown Miami.

In addition to restaurants, retail and market-rate apartments, River Landing offers 135,000 square feet of Class A office space on the water. The 20-year, 49,379-square-foot lease will consume nearly one-third of the space at the Offices at River Landing, 1400 NW North River Drive. The demand for office space in an environment where people can live, work, shop, enjoy world-class dining experiences and arrive at work by boat has fueled leasing activity in River Landing in recent months. Recently, River Landing signed a 2,100-square-foot lease with David Sutta Photography and Clutch Video.

“We are beginning to see a demand for office space that goes beyond our supply,” said Andrew Hellinger, co-principal with Urban-X Group, the developer of River Landing. “We are very grateful to our elected officials because they are working hard to attract companies to Miami and create demand for office space. We all benefit from public policies that fuel job growth and boost our local economy.”

The State Attorney’s Office, which will be relocating from Civic Park Plaza at 1469 NW 13th Terrace, serves and protects Miami-Dade residents by prosecuting felony and misdemeanor crimes that occur within its jurisdiction. This is the largest prosecutor’s office in Florida and the fourth largest in the United States with 1,200 employees.

“This was the culmination of many years of hard work by the County Mayor’s Office, County Commission, and the County's Internal Services Department,” Hellinger added. “They assisted the state attorney in finding suitable office space while staying within the courthouse district. Retaining the law firm in the district highlights

River Landing’s economic impact on the area.”

River Landing is an 8.14-acre mixed-use development along the vibrant Miami River. The 2.5-million-square-foot River Landing consists of approximately 360,000 square feet of retail/commercial space, 135,000 square feet of office, 528 market-rate apartments, more than 2,000 parking spaces and a landscaped Riverwalk.

River Landing is home to national and regional retailers and restaurants including Publix Supermarkets, Ross Dress For Less, Burlington Stores, Hobby Lobby, Five Below, Chase Bank, AT&T, Planet Fitness, Old Navy, Ulta Beauty, Sapphire Prive Med Spa, Pediatric Dental Center, Aspen Dental, Chick-fil-A, Lime Fresh Mexican Grill, Ficelle Boulangerie & Pâtisserie, Tanuki, and more.

The office tower at River Landing is a LEED certified office building and, in case of an emergency, it will provide a full-service commercial generator to keep the building operating without interruption. Office tenants have access to a private 17,000-square-foot outdoor plaza that can serve as a central gathering place as well as an array of national and local retail shops and chef-driven, fast-casual and upscale restaurants, an 850-foot waterfront linear park, and green space to enjoy.

Largest Development Site available in downtown Miami sells for $46 Million

cwilliams@achieveagency.com (Clay Williams) — Tue, 29 Jun 2021 15:27:21 GMT

MIAMI (JUNE 25, 2021) – As downtown Miami continues to attract investors from all over the world, Colliers’ Urban Core Division facilitated a $46 million sale of Miami Center. Known as the ‘Burdines property,’ it is the last significant development site remaining in downtown Miami’s Central Business District (CBD). The 92,972-square-foot development site, which is located at 16 SE 2nd St in downtown Miami, is currently home to a parking lot.

Mika Mattingly, Colliers' Executive Managing Director, and Robert Given, Vice Chairman of Cushman & Wakefield in South Florida, represented Wharton Equity Partners and Cross Lake Partners, the seller. Estrella Perez, with EP Realty Group Inc., represented Enrique Manhard, the buyer.

“This is a pivotal site for the future of downtown Miami because it is a major location connecting downtown to Brickell,” Mattingly said. “This deal represents the voracious appetite for downtown assets. We currently have 10 land deals under contract to close by year’s end, and there is little inventory left for the first time ever. This is unbelievable given the fact the downtown market went silent in 2019 and during the pandemic. The demand is being fueled, in part, by all the transformative projects that are just beginning to take shape in this area. It could not be a better time to invest in the future of downtown Miami.”

Based on the site’s T6-80 zoning, this is one of the largest land sales in downtown Miami. The zoning designation allows several uses, including residential, hotel, office and retail. The maximum height permitted at the site is 80 stories with unlimited height available through public benefit bonuses. Because the development site is right in the middle of Brickell and downtown, it will provide future residents the opportunity to live, work and play in a highly walkable, urban environment.

Broward Plaza in Davie, FL Sells for $12.8M

cwilliams@achieveagency.com (Clay Williams) — Mon, 28 Jun 2021 14:36:33 GMT

Tiktin Real Estate Investment Services Brokers Sale

MIAMI (June 28, 2021)—Tiktin Real Estate Investment Services (TREIS), a leading commercial real estate investment sales brokerage firm, today announced the sale of Broward Plaza, a 74,300-square foot retail center, which includes a Miami Grill outparcel, located at 4803-4963 S. State Rd. 7 in Davie for $12.8 million. El-Ad Broward Plaza LLC, an entity of El-Ad National Properties, acquired the 8.18-acre site from Saber Griffin Two, LLC. Adam J. Tiktin, president and broker of TREIS, represented both the Buyer and Seller. Closing took place June 25th.

Broward Plaza, anchored by BrandsMartUSA, Dollar General, and Big Chef, has a total of 17 tenants. The buildings were constructed in 1975. The Miami Grill was renovated in 2017.

Broward Plaza is located on the southwest corner of South State Road 7 and Griffin Road. The property has excellent visibility with traffic counts in excess of 55,000 vehicles per day along South State Road 7 and over 30,000 vehicles per day along Griffin Road.

For more information, please call 305-363-4750 or 844-4-TIKTIN or visit www.tiktinrealestate.com .

Miller Construction Launches Build Of South Motors BMW and Honda Showrooms

cwilliams@achieveagency.com (Clay Williams) — Fri, 25 Jun 2021 16:52:24 GMT

Sales and Service Operations at Both Dealerships Continue in Full Swing

MIAMI – Miller Construction is underway with two simultaneous projects for South Motors Group, replacing the existing South Motors BMW and Honda showrooms located at the automotive company’s complex at 16165 S. Dixie Highway.

The two projects feature demolition and new construction of a two-story, 72,429-square-foot BMW dealership and a single-story 16,396-square-foot Honda showroom with dramatic entry feature. Design for both the showrooms is by global architectural firm Gensler.

“Through precise phasing and scheduling in close communication with South Motors’ staff, we’re focused on ensuring smooth, continuous operations for both the BMW and Honda dealerships, with convenience and safety for customers and dealership staffs our top priority,” said Miller Construction President Brian Sudduth.

The new Honda showroom, scheduled for opening this fall, will feature signature design elements including a 30-foot-high, curved entry feature to be constructed of exterior metal framing glass and wrapped with aluminum composite panel (ACM) cladding. The high-profile exterior also includes a wave-like overhang to be built of steel and clad with ACM panels.

In addition to showroom display space, the Honda dealership’s new building on the northern portion of the South Motors complex will ensure customers’ comfort with a café and dining area and a Honda boutique merchandise shop. A durable, environmentally friendly thermoplastic polyolefin (TPO) roof will help conserve energy and control operating costs. South Motors’ nearby, existing Honda Certified Pre-Owned showroom, has been repurposed to accommodate all Honda sales throughout the project.

Miller is fast-tracking the new South Motors BMW building for completion in early 2022. In keeping with BMW’s stringent, luxury design standards, Miller’s team will install upscale materials with a contemporary feel, from Starphire ultra-clear curtain wall insulated glass and super-smooth exterior insulation and finish system (EIFS), to imported Clinker tile. In the 20,000-square-foot showroom space, they’ll produce a customer lounge and BMW merchandise shop.

The BMW building’s project scope includes a 4,000-square-foot BMW Certified Pre-Owned area, a 2,508-square-foot MINI showroom, plus offices, six service drive lanes, and a new second-floor parking deck that will adjoin an existing garage. Miller’s crews will construct openings and ramps to transition from the new parking deck to the existing garage level. The BMW project’s challenges include maintaining easy access to the existing garage and service areas and to the Parts department for both brands that is located under the second-floor parking deck connection to the garage. Miller assisted in repurposing the existing BMW Certified Pre-Owned Sales showroom to accommodate all BMW sales during the construction.

For easy access and smooth ongoing dealership operations, Miller has created temporary facilities including new service drive lanes and office trailers for each dealership. Temporary walkways will help ensure convenience and safety.

The project team for both showrooms includes engineers Kamm Consulting of Deerfield Beach, Fla. (MEP), LA Fuess Partners of Dallas (structural) and Graef of Miami (civil).

Decker Capital & Infinity Properties Acquire 128,000 SF Industrial Park in Orlando

cwilliams@achieveagency.com (Clay Williams) — Wed, 23 Jun 2021 18:18:20 GMT

NAIOP’s Shane Decker of Decker Capital & Brett Schlacter of Infinity Properties acquire a value add small-bay portfolio deal in Orlando, FL totaling 128,000 SF. The 3-building portfolio acquisition closed on June 16 2021 and contains 54-tenants with the average bay size being 2,375 SF. The deal was purchased for $78/ft with plans to significantly improve the assets curb appeal and tenant base.

Decker and Schlacter both act as Co-Managing Directors for Infinity Properties and plan to grow a 1mm+ sq ft portfolio in Orlando over the next 24 months. “We are excited to add these light-industrial assets to our ever growing portfolio, it fits our model perfectly and has tremendous fundamental real estate characteristics that we feel will garner tremendous long-term value. We couldn’t be more excited to grow and expand our footprint into the booming Orlando MSA” said Shane Decker.

Shane Decker & Brett Schlacter have successfully acquired over 250,000 SF of light industrial property across FL in the past 7 months. This particular deal was funded by Banesco USA (SVP, Brian Barroso). The team at Decker Capital & Infinity Properties are aggressively looking for large scale small-bay opportunities in the Southeast US. Please contact Shane or Brett for any off-market opportunities.

Property Addresses: 1335 Bennett Drive + 5401 S Bryant Ave + 2290 N Ronald Regan Blvd

Shane Decker’s Personal Slogan: "You are meant to do something great with your life, so do it!"

Shane: 305.988.8333

Brett: 305.304.7773

Avison Young closes two office building sales on North Congress Avenue in Boynton Beach, Florida

cwilliams@achieveagency.com (Clay Williams) — Wed, 23 Jun 2021 18:15:05 GMT

Professional and medical office portfolio totaling 55,000 SF sells for combined $9.2M

Miami – Avison Young ’s Florida Capital Markets Group negotiated the sales of two office buildings totaling 55,000 square feet in Boynton Beach, Florida. The assets sold in two separate transactions on behalf of the seller for a combined price of $9,150,000.

Representing the seller, TP Ten LLC, Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Gary Gottlieb, SIOR, RPA; Vice President Brian C. de la Fé; and Associate Berkley Bloodworth completed the transactions.

Congress Executive Center at 1301 N. Congress Avenue, a four-story, 40,226-square-foot professional and medical office building, sold for $6.3 million to Triple Double Investments, LLC, managed by Andrew Greenbaum.
Boynton Beach Promenade at 1101 N. Congress Avenue, a two-story, 15,302-square-foot office building, sold for $2.85 million to Siloam Holding Company managed by Dr. Gherghina.

Adjacent to the soon-to-be-redeveloped Boynton Beach Mall, the properties boast abundant parking, high walkability, and prominent visibility and access from Congress Avenue. The class B buildings were 50% occupied at the time of sale, and each buyer has associated businesses with plans to absorb significant portions of the vacancy.

“The demand for office properties is strengthening along with optimism regarding the COVID-19 vaccine, allowing more people to return to work safely,” said Duckworth. “Selling the assets along the highly-trafficked North Congress Avenue in two separate transactions allowed the seller to maximize the pricing.”

According to Avison Young research , first quarter 2021 posted Boynton Beach’s total office vacancy rate at 13.1%, which has remained steady throughout the pandemic. Leasing activity in 2021 is on track to outpace the previous year.

Building pathways for inclusion and diversity in real estate

cwilliams@achieveagency.com (Clay Williams) — Wed, 23 Jun 2021 17:29:36 GMT

Miami Herbert and the Miami Herbert Real Estate Advisory Board partner with Project Destined to improve diversity, racial equality and inclusion in commercial real estate

With the goal of expanding and supporting minority representation in the commercial real estate industry, Miami Herbert has partnered with Project Destined to empower underrepresented populations to become leaders in real estate. In the inaugural year of this partnership, Miami Herbert awarded two full scholarships funded in part by its Real Estate Advisory Board to Project Destined students.

This upcoming fall semester Miami Herbert will welcome scholarship recipients Aaliyah St. Louis and Aminata Sam to its Accelerated MBA in Real Estate Master’s program.

Founded by a former Carlyle Executive, Cedric Bobo, Project Destined is a leading social impact platform that provides training in real estate and entrepreneurship. The platform now provides training in 20 U.S. markets and has a separate investment arm with the ability to invest in assets that are evaluated as part of the program. To date, more than 1,500 students across the U.S. have participated in Project Destined since 2016.

According to the latest data from the U.S. Census Bureau , less than 6 percent of all real estate professionals are Black, compared to 76 percent who are white.

“We know that this partnership will help foster more diversity in the commercial real estate industry,” said Andrea Heuson, academic director of real estate programs and professor of Finance at Miami Herbert. “The more talented, driven graduates we can place in the business world the better off we will all be.”

The scholarships are available thanks to the efforts of Miami Herbert’s Real Estate Advisory Board, and spearheaded by Manny de Zarraga, Malcolm Butters and Jackie Mansfield.

“I am excited to the about the attending the University of Miami and the opportunity to utilize the education and expanded network to positively impact low-income communities, like mine,” said St. Louis, a recent graduate of New York City’s Baruch College.

Brooklyn native Sam was not only a student participant of Project Destined, but also an employee who helped launch Project Destined in Chicago.

“No matter where you are in the world, real estate is a critical driver of economic prosperity,” said Sam. “It’s why I’ve completed internships at PwC, J.P.Morgan Chase and L+M to build my knowledge of the industry. The University of Miami is an important next step in my journey to become a leader and owner in real estate.”

“We are excited to partner with the University of Miami to create this MBA Scholarship to prepare diverse students for a career in commercial real estate,” said Project Destined Co-Founder Cedric Bobo. “The real estate industry provides unparalleled opportunities to build a great career while also impacting your community and your city. This fellowship program will ensure that Aminata, Aaliyah and the many students to follow are ready to take on that challenge.”

Miami Herbert also participates in the Real Estate Exchange (REEX) Summer Program, a virtual, two-week program for rising high school juniors and seniors, dedicated to helping students from challenging economic circumstances take charge of their future and provide knowledge about career opportunities in commercial real estate. Students learn what is takes to design, build, manage, own and sell commercial real estate and pursue career paths in the field. Last year, a record 141 high school students from across the United States participated in the program.

Miller Launches Construction of Easton Development’s 266,760 SF Hialeah Gardens Industrial Center

cwilliams@achieveagency.com (Clay Williams) — Thu, 17 Jun 2021 20:18:13 GMT

HIALEAH GARDENS, Fla. – Miller Construction has launched site work for the 266,760-square-foot Hialeah Gardens Industrial Center for Easton Development and LBA Logistics.

Scheduled for completion in early 2022, the single-story, tilt-wall structure will rise on a

16.8-acre site assembled by Easton that stretches from NW 107 Avenue west to NW 109 Avenue, and from NW 142 Street north to NW 144 Street.

Responding to strong demand from distribution, logistics and e-commerce companies in Miami-Dade County that has been spurred by e-commerce growth during the pandemic, the project will create next-generation industrial space at a location close to Florida’s Turnpike, I-75, US-27 and the Miami International Airport.

To achieve Easton Development’s and LBA’s goal of adding volume for potential tenants, Miller worked closely with the project’s structural engineer, McVeigh Mangum of Jacksonville, to raise the building’s ceiling height to 36 feet. That customized tilt-wall panel design solution provided the owner with significant savings, according to Miller Construction President Brian Sudduth. Miller’s precise tilt-wall and structural steel estimates during preconstruction are adding cost efficiency.

The project team includes architect Ware Malcomb of Miami, Thomas Engineering Group of Fort Lauderdale (civil) and GM Consulting Engineers of Miami (MEP).

Prestigious Golf Course Redevelopment Opportunity in Hollywood, Florida

cwilliams@achieveagency.com (Clay Williams) — Thu, 17 Jun 2021 16:27:23 GMT

Hollywood, Fla. – June 17, 2021 –The City of Hollywood is accepting proposals for the redevelopment of the city-owned Orangebrook Golf and Country Club. CBRE, as the City’s exclusive real estate advisory firm, is handling the marketing of this one-of-a-kind opportunity for a public-private partnership.

Located at 400 Entrada Drive, this rare opportunity is comprised of approximately 245-acres that currently include a 36-hole golf course, a pro shop, lighted driving range, restaurant with full bar service and a banquet room that seats up to 250 people. The city seeks to unlock the development potential of the site by creating a project that includes a redesign of the current 36-hole facility into separate 18-hole championship and executive golf courses, complete with a new clubhouse, a new pro shop, golf cart barn and maintenance building, a new state-of-the-art driving range, a new chipping and putting area, along with infrastructure improvements and plans to operate the facility as one of Florida’s premier golf destinations.

CBRE’s Public Institutions specialist, Lee Ann Korst is leading the marketing efforts in collaboration with CBRE’s Senior Vice President Larry Genet.

“The opportunity to create a world class golf course with associated amenities in such an excellent location doesn’t come around very often,” said Ms. Korst, Southeast Regional Manager for CBRE’s Public Institutions and Education Solutions group. “Golf is a top priority for many of Hollywood’s residents and this offering will lead to innovative redevelopment proposals that are in line with all that South Florida and Hollywood have to offer.”

In accordance with Florida’s Public-Private Partnership Statute, the City of Hollywood received an unsolicited offer for the property and has provided public notice of acceptance of the proposal and willingness to accept competing proposals to finance, develop, construct and manage the redevelopment of this City-owned golf course.. The City of Hollywood is interested in innovative proposals that replace the existing public amenities and take full advantage of the site’s location and characteristics.

“The Orangebrook golf course is ideally located along Interstate 95 in the heart of South Florida,” says Shiv Newaldsass, the City’s Director of Development Services. “Our goal is to increase the desirability of the course, partner with a strong development team to make it a premier golf destination, and ensure the course is financially viable for the long term.”

CBRE’s Public Institutions and Education Solutions (PIES) group provides real estate services to federal, state, county, city and educational institutions around the country. They have recently completed significant projects in the states of Florida, North Carolina, New York, Texas, and Maryland. In addition, PIES has worked with many cities, including Miami, Austin, Jacksonville, Dallas, San Diego, and Fort Myers. The unique benefit of the CBRE platform is public sector expertise as well as local/regional market presence.

Stiles Architectural Group to Design Miami’s New Pelican Harbor Seabird Station and Deeks’ Wildlife Center

cwilliams@achieveagency.com (Clay Williams) — Tue, 15 Jun 2021 15:52:28 GMT

Driven by Ecological Resilience, Stiles Architectural Group to Design Miami’s New Pelican Harbor Seabird Station and Deeks’ Wildlife Center

Fort Lauderdale, FL – June 15, 2021 – With nearly 2,500 annual patients and growing, the bird and wildlife rehabilitation facility Pelican Harbor Seabird Station is building a new home. The Center is working with Stiles Architectural Group (SAG) to design a facility inspired by the nature that has made it a Miami landmark for birds and bird lovers alike. SAG, a division of 70-year-old full service real estate development and services firm Stiles, is the project architect.

Pelican Harbor Seabird Station and Deeks’ Wildlife Center, renamed in honor of the significant support and partnership by the Deeks Foundation, is located on the Little River in Miami only one mile from its current location on Biscayne Bay just off Miami’s 79th Street Causeway. Built on 2.6 acres, the new 7,800-square foot facility is nearly 6.5 times larger than the 950-square foot space it has maintained since opening in 1992. The center will house recuperating animals and provide education, with a rooftop terrace to host events and workshops.

“Pelican Harbor plays a critical role in the future preservation of Miami’s native wildlife and educational offerings,” commented SAG Project Architect Nathan Hoofnagle, the lead architect on the project. “In designing the space, we aimed to create a refuge for the animals that would have the least impact on the environment and integrate seamlessly into its surroundings on the river.”

The center’s state-of-the-art design uses natural materials and offers a modern, open concept that easily integrates the structure within its natural context. Stiles aimed to preserve as many of the existing trees on the site as possible while also maximizing the views of the Little River from every angle of the two-story building.

“With volunteer support, youth education and funding a top priority, the design of Pelican Harbor had to be as functional for education and events as it is beautiful,” said Kevin Cruz, SAG President. “Our team was tasked with designing a space that would maximize water views, improve the visitor experience and create a more comfortable, usable setting for the staff and animals.”

Stiles’ minimalist design plans to reduce any potential environmental impact during and post construction. For example, the team uses native and low maintenance landscaping and pervious pavers that will allow water to flow through the surface. The second floor of the facility will house a 1,000-square foot exhibition space and outdoor terrace overlooking the multipurpose event lawn, river walk and education ambassador animal exhibits. Additionally, the project will be Green Globes certified, which is a nationally recognized green rating assessment, guidance and certification program.

For more information on Pelican Harbor Seabird Station, visit www. www.pelicanharbor.org/

Miami Design District development hits market in bankruptcy sale led by Avison Young

cwilliams@achieveagency.com (Clay Williams) — Tue, 08 Jun 2021 16:39:51 GMT

Rare full city block development opportunity in Miami’s Design District comes to market in bankruptcy sale led by Avison Young

MIAMI – Avison Young’s Florida Capital Markets Group has been exclusively tapped to facilitate the bankruptcy sale of Triptych Miami, a 0.99-acre development opportunity encompassing a full city block. Located at 3601 North Miami Avenue in Miami, the site sits at the gateway of three of Miami’s three most dynamic, high-growth districts: Miami Design District, Midtown Miami, and Wynwood.

Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Vice President Brian C. de la Fé; and Associate Berkley Bloodworth will spearhead the sale of the distressed asset on behalf of the debtors in possession, Aventura Hotel Properties, LLC (“AHP”), and Triptych Miami Holdings, LLC. Avison Young Principal George Vail will handle the debt aspect of the transaction. The team expects strong activity, as investor and developer interest remains high for prime location opportunities. The call for offers is on June 24th, 2021.

Triptych Miami has in-place T6-12-O zoning and approvals from the Urban Design Review Board for the construction of a 297-key hotel, 45,000 square feet of retail, and 60,000 square feet of office. Alternatively, the office portion of the site could be eliminated, reducing parking requirements.

“The site provides numerous rarities, including the opportunity to acquire a large block of infill land with significant buildable scale at the convergence of Miami’s three most burgeoning areas,” said Crotty. “Additionally, bankruptcy sales are highly sought after by qualified investors, as they provide a surety of closing.”

The class A neighborhoods immediately surrounding Triptych are in the midst of an incredible boom, driven by the locations’ status as arts districts, cultural hubs, and nightlife hotspots. Developments have multiplied rapidly, and the daytime and residential populations of the area have exploded with Miami recently ranking second among U.S. cities in overall population growth. Additionally, with entrance and exit ramps to I-195 located immediately adjacent to the property, Triptych Miami is supremely accessible from the Miami International Airport, Brickell and Downtown Miami, and South Beach.

Avison Young achieves highest PSF in Fort Lauderdale’s Cypress Creek submarket with $58.9M Pinnacle Corporate Park sale

cwilliams@achieveagency.com (Clay Williams) — Fri, 04 Jun 2021 16:17:42 GMT

Institutional investor raises capital through online crowdfunding platform for first South Florida asset

Fort Lauderdale, Fla. – Avison Young’s Florida Capital Markets Group closed the $58,875,000 sale of Pinnacle Corporate Park, a two-building, class A office portfolio at 500 and 550 W. Cypress Creek Road in Fort Lauderdale, Florida. The portfolio totals 259,458 square feet on 14.31 acres in Broward County’s Cypress Creek submarket. At $226 per square foot, the sale represents the highest price per square foot in Cypress Creek over the past decade.

On behalf of the seller, a fund managed by DRA Advisors LLC in a joint venture with Banyan Street Capital, Avison Young facilitated the disposition to Pinnacle Corporate Park LLC managed by Feldman Equities based in St. Petersburg, Florida. Pinnacle Corporate Park is Feldman Equities’ first investment property in South Florida. The buyer purchased the property with capital raised through crowdfunding using online platform Crowdstreet.com and plans to invest over $3 million in renovations and fully furnished suites that will allow new tenants to move in quickly.

Avison Young Principals John K. Crotty, CCIM, and David Duckworth led the sales team, which also included Principal and Miami Managing Director Michael T. Fay, Principal Greg Martin, Principal George Vail, Vice President Brian C. de la Fé, and Associate Berkley Bloodworth.

“Pinnacle Corporate Park received intense interest and multiple competitive offers due to its strong occupancy, rental rate growth, lease-up potential, and ideal location just minutes from Interstate 95 and walking distance from the Tri-Rail,” said Crotty. “Although 100% of the property is in use, our Capital Markets team creatively marketed the development potential in the existing parking lot, therefore uncovering the land’s intrinsic long-term value, enhancing overall interest, and ultimately achieving a record price-per-square-foot.”

Avison Young contributed greatly to the increased value of Pinnacle Corporate Park over the past seven years, as the leasing team led by Martin accomplished significant lease-up of the property and ensured 100% tenancy retention during the pandemic. The corporate building is 83% occupied with a diversified mix of tenants, including professional and financial services, healthcare, and technology firms. Following the sale, Avison Young retained the leasing assignment.

“The Pinnacle Corporate Park sale represents the trend of large funds and institutional owners’ confidence to buy and sell large office assets as pandemic-driven concerns wane,” said Duckworth. “In Broward County, we see a strengthening uptick in investor demand for well-located suburban office assets as corporate decision-makers and C-suite executives relocate to South Florida, bringing businesses and money to invest.”

Pinnacle Corporate Park is in the heart of Fort Lauderdale’s Uptown Urban Village, a master plan that supports the development of a thriving, transit-supportive, mixed-use neighborhood. Its offices are less than a mile from Interstate 95 and directly accessible from the Cypress Creek Tri-Rail station.

Cushman & Wakefield Arranges $17M Sale of Fort Lauderdale Warehouse

cwilliams@achieveagency.com (Clay Williams) — Fri, 28 May 2021 20:59:54 GMT

The 155,508-square-foot industrial property last sold for $6.5M in 2014

FORT LAUDERDALE, May 19, 2021 – Cushman & Wakefield has arranged the sale of a 155,508-square-foot industrial asset in Fort Lauderdale for $17 million. The warehouse / distribution center property nearly tripled in value since it last sold in 2014 for $6.5 million.

Cushman & Wakefield’s South Florida Industrial Team of Executive Managing Director Rick Etner , Executive Managing Director Chris Metzger , Executive Managing Director Christopher Thomson and Senior Director Matt McAllister represented the seller, Urso Family Realty, in the transaction. The buyer is 6001 Powerline, LLC.

At 6001 Powerline Road , the property is ideally located less than a mile from Interstate 95 and is also convenient to Florida’s Turnpike, Port Everglades and Fort Lauderdale International Airport. Built in 1970, the facility features 221 parking spaces, 32-foot clear heights and showroom space. The property was 67% occupied at the time of the sale.

“Urso Family Realty listed this property with us after Charles Urso sold his company, Marble of the World, which previously occupied 65,000 square feet in the building,” said Etner. “Despite the significant vacancy, not to mention the challenge of finding a buyer during a pandemic, we are pleased to have closed this sale for very close to the list price.”

“Rick, Matt and the Cushman & Wakefield team helped us achieve a significant return on investment with this sale at $17 million, which is nearly triple our original purchase price,” said Charles Urso. “We appreciate their effort and are pleased to have secured a sale price within a very close margin of our asking price, especially considering Covid-19’s impact on the commercial real estate market.”

The eight-member South Florida Industrial team led by Metzger, Etner and Thomson negotiated just over 13 million square feet of sale and lease transactions valued at more than $262 million in 2020. For more information, please visit www.southfloridaindustrialteam.com .

Miramar Park of Commerce and Memorial Healthcare System Strengthen Partnership During Challenging Covid Year

cwilliams@achieveagency.com (Clay Williams) — Tue, 25 May 2021 17:35:07 GMT

Miramar Park of Commerce donates 50,000 sq. ft. of warehouse space for PPE storage and extra parking for logistics and vaccine roll-out support during the pandemic

MIRAMAR, Fla. (May 19, 2021) – Miramar Park of Commerce, the largest locally owned and managed business park in South Florida, donated 50,000 sq. ft. in temporary space and additional parking to Memorial Healthcare System in an effort to help them meet logistical needs experienced during the height of the pandemic and through the vaccine roll-out. The Park has become a prominent hub of healthcare related companies with Memorial Healthcare most recently renewing its lease for 44,832 sq. ft. of IT flex-office space. That’s part of the more than 200,000 sq. ft. of space Memorial Healthcare leases in the Park.

“As they rolled out the vaccine, Memorial Healthcare required double the amount of parking at its site in the park, which we were able to accommodate,” said Sunbeam Properties Vice President Maridee Bell, who along with Leasing Director Lauren Pace, represents the Park in all leasing transactions. “We were flexible with the parking and were happy to meet additional space requirements for PPE and other supplies at no cost. We always focus on tenant needs, but the pandemic brought it to a new level. We need to help each other during this time. We are all in this together.”

Memorial Healthcare System, one of the largest public healthcare systems in the U.S. and a national leader in quality care and patient, physician and employee satisfaction, has a strong presence in the Park with facilities for administration, training, pharmaceutical, IT and pathology. Excel Construction of South Florida has been the general contractor for all Memorial Healthcare space in the Miramar Park of Commerce.

“Miramar Park of Commerce is a valuable partner to Memorial Healthcare System, offering us the flexibility and space we need to continue to grow our presence,” said David Schlemmer, Vice President of Construction & Property Management, Memorial Healthcare System. “We appreciate how they jumped right in to meet our requests and address concerns as they have arisen, especially with the expansion of many of our services and our staff during COVID-19.”

The system's major hospitals include Memorial Regional Hospital, Joe DiMaggio Children’s Hospital, Memorial Regional Hospital South, Memorial Hospital West, Memorial Hospital Pembroke, and Memorial Hospital Miramar. Bob Banks of R.W. Banks Real Estate represented Memorial Healthcare System in the transaction.

In addition to Memorial Healthcare System, other notable healthcare related tenants in the Miramar Park of Commerce include Humana, Quest Diagnostics, Vitas Healthcare, HCA, Apria Healthcare, TEVA Pharmaceuticals, Codman - a division of Johnson and Johnson and Central Admixture Pharmacy Services – a division of B. Braun and Convey Health Solutions.

“A well-established healthcare hub for more than two decades, the Park has attracted and retains high-profile healthcare and biotech tenants who benefit from our reasonable rates and our central location, which provides them with easy access to Florida’s Turnpike, I-75, I-595 and all South Florida airports and seaports,” noted Bell.

Excel Construction of Florida Completes State-of-the-Art Headquarters for Marble of the World

cwilliams@achieveagency.com (Clay Williams) — Tue, 25 May 2021 17:33:11 GMT

Feature segment planned for SoFlo Home Project

DAVIE, Fla. (May 13, 2021) – Excel Construction of Florida, a leading South Florida-based industrial and commercial construction company, has completed the buildout of a new headquarters for Marble of the World, one of South Florida's largest marble importers and distributors.

“This was an incredible project for us as it is the most high-end design build we’ve ever done for an industrial space,” said Excel Construction of Florida President Eric Wolf. “At Excel we are dedicated to working closely with our clients to ensure projects are efficient, within budget and meet the client’s specific needs. From start to finish, our dedicated team of experts were attentive to every detail and provided high quality construction. As a result, Marble of the World employees and customers will enjoy a stunning new showroom and warehouse.”

Owned by Denver-based Stone Collection, Marble of the World relocated its Broward County headquarters from Fort Lauderdale to Pompano Business Center II, an IDI Logistics property located at 3001 West Copans Road in Pompano Beach, Florida. The location offers visibility from the Florida Turnpike, easy access to major roadways and a central location. Marble of the World is the first tenant of the facility.

Marble of the World occupies 94,264 sq. ft., which encompasses the showroom and warehouse. Excel Construction of Florida assisted in the design and construction, which includes a variety of high-end features such as marble floors, a custom-built trellis and custom millwork and chandelier lighting. Excel was also responsible for the construction of the building within the business center.

“We are excited that the Marble of the World showroom and facility will be featured on an upcoming SoFlo Home Project segment,” noted Wolf. “It’s not every day that your work finds a place on one of Florida’s most popular design shows.”

The buildout was designed by Gensler. Construction on the project was completed in February 2021.

For more information about Excel Construction of Florida, visit excelsf.com

FINFROCK Breaks Ground on 140,000-Square-Foot Precast Concrete Manufacturing Facility in Belle Glade

cwilliams@achieveagency.com (Clay Williams) — Tue, 25 May 2021 16:48:19 GMT

Belle Glade, Florida (May 25, 2021) – FINFROCK, the only vertically integrated design-builder and manufacturing company of its kind in the industry, recently celebrated the groundbreaking of its 140,000-sq.-ft. precast concrete manufacturing facility on 94 acres in the Glades Gateway Commerce Park in Belle Glade, Florida.

Participating in the groundbreaking were FINFROCK CEO Allen Finfrock; City of Belle Glade Mayor Steve Wilson; City of Belle Glade City Manager Lomax Harrelle; and Business Development Board of Palm Beach County President and CEO Kelly Smallridge.

FINFROCK is now clearing the site for construction. The new South Florida facility will serve clients throughout southeast and southwest Florida who will benefit from the efficient and cost-effective services of precast/prestressed concrete design, manufacturing and construction solutions offered by FINFROCK. The company is widely recognized for its proprietary DualDeck Building System, a unique brand of offsite construction that allows projects to be completed significantly faster than with traditional construction methods. Precast/prestressed concrete is aesthetically versatile, low maintenance and environmentally friendly, but is also resilient, offering superior protection in natural disasters like hurricanes.

The project is expected to have a $242 million economic impact on the region and create 200 new higher-wage jobs.

“This is the next major milestone for this project that will have a positive impact on the community and is a significant win for area developers,” said Finfrock. “We see tremendous opportunities to expand our business here in South Florida and beyond.”

In business for 75 years, FINFROCK has earned the reputation as a design-build industry leader, offering clients unrivaled services through its unique and patented building system, commitment to innovation, and expert team of engineers, architects and designers. With all services from start to finish fully integrated under one roof, FINFROCK can efficiently deliver commercial, multifamily and mixed-use projects, cost effectively and at low risk.

Known as the nation’s largest design-builder of parking structures, FINFROCK has designed and built more than 27 million square feet of parking; 300 garages nationwide; and one quarter of a million parking stalls. In addition to parking structures, FINFROCK continues to design and build commercial, multifamily and mixed-use projects and will focus on building more of these in southeast and southwest Florida. FINFROCK’s high-profile clients include many of Florida’s universities, hotels, hospital systems and municipalities.

NAIOP South Florida Presents 42nd Annual Awards of Excellence Winners

cwilliams@achieveagency.com (Clay Williams) — Fri, 21 May 2021 15:29:33 GMT

The commercial real estate development association honored industry achievers for 2020 during a celebration at Marriott Harbor Beach Resort

FORT LAUDERDALE, Fla. (May 21, 2021) – Following a year of uncertainty brought on by the pandemic, NAIOP South Florida hosted the 42nd Annual Awards of Excellence, where the top movers and shakers in the commercial real estate (CRE) industry for 2020 were announced. The jubilant in-person event was an opportunity for members of South Florida’s Commercial Real Estate Development Association to reconnect, network and celebrate with an optimistic eye on the future.

More than 225 industry executives joined NAIOP South Florida in the spacious Ocean Ballroom at the Marriott Harbor Beach Resort for the lively “business beach” themed event with refreshing cocktails and Jimmy Buffett tunes, a seated dinner, and the awards ceremony.

“Challenges often bring opportunities, and that is what we are celebrating this year,” said NAIOP South Florida Executive Director Jules R. Morgan. “Despite the many trials and tribulations of this past year, the professionals in our industry kept their eye on the ball, resulting in significant accomplishments in commercial real estate. We appreciate the ongoing support of our members and sponsors, and we congratulate all of the finalists and winners on their achievements.”

The Awards of Excellence winners are:

Sale of the Year

· Institutional Sale: Bayview Corporate Tower, Cushman & Wakefield

· Private Industrial Sale: Bang Energy Portfolio Sale, CBRE, Inc., JLL & Helms Development & Core5

· Office Sale: 3700 Lakeside Drive, Butters Realty & Management

Industrial Lease Transaction of the Year : Miami 27 lease to Intcomex, Colliers International

Office Lease Transaction of the Year : · Starboard Cruise Services, Cushman & Wakefield

Economic Impact Deal of the Year : Pursuit Boats, Economic Development Council of St. Lucie County

Broker Team of the Year

· Industrial: CBRE team of L. Tom O'Loughlin, Larry Genet, Larry Dinner, Jake Zebede, Michael Oretsky

· Investment: CBRE’s South Florida Institutional Capital Markets Team of A. Chilgren, A. Julian, C. Lee, J. Lobon, M. Minaya, T. Rappa, R. Rose

· Office: Avison Young’s Landlord Agency Team, Ft. Lauderdale, of L. Blumer, J. Cope, G. Martin

· Retail: JLL Miami Retail Team of K. Fernandez-Espinosa, A. Kaye, L. Koniver, R. Romero, Z. Winkler

Broker the Year : George Pino of State Street Realty

Member of the Year : Christopher Thomson of Cushman and Wakefield

Rookie of the Year : Alex VanDresser of Cushman & Wakefield

Project of the Year : The Main Las Olas, Stiles

Developer of the Year : Stiles

“Our market and commercial real estate professionals demonstrated that through a year of adversity, South Florida persevered and became a safe haven for business,” added Awards of Excellence Chair, Immediate Past President of NAIOP South Florida and Senior Vice President of Duke Realty Stephanie Rodriguez. “It is terrific to be able to celebrate the many accomplishments of our finalists and winners in person. The momentum built in 2020, despite the early pandemic pause, is the cornerstone for an even brighter 2021.”

Bridge Industrial Hires David Aschenbrand as VP of Cold Storage

cwilliams@achieveagency.com (Clay Williams) — Wed, 19 May 2021 16:50:26 GMT

Veteran executive will help leading industrial platform expand its portfolio to meet surging demand for cold storage across U.S. major markets

Bridge Industrial ("Bridge") announced today that it has welcomed David Aschenbrand, formerly of Lineage Logistics, as its new Vice President of Cold Storage.

In his new role, Aschenbrand will oversee the day-to-day operations and management of Bridge’s cold storage platform, serving as a key liaison between cold storage users and Bridge’s market officers in the company’s core supply-constrained markets of Chicago, Miami, New Jersey/New York, Los Angeles/San Francisco, Seattle and London.

“Dave brings a unique skill set to Bridge, with years of experience with one of the country’s most active cold storage operators and developers, as well as a sales background that provides insight into what occupiers require when selecting a modern facility,” said Tony Pricco, CIO and Partner at Bridge Industrial. “He will serve as a critical team member for Bridge as we continue to expand our portfolio in response to the surging demand for cold storage. We are extremely excited to have him on board, and look forward to him contributing to our continued success.”

Aschenbrand previously served as Director at Lineage Logistics, where he oversaw all aspects of the transportation and logistics division. As one of five senior leaders of the division, he helped grow its overall revenue by more than 52 percent between 2016 and 2019.

“Bridge is widely recognized as a leader in not just cold storage, but the industrial sector at large, and I’m both humbled and honored to join the team,” said Aschenbrand. “The need for first-class, modern cold storage facilities is greater than ever, as consumers continue to embrace home delivery of everything from fresh produce and meal subscription services to pharmaceuticals. I look forward to applying my expertise and experience to help Bridge expand its already impressive portfolio, and help further solidify our company as leaders in this growing area of the market.”

Prior to Lineage Logistics, Aschenbrand worked in business development roles at third-party logistics and transportation services provider C.H. Robinson Worldwide, as well as material handling solutions company Abel Womack. He also served as co-owner and Vice President of Operations for Diamond Rock Spring Water, a New Jersey-based water delivery service, from 1997 to 2004.

Aschenbrand holds a bachelor’s degree in Health Sciences from Lock Haven University.

6/10/21 Developing Leaders Influential CRE Professionals Series with Christopher Thomson

cwilliams@achieveagency.com (Clay Williams) — Wed, 19 May 2021 16:35:32 GMT

Click here to view Christopher Thomson's bio

When : June 10, 2021
Where : Yard House - 201 Plaza Real, Boca Raton, FL 33432
Time : 4pm - 5pm
click here for directions

Tickets:

Members - Free

Non-Members - $25

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 6750 North Andrews Avenue, Suite 200, Ft. Lauderdale, FL 33309

CBRE ARRANGES $52.25 MILLION SALE and $38.9 MILLION FINANCING OF WESTON CORPORATE CENTER IN WESTON, FLORIDA

cwilliams@achieveagency.com (Clay Williams) — Tue, 11 May 2021 21:27:04 GMT

Weston, FL – May 11, 2021 – CBRE facilitated the successful $52.25 million sale of the fee simple interest in Weston Corporate Center, on behalf of KBS. Weston Corporate Center is a recently renovated Class A office park ideally located in Weston, FL. The property is comprised of two buildings, Weston Corporate Center I & II, that support a combined 149,103 SF.

The buyer, Banyan Street Capital in a joint venture with Independencia Asset Management, is one of South Florida's leading commercial real estate firms and a premier owner and operator of office buildings with a concentrated presence in the Eastern United States.

The seller was exclusively represented by the CBRE Capital Markets team of Vice Chairman Christian Lee and Executive Vice President José Lobón. Senior Vice President Amy Julian with CBRE Debt & Structured Finance arranged the financing on behalf of the buyer. MetLife provided the floating rate loan.

Weston Corporate Center is 94% leased to a variety of credit and nationally recognized corporate tenants and boasts a 4.7 year weighted average lease term. The property’s unique positioning in proximity to South Florida’s major thoroughfares (I-75, I-595, and the Sawgrass Expressway) provides multi-modal access that allows 92% of South Florida’s population to be within a 60-minute drive. Additionally, Weston Corporate Center boasts a market-leading 4.7 per 1,000 SF parking ratio, the highest in Weston and among the highest in Southwest Broward. The property has benefited from $2.4 million of capital improvements over the last three years.

“Weston has distinguished itself as the “Crown Jewel” of the suburban micro markets that make up Southwest Broward because of its excellent demographics and superior market dynamics. The recent improvements to the buildings create an exceptional opportunity to attract tenants and allows the new ownership to capitalize on the property’s highly desirable location,” explained CBRE Vice Chairman Christian Lee.

“The communities surrounding Weston Corporate Center are consistently ranked as one of America’s best places to live. As these executives continue to seek out the limited product that is available in the Weston micro-market, it is putting tremendous downward pressure on vacancy rates,” added CBRE Executive Vice President José Lobón.

The CBRE Capital Markets team also included Financial Analyst Tom Rappa.

DiVosta Towers Continues to Lure Financial Titans as NY-Based NFP Secures Penthouse Office Space in PB Gardens

cwilliams@achieveagency.com (Clay Williams) — Tue, 11 May 2021 18:45:17 GMT

Tower CRE Announces 20,000 SF of New Leases and Reaches 85% Occupancy

MIAMI (May 11, 2021)–DiVosta Towers, the new state-of-the-art Class A office complex located at 3825-3835 PGA Boulevard in Palm Beach Gardens, today announced New York-based NFP has signed a long-term lease to occupy the full penthouse floor and half of the 10 ^th floor in the North Tower, totaling 15,010 square feet of office space. NFP, a leading insurance broker and consultant that provides property and casualty corporate benefits, retirement and individual solutions, will be expanding its presence in South Florida. Gregg Carlin and Will Portfolio of CBRE represented NFP. Jon Blunk and Constance Thomas of Tower Commercial Real Estate and Darryl Kaplan of Darryl R Kaplan Company represented DiVosta Towers.

In addition, Gardens Wealth Management has signed a long-term lease to occupy half of the sixth floor totaling 5,010 square feet. The firm will be relocating from its office at 4440 PGA Blvd. in Palm Beach Gardens. David Browne of Cushman & Wakefield represented Gardens Wealth Management. Jon Blunk and Constance Thomas of Tower Commercial Real Estate Darryl Kaplan of Darryl R Kaplan Company represented DiVosta Towers.

“The quality of construction, design and location make DiVosta Towers the premier asset in Palm Beach County,” stated Jon Blunk, president, Tower CRE. “DiVosta Towers offers everything one could want in an office address. The buildings’ ideal location means tenants have plenty of restaurants and shops within walking distance. The Palm Beach Gardens market has been asking for a top tier project like this for a long time, and these buildings have been overimproved in every way.”

DiVosta Towers has lured several financial service titans to its Class A office space, most recently welcoming Virtu Financial, which announced its expansion outside of New York City securing 10,000 SF of space in the North Tower. Other high-profile tenants include JPMorgan, Tower Hill Insurance, Comiter, Singer, Baseman & Braun, and Foresight Management.

DiVosta Towers features two 11-story office buildings totaling 220,000 square feet and is the city’s first new office space in nearly 10 years. The South Tower was completed in 2019 and the North Tower was completed in Q4 2020.

Inspired by the Louvre Museum in Paris, the buildings make a bold statement and are easily recognized by the pyramid-shaped framework on the crowns of each tower. DiVosta Towers boasts the ultimate in luxury office space with an abundance of amenities for tenants to enjoy. Features include a full-time concierge with controlled elevator access, 10-foot ceilings, floor-to-ceiling impact glass windows, car charging stations, separate tenant controlled air conditioning units for each space, a beautiful ground floor patio that can be used for meetings and events, public art and unobstructed panoramic views from the upper floors. The covered garage provides easy access and reserved parking, convenient to both buildings, with wide aisles and 4:1 parking ratio.

The South Tower offers expansive spec suites that have been completely built out, ranging in size from 2,500-10,000 square feet. The North Tower has 10,000-square-foot floorplates available to be constructed as per tenants’ design.

DiVosta Towers is located at the intersection of Alternate A1A and Kyoto Gardens Drive and can be easily accessed by I-95 and Florida’s Turnpike. The property is close to The Gardens Mall, directly across from Downtown at the Gardens shopping center, and within walking distance to Whole Foods Market and numerous restaurants.

DiVosta Towers was acquired by Gatsby Enterprises, a New York-based real estate firm led by principal Nader Shalom, and Master Mind LLC, led by Babak Ebrahimzadeh in September 2020. For leasing information, please call Jon Blunk (305) 433-1195 or visit https://tower-cre.com

06/02/21 NAIOP FL Advocacy Update: Legislative Session Wrap-Up & Look Ahead

cwilliams@achieveagency.com (Clay Williams) — Mon, 10 May 2021 16:10:17 GMT

Click here to view Chris Carmody's presentation from the below event

Join NAIOP Florida for a Legislative Wrap-up and 2022 Preview

with lobbyist, Chris Carmody of Gray Robinson

What happened during session?

What were the NAIOP wins?

What issues are we pursuing?

Registration Information:

Registration is open to all NAIOP members.

Registration Fee: $10

*Proceeds will benefit NAIOP FL's legislative efforts.*

*Zoom details will be provided to registered guests on June 1st.*

Thank you:

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 6750 North Andrews Avenue, Suite 200, Ft. Lauderdale, FL 33309

Bridge Industrial and PSP Investments Form Joint Venture for UK Logistics Investment

cwilliams@achieveagency.com (Clay Williams) — Fri, 07 May 2021 20:08:53 GMT

Joint venture to assemble portfolio of urban infill last-mile industrial facilities in

Greater London and the UK

Bridge Industrial (“Bridge”) and the Public Sector Pension Investment Board (“PSP Investments”) today announced the establishment of a joint venture to acquire and develop logistics properties in the United Kingdom, targeting a portfolio value of £1 billion ($1.4 billion USD).

The venture has a build-to-core focus, including the acquisition and development of last-mile logistics assets within high-barrier infill submarkets in Greater London and the Midlands region. Bridge will oversee development and the implementation of value-add measures to create state-of-the-art, purpose-built infill industrial assets. The venture will target market-leading sustainability credentials.

“We are excited to form this strategic partnership with PSP Investments as Bridge continues to grow its global portfolio and capital partnerships,” said Sean Zasche, Bridge’s Chief Financial Officer. “Their focus on high-quality, infill real estate and long-term ownership aligns well with Bridge’s business model.”

Bridge’s UK operations are led by Paul Hanley, Partner, who oversees a London-based team of acquisition and development professionals.

“We’re extremely excited about the growth in the logistics industry that is creating strong demand for facilities across the United Kingdom,” said Hanley. “This joint venture with PSP Investments marks the beginning of a long-term partnership that will allow us to continue the strategic expansion of our portfolio.”

PSP Investments is one of Canada’s largest pension investment managers with a diversified global portfolio across public and private markets.

“We are pleased to be partnering with Bridge to invest in the UK logistics sector as we grow our already extensive European logistics portfolio,” said Stéphane Jalbert, PSP’s Managing Director for Europe and Asia Pacific, Real Estate Investments. “Urban logistics is a key sector for PSP globally, given the accelerated growth of e-commerce and the need to adapt real estate to meet shifting consumer behaviour. Bridge has proven development capabilities from which the venture will benefit, enhancing returns beyond the sector trend.”

Sunbeam Properties Names New Vice President

cwilliams@achieveagency.com (Clay Williams) — Fri, 07 May 2021 20:07:44 GMT

Responsibilities include leasing and marketing for Miramar Park of Commerce

MIRAMAR, Fla. (May 63, 2021) – Sunbeam Properties, developer of the Miramar Park of Commerce, South Florida’s largest locally owned and managed business park, has announced the appointment of Ryan Goggins to the newly created position of Vice President of Acquisitions, Leasing and Marketing.

In his new position, Goggins is responsible for industrial acquisitions throughout the southeastern U.S. and will oversee leasing and marketing for Sunbeam’s existing South Florida portfolio, including the Miramar Park of Commerce.

Goggins brings 15 years of experience in commercial real estate to Sunbeam. He joins Sunbeam from Colliers International where he served as director of office and industrial services, focused on leasing advisory services and representing both local and institutional landlords as well as office and industrial occupiers throughout South Florida.

Before joining Colliers, Goggins spent five years as a member of the Sunbeam marketing and leasing team, primarily responsible for the Miramar Park of Commerce where he leased nearly five million square feet of space during that time.

“Ryan is the consummate real estate professional,” said Sunbeam Properties Vice President Maridee Bell. “He has extensive industry experience, understands this market and has tremendous institutional knowledge of Sunbeam and the Park. We are thrilled to have him back with us.”

A South Florida native and second-generation real estate professional, Goggins earned an MBA from Nova Southeastern University and a Bachelor of Science in Real Estate and Finance from Florida State University. He is a resident of Plantation.

“This is a great opportunity for me and one that I am appreciative of,” said Goggins. “I look forward to continuing the success we’ve had in leasing the industrial, office and flex space in the Park.”

Development Site Near Aventura, FL Sells for $10.3M - Aventura Park

cwilliams@achieveagency.com (Clay Williams) — Fri, 07 May 2021 19:59:45 GMT

Tiktin Real Estate Investment Services Brokers Sale

MIAMI (May 7, 2021)—Tiktin Real Estate Investment Services (TREIS), a leading commercial real estate investment sales brokerage firm, today announced the sale of a 2.9-acre development site at 17990 W. Dixie Highway, for $10.3 million. Arbor Management Acquisition Co., under the entity AMAC Holdings III LLC, acquired the site from West Dixie Holdings LLC, part of Transamerican Development Corp. Adam J. Tiktin, president and broker of TREIS, represented Seller. Adam Freeman of Coldwell Banker represented the Buyer. Closing took place May 6th.

The buyer is an affiliate of New York-based AMAC, led by CEO Ivan Kaufman and principal/co-founder Maurice Kaufman. AMAC plans to transform the site into Aventura Park, which would include an 8-story, 236,740-square-foot building and a 6-story parking garage with 290 apartments, 1,450 square feet of retail and 435 parking spaces.

The property sits along the Oleta River, across from Greynolds Park, in the Ojus Urban Area District.

For more information, please call 305-363-4750 or 844-4-TIKTIN or visit www.tiktinrealestate.com .

CBRE Hires Industry Leaders Keith Edelman, Scott Goldstein

cwilliams@achieveagency.com (Clay Williams) — Fri, 07 May 2021 19:57:02 GMT

They will serve as Senior Vice Presidents in the Miami office, representing office tenants

Miami – May 5, 2021 – CBRE is pleased to announce Keith Edelman and Scott Goldstein have joined the firm as Senior Vice Presidents, based in the Miami office and specializing in office tenant representation.

As exclusive tenant advisors, Mr. Edelman and Mr. Goldstein have completed over 10 million square feet of office lease transactions in their careers. They have worked in the market most recently with Colliers, prior to leadership roles at Avison Young.

“Keith and Scott are seasoned partners who are bringing their impressive experience and local knowledge to CBRE, the industry’s leading platform, to capitalize on the wave of activity in South Florida,” said Josh Bank , Managing Director of CBRE’s Miami office. “Keith and Scott are genuine, trusted advisors who are universally liked and respected in the community, and we look forward to their contributions to CBRE.”

Mr. Edelman started his career in 1995 in Chicago, relocating to South Florida in 2004. With more than 26 years of experience, his expertise spans marketing, financial analysis, strategy implementation and lease negotiations. He’s completed sizable transactions for notable clients and has been consistently recognized as an industry leader in the region, including being named two times a “Heavy Hitter” by the South Florida Business Journal. He’s a member of the Greater Miami Chamber of Commerce and is involved with organizations including the Make-A-Wish and Broward County Humane Society foundations.

"I am thrilled to join CBRE,” said Mr. Edelman. “The firm’s best-in-class resources, innovative solutions and dominate global presence will offer our clients, tenants in the office market, a clear advantage during these dynamic times."

Mr. Goldstein will be making a homecoming after beginning his real estate career in June 2000 with CB Richard Ellis (now CBRE). In 2003, he became one of the youngest account managers in the history of the company. In 2004, he joined forces with Mr. Edelman, focusing on end users of office space. He has over 20 years of experience, specializing in tenant representation in the professional services, technology and governmental sectors. Among his skills, he has exceptional expertise in office site selection, evaluation, and lease negotiations. Mr. Goldstein is an active member of the South Florida Office Brokers Association and the Greater Miami Chamber of Commerce. Among his accolades, he’s been recognized as an “Up & Comer” by news outlet The Real Deal and a Costar Power Broker.

"I am excited to be back at CBRE and partner with some of the most experienced, talented and well-respected real estate professionals,” said Mr. Goldstein. “The collaboration will result in a powerful cultural fit that enhances our capabilities, while also providing best-of-class service to our clients.”

Duke Realty Starts ~501K SF Spec Development in Miami 27 Business Park

cwilliams@achieveagency.com (Clay Williams) — Fri, 07 May 2021 19:54:37 GMT

Business Park Anchor Facility Boosts Company’s South Florida Portfolio to More Than 9M SF

WESTON, Florida — May 10, 2021 — The South Florida office of Duke Realty Corporation (NYSE: DRE), the leading domestic only, pure-play logistics property REIT (Real Estate Investment Trust) in the United States, breaks ground on a speculative development totaling 501,224 square feet of logistics space. The planned project is the second of two distribution facilities in Duke Realty’s Miami 27 Business Park in Medley, Florida. The development is immediately adjacent to U.S. Highway 27, with convenient connectivity to the Florida Turnpike, I-75, and State Road 826, a roadway that provides direct access to the cargo area of Miami International Airport.

“Duke Realty is seeing continued demand for modern, convenient logistics facilities, especially for large blocks of distribution space, in South Florida where our in-service portfolio is currently 99 percent leased and our Miami properties are 100 percent leased,” said Stephanie Rodriguez, senior vice president of Duke Realty’s Florida Region. “By moving forward with this speculative development, we gain the competitive advantage of delivering a state-of-the-art logistics facility to a South Florida submarket that currently has a very limited supply of newer, larger industrial space.”

Duke Realty has started construction of Building 1 of Miami 27 Business Park, a 501,224-square-foot facility on 23.3 acres at 10300 NW 121 ^st Way in Medley, Florida. Building 1 will offer a clear height of 36 feet, 53 dock doors and four drive in doors, with capacity of up to 108 overhead door positions, 335 parking spaces and 112 trailer spaces. The facility is being built to LEED ^® certification standards.

“Duke Realty is committed using thoughtful, sustainable practices in its developments — creating beneficial opportunities for our clients and the communities we serve.” said Rodriguez. “Our recent investments in South Florida have increased our in-service or under-construction space to 9.3 million square feet in the market and we continue to look for future growth opportunities.”

Duke Realty’s Miami 27 Business Park was planned as a two-building development. Building 2 of Miami 27 Business Park, a 221,984-square-foot facility at 10310 NW 121st Way, is under construction, scheduled to be complete in July 2021 and is 72 percent pre-leased.

There are pre-leasing opportunities available at Miami 27 Business Park. Contact Lauren Pace at lauren.pace@dukerealty.com or David Loudenslager at david.loudenslager@dukerealty.com .

This activity was among various developments announced as part of the company’s first quarter 2021 activity.

Avison Young completes two consecutive record-breaking property sales in South Miami submarket

cwilliams@achieveagency.com (Clay Williams) — Wed, 05 May 2021 15:21:38 GMT

Office-retail buildings fetch submarket’s highest price PSF signaling heightened investor confidence

Miami – Avison Young ’s Florida Capital Markets group closed the sales of two retail and office buildings in South Miami, Florida. The sales represent two consecutive record-breaking price-per-square-foot transactions for retail and office assets in Miami-Dade County’s South Miami submarket.

On behalf of the sellers, Avison Young Principals Michael T. Fay, who is also Managing Director of the firm’s Miami operations; John K. Crotty, CCIM; David Duckworth; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth completed the following transactions:

Sunset One, a 9,674-square-foot retail and office building at 5875 Sunset Drive in South Miami, sold for $515 per square foot. The property features a stabilized and diverse mix of professional office and retail clients that persisted through the pandemic. With premier dual frontage and visibility from US-1 and Sunset Drive, Sunset One benefits from some of the highest traffic counts for high-street retail in Miami. Avison Young represented the seller, Robert Berrin of Capital Realty Services, Inc., in the disposition to 5875 Sunset Group LLC, a local private family office.
6050 S. Dixie Highway, a two-story retail and office building totaling 4,900 square-feet sold for a record-breaking $714 per square foot. The vacant property, previously the South Miami Pharmacy, is advantageously located adjacent to the South Miami Medical District with frontage along US-1 with entrances to both north and south commuters. Avison Young represented the seller, Dr. Armando Bardisa, Owner and CEO of SMP Pharmacy Solutions, in the disposition to Dr. Roger Khouri, owner of Miami Hand Center, to be used as an additional practice.

“One of Miami’s original live, work, and play environments, South Miami provides an eclectic high-density, mixed-use and low rise multi-tenant setting, complete with office, medical office, and retail,” said de la Fé. “Sunset One’s tenants are positioned to benefit significantly from the influx of residential units that will be delivered to the immediate area in the coming years.”

Since the start of 2021, retail-related property investment activity has picked up in South Miami with notable sales including the Shops at Sunset Place, which sold for $65.5 million, and the Winn-Dixie-anchored site in downtown South Miami, which sold for $18.95 million. As investor confidence steadily ramps up, multi-use properties with high-visibility on highly-trafficked roadways will continue to achieve higher pricing.

“The market’s limited inventory, diverse opportunities, and premier locations provided the perfect equation for the properties to sell at record prices-per-square foot,” said Brais.

Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

Butters Hires Vice President Of Industrial Brokerage Services

cwilliams@achieveagency.com (Clay Williams) — Wed, 05 May 2021 15:10:40 GMT

FT. LAUDERDALE, FLORIDA, May 5, 2021 – Butters Realty & Management is pleased to announce that Paul Shooster has joined the firm as a Vice President – Industrial Brokerage Services. Mr. Shooster will be working out of the Butters Broward County headquarters in Coconut Creek, Florida.

Mr. Shooster comes to Butters with over 15 years of experience in the commercial real estate industry. A South Florida native, Mr. Shooster has extensive local market knowledge, focusing on commercial investment sales and office & industrial leasing and has expanded his expertise to raw land, specifically poised for multifamily, residential, medical office and hotel redevelopment uses.

In his role prior to joining Butters, Mr. Shooster oversaw his family’s commercial real estate portfolio, where he was charged with real estate management and transaction that included investment sales, asset management, and planning.

He studied Business and Philosophy at SMU before volunteering for Israel Defense Forces for three years. He is a licensed real estate agent in the State of Florida.

Grover Corlew Completes 6th Medical Office Building for Resurgens Orthopaedics

cwilliams@achieveagency.com (Clay Williams) — Mon, 03 May 2021 16:43:19 GMT

State-of-the art Henry Surgery Center is located in McDonough, Georgia

McDonough, Ga. (May 3, 2021) – Florida-based real estate investment group Grover Corlew has completed its 6th state-of-the-art medical building for Resurgens Orthopaedics, the largest orthopaedic group in the state of Georgia. Located at 156 Foster Drive in McDonough, the 31,326-sq.-ft. newly constructed Henry Surgery Center is now open.

“We have enjoyed a long-standing relationship with Resurgens Orthopaedics over the years,” said Partner Anuj Grover. “Grover Corlew specializes in identifying land that is ready for development and constructing high quality buildings in record time, as is exemplified by our efficient completion of Henry Surgery Center.”

Grover Corlew purchased the property to build Henry Surgery Center in 2020 and completed the building in January 2021. Resurgens Orthopaedics now occupies 16,624 sq. ft. of the building for clinic, physical therapy and MRI and has an affiliated ambulatory surgery center occupying another 13,603 sq. ft. Capital Anesthesia occupies the remaining 1,099 sq. ft. Atlanta-based Structor Group was the general contractor.

Henry Surgery Center was intentionally designed with the caregiver-patient relationship in mind and incorporates the most advanced technologies, including robotic-arm assisted surgery with the Stryker Mako robot, electric car chargers, a high-powered generator to ensure service is not interrupted, and a FM200 fire protection system for the MRI room. Featuring 27 patient-centered exam rooms, a full MRI room and two X-ray rooms with the newest technologies to service patients efficiently, Resurgens Orthopaedics was designed with a modern and fully equipped open-concept therapy center. The adjacent ambulatory surgical center features two state-of-the-art operating rooms and two procedure rooms, a spacious nurse’s station and 10 comfortable pre- and post-operating stations.

“The new Resurgens Orthopaedics location in McDonough is a top-of-the-line facility that marries the latest surgical and treatment technology with spacious, comfortable patient areas and highly-trained orthopaedic physicians dedicated to getting their patients moving again” said Alex Bateman, Resurgens Orthopaedics CEO. “Grover Corlew has been a partner in developing and completing this new facility and we are excited to welcome patients in McDonough and surrounding cities to our new home and offer them the best orthopaedic care in the area.”

For more than 17 years, Grover Corlew and Resurgens Orthopaedics have worked together to develop new medical office buildings throughout the state of Georgia. Among the buildings Grover Corlew has completed for Resurgens Orthopaedics are the 28,000-sq.-ft. Chastain Medical in Kennesaw; the 17,700-sq.-ft. Stockbridge Medical in McDonough; the 30,195-sq.-ft. state-of-the-art Fayette Surgical building and the 17,500-sq.-ft. Fayette Medical building, both in Fayetteville; and the 32,000-sq.-ft. Southlake Medical in Morrow.

“We have successfully delivered another leading-edge medical building to Resurgens Orthopaedics,” noted Partner Mark Corlew. “Our mission is to exceed expectations while maximizing cost savings for our clients without compromising quality in our buildings. That is why we maintain long-term partnerships with our clients.”

For more information on Grover Corlew, visit grovercorlew.com.

Avison Young awarded 750,000 SF office leasing assignment at GL Commercial’s newly proposed mixed-use lifestyle project spanning 31 acres in Sunrise, Florida

cwilliams@achieveagency.com (Clay Williams) — Mon, 03 May 2021 15:21:06 GMT

Radius at Sunrise office buildings positioned to meet South Florida’s corporate relocation demand

Sunrise, Fla. – Avison Young has been tapped by GL Commercial as the exclusive marketing and leasing agency for the three-building suburban office component of the Radius at Sawgrass in Sunrise, Florida. Spanning 31 acres just off of the Sawgrass Expressway with excellent frontage along Sunrise Boulevard, the proposed mixed-use project consists of 750,000 square feet of office, 50,000 square feet of retail, and 750 residential units.

Avison Young’s Greg Martin, Principal and Managing Director of the firm’s Fort Lauderdale operations; Justin Cope, Principal; and Lisa Blumer, Senior Associate, will lead leasing efforts on behalf of Sunrise-based GL Commercial.

“Corporate relocations continue to ramp up in South Florida as several global brands and businesses currently seek space in the market,” said Martin. “We look forward to engaging the international resources our firm has developed through our integrated consulting and data analytics platform to help secure the right corporate users.”

According to Avison Young’s market analysis, 205 companies moved from multiple regions to Florida since 2018. Post-Covid office users are particularly attracted to lifestyle campuses where employees can live, work, and play. Radius is positioned to draw tenants that desire to be proximate to current major employers in the area, such as Ultimate Software, American Express, Ford Motor Company, HCA Parallon, AT&T, T-Mobile, DHL, and GL Homes.

“With its central location and complementary retail and multifamily components, Radius at Sawgrass offices are ideal for companies interested in a Southeastern footprint,” added Martin. “As a global firm, our team members collaborate across markets and partner with economic redevelopment agencies to identify corporations interested in relocating headquarters or staking new flags in South Florida.”

Newly Constructed Shoppes at Starkey Ranch in Odessa Sells for $11.5 Million

cwilliams@achieveagency.com (Clay Williams) — Mon, 03 May 2021 15:16:08 GMT

Tiktin Real Estate Investment Services Brokers Deal

MIAMI (April 29, 2021)—Tiktin Real Estate Investment Services (TREIS), a leading commercial real estate investment sales brokerage firm, today announced the sale of Shoppes at Starkey Ranch, a brand new 17,122 square-foot retail center and 3,565 SF Chase Bank outparcel at 12225-12359 State Road 54 in Odessa, FL. Clearwater-based KW Partners sold the site through its affiliate, KW Realty Fund III, LLC, to New Jersey-based B.H.B.M.C. LLC, an entity of Brown Family Trust, for $11.5 million via a 1031 Exchange. Adam J. Tiktin, President and Broker of TREIS, represented both the Buyer and Seller in this transaction. Closing took place April 29th.

Situated on 4.46 acres, Shoppes at Starkey Ranch was completed in Q1 2021 and is fully leased to 11 tenants. Daniel Solomon and David Eggnatz of Katz & Associates oversaw the leasing for the project. The property is located in a high traffic area just off the signalized corner of State Road 54 and Trinity Boulevard with excellent access and visibility to over 74,500 vehicles per day.

For more information, please call 305-363-4750 or 844-4-TIKTIN or visit www.tiktinrealestate.com .

Downtown Fort Lauderdale Leasing Veteran Norm Adams Joins CBRE as Senior Vice President

cwilliams@achieveagency.com (Clay Williams) — Wed, 28 Apr 2021 20:17:47 GMT

Mr. Adams will focus on Class-A office leasing in Broward County

Fort Lauderdale – April 26, 2021 – CBRE has hired Norm Adams, who will serve as Senior Vice President in CBRE’s Fort Lauderdale office. Mr. Adams continues a career of pursuing investor leasing opportunities in downtown Fort Lauderdale and Broward County.

“Norm is a proven office advisor with more than 30 years of experience in the downtown market,” said David Bateman , Managing Director for CBRE’s offices in Fort Lauderdale, Boca Raton and West Palm Beach. “Not only is he a Fort Lauderdale native and resident, but Norm has the highest leasing volume in the history of downtown Fort Lauderdale. We are excited to welcome him to CBRE.”

Mr. Adams comes to CBRE from South Florida-based full-service real estate firm Stiles, where he oversaw the company’s downtown Class-A office portfolio. In his new role at CBRE, he will continue to represent Stiles, leasing over 300,000 square feet in their downtown Fort Lauderdale portfolio including the Class-A buildings Plaza at Las Olas and AutoNation Tower.

“I’m excited to join CBRE and engage with their global platform that’s known for delivering best-in-class real estate solutions to its clients,” said Mr. Adams.

Joining CBRE is a homecoming for Mr. Adams as he also spent ten years working for Trammell Crow Company. In his career, he has executed more than 500 transactions, valued over $500 million. His accolades include NAIOP’s Broker of the Year and Office Lease of the Year.

06/03/21 NAIOP's Economic Development

cwilliams@achieveagency.com (Clay Williams) — Tue, 27 Apr 2021 22:21:32 GMT

Click here to view David Chanon's bio

Click here to view Michael Finney's bio

Click here to view Jenni Morejon's bio

Click here to view Kelly Smallridge's bio

Click here to view Bob Swindell's bio

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 6750 North Andrews Avenue, Suite 200, Ft. Lauderdale, FL 33309

Cushman & Wakefield Arranges 35K SF Lease with Vetio Animal Health in South Florida

cwilliams@achieveagency.com (Clay Williams) — Wed, 21 Apr 2021 20:32:18 GMT

The leading developer and manufacturer of pet medication is expanding its presence within Palm Beach Park of Commerce, with plans to add 40+ high-paying job

PALM BEACH COUNTY, FL, April 21, 2020 – Cushman & Wakefield has arranged a 35,000-square-foot lease at Palm Beach Park of Commerce with Vetio Animal Health , the largest contract development and manufacturing organization dedicated to pet health in North America. The St. Louis-based company, which currently operates from a 40,000-square-foot facility within the Class A industrial park, is nearly doubling its footprint to support its growth.

The Cushman & Wakefield South Florida Industrial Team of Executive Managing Director Christopher Thomson , Executive Managing Director Chris Metzger , Executive Managing Director Rick Etner , Senior Director Matt McAllister and Associate Alex VanDresser negotiated the lease on behalf of the landlord, MDH Partners .

Palm Beach Park of Commerce is a 1,200-acre, master-planned industrial park that will comprise 6.5 million square feet of high-quality warehouse and distribution space upon completion. Vetio will occupy 35,000 square feet in a 220,000-square-foot building at 15335 Park of Commerce Blvd., which was completed in 2019. The lease brings the building to 84% occupancy.

“Palm Beach Park of Commerce is one of South Florida’s newest premier industrial parks, well-suited for a wide variety of users from distribution companies to manufacturers like Vetio Animal Health,” said Thomson. “We are pleased to have helped this growing company expand in Palm Beach County, despite competitive market conditions, while quickly bringing this Class A building to full occupancy on behalf of our client, MDH Partners.”

Vetio is currently implementing a multi-million-dollar capital investment program to build out the space. The Business Development Board of Palm Beach County, Inc. assisted Vetio with expedited permitting with Palm Beach County.

The new facility will support Vetio’s growing liquid dermatology business and marks the introduction of solid dosage supplement development and manufacturing to its growing portfolio of animal care products. The company currently employs approximately 100 professionals in South Florida and plans to add 40 or more jobs with the completion of the new space.

Duke Realty Adds Lauren Pace to South Florida Team

cwilliams@achieveagency.com (Clay Williams) — Wed, 21 Apr 2021 20:27:27 GMT

INDIANAPOLIS – April 13, 2021 – Duke Realty Corporation (NYSE: DRE), the largest domestic-only, pure-play logistics property REIT (Real Estate Investment Trust) in the United States, welcomes Lauren Pace as senior leasing representative for Duke Realty’s South Florida office. In her role, Pace will negotiate and secure lease commitments from new and existing tenants in the company's South Florida industrial portfolio, while also networking with the brokerage community to generate new business opportunities in the company’s growing Florida region.

“Duke Realty continues to invest heavily in the growth of our Florida region, especially in opportunities to develop more modern space in the South Florida submarkets where inventory is limited,” said Stephanie Rodriguez, senior vice president of Duke Realty’s Florida region. “Lauren has worked in the commercial real estate industry for the past ten years, most recently securing and negotiating lease agreements and I have no doubt that her expertise will help us expand our best-in-class portfolio.”

Pace joins Duke Realty from Sunbeam Development Corporation where she served as a leasing director in the company’s Miramar, Florida office. Prior to joining Sunbeam, she worked at Cushman & Wakefield as a senior research analyst where she earned the company’s MVP award in 2012 and 2014. Pace earned her Bachelor of Business Administration degree in real estate and marketing from Georgia State University. Pace is a member of the NAIOP South Florida board of directors, currently serving as board secretary. She was a NAIOP Rookie of the Year nominee in 2019 and named NAIOP South Florida member of the year in 2020. Pace is also a member of the Commercial Industrial Association of South Florida (CIASF).

NAIOP Florida Legislative Efforts Result in Major Reduction to the Business Rent Tax

cwilliams@achieveagency.com (Clay Williams) — Wed, 21 Apr 2021 15:14:56 GMT

FORT LAUDERDALE, Fla. (April 20, 2021) – NAIOP South Florida, the Commercial Real Estate Development Association, has announced that a significant cut to the Business Rent Tax – the sales tax on rents under commercial leases – is on the horizon.

The Florida chapters of NAIOP, the Commercial Real Estate Development Association, have long recognized that this tax, which is unique to Florida, is an undue burden on commercial landlords and tenants. Due in part to NAIOP’s continued advocacy over the past several years, incremental reductions have been achieved. Now, with the passage of SB50 on April 19, 2021, which enforces Florida’s existing sales tax on online purchases, a truly meaningful cut will be made.

The initial proceeds from the online sales tax will be directed to the unemployment tax fund for businesses. When that fund collects $4,017,000,000, which could occur as soon as 2023, the Business Rent Tax will automatically be reduced from 5.5% to 2.0%.

This is projected to save Florida businesses over $1,000,000,000 in taxes annually that can be reinvested into their companies, employees and communities.

“This success is a credit to NAIOP Florida’s tireless effort and validates our belief that the Business Rent Tax is bad for business. It is real progress toward our ultimate goal – the elimination of this onerous tax,” says Trey Wilson, NAIOP Florida’s 2021 President and a partner at the law firm of Driver, McAfee, Hawthorne & Diebenow, PLLC in Jacksonville.

Leadership from each of Florida’s five NAIOP chapters – Tampa, Central, Northwest, Northeast and South Florida – actively engaged lawmakers in multiple virtual visits and letter-writing campaigns during the 2021 legislative cycle. A central focus of those visits was lowering, and eventually eradicating, the Business Rent Tax.

“The passage of SB50 will lead to a meaningful reduction in the business rent tax, creating parity for brick-and-mortar businesses and benefiting the entrepreneur/small business community, which is the back-bone of commercial real estate and the American economy,” said NAIOP South Florida President Ryan Nee, First Vice President and District Manager of Marcus & Millichap. “This win for the commercial real estate community and the business community is a great reminder of the advocacy efficacy of NAIOP and a call to action for everyone in the business community to become a part of NAIOP.”

Avison Young releases new interactive 1Q 2021 South Florida office market reports

cwilliams@achieveagency.com (Clay Williams) — Mon, 19 Apr 2021 19:37:24 GMT

Avison Young released its new interactive South Florida office market reports for first-quarter 2021. The reports include data visualizations for rents, vacancy rates, leasing activity, and more.

Below, I’ve included summaries for each South Florida office market. The section title for each market is hyperlinked to the corresponding report, and at the end of each summary, you’ll find a link to an interactive dashboard which allows you to see specific data and analytics for the market and its submarkets.

Miami Office Market Report (Q1 2021)

Strong incentives programs are attracting considerable activity from new to market tenants and there is an unprecedented amount of pent-up leasing activity. Tenants currently in the market include Microsoft (30,000 sf), Chicago-based hedge fund Citadel (80,000 sf), and Baker & McKenzie for an unspecified amount. Several major office developers (Hines, Related Cos., Adler Group, Kushner Cos./Block Capital Group) are moving forward with significant new office and mixed-use projects despite a wave of new supply in 2019 and 2020, which will keep upward pressure on vacancy rates in the near term. Click here to explore full interactive analytics for Miami-Dade County and its submarkets.

Fort Lauderdale Office Market Report (Q1 2021)

Total vacancy in Fort Lauderdale’s office market has risen by 100 basis points (bps) since the end of 2020 to 17.3%, with sublease space growing slightly by 20 bps over the same trailing 90-day period to an 11-yr high of 1.2%. The greatest concentration of sublease space remains in Sawgrass Park, where it has reached 3.4%. Leasing activity during the first quarter in Fort Lauderdale was a bit slow, accounting for just over 310,000 square feet (sf), however that was tempered by the -346,360 sf of recorded net absorption. Asking rents have grown by a moderate 1.3% over the last quarter to a current $35.18 per sf although deal terms have led to a slight deceleration in overall effective rents. Investors continue to gain confidence and sales activity is beginning to rebound, with the most notable sale of the quarter involving the $44.2 million acquisition of Cypress Financial Center by Vision Properties. Click here to explore full interactive analytics for Broward County and its submarkets.

Palm Beach Office Market Report (Q1 2021)

NewDay USA, a home mortgage originator to veterans, announced plans to open a second U.S. headquarters at The Related Companies (“Related”) new 360 Rosemary building as hedge fund Elliott Management also looks to lease 40,000 square feet in the building. Financial giant Goldman Sachs also plans to move its asset management division to South Florida, and recently posted dozens of job listings with West Palm Beach as the location. Related has been very bullish on downtown West Palm Beach and is rumored to have two key deals under contract that would allow them to control the majority of all class A space downtown with 1.6 million sf under ownership. Click here to explore full interactive analytics for Palm Beach County and its submarkets.

An Important Announcement from Bridge

cwilliams@achieveagency.com (Clay Williams) — Thu, 15 Apr 2021 16:43:43 GMT

"To our valued partners and peers:

We wanted to bring a couple of changes to your attention. We have updated our website and have a new name - Bridge Industrial (“Bridge”).

Since our founding in 2000, our focus has been on the major supply-constrained industrial markets in the U.S — our native Chicago, Miami, New Jersey/New York, Los Angeles/San Francisco, and Seattle – and as of November 2020, in London. Our focus in these regions has been on complicated problem-solving, ground up development and value-add acquisition investments.

The new name serves as a recognition of our evolution from a vertically integrated industrial real estate operating company to a firm specializing in both real estate operations and investment management.

As a key step to expanding our access to capital and investment management capabilities, we hired a new Chief Financial Officer, Sean Zasche, last year. Sean and his growing team are responsible for launching dedicated investment vehicles focused on build-to-core development, value-add, and core/core-plus acquisitions.

Although our name has changed slightly, our focus, execution, and commitment to our partners remains constant.

We look forward to continuing our relationships with all of you as we forge ahead as Bridge Industrial."

Steve Poulos

Founder, CEO and Partner

Current Builders breaks ground on Platform 3750

cwilliams@achieveagency.com (Clay Williams) — Mon, 12 Apr 2021 20:49:12 GMT

Transit-Oriented Project Features Workforce Housing, Retail and Office Space

Pompano Beach, FL (April 9, 2021)-- Current Builders ( www.CurrentBuilders.com ) is proud to announce they have broken ground on a new transit-oriented project called Platform 3750 located in Miami next to the Douglas Road Metrorail Station. Platform 3750 will feature workforce housing along with office and retail space and a parking garage. Cornerstone Group of Hollywood is the developer and Kobi Karp is the architect. The project’s expected completion is Fall 2022.

“This is an exciting new project in an area that is undergoing rapid redevelopment,” said Michael C. Taylor, CEO and President. “Current Builders is very proud to have been selected for this project which is being helmed by our Vice President of Construction Goran Ljustina.”

The project is a conventional construction build and will include 191 rental apartments, approximately 29, 500 square feet of office space, approximately 21,000 square feet of retail space and 400 parking spaces. Aldi grocery store and Starbucks have already signed on as tenants, and the Cornerstone Group will be moving its headquarters to the building. In addition, the county’s Community Action and Human Services Division and City Commissioner Raquel Regalado will also lease office space.

Platform 3750 is being built on county owned land and is receiving funding from the city of Miami’s “Forever Bonds” as it includes workforce housing. Of the 191 apartments, 78 are designated for people making up to 60% of the area median income. This redevelopment project was conceived to enhance economic activity in West Grove, a historically Black neighborhood, that is in dire need of affordable housing and income opportunities. According to the developer, the project will bring an expected 300 jobs to the area.

T his project has a mix of financing including a $60.5 million loan through the HUD 220 program, $8 million from the county’s surtax program, a $3.5 million city government obligation bond, a $1.95 million city HOME loan, $1.4 million from the county economic development fund, and $5 million in tax credit equity.

Miller completes 31,344 SF Henderson Behavioral Health facility

cwilliams@achieveagency.com (Clay Williams) — Mon, 12 Apr 2021 20:47:22 GMT

FORT LAUDERDALE, Fla. – Miller Construction has completed a new 31,344-square-foot Crisis Stabilization Unit (CSU) for Henderson Behavioral Health in Fort Lauderdale, helping the non-profit healthcare provider achieve a vital milestone for mental health services in South Florida.

Henderson Behavioral Health is relocating its CSU to the new state-of-the-art, two-story structure on its main campus at 300 SW 27 Avenue, near Downtown Fort Lauderdale. Compared with the previous location, a 1950’s-era building in Lauderdale Lakes, the two 24-bed units double capacity and offer a structured, therapeutic and non-institutional environment for individuals experiencing a behavioral health crisis.

“Working closely with us from the initial design stages, Miller’s team delivered smart, innovative solutions and exceptional value,” said Henderson Behavioral Health CEO Steve Ronik, Ed.D. “Creating the new CSU on a site close to the existing clinical services building within our main campus, they phased and performed the work to minimize inconvenience and ensure the safety and comfort of our staff and patients.”

Miller’s crews first installed a lift station and sewer line to tie into the city’s sanitary system, and removed the site’s septic tank. They reconfigured public and staff parking areas for the existing building before commencing CSU construction.

The new facility with advanced access control accommodates patients in four “stand-alone” secure units. Each unit includes six patient rooms, visitor/activity areas, living/dining rooms and quiet social spaces. The structure also features a reception area, offices, exam rooms, staff lounges and an outdoor recreation area. Miller’s project team installed millwork, finishes and soothing colors that create a homelike environment, while also addressing critical security and communications systems.

Generating savings through precise cost controls, Miller helped Henderson Behavioral Health design the new building’s sound system and its Bi-Directional Amplifier (BDA) system that ensures full-building RF signal coverage for first responder radios. Savings paid for design of a new irrigation system using well water instead of metered water.

“Henderson Behavioral Health’s vision for creating a fully modern CSU with a welcoming, therapeutic environment was crucial to Broward County’s future,” said Miller Construction President Brian Sudduth. “As an essential link in our community’s mental health system, the organization cares for more than 22,000 people in need each year. We’re pleased that the CSU will make a significant difference.”

P roject team members included Fort Lauderdale firms FSMY Architects + Planners (design), Consulting Engineering Services (MEP) and Bryntesen Structural Engineers (structural) as well as Sun-Tech Engineering of Sunrise (civil).

MIAMI LIGHTHOUSE FOR THE BLIND EXPANDS CLASSROOMS AND NAMES ITS SCHOOL MIAMI LIGHTHOUSE ACADEMY AT “TOPPING-OUT” CEREMONY

cwilliams@achieveagency.com (Clay Williams) — Fri, 09 Apr 2021 23:55:33 GMT

MIAMI – Miami Lighthouse for the Blind celebrated the “topping-out” of its expanded facility with a ceremony on March 31 unveiling its school’s new name, Miami Lighthouse Academy. In a multifaceted educational approach to serving students who are blind, the school which contains pre-kindergarten, kindergarten, first and second grades, is one component within the Miami Lighthouse’s Children’s Programs. Other Children’s Programs include Early Intervention for Blind Babies and services for elementary and middle school children during the summer, school holidays and Saturday.

The “topping-out” ceremony pays homage to a long-held construction tradition marking the installation of the highest piece of structural steel on the new building’s fifth floor roof. Construction is expected to be completed in time to begin the new school year in August 2021.

Miami Lighthouse, located for nearly 90 years at what would become known as “Little Havana”, at 601 Southwest 8 ^th Avenue on the Mary M. and Sash A. Spencer Campus, hosted the “topping-out” ceremony in collaboration with Miller Construction Company and Wolfberg Alvarez Architects. The 30,000-square-foot expansion to the current 115,000-square-foot facility was made possible by private donations in response to challenge grants from local philanthropists.

This classroom expansion will enable Miami Lighthouse Academy to have the capacity to teach blind kindergarten, first and second grade students in a highly accessible learning environment separate from their early learning Pre-school/Pre-kindergarten early learners.

Blind and visually impaired children from communities throughout Miami-Dade learn side-by-side with their sighted classmates from the surrounding neighborhood, ages one through four enrolled in our 50/50 inclusive learning environment that has been recognized as a national model for inclusive learning.

This unique learning initiative, in partnership with Miami-Dade County Public Schools, The Children’s Trust and the Early Learning Coalition of Miami Dade/Monroe, addresses a need identified by the U.S. Department of Education to support inclusion of children with disabilities and school readiness in a high quality learning environment. The Miami Lighthouse Academy has been designed as a safe, family centered program with a wide array of tactile experiences through which early learners explore the world around them in an accessible, engaging and fun way.

E stablished in 1930 by Dolly Gamble with the aid of Helen Keller and support from the Miami Lions and Miami Rotary Clubs, Miami Lighthouse is the oldest and largest private agency in Florida assisting persons of all ages who are blind and visually impaired. Today, Miami Lighthouse annually transforms the lives of 90,000 blind and visually impaired people, babies to seniors, and their families. The impact of programs is statewide, national, and international. For more information about Miami Lighthouse for the Blind and Visually Impaired, visit MiamiLighthouse.org , or call 305-856-2288.

BUTTERS GROUP ACQUIRES COMMERCIAL DEVELOPMENT SITE IN POMPANO BEACH FOR $3.9 MILLION

cwilliams@achieveagency.com (Clay Williams) — Wed, 07 Apr 2021 21:33:14 GMT

Tiktin Real Estate Investment Services Brokers Deal

MIAMI (April 6, 2021)—Tiktin Real Estate Investment Services (TREIS), a leading commercial real estate investment sales brokerage firm, has announced the sale of a 6.14-acre vacant site ripe for redevelopment at 1698 N. Andrews Ave. in Pompano Beach, FL. Butters Group, led by Malcolm Butters, acquired the site from Florida Waves Project, LLC for $3,911,333. Adam J. Tiktin, President and Broker of TREIS, represented both the Buyer and Seller in this transaction. Closing took place April 6 ^th .

The property is located just off I-95 between West Atlantic Boulevard and West Copans Road and offers 920 feet of frontage along North Andrews Avenue. The site is situated in a predominantly industrial area, near powerhouse companies such as UPS, Whole Foods, Public Storage, Old Dominion, Cemex, Restaurant Depot and more. The site is zoned for office and industrial use.

For more information, please call 305-363-4750 or 844-4-TIKTIN or visit www.tiktinrealestate.com .

04/22/21 Developing Leaders Influential CRE Professionals Series with Ben Genet

cwilliams@achieveagency.com (Clay Williams) — Wed, 07 Apr 2021 16:30:26 GMT

When : April 22, 2021
Where : Tap 42 Fort Lauderdale - 1411 S Andrews Ave, Fort Lauderdale, FL 33316
Time : 4pm - 5pm
click here for directions

Tickets:

Members - Free

Non-Members - $25

Limited spots so RSVP today!

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 6750 North Andrews Avenue, Suite 200, Ft. Lauderdale, FL 33309

05/20/21 Awards of Excellence

cwilliams@achieveagency.com (Clay Williams) — Tue, 06 Apr 2021 19:37:55 GMT

NAIOP'S Awards of Excellence

Click here to view the 2021 Awards of Excellence photos, sponsored by Duke Realty!

Congratulations to our Awards of Excellence Winners:

Sale of the Year - Institutional:
Bayview Corporate Tower, Cushman & Wakefield

Sale of the Year:
Private - Industrial:
Bang Energy Portfolio Sale, CBRE, Inc., JLL & Helms Development & Core5

Private - Office:
3700 Lakeside Drive, Butters Realty & Management

Industrial Lease Transaction of the Year:
Miami 27 lease to Intcomex, Colliers International

Office Lease Transaction of the Year:
Starboard Cruise Services, Cushman & Wakefield

Broker Team of the Year
Industrial:
CBRE team of Larry Dinner, Larry Genet, Tom O'Loughlin, Michael Oretsky & Jake Zebede

Investment:
CBRE’s South Florida Institutional Capital Markets Team of A. Chilgren, A. Julian, C. Lee, J. Lobon, M. Minaya, T. Rappa, R. Rose

Office:
Avison Young’s Landlord Agency Team, Ft. Lauderdale of L. Blumer, J. Cope, G. Martin

Retail:
JLL Miami Retail Team of K. Fernandez-Espinosa, A. Kaye, L. Koniver, R. Romero and Z. Winkler

Broker the Year:
George Pino of State Street Realty

Rookie of the Year:
Alex VanDresser of Cushman & Wakefield

Member of the Year:
Christopher Thomson of Cushman & Wakefield

Economic Impact Deal of the Year:
Pursuit Boats, Economic Development Council of St. Lucie County

Project of the Year:
The Main Las Olas, Stiles

Developer of the Year:
Stiles

When : May 20, 2021
Where : Fort Lauderdale Marriott Harbor Beach Resort & Spa

3030 Holiday Dr, Fort Lauderdale, FL 33316
Time : 5:30pm - 8:30pm
click here for directions

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 6750 North Andrews Avenue, Suite 200, Ft. Lauderdale, FL 33309

Tiktin Real Estate Brokers $16.5 Million Sale of Multi-Tenant Office Building in Hallandale Beach, FL

cwilliams@achieveagency.com (Clay Williams) — Mon, 05 Apr 2021 16:51:35 GMT

MIAMI (April 1, 2021)—Tiktin Real Estate Investment Services (TREIS), a leading commercial real estate investment sales brokerage firm, has announced the sale of an 11-story, 117,668 square-foot multi-tenant office building at 1250 E. Hallandale Beach Blvd. in Hallandale Beach, FL. The buyer, Soliman Corp, an affiliate of 1250 E. Hallandale LP, acquired the property from Murray Family Associates, an affiliate of KEI Properties, for $16.5 million. Adam J. Tiktin, president and broker of TREIS, represented both the Buyer and Seller in this transaction. Closing took place March 31st.

Originally constructed in 1973, the building is 78 percent leased. The city of Hallandale Beach is one of South Florida’s most dynamic and fast growing cities. The building is situated on over 2.5 acres of land and located just two miles from the Aventura Mall and less than a mile away from Gulfstream Park.

For more information, please call 305-363-4750 or 844-4-TIKTIN or visit www.tiktinrealestate.com

BRIDGE Inks 287,000 SF Lease, Welcomes CITY Furniture to the Tenant Mix at Bridge Point Commerce Center in Miami Gardens, FL

cwilliams@achieveagency.com (Clay Williams) — Thu, 01 Apr 2021 16:07:39 GMT

Phase I of the 2.6 MSF+ Class-A industrial park is more than 80 percent leased; Phase II is on schedule to be delivered early 2023

Bridge Development Partners (“BRIDGE”), a privately-owned development and acquisition firm of Class-A industrial properties, today announced it has inked a new industrial lease totaling 286,991 square feet at Bridge Point Commerce Center in Miami Gardens, Fla.

CITY Furniture, one of Florida’s largest home furnishing retailers, continues its noteworthy expansion across the state and signs a long-term lease to fully occupy Building C. The national Top 25 furniture retail company will utilize the space as a new distribution center. This newest lease brings Phase I of Bridge Point Commerce Center, which encompasses 1.1 million square feet of the 2.6 million-square-foot, Class-A industrial park, to more than 80 percent leased.

“We are pleased to have been able to meet all of CITY Furniture’s requirements and welcome them to our premiere tenant mix of companies that continue to choose Bridge Point Commerce Center to call home,” said Kevin Carroll, Partner, Southeast Region for BRIDGE.

Ryan Cronin, Director of Real Estate and Finance, CITY Furniture, added, “We are excited to be a part of Bridge Point Commerce Center. Wes Shelton and Dan Smith with SMMRE represented CITY, and they did a great job showing us all of the available warehouse options throughout Miami-Dade County. After looking at many, many different sites it became apparent that Bridge Point Commerce Center is the perfect spot for us. With easy access onto the Florida Turnpike, it will allow us to continue to execute on our goal of same-day delivery throughout Miami-Dade County. The team at CBRE and Bridge Development were fantastic to work with, and we look forward to being a part of Bridge Point Commerce Center for many years to come.”

The CBRE team of Tom O’Loughlin, SIOR, David C. Albert, Devin White and Larry Genet represented the developer, BRIDGE, in the transaction. CITY Furniture was represented by Wes Shelton and Daniel L. Smith PA/Broker, Smith Moses Morris & Associates Real Estate, Inc.

“There were several key factors that played into the tenant’s decision to sign on at Bridge Point Commerce Center, including responsive ownership, immediate occupancy and the world-class corporate park environment that supports CITY Furniture’s desire for same-day delivery and limited in-person customer pickup,” said O’Loughlin. “Most importantly, thanks to the park’s prime location along the County Line, the park allows for easy distribution across the region. We look forward to continuing our leasing momentum.”

Aaron Hirschl, Vice President of BRIDGE added, “Demand continues for well located, modern industrial facilities such as Bridge Point Commerce Center, which is strategically situated to serve the Tri-County Region with ease. We look forward to going vertical on Phase II of the project so we may continue to meet local market demand.”

Phase I of the Class-A industrial park, consisting of three buildings totaling 1.1 million square feet, was delivered in January and is also home to HapCor, one of the leading grocery distributors to the Caribbean and Latin America, as well as one of the world’s largest retailers. Site work is underway for Phase II of the project, which encompasses two buildings, totaling 1.5 million square feet and is on schedule to be delivered in early 2023.

Strategically located between Miami-Dade and Broward Counties on a 185-acre site at 4310 NW 215 ^th Street, Bridge Point Commerce Center offers Florida Turnpike frontage with 155,310 cars passing per day. Divisible to 40,000 square feet, the first two buildings in Phase I are 286,991 square feet with 32’ clear ceiling heights and the third is a 534,816-square-foot, cross-dock facility with 36’ clear ceiling heights. Divisible to 80,000 square feet, Phase II features two buildings that are 794,230 square feet each with 36’ clear ceiling heights. The park’s location is equidistant from Miami International Airport and Fort Lauderdale International Airport and offers immediate access to all points in South Florida via the Florida Turnpike and I-75. Build-to-suit and build-to-own opportunities are also available.

BRIDGE, one of South Florida’s most active industrial real estate developers, has acquired 493 acres in 16 separate transactions throughout Miami Dade and Broward Counties and delivered approximately 7 million square feet of Class-A industrial space across the region since entering the market in 2012. The company’s current South Florida portfolio spans more than 3 million square feet.

For more information about Bridge Point Commerce Center or to schedule a tour, contact CBRE’s Tom O’Loughlin, SIOR at (954) 356-0468 or David C. Albert at (305) 381-6474.

Bridge Secures $78.24 M in Financing for Bridge Point AVE at Miami-Opa Locka Executive Airport, FL

cwilliams@achieveagency.com (Clay Williams) — Mon, 29 Mar 2021 17:03:34 GMT

The three-building, nearly 600,000 SF Class-A industrial park is 72% preleased and on schedule to be delivered in the third quarter of 2021

Bridge Development Partners (“BRIDGE”), a privately-owned development and acquisition firm of Class-A industrial properties, today announced it has secured $78.24 million in financing to develop Bridge Point AVE at Miami-Opa Locka Executive Airport. The three-building, 589,887-square-foot industrial business park is more than 72 percent preleased and on schedule to be delivered in the third quarter of 2021.

The loan was issued by Canadian Imperial Bank of Commerce (CIBC) and secured by Steve Roth of CBRE’s Debt & Structured Finance team.

“We fast tracked the development of Bridge Point AVE to meet local market demand for well located, Class-A warehouse and distribution space,” said Kevin Carroll, Partner, Southeast Region for BRIDGE. “We are on schedule for a third-quarter delivery, having nearly completed Building 1 and tilted the walls on Buildings 2 and 3. Fueled by the unprecedented growth in the e-commerce sector, the overall market response to Bridge Point AVE has been extremely positive with preleasing activity exceeding our expectations.”

BRIDGE acquired the nearly 50-acre, Bridge Point AVE development site in late 2019. Strategically located within the master-planned AVE, Aviation and Commerce Centre, Bridge Point AVE is a three-building, Class-A industrial business park. Building 1, located at 5590 NW 145th St, consists of 199,800 square feet; Building 2, located at 14150 NW 56th Ct, consists of 110,588 square feet; and Building 3, located at 14250 Aviation Drive, consists of 279,499 square feet. All three buildings feature modern amenities to maximize efficiency, plus an ESFR suppression system.

Conveniently located in central Miami-Dade County, Bridge Point AVE is surrounded by Florida’s major expressways connecting it to the furthest parts of South Florida’s tri-county region in under an hour and a half. The Palmetto Expressway to the north and the Gratigny Parkway to the south serve as direct connections to the Turnpike, Interstate 95, and Interstate 75.

For more information about Bridge Point AVE or to schedule a tour, please contact Avison Young’s Wayne Schuchts at (305) 504-2032 or Bobby Benton (954) 903-1811.

Avison Young closes sale on Marriott hotel property in Miami’s Coconut Grove neighborhood

cwilliams@achieveagency.com (Clay Williams) — Tue, 16 Mar 2021 16:41:29 GMT

Developer buys Residence Inn near newly renovated upscale lifestyle center CocoWalk

Miami – Avison Young’s Florida Capital Markets Group closed the sale of the Residence Inn Coconut Grove, a three-building, 140-unit hotel at 2835 Tigertail Avenue in Miami’s vibrant Coconut Grove area.

Avison Young Principals John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; David Duckworth; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth closed the sale on behalf of the seller, Hersha Hospitality Trust. The buyer was AB Asset Management LLC, managed by Getzy Fellig and Sam Zalmanov.

“The Residence Inn received strong interest because of its Coconut Grove location near the newly renovated CocoWalk retail and dining destination, the 750,000-square-foot mixed-use Mayfair in the Grove development, and several other exciting new projects that contribute to the area’s live-work-play appeal,” said Crotty.

S ituated at the intersection of Tigertail Avenue and Mary Street, the property sits on over two acres at the entry-point of the Grove’s business district, just a few minutes walking distance from shopping, dining venues, and multiple parks overlooking Biscayne Bay. The neighborhood has proven itself as a destination for high-end condominium use, with recent high-rise developments Park Grove, Grove at Grand Bay, and Mr. C Residences.

Avison Young closes $8.3M sale of 33,720 SF Weston Commerce Center office building in South Florida

cwilliams@achieveagency.com (Clay Williams) — Wed, 10 Mar 2021 21:54:09 GMT

The second of a two-building portfolio sold in two separate transactions totaling $17.2M

Weston, Florida – Avison Young’s Florida Capital Markets Group closed the $8.3 million sale of the 33,720-rentable-square-foot landmark office building, Weston Commerce Center, at 1625 N Commerce Parkway in Weston, Florida. The asset was the second of the seller’s 100% occupied, two-building portfolio to sell within three months, both sales totaling $17.2 million.

The seller, HRE/SEFIRA Weston Office, LLC, a joint venture between Highline Real Estate Capital and Sefira Capital, acquired the portfolio in 2017 for $13 million. Fox Ridge Capital, LLC, was the buyer in the recent 1625 N Commerce Parkway transaction.

On behalf of the seller, the Weston Commerce Center sale was completed by Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth. The team also facilitated the sale of the portfolio’s other building, a J.P. Morgan Chase Bank-anchored building at 1040 Weston Road, for $8.9 million in December 2020.

“Weston Commerce Center maintained its 100% occupancy rate during the pandemic, which is a testament to the strength of the asset and the market and what attracted strong investor interest,” said Duckworth. “Our client, with the support of the Avison Young leasing team, worked diligently to increase the portfolio’s value and led to a notable return on investment following the sales.”

At the time of the HRE/SEFIRA acquisition in 2017, the properties were 82% occupied. Over the course of three years, the ownership partners increased occupancy to 100% and grew the portfolio’s net operating income by nearly 45%.

“When we acquired the portfolio, we recognized the strength of the Weston submarket and saw the opportunity to drive occupancy and rental rates through the completion of aesthetic improvements and proactive asset management,” said David Moret, President of Highline Real Estate Capital. “With the assistance of Avison Young’s leasing team including Principal Greg Martin and Senior Associate Lisa Blumer, the buildings reached full occupancy well ahead of schedule, and we were able to substantially increase rental rates, which ultimately led to two successful sales during a pandemic after a hold period of less than four years.”

Miller Construction Begins 153,496 SF Cypress Pointe Distribution Center In Pompano Beach for Developer Foundry Commercial

cwilliams@achieveagency.com (Clay Williams) — Tue, 09 Mar 2021 13:53:37 GMT

POMPANO BEACH, Fla. – Miller Construction has started construction on Cypress Pointe Distribution Center alongside developer Foundry Commercial, bringing 153,496 square feet of next-generation warehouse/industrial space to the northeast Broward market.

Centrally located on 9.2 acres at 1899 SW 13th Court in Pompano Beach, Cypress Pointe Distribution Center marks Miller Construction’s tenth major project with Foundry Commercial. Designed by RLC Architects of Boca Raton, the single-building, tilt-wall development close to Interstate 95 and Florida’s Turnpike will maximize logistical efficiency with 54-foot column spacing, 32-foot clear ceiling height and a 120-foot truck court. Foundry Commercial is developing the business park for owner Link Logistics Real Estate, a Blackstone portfolio company.

“With today’s resurgent demand, Pompano Beach offers strong development opportunities,” said Foundry Commercial Principal David Blount. “The city’s central location and dynamic redevelopment efforts, in addition to its business-friendly climate and the area’s ready workforce enhance the outlook for new industrial and distribution space in the market.”

Cypress Pointe Distribution Center is on a fast-track for completion in the second quarter of 2021, according to Miller Construction President Brian Sudduth. Leasing is being directed by Cushman & Wakefield, whose fourth-quarter 2020 Marketbeat report showed the average net rent for Pompano Beach warehouse/distribution space rising with active demand. Construction project team members include Miami-based engineers Puga & Associates, Inc. (MEP) and DDA Engineers, as well as Flynn Engineering of Fort Lauderdale (civil).

Design/build and construction services firm Miller Construction is also underway with Foundry Commercial’s 312,592-square-foot Midpoint Miami Logistics Park in Hialeah Gardens, and two more projects for the developer are under contract to begin before year-end, Sudduth said.

The Easton Group Begins Construction on $20 Million Industrial Project in Doral

cwilliams@achieveagency.com (Clay Williams) — Tue, 02 Mar 2021 18:30:06 GMT

127,150-square-foot warehouse/distribution facility to be built on one of the last remaining parcels within International Corporate Park

Miami, Fla.— March 2, 2021-- The Easton Group has started construction on a 127,150 square-foot warehouse/distribution facility in Doral, Florida. The $20 million project is planned for a 7-acre parcel within International Corporate Park (ICP), a 300-acre Class A industrial park developed by Easton.

The 1500 NW 97th Ave. property is the last significant vacant site for industrial use within ICP.

“Based on the current demand for quality warehouse space, driven mostly by ecommerce, we think the timing is right to bring new product to the market,” said Edward W. Easton, chairman of The Easton Group. “With rising lease rates and shrinking inventory, it just makes sense.”

The building is designed for 30-foot clear height, 42 dock-height doors and 140 parking spaces. The asking rent is $9.95 per square foot net.

ICP, which is near 100 percent occupancy, is ideally located in central Doral with easy access to PortMiami and Miami International Airport. The new warehouse/distribution center will front busy Northwest 97th Avenue providing exceptional visibility.

“We have been talking to a number of companies who love the location and are very interested in taking the space,” said Dalton Easton, an associate with Easton & Associates who will handle leasing along with Tom Kimen, a vice president. “We have the flexibility to bring in a single user or to divide the building into several bays for multiple tenants.”

City National provided a $12 million construction loan. The project is expected to be finished during the fourth quarter of 2021.

The Butters Industrial Team of JC Conte, SIOR & Brian T. Ahearn, CCIM Lease 52,900 Square Feet at 2880 SW 42nd Street, Hollywood, Florida 33312 in Port 95 Commerce Park for TA Realty

cwilliams@achieveagency.com (Clay Williams) — Mon, 01 Mar 2021 21:29:22 GMT

COCONUT CREEK, FL – The Butters Realty & Management Industrial Brokerage Team of JC Conte, EVP - SIOR & Brian T. Ahearn, SVP - CCIM represented TA Realty in a long-term lease renewal of 52,900 square feet to Great Healthworks. The Port 95 Industrial Park has over 2 million SF of warehouse and distribution space which is strategically located to service the Tri-County and beyond. This transportation nexus is in close proximity to I-95, SR 84, I-595, the Florida Turnpike, Fort Lauderdale International Airport and minutes away from Port Everglades. It makes it the perfect location for companies in Aviation/Aerospace, Marine Technology, Food/Nutritional distribution and manufacturing and warehousing and logistics. This long-term lease renewal with Great Healthworks has stabilized the occupancy for TA Realty in their two buildings which total 151,389 square foot at 100%.

As one of the largest vertically integrated direct-to-consumer companies in the United States, Great HealthWorks is dedicated to delivering quality health and wellness products. Since 2003, the company’s cornerstone product, OmegaXL®, has improved the lives of millions of consumers. Supported by 30 years of clinical research, OmegaXL’s powerful and proven benefits have transformed the lives of athletes, celebrities and dedicated daily users. OmegaXL is widely recognized as a leader in natural relief from pain due to inflammation. With corporate headquarters and a state-of-the-art packaging and distribution center in Fort Lauderdale, Florida, Great HealthWorks’ “Under One Roof” vertically integrated approach is a proven success. Through the company’s unique capability to seamlessly innovate, launch and ship products direct-to-consumers, Great HealthWorks is set to win today and tomorrow.

“It has always been our pleasure to work with an exceptional landlord like TA Realty. The Butters Industrial Team is pleased to have added seamless value to the lease renewal process for both its landlord and their tenant.” Said JC Conte, Director of Industrial Brokerage Services at Butter Realty & Management.

Grover Corlew Appoints New Senior Development Manager

cwilliams@achieveagency.com (Clay Williams) — Fri, 26 Feb 2021 18:52:39 GMT

BOCA RATON, Fla. (February 24, 2021) – South Florida-based real estate investment management group, Grover Corlew, announces the addition of Matthew Lynch as Senior Development Manager for the firm’s multifamily development projects.

“As we continue to expand our portfolio, we have been strategically adding talented professionals to our team,” said Partner Mark Corlew. “Matt’s experience, leadership and tenacity will be an incredible asset to Grover Corlew in a highly competitive commercial real estate environment.”

Lynch brings more than 10 years of experience in commercial real estate to his new role as Senior Development Manager. Most recently, Lynch was involved in the development of more than 2,000 South Florida luxury rental units with a total market capitalization of nearly $500 million during his tenure with both Trinsic Residential Group and Altman Development, where he worked in similar development roles. Previously, Lynch was a commercial mortgage-backed securities senior financial analyst for LNR Property in Miami Beach.

“We are thrilled to have Matt join our growing team of development professionals,” added Partner Anuj Grover. “There’s a tremendous energy in our office with the addition of three new hires, just in this new year alone, and with several up-and-coming projects in the pipeline here in South Florida and beyond.”

A resident of Boca Raton, Lynch earned a Bachelor of Business Administration (BBA) in Finance from Southern Methodist University.

For more information on Grover Corlew, visit grovercorlew.com.

BRIDGE Announces Promotion of Brenda Gonzalez to Assistant Manager, Development in Miami

cwilliams@achieveagency.com (Clay Williams) — Fri, 26 Feb 2021 18:39:54 GMT

Gonzalez to assist the Miami Development team with entitlement, construction and completion of existing projects, as well as due diligence on new deals

Bridge Development Partners (“BRIDGE”), one of South Florida’s most active industrial real estate developers, today announced the promotion of Brenda Gonzalez to Assistant Manager, Development in its Miami office. In this capacity, Gonzalez will assist the Development team with entitlement, construction, and completion of existing projects, as well as coordinate diligence on potential deals.

“This promotion is well deserved,” said Kevin Carroll, Partner, Southeast Region for BRIDGE. “Brenda has been a tremendous asset to BRIDGE and an invaluable team member in the Miami Office over the past few years. Her unwavering commitment to BRIDGE and her dedication to serving our clients is commendable, and we are proud to recognize her achievements.”

Gonzalez joined BRIDGE in 2018 and assists in managing the development process of the firm’s assets in Florida. Prior to Bridge, Brenda worked at Bercow Radell Fernandez & Larkin where she handled the administrative duties and oversaw firm finances. Brenda holds her Florida Real Estate License and graduated from Florida International University with a master’s in Marketing and Analytics and a bachelor’s in Finance.

BRIDGE has acquired 493 acres in 16 separate transactions throughout Miami Dade and Broward Counties and delivered approximately 7 million square feet of Class-A industrial space across the region since entering the market in 2012. The company’s current South Florida portfolio spans more than 3 million square feet.

NAIOP Florida Announces Newly Elected 2021 Officers & Directors

cwilliams@achieveagency.com (Clay Williams) — Wed, 24 Feb 2021 15:15:15 GMT

ORLANDO, FLORIDA. (February 22, 2021) – The Florida chapter of NAIOP, the Commercial Real Estate Development Association, representing commercial real estate developers, owners and related professionals in office, industrial, retail and mixed-use real estate, has announced its newly elected officers and directors for 2021, led by President Trey Wilson.

“There has never been a more important time to be sure that the voice of commercial real estate is heard in Tallahassee,” said Trey, a commercial real estate attorney at Driver, McAfee, Hawthorne and Diebenow, PLLC in Jacksonville. “This will be a challenging year. But with the hard work of the incredibly talented members of the NAIOP Florida Board, I expect continued successes on behalf of our industry. I am honored to serve as President.”

NAIOP Florida’s 2021 Officers include:

President: Trey Wilson, Driver, McAfee, Hawthorne and Diebenow, PLLC

President Elect: Clayton Bricklemyer, Bricklemyer Law Group

Treasurer: David Smith, Danis Construction

Secretary & Immediate Past President: Darcie Lunsford, Butters Realty and Management

NAIOP Florida’s 2021 Board of Directors includes:

Jody Barry, Project Management Advisors

Brendon Dedekind, Prologis

Brian DePotter, First Pointe Advisors

Brandon McFarren, Catalyst Healthcare Real Estate

Chris Palmer, SVN l Southland Commercial Real Estate

Ron Weaver, Stearns Weaver Miller Alhadeff & Sitterson

NAIOP Florida’s officers and directors will lead the organization through 2021. Each member has a wealth of knowledge and experience in the commercial real estate industry, which will serve the organization’s advocacy efforts. This year’s Florida Legislative Session began on January 11, 2021.

Florida is the #3 state in the U.S. for overall contributions to state GDP created by CRE development, creating and supporting 220,212 related jobs and contributing $27.7 billion to the state’s economy in 2020. The findings were presented in the annual study, “ Economic Impacts of Commercial Real Estate, 2020 U.S. Edition ,” released last week by the NAIOP Research Foundation. The study measures the contributions to GDP, salaries and wages generated, and jobs created and supported from the development and operations of commercial real estate.

“Many factors point to a commercial real estate rebound in 2021,” said Thomas J. Bisacquino, president and CEO of NAIOP. “Obviously, we dealt with several unknowns and unexpected challenges in 2020. The pandemic accelerated trends already progressing in real estate. The warehouse sector has flourished as e-commerce demand intensified; office space has been impacted by tenant demand, as remote work options expand and companies rethink space needs; and the retail sector struggled as shoppers preferred to buy online. Nonetheless, commercial real estate construction and development sectors remain solid, valuable contributors to the U.S. economy, and we have a bright future as the economy continues to improve.”

T he 1,000-member NAIOP Florida is a coalition between the state’s five regional chapters in South Florida, Central Florida, Tampa Bay, Northeast Florida and Northwest Florida. It works to advance responsible commercial real estate development in the state and advocates for effective public policy.

Butters and Greystar Team Up for Large Multifamily & Industrial Development in Miami

cwilliams@achieveagency.com (Clay Williams) — Thu, 18 Feb 2021 16:43:14 GMT

Miami, FL – Butters Construction & Development and Greystar are pleased to announce that they have formed a joint venture and have acquired 45 acres at NW 97 ^th avenue and NW 170 ^th Street, Miami to develop a 360-unit multi-family project and 500,000 square foot industrial park. This mixed-use project, named Miami Midway, will have a total value in excess of $200 million upon completion in 2023.

“This was a unique opportunity to acquire 45 acres of ready to build land in Miami Dade. We immediately jumped on that opportunity as these size parcels are non-existent in metro Dade County, and the chance to develop a project of this size with a firm like Greystar, was a dream come true as they have extensive multi-family experience and we are one of the leaders in the industrial development world” said Malcolm Butters, President of Butters Construction & Development.

“Access is paramount when selecting our development sites. The I-75 visibility, along with future and underway access improvements will bring more jobs and residents to the immediate area. It’s one of the rising stars in Miami-Dade” commented Adam Vaisman, Director of Acquisitions, Butters Construction & Development.

“We are thrilled to have the opportunity to partner with a firm like Butters to develop an institutional, Class-A industrial project of scale and a Class-A multifamily garden deal within Miami-Dade County. The multifamily project will consist of approximately 360 units in three-story surface parked product, with extensive green areas, high end finishes, and best of class amenities. These two developments are complementary to the over $850MM of development we have already executed across the tri-County area of South Florida” said Lewis Stoneburner, Managing Director for Greystar’s Florida development and construction business.

T he 45 acres was acquired from Terra Group for $53 Million. Construction is projected to start in Q4 of 2021. CBRE was responsible for introducing Butters & Greystar. Whitman Peterson will serve as a capital partner for the industrial component of the project and Greystar’s affiliated capital purchased the multifamily land.

Current Builders Announces 5201 Congress Groundbreaking

cwilliams@achieveagency.com (Clay Williams) — Wed, 17 Feb 2021 17:34:51 GMT

POMPANO BEACH, FL---Current Builders ( www.currentbuilders.com ) is preparing to break-ground on their latest project in Boca Raton. The 5201 Building is an eight-story structure with 284 units and an 827-space, six-level parking garage. The project’s development team is PG Mainstreet NCC 5201 Apartments, LLC, which is a collaboration between two seasoned South Florida developers comprised of Robert Mathias and father/ son duo Paul and Brian Kilgallon. The market rate rental is the seventh project Current Builders has collaborated on with Mainstreet Capital Partners and RLC Architects. Over the course of more than a decade, the three firms have partnered on projects of all sizes and scopes, crossing commercial and residential markets with a construction value of more than $100 million.

“We are looking forward to getting started on this exciting new project,” said Michael C. Taylor, CEO & President. “We are honored to once again be working with the outstanding team members at Mainstreet Capital Partners and RLC Architects. During the past ten years, we have developed a tremendous synergy with these industry leaders, and together we have created a comprehensive portfolio that has enhanced the South Florida landscape.”

This is Current Builders’ second project with Robert Mathias, President of New Century Companies; the firms partnered most recently on The Lumin, which was sold to Bell Partners Inc. for $56.5 million in fourth quarter 2020. Mathias is a seasoned developer in the South Florida region credited with more than $600 million of residential and commercial product including 4 West Las Olas, Cade, Caspian Delray, Franklin at Delray Beach, The Heritage Club Delray and Royal Poinciana Townhomes.

The 5201 Building will be located at The Park at Broken Sound, which was developed as a business park but has expanded to include multifamily housing. The amenity-rich 5201 project will include a large clubhouse, a fitness room, a yoga room, a business center, a pet grooming room and an interior courtyard with a pool.

G roundbreaking is scheduled for February 2021 with an estimated 18-month delivery schedule. The project team is being led by Ryan Kelley, Current Builders’ Partner and Vice President of Construction. Kelley will be joined by the same team that recently completed the Aura Boca project at the corner of Yamato Road and Congress Avenue; directly east of the 5201 project.

Avison Young secures two lease transactions totaling 28,503 SF at Ponce Circle Tower in Miami’s Coral Gables submarket

cwilliams@achieveagency.com (Clay Williams) — Tue, 16 Feb 2021 18:29:30 GMT

Law firm Wicker, Smith, O’Hara, McCoy, & Ford recommits to 27,238-SF office space

Miami – Avison Young negotiated two lease transactions totaling 28,503 square feet at Ponce Circle Tower, a class A office building at 2800 Ponce de Leon Boulevard in Coral Gables, Florida. Wicker, Smith, O’Hara, McCoy & Ford, P.A., signed a 27,238-square-foot long-term renewal, and Corona Family Limited Partnership signed a new 1,265-square-foot long-term lease.

On behalf of the landlord, TA Realty, Avison Young Principal Donna Abood, who is also Managing Director of the firm’s Miami office, Vice President Joe Abood, and Associate Peyton Dowd facilitated the transactions.

“Wicker Smith is the anchor tenant of Ponce Circle Tower, and securing another long-term lease commitment from the firm was of great importance to ownership,” said Ms. Abood. “Both the Wicker Smith renewal and the new lease with Corona Family Limited Partnership represent a tremendous team effort on the part of our project management, property management, and leasing teams as well as ownership.”

According to Avison Young research, office leasing activity in Miami remains steady with renewals making up the majority of notable lease signings. In the Coral Gables submarket, class A rental rates have grown to $47.49 which underscores the area’s continued health.

Avison Young has been the exclusive leasing agency for Ponce Circle Tower since 2019. The property consists of a 15-story tower supporting 146,202 square feet plus a six-story parking structure featuring a contemporary design with expansive glass and pre-cast curtail wall providing expansive views of Biscayne Bay, Coconut Grown, Downtown Miami, and Coral Gables.

A vison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

Bridge Development Partners Announces $2.2 Billion in Transactions During 2020

cwilliams@achieveagency.com (Clay Williams) — Wed, 03 Feb 2021 18:43:46 GMT

Leading national industrial platform completes 11.5M SF in transactions, expands internationally, and reorganizes executive team

Bridge Development Partners, LLC ("BRIDGE"), a privately-owned development and acquisition firm of Class A industrial properties, today announced that it completed over $2.2 billion in transactions during 2020.

BRIDGE acquired 10 properties totaling approximately 6.5 million square feet, valued at over $1.4 billion across BRIDGE's five regional offices located in Chicago, Miami, New Jersey/New York, Los Angeles/San Francisco and Seattle during 2020, in the midst of the global pandemic. BRIDGE also sold 13 projects totaling approximately 5 million square feet, and $800 million of value during 2020.

Additionally, BRIDGE began efforts to complement its expertise and successful track record with expanded access to capital and investment management capabilities, which included restructuring its executive team. Notable developments included the hiring of Sean Zasche, previously of CA Ventures, as CFO. Tony Pricco is Partner and CIO, while Steve Groetsema continues his role as Partner and COO, a role he assumed in 2019.

“I am excited to have helped contribute to such a successful year at BRIDGE and look forward to leveraging my capital markets experience to fuel the company's continued growth and drive returns for our investors in 2021,” said Zasche. “Our executive team is well-positioned to serve our current and future capital partners, catalyze our entry into new markets, and prepare us for the launch of new investment vehicles.”

While the COVID-19 pandemic caused significant disruptions across commercial real estate, BRIDGE found success in each of its five supply-constrained US markets, striking a number of milestone transactions for the company, as well as opening its first international office in London in November.

The most notable transaction for the company last year was the sale of an 11-building portfolio to a large institutional open-ended fund totaling 1.65 million square feet valued at over $240 million, which represents the final assets of what was a larger, 20-building, 4 million square foot portfolio.

BRIDGE particularly saw success in the Northeast Region in 2020, where it transacted on six projects totaling 5.8 million square feet valued at over $1.2 billion.

“Even in a highly unusual year that was drastically altered by COVID-19, our team’s accomplishments have been nothing less than monumental. Despite the unprecedented challenges, our persistent hard work and dedication made it not just a successful year, but one of our best to date,” said Bridge Development Partners Founder & CEO Steve Poulos. “We expect demand for state-of-the-art industrial facilities in infill markets will continue to grow in the years ahead, and we look forward to meeting that demand.”

NAIOP South Florida Announces 2021 Board of Directors and Executive Board

cwilliams@achieveagency.com (Clay Williams) — Fri, 29 Jan 2021 15:20:24 GMT

Marcus & Millichap First Vice President and District Manager Ryan Nee will serve as president

FORT LAUDERDALE, Fla. (January 28, 2021) – NAIOP South Florida, the Commercial Real Estate Development Association, has announced the following officers for its 2021 Board of Directors:

President is Ryan Nee, Marcus & Millichap First Vice President and District Manager
President-Elect is Christopher Thomson, Cushman & Wakefield Executive Director
Secretary is Lauren Pace, Sunbeam Properties & Development Leasing Associate
Treasurer is Alex Gulick, Procacci Development Corporation Chief Financial Officer

“I am looking forward to a rewarding new year in commercial real estate,” said Nee. “As president, I will work to facilitate new alliances among members that will support personal, professional and economic development throughout the tri-county. While the pandemic limited face-to-face engagement in 2020, we are eagerly committed to offering new ways for our members to engage and thrive in 2021.”

Executive committee members are: Ciminelli Real Estate Services of Florida Managing Director Marty Busekrus; Avison Young Principal Greg Martin; FirstPointe Advisors Managing Partner Brian DePotter; Miller Construction Company Senior Vice President Traci Miller; and NAIOP PAC President and Butters Realty & Management Executive Vice President Darcie Lunsford. Duke Realty Senior Vice President, Regional Stephanie Rodriguez is immediate past president.

“We are so fortunate to have such a talented group of industry professionals to serve as our board leaders,” said NAIOP South Florida Executive Director Jules R. Morgan. “There is no question that 2020 brought us unanticipated challenges professionally and personally. We are putting that behind us with an exciting calendar of programming in 2021 and are bringing a renewed energy and focus as the trusted partner to South Florida’s commercial real estate community.”

Serving on the NAIOP South Florida 2021 Board of Directors are:

Berger Commercial Realty President and CEO Lloyd Berger;
Foundry Commercial Vice President David Blount;
JLL Managing Director Audley Bosch;
Brody & Associates Managing Shareholder Evan Brody;
Risk Strategies Company Senior Vice President Dan Cioci;
Grover Corlew Principal and NAIOP national board member Mark Corlew;
Marcus & Millichap First Vice President C. Todd Everett;
Genet Property Group President Ben Genet;
Prologis Vice President Jonathan Guffey;
Parkway Real Estate Services Principal John Guitar;
Butters Group Director of Investments Kyle Jones;
GFA International President Fred Kaub;
Raymond James Financial Advisor Marc Kopelman;
Colliers International South Florida Vice Chairman of Institutional Investor Services Ken Krasnow;
Bridge Development Partners Development Executive Vice President Brian Latta;
Workspace Property Director of Leasing Mike Nathanson;
Itasca Construction Associates Vice President Sandra Pabon;
CBRE First Vice President and Michael Silver;
Tower Commercial Real Estate Senior Managing Director Stephen Smith;
Stiles CEO and Board Director Kenneth Stiles; and
Current Builders President Michael Taylor

Miller completes 427,856 SF BMW Pines Collision & Garage complex for Holman Automotive

cwilliams@achieveagency.com (Clay Williams) — Thu, 28 Jan 2021 19:49:34 GMT

PEMBROKE PINES, Fla. – Miller Construction has completed the 427,856-square-foot BMW of Pembroke Pines Collision Center and Inventory Garage, a six-story structure whose design echoes BMW’s high-performance image.

Located just east of Interstate 75 at 14800 Sheridan Street, the facility complements Holman Automotive’s adjacent BMW of Pembroke Pines dealership. The new six-story, precast double-tee concrete building is Miller’s seventh project for Holman Automotive. It features a state-of-the-art collision center on the ground floor, with parking on floors two through six for the dealership’s inventory.

The project included dewatering portions of the site and installing foundations four to six feet into the water table, according to Miller Construction President Brian Sudduth. “Keeping the dealership fully operational throughout, our crews staged and lifted about 1,200 precast components on the tight site,” Sudduth added, “including precast concrete panels, concrete double tees, beams and columns. We appreciated the City’s responsive communication, as we were able to stay on track with inspections and keep everyone safe.”

Visible from I-75, the new center designed by FSMY Architects and Planners of Fort Lauderdale features aluminum louvered panels on its north wall and architectural grids to create living “green walls” on its other exterior facades. Creating the collision and service center, Miller’s crews coordinated installation of 37 in-ground car lifts, plus alignment racks, car frame aligning machines, paint booths, a free standing car wash, tire carousels and other shop equipment items.

“Miller’s ability to anticipate and solve complex issues, giving us extremely accurate estimates during preconstruction, is a major business advantage for our team,” said Holman Automotive Executive Vice President Glenn Gardner. “Through their efforts, we’ve achieved the upscale design and highly efficient workflow we envisioned for this new center.”

The ground floor also includes parts storage areas with metal mezzanines and racking, locker rooms, advisor areas and offices. Interior customer service and waiting areas feature upscale finishes built to BMW’s national showroom standards. The upper levels of the garage have high-intensity LED lighting to add “visual pop” when the dealership’s sales associates take customers through the garage in a golf cart to view more vehicle choices, and there are 64 car chargers on the upper levels for new electric BMWs.

Project team members included engineering firms Winningham & Fradley of Oakland Park (civil), Bryntesen Structural Engineers of Fort Lauderdale (structural) and FAE Consulting of Deerfield Beach (MEP).

Miller Construction’s previous projects for Holman Automotive include the award-wining Lauderdale BMW showroom and the 209,023-square-foot BMW/MINI Service Center, both in Fort Lauderdale, as is Holman’s Lauderdale Imports luxury brands dealership that showcases Aston Martin, Bentley and Rolls Royce. Holman Automotive’s Audi Pembroke Pines dealership, previously built by Miller, is immediately west of the BMW dealership.

Avison Young closes $14M sale of Le Jeune Station development site in Miami

cwilliams@achieveagency.com (Clay Williams) — Thu, 28 Jan 2021 17:17:37 GMT

Multifamily developer demand rises as Miami sees growth in key industries and corporation influx

Miami – Avison Young’s Florida Capital Markets Group negotiated the $14 million sale of Le Jeune Station, a ±2.79-acre development site encompassing nearly an entire city block near the Le Jeune Road and NW 7 ^th Street intersection in Miami. The site’s 10-parcel footprint at 4238-42 NW 7 ^th Street represents a mixed-use development opportunity with a zoning mix allowing a total as-of-right density of ±260 units. A successful up-zoned project could boast ±300 residential units and more than 625,000 square feet.

“The Le Jeune Station sale signifies continued demand from developers seeking quality multifamily sites in South Florida, as the market has seen growth in key sectors despite the pandemic and has become a magnet for companies and individuals desiring to escape high taxes and population density,” said Crotty. “The site is ideal for an area-defining project due to its prime location along the Le Jeune Corridor, which runs from Miami International Airport to the north and Coral Gables to the south.”

M arket research shows that where many U.S. metro markets saw significant rent drops in 2020, Miami’s multifamily rents have remained stable. Despite overall employment losses, several industries have gained jobs year-over-year, such as tech, which saw a workforce increase of 3% in 2020. Avison Young expects Miami rents and vacancy rates to outperform the U.S. average over the next 12-24 months; therefore, developers remain motivated to buy now.

02/25/21 NAIOP's Industrial Virtual Event

cwilliams@achieveagency.com (Clay Williams) — Wed, 27 Jan 2021 21:56:10 GMT

NAIOP South Florida’s national award-winning Industrial Series continues…This 2021 kick-off will be a brief look-back and a focus on the future of Industrial Real Estate in South Florida. These seasoned professionals which include Audley Bosch of JLL, Michael Falk of Colliers International, Aaron Hirschl of Bridge Development Partners and Matthew McAllister of Cushman & Wakefield, moderated by Christopher Thomson of Cushman & Wakefield, will speak about the current pandemic and the effects on supply chains, available capital, what is upcoming in the development chain of our once robust economy and how it has affected our commercial real estate industry, as well as what they foresee in the future for South Florida.

Gemstones will be invited to experience in-person presentations, and all others will be able to view this educational event via our Zoom platform.

Click here for Christopher Thomson's Bio

Click here for Audley Bosch's Bio

Click here for Michael Falk's Bio

Click here for Aaron Hirschl's Bio

Click here for Matthew McAllister's Bio

Interested in becoming a NAIOP South Florida Gemstone Partner? Please contact Jules Morgan at jules.morgan@naiopsfl.or g

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 1500 W Cypress Creek Rd., Ste 420, Ft. Lauderdale, FL 33309

Avison Young tapped by Boynton Beach to lease new Town Square innovation & retail opportunities

cwilliams@achieveagency.com (Clay Williams) — Tue, 26 Jan 2021 20:02:41 GMT

Boynton Beach, Fla. – Avison Young has been selected to lease a unique office space designated for innovative and entrepreneurial business concepts as well as two café spaces at the new Boynton Beach Town Square. Located at 100 E. Ocean Ave., Town Square represents a public-private partnership between the City of Boynton Beach, its Community Redevelopment Agency, and E2L Real Estate Solutions, master developer of the 16.5-acre complex anchoring the heart of downtown Boynton Beach, Florida .

The Town Square project involves the $118 million renovation of the historic Boynton Beach High School into an Arts and Cultural center, a Children’s Schoolhouse Museum, a fire station, police station, residential, retail, hospitality, public amenities, parking garages, a library, and a new City Hall to create positive community and economic impact.

Specifically, Town Square leasing availability includes:

A 1,850-square-foot innovation and collaborative office space at City Hall with direct access to onsite conference facilities. A creative private enterprise or a higher education institution looking to expand, promote economic growth, and deliver valuable services to Boynton Beach businesses and the community would be ideal for the space, such as a startup business incubator or a co-working operator. The city’s Department of Economic Development and Strategy will provide a one-time grant of $50,000 to the innovation space for programming. The library will support by offering classes for the public and innovation space participants on entrepreneurship, creative output, crafting, and micro-fabrication.

A 1,195-square-foot City Hall Café with nearby main lobby seating and the option for additional storage and food & beverage prep space. The city envisions a health-focused proprietor for breakfast, lunch, and after-hour services offering coffee, smoothies, salads, wraps, and healthy energy bowls. The location attracts 1,200-1,800 employees and visitors on weekdays and approximately 3,000 on the weekends.

A 700-square-foot Cultural Center Café for a health-focused enterprise specializing in coffee, smoothies, salads, wraps, and healthy energy bowls for pick-up or on-the-go patrons.

Boynton Beach Town Square currently offers a multitude of public arts and cultural events including dance, music, pottery and more. Situated next to the Historical Children’s Museum, the venues attract more than 25,000 visitors annually.

“The opportunity for an innovative business concept to utilize and share a campus with multiple resources such as the library and cultural center is unavailable anywhere else in Palm Beach County,” said Lori LaVerriere, Boynton Beach City Manager.

Avison Young will spearhead the request for proposal (RFP) process on behalf of the City of Boynton Beach. Principal Keith O’Donnell and Vice President Danielle Vennett will lead the leasing efforts. Every inspired entrepreneur is invited to request the RFP by emailing Mr. O’Donnell at keith.odonnell@avisonyoung.com . The proposal deadline is February 26, 2021.

“Boynton Beach is undergoing a renaissance and regeneration,” said O’Donnell. “Development is on the rise, and projects like Town Square make potential residents and businesses take notice and look to Boynton Beach for their next investment. Working alongside city leadership and master developer E2L, we are excited to bring value by contributing multiple services and diverse expertise to the project and ultimately be a part of building a stronger, resilient community.”

Incorporated in 1920, Boynton Beach is “100 years in the making.” Several projects underscoring the city’s growth are underway, such as a planned grocery-anchored mixed-use project at 6405 West Boynton Beach Blvd. and the recently proposed eight-story mixed-use project at 115 North Federal Hwy.

Fort Lauderdale’s 259,458 SF Pinnacle Corporate Park portfolio comes to market as investors eye office assets near I-95 and Tri-Rail

cwilliams@achieveagency.com (Clay Williams) — Fri, 22 Jan 2021 15:59:01 GMT

Fort Lauderdale, Fla. – Avison Young’s Florida Capital Markets Group has been exclusively tapped on behalf of a fund managed by DRA Advisors LLC to sell Pinnacle Corporate Park, a two-building, class A office portfolio at 500 and 550 W. Cypress Creek Road in Fort Lauderdale, Florida. The asset totals 259,458 square feet on 14.31 acres in Broward County’s Cypress Creek submarket.

Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Greg Martin, and George Vail will lead the sale. The transaction team also includes Avison Young Vice President Brian C. de la Fé and Associates Berkley Bloodworth and Emily Brais.

Over the past 24 months, the Avison Young leasing team led by Martin completed 17 lease transactions totaling 91,000 square feet

“Pinnacle Corporate Park is the most desirable property in the Cypress Creek submarket due to its strong occupancy, rental rate growth, and immediate potential for lease-up,” said Crotty. “In addition to the existing value, the offering provides the opportunity to maximize land on the site in the coming years through residential development.”

Pinnacle Corporate Park coming to market represents the trend of large funds and institutional owners’ confidence to sell large office assets again, as sales declined immediately following the pandemic. The deal would be similar to the recent $78.42 million Plantation Crossroads three-building portfolio sale.

“We are seeing an uptick in demand for investors looking to deploy capital in well-located South Florida office assets,” said Duckworth. “Pinnacle Corporate Park is ideally situated near major expressways, transit, and amenities, and provides the perfect opportunity.”

P innacle Corporate Park is positioned in the heart of Fort Lauderdale’s Uptown Urban Village, a master plan that supports the development of a thriving, transit-supportive, mixed-use neighborhood. Its offices are less than a mile from Interstate 95 and directly accessible from the Cypress Creek Tri-Rail station.

Cushman & Wakefield Represents Prologis in 28,992 SF Lease at Class A Industrial Park in Broward County

cwilliams@achieveagency.com (Clay Williams) — Tue, 19 Jan 2021 16:59:42 GMT

The C&W team is also marketing two new buildings within the property, named Prologis Seneca Park, for pre-lease

BROWARD COUNTY, FL (January 15, 2021) – Cushman & Wakefield has negotiated a 28,992-square-foot industrial lease with a private South Florida-based manufacturer at Prologis Seneca Park in Pembroke Park. Prologis worked to accommodate the tenant’s expansion needs by relocating the company to a larger space within the same business park, located at 2500 Commerce Center Way , marking a 12,000-square-foot expansion.

The Cushman & Wakefield South Florida Industrial Team of Executive Director Chris Metzger , Executive Director Rick Etner , Executive Director Christopher Thomson , Director Matthew McAllister and Managing Principal Gian Rodriguez leases the Class A industrial park for Prologis and arranged the recent transaction in conjunction with Prologis’ Jonathan Guffey. The 2500 building has approximately 140,000 square feet remaining available for lease.

“Prologis continually works with their existing customers to provide expansion options within the Prologis family of buildings,” said Metzger. “This move was a great opportunity for a growing local company to expand yet maintain their ideal location in Southern Broward County”.

Prologis Seneca Park is an established Class A industrial park with six existing buildings totaling approximately 866,000 SF and two additional speculative buildings slated to break ground this year, which Cushman & Wakefield is marketing for pre-lease. This will bring Prologis Seneca Park to over 1.2 million square feet when completed.

The two new buildings, located at 2300-2400 Commerce Center Way, are currently pre-leasing and can accommodate tenants ranging from 30,000 to 190,494 square feet. Each with 62 dock high doors and 166 parking spaces, the buildings are well-equipped for ecommerce and logistics tenants.

In addition, the park’s central location in Southern Broward County provides convenient access to the Fort Lauderdale and Miami MSAs via I-95, I-595, I-75 and Florida’s Turnpike.

T he eight-member South Florida Industrial team led by Metzger, Etner and Thomson negotiated just over 13 million square feet of sale and lease transactions valued at more than $262 million in 2020. For more information, please visit www.southfloridaindustrialteam.com .

Flora Fine Foods & Orvino Wine Imports Break Ground on their New 75,000 S.F. Headquarters, Distribution and Italian Marketplace in Coral Springs, FL.

cwilliams@achieveagency.com (Clay Williams) — Fri, 15 Jan 2021 16:50:47 GMT

CORAL SPRINGS, FL – Flora Fine Foods and Orvino Wine Imports broke ground on Thursday January 14th, 2021 for their new South Florida’s headquarters, distribution, and Italian marketplace.

In attendance at the groundbreaking event were Coral Spring’s Mayor Scott Brook, Vice Major Joshua Simmons, Commissioners Joy Carter, Shawn Cerra, Nancy Metayer, and Kristi Bartlett, Director of Economic Development, John Flora, President of Flora Fine Foods and Orvino Wine Imports, Irene Flora, Vice President, Chris Flora, Chief Operating Officer, John Flora Jr., C.I.O & Executive Vice President of Business Development and Angela Flora, Brand Ambassador, Malcom Butters, Mark Butters and Chris Lawrence of Butters Construction & Development.

Located on Sample Road between Coral Ridge Drive and the Sawgrass Expressway, Flora Fine Foods and Orvino Wine Imports will be a new 75,000 S.F. facility. The project will consist of Class A Offices, a State-of-the-Art Flora Foods Distribution Center and an Italian Marketplace.

T he site provides easy access to South Florida’s major highway network.

A Q4 2021 delivery is expected for the project. Butters Construction & Development is serving as the general contractor. The architect for the development is T&T Design and Development Inc.

Grover Corlew Names Vice President of Construction

cwilliams@achieveagency.com (Clay Williams) — Fri, 08 Jan 2021 19:46:08 GMT

BOCA RATON, Fla. (January 8, 2021) – Grover Corlew, a South Florida-based real estate investment management group focused on acquiring, transforming and managing signature office, multifamily and retail properties, has appointed Jeff Slade as Vice President of Construction.

Slade will oversee construction activities, including project planning, field operations, safety and quality control for all of Grover Corlew’s office, multifamily and retail development projects in Florida and throughout the southeastern U.S. With more than 20 years of construction management and design build experience, Slade has played an integral role in the completion of more than $370 million in total value of notable projects across South Florida.

“Jeff is an experienced, energetic and resourceful leader with the necessary skill set to see complex and demanding construction projects through to successful completion,” said Partner Anuj Grover. “As Grover Corlew continues to expand and take on new multifamily projects throughout Florida, we will be adding new talent to our team of seasoned professionals.”

Slade was previously a 20-year veteran of Miller Construction Company, ascending to the role of Senior Vice President in 2017. Among his responsibilities was overseeing such notable projects as CITY Furniture showrooms, Riverside Hotel and Sereno at Bay Harbor Islands residences, among countless others. He served as Vice President of Operations during the six proceeding years and held earlier positions including Project Executive, Project Manager and Superintendent. Slade has been involved in the construction management of more than 260 commercial and residential projects across South Florida.

In 2018, Slade served as board president of the Construction Association of South Florida, where he has been a board member since 2005. He also is a corporate board member of Boys & Girls Clubs of Broward County, where he is active in the Generals Club, a program that was developed to encourage youth to consider the building and construction trade as a viable and worthwhile career option. Slade was also a past member of the Construction Executives Association and the Business Development Board of Palm Beach County.

“Growing our multifamily portfolio is a top priority for us over the next decade, and Jeff is a great fit for this new role. His extensive knowledge and experience at the local level will be a tremendous asset to us,” added Partner Mark Corlew.

A resident of Coconut Creek, Slade received a bachelor’s degree in construction management from University of Florida. He has held a Florida general contractor’s license since 2006.

For more information on Grover Corlew, visit grovercorlew.com.

Stiles Announces $28.775 Million Sale of Boutique Office Asset in Charlotte N.C.’s South End

cwilliams@achieveagency.com (Clay Williams) — Wed, 06 Jan 2021 17:44:50 GMT

Charlotte, N.C. – January 6, 2021 – Investor demand in Charlotte’s South End office market continues as Stiles announces the sale of 300 W. Summit Avenue. A newly raised core fund advised by Zurich Alternative Asset Management, LLC (“ZAAM”) of New York acquired the property for $28,775,000 in a direct transaction with Stiles.

“When we first decided to break ground, even without having any pre-leasing to speak of, we believed that the appeal and promise of South End would ultimately attract quality employers seeking to recruit and retain top talent,” said Justin Siemens, President of the Stiles Carolinas Group. Siemens added, “This has shown to be the case at 300 W. Summit, and we have every confidence that this trend will continue as we remain active in the growth and development of South End.”

Completed by Stiles in May 2019, the 64,000-square-foot office building reached 87 percent occupancy by the time of sale. Tenants include OneMagnify, Environment Resources Management, BR+A Consulting Engineers, Colliers, The Providence Group, Upstream, BSB Design and Stiles.

ZAAM was represented in the acquisition by Roy Rosenbaum, Director of Acquisitions, and Sean Bannon, Managing Director and Head of US Real Estate. “We are excited to make this investment in South End, which we see as one of the most dynamic and promising office submarkets in the country,” remarked Rosenbaum. “We believe that Charlotte’s outstanding quality of life, strong growth in STEM employment and low cost of doing business leaves it strongly positioned over the coming year. For our balance sheet and third-party investors, we see Charlotte as benefiting from strong secular trends. As we expect that to continue, so will our exposure to new investment in Charlotte and specifically the South End,” Bannon added.

The three-story building features a 2,000-square-foot rooftop terrace with unobstructed views of uptown Charlotte and two levels of underground parking. Situated between Church and Mint Street on Summit Ave. in historic South End’s growing Gold District, the property is within walking distance of the Bland Street light rail station and surrounded by a wide variety of neighborhood restaurants and retail.

“We are proud to have established a strong local presence in Charlotte with a highly skilled development team who has decades of experience in the Carolinas, and we look forward to many successful future transactions in the region,” said Stiles CEO Ken Stiles.

In addition to 300 W. Summit, Stiles, by way of its Charlotte office, has completed four Publix-anchored shopping centers in Charlotte totaling a quarter million square feet, a 90,000-square-foot Publix-anchored shopping center in Charleston, S.C., a 186-unit luxury apartment community in Raleigh, and a Pillar Award-winning luxury residential tower in Nashville, TN.

Stiles is currently in the predevelopment stages of 110 East, a 370,000 square foot, 23-story, Class A office tower at the East/West light rail station in South End; Greenly Pointe, a 15-acre mixed-use development at the entrance to the University Research Park off West Mallard Creek Church Road in Charlotte; and Grove Ninety-Eight, a 70-acre mixed-use development in Wake Forest along Hwy 98 east of Capital Boulevard planned for200,000-square feet of commercial, 232 apartments and 400 “for sale” residential units.

South Florida Property Managed by Foundry Commercial Recognized with Kingsley Excellence Award

cwilliams@achieveagency.com (Clay Williams) — Wed, 06 Jan 2021 17:40:34 GMT

Three Properties Managed by Foundry Commercial Recognized with Kingsley Excellence Award

Miami, Fla. (January 6, 2021) – Three buildings for which Foundry Commercial provides property management services were recently recognized with the Kingsley Excellence Award, which distinguishes properties that outperform the Kingsley Index™* industry benchmark for overall tenant satisfaction. The three properties – one in South Florida and two in Charlotte – are owned by New York Life Real Estate Investors.

“New York Life and Foundry Commercial synergistically approach tenant relations to ensure their experiences far exceed expectations,” stated Cary M. Fronstin , Executive Vice President, Foundry Commercial. “We are grateful for the opportunity to continue to work closely with New York Life on these and other properties to set the gold standard in property management.”

To qualify for a Kingsley Excellence Award, the overall satisfaction score as ranked by tenants must exceed the Kingsley Index and meet rigorous property type response rate criteria. Properties receiving the award are recognized for going above and beyond to ensure tenants are satisfied with their experience at the property.

The South Florida property managed by Foundry Commercial recognized with the 2020 Kingsley Excellence Award is Weston Pointe, managed by Cary Fronstin with assistance from Brooke Cato.

“2020 has been a challenging year in any sector, but it has been exceptionally difficult to navigate in the property management space, as our teams have had to pivot to support tenants and building owners like never before,” Fronstin added. “To have received such outstanding tenant feedback amidst all of the challenges is a true testament to the attention to detail provided by both New York Life and Foundry at these properties.”

*The Kingsley Index™ is the largest and most comprehensive performance-benchmarking database in the real estate industry. Compiled from over 30 years of analyzing the performance of real estate leaders, the proprietary index is the industry standard for measuring tenant satisfaction. Kingsley Associates surveys over 120,000 tenants annually across more than 2 billion square feet of commercial space on behalf of its clients.

02/26/21 NAIOP South Florida's Virtual Day at the Capitol

cwilliams@achieveagency.com (Clay Williams) — Fri, 01 Jan 2021 18:32:31 GMT

Greetings NAIOP South Florida Members:

This Friday February 26, the chapter will hold virtual meetings with several key South Florida-based state lawmakers to discuss issues and proprieties for the region’s CRE sector in advance of the opening of 2021 Florida Legislature. Session starts March 2.

As you may be aware, our chapter delegation typically meets with local lawmakers when we go to Tallahassee each year. Since that didn’t happen this year, we are hosting these virtual lawmaker meetings and you are all invited and encouraged to participate. This is our chance as industry leaders to talk directly with state representatives and senators about CRE concerns and priorities. This is a vital part of the NAIOP mission and mandate and has netted numerous legislative wins over the past several years, including a $150 million tax cut for commercial lease holders and the waiver of witness requirements on leases. The virtual meetings will be from 9 am to 11 am with approx. 5 to 6 lawmakers hopping on a zoom call for 20 to 30 minutes increments.

So far, we have:

Rep. David Borrero

Rep. Chip LaMarca

Rep. Marie Woodson

Below are the NAIOP legislative priorities for 2021. If is vital for the continued vibrancy and success of the CRE sector that NAIOP forge strong relationships and continuous dialogue with our state legislators. Please join us if you can, even if you cannot stay on for all the lawmaker virtual meetings.

2021 Legislative Priorities, approved at Sept. 11 Legislative Planning Meeting:

Enacting the FAST Act to statutorily streamline and expedite permits, inspections, and governmental approvals for CRE development and construction projects
Eliminating the Business Rent Tax
Maintaining and boosting the effectiveness of the Commercial Real Estate Building Representative on Florida Building Commission
Improving the State Fire Code to address financial burdens placed on developers and building owners for the installation of bi-direction antenna systems for new and existing commercial properties
Monitor and maintain oversight legislation as now set by the state to address onerous Linkage and Impact Fees on CRE development
Support enforcement of the Internet Sales Tax
COVID 19 CRE Property Tax Relief Package

If you are a NAIOP South Florida member and would like to join us on our NAIOP SFL Virtual Day at the Capitol, please email Alba Garcia at alba.garcia@naiopsfl.org for more information

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 1500 W Cypress Creek Rd., Ste 420, Ft. Lauderdale, FL 33309

03/09/21 NAIOP's Virtual "Next Frontier"

cwilliams@achieveagency.com (Clay Williams) — Thu, 31 Dec 2020 19:03:09 GMT

Click here for Ken Krasnow's Bio

Click here for Jeffrey Chamberlin's Bio

Click here for Shereena Coleman's Bio

Click here for Ted Elam's Bio

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 6750 North Andrews Avenue, Suite 200, Ft. Lauderdale, FL 33309

Avison Young closes $8.9M sale of 26,782 RSF Chase Bank office building in Weston, Florida

cwilliams@achieveagency.com (Clay Williams) — Mon, 21 Dec 2020 20:45:19 GMT

Medical-based tenancy asset in high-barrier-to-entry submarket secures significant buyer interest

Weston, Florida – Avison Young’s Florida Capital Markets Group closed the $8.9 million sale of a 26,782-rentable-square-foot office building anchored by JP Morgan Chase Bank at 1040 Weston Road in Weston, Florida. HRE/SEFIRA Weston Office, LLC, was the seller, and Shaked 21, LLC, was the buyer in the transaction.

On behalf of the seller, the Chase Bank building sale was completed by Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth. In 2017, the Avison Young team facilitated the sale of the building to HRE/SEFIRA Weston Office, LLC, as part of a two-building portfolio spanning approximately 63,000 square feet for $13 million.

“The Chase Bank building is 100% occupied and, with medical tenants comprising more than 60% of the tenancy, garnered notable investor interest in a market where buyers are seeking stable, recession-proof assets,” said Duckworth. “Ultimately, our team secured the right buyer for the sale, allowing our client to realize a positive return on investment during a pandemic after a three-year hold.”

The HRE/SEFIRA partnership, led by Highline Real Estate Capital Principal David Moret, completed a series of cosmetic improvements to the Chase Bank building which enabled ownership to increase occupancy from 84% to 100% and increase rental rates to generate a 52% gain in the price within three years.

“Overall, sales activity has picked up since the end of the third quarter and into the fourth, as buyers have more clarity on where the market is going and are eager to place capital,” said Crotty. “The buyer in this deal acquired a property that has performed extremely well throughout the pandemic and is poised to continue to do so as we transition into the new normal.”

One of the most desirable, high-barrier-to-entry suburban office locations in Broward County, Weston is part of the Southwest Broward submarket, the only submarket in the county to report positive net absorption in third-quarter 2020.

Cushman & Wakefield Represents Elion Partners in $11.65M Pompano Beach Warehouse Acquisition

cwilliams@achieveagency.com (Clay Williams) — Mon, 21 Dec 2020 20:38:08 GMT

Elion Partners Also Awarded Cushman & Wakefield the Leasing Assignment for the 94KSF Industrial Property

POMPANO BEACH, FL, December 20, 2020 – Cushman & Wakefield has represented Elion Partners in acquiring a 93,873-square-foot warehouse asset in South Florida’s Pompano Beach for $11.65 million. The property is fully vacant and available for immediate occupancy.

The Cushman & Wakefield South Florida Industrial Team of Executive Director Rick Etner, Executive Director Chris Metzger,Executive Director Christopher Thomson and Director Matt McAllister represented Elion Partners, a national real estate investment firm focused on industrial assets, in acquiring the property from Bennett Automotive. Elion Partners has also awarded the Cushman & Wakefield team with the leasing assignment for the property, which can be leased to a single tenant or divided.

“This property was developed as a build to suit HQ for Bennett Automotive, so it is well suited to serve as a corporate headquarters for a new tenant,” said Etner. “Considering the Broward County industrial market’s low vacancy rate, we expect this property to be met with strong demand and to be a stable investment for Elion, whom we are glad to continue our partnership with.”

At 3141 SW 10th St., the lakefront property is on 5.38 acres situated off Powerline Road and provides convenient access to Interstate 95 and Florida’s Turnpike. The facility features eight dock high doors, 26-to-29-foot clear heights, two ramps and 104 vehicle parking spaces.

The eight-member South Florida Industrial team led by Metzger, Etner and Thomson negotiated just over 12 million square feet of sale and lease transactions valued at more than $252 million in 2019. For more information, please visit www.southfloridaindustrialteam.com.

Annual Miramar Park of Commerce Polar Express Toy Drive Collects Gifts for Underserved Kids in Miramar

cwilliams@achieveagency.com (Clay Williams) — Mon, 21 Dec 2020 20:28:18 GMT

Tenants generously donated toys to be delivered in time for the holidays by the Miramar Police Department

MIRAMAR, Fla. (December 18, 2020) – Not even a pandemic could prevent the Fifth Annual Sunbeam Properties & Development Polar Express Toy Drive, where more than 40 tenants of the Miramar Park of Commerce generously dropped off bikes, skateboards, books, toys and more, ensuring that underserved children and families throughout Miramar experience the magic of the holidays. The gifts will be delivered to families in Miramar by the Miramar Police Department.

“We are so thankful to be able to collect toys in this unprecedented year which we hope will help make the holiday season a little brighter and bring joy to local families who are struggling. I am also so proud of our incredible staff who made this event possible,” said Maridee Bell, vice president of Sunbeam Properties & Development, developer of the Miramar Park of Commerce. “Now more than ever, it’s so important for our local community to connect with a spirit of generosity. ”

In the past, the Sunbeam Polar Express traveled from the Miramar Park of Commerce in a procession of holiday-decorated vehicles surrounded by a full police escort to deliver donated toys to the Miramar police station. This year, Miramar Park of Commerce tenants drove up and dropped off gifts throughout the day. Tenants and police officers also enjoyed some socially distanced holiday fun, including pizzas donated by new Miramar Park of Commerce tenant Koning Restaurants, franchise owner and operator of Pizza Hut restaurants in South Florida.

Recipients of the donated toys included Kiwanis Club of Miramar/Pembroke Pines, Annabel C. Perry Elementary School, Whispering Pines Center, Henry D. Perry Education Center and Haven Lakes Estates.

In addition to the Sunbeam Polar Express, Sunbeam Properties & Development supports the City of Miramar through donations to the Miramar Police Athletic League’s Hangin’ with 5-0, a free, six-week summer camp and life-changing program for at-risk youth in Miramar. Resources have also been donated for the Ansin Sports Complex and the Ansin Family Gallery in the Miramar Cultural Center. The Miramar Park of Commerce has also been the site for supply drives for America’s Moms for Soldiers, toy drives for Miramar children in need, and a food drive for the United Way of Broward County.

Stiles’ Norm Adams Signs Lease with Accounting Firm at The Main Las Olas Office Tower in Downtown Fort Lauderdale, Project Delivered Nov 2020

cwilliams@achieveagency.com (Clay Williams) — Thu, 17 Dec 2020 19:43:40 GMT

Fort Lauderdale, FL – December 16, 2020 – Stiles Senior Vice President Norm Adams secured a 10-year lease deal with Templeton & Company accounting and consulting firm at The Main Las Olas located at 201 E. Las Olas Blvd. in the heart of downtown Fort Lauderdale. Delivered in November 2020, The Main Las Olas is the newest Class A, amenity-rich office tower developed on Las Olas Blvd. in more than two decades.

Templeton & Company, one of the region’s leading accounting and consulting firms with offices in West Palm Beach and Fort Lauderdale, is relocating from 301 E. Las Olas to The Main Las Olas. Templeton provides a broad spectrum of services to its clients including assurance, tax, family office and consulting. The firm plans to occupy the space in January 2022.

“We reached an exciting point in our company’s evolution and our professionals need office space that reflects the high caliber service that we offer our clients and supports our business growth objectives,” said Steve Templeton, Founder and President of Templeton & Company. “The Main Las Olas unquestionably provides the preeminent venue to best meet our clients’ needs and serve as our Fort Lauderdale headquarters for family office services to our high-net-worth families.”

Spanning a full city block, The Main Las Olas redefines the city’s epicenter with 1.4 million square feet of mixed-use office, residential and retail space that stands alone across South Florida as nothing short of revolutionary.

“In this new environment, tenants want a combination of amenities and location, and The Main Las Olas delivers the highest standards of both,” said Adams. ”Templeton chose to establish a new base where they could elevate their business profile and grow in a safe, secure facility offering the highest level of technology and features in office today.”

Combining a dramatic and stunning 25-story all-glass design by nationally acclaimed architecture firm Cooper Cary, the tower offers nearly 370,000 square feet of efficient, modern and forward-thinking office space, expansive 12-foot, floor-to-ceiling windows that draw maximum light, and world-class amenities. Connected to 341-unit apartment tower Novo Las Olas, which features the area’s first Publix GreenWise grocer on the ground floor, the building’s outdoor and indoor amenity spaces, conference centers and state of the art fitness center rival even the most cutting edge office buildings found across the region.

The Main Las Olas, developed by joint venture partners Stiles and San Francisco-based Shorenstein Properties LLC, welcomed its first tenant, law firm Akerman LLP, in November and is currently 40 percent leased. Stiles is a 69-year-old, full service commercial real estate firm headquartered in Fort Lauderdale with offices across the Southeastern United States.

Grover Corlew Inks New Leases in Turtle Run Shoppes

cwilliams@achieveagency.com (Clay Williams) — Thu, 17 Dec 2020 19:40:53 GMT

The real estate investment management group also announces

refinancing of the popular retail center

CORAL SPRINGS, Fla. (December 16, 2020) – Two new leases totaling nearly 10,000 sq. ft. have been signed in the Turtle Run Shoppes retail center in Coral Springs, Florida. Turtle Run Shoppes is anchored by Ross Dress for Less and shadow anchored by Burlington and is located at the intersection of Sample Road and Turtle Creek Drive.

Grover Corlew, a South Florida-based real estate investment management group, has announced that La Brasa Rotisserie & Grill, with locations throughout Miami-Dade, Broward and Palm Beach counties, and MY SALON Suite, where health and beauty professionals perform one-to-one health and beauty services in a private and enclosed space, will open in Turtle Run Shoppes by late summer of 2021.

“Leasing 11% of a retail center during a pandemic along with the challenges facing retail even before that, is not an easy accomplishment,” said Grover Corlew Partner Anuj Grover, whose group focuses on acquiring, developing and operating office, retail and multi-family properties across the Southeast U.S. “These are two incredible tenants that we are happy to bring to Turtle Run.”

The Coral Springs location will be the 15th for the popular La Brasa Rotisserie & Grill, which will occupy 2,100 sq. ft. “In 2005, we opened our first La Brasa restaurant in Plantation,” said owner Tom Billante. “We wanted to share our secret recipe for preparing rotisserie chicken as well as other uniquely prepared traditional Latin dishes. Our family recipes have influences of Peruvian, Cuban and Tex-Mex cuisines. We are excited to bring those influences to Coral Springs.”

MY SALON Suite has leased 6,921 sq. ft. in Turtle Run Shoppes. MY SALON Suite allows independent health and beauty professionals to create their own customer experience in an enclosed, private, fully equipped upscale suite with a full-length style station, styling chair, shampoo sink and color station. “At MY SALON Suite, we’ve proven that we are able to operate safely without contributing to the spread of COVID-19,” said David Supple, co-owner. “The demand for high-end salon suites that offer privacy, safety, style, and comfort has never been greater. We couldn't be more excited to help health and beauty professionals in the Coral Springs community build their own business and achieve their dreams.”

Forefront Commercial represented Turtle Run Shoppes in both transactions. Wenzel Investment Group represented La Brasa Rotisserie & Grill, located at 6221-6223 W. Sample Road, and The Shopping Center Group was the lead broker for MY SALON Suite, located at 6275-6283 W. Sample Road.

“The multi-million-dollar renovation of Turtle Run Shoppes that included new retail spaces and a new out parcel, a redesigned façade, extensive landscaping and five new monument signs continues to attract new tenants,” said Grover. “It’s an ideal location for retailers with proximity to the busy Sample Road-441 corridor and easy access for shoppers from Coral Springs, Margate, Pompano Beach and south Boca Raton.”

Grover Corlew also announced the refinancing of Turtle Run Shoppes for $9.1 million through City National Bank.

“We are pleased to provide Grover Corlew with the capital solutions to support the company’s long-term business objectives for Turtle Run Shoppes,” David Lukes, Senior Vice President, City National Bank. “The modernized retail complex is a strong company asset that also offers tremendous value to tenants.”

For more information on Grover Corlew, visit grovercorlew.com.

Cushman & Wakefield Arranges Full-Building Industrial Lease in South Florida

cwilliams@achieveagency.com (Clay Williams) — Wed, 16 Dec 2020 18:15:10 GMT

The new-to-market tenant, Beehive3D, will occupy a 22ksf warehouse at DWS/RREEF’s Deerfield Commerce Center

DEERFIELD BEACH, FL, December 16, 2020 – Cushman & Wakefield has arranged a 21,815-square-foot, full-building warehouse lease at Deerfield Commerce Center, a three-building industrial park in Broward County’s Deerfield Beach. The tenant, Beehive3D, is a Delaware-based 3D printing company new to the South Florida market. The startup company expects to create 90+ new jobs in the region over the next five years.

The Cushman & Wakefield South Florida Industrial Team of Director Matt McAllister, Executive Director Rick Etner, Executive Director Chris Metzger and Executive Director Christopher Thomson negotiated the lease on behalf of the landlord, DWS/RREEF America REIT II Corp.

“Demand for industrial space in the Deerfield Beach submarket has been increasing,” said McAllister. “This is the third full-building lease our team has completed in Deerfield over the past three months, along with four other leases in this submarket for just over 262,000 square feet leased since the end of August.”

Beehive3D is an ambitious, well-funded and fast-paced early stage startup in the additive manufacturing space that is focused on developing solutions for the aerospace, defense, aviation and adjacent industries.

Beehive3D will occupy Deerfield Commerce Center Building 1027 and plans to move in January 2021. The facility is fully air-conditioned with 3,730 square feet of built-out office space, 24-foot clear height, three dock doors and one drive-in ramp.

Situated at 1027 SW 30th Ave., the property provides excellent visibility from Southwest 10th Avenue, as well as convenient access to Interstate 95, Florida’s Turnpike and the Sawgrass Expressway, which connect South Florida to the rest of the state.

Tom Hotz with Butters Realty & Management Closes 26,288 SF Freestanding Office/Warehouse Building in Deerfield Beach

cwilliams@achieveagency.com (Clay Williams) — Mon, 14 Dec 2020 15:45:09 GMT

DEERFIELD BEACH, FL – Butters Realty & Management is pleased to have represented RJS Ventures, Inc., a Florida corporation, in the sale of their 26,288 square foot, freestanding office/warehouse building on 2.08 acres located at 590 Goolsby Boulevard in the City of Deerfield Beach, FL for $4.5 million. The Buyer, CRDP Holdings, LLC, d/b/a Allphase Construction USA, a local roofing and construction contractor, purchased the facility for their corporate offices and operation.

First Industrial Realty Trust and Butters Construction & Development break ground for one of the newest and largest Class A industrial parks in South Florida.

cwilliams@achieveagency.com (Clay Williams) — Tue, 08 Dec 2020 18:29:39 GMT

MEDLEY, FL – First Industrial Realty Trust and Butters Construction & Development broke ground on Thursday, December 3rd, 2020 on First Industrial’s newest industrial development, “First Park Miami”. The project is located in Medley, FL. Mayor Roberto Martell, City of Medley, City Council as well as Chris Willson and Bradley Kluever of First Industrial Realty Trust and Malcom and Mark Butters of Butters Construction & Development were amongst the guests in attendance of this proud event.

Situated on 126 acres between NW 80th and NW 90th Street on NW 87th Avenue, Medley, upon completion First Park Miami will be one of the largest Class A Industrial Parks in South Florida. It will be comprised of up to 2.5 million square feet of logistics space spread over as many as 13 buildings. Phase I will include three buildings, totaling 600,000 SF, featuring 32’-36' clear heights, 120’ to 180’ truck courts, extensive dock-high loading, and an ESFR sprinkler system.

The site provides easy access to South Florida’s major highway network. First Park Miami will serve all businesses looking to upgrade and modernize their operations in a rare infill location.

A Q3 2021 delivery is expected for Phase I. Butters Construction & Development is serving as the general contractor. The architect for the industrial development is RLC Architects.

P roject is wholly owned by First Industrial.

Bridge Point Commerce Center in Miami Gardens, FL Honored as 'Industrial Project of the Year' by South Florida Business Journal

cwilliams@achieveagency.com (Clay Williams) — Thu, 03 Dec 2020 17:28:58 GMT

The award-winning business park brings new jobs and investment to the local area and serves to meet demand for Class-A industrial space

Bridge Development Partners was recently honored at the South Florida Business Journal's Annual Structures Awards ceremony, which recognizes the region's top developers and standout development projects. The company's award-winning Bridge Point Commerce Center business park in Miami Gardens, Fla was named 'Industrial Project of the Year.' BRIDGE was also named a finalist in the 'Developer of the Year' awards category, having delivered 3.77 million square feet of Class-A industrial business parks last year.

"We are honored to be recognized by the South Florida Business Journal and have Bridge Point Commerce Center named South Florida's Industrial Project of the Year," said Kevin Carroll, Partner, Southeast Region of Bridge Development Partners. "This project illustrates our ability to assemble a world-class project team and work together with local governments to transform underutilized properties into thriving community assets. Beyond spurring new economic investment in the local area, we are pleased to have been able to preserve 13 acres of green space, which aligns with the City's commitment to a greener future. We look forward to delivering Phase II of this award-winning business park that will serve to meet rising demand for Class-A industrial space."

Strategically located between Miami-Dade and Broward Counties with Florida Turnpike frontage, Bridge Point Commerce Center illustrates BRIDGE's proven value-add strategy. Leveraging the company's vast experience, the company successfully transformed the underutilized, 185-acre site at 4310 Northwest 215th Street to deliver Phase I of the Class-A project. Phase I, encompassing three industrial buildings totaling 1.1 million square feet, was delivered in the fourth quarter of 2019 after successfully pre-leasing 50 percent of the project to high-quality tenants. Leasing momentum continues at the park, which will encompass 2.1 million square feet at full build out. Construction on Phase II of the project began in the third quarter of 2020 and is on schedule to be delivered in the first quarter of 2023.

The park serves as a prime distribution location just minutes from Miami International Airport and Fort Lauderdale International Airport, with immediate access to all points in South Florida via the Florida Turnpike and I-75. Build-to-suit and build-to-own opportunities are also available. For more information about Bridge Point Commerce Center or to schedule a tour, contact CBRE's Tom O'Loughlin, SIOR at (953) 356-0468 or David C. Albert at (305) 381-6474.

Recently named 'Developer of the Year' by NAIOP South Florida, BRIDGE has acquired 473 acres in 15 separate transactions throughout Miami Dade and Broward Counties and delivered approximately 7 million square feet of Class-A industrial space across the region since entering the market in 2012. The company's current South Florida portfolio spans more than 3 million square feet.

Miller Construction Completes Fast-Track Build Of Lincoln Property Company’s 415,460 SF Miami Axis Park, Hialeah

cwilliams@achieveagency.com (Clay Williams) — Thu, 03 Dec 2020 16:57:56 GMT

HIALEAH, Fla. – Overcoming time and space constraints with innovative scheduling and sequencing, Miller Construction has completed the simultaneous build of three industrial buildings at the 415,460-square-foot Miami Axis Park in Hialeah for owner Lincoln Property Company.

While constructing all three structures at once delivered significant savings in time and costs, it demanded precise scheduling and creative approaches, explained Miller Construction President Brian Sudduth. For example, Miami Axis Park’s site plan makes highly efficient use of its 20-acre site at 725 SE 9 Court, Hialeah, which meant limited space for staging and operations. “Site work required bringing elevations to grade, with little space to store dirt,” Sudduth said, “so we removed and stockpiled dirt offsite, then trucked it back to complete grading.”

Space limitations also dictated that pouring and lifting tilt-wall panels had to be done on the slabs and supplemental casting beds. To meet a 10-month structural timeline, Miller’s complex sequential scheduling kept the tilt crane moving and saved about two weeks. “We lifted 90 percent of panels on Building 100, then moved to Building 200 while the remaining panels were poured on Building 100’s slab, and so on, with all the project’s subcontractors tightly scheduled,” Sudduth added.

Miami Axis Park is Miller’s first project for Lincoln Property Company and included

shell construction of the 212,760-square-foot Building 100, as well as 96,540-square-foot Building 200 and 106,160-square-foot Building 300. The site is bounded on the east by Florida East Coast Railroad property. With Building 100 located close to the boundary, Miller’s crews built one side of that building from the interior by double-lifting the panels using a process known as top-picking. This process was also utilized at the north side of Buildings 200 and 300 due to the proximity of the overhead power lines along SE 5th Street.

Designed by RLC Architects of Boca Raton, the buildings maximize warehouse and distribution operational efficiency with a 36-foot clear height ceiling and 60- by 54-foot interior column spacing in Building 100. Buildings 200 and 300 have 32-foot clear height ceilings and 50- by 52-foot interior column spacing.

Miami-based engineering project team members were Puga & Associates (MEP), DDA Engineers (structural) and Langan Engineering & Environmental Services (civil). Leasing is underway by Fairchild Partners of Miami.

1/26/21 NAIOP FL Day at the Capitol

cwilliams@achieveagency.com (Clay Williams) — Tue, 01 Dec 2020 16:19:48 GMT

Read the NAIOP Blog on what occurred at the 2019 Day at the Capitol

Schedule of Events and more details coming soon!

Registration Fee: $30.00

Open to all NAIOP Members

ZOOM details will be provided on 1/25

Cancellations must be made via email or phone 48 hours in advance

For Check payment, please contact the NAIOP offices at alba.garcia@naiopsfl.org

Customer Service: 954-990-5116

NAIOP South Florida | 1500 W Cypress Creek Rd., Ste 420, Ft. Lauderdale, FL 33309

Cushman & Wakefield Arranges Full-Building Warehouse Lease in Deerfield Beach with Natural Stone Supplier

cwilliams@achieveagency.com (Clay Williams) — Wed, 18 Nov 2020 19:16:07 GMT

ST Stones Leased a 20,253 SF Building to Meet Increased Demand During Pandemic-Driven Home Improvement Boom

DEERFIELD BEACH, FL, October 29, 2020 – Cushman & Wakefield has arranged a 20,253-square-foot, full-building warehouse lease with ST Stones, a growing South Florida-based importer and wholesaler of high-quality natural stone products.

The Cushman & Wakefield South Florida Industrial Team of Executive Director Chris Metzger, Executive Director Rick Etner, Executive Director Christopher Thomson and Director Matthew G. McAllister represented the landlord, Bristol Powerline, LLC, in the lease negotiations.

“The pandemic has led to a boom in home renovations as people move to South Florida from up north, and current residents take advantage of more time at home to complete projects,” said Metzger. “As one of South Florida’s leading suppliers of quality interior stone products, ST Stones was quickly running out of storage capacity and needed a fast solution. We showed them this availability at Powerline Commerce Park and got them into the space within just over a week.”

ST Stones also has locations in West Palm Beach, Pompano Beach, Melbourne and Orlando. The company specializes in providing granite, marble, limestone, travertine, slate, onyx and quartzite to fabricators nationwide, with the ability to offer cut-to-size materials, direct container loads and custom orders in a variety of colors, sizes and finishes.

At 1280 S. Powerline Road in Power Line Commerce Park, ST Stones’ new warehouse is a front-load building with 30-foot clear heights, three dock doors and a 1,014-square-foot office space. Its location provides convenient access to Interstate 95, Florida’s Turnpike and the Sawgrass Expressway

The eight-member South Florida Industrial team led by Metzger, Etner Jr. and Thomson negotiated just over 12 million square feet of sale and lease transactions valued at more than $252 million in 2019. For more information, please visit www.southfloridaindustrialteam.com.

Avison Young secures new 15,172 SF office lease at North 40 in Boca Raton for Meisner Electric HQ

cwilliams@achieveagency.com (Clay Williams) — Wed, 18 Nov 2020 19:14:37 GMT

Tenant to relocate HQ from Delray Beach to Boca Raton, Florida

Boca Raton, Fla. – Avison Young negotiated a new, long-term 15,172-square-foot lease at North 40, a two-building office complex in the Park at Broken Sound in Boca Raton, Florida. The tenant, Meisner Electric, Inc., will relocate its corporate headquarters from Delray Beach to take space at the 901 Yamato Road building.

Avison Young Principals Keith O’Donnell and Gary A. Gottlieb represented the landlord, PG Mainstreet North Forty, LLC, a joint venture between Mainstreet Capital Partners, Inc., and Partners Group, during the lease transaction.

“North 40 offers the opportunity for us to upgrade our corporate headquarter facilities to an ideally-located, high-quality space,” said Todd Gurne, President and COO of Meisner Electric, a full-service commercial electrical contracting company. “After 43 years in Delray Beach, and now relocating to Boca Raton, we look forward to our continued growth as part of Palm Beach County’s business community.”

In addition to the new corporate headquarters in Boca Raton, Meisner Electric has offices in Miramar and Sarasota and has plans for future expansion in other Florida markets.

“We are delighted to welcome Meisner Electric to its new space at North 40 and have them join our family of tenants who have selected North 40 for their corporate headquarters,” said Paul Kilgallon, President of Mainstreet Capital Partners.

Totaling 352,043 square feet across its two buildings at 901 Yamato Road and 5201 Congress Avenue, North 40 is 90% occupied. The complex boasts direct Interstate 95 access via Yamato Road and several class A building amenities including collaborative meeting areas and a fully-equipped fitness center.

“Along with its convenient location, North 40 is known for its efficient floor plate design, large air-conditioned atrium lobby allowing for social distancing, and on-site conference center, which were particularly attractive to Meisner Electric,” said Gottlieb. “The tenant sought to consolidate its current multi-building corporate offices into one space that could accommodate future growth, and North 40 delivered.”

B oca Raton is the largest and one of the most desirable office submarkets in Palm Beach County. According to Avison Young research, fundamentals remain strong, underscored by consistent lease rates countywide throughout 2020 despite the pandemic. Following a quiet second quarter, leasing activity was up by 39% at the close of the third quarter.

Miller Construction Starts Construction at Foundry Commercial’s 312,592-SF Midpoint Miami Logistics Park, Hialeah Gardens

cwilliams@achieveagency.com (Clay Williams) — Wed, 18 Nov 2020 19:12:06 GMT

HIALEAH GARDENS, Fla. – Miller Construction has site work underway for owner/developer Foundry Commercial’s 312,592-square-foot Midpoint Miami Logistics Park on an 18-acre site at 14501 NW 109 Ave. in Miami-Dade County’s bustling Hialeah Gardens industrial market.

Miller’s early challenges in the two-building industrial park’s fast-track construction schedule included obtaining a Class IV wetlands permit, and site clearing and earth moving are taking place. To complete the complex in early summer 2021, Miller will begin construction of the 147,974-square-foot Building 1, which contains the fire pump for both structures, and start the 164,618-square-foot Building 2 about four weeks later.

Located near the intersection of Florida’s Turnpike and U.S. 27, and close to Interstate 75, Midpoint Miami Logistics Park will provide next-generation industrial space in a market responding to intense demand spurred by the uptick in ecommerce during the COVID-19 pandemic.

“ With South Florida a key growth market for us, Miller Construction’s counsel, precision, and focus on adding value for complex projects gives us a strong competitive edge,” said Foundry Commercial Principal David Blount.

Midpoint Miami Logistics Park is the design/build and construction services contractor’s ninth project for Foundry Commercial, with two more projects under contract that are slated to begin in the fourth quarter.

Designed by RLC Architects of Boca Raton, both Class-A industrial buildings at Midpoint Miami Logistics Park will feature 32-foot ceilings and 54-foot column width to maximize efficient workflow. Buildings 1 and 2, with a total of 124 dock doors, will share a180-foot truck court. The project team includes Miami engineering firms Puga & Associates International (MEP), DDA Engineers (structural), and Langan Engineering (civil). Leasing is by Avison Young Global’s Miami office.

1/21/21 Virtual Economic Outlook Event

cwilliams@achieveagency.com (Clay Williams) — Wed, 18 Nov 2020 19:03:16 GMT

Click here to view John Chang's presentation

Click here to view Mark Vitner's presentation

Bridge Development Partners Opens First International Office in the UK

cwilliams@achieveagency.com (Clay Williams) — Tue, 10 Nov 2020 18:14:11 GMT

Leading industrial developer to pursue projects throughout the Greater London area; office to be led by UK real estate specialist and veteran US vice president

B ridge Development Partners announced that it has officially launched operations in the United Kingdom with the opening of its newest office in London's Bedford Square.

Led by UK-based industrial real estate specialist Paul Hanley and veteran BRIDGE Vice President Chris Doloughty, BRIDGE will bring its strategy of developing headquarters-quality, last-mile logistics, cold storage and warehousing facilities to the Greater London area, as well as Great Britain's South East and West Midlands areas.

"We've established ourselves as one of the most dominant players in the seven core industrial markets in the US and opening our UK office is the strategic next step following the growth we have had domestically," said Steve Poulos. "We look forward to providing Paul with the capital and the resources required to assist his UK expansion."

Hanley will be responsible for BRIDGE's acquisition and development activities throughout the UK. He has been involved in the acquisitions, development and leasing of over 6 million square feet of industrial real estate valued at over £1 billion during his career working across the country. Hanley has also worked in the U.S. industrial markets of Texas and Tennessee.

"I am thrilled to be joining BRIDGE during this exciting time for the UK logistics market. This sector is seeing incredible demand for both modern space and institutional capital, making it the opportune time for BRIDGE to expand internationally," said Hanley. "BRIDGE is well established across the US, where they are regarded as one of the most active industrial and logistics developers. As a forward thinking, entrepreneurial company, the team is well positioned to act quickly and decisively to secure the best opportunities throughout our chosen markets."

Chris Doloughty has been with BRIDGE for over two years and has relocated to London from Chicago to work alongside Hanley. He will assist in executing BRIDGE's business plan and processes, as well as establishing the company's brand in the UK.

"We are incredibly excited to open our first international office and expand the BRIDGE platform to the UK," said Doloughty. "We believe there are a lot of similarities between the US and UK logistics markets, and we are eager to leverage our experience and strong capital relationships to unlock best-in-class opportunities throughout the core logistics markets on this side of the Atlantic."

BRIDGE continues to expand its US portfolio within the supply-constrained core markets of Chicago, Miami, New Jersey/New York, Los Angeles/San Francisco, and Seattle, focusing on raising more capital and becoming increasingly more active in the capital markets - having just hired Chief Financial Officer Sean Zasche and Vice President of Research Jared Sullivan to help further its investor relations and improve its competitive market intelligence.

Miller Construction begins 30,000 SF expansion of Miami Lighthouse for the Blind

cwilliams@achieveagency.com (Clay Williams) — Tue, 10 Nov 2020 18:11:21 GMT

COMPLEX BUILD TACKLES CHALLENGES TO KEEP EXISTING FACILITIES OPERATIONAL

THROUGHOUT CONSTRUCTION

MIAMI – Miller Construction has launched the 30,000-square-foot expansion of Miami Lighthouse for the Blind’s Lighthouse Learning Center for Children™, which will create a five-story adjoining center to the existing campus located at 601 SW 8th Avenue.

The new Learning Center will include 8,595 square feet of classroom and office space, plus two levels of covered parking. Expanding Miami Lighthouse’s building footprint to encompass the organization’s entire 1.39-acre site, the project draws on Miller Construction’s expertise to complete the expansion while keeping existing facilities operational during the 11-month build.

The project’s scope and complexities demand craftsmanship, precise scheduling and close coordination, according to Miller Construction President Brian Sudduth. New construction will connect on each of four stories with an existing parking and classroom structure that was completed in 2018. Multiple challenges range from precisely matching floor elevations, to tying into the existing storm drainage system and ensuring new building finishes match. At the fourth floor, for example, Miller will demolish a portion of existing exterior wall and connect the buildings at a storage room location. Miller is employing Building Information Modeling (BIM) for clash detection and coordination of trades, to ensure the entire project runs smoothly.

“Miami Lighthouse has grown to meet demand with a series of expansions at the site over the years,” explained Sudduth. “This latest project will tie all sections together seamlessly, adding new facilities and some flex space for future use. We’ve planned the construction to minimize any disruption to Miami Lighthouse’s vital day-to-day operations for the community,” he added.

The project plans also include design features that align with Miami Lighthouse’s mission of serving the visually impaired of all ages, Sudduth noted. All signage and elevators will incorporate Braille. Three stair towers leading to specific locations will help students exit the building safely, and the build includes a playground and green space where students can learn orientation and mobility skills and play in a safe environment.

“Blind and visually impaired children from communities throughout Miami-Dade will attend alongside sighted classmates from the surrounding Brickell neighborhood” said Virginia Jacko, President and CEO of Miami Lighthouse. “With the expertise of Miller Construction, we will be able to open our expanded facility by the beginning of the 2021 school year so our blind and visually impaired students in Pre-K through first grade can easily transition to public schools.”

The expansion was designed by Wolfberg Alvarez, which is also the project’s civil and MEP engineer. Bliss & Nyitray Inc. is structural engineer. The expansion to the current Miami Lighthouse facility was made possible by private donations in response to a challenge grant from a local philanthropist.

BRIDGE and PGIM Real Estate Joint Venture Secures $67M Construction Loan for Bridge Point Cold Logistics Center in Hialeah, FL

cwilliams@achieveagency.com (Clay Williams) — Tue, 03 Nov 2020 18:17:35 GMT

With financing in place, the joint venture moves forward with the region's first-ever cold storage project to be delivered on a speculative basis

J oint venture partners Bridge Development Partners, one of South Florida's most active industrial real estate developers, and PGIM Real Estate, the global real estate investment and financing business of Prudential Financial, Inc., today announced it has secured $67 million in financing to develop Bridge Point Cold Logistics Center, a 312,103-square-foot speculative cold storage facility in Hialeah, Fla.

The loan was issued by Metropolitan Life Insurance Company and secured by Steve Roth of CBRE's Debt & Structured Finance team. It will cover the development of the 20.8-acre site, strategically located at NW 162nd Street and NW 102nd Avenue, acquired by the joint venture partners in July. With financing in place, the joint venture will break ground this month. On schedule to be completed in the fourth quarter of 2021, the project represents the first-ever cold storage project to be delivered on a speculative basis in South Florida.

"As consumers increasingly turn to online grocery shopping, the demand for cold storage space is reaching unprecedented levels-especially in major population centers such as South Florida," said Kevin Carroll, a principal of Bridge Development Partners and Florida market leader. "As such, we are pleased to have secured financing for our first spec cold storage project in South Florida. We look forward to breaking ground later this month and delivering a best-in-class cold storage facility that will serve to meet this growing market demand."

This acquisition marks the first cold storage project in South Florida for the joint venture, which launched a $150 million national cold-storage investment program late last year, targeting $400 million in assets. This programmatic joint venture seeks value-add returns through the development of Class-A cold-storage facilities, as well as the acquisition and repositioning of Class-A/B cold-storage facilities nationwide.

Bridge Point Cold Logistics Center is designed with flexibility in mind and can accommodate multiple tenants. The building features a front-load design with 50' clear heights that maximize pallet storage efficiency; 348' building depth, 39 dock-high doors, three grade-level truck ramps, an estimated 3% office finish, 207 car parking spaces, and 49 trailer parking stalls. The facility's state-of-the-art refrigeration systems provide broad temperature flexibility in all units, ranging from -10°F to +55°F, allowing the building to accommodate both freezer and cooler users. The property's prime location just south of the Miami-Dade and Broward County line, offers easy access to Florida's major transportation arteries including the Florida Turnpike, I-75 and State Road 826.

For more information or to schedule a tour, please contact the exclusive leasing team for the project, Cushman & Wakefield's Wayne Ramoski, Gian Rodriguez, and Skylar Stein at (305) 351-2452.

South Florida Window and Door Company Nearly Triples Footprint

cwilliams@achieveagency.com (Clay Williams) — Wed, 21 Oct 2020 17:51:27 GMT

Cushman & Wakefield represented Monogram Windows & Doors in a 32KSF Lease at Quiet Waters Business Park in Deerfield Beach

DEERFIELD BEACH, FL, October 6, 2020 – Cushman & Wakefield has arranged a 31,847-square-foot industrial lease on behalf of Monogram Windows & Doors , a leading distributor of impact-resistant windows and doors serving South Florida’s commercial and residential construction market. The company, which currently occupies approximately 12,000 square feet, is expanding its footprint to accommodate a growing demand from new Florida homebuyers.

The Cushman & Wakefield South Florida Industrial Team of Executive Director Rick Etner , Executive Director Chris Metzger , Executive Director Christopher Thomson and Director Matthew G. McAllister represented Monogram Windows & Doors in the lease at 740 S. Powerline Road in Deerfield Beach’s Quiet Water Business Park. The tenant is relocating from another building within the park. CBRE’s Tony Hoover represented the landlord, Quiet Waters Business Park, LLC.

Monogram Windows & Doors, based in South Florida for over 20 years, serves Broward, Dade, Palm Beach, Collier and Lee counties. The company distributes and installs a broad line of hurricane impact-resistant glass products, including a variety of specialty insulated and Low E windows and doors, all of which meet Florida’s most up-to-date impact requirements and energy codes.

“Monogram Windows & Doors has nearly doubled its business year over year as more people move to South Florida from the Northeast,” said Etner. “This lease is a win-win situation, as the company gets to remain in Quiet Waters Business Park, while securing the space it needs to keep growing.”

M itch Krasne, President of Monogram Windows & Doors, added, “As we celebrate our tenth year in business, we challenge ourselves with undertaking another move to accommodate our company’s outstanding growth. Rick and his entire team have been instrumental in making this fifth move in those same short years seem effortless and painless.”

Quiet Waters Business Park is a Class A industrial park situated at the northeast corner of Powerline Road and SW 10th Street. The location provides direct access to Interstate 95, as well as proximity to Florida’s Turnpike and the Sawgrass Expressway.

Monogram Windows & Doors will take occupancy of the new 31,847-square-foot space in January.

Hillsboro Technology Center Lands Keratin Complex and Boca Terry as Bristol Group & Butters Plan to Break Ground on Two New Spec Buildings

cwilliams@achieveagency.com (Clay Williams) — Wed, 21 Oct 2020 17:40:53 GMT

DEERFIELD BEACH, FL – The Butters Industrial Team of Thomas J. Hotz, and Brian T. Ahearn, CCIM recently completed two long term lease transactions at Deerfield Beach’s state-of-the-art industrial park, Hillsboro Technology Center (HTC).

Keratin Complex: Leased approximately 55,134 square feet in Building F, at 550 Hillsboro Technology Drive. Keratin Complex are true innovators who revolutionized the beauty industry and discovered a new way to care for hair by merging Keratin science with cutting edge technology. They provide a full line of salon-quality hair products engineered to treat hair with natural Keratin to eliminate frizz, repair damage, and soften for healthy hair. Keratin Complex was represented by Ken Morris and Adriana Lilly of Morris Southeast Group, LLC.

Boca Terry LLC: A family owned and operated business dedicated to providing its customers with top quality custom made bath robes, embroidered slippers, and spa products that just make you feel good, relocated their Broward corporate office and leased 16,790 square feet in Building E at 500 Hillsboro Technology Center Drive. Boca Terry was represented by Rick Etner of Cushman & Wakefield and Adam Talbot, a former member of the Cushman & Wakefield Industrial Team.

“We are very pleased and excited to add Keratin Complex and Boca Terry to our Tenant roster and appreciated all the hard work from the Co-Brokers. Without their expertise and total involvement, we would never have completed these transactions in a timely fashion to meet the client’s occupancy deadlines.” said Thomas J Hotz, Senior Vice President of Butters Realty & Management.

Hillsboro Technology Center (HTC) is a co-development between Bristol Group and Butters Realty & Management and is situated on 75 acres at the northeast quadrant of Interstate 95 and Hillsboro Boulevard in Deerfield Beach, FL. It is considered North Broward’s finest state-of-the art Business Park comprised of industrial, office, and hotel product. With these two leases executed, only two available units totaling 35,000 square feet remain available for lease at the business park. As part of the final phase, Bristol Group & Butters plan to deliver two brand new warehouse buildings in 2021, which will add an additional 300,000 square feet of industrial space at Hillsboro Technology Center. Upon completion, Hillsboro Technology Center will consist of over one million square feet of Class A commercial space.

Avison Young closes $11M office sale of 100,000 SF Concept II Towers in South Florida

cwilliams@achieveagency.com (Clay Williams) — Wed, 14 Oct 2020 19:03:33 GMT

Despite challenging market conditions, Florida Capital Markets Group achieves premium pricing for value-add office asset in central Palm Beach County

Lake Worth, Florida – Avison Young’s Florida Capital Markets Group closed the $10.9 million sale of Concept II Towers, a pair of office buildings totaling 96,674 square feet at 2290 and 2328 10th Avenue N in Lake Worth, Florida. Despite challenging market conditions, the brokerage team achieved premium pricing on behalf of the seller, KAS Lakeworth, in the disposition to Allen Chelminsky.

The sale was completed by Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth.

“The buyer for Concept II Towers secured an outstanding value-add office asset which consistently performed well during the pandemic and increased occupancy to 82.5%,” said Duckworth. “Situated in an ideal central Palm Beach County location with Lake Worth in the midst of revitalization, the property boasts strong in-place cash flows with a synergistic mix of quality medical and professional tenants, and there is and tremendous upside potential through lease-up.”

With direct Interstate 95 access via 10th Avenue, Concept II Towers is minutes from downtown Palm Beach. The newly-renovated property, with office suites offering unobstructed views of Lake Worth, is adjacent to a brand-new Wyndham Garden Hotel and across the street from a nine-acre mixed-use development that will feature national retail businesses and residential concepts.

“The Concept II Towers sale is a sign of growing investor confidence in the commercial real estate market,” said Crotty. “Many investors are looking to get back to the business of buying assets that fit their overall strategy. The office market remains incredibly resilient, and collection rates are tracking similarly to pre-pandemic levels.”

Bridge Development Partners Hires Vice President, Head of Research at Corporate Headquarters

cwilliams@achieveagency.com (Clay Williams) — Tue, 13 Oct 2020 16:49:05 GMT

Leading industrial developer brings on research and data VP to expand capital markets insights and market intelligence

Bridge Development Partners announced today that it has hired Jared Sullivan as its Vice President, Head of Research.

In his new role, Sullivan will support capital raising and investor relations efforts, spearhead market research and studies to support BRIDGE's growth into new markets and submarkets, and guide ongoing thought leadership.

The installation of Sullivan's position is one in a series of steps to further the company's capital raising strategy, in addition to continuing its relationships with Banner Oak Capital Partners ("Banner Oak"), Teacher Retirement System of Texas ("Texas Teachers") and other equity partners. Robust support from these partners has contributed to BRIDGE's success as a leading developer of industrial properties with over $7 billion of assets.

"Jared's research and data expertise is integral to helping BRIDGE succeed as we further our capital raising and acquisition strategy, and to provide the market's best intelligence to our stakeholders," said Steve Poulos, CEO at Bridge Development Partners. "His years of economic analyses experience will assist BRIDGE's participation and advancement in the capital markets and our portfolio expansion, and boost all of our efforts as we expand our presence in our core U.S. markets, and establish a new office in London later this year."

Sullivan will perform research essential to BRIDGE's investment process, helping to focus corporate resources to maximize investment performance, including market and submarket economic analysis, real estate supply and demand analysis, international market research, and competitive intelligence.

"I'm grateful for the opportunity to translate my previous experience utilizing data to grow BRIDGE's investment strategy and build upon its already strong foundation of capital raising and institutional partnerships," said Sullivan. "I look forward to working with our executive team to proactively understand and meet the needs of stakeholders with BRIDGE's superior market intelligence as the company continues to expand domestically and internationally."

Sullivan was previously Vice President, Head of Research at CA Ventures, where he built a research capacity to develop strategy and raise capital across all verticals, as well as worked with the Chief Operating and Development officers to build and integrate CA's research capabilities. He developed strategy for the industrial sector, raised institutional capital and worked with the multi-family sector lead to develop strategy for targeting markets for apartment development. Prior to CA Ventures, Sullivan was Vice President at LaSalle Investment Management and holds both a Bachelor of Arts in Economics and Master of Science in Applied Economics from Montana State University.

TREIS sells two adjacent retail buildings in Hollywood for $2.24 million

cwilliams@achieveagency.com (Clay Williams) — Tue, 13 Oct 2020 16:29:01 GMT

MIAMI (October 13, 2020)—Tiktin Real Estate Investment Services (TREIS), a leading commercial real estate investment sales brokerage firm, has announced the sale of two adjacent retail properties totaling approximately 30,000 square feet at 6015 and 6023 Hollywood Blvd. in Hollywood, FL. Rang Group, Inc. acquired the .69-acre site from Jaga, LLC for $2.24 million. Alejandro Snyder and Michael B. Williams of TREIS represented both the buyer and seller in this transaction. Closing took place on Oct 9th.

The buildings are currently occupied by a CarStrada and Audio Logic. They were built in 1962 and 1965. Audio Logic has operated at this location for over 35 years, while CarStrada has leased its space for over 13 years.

The buildings are situated on Hollywood Boulevard, one parcel to the west of the intersection of Hollywood Boulevard and State Road 7.

“This property offers enormous potential for future redevelopment and fits right in with the City of Hollywood’s master plan initiative. Meanwhile, the buyer is able to benefit from the stable, steady income stream that the current tenants provide,” stated Snyder and Williams. “We are thrilled for both the seller and the buyer.”

The City of Hollywood is currently updating its master plan to include major redevelopment and improvements of infrastructure along the Hollywood Boulevard and US-441 corridors. This master plan is a product of the city’s widespread effort to revitalize their most attractive retail corridors in order to foster economic growth and attract new business within the area.

For more information, please call 305-363-4750 or 844-4-TIKTIN or visit www.tiktinrealestate.com.

Miller Construction Completes New Fort Lauderdale Waterfront Landmark: Lauderdale Yacht Club’s 36,941 SF Clubhouse

cwilliams@achieveagency.com (Clay Williams) — Thu, 08 Oct 2020 16:48:39 GMT

FORT LAUDERDALE, Fla. –Miller Construction has completed the new 36,941-square-foot clubhouse for Lauderdale Yacht Club, combining Old World craftsmanship with advanced building systems.

The project included demolishing the previous 1950s-era clubhouse and building the new two-story structure at the yacht club’s location on a prime point site overlooking the Intracoastal Waterway at 1725 SE 12 Street. An existing state-of-the-art commercial kitchen that Miller built in 2015 adjoins the new structure.

Reflecting Lauderdale Yacht Club’s upscale image and its nautical and social traditions dating back to 1938, the clubhouse designed by Spina O’Rourke Architects features detailed finishes, from tongue-and-groove, fabric and acoustical plank ceilings, to custom millwork, as well as intricate tile patterns using more than 50 different tiles.

Club members’ convenience, comfort and safety were top-of-mind for Miller’s crews, requiring meticulous planning and staging of materials within the site’s limited space. The club’s tennis and fitness facilities and swimming pool operated on regular schedules, and valet parking was available throughout most of the project, despite site constraints. The majority of boats in the club’s marina were able to stay in their slips during the construction.

The location, in the heart of a quiet, high-end residential neighborhood, meant careful coordination with all subcontractors was essential to minimize any disruption.

With elegant, flexible spaces, the clubhouse positions Lauderdale Yacht Club for a dynamic future. A spacious main dining room on the ground floor is expandable, to include the smaller Cove Harbor room. The Abenaki Lounge, Cypress Bar and the Wine Room are also on the first floor, along with children’s playroom, club shop and covered terrace. The second floor includes administrative offices plus the Burgee Bar, the Commodore Room and the New River Room for relaxing, dining and members’ events, as well as covered and uncovered terrace areas overlooking the waterway. On each floor, Solar Innovation glass door track systems enable the club to open glass walls between the interior and the terraces, extending space when needed.

Project team members included engineers Bliss & Nyitray, Inc. (structural), KAMM (mechanical, electrical and plumbing), and Flynn Engineering (civil). Miller’s use of Building Information Modeling (BIM) assured precise coordination of MEP systems.

For the clubhouse project, Miller drew on experience handling new construction and major renovations for clients including Fisher Island Club, Lago Mar Resort and Club and Key Biscayne Yacht Club. Founded in 1973, Miller Construction Company is a prominent South Florida design/builder and construction services firm serving commercial, industrial, hospitality, automotive, retail, healthcare and educational markets. For information: www.millerconstruction.com.

Merrimac Ventures Acquires Prime Commercial Properties in Downtown Fort Lauderdale for $14 Million

cwilliams@achieveagency.com (Clay Williams) — Wed, 30 Sep 2020 15:02:51 GMT

Tiktin Real Estate Investment Services Brokers Sale

FORT LAUDERDALE, Fla. (Sept. 29, 2020)—Tiktin Real Estate Investment Services (TREIS), a leading commercial real estate investment sales brokerage firm, has announced the sale of five adjacent commercial properties totaling 1.75 acres along North Federal Highway between NE 3rd Street and NE 4th Street in Downtown Fort Lauderdale. The site includes a two-story retail building occupied by Sherwin Williams and a Greyhound Bus Stop. The entity, 616 SE 4th Avenue, LLC, managed by Dev Motwani of Merrimac Ventures acquired the properties from J&C Fox Family, LLC and Joel Fox, Inc., for $14 million in a 1031 Exchange. Adam J. Tiktin and Alejandro Snyder of TREIS represented both the seller and the buyer. Closing took place Sept. 29th.

“We couldn’t be more excited about this acquisition,” stated Dev Motwani, president and CEO, Merrimac Ventures. “This property is one of the best parcels left in Flagler Village with great visibility and frontage along US1. We appreciate the team at Tiktin Real Estate for making this a seamless transaction.”

“It was a real pleasure working with the Fox family on this transaction,” stated Adam J. Tiktin, president and broker, TREIS. “We first started working together 18 years ago and were thrilled with the opportunity to help them sell these properties which they have owned for the past 37 years. We congratulate Dev Motwani and his team at Merrimac Ventures on acquiring this trophy asset.”

The site boasts an entire city block of frontage along North Federal Highway in downtown Fort Lauderdale. North Federal Highway is one of the busiest thoroughfares in Broward County with traffic counts of over 53,000 vehicles per day.

For more information, please call 305-363-4750 or 844-4-TIKTIN or visit www.tiktinrealestate.com.

Miller Construction building 114,000 SF CITY Furniture, Altamonte Springs

cwilliams@achieveagency.com (Clay Williams) — Mon, 28 Sep 2020 18:54:55 GMT

Miller Construction Building 114,000 SF Superstore for CITY Furniture Along I-4 in

Altamonte Springs

ORLANDO – Miller Construction is underway with a new 114,000-square-foot CITY Furniture superstore in the Orlando suburb of Altamonte Springs on a high-profile site overlooking I-4.

The energy efficient two-story showroom is Miller’s twenty-fifth project for the national Top 100 furniture retailer, as CITY Furniture continues its Central Florida expansion. The company already operates stores near the Mall at Millenia and in Ocoee, as well as a regional distribution center in Ocoee.

As the latest step in CITY Furniture’s Green Promise to make all its operations carbon neutral by 2040, the Miller team is constructing the two-story showroom at 555 Douglas Avenue to achieve LEED certification. Environmentally-friendly features will include LED lighting for the interior and exterior, upscale natural and low-VOC finishes, plus energy- and water-conserving HVAC, irrigation and plumbing systems. Exterior features include seven electric car charging stations.

Designed by Gallo Herbert Architects of Deerfield Beach, the superstore will create open interior sightlines, starting with the showroom’s 17-foot-high entry area. Expanses of low-emitting glass will showcase CITY Furniture’s new Generation Three design, including a KC Café and Wine Bar, an 8,300-square-foot Mattress Gallery and the CITY Marketplace home accessories store-within-a-store. Miller’s crews will install two 45-foot-long escalators, providing wide-angle interior views.

Miller’s site work for the project includes installing an extensive stormwater exfiltration system that will tie into adjacent retention areas. Civil engineering for the new showroom is by Dewberry’s Orlando office, and other project team members include KAMM Consulting of Deerfield Beach (MEP) and Blaney Engineering of Orlando.

CITY Furniture operates 20 showrooms from Miami through Vero Beach, and in Southwest and Central Florida, as well as 14 Ashley HomeStore showrooms as the brand’s Southeast and Southwest Florida licensee. For information: www.cityfurniture.com.

Miller Construction is a prominent design/builder and construction services firm serving South Florida industrial, retail, commercial, automotive, healthcare, hospitality and education markets since 1973. For information: www.millerconstruction.com.

Newly Constructed DiVosta Towers in Palm Beach Gardens Sells for $80 Million; Tower CRE Named Exclusive Leasing Agent

cwilliams@achieveagency.com (Clay Williams) — Fri, 25 Sep 2020 18:30:56 GMT

Tower Commercial Real Estate Named Exclusive Leasing Agent

M IAMI (September 25, 2020)–Gatsby Enterprises, a New York-based real estate firm led by principal Nader Shalom, and Master Mind LLC, led by Babak Ebrahimzadeh, today announced the $80 million acquisition of the newly constructed state-of-the-art Class A office complex, DiVosta Towers, located at 3825-3835 PGA Boulevard in Palm Beach Gardens. The acquisition includes two 11-story office buildings totaling 220,000 square feet and 889 parking spaces.

The Seller, Gardens Corporate Center, LLC, acquired the seven-acre site in early 2015 for $8.5 million and spent the past five years constructing both towers along with the four-level parking garage. The South Tower was completed in 2019 and is approximately 70 percent leased, appealing to a variety of legal and accounting firms and financial groups. Among them are JP Morgan and Comiter, Singer, Baseman & Braun, LLP. The North Tower was recently completed this month. The new owners have tapped Jon Blunk at Tower Commercial Real Estate to oversee the leasing for both buildings.

“The quality of construction, design and location make DiVosta Towers the premier assets in Palm Beach County,” stated Isaac Shalom, Gatsby Enterprises. “We are truly excited and honored to be able to own such assets and to continue our growth within South Florida.”

DiVosta Towers is the city’s first new office space in nearly 10 years. Inspired by the Louvre Museum in Paris and constructed by renowned builder, Buz DiVosta, the buildings make a bold statement and are easily recognized by the pyramid-shaped framework on the crowns of each tower.

DiVosta Towers boasts the ultimate in luxury office space with an abundance of amenities for tenants to enjoy. Features include a full-time concierge with controlled elevator access, 10-foot ceilings, floor-to-ceiling impact glass windows, car charging stations, separate tenant controlled air conditioning units for each space, a beautiful ground floor patio that can be used for meetings and events, public art and unobstructed panoramic views from the upper floors. The covered garage provides easy access and reserved parking, convenient to both buildings, with wide aisles and 4:1 parking ratio.

“I am thrilled to be working with such experienced hands-on owners like the Gatsby team on the best building by far in this market in terms of quality and architectural style,” stated Jon Blunk, president, Tower CRE. “DiVosta Towers offers everything one could want in an office address. The buildings’ ideal downtown location means tenants have plenty of restaurants and shops within walking distance. The Palm Beach Gardens market has been asking for a top tier project like this for a long time, and these buildings have been overimproved in every way.”

Gatsby Enterprises made its foray into South Florida last year with the acquisition of 800 Brickell for $125 million and is currently redeveloping the tower into a modern office building. The firm has long-term goals in South Florida and aims to develop a portfolio of best-in-class core commercial and residential properties.

For leasing information on DiVosta Towers, please call Jon Blunk (305) 433-1195 or visit https://tower-cre.com.

Current Builders Hires New Business Development Manager Hawes Helwig Joins Construction Firm’s Growing Team

cwilliams@achieveagency.com (Clay Williams) — Wed, 23 Sep 2020 18:35:54 GMT

POMPANO BEACH, FL-- Current Builders today announced that Hawes Helwig has joined the firm as a Business Development Manager. The award-winning construction company has been strategically expanding its market, and now Helwig will be identifying new opportunities and enhancing client relations on both Florida coasts.

“With his notable experience, Hawes will make a stellar addition to our business development team,” said Current Builder’s CEO Michael C. Taylor. “We look forward to his fostering new relationships, mining expanded markets and adding to the development of our company’s portfolio.”

Hawes previously held business development positions with Intertek Psi Southwest Florida and VIRTEXCO in Virginia, where he handled lead generation, client relations, contract management and other key duties.

At Current Builders, Hawes will focus on creative ways to drive new business by identifying and penetrating untapped markets, while optimizing the firm’s revenue potential. He will be collaborating with other managers to increase contract opportunities and maximize revenue.

“I am honored to join this dynamic group of professionals,” said Helwig. “This firm built its success on repeat business, which speaks volumes about their quality of work. After careful analysis of their scope of services, I see tremendous opportunities for growth throughout the state and am excited to assist Current Builders in realizing its future growth potential.”

Current Builders has offices in Pompano Beach and Sarasota. For more information please visit www.currentbuilders.com

Current Builders is an award-winning general contractor, established in 1972 with average annual revenues in excess of $250 million. The firm specializes in multi-family residential projects, healthcare facilities, office/warehouse buildings, commercial distribution facilities, parking garages, interior build-outs, interior and exterior renovations, all included as turnkey projects inclusive of the construction of the buildings and related site work.

Miller Construction Building Drystack, Automated F3 Marina, Fort Lauderdale

cwilliams@achieveagency.com (Clay Williams) — Wed, 23 Sep 2020 18:32:19 GMT

FORT LAUDERDALE, Fla. – Miller Construction is building the high-tech, 240-rack F3 Marina in Fort Lauderdale’s 17th Street Causeway district for owner F3 Marina.

Creating the second fully automated drystack marina of its type in the nation, Miller’s intensive planning and coordination includes working closely with FPL to convert overhead power lines to an underground run before erecting the marina’s massive 1,750-ton structural steel frame.

The 59,000-square-foot F3 Marina, Fort Lauderdale will feature an automated crane to lift boats as long as 46’ and 17’ high from the water and place them in an elevated slip. This sophisticated crane will be shipped to the site at 1335 SE 16th Street in 100-foot sections. In planning, Miller’s team identified and resolved clearance issues to ensure smooth installation of the crane will be achieved as the project’s roof structure nears completion.

“F3 Marina is drawing on advanced technology to lead change in the efficiency and potential growth of drystack marinas,” said Miller President Brian Sudduth. “The automated system is expected to lift and store or retrieve boats in under five minutes, and that’s a breakthrough for the marine industry. We’re building a great looking, efficient structure to help bring that concept to life.”

At completion of the new marina in September 2021, the owner will complement its current automated drystack facility, The Port Marina, nearby on SE 16th Street.

The 130-foot-high, hurricane-hardened structural steel and precast concrete building will include 1,100 precast concrete panels and 26,000 square feet of curtain wall glass. Located on a tight site in a busy tourism and marine area near residential neighborhoods, the project demands precise staging and traffic coordination throughout the 14-month build. Since the project will cover its entire site, logistics and scheduling challenges include coordinating multiple cranes to reach areas before access is cut off.

Project team members include architect RINKA of Milwaukee, and engineers Jezerinac Group of West Palm Beach (structural), and Edgewater Resources of Pompano Beach (civil).

Tower CRE Secures Over 20,000 SF of New Leases at SunTrust International Center in Downtown Miami - Spec Suite Program Attracts Five Law Firms to Class Office Building

cwilliams@achieveagency.com (Clay Williams) — Wed, 16 Sep 2020 20:27:13 GMT

TOWER CRE SECURES OVER 20,000 SQ FT OF NEW LEASES AT SUNTRUST INTERNATIONAL CENTER IN DOWNTOWN MIAMI

High-End Spec Suite Program Attracts Five Law Firms to Class A Office Building

MIAMI (September 16, 2020)— Tower Commercial Real Estate (Tower CRE), a full-service commercial real estate brokerage in South Florida, today announced it has secured approximately 20,000 square feet of new leases at SunTrust International Center, a recently renovated 31-story, 449,076 square-foot Class A office building at 1 SE Third Ave. in Miami’s Central Business District. The leasing team includes Tower CRE Senior Vice President Cristina Glaria, President Jon Blunk, and Executive Director Laurel Oswald.

Five law firms have joined SunTrust International Center as new tenants. They include Gelber Schachter & Greenberg (9,000 SF), which is relocating from Brickell and has doubled in size, Winget Spadafora & Schwartzberg (3,726 SF); Sastre Saavedra & Epstein (3,496 SF); Peretz Chesal Herrmann (2,763 SF); and Marx Rosenthal (1,829 SF).

“Firms look to SunTrust International Center as their office location of choice due to the building’s recent renovation, flexible spec suite opportunities and comprehensive onsite amenity package,” stated Cristina Glaria, senior vice president, Tower CRE. “Our luxury spec suite program has presented a surge of new tenant activity, especially in this current economic climate which has left many businesses seeking new office locations at a more attainable price point. We are able to meet that demand while also providing high-end, freshly built-out space available for immediate occupancy.”

Full-service office rents at SunTrust International Center average $42 per square foot. The building’s spec suite program includes private kitchens and conference rooms and features DIRTT modular wall systems, which offer fully customizable layouts that easily adapt for both open floorplans and more office intensive users. The flexible buildouts provide opportunities for future adjustments to the space, allowing tenants to seamlessly comply with current social distancing regulations while also allowing them to maximize their space in the future without compromising their budgets.

SunTrust International Center recently completed a $13 million renovation, featuring a newly designed rooftop terrace, state-of-the-art fitness center and conference facility. In addition, the LEED® Silver certified building houses Premo’s Deli, Walgreens Pharmacy, Bank of America and SunTrust banking centers, and provides 24/7 security.

SunTrust International Center’s prime location in the heart of downtown Miami provides excellent access to I-95, Brickell Avenue and the MacArthur Causeway. Located on the corner of Flagler Street and Southeast 3rd Avenue, SunTrust International Center is just blocks away from the Miami Metromover and Brightline’s MiamiCentral station as well as the Bayside Marketplace shopping and dining complex.

SunTrust International Center is owned by PCCP, LLC (PCCP) and managed by Crocker Partners. Spec suite and full floor leasing opportunities are available. For leasing information, please call (305) 400-0760 or visit https://tower-cre.com. For information on SunTrust International Center, visit suntrustinternationalcenter.com.

Stiles Unveils Downtown Fort Lauderdale's Newest Apartment Community at The Main Las Olas, Renderings Released

cwilliams@achieveagency.com (Clay Williams) — Tue, 15 Sep 2020 19:58:33 GMT

**Luxury high-rise at The Main Las Olas to feature the city's first Publix GreenWise Market, unrivaled amenities and big-city walkable urban lifestyle

**New Renderings Released

Fort Lauderdale, FL (September 15, 2020) – Stiles Residential Group, a leading luxury multifamily developer and division of 69-year-old South Florida real estate firm Stiles, today unveiled Novo Las Olas (Novo), a 341-unit apartment home community located in the heart of downtown Fort Lauderdale that will feature the city’s first GreenWise Market, which is owned and operated by Publix Super Markets, Inc.

Novo is part of The Main Las Olas, the new landmark 1.4 million-square-foot mixed-use community that spans a full city block between 201 East Las Olas and SE 2nd St., and includes a 357,000-square-foot Class A office tower currently under construction. The Main Las Olas is a joint venture between Stiles and San Francisco-based Shorenstein Properties LLC. Stiles Construction is the project’s general contractor.

“This building offers a unique urban living experience that will be new to downtown Fort Lauderdale,” said Jeff McDonough, President of Stiles Residential Group. “This is the only apartment community where residents will be an elevator ride away from a grocery store that offers a wide variety of specialty, natural and organic products – a huge amenity to our residents. Novo was designed to deliver a luxury urban living experience with incredible convenience, not only because of its connectivity to all The Main Las Olas has to offer, but also because everything you love about Las Olas is right at your doorstep.”

Novo has begun accepting applications for pre-leasing of their premier apartments and virtual tours are being offered. Construction is nearing completion with first move-ins expected in November 2020, which coincides with the anticipated opening of GreenWise Market. More information on leasing can be found at www.NovoLasOlas.com.

“Over the past year, downtown Fort Lauderdale’s nucleus shifted west of 3rd Ave. on Las Olas and Stiles’ new office and residential developments have led the way with projects including Alluvion Las Olas and The Main Las Olas,” said Ken Stiles, Chief Executive Officer. “We look forward to delivering another exciting and diverse residential community to date in this state-of-the-art urban hub that truly embraces the city and exudes style and luxury.”

The only grocer to be located on Las Olas Boulevard, GreenWise Market will help establish a higher level of urban living in downtown. In addition to traditional grocery options, this new 28,000-square-foot prototype store will offer experience zones, which include made-to-order meals and grab and go foods like handcrafted gourmet sandwiches and freshly baked pizza, a sushi bar, a curated selection of wines and imported cheeses, and a beverage area featuring locally roasted coffee, wine and beer on tap and other selections to enjoy while shopping or relaxing at the bar.

Built for convenience, residents will be able to access GreenWise Market without having to go outside. Going one step further, several residential amenities have been curated to pair with the grocer’s offerings, such as the community’s outdoor pizza oven on the amenity deck, allowing residents to take-and-bake their own pizza dough from the market to home. In addition, Novo residents will have immediate access to The Main Las Olas and retail shops and restaurants at the ground level.

Novo will offer vibrant yet undeniably welcoming and livable spaces with a wide array of outstanding amenities. Unit sizes range from 600 square feet to 1,400 square feet across studio, one, two and three bedrooms, and feature flexible living spaces and floor-to-ceiling windows to maximize views. Apartments offer premium finishes, including quartz countertops, soft-closing cabinet doors and drawers, wood plank style flooring throughout the units, stainless steel appliances, full-size washers and dryers, private balconies and terraces, and electronic locks.

Features and amenities include 24-hour concierge, a Sky Terrace and Lounge capturing panoramic views of the skyline, a resort-style pool area with fire pit, cabanas and gaming areas, outdoor entertainment pergola with grills, pizza oven, green egg grills, and areas for gathering. The state-of-the art fitness center will offer strength training, TRX system, cardio machines, and a yoga/group fitness studio with on-demand classes. Other amenities include a co-working lounge, club room, 24/7 package access, and secure bike storage with bike repair equipment. In addition, pets will be treated like royalty with an artfully designed dog park and grooming/wash station.

The apartment community will be managed by Greystar, a global leader in rental housing services. Founded in 1993, Greystar manages over 693,000 units/beds with $35.5 billion assets under management globally.

Toni Rials, Greystar Senior Director of Real Estate commented, “With the office just a few steps away, you can head home for lunch and play a round of fetch with your dog in the dog run or squeeze in an episode of your favorite show. At Novo, residents will be able to get uncommonly close to everything downtown offers — the Wharf, the business district, outstanding shopping and dining, legendary nightlife and unforgettable views.”

Novo was designed by award-winning architecture design firm Cooper Carry, which has designed numerous iconic buildings on Las Olas.

For more information, visit www.NovoLasOlas.com.

Duke Realty Elevates South Florida Leader To Regional Senior Leadership Role

cwilliams@achieveagency.com (Clay Williams) — Wed, 09 Sep 2020 19:48:26 GMT

Duke Realty Elevates South Florida Leader To Regional Senior Leadership Role

(click here to view article on CRE-Source)

Duke Realty Corporation (NYSE: DRE), the largest domestic-only, pure-play logistics property REIT (Real Estate Investment Trust) in the United States, announced the promotion of Stephanie Rodriguez to regional senior vice president for the state of Florida. In her new role, Rodriguez will oversee continued growth in South Florida and expanding activities in Central Florida — markets where Duke Realty currently owns and operates more than 12.8 million square feet of industrial space.

“As we see increased demand for logistics real estate and continued growth in our Florida markets, we needed a proven leader to guide our activities and foster our broker and tenant relationships,” said Steve Schnur, executive vice president and chief operating officer at Duke Realty. “Stephanie’s track record of real estate success and her established reputation within the Florida real estate community most notably as the president of NAIOP South Florida will be an asset in her newly expanded role.”

Rodriguez joined Duke Realty in 2008 as vice president, asset management before her transition to leasing. She was promoted to vice president, leasing and development in January 2019. During her tenure, she has earned various sales awards and company and industry accolades. As the local market leader in South Florida, Rodriguez led the team to build-to-suit wins with ecommerce companies and retailers. Under Rodriguez’s management, the South Florida team has continued the successful management of its portfolio even during the COVID-19 crisis and subsequent challenging economic landscape.

In addition to her appointment as president of NAIOP South Florida, Rodriguez is a board member of the Commercial Industrial Association of South Florida and continues to be involved in regional business development organizations. In 2019, she was named an industrial influencer by Globe St.’s Real Estate Forum, and was recently named a Power Leader in Real Estate by the South Florida Business Journal.

Cushman & Wakefield Represents First Industrial Realty Trust in 24KSF Renewal with Windy City Wire in South Florida

cwilliams@achieveagency.com (Clay Williams) — Wed, 09 Sep 2020 19:43:05 GMT

The Tenant, an Industry Leader in Cable Management Solutions, Renewed its Lease at Pompano Business Center After a Market-Wide Search

POMPANO BEACH, FL, August 27, 2020 – Cushman & Wakefield has arranged a 24,000-square-foot lease renewal at Pompano Business Center, a Class A industrial park in Pompano Beach. The tenant is Windy City Wire, Cable & Technology Products, LLC, a leading provider of low-voltage wire management solutions.

The Cushman & Wakefield South Florida Industrial Team of Executive Director Rick Etner, Director Matthew G. McAllister, Executive Director Chris Metzger and Executive Director Christopher Thomson negotiated the lease renewal in conjunction with Chris Willson, Senior Regional Director, with landlord First Industrial Realty Trust, Inc.

First Industrial (NYSE: FR) is a Chicago-based REIT that owns and develops logistics facilities in the nation’s top markets, including 1.9 million square feet in Florida. Lee & Associates’ Corbin Blount and William Domsky represented Windy City Wire.

“Windy City Wire evaluated other properties in the market and ultimately determined that Pompano Business Center remains the best location for its business, based on its convenient location and building features,” said McAllister. “We are pleased to have helped our client First Industrial Realty Trust retain this quality tenant, and we look forward to leasing the remaining space in the building.”

Windy City Wire is headquartered in the Chicago area and has 19 locations nationwide. Founded in 1994, the company provides tools and technology systems for the transportation, organization and management of cable.

The tenant’s 24,000-square-foot space is located within Pompano Business Center Building O, at 2500 NW 19th St. The 172,120-square-foot building, completed in 2001, offers a 130-foot truck court, 24-foot clear-height ceilings and ample parking spaces. The building currently has a 95,000-square-foot space available for lease, which the landlord is in the process of converting from a call center back to traditional warehouse use.

The property is geographically central within the Tri-County area of Miami-Dade, Broward and Palm Beach counties and offers immediate access to Florida’s Turnpike and Interstate 95.

Cushman & Wakefield Arranges 52KSF Industrial Lease with Fun Sweets, LLC in South Florida

cwilliams@achieveagency.com (Clay Williams) — Wed, 09 Sep 2020 19:34:50 GMT

Lease More than Doubles Cotton Candy Maker’s Footprint, Brings Class A Warehouse to 100% Occupancy

PALM BEACH COUNTY, FL, July 30, 2020 – Cushman & Wakefield has negotiated a 51,640-square-foot industrial lease with Fun Sweets, LLC, a South Florida-based maker and distributor of packaged cotton candy products. The lease, at 501 103rd Ave. in Royal Palm Beach, brings the Class A, 86,400-square-foot warehouse and distribution facility to 100% occupancy.

The Cushman & Wakefield South Florida Industrial Team of Executive Director Rick Etner, Executive Director Christopher Thomson, Executive Director Chris Metzger and Director Matthew G. McAllister negotiated the lease on behalf of the landlord, Easton & Associates. The team also represented Easton & Associates in the recent $15.5 million sale of the property to Cabot Properties.

Fun Sweets, established in 1994, distributes its products nationally through Walmart, Dollar General and Dollar Tree along with many of the nation’s leading grocery stores, theme parks and specialty stores. The tenant relocated from another warehouse property in West Palm Beach, where it occupied approximately 20,000 square feet.

“We are always happy when we can help a South Florida-based company expand its business, and in this case Fun Sweets more than doubled its footprint,” said Thomson. “501 103rd Ave. had the right location and size to support Fun Sweet’s growth needs, and we were pleased to help our client Easton & Associates fill this property prior to its sale.”

Built in 2014, the facility features 28-foot clear height ceilings, 11 docks high doors, 40-by-48-foot column spacing and 60-by-60-foot loading bay. The property is situated just west of State Road 441 and just north of Southern Boulevard, providing convenience to Florida’s Turnpike and Interstate 95.

Fun Sweets joins Red Bull North America, Inc. at 501 103rd Ave., which occupies the rest of the building. The Cushman & Wakefield team also negotiated the Red Bull lease.

The eight-member South Florida Industrial team led by Etner, Metzger and Thomson negotiated just over 12 million square feet of sale and lease transactions valued at more than $252 million in 2019. For more information, please visit www.southfloridaindustrialteam.com.

Cushman & Wakefield Represents Elion Partners in Leases with Florida Squash Academy and U.S. Stone

cwilliams@achieveagency.com (Clay Williams) — Wed, 09 Sep 2020 19:02:35 GMT

Both Tenants are New to South Florida and Will Occupy Over 31KSF Collectively at a Class A Industrial Facility

BOYNTON BEACH, FL, August 21, 2020 – Cushman & Wakefield has arranged two new leases at Boynton Logistics Center, a Class A industrial park in Palm Beach County. Florida Squash Academy and U.S. Stone, LLC are both new to the South Florida market and will occupy over 31,000 square feet collectively.

The Cushman & Wakefield South Florida Industrial Team of Associate Alex VanDresser, Executive Director Christopher Thomson, Executive Director Rick Etner, Executive Director Chris Metzger and Director Matthew G. McAllister arranged the leases on behalf of the landlord, Elion Partners, a national, logistics-focused real estate investment firm. Tom Skeba of ReMax Services represented Florida Squash Academy and Engles & Volkers represented U.S Stone, LLC.

“Boynton Logistics Center’s central location and great accessibility makes it attractive to a diverse range of users, as these new leases with two very different tenants perfectly demonstrate,” said VanDresser. “Our team is proud to have brought this asset to 75% occupancy in a short period of time, and we expect the momentum to continue as demand for industrial remains strong in the Palm Beach County market.”

Florida Squash Academy leased 19,360 square feet at Boynton Logistics Center Building 1220, at 1220 SW 35th Ave., which now has 8,720 square feet available for lease. The tenant is a squash club and training facility run by one of the world’s top 10 ranked professional squash players. The club originally started in New York and this will be its first Florida facility.

U.S. Stone, LLC leased 11,881 square feet at Boynton Logistics Center Building 1210, 1210 SW 35th Ave. The Kansas-based wholesaler of natural limestone and other stone building products will use the facility as warehouse and distribution space. The lease brings Building 1210 to 100% occupancy.

Elion Partners acquired Boynton Logistics Center, which has three buildings comprising over 200,000 square feet, in early 2020 and subsequently selected the Cushman & Wakefield team to handle leasing.

Situated in the city of Boynton Beach, the facility is centrally located between Palm Beach and Broward counties and is easily accessible via Interstate 95.

The eight-member South Florida Industrial Team led by Metzger, Etner Jr. and Thomson negotiated just over 12 million square feet of sale and lease transactions valued at more than $252 million in 2019. For more information, please visit www.southfloridaindustrialteam.com.

Cushman & Wakefield Brings Duke Realty Spec Industrial Property in South Florida to 100% Leased

cwilliams@achieveagency.com (Clay Williams) — Wed, 09 Sep 2020 18:58:07 GMT

The Team Completed a 40.5KSF Lease with a National Transportation and Logistics Company at the Class A Distribution Facility at 1731 W. Copans Road

POMPANO BEACH, FL, August 7, 2020 – Cushman & Wakefield has negotiated a 40,551-square-foot lease on behalf of a leading transportation and logistics company at a new Duke Realty distribution facility in Pompano Beach. With its second tenant, the 100,661-square-foot building at 1731 W. Copans Road, which was delivered speculatively in 2019, is fully leased.

The Cushman & Wakefield South Florida Industrial Team of Executive Director Rick Etner, Executive Director Chris Metzger, Executive Director Christopher Thomson and Director Matthew G. McAllister, along with Senior Director Jacob Horsley of the firm’s Jacksonville office, represented the undisclosed tenant in the lease negotiations. Duke Realty was represented by its own Stephanie Rodriguez, Vice President of Leasing and Development.

The Cushman & Wakefield’s team also arranged the lease with the building’s first tenant, Lehman Pipe and Plumbing Supply, during the first quarter of 2020.

“1731 W. Copans Road is another top-of-the-line facility from Duke Realty, providing excellent connectivity to I-95 and Florida’s Turnpike,” said Etner. “We are pleased to have brought two quality tenants to this spec property within just a few months of each other, and look forward to a continued strong partnership with Duke.”

Duke Realty, the leading domestic-focused logistics property REIT in the United States, has steadily grown its portfolio in South Florida to over 8 million square feet of industrial space.

The facility at 1731 W. Copans Road is situated adjacent to Duke Realty’s Copans Business Park, a Class A distribution park. It is located half a mile west of the Copans Road - Interstate 95 interchange, and is convenient to virtually all of South Florida’s major roadways. The front-load building features 32-foot clear height ceilings, 25 dock doors, two drive-in doors, parking for 75 automobiles and a 110-foot trailer court.

“We are thrilled to welcome these two tenants to our newest building in Broward County,” said Duke Realty’s Rodrguez. “It is always a pleasure to work with a team of professionals like those at Cushman & Wakefield to create a strong partnership with our customers from the beginning of the lease process. We look forward to seeing these businesses be successful in this location in the years to come.

Cushman & Wakefield Arranges $15.5M Sale of Palm Beach County Warehouse on Behalf of Easton & Associates

cwilliams@achieveagency.com (Clay Williams) — Wed, 09 Sep 2020 18:51:16 GMT

Cabot Properties Acquired the 86.4KSF Facility Situated in Southern Mills Business Park

PALM BEACH COUNTY, FL, August 6, 2020 – Cushman & Wakefield has negotiated the sale of a Class A, suburban industrial asset in South Florida for $15.5 million. The 86,400-square-foot warehouse and distribution facility, at 501 103rd Ave. in Royal Palm Beach, was 100% occupied at time of sale.

The Cushman & Wakefield South Florida Industrial Team of Executive Director Rick Etner, Executive Director Christopher Thomson, Executive Director Chris Metzger and Director Matthew G. McAllister arranged the sale on behalf of Easton & Associates. The Miami-based commercial real estate services firm originally acquired the asset in 2015 for $9.6 million.

The buyer is Boston-based Cabot Properties, a private equity real estate investment firm exclusively focused on industrial properties, with a growing portfolio in South Florida.

“The West Palm Beach industrial market, which includes Royal Palm Beach, remains in high demand, finishing the second quarter of 2020 with an extremely tight vacancy rate of just 2.2%,” said Thomson. “501 103rd Ave. presented an excellent opportunity for Cabot to acquire a fully leased Class A asset in one of the country’s most desirable markets, and is well positioned for strong leasing activity and rent growth in the future.”

501 103rd Ave., built in 2014, features 28-foot clear height ceilings, 11 docks high doors, 40-by-48-foot column spacing and 60-by-60-foot loading bay. The property is situated just west of State Road 441 and just north of Southern Boulevard, providing convenience to Florida’s Turnpike and Interstate 95.

The building is currently fully leased to two tenants: Fun Sweets with 51,840 square feet and Red Bull North America, Inc. with 34,560 feet. The Cushman & Wakefield team represented Easton & Associates in both leases.

The property neighbors a 152,390-square-foot property at 700 103rd Ave., where the team also arranged a full-building lease renewal on behalf of tenant Millwork Sales in June.

Miller Construction Completes BMW of Delray Beach Dealership for AutoNation

cwilliams@achieveagency.com (Clay Williams) — Wed, 09 Sep 2020 18:48:27 GMT

DELRAY BEACH, Fla. – Miller Construction has completed the new BMW of Delray Beach auto dealership for AutoNation, just east of I-95 at 1311 Linton Boulevard. The latest South Florida landmark for BMW enthusiasts features a three-story glass display tower enclosure with dramatic lighting for visibility from I-95.

The project involved phased demolition and new construction to replace an existing BMW dealership with the new two-story showroom and service center. Through strategic sequencing and scheduling, and with ongoing focus on site safety and cleanliness, Miller’s crews helped the dealer keep operations in full swing throughout construction.

The clean-lined, contemporary structure designed by Sparc+ Architecture Studios of Galveston, Texas reflects BMW’s high-performance image and Miller’s experience in constructing dealerships according to the luxury brand’s stringent architectural standards. Starphire Ultra-Clear curtain wall insulated glass maximizes the building’s curb appeal, as does the super-smooth Parex exterior insulation and finish system. Imported clinker tiles are integral to the premium BMW branded look. A customer lounge and BMW merchandise shop add convenience and comfort.

Creating the 44-foot-high display tower and adjoining, elevated mechanical lift was a complex timing and coordination challenge. Miller’s crews used field welding to assemble structural steel for the display platforms and to attach mechanical lifting components to the steel frame of the tower. Crews lowered the lift parts into place before framing the enclosure’s roof to ensure the structural steel fit the opening needed for the lift and platform. With a total live-load capacity of nearly 30,000 pounds, the tower serves as an illuminated display case and also enables the dealership to move cars to an elevated parking deck.

Project team engineers included Promus Engineering of Canton, GA (MEP), Integrity Structural Corp. of Houston (structural) and Thomas Engineering Group of Fort Lauderdale (civil).

Miller Construction is a prominent design/builder and construction services firm serving South Florida automotive, commercial, industrial, retail, healthcare, hospitality and education markets since 1973. In addition to building BMW dealership and service facilities in Fort Lauderdale and Pembroke Pines, Fla., the company has created dealerships for brands including Mercedes-Benz, Aston Martin, Bentley, Rolls Royce, Porsche, Audi and Lexus. For information: www.millerconstruction.com

Avison Young adds office leasing veteran as Principal in South Florida

cwilliams@achieveagency.com (Clay Williams) — Wed, 09 Sep 2020 18:45:35 GMT

Office leasing veteran joins Avison Young in South Florida

Paul Marko joins as Principal, focused on advising office occupiers

Ft. Lauderdale, Fla. – Pike Rowley, Avison Young Principal and Managing Director of the firm’s operations in Florida, today announced the appointment of Paul Marko as Avison Young Principal. Marko will be focused on serving and advising office occupiers in South Florida.

“Office occupiers are facing major decisions about their office needs and workforce,” said Rowley. “With exceptional industry expertise and market knowledge, Paul is positioned to provide clients with data-driven insights and solutions that meet their business needs.”

This year, the South Florida office market has seen overall rent growth begin to decelerate due to an increasing supply pipeline, and a record amount of office space under construction with significant deliveries expected by year end. At the same time, companies are taking an active holistic and strategic view of office footprints in a post-pandemic world to meet the expectations of their workforce and business needs.

“Avison Young is a great match for my skill set; its recent expansion of consulting across the Americas and investment in technology and innovation will help drive my ability to use data and analytics to fuel insights for the companies and industries I serve,” said Marko. “The firm’s culture of collaboration, integrated services and client-centric approach are consistent with my own business approach, helping to provide solutions to clients for the issues of today and tomorrow.”

Marko has more than 30 years of experience in commercial real estate across office tenant representation, buyer broker services, lease/portfolio administration, project management and consulting. He joins Avison Young after eight years at Stiles Realty, where he served as President overseeing the leasing and sales division. Prior to Stiles, Marko served as First Vice President at CBRE in Ft. Lauderdale in the firm’s global corporate services and office tenant advisory services groups. He is a graduate of Florida Atlantic University.

Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises thousands of real estate professionals in more than 100 offices around the world. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.

Butters office Team Closes 170,591 Square Feet of sales and leases

cwilliams@achieveagency.com (Clay Williams) — Thu, 27 Aug 2020 18:41:57 GMT

COCONUT CREEK, FL – Since the first case of COVID-19 struck Florida on March 1, the Butters Realty & Management office brokerage team of Darcie Lunsford, Caroline Fleischer, Molly McDonough and Sky Butters have executed more than 170,000 square feet of office transactions. In all, the Butters team generated $32.4 million in aggregate transaction value for internal and third-party assets and clients since the pandemic’s onset.

The transactions span nearly two dozen leases to representation of medical financier Bankers Healthcare Group in its acquisition of a 130,000-square-foot corporate headquarters at 3700 Lakeside Drive in Miramar in an off-market deal.

“As soon as the shelter-in-place order was lifted, our team was back in the office that day,” said Darcie Lunsford, director of office leasing at Butters. “We saw a wave of up pent-up demand coming out of the shutdown as leases expired and smaller entrepreneurial companies emerged looking to seize potential deals in the market.”

While many large corporate occupiers have remained reticent to make real estate decisions, firms of less than 5,000 square feet have still been active, Lunsford noted. “Generally, we are seeing companies with counter-cyclical models, insurance, law, technology or financial service providers and other essential administrative hubs that have not been as drastically impacted by the pandemic-induced recession,” Lunsford said.

“In a tough economic situation like this, you can’t wait for the market to come to you, you have to go to the market,” said Caroline Fleischer, director of occupier services for Butters. “There are tenants out there that have a need and a want, but you have to be dogged.”

During the pandemic, Butters also increased occupancy several percentage points to 97 percent within its own four-building Boca Raton office portfolio.

“I think the key factor to our effectiveness in closing a high volume of transactions in the face of this unprecedented crisis is that we are highly focused,” said Malcolm Butters, president of Butters. “We have very strong local relationships and we are able to execute.”

Among the more notable office lease transactions:

Bohler Engineering leased 4,910 square feet at 1900 NW Corporate Boulevard in Boca Raton

Medigap Life leased 3,577 square feet at 1900 NW Corporate Boulevard in Boca Raton

Trust Hills Co. leases 3,680 square feet at 851 Broken Sound Parkway in Boca Raton

About Butters: Butters is a vertically integrated real estate service company engaged in construction, development, leasing and property management. The company has assets in the industrial, office, retail and hospitality sector, located in South Florida, Orlando, Atlanta and Greensboro. Butters is a six-time winner of the NAIOP South Florida Chapter ‘Developer of the Year’ award and is consistently ranked among the top general contractor, property management and real estate brokerage firms in the region. www.butters.com.

Miller Completes Valero-branded Convenience Store with Tunnel Car Wash On High-Profile Boca Raton Site Near I-95

cwilliams@achieveagency.com (Clay Williams) — Tue, 25 Aug 2020 18:34:15 GMT

BOCA RATON, Fla. – Miller Construction has completed the fast-tracked build of a Valero convenience store, tunnel car wash and fueling station just east of I-95 at 1255 Palmetto Park Road, Boca Raton.

The project included demolishing an outdated service station, reconfiguring the site, adding new storage tanks, and constructing the 2,565-square-foot convenience store, plus 62-foot flex serve tunnel car wash and fueling center.

Designed by OA Architecture of Miami, the retail building includes the ground-floor convenience store plus mezzanine-level office and storage space. The complex has an upscale, contemporary look, with exterior aluminum composite panels and interior exposed steel beams and exposed concrete block.

The new operation’s car wash offers express and detail packages plus unlimited plans, and the store’s customers can choose from made-to-order fresh foods and drinks as well as traditional convenience store products. The fueling station has ethanol-free gasoline and standard unleaded fuel.

Project team members were engineering firms Kimley-Horn Associates of Delray Beach (civil), CFS Engineering Group Inc. of Miami (structural) and L. Triana & Associates of Miami (MEP).

Miller Construction is a prominent design/builder and construction services firm serving South Florida commercial, industrial, retail, automotive, healthcare, hospitality and education markets since 1973. For information: www.millerconstruction.com .

NAIOP Florida Chapters Announce Enactment of HB 1339

cwilliams@achieveagency.com (Clay Williams) — Mon, 17 Aug 2020 18:29:43 GMT

Affordable housing bill requires developers to receive full offset of linkage fee costs

FORT LAUDERDALE, Fla. (August 17, 2020) – Florida commercial real estate developers who faced costly linkage fees imposed by local governments to help fund affordable housing initiatives will receive legislative relief with the enactment of Florida House Bill 1339 (HB 1339).

The Florida chapter of NAIOP, the Commercial Real Estate Development Association, worked in partnership with other industry organizations to deliver the new legislation, which now requires local governments that levy linkage fees on new development projects to fund affordable housing within their jurisdictions to fully offset those costs.

The new law went into effect on July 1 and provides clear guidance and standards for using development incentives to render linkage fees as net neutral cost factor on development. Incentives may include:

allowing the developer density or intensity bonus incentives or more floor space than allowed under the current or proposed future land use designations; and
reducing or waiving fees, such as impact fees or water and sewer charges.

HB 1339 is an adjunct bill to Florida House Bill 7103 (HB 7103), which passed last year and also requires full offsets for inclusionary zoning mandates, which generally require a developer to provide a specific number of affordable housing units or to contribute to a housing fund.

HB 1339 goes a step further by specifying that linkage fees for affordable housing are also subject to the same cost offsets.

“This new law clarifies any potential ambiguity the earlier legislation’s silence on linkage fees may have created. The latest bill unequivocally declares cost burdens borne by developers through linkage fees be mitigated,” said NAIOP Florida President Darcie Lunsford, executive vice president at Butters Realty & Management. “With more local governments looking to shift costs for affordable housing initiatives onto commercial projects, this became a priority for NAIOP chapters across the state, and a bonafide deal-killing threat for development.”

Such linkage fees in the state can range from $0.37 per square foot up to $2.42 per square foot for new developments, according to a Florida House staff analysis of the legislation.

“Considering that commercial real estate is nearly a $26 billion industry in Florida, supporting 227,512 jobs, it was imperative that we protect its viability, particularly in this fragile economic climate,” Lunsford said. “Despite the challenges of COVID-19, the commercial real estate industry has continued to push forward with new projects and impactful legislative wins.”

The 1,000-member NAIOP Florida is a coalition between the state’s five regional chapters in South Florida, Central Florida, Tampa Bay, Northeast Florida and Northwest Florida, and works to advance responsible commercial real estate development in the state and advocates for effective public policy.

“One of the distinct advantages of membership in NAIOP South Florida is that it provides our members with an opportunity to have a seat at the table when it comes to policy making and policy changes at the state level,” added NAIOP South Florida Chapter President Stephanie Rodriguez. “This is critical to our work as developers in the market. This legislation is an example of how the power of our organization can impact how we do business across the state.”

Duke Realty News - Recent Leases Fill 100,876 SF Spec Building

cwilliams@achieveagency.com (Clay Williams) — Mon, 10 Aug 2020 18:18:25 GMT

Recent Leases Fill 100,876 SF Spec Building

Duke Realty is pleased to announce that Copans 95 1731, our 100,876-square-foot spec logistics building in Pompano Beach is now completely leased. Two recently signed transactions brought the building to full occupancy: a 40,551-square-foot lease with a leading transportation and logistics company and a 60,325-square-foot lease with a supplier of pipes, valves and fittings.

Welcome to our tenants and thank you to the Cushman & Wakefield South Florida Industrial Team of Executive Director Rick Etner, Executive Director Chris Metzger, Executive Director Christopher Thomson and Director Matthew G. McAllister, along with Senior Director Jacob Horsley of the firm’s Jacksonville office.

OCTOBER 29TH VIRTUAL OFFICE TOUR VIDEO

cwilliams@achieveagency.com (Clay Williams) — Mon, 03 Aug 2020 20:11:25 GMT

10/29/20 NAIOP SFL's Virtual Office Bus Tour

Missed our Office Tour? No problem, here is the video for you:

P alm Beach ( 6:24 )

Broward ( 26:05 )

Miami-Date ( 49:40 )

For questions please contact:

naiop.info@naiopsfl.org

2020's NAIOP Virtual Industrial Bus Tour

cwilliams@achieveagency.com (Clay Williams) — Sun, 02 Aug 2020 14:41:05 GMT

10/1/20 NAIOP SFL's Virtual Industrial Bus Tour

Missed our Virtual Industrial Tour? No problem, here is the video for you:

Palm Beach ( 8:11 )

Broward ( 17:46 )

Miami-Dade ( 40:51 )

For questions please contact:

naiop.info@naiopsfl.org

Avison Young releases 2Q 2020 South Florida Commercial Real Estate Market Reports

cwilliams@achieveagency.com (Clay Williams) — Wed, 29 Jul 2020 16:12:47 GMT

Avison Young has released its second-quarter 2020 South Florida office and industrial market reports:

SOUTH FLORIDA REGION MARKET REPORTS | SECOND QUARTER 2020

Miami/Dade County

Record E-Commerce Sales and Demand for Cold Storage Fuel Growth for Miami's Industrial Sector

As the industrial sector positions itself as the commercial real estate sector most insulated from the current pandemic, Miami's industrial market has continued to perform well through mid-year. Net absorption ended the second quarter in positive territory, although significantly down from the same time last year, and vacancy remained below 5% despite new speculative deliveries during the second quarter.

Click Here to Download the Full Report: Miami Industrial Market Report | 2nd Quarter 2020

Miami's Office Market Dips Into Negative Territory Amid Suspended Leasing Activity

After several quarters of consistent growth, suspended leasing activity during the second quarter pushed Miami's office net absorption into negative territory while vacancy rose 74 basis points (bps) to 12.14%. Although there was an uptick in vacancy during the second quarter, most of it was attributable to already-planned midyear move outs. Sublease space only accounted for an increase of 8 bps quarter-over-quarter, faring better than many expected.

Click Here to Download the Full Report: Miami Office Market Report | 2nd Quarter 2020

Broward County/Fort Lauderdale

Leasing Activity Remains Steady While Vacancy Rises Amid New Speculative Deliveries

Broward's industrial market held steady during the second quarter of 2020 with net absorption trending positive at 206,105 sf at the close of the quarter. Vacancy continued on an upward trajectory, a trend present prior to the outbreak of COVID-19, as large speculative deliveries came online. A record-breaking 2.8 million sf delivered during 2019, and nearly 1 million sf has delivered so far at mid-year 2020.

Click Here to Download the Full Report: Broward County Industrial Market Report | 2nd Quarter 2020

Office Vacancy Rises in Broward As Leasing Slows While Sublease Space Remains Under Control

Broward's office market began to feel the effects of the COVID-19 outbreak during the second quarter as leasing velocity dropped dramatically with total volume for the year-to-date down 44% when compared to the same time last year. Although many expected a spike in vacancy and a glut of sublease space during the second quarter, much of the space that returned to the market has been attributable to already planned mid-year move-outs.

Click Here to Download the Full Report: Broward County Office Market Report | 2nd Quarter 2020

Palm Beach County/Boca Raton/West Palm Beach

Palm Beach County's Industrial Market Remains Tight with Record Deliveries Expected Later in the Year

Palm Beach County's industrial market remained tight and market fundamentals held steady during the second quarter of 2020 with net absorption trending positive at the close of the quarter. While vacancy has hovered around 3% for the last few years, it rose slightly by 30 basis points (bps) quarter-over-quarter. With several large deliveries planned by the end of the year and a weaker demand outlook as a result of the pandemic, vacancies are expected to rise by year-end.

Click Here to Download the Full Report: Palm Beach County Industrial Market Report | 2nd Quarter 2020

Palm Beach County's Office Market Shows Resiliency Amid Decelerated Leasing Activity

Palm Beach County's office market showed resilience during the second quarter of 2020 as leasing activity decelerated significantly. Net absorption remained in positive territory at the end of the quarter, faring better than both Broward and Miami's office markets which both trended negative. Although overall vacancy rose by 117 basis points (bps) year-over-year, a significant uptick in sublease vacancy has not yet emerged.

Click Here to Download the Full Report: Palm Beach County Office Market Report | 2nd Quarter 2020

Berger Commercial Realty/CORFAC International Announces New Hires in Fort Lauderdale and Miramar Offices

cwilliams@achieveagency.com (Clay Williams) — Mon, 27 Jul 2020 16:17:24 GMT

Berger Commercial Realty/CORFAC International Announces New Hires in Fort Lauderdale and Miramar Offices

Executives are drawn to South Florida’s robust commercial real estate market.

FORT LAUDERDALE, Fla. (July 27, 2020) – Berger Commercial Realty/CORFAC International has announced two executive hires at its Fort Lauderdale and Miramar offices, both of whom hail from northern commercial real estate markets.

New York City property accountant Adam Markoff joins Berger’s Fort Lauderdale office as Senior Property Accountant. Cesar A. Mendez , who recently moved to South Florida from Tallahassee, joins Berger’s Miramar office as Property Manager.

“Increased migration from north to south is real,” Berger President and Founder Lloyd Berger explained. “The strength of South Florida’s commercial real estate market coupled with Berger’s consistent performance is attracting top talent like Adam Markoff and Cesar Mendez to relocate and join our team.”

Markoff, who most recently handled accounting, budgeting, financial reporting, forecasting and auditing responsibilities for a New York City property manager, was a former Associate with PWC’s (Price Waterhouse Coopers) New York office, where he planned and executed financial statement audits of real estate fund and asset management clients valued at over $15 billion. He also managed accounting operations for a major national health insurer.

He holds a Master’s Degree in Accounting from Yeshiva University’s Sy Syms School of Business, at which he also earned his Bachelor of Science in Accounting.

Cesar Mendez previously served in a similar role for a Tallahassee property consulting firm, at which he maintained near-100 percent occupancy levels for property portfolios valued at over $10 million.

Mendez developed his enthusiasm for property management while earning his Bachelor of Science Degree at Florida State University.

A Magna Cum Laude graduate with a knack for building rapport with prospects and residents, he applied his skills to managing and leasing student housing properties and rapidly assumed leadership roles.

Bilingual in English and Spanish, he has managed marketing partnerships with government and academic institutions, among other accomplishments.

For more information about Berger Commercial Realty, please visit bergercommercial.com or call 954-358-0900.

New Florida law eliminates lease witness requirement

cwilliams@achieveagency.com (Clay Williams) — Fri, 24 Jul 2020 16:21:57 GMT

New Florida law eliminates lease witness requirement

Industry welcomes digital shift during COVID-19 pandemic

(Click here to view the article on BusinessObserverFL.com)

by: Kevin McQuaid Commercial Real Estate Editor

Commercial real estate leases in Florida may be harder to execute during the coronavirus pandemic, but completing the paperwork associated with such deals became somewhat easier earlier this month.

That’s because a new law took effect this month that eliminates a previous requirement that commercial and residential leases be signed by an “in-person” witness. As more and more transactions occur digitally — pandemic or no — the requirement that someone sign a document personally has become increasingly antiquated.

Until House Bill 469 took effect on July 1, Florida was one of just seven states that continued to require such in-person witnesses to leases.

Proponents of the law say it will make lease deals more streamlined “in the post-COVID-19 age.”

The statewide chapter of NAIOP, formerly the National Association of Industrial and Office Parks; Florida Realtors, the Florida Apartment Association and the Florida Bar’s Real Property, Probate and Trust Law section all endorsed the change, which was first introduced into the Florida Legislature in 2019.

Darcie Lunsford, an executive vice president with Butters Realty & Management, in Fort Lauderdale, and also NAIOP Florida president, describes the witness requirement as a “cumbersome and unnecessary holdover from the pre-digital era.”

“This requirement became one that was just no longer necessary in the digital age,” says Lunsford. “And in the age of coronavirus, when we’re all trying to limit personal contacts, it became a change that was necessary.”

Electronic signatures, or “e-signatures,” have been allowed on purchase contracts for commercial and residential property sales for many years, Lunsford adds.

The witness requirement represented the “last hurdle to electronic execution of leases in Florida,” NAIOP notes.

House Bill 469 was passed unanimously by both chamber of the legislature before being signed earlier this year by Gov. Ron DeSantis.

NAIOP, a leading commercial real estate trade group whose members include landlords, developers, brokers and investors and that today bills itself as the Commercial Real Estate Development Association, has more than 1,000 members throughout Florida.

Bridge Inks 80,000+ SF Lease at Bridge Point Commerce Center in Miami Gardens, FL

cwilliams@achieveagency.com (Clay Williams) — Wed, 22 Jul 2020 16:31:35 GMT

Bridge Inks 80,000+ SF Lease at Bridge Point Commerce Center in Miami Gardens, FL

Phase I of the 1MSF+ Class-A industrial park, which was delivered in January, is already more than 50% leased

Bridge Development Partners, one of South Florida's most active industrial real estate developers, announced it has inked a 80,373-square-foot lease at Building 1 in Bridge Point Commerce Center with a company in the healthcare sector.

"We are pleased to expand our growing tenant roster at Bridge Point Commerce Center," said Aaron Hirschl, Vice President of Bridge Development Partners. "The Park's central location along the Miami Dade and Broward county line provides a logistical advantage in terms of distribution. We're looking forward to continuing the leasing momentum."

The CBRE team of Tom O'Loughlin, SIOR, Senior Vice President and David C. Albert, Senior Vice President represented the developer, BRIDGE, in the transaction. The Colliers International team of Jonathan Kingsley, Ryan Goggins, Will Bradley, and Zachary Roski represented the tenant.

"Aside from Bridge Point Commerce Center being a modern new logistics facility with a prime distribution location, BRIDGE's willingness and creativity to accommodate the unique utility demand made this the right fit for the expanding company," said O'Loughlin.

Kingsley added, "This transaction highlights South Florida's continued demand for warehouse space. There are several industries experiencing uninterrupted growth despite the economic challenges, and companies like our client continue to absorb Class-A industrial space designed to meet the ever-evolving needs of expanding businesses in the healthcare sector."

Phase I of the Class-A industrial park, consisting of three industrial buildings totaling 1.1 million square feet, was delivered in January. The park is approximately 50 percent leased and is also home to HapCor, one of the leading grocery distributors to the Caribbean and Latin America, who inked a deal earlier this year. At full build out, the park will encompass 2.1 million square feet.

Strategically located between Miami-Dade and Broward Counties on a 185-acre site at 3900 Northwest 215th Street, Bridge Point Commerce Center offers Florida Turnpike frontage with 155,310 cars passing per day. Divisible to 40,000 square feet, the first two buildings are 286,991 square feet with 32' clear ceiling heights and the third is a 534,816-square-foot, cross-dock facility with 36' clear ceiling heights. The park's location is equidistant from Miami International Airport and Fort Lauderdale International Airport and offers immediate access to all points in South Florida via the Florida Turnpike and I-75. Build-to-suit and build-to-own opportunities are also available.

Recently named South Florida's 'Developer of the Year' by NAIOP, BRIDGE has acquired 473 acres in 15 separate transactions throughout Miami Dade and Broward Counties and delivered more than 4 million square feet of Class-A industrial space across the region since first entering the market in 2012. The company's current South Florida portfolio spans more than 3 million square feet.

For more information about Bridge Point Commerce Center or to schedule a tour, contact CBRE's Tom O'Loughlin, SIOR at (954) 356-0468 or David C. Albert at (305) 381-6474.

BRIDGE and PGIM Real Estate Joint Venture Acquire 20-Acre Site in Hialeah to Develop 300,000+ SF Bridge Point Cold Logistics Center

cwilliams@achieveagency.com (Clay Williams) — Thu, 16 Jul 2020 16:36:26 GMT

BRIDGE and PGIM Real Estate Joint Venture Acquire 20-Acre Site in Hialeah to Develop 300,000+ SF Bridge Point Cold Logistics Center

Marks the region's first-ever cold storage project to be delivered on a speculative basis; will meet rising demand for temperature-controlled space

Joint venture partners Bridge Development Partners, one of South Florida's most active industrial real estate developers, and PGIM Real Estate, the global real estate investment and financing business of Prudential Financial, Inc., announced the acquisition of a 20.08-acre site strategically located at NW 162nd Street and NW 102nd Avenue in Hialeah, Fla. PGIM Real Estate acquired the property as part of its U.S. core plus strategy. The partnership will deliver its first South Florida project-Bridge Point Cold Logistics Center, a 312,103-square-foot speculative cold storage facility-in the fourth quarter of 2021.

"We are pleased to have acquired this prime development site for our future Bridge Point Cold Logistics Center, which represents the first-ever cold storage project to be delivered in South Florida on a speculative basis," said Kevin Carroll, Partner, Southeast Region of BRIDGE. "We look forward to delivering another world-class logistics center to meet steadily rising demand."

Brian Niven, Senior Vice President, Cold Storage at Bridge Development Partners added, "Our strategic venture allows us to capitalize on industrial real estate's hottest growing sector-cold storage. South Florida has long served as an international gateway for imported perishables from South and Central America. However, demand for temperature-controlled space is at an all-time high across the region, thanks in part to shifting consumer preferences towards fast, fresh products and online grocery deliveries."

The Cushman & Wakefield team of Wayne Ramoski, Executive Managing Director, and Gian Rodriguez, Managing Principal of Miami and Fort Lauderdale, facilitated the transaction.

Bridge Point Cold Logistics Center is a 312,103-square-foot cold storage facility that is designed with flexibility in mind and can accommodate multiple tenants. The building features a front-load design with 50' clear heights that maximize pallet storage efficiency; 348' building depth, 39 dock-high doors, three grade-level truck ramps, an estimated 3% office finish, 207 car parking spaces, and 50 trailer parking stalls. The facility's state-of-the-art refrigeration systems provide broad temperature flexibility in all units, ranging from -10°F to +55°F, allowing the building to accommodate both freezer and cooler users. The property's prime location just south of the Miami-Dade and Broward County line, offers easy access to Florida's major transportation arteries including the Florida Turnpike, I-75 and State Road 826.

Recently named 'Developer of the Year' by NAIOP South Florida, BRIDGE has acquired 473 acres in 15 separate transactions throughout Miami Dade and Broward Counties and delivered more than 4 million square feet of Class-A industrial space across the region since entering the market in 2012. The company's current South Florida portfolio spans more than 3 million square feet.

For more information, please contact Brian Niven, Senior Vice President of BRIDGE's Cold Storage division, at (630) 626.5702

NAIOP Florida Chapters Celebrate Signing of Bill

cwilliams@achieveagency.com (Clay Williams) — Wed, 08 Jul 2020 16:39:11 GMT

NAIOP Florida Chapters Celebrate Signing of Bill

FORT LAUDERDALE, Fla. (July 8, 2020) – Executing a commercial lease in Florida can now be streamlined and digitized to meet the post-COVID age. The Florida chapter of NAIOP, the Commercial Real Estate Development Association, in partnership with Florida Realtors, Florida Apartment Association and the Florida Bar’s Real Property Probate and Trust Law Section, announces the enactment of a milestone bill removing witness requirements from commercial and residential leases.

Just signed into law by Governor Ron DeSantis, Florida House Bill (HB 469) went into effect on July 1.

“The witness requirement is a cumbersome and unnecessary holdover from the pre-digital era,” said NAIOP Florida President Darcie Lunsford, executive vice president of Butters Realty & Management. “This is particularly crucial in the post-COVID environment, where we are looking for ways to limit interpersonal contact while still trying to conduct business, keep our economy going and our buildings full.”

State law already allows for electronic signing of contracts, but the witness requirement for leases had to be addressed to remove the last hurdle to electronic execution of leases in Florida, one of seven states that still had the requirement. The law passed unanimously by both chambers.

“This is a huge win for our industry during an extremely challenging time,” Lunsford added. “The commercial real estate industry continues to grow and is important to the economic viability of our state.”

The 1,000-member NAIOP Florida is a coalition between the state’s five regional chapters in South Florida, Central Florida, Tampa Bay, Northeast Florida and Northwest Florida, and works to advance responsible commercial real estate development in the state and advocates for effective public policy.

“This achievement is a terrific example of NAIOP’s efforts to achieve legislative victories on behalf of commercial property owners and developers,” added NAIOP South Florida Chapter President Stephanie Rodriguez. “During this unique time, it is critical that we work together, in partnership with other groups, to update our State’s policies and elevate the impact our industry has on state and local economies. This is a great win for our members.”

Avison Young tapped to sell five South Florida land sites valued at $80M, representing development potential for close to 1,000 multifamily units

cwilliams@achieveagency.com (Clay Williams) — Wed, 08 Jul 2020 15:08:31 GMT

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Bridge Honored as Developer of the Year by NAIOP South Florida

cwilliams@achieveagency.com (Clay Williams) — Wed, 08 Jul 2020 15:03:23 GMT

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NOVEMBER 12TH MIAMI THINK TANK

cwilliams@achieveagency.com (Clay Williams) — Thu, 02 Jul 2020 18:23:20 GMT

Miami Commercial Real Estate Think Tank

INVITE ONLY

To RSVP, please email Alba Garcia at alba.garcia@naiopsfl.org

For questions please contact

naiop.info@naiop.sfl.org

954-990-5116

10/22/20 How has the pandemic affected legislative enactments?

cwilliams@achieveagency.com (Clay Williams) — Wed, 01 Jul 2020 19:03:13 GMT

How has the pandemic affected legislative enactments?

Bridge Honored as Developer of the Year by NAIOP South Florida

cwilliams@achieveagency.com (Clay Williams) — Wed, 01 Jul 2020 16:47:55 GMT

Bridge Honored as Developer of the Year by NAIOP South Florida

Bridge Development Partners, one of South Florida’s most active industrial real estate developers, has been named Developer of the Year by the South Florida chapter of NAIOP, a leading commercial real estate industry association. This marks the company’s third time earning this prestigious recognition since first establishing a South Florida foothold in 2012.

“We’re so proud to once again be named South Florida’s Developer of the Year,” said Kevin Carroll, Partner, Southeast Region of BRIDGE. “It is rewarding to be recognized for our ongoing commitment to excellence in delivering world-class logistics projects that bring new jobs and investment to our local communities. We extend a sincere congratulations to our dedicated team of professionals and valuable partners because without them, it would not be possible.”

Presented at NAIOP South Florida’s Annual Awards of Excellence Ceremony, held virtually this year on June 16, this highly coveted award is presented to one developer that best exemplifies leadership and innovation in the region’s commercial real estate market. BRIDGE was recognized for completing, acquiring and/or breaking ground on more than 3.77 million square feet of speculative industrial development projects that are changing the South Florida landscape, including:

Bridge Point Commerce Center , located in Miami Gardens, is the company’s largest South Florida project to date. In 2019, the company delivered Phase I of the project, consisting of three Class-A industrial buildings totaling 1.1 million square feet, after successfully pre-leasing 50 percent of the project to high-quality tenants. Leasing momentum continues at the park, which will encompass 2.1 MSF at full build out. Construction on Phase II is expected to begin third quarter of 2020.

Bridge Point Powerline Road , a +/-467,832-square-foot industrial park strategically located equidistant between the FL Turnpike and I-95 with direct frontage on Powerline Road in Pompano Beach. The logistic park was 50 percent pre-leased to quality tenants, including TSF Sportswear, prior to completion in the fourth quarter of 2019. The asset is nearly 100 percent occupied today.

Bridge Point FLL Logistics Center is a two-building, 174,129-square-foot logistics facility developed at Fort Lauderdale–Hollywood International Airport. Prior to completing the project in 2019, BRIDGE successfully pre-leased 92,000 square feet to a well-known containerized moving and storage company. Leasing momentum continues.

Bridge Point Miramar was acquired by BRIDGE in early 2019. The 304,428-square-foot, Class-A distribution facility was the company’s first value-add play in South Florida. The property boasts a strategic location within 25 miles of South Florida’s international airports and seaports. Upon completing a multimillion-dollar investment to further upgrade the facility, BRIDGE welcomed Aero Accessories to the tenant mix.

Finally, BRIDGE acquired two strategic sites in 2019 totaling 84+ acres, breaking ground on Bridge Point 595 in Davie, totaling 677,314 SF, and Bridge Point AVE located on Miami-Opa Locka Executive Airport, totaling 1 million square feet to be delivered in the fourth quarter of 2020 and second quarter of 2021 respectively.

BRIDGE sold Bridge Point Riverbend in 2019. BRIDGE sold Bridge Point Powerline Road and Bridge Point FLL Logistics Center to an institutional owner in early 2020 and remains involved as asset manager.

Since 2012, BRIDGE has acquired 473 acres in 15 separate transactions throughout Miami Dade and Broward Counties and delivered more than 4 million square feet of Class-A industrial space across the region. The company’s current South Florida portfolio spans more than 3 million square feet.

Avison Young tapped to sell five South Florida land sites valued at $80M, representing development potential for close to 1,000 multifamily units

cwilliams@achieveagency.com (Clay Williams) — Fri, 26 Jun 2020 17:40:39 GMT

Avison Young tapped to sell five South Florida land sites valued at $80M, representing development potential for close to 1,000 multifamily units

Miami-Dade, Broward development opportunities coming to market underscore increased investor confidence as Florida sees influx of new residents

Miami – Avison Young’s Florida Capital Markets Group has been exclusively tapped to sell five South Florida development sites totaling ±13.5 acres, representing potential for nearly 1,000 new multifamily units. The listings could go for $80 million combined and underscore increased investor confidence as Florida sees an uptick in new out-of-state buyers. The investment opportunities include:

3550 Biscayne, a 1.62-acre mixed-use development assemblage encompassing two bocks at the intersection of Biscayne Boulevard and N.E. 36th Street. The property, located at 3550 Biscayne Blvd. in Miami, Florida, rests on the edge of Miami’s Edgewater, Midtown, and Design District neighborhoods. An investor could construct an iconic 60-story tower with multiple uses, including up to 392 residential units.

Palmetto Expressway Development Site, a 1.32-acre development site at 3700 N.W. 167th St. in Miami Gardens, Florida. The property could potentially host an impressive 10-story structure with up to 132 multifamily units, office, and retail components.

Fort Lauderdale Beach Development Site, a 1.25-acre development site at 2908 E. Sunrise Blvd. on Fort Lauderdale Beach, steps from the Atlantic Ocean. The site has potential for a 12-story mixed use project consisting of retail, multifamily, and hotel uses.

O2, a 2.11-acre site plan approved for mixed-use development located within Fort Lauderdale’s premier retail corridor at 3411 N. Federal Highway in Oakland Park, Florida. The property is approved for 165 residential units with world-class amenities, 31,705 square feet of ground-floor retail and a parking garage.

Dania Beach Development Site, a 7.2-acre site plan approved for a six-story, 275-unit apartment complex. The property at 4200 S.W. 54th Court in Dania Beach, Florida, is walking distance from the Seminole Hard Rock Casino and Hotel. The offering presents the opportunity to develop rental apartments and capitalize on the imbalance of high demand and lack of supply within the area.

“We’ve seen continued interest in investments, particularly in land,” said Michael T. Fay, Principal and Managing Director of Avison Young’s Miami operations. “It’s easier today to assess risk for land which better positions the future developments of those types of deals.”

Fay will lead the sales of the development sites along with Avison Young Principals David Duckworth; John K. Crotty, CCIM; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth.

“The increasing number of New Yorkers and residents from other large cities migrating to Florida due to effects of the pandemic is one major factor contributing to the investment interest we’re seeing,” added Fay.

The five development sites come to market on the heels of another recently launched South Florida listing: Le Jeune Station, a 2.79-acre site priced at $16.5 million near Miami International Airport and Coral Gables.

Global logistics company signs 20,000 SF office lease to relocate, expand HQ in South Florida

cwilliams@achieveagency.com (Clay Williams) — Thu, 25 Jun 2020 17:43:53 GMT

INTERNATIONAL MATERIALS, INC. TO MOVE HEADQUARTERS TO THE OFFICES AT 4TH & 5TH DELRAY

IMI signs 20,000 SF lease at vibrant mixed-use Class A development in downtown Delray Beach

(DELRAY BEACH, FL) – Samuels & Associates announced today that International Materials, Inc. (“IMI”), an international trading and logistics provider, signed a 20,052-square-foot lease to relocate and expand its corporate headquarters to the Offices at 4th & 5th Delray. Moving from Florida’s Boca Raton to the Delray Beach central business district, IMI will occupy nearly two-thirds of the mixed-use building’s third-floor Class A office space at 25 SE 4th Ave.

The relocation and expansion of IMI’s headquarters will allow the company to accommodate its existing HQ roster of 45 full-time professionals and further attract top talent in line with its anticipated growth trajectory.

“As a locally owned and managed business, we are thrilled to move back to downtown Delray Beach where many of us have been residents for years,” said Robert Walsh, President, IMI. “The prospect of locating our headquarters in this state-of-the-art building, steps away from Atlantic Avenue, is a dream scenario that will allow us to grow our business and make room for the future. We are grateful for the support we have received from the City and from Samuels & Associates.”

Approximately 6,181 square feet of office space now remains on the third floor of the Offices at 4th & 5th Delray. The 144,733-square-foot, four-story mixed-use project, newly developed in a joint venture between Samuels & Associates and American Realty Advisors, sits in the heart of Delray Beach where there is a convergence between high demand and limited Class A office development. The unique office space features a spacious 8,600-square-foot terrace with unmatched city and ocean views, an onsite iPic theater, and a restaurant.

“Samuels & Associates is delighted to welcome IMI to its new space in the Offices at 4th & 5th Delray,” said Peter Sougarides, Principal, Samuels & Associates. “As we continue to implement a thoughtful placemaking process in the dynamic downtown Delray Beach neighborhood, we look forward to welcoming companies and employees who will enliven the local downtown economy.”

“There is no denying the staying power and increasing vibrancy of Delray Beach's downtown as a corporate destination. We were able to attract a corporate headquarters relocation during this COVID-19 pandemic,” said Mayor Shelly Petrolia. “We are excited to welcome IMI’s headquarters into the City of Delray Beach and look forward to helping IMI grow in our city.”

“This IMI corporate headquarters relocation to the Delray Beach central business district is a testament to the strength of our city and evidence that the investments in our public-private partnerships strategically located for economic development are beginning to pay off,” said Stephanie Immelman, President & CEO, Greater Delray Beach Chamber of Commerce.

In the transaction, Samuels & Associates was represented by Keith O’Donnell and Gary Gottlieb of Avison Young, and IMI was represented by Ingrid Kennemer of Coastal Commercial Group.

Amenities for 4th & 5th Delray office tenants include:

A dedicated entryway with bright, natural light and modern finishes;

A flexible floor plan and experiential office design allowing for a variety of work settings, such as standing desks and tables, comfortable couches and moveable walls for accommodating workers who are always on the move;

More than 8,600 square feet of spacious terraces that fill the third floor with light and create a unique indoor/outdoor environment with views of downtown Delray Beach;

A vibrant downtown environment only steps away, anchored by Delray Beach’s bustling Atlantic Avenue, 9,000 square feet of boutique retail, lively dining options, green space, and public beachfront.

Additionally, 4th & 5th Delray is minutes from Interstate 95, US-1, South Florida beaches, and a short drive from two international airports.

Pre-Leasing Center Opens for Fort Lauderdale’s Tallest Luxury Apartment Tower

cwilliams@achieveagency.com (Clay Williams) — Wed, 17 Jun 2020 17:55:13 GMT

Pre-Leasing Center Opens for Fort Lauderdale’s Tallest Luxury Apartment Tower

**New Renderings Released

Fort Lauderdale, FL (June 17, 2020) – Alluvion Las Olas, the tallest apartment tower to rise in Fort Lauderdale, has begun accepting applications for pre-leasing of their premiere apartments. The leasing center will be open Monday thru Friday from 9am to 6pm, and by appointment at 954-712-2552. The 380-unit, 43-story luxury high-rise is located on the New River in the heart of urban Las Olas in downtown Fort Lauderdale. Construction is nearing completion with first move-ins expected in June 2020. Stiles Construction is the project’s general contractor.

“We look forward to delivering an elevated living experience on Las Olas with an unmatched level of quality, amenities and design,” said Ken Stiles, CEO of Stiles. “Alluvion will offer our residents truly effortless living. Above the excitement of the vibrant Las Olas Boulevard, this property is in the center of everything, yet feels like an oasis with extensive amenities and a relaxed, sophisticated atmosphere, where unwinding after a long day is easy. There is simply nothing like it on Las Olas.”

Located at 215 North New River Drive East, Alluvion Las Olas will be one of the few luxury apartment home communities situated directly on Riverwalk along the New River. The project is a joint venture between Stiles and PGIM Real Estate, the real estate investment management business of PGIM.

"The experience at Alluvion Las Olas begins with the leasing team, where accommodation is the primary focus,” said Gary Crane, Executive Director, Client Services, Greystar. “This community caters to a discerning user who expects the highest quality and finishes in the market. We are excited to deliver this best in class experience to our prospective residents and neighbors and showcase the amenity-rich lifestyle and unique character of this community.”

Towering above the city lights at 480 feet, the building’s sweeping views will extend from the New River and downtown all the way to Fort Lauderdale Beach and residents will enjoy direct access to Las Olas Boulevard’s endless array of amenities, including premium office space, open space along the Riverwalk, several urban parks, world-renowned shopping, dining and entertainment.

Living at Alluvion Las Olas:

Apartments will feature modern finishes and 40 distinct floor plans offering studio, one-, two- and three-bedroom homes ranging from 600 square feet to over 2,100 square feet. The eighth floor will feature a resort-style pool deck and entertainment area overlooking the New River and connected to lounges, cabanas and entertainment rooms that promote relaxation and comfort. Among its most distinguished offerings will be two-story townhome-style apartments at the building’s base as well as in the penthouse, all overlooking the river. Penthouse units on levels 42 and 43 will offer up to 2,100 square feet of space with unobstructed views of downtown Fort Lauderdale, the river and beyond.

Amenities at Alluvion Las Olas:

Alluvion’s amenity areas offer remarkable views of the New River and Riverwalk below and the building’s nearly 40,000 square feet of indoor and outdoor amenity spaces which redefine modern luxury. Amenities include multiple resident lounges, a state-of-the-art, 5,000-square-foot fitness center with on-demand classes and studio space for yoga and cross training, dog park and grooming area, coworking lounge with private offices and conference rooms, secured private garages, and 24-hour concierge, amongst others. The exterior spaces include BBQ areas with lounge seating and fire pits, an open event lawn and pavilions, lush landscaping and outdoor dining that rival the most luxurious hotels.

Designed by award-winning architecture design firm CFE Architects, PA, the building’s thoughtful design is inspired by the fluid natural beauty of the New River. Alluvion is distinguished by two major components: a 7-story podium, resembling a ship’s hull, and the tower, resembling its mast.

Alluvion will be managed by Greystar, an international leader in multifamily real estate. Founded in 1993, Greystar manages over 400,000 residences and oversees a $14 billion portfolio globally.

For more information, visit www.alluvionlasolas.com.

Virtual Awards of Excellence presentation - 6.16.20

cwilliams@achieveagency.com (Clay Williams) — Tue, 16 Jun 2020 16:42:44 GMT

Berger Commercial Realty Brokers $4 Million Sale of Schick Shadel Treatment Center in Cooper City to Chabad Lubavitch of Southwest Broward

cwilliams@achieveagency.com (Clay Williams) — Mon, 15 Jun 2020 18:05:20 GMT

Berger Commercial Realty Brokers $4 Million Sale of Schick Shadel Treatment Center in Cooper City to Chabad Lubavitch of Southwest Broward

FORT LAUDERDALE - (June 11, 2020) - Berger Commercial Realty/CORFAC International represented the seller, Schick Shadel of Florida, LLC (Universal Health Services) in the $4 million dollar sale of the Schick Shadel/High Point addiction and mental health treatment center, a 6.3 acre, five-building lakefront campus with 35,553 square feet of space in Cooper City, Florida. The buyer was Chabad Lubavitch of Southwest Broward.

Berger Commercial Realty Senior Vice President Steve Hyatt, Managing Director Michael Feuerman and Sales Associate Daniel Silver represented the seller of the property located at 5960 S.W. 106th Ave in Cooper City.

“The property was sold to Chabad of Southwest Broward as their new campus and will be a tremendous asset to the community,” Feuerman explained.

For more information about Berger Commercial Realty property sales, please visit bergercommercial.com or call 954-358-0900.

"Drilling Down: How is the Market Behaving Post-Phase One Reopening?" Zoom Event - playback 6.11.20

cwilliams@achieveagency.com (Clay Williams) — Thu, 11 Jun 2020 18:09:16 GMT

OCTOBER 19TH GOLF TOURNAMENT PICTURES

cwilliams@achieveagency.com (Clay Williams) — Sat, 30 May 2020 14:50:17 GMT

NAIOP Annual Charity Golf Tournament

Congratulations to our winning team:

Peter Crane, John Fox-Snider, Brandon Woulfe and Geoffrey Temple!

Check out the rest of the pictures below! Pictures courtesy of Alex Morales, Avison Young & Maria Pierson, Pierson Grant

When: Monday October 19, 2020
Where: Grande Oaks Golf Club

Time: 9:00 AM - 4:00PM
3201 W Rolling Hills Cir, Davie, FL 33328
( Click here for directions! )

Butters Adds New Director of Investments

cwilliams@achieveagency.com (Clay Williams) — Wed, 27 May 2020 18:08:52 GMT

Butters Adds New Director of Investments

Mission is to expand office portfolio across the Southeast

FT. LAUDERDALE, FL (May 27, 2020) – Butters Group has hired industry veteran Kyle Jones as Director of Investments. Jones will join the investment team, handling the acquisition and development of office properties across the southeastern United States.

Jones has an extensive background in commercial acquisitions and development after spending more than 15 years with Fort Lauderdale-based Stiles Corp. Most recently, he served as Senior Managing Director of Stiles Commercial Group, overseeing Stiles’ commercial development and investment activity, including their recently announced office tower in Charlotte’s South End.

Prior to that, Jones was the Founder & Portfolio Manager of Stiles Property Fund, a discretionary private equity investment vehicle that acquired, repositioned, and redeveloped commercial properties. He led all aspects of the Fund’s operations including fundraising, acquisitions, asset management, development management, portfolio management, and investor relations.

Before Stiles Property Fund, Jones was a Development Manager at Stiles where he was responsible for more than $1B of urban and suburban development projects across South Florida.

Jones is a leader in the commercial real estate sector, including being both a past President and Vice President of Public Affairs for the South Florida and statewide chapters of NAIOP, the nation’s leading commercial real estate development association. He continues to serve on the association’s South Florida Board of Directors and is an active member NAIOP’s Office Development II National Forum, which brings top industry leaders together multiple times a year to discuss the trajectory and trends impacting the office sector.

“Kyle’s high-level knowledge and expertise in the office and capital markets across the Southeast enhances Butters’ ability to strategically broaden its geographic footprint into the fast-growing sunbelt cities,” says Malcolm Butters, president of Butters.

Jones will work in concert with Butters’ Director of Acquisition Adam Vaisman, who handles development and acquisition of industrial, office and retail properties.

“In the current economic climate, there will undoubtably be disruptions within the office sector and ownership hierarchy,” says Vaisman. “Bringing Kyle onto the team positions us to be able to seize on new opportunities and grow.”

Jones is a recognized expert in office transactions and frequently asked to be a panelist, moderator, or guest speaker on topics from the public policy, growth management, the state of the commercial real estate market, and broader trends and technology innovations impacting the market.

Avison Young negotiates $7.55M sale-leaseback of RAM Steel Framing HQ building spanning 105,000 SF in Miami’s Hialeah industrial corridor

cwilliams@achieveagency.com (Clay Williams) — Tue, 19 May 2020 18:12:17 GMT

Avison Young negotiates $7.55M sale-leaseback of RAM Steel Framing HQ building spanning 105,000 SF in Miami’s Hialeah industrial corridor

Sale shows single-tenant industrial deals have highest chance to close in current market environment

Miami – Avison Young’s Florida Capital Markets Group closed the $7.55 million industrial sale-leaseback of the 105,000-square-foot RAM Steel Framing headquarters location at 7400 N.W. 37th Ave. in Miami. Zaragon, Inc., purchased the property. With the sale, Zaragon secured a long-term, absolute triple net (NNN) lease with a single tenant that is a leader in supplying manufactured steel products to South Florida’s robust pipeline of active commercial developments.

Avison Young Principals David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; John K. Crotty, CCIM; Vice Presidents Brian C. de la Fé; David F. Spillers, SIOR; and Associates Emily Brais and Berkley Bloodworth facilitated the transaction on behalf of RAM Steel Framing.

“The sale-leaseback represents a trend of single-tenant industrial deals having the highest chance to close in the current market environment,” said Duckworth. “With the investment appeal of RAM Steel Framing as a high-quality tenant, we successfully negotiated and closed the deal during the COVID-19 shutdown without any pricing adjustments.”

RAM Steel Framing is a full-line manufacturer of drywall and structural framing for commercial and residential construction, with recent high-profile projects including the Miami International Airport expansion, the Seminole Hard Rock Hotel & Casino guitar-shaped tower in Hollywood, and the luxury Aston Martin Residences in Downtown Miami. The company is one of the fastest-growing steel manufacturers in the country and the largest manufacturer in South Florida, with additional manufacturing facilities in Orlando, Florida, and Chesapeake, Virginia.

“The absolute NNN investment opportunity was ideal in that all of the building’s structural and operating expenses will be the responsibility of the tenant,” continued Duckworth. “RAM Steel Framing is considered an essential business, and therefore offers great stability as a tenant.”

Located within an Opportunity Zone along Miami’s Hialeah industrial corridor, the industrial asset is approximately three miles from the Miami International Airport to the south and six and a half miles from Port Miami to the east.

Miami’s industrial market continued to outperform all other asset classes through 2019 and into 2020. According to research by Avison Young, overall vacancy in Miami-Dade County was 3.86%, with vacancy in the Hialeah submarket at 2.90% as of first-quarter 2020. Industrial rental rates hold firm due to low vacancy rates and strong fundamentals across the South Florida region.

"Show me the money….and the discount deals" Zoom Event - playback 5.14.20

cwilliams@achieveagency.com (Clay Williams) — Thu, 14 May 2020 18:16:10 GMT

Two Longtime South Florida Commercial Property Managers Join Berger Commercial Realty/CORFAC International’s Miramar Office

cwilliams@achieveagency.com (Clay Williams) — Thu, 14 May 2020 18:15:12 GMT

Two Longtime South Florida Commercial Property Managers Join Berger Commercial Realty/CORFAC International’s Miramar Office

FORT LAUDERDALE, Fla. (April 27, 2020) – Two longtime South Florida commercial property professionals have joined Berger Commercial Realty/CORFAC International at its Miramar, Florida office, the company announced.

Ian Miranda , whose commercial property experience includes a strong finance background, and Erica Portes , who has spent her career in property management, both will hold the title of Senior Property Manager at Berger. They will work collaboratively on the company’s substantial Miami-Dade-based Seagis portfolio, most of which is classified as industrial.

Prior to joining Berger, Miranda managed a major downtown Miami commercial tower, for which he oversaw operating and financial efficiency, value enhancement and property maintenance. In addition to managing significant tenant build-outs and capital remodeling, he achieved LEED Gold certification for the property.

“Both Ian and Erica’s strong property management experience adds even more to the depth of market knowledge we bring our clients,” said Lloyd Berger, founder and president of Berger Commercial Realty. “Berger is strategically focused on delivering the full spectrum of expertise necessary to enhance the value of every client’s asset.”

A graduate of Florida International University with a Bachelor of Arts in Finance, Miranda lives in Miami.

Portes , who has spent her career in Miami-Dade property management, most recently held the title of Senior Property Manager for a major multi-national real estate and supply chain logistics company. There, she led a team that handled all aspects of property management, including maintenance, vendor management and customer service.

Also a Miami native, Portes studied Business Administration and Management at Miami-Dade College.

"State of Flex: Coworking and the Flexible office market in a post-Covid world" Zoom Event playback 5.12.20

cwilliams@achieveagency.com (Clay Williams) — Tue, 12 May 2020 18:22:02 GMT

"A New Dawn: The Re-Awakening of Industrial After COVID-19" presentation by Tammy Tang from Colliers International China - 5.7.20

cwilliams@achieveagency.com (Clay Williams) — Thu, 07 May 2020 18:35:53 GMT

"A New Dawn: The Re-Awakening of Industrial After COVID-19" Zoom Event playback 5.7.20

cwilliams@achieveagency.com (Clay Williams) — Thu, 07 May 2020 18:28:58 GMT

"Miami Market Update: Understanding and assessing the Pandemic’s impact on Miami office demand and design" Zoom Event playback 5.7.20

cwilliams@achieveagency.com (Clay Williams) — Thu, 07 May 2020 18:26:30 GMT

Berger Commercial Realty/CORFAC International Secures Fifth Location for Growing Latino Medical Center

cwilliams@achieveagency.com (Clay Williams) — Thu, 07 May 2020 18:18:38 GMT

Berger Commercial Realty/CORFAC International Secures Fifth Location for Growing Latino Medical Center

FORT LAUDERDALE, Fla. (May 7, 2020) – Berger Commercial Realty/CORFAC International has secured the fifth South Florida location for Latino Medical Center, a full-service health care provider with existing locations in Miami-Dade and Broward counties.

Located at 266 Hillsboro Boulevard in Deerfield Beach, Latino Medical Center’s newest location consists of 5,256 square feet of space with a medically-oriented interior configuration. The freestanding building is situated on a half-acre and affords pylon signage and convenient access.

“The efficient configuration of this space offered ideal functionality for Latino Medical Center’s business,” said Berger Commercial Realty Senior Vice President Joseph Byrnes, who represented Latino Medical Center as the tenant for the second time. “We look forward to working with them on their strategic plan for expansion.”

Latino Medical Center provides general medicine services, electrocardiograms, massage therapy, optometry, podiatry, neurology, lab work, dental work, cardiology and urology.

For information about Berger Commercial Realty, please call 954-358-0900.

"Practical strategies for positive outcomes during uncertain times" Zoom Event playback - 5.6.20

cwilliams@achieveagency.com (Clay Williams) — Wed, 06 May 2020 19:05:05 GMT

Cushman & Wakefield to Lease Bank of America Tower in Boca Raton

cwilliams@achieveagency.com (Clay Williams) — Tue, 05 May 2020 18:20:54 GMT

Cushman & Wakefield to Lease Bank of America Tower in Boca Raton

John Criddle and Joseph Freitas were Named Exclusive Leasing Advisors for the Black Creek Group’s ±109,497-Square-Foot Office Building

BOCA RATON FL , May 5, 2020 — Cushman & Wakefield was named exclusive leasing advisor for Bank of America Tower, a ±109,497-square-foot office building in downtown Boca Raton.

The Cushman & Wakefield brokerage team of John Criddle and Joseph Freitas was selected to lease the building on behalf of Denver-based building owner Black Creek Group.

Bank of America Tower is an eight-story Class A office building developed in 1969 on a ±1.6-acre site at 150 East Palmetto Park Road in downtown Boca Raton. The building was renovated in 1997 and again in 2013, when common areas, elevators and bathrooms were all updated. The ENERGY STAR®-rated asset features panoramic ocean and city views, free covered parking, an impressive lobby and high-end finishes. Notable tenants in the building include Bank of America, Waypoint Residential, Charles Schwab and Zen Offices.

The property is conveniently located just steps from numerous dining and retail options and offers excellent accessibility via US Highway 1, Mizner Boulevard and Interstate 95.

Black Creek Group plans improvements to Bank of America Tower including renovations to the main building lobby, vacant office suites, upper-level corridors, elevator lobbies, and restrooms. Additionally, a new roof will be installed on the second-floor of the tiered building, the chiller will be replaced, elevators will be modernized, and the security and access control system will be expanded and upgraded. Renovations are expected to begin in 2020 and to be completed by 2021.

“Bank of America Tower is one of the most desirable office destinations in Boca Raton, offering tenants a true Class A experience in the heart of downtown at an incredible value,” said Criddle.

“Black Creek Group’s renovations will further enhance interest in the building and establish Bank of America Tower as a premier office destination for years to come,” added Freitas.

"Now What: CRE Market Status Report and Outlook" Zoom Event playback - 5.4.20

cwilliams@achieveagency.com (Clay Williams) — Mon, 04 May 2020 19:07:00 GMT

South Florida’s Office Market Experts Weigh in on Impact of COVID-19 During NAIOP South Florida’s New “Navigating the Market” Virtual Panel

cwilliams@achieveagency.com (Clay Williams) — Thu, 30 Apr 2020 18:26:42 GMT

South Florida’s Office Market Experts Weigh in on Impact of COVID-19 During NAIOP South Florida’s New “Navigating the Market” Virtual Panel

Panelists look toward May and June to predict immediate future of the office market

FORT LAUDERDALE, Fla. (April 29, 2020) – In the face of the COVID-19 crisis, current indicators suggest that South Florida’s office market is weathering the immediate storm. That’s according to panelists participating in NAIOP South Florida’s recent inaugural virtual roundtable Office Market: Report from the Trenches.

More than 100 participants logged on to the Commercial Real Estate Development Association’s roundtable, moderated by Darcie Lunsford of Butters Realty & Management who is also president of NAIOP Florida. Office market experts Mark Corlew of Grover Corlew, Greg Martin of Avison Young and Barbara Black of JLL candidly discussed immediate industry concerns and their perspectives on the office market trajectory for the remainder of 2020 and beyond.

The panelists agreed that while more than 85 percent of tenants were able to meet rent obligations in April, with retail establishments as the hardest hit during the crisis, they will learn more as rents come due in May and June.

Among smaller business tenants, “the immediate panic has eased a bit for those who have received governmental loans,” said Mark Corlew, principal of Grover Corlew. “Tenants are now looking to us to assure employee safety as the economy begins to open back up, so we are working diligently to add infrared light to HVAC systems, provide extra janitorial services for common spaces and add more safety signage throughout our buildings.”

Greg Martin, principal of Avison Young, also pointed out that building operational expenses will inevitably rise and questioned whose responsibility it would be if there was an outbreak, tenant or landlord, to clean up resulting biohazards.

“There hasn’t been a hard stop in terms of office transactions,” added Barbara Black, managing director of JLL.

The panelists recognized, however, that new deals will likely be delayed as businesses take a wait and see approach while the healthcare industry works to find a vaccine. An uptick in office vacancies, an increase in subleasing, a dip in rental rates and more tenant requests to reduce rents are also expected in the coming year, the extent of which is still unknown. While financial lenders continue to be accommodating, there was some concern that any change in that sentiment could become more problematic for the industry.

“The office market was in good shape before the COVID-19 crisis with low inventory, and lenders were not overexposed, which isn’t something we have experienced prior to past recessions,” noted Corlew.

All seemed to concede that while some economic decline will be inevitable in the short-term, the long-term outlook for the industry remains cautiously optimistic.

When asked about the opening of the economy and getting back to work, Black pointed out that with schools closed and many workers finding they can still be productive working from home, she anticipates a reduction in tenant space needs.

“As businesses gear up to come back to work, density issues will be at the forefront, meaning lunchrooms and social areas will likely remain closed, conference room chairs will be removed and spaced according to social distancing measures, and while additional sanitary supplies will be supplied to workers, many will opt to continue to work at home,” said Black.

When asked about the future of office design, the group agreed that the current crisis will likely play out faster than the lengthy process of development and construction.

Martin ended the panel with a heartfelt thanks to property managers, engineers and janitorial staff who continue working every day in masks in order to keep the commercial real estate industry running during the COVID-19 crisis.

Those interested in participating in future virtual roundtable discussions can register by visiting naiopsfl.org/events. Once registered participants will receive a separate email with Zoom meeting information.

Cushman & Wakefield to Lease ±61,408-SF Broward County Office Building

cwilliams@achieveagency.com (Clay Williams) — Wed, 29 Apr 2020 20:31:33 GMT

Cushman & Wakefield to Lease ±61,408-SF Broward County Office Building

John Criddle and Joseph Freitas were Selected to Lease 1400 East Newport Center Drive on Behalf of NRNS Acquisition Newport LLC

DEERFIELD BEACH, FL, April 28, 2020 — Cushman & Wakefield was named exclusive leasing advisor for 1400 East Newport Center Drive, a ±61,408-square-foot office building in Broward County.

The Cushman & Wakefield brokerage team of John Criddle and Joseph Freitas was selected to lease the building on behalf of Fort Lauderdale, FL-based building owner NRNS Acquisition Newport LLC.

1400 East Newport Center Drive was developed in 1987 on a ±4.5-acre site in Deerfield Beach. The building features ample parking with six spaces per 1,000 rentable square feet, a fully redundant generator and fully wired cubicles available for use. The asset is currently being renovated. Upgrades include refurbished interior common areas, an updated exterior entrance with a new porte-cochère, refined landscaping and new exterior paint.

The building is 67.4% leased with ±20,000 square feet available at rents ranging from $23 to $25 modified gross plus electric and janitorial. Notable tenants include Harte-Hanks and Freedom Mortgage Corp.

1400 East Newport Center Drive is ideally positioned in the Newport Center office park, offering immediate access SW 10th Street and Interstate 95.

“1400 East Newport Center Drive offers tenants the opportunity to occupy renovated space in a central location at rates that compare very favorably to competitive properties in this and neighboring submarkets,” said Criddle

“Many tenants targeting this market have unique requirements and place tremendous value upon ample parking ratios and reliable backup power,” added Freitas. “1400 East Newport Center Drive is an ideal location for these types of operations.”

Berger Commercial Realty/CORFAC International Delivers Hot Lunches to Holy Cross Hospital Intensive Care Unit

cwilliams@achieveagency.com (Clay Williams) — Wed, 29 Apr 2020 20:23:55 GMT

Berger Commercial Realty/CORFAC International Delivers Hot Lunches to Holy Cross Hospital Intensive Care Unit

FORT LAUDERDALE, Fla. (April 27, 2020) – Medical personnel in the Holy Cross Hospital Intensive Care Unit got a brief reprieve from their difficult work and a special thanks from Berger Commercial Realty/CORFAC International recently with a complimentary lunch catered by AB Catering & Food Services.

“The fight against COVID-19 has many fronts and we all have a responsibility to support our healthcare workers, whether that is by sheltering at home ourselves or delivering a hot meal to show our gratitude for all that they do,” said Berger Senior Sales Associate Jonathan Thiel, who coordinated the lunch delivery to his client, Holy Cross Hospital. “It’s a small and heartfelt way of saying ‘thanks’ from all of us.”

"Cares Act Deep Dive" presentation by Ashlie Forum from MARCUM - 4.29.2020

cwilliams@achieveagency.com (Clay Williams) — Wed, 29 Apr 2020 19:18:06 GMT

"Cares Act Deep Dive" Zoom Event playback- 4.29.20

cwilliams@achieveagency.com (Clay Williams) — Wed, 29 Apr 2020 19:09:29 GMT

Office Market Report from the Trenches" Zoom Event playback- 4.28.20

cwilliams@achieveagency.com (Clay Williams) — Tue, 28 Apr 2020 19:33:42 GMT

Miramar Park of Commerce Inks More Than 150,000 sq. ft. in Lease Renewals

cwilliams@achieveagency.com (Clay Williams) — Tue, 21 Apr 2020 20:37:17 GMT

Miramar Park of Commerce Inks More Than 150,000 sq. ft. in Lease Renewals

MIRAMAR, Fla. (April 20, 2020) – Lease renewals totaling 153,110 sq. ft. of space have been signed at the Miramar Park of Commerce, South Florida’s largest locally owned and managed business park.

“We are thrilled that these well-established companies will continue on as valued tenants at the Miramar Park of Commerce,” said Sunbeam Properties Vice President Maridee Bell. “The Park’s easy access to major roadways, local ownership and management and our ability to meet today’s diverse business needs appeals to local, national and international companies.”

Renewing leases were:

A warehouse and service facility for electrical generators, associated parts and equipment, Simply Reliable Power Incorporated renewed its lease for 49,352 sq. ft. for its headquarters in MPC 10 at 10151 Business Drive. The international company has sold and supported more than 50,000 generators in more than 38 countries in Latin America and the Caribbean.

Nutrition Formulators, Inc. renewed its lease for 36,648 sq. ft. of space in building MPC-17 at 10407 N. Commerce Parkway. Nutrition Formulators manufactures safe and effective nutraceutical products.

Consilio renewed its lease for 21,102 sq. ft. in building MPC-12A at 2830-2870 N. Commerce Parkway. Consilio is a global leader in eDiscovery, document review, risk management and legal consulting services. Through its Consilio Complete suite of capabilities, the company supports multinational law firms and corporations using innovative software, cost-effective managed services and deep legal and regulatory industry expertise. ISO 27001:2013 certified, the company operates offices, document review, and data centers across Europe, Asia, and North America. A.J. Belt of Cushman & Wakefield represented Consilio in the transaction.

Global distributor and fabricator of plastic products for signage, and the industrial, construction, aerospace and medical industries, Polymershapes renewed its lease for 20,039 sq. ft. of space in building MPC-28 at 9624-9632 Premier Parkway. Rick Etner of Cushman and Wakefield represented Polymershapes in the transaction.

Twenty-five years ago, Nissan North America, Inc. opened a training facility in the Miramar Park of Commerce and has renewed its lease of 15,548 sq. ft. in building MPC-6N at 3201 Executive Way. This facility is one of 12 Nissan and Infiniti training centers found throughout the United States. Their primary function is to train the finest Nissan and Infiniti dealership technicians in the country. Tom O’Loughlin of CBRE, Inc. represented Nissan North American, Inc. in the transaction.

The Miramar-based homeowners association, condo and rental property management services company, Association Services of Florida , renewed its lease for 10,421 sq. ft. in building MPC-1A at 10112 USA Today Way.

Bell and Lauren Pace of Sunbeam Properties & Development represented the Park in all transactions.

Current Builders’ President Michael C. Taylor Appointed as Firm’s New CEO

cwilliams@achieveagency.com (Clay Williams) — Thu, 16 Apr 2020 20:42:13 GMT

Current Builders’ President Michael C. Taylor Appointed as Firm’s New CEO

Charles P. Reid and Senior Vice President Hank Huisman Retire

POMPANO BEACH, FL (April 16, 2020)---- Current Builders (www.currentbuilders.com), a leading Florida construction firm, today announced that Michael Taylor has been appointed CEO/President. Taylor, who has been President of the firm since 2003, was expected to assume the CEO role upon the retirement of Charles P. “Chip” Reid. The transition plan had been in place for more than a decade, providing the company with an outstanding opportunity to groom the next generation of leaders. Senior Vice President, Henry “Hank” Huisman also retired, timing his departure to coincide with Reid’s.

“This month, the company said thank you and farewell to Chip and Hank for 45 incredible years of leadership and legacy,” said Michael Taylor. “These gentlemen led by example and set the stage for our continued success as a construction industry leader. I am honored to have called them my partners and friends for more than 30 years and extend to them my personal gratitude and best wishes.”

Founded in 1972, Current Builders is an award-winning firm with a diverse portfolio and offices on both the east and west coasts of Florida. Having recently completed their strategic plan update, the firm is optimistic about the future and well-positioned for growth.

“I am honored to take over leadership of this outstanding organization,” said Taylor. “While I am assuming the role of CEO during an unusual time in our country, I feel the construction industry will play an integral role in restarting the economy.”

Current Builders is most often recognized for its multi-family residential projects; however, the firm offers tremendous depth across all building types including warehouse projects, office buildings, mixed-use complexes and K-12 educational facilities. In addition, the firm has its own concrete division, CB Structures, which provides the firm with a competitive advantage.

Presently, the firm is working on construction projects for Broward County Schools, several senior living and multi-family housing developments, new projects on the west coast and the high-profile Uptown Boca mixed-use development, which is the latest addition to Boca Raton’s Glades Road corridor.

As Taylor looks ahead, he will continue to develop Current Builders’ diverse and skilled team, while increasing digital innovation, advancing construction protocols and remaining committed to service to the community.

Current Builders is an award-winning general contractor, established in 1972 with average annual revenues in excess of $250 Million. Current Builders specializes in multi-family residential projects, healthcare facilities, office/warehouse buildings, commercial distribution facilities, parking garages, interior build-outs, interior and exterior renovations, all included as turnkey projects inclusive of the construction of the buildings and related site work.

Stiles Property Management Selected to Manage Sunset Harbour Retail Center in Miami Beach

cwilliams@achieveagency.com (Clay Williams) — Wed, 15 Apr 2020 20:51:25 GMT

Stiles Property Management Selected to Manage Sunset Harbour Retail Center in Miami Beach

Fort Lauderdale, FL – April 8, 2020 – Despite the uncertain retail environment, quality property management remains top of mind for retail owners. Stiles Property Management (SPM), the largest privately-held commercial property management firm in South Florida, announced today it has been selected to manage the dynamic Sunset Harbour retail portfolio in Miami Beach.

Comprised of eight buildings, this 70,011-square foot portfolio of curated retail properties is situated in one of Miami Beach’s most historic, exciting neighborhoods. Dating back to 1940 as an industrial hub, this area has evolved into an authentic urban dining and shopping destination in a highly travelled enclave where the Venetian Causeway meets Alton Road.

Stiles General Manager Christine Jarro will oversee the management at Sunset Harbour, which is shadow anchored by Publix, Trader Joe’s and The Fresh Market. Other quality retailers include Barry’s Bootcamp, Ice Box, Consign of the Times, Modo Yoga, Flywheel Sports, Panther Coffee and many more. The property was acquired by Asana Partners.

“Quality management services remain paramount for owners especially in uncertain times, and we are committed to providing best-in-class management programs that will ensure their properties are cared for throughout this crisis,” said Chris Rotolo, president of the division. “As a local firm with 19 million square feet in our portfolio, we take a “hands-on” approach to managing. Through times of crisis, whether it be a national pandemic or weather-related event, our committed response teams are on the front lines and following every protocol to remain safe.”

SPM is a division of the 69-year old commercial real estate development firm, Stiles, which is responsible for more than 48 million square feet of development in the Southeast. SPM’s award-winning portfolio extends throughout Florida all the way to South Carolina.

The company has won 53 Building Owners and Managers Association (BOMA) TOBY awards since 2010, including the prestigious International TOBY Award for Outstanding Building in 2019. SPM prides itself on its best-in-class service delivered at almost zero cost with the savings provided through its programs outweighing the fees.

In reference to SPM’s advantage, Rotolo stated: “We are fortunate to be able to leverage decades of experience as well as the breadth of knowledge at Stiles, which as a company has endured countless market events that pose direct challenges to owners. We have strict protocols in place that allow us to mobilize the moment a crisis occurs, and that can make all the difference for owners with a range of other concerns. Whether you are a private property owner or large institution, our primary goal is to preserve value at the property level under any circumstance, and we are focused on accomplishing that with every project.”

Eric Rapkin Sheds Light on Impact of COVID-19 Pandemic on Commercial Real Estate to Northeast Real Estate Business

cwilliams@achieveagency.com (Clay Williams) — Wed, 15 Apr 2020 20:46:36 GMT

Eric Rapkin Sheds Light on Impact of COVID-19 Pandemic on Commercial Real Estate to Northeast Real Estate Business

April 13, 2020

Eric Rapkin, Real Estate Practice Group Chair, spoke to Northeast Real Estate Business and shed light on the impact the COVID-19 pandemic is having on the commercial real estate industry, including hotels.

“Hotels are starting massive workforce reductions. It could be that many hotels, even if permitted to operate, will shut down until the crisis has ended rather than continuing to incur the substantial expenses of operating a hotel with little to no revenue coming in. Hotels will bounce back once the crisis ends and people can once again travel, but many current investors will see the value of their investments in hotels dwindle the longer the crisis continues.”

“Obviously, the longer this goes on, the worse it will get. Not just for commercial real estate, but for the economy in general. The human toll caused by severe, prolonged unemployment would be devastating. Certain real estate sectors like healthcare may still be able to fare reasonably well, but others, such as retail and hospitality, could face even worse downward pressures than had existed before the pandemic.”

Click here to view this news.

As businesses across South Florida scramble for aid, will landlords give them a break?

cwilliams@achieveagency.com (Clay Williams) — Tue, 14 Apr 2020 20:56:33 GMT

As businesses across South Florida scramble for aid, will landlords give them a break?

(Click here to view original article on bizjournals.com)

Urban Mining CEO Steven Kaufman was forced to close his electronics refurbishing/resale facility in Lauderdale Lakes due to the COVID-19 pandemic because it’s not an “essential” business.

And he’s not sure he can pay the April rent for his space.

Kaufman plans to apply for a federal loan through the recently enacted CARES Act to help keep his employees in place and his business afloat.

But it’s unclear how soon he’ll get his hands on the money to make that happen.

Still, Kaufman could be one of the lucky ones as his landlord, HB Capital, has indicated a willingness to work with him and other tenants, he said. It will be challenging to pay his bills without customers dropping off equipment.

“Our inventory is quickly selling out,” he said. “Without ‘new’ used equipment coming in, we are going to run out of inventory to process and to sell.”

Thousands of businesses are in the same boat. And it’s a distressing situation for landlords, as well, who depend on rent checks to meet their financial obligations, including mortgages, insurance and maintenance.

Many landlords are now working with tenants to reduce or defer rents. But that assumes tenants will be able to pay the deferred rents later. Some landlords are also guiding tenants through applications for federal aid, while extending due dates until tenants receive the money to pay their rents.

Approved March 27, the Federal Coronavirus Relief Law, known as the CARES Act, aims to throw small businesses a lifeline – if they’ll take it.

The $2 trillion aid package includes the Paycheck Protection Program, which offers 100% federally guaranteed loans to cover rent, payroll and other crucial expenses for businesses with 500 or fewer employees for up to eight weeks. If a company maintains its payroll, then the loan would be forgiven.

“It’s a Band-Aid. It gives us time to catch our breath, and I think it’s a great start,” said Lyle Chariff, president of Miami-based commercial brokerage Chariff Realty Group. “It will put enough money into people’s pockets to keep them alive, but it will eventually evaporate.”

Businesses weigh loan programs

The federal government is eager to put money into the accounts of small businesses, but whether they should accept it isn’t an easy decision for business owners.

The terms of the loans are quite favorable, as they’re designed to encourage businesses to rehire and retain workers, said attorney Thomas R. Lehman, a partner with Miami-based Levine Kellogg Lehman Schneider + Grossman. Unlike most loans, there are no requirements for appraisals, loan-to-value ratios or personal guarantees.

“This is the best loan you will ever see in our lifetimes,” Lehman said.

Landlords that qualify as small businesses could also qualify for the program to support payroll and mortgage interest payments, Lehman said.

However, the percentage of the loan that’s forgiven declines if a company can’t maintain its payroll. Given the uncertainty of when businesses will reopen and the health of the economy at that time, it’s challenging for companies to gauge whether they’ll have the revenues to support holding on to their staffs.

Chariff said many small businesses don’t have the documents ready to apply for the loans, so organizing them will take time. Plus, companies that struggled prior to the pandemic may decide it’s not worth reopening and won’t seek the loans at all, he added.

“There are loans available that could possibly be forgiven, but that’s not really the solution,” said David Goldweitz, senior director of tax and accounting at Fiske & Co. in Miami. “The solution is for tenants to get forbearance for 90 or 120 days without the risk of eviction.”

That’s mainly because thinly capitalized companies might not recover, should the recovery take longer than anticipated, and they will “burn through their loans,” he added.

The CARES Act will indirectly benefit landlords by making it easier for tenants to pay rent, said Ian Weiner, president and CEO of Boca Raton-based commercial property owner Pebb Enterprises. He expects to show compassion to tenants that can’t immediately pay their April rents and direct them to the loan programs, he said.

While this will likely impact Pebb’s revenue, Weiner noted another change in federal regulations could allow its lenders to let that slide. The Federal Deposit Insurance Corp. has encouraged banks to work with borrowers that need short-term modifications on their loans due to COVID-19 without forcing banks to label those loans “troubled” and write them off as losses.

The CARES Act also includes tax benefits related to the way real estate owners calculate the depreciation of their properties over time. That won’t have an immediate impact because companies must submit tax filings for the benefits, but it will eventually provide a boost to some landlords, said Ashlie Forum, a partner in Marcum LLP’s Tax & Business Services division who leads the firm’s real estate team in the Southeast.

Tenants ask landlords for more time

Whether a tenant has enough time to tap federal aid before rent is due largely depends on the landlord. Publix informed tenants in its shopping centers that it will waive two months of rent. Of course, Publix is the anchor tenant in most of those properties, and grocers are “essential” businesses that remain operational during this era of shelter-in-place orders.

But Publix seems to be the exception to the rule, as most landlords likely aren’t in a position to waive rents if they’re to fulfill their financial obligations.

Most commercial leases don’t have provisions for rent relief in the event of a pandemic, so landlords will have to decide whether to grant tenants a break, said Shutts & Bowen attorney Matt Chait, who works on commercial real estate litigation.

Still, by order of the Florida Supreme Court, no writs of possession will be issued now to enforce evictions, so landlords have few options to remove tenants. That might encourage landlords to deal with tenants, especially if those businesses have locations in several of the landlord’s properties, Chait said.

Gov. Ron DeSantis’ April 2 executive order suspending evictions for 45 days only applies to residential leases, Chait added.

Many business tenants are already reaching out to landlords to seek relief, Chariff said. Potential solutions include deferring rent for several months, extending the duration of the lease, spreading out smaller payments over the remainder of the lease, temporarily reducing the rent or paying only for common expenses like taxes and insurance for a few months.

“When you have someone who has a viable business, as a landlord, getting a dollar is better than having a vacant space,” he said. “The majority of people I’m talking to aren’t paying the rent. Tenants feel they will be able to negotiate, instead of handing over a dollar when it might cost them only 30 cents later.”

In most cases, the decision to grant rent relief will be up to the mortgage holder, so the landlord will need the lender’s permission.

J.C. de Ona, Southeast division president for Centennial Bank, said the bank will work with commercial property owners that need assistance. It could defer payments for three months and either extend the length of the loan, or make the deferred payments due when the loan matures. The CARES Act loan programs, which his bank is participating in, feature fast and simple application processes, so relief should be coming soon for many tenants, he said.

Another area of negotiation is between national franchisors and their franchisees. Most franchisees are small businesses without vast financial resources, but they can ask their franchisors to provide concessions, such as waiving royalty fees or discounting supplies, said Barry Wolfe, senior managing director of the retail group at Marcus & Millichap. Franchisees can also seek loans under the CARES Act.

Many of Coconut Creek-based Butters Realty & Management’s office tenants have reached out to seek extensions on their April rent or for rent relief, and the company is trying to be understanding of tenants’ circumstances, said Darcie Lunsford, Butters’ executive VP and director of office leasing. Many South Florida businesses have suffered a loss of revenue, especially those in the tourism, hospitality, retail and outpatient medical sectors, she said.

“We are trying to work with tenants that really do have a dire requirement and offer deferrals,” said Lunsford, who also serves as president of NAIOP of Florida. “The CARES legislation provides tremendous support for tenants, and we will require that tenants seek help. But landlords can’t shoulder all of the responsibility because we have lenders and we have bills to pay, as well.”

However, for tenants that were frequently late paying rent before the COVID-19 pandemic, it may not be worth providing relief, Lunsford said. Some businesses simply won’t reopen.

Market won’t be the same

The CARES Act will rescue scores of businesses, but there’s little doubt that many places that close will never reopen. This could send shockwaves through South Florida’s real estate market.

“If they were putting good dollars into a bad business and didn’t want to face reality and throw in the towel, this gives a lot of those people justification to say, ‘I quit,’” Chariff said. “Spaces will be repurposed. [Rental] rates will definitely come down. This is a total market correction.”

The properties hit the hardest will be those in high-rent districts, where high-dollar property sales have pumped up rents in recent years, Chariff said. Those rates won’t make sense anymore.

This will accelerate the transformation of malls that were already struggling, since some of their tenants won’t survive, Marcus & Millichap’s Wolfe said. The increase in vacancies should cause more malls to be redeveloped, a trend already underway before the coronavirus pandemic.

Still, the new vacancies will create opportunities for expansion at reasonable rates for businesses flush with cash.

“Twenty years ago, Yellowstone had disastrous forest fires and they were afraid it would never be back. But, within a few years, they started seeing seedlings come up, and now it’s bigger and better than it ever was,” Wolfe said. “That is what we will see in retail. We will have a more healthy, thriving retail sector than we had before.”

Federal relief programs for small businesses

Paycheck Protection Program

Qualifications: In business before Feb. 15, 2020; fewer than 500 employees, whether for profit, nonprofit or an independent contractor; most restaurants; most franchisees, even with more than 500 employees.

Loan size: 250% of monthly payroll costs, up to $10 million, based on average payroll for last 12 months. For a new business, it will be average payroll for January and February 2020. Seasonal businesses can average payroll for a 12-week period.

Use of loan proceeds: Payroll (excludes portion of employees making over $100,000), benefits, rent, interest on mortgages and other debts incurred before Feb. 15, and utilities. Must use 75% of proceeds for payroll.

Repayment: Fully forgiven if used on allowable expenses and payroll is maintained for eight weeks. Otherwise, repayable over two years at 1% rate.

Small Business Debt Relief Program

Small businesses with existing SBA 7(a), 504 and microloans can have all principal, interest and fees covered for six months. The same benefits can apply to new borrowers under these programs.

Economic Injury Disaster Loans

Up to $2 million with an initial disbursement up to $10,000 within three days of applying for a business with 500 or fewer employees to fund sick leave, retain employees, pay the rent or mortgage, and deal with supply chain disruptions.

Payroll tax deferral

Payroll taxes through Dec. 31, 2020, may be deferred over the following two years. Recipients of Payroll Protection loans are not eligible.

Source: Marcum LLP

Commercial real estate market navigating uncharted waters in dealing with coronavirus outbreak

cwilliams@achieveagency.com (Clay Williams) — Tue, 14 Apr 2020 17:44:43 GMT

Commercial real estate market navigating uncharted waters in dealing with coronavirus outbreak

(Click here to view original article on Sun-Sentinel.com)

It is reasonable to presume that no South Florida business will emerge entirely unaffected by the pandemic and subsequent economic downturn. As companies figure out how to get back on their feet, our commercial real estate brokers and property managers are helping them adapt to the possibility of staff reductions and structural changes to their businesses.

The big picture will be a mixed bag of positives and negatives for owners, investors and tenants. On the positive side for owners, low-interest rates will mean an attractive environment for refinancing quality loans. For domestic and international investors who still consider America the world’s safest place to invest, the time will be right to return to the market in search of new buying opportunities. Tenants who are hit hard by months of interruption and serious revenue shortfalls will scrap plans to expand.

The commercial real estate sector as a whole is navigating this evolving crisis through uncharted waters. Tenants have reached out to us to report the early impact of the coronavirus, or COVID-19, on their businesses. We are sympathetic to the economic uncertainty they are facing and are pointing them toward the various federal, state and local programs being deployed to help businesses recover.

Facing immediate fiscal challenges, landlords are not in a position to extend financial relief. Some are offering hope that when the crisis ends a comprehensive review of tenants’ circumstances can be performed and a response provided in due course.

We also are urging tenants to examine their own resources, including the terms of their insurance policies. For example, if coronavirus losses are sufficient to trigger business interruption coverage according to the terms of their policy, some tenants may be covered for income losses resulting from disruption of their operations.

No one knows the timeline for recovery, so until the pandemic is under control and the economy recalibrates, my staff and I are focusing on the things we can control. We moved rapidly to transition our firm to remote mode and are proactively taking the following steps to keep our team engaged and our customers reassured:

As the pandemic became imminent, we fast-tracked the companywide installation, training and roll-out of stay-at-home technologies. It was a substantial investment, but well worth the long-term benefits it will deliver to our business. We also made sure everyone had a laptop and video conferencing capabilities, and adapted our phone system for the seamless offsite handling of calls.
We hold mandatory virtual staff meetings every day to talk shop, share news, observations and suggestions. We challenge everyone to present fresh ideas to benefit our company, our clients and our community. In addition, for as long as the health authorities permit, two people per day go to the office to support the stay-at-home team by forwarding mail and other documents, as needed.
Each of us stays in touch with clients to share updates and assure them that we are taking care of everything in our power on their behalf. We visit their properties to make sure they are being properly maintained, and although we no longer can go inside tenant spaces, we make sure everything is being maintained as planned on the outside.
Working from home can offer quiet periods during the day to sit and think about what we can be doing differently. We are encouraging our brokers, property managers and administrative staff to carve out time every day to think about challenges and opportunities for moving our business forward and ultimately making it more successful than ever before.
Several members of our staff are using this time to hone their skills with online training
Most of us have that folder full of miscellaneous notes that might be useful someday but never make it out of the pile. With some extra time temporarily on our hands, most of us are getting more organized, filing all those business cards we’ve collected or reading those industry articles we’ve meant to read for months. It’s time well spent.

Instead of wasting precious time worrying about how and when the commercial real estate market is going to recover from the impact of COVID-19, we are preparing to hit the ground running when it does.

Lloyd Berger is the founder and president of Berger Commercial Realty/CORFAC International. He launched the company in 1998 to meet the need for superior client service and customized commercial real estate solutions based on deep market knowledge. With his vision and leadership, Berger Commercial Realty has grown to be one of the most respected, privately-owned commercial real estate brokerage and management firms in the State of Florida.

South Florida warehouse market will take a hit from coronavirus pandemic, experts predict

cwilliams@achieveagency.com (Clay Williams) — Tue, 14 Apr 2020 17:42:16 GMT

South Florida warehouse market will take a hit from coronavirus pandemic, experts predict

(Click here to view the original article on MiamiHerald.com)

Warehouse developers and property managers see a storm brewing for the South Florida industrial market in the weeks ahead.

The coronavirus pandemic shriveled business for warehouse tenants that serviced restaurants, hotels and the cruise industry. Those companies are scaling back, including their warehouse space, said Malcolm Butters, president of the Coconut Creek-based Butters Construction and Development.

But there’s a silver lining with e-commerce and grocery stores, said Jose Hernandez-Solaun, president of the Doral-based Easton Group, and Michael Mandich, managing partner at Mandich Real Estate Advisors in North Miami Beach.

E-commerce and businesses that provide goods to grocery stores may turn the current steady demand for space into a growing one by late 2020.

The amount of challenges outweigh any slim chance of demand for more warehouse space in the coming weeks, Butters said. “And depending on what happens with behavioral patterns with cruises and flying,” he said, “the negative impact could last longer. Some businesses, such as restaurants, may not come back because of continued social distancing.”

Demand on warehouse space remains the same prior to March — steady, said Mandich. “We are getting more affected because our tenants rely more on tourism.”

Developers and property managers saw several industries shrinking, including aviation, fruit, restaurant, wedding, convention and cruise suppliers, Butters said. Small businesses are affected worse than large companies.

Some warehouse tenants are asking for rent relief as business shrinks.

Rent abatement is handled on a case-by-case basis with government aid and federal programs, including by the U.S. Small Business Administration, highlighted as first steps a tenant could take to pay a lease, Butters said. Some tenants are offered a blend-and-extend plan, with lease deferred for a month or two, added onto rent later on in the year and a lease extension agreement of one to two years, Butters said.

A few warehouse users are seeing a boom in business, including e-commerce companies, grocery store and medical suppliers.

Companies estimated their orders of goods on previous years, and didn’t have enough to fill empty shelves now, Hernandez-Solaun said.

Food suppliers in particular, Mandich said, saw demand nearly double. One user who has a six billion egg surplus had no surplus overnight, Mandich said, and one client who would average selling 12,000 cases of bagels per week to a grocery, sold about 20,000 cases of bagels per week in late March.

But no tenants, the developers said, have asked for more warehouse space.

“There’s two challenges with warehouse expansion at the moment: Some people are taking a wait-and-see approach because there’s uncertainty of how long this pandemic will last,” Mandich said. “And although banks are well capitalized, they are making cautious moves. When a company can’t access credit, it stifles demand.”

Some industrial developers are concerned about the long-term impact of the pandemic. Rates remain the same. Warehouse space in Miami ranged between $150 to $160 per square foot for dry space and $200 per square foot, according to the CBRE 2020 Southeast U.S. Outlook report published in February.

“It’s too early to see a change in rates,” Butters said. “But if the man goes down, rates go down.”

Warehouses will see an increase in demand sometime this year, Hernandez-Solaun said, driven by some industries. “Some will close their doors. Others will expand. I see the number of businesses expanding outpacing those closing their doors.”

And with food suppliers servicing grocery stores seeing an uptick in sales, industry leaders said, demand for cold storage will grow in the industrial sector.

“There’s greater demand for cold storage today,” Mandich said. “And there was little supply to begin with.”

Berger Commercial Realty/CORFAC Brokers Lease to Secure Second Health Insurance Company Fort Lauderdale Location

cwilliams@achieveagency.com (Clay Williams) — Fri, 10 Apr 2020 17:47:54 GMT

Berger Commercial Realty/CORFAC Brokers Lease to Secure Second Health Insurance Company Fort Lauderdale Location

FORT LAUDERDALE, Fla. (April 9, 2020) – USA Medicare Advisors Insurance Agency, LLC will open its second location in Fort Lauderdale thanks to a new lease brokered by Berger Commercial Realty/CORFAC International for landlord ROC III Fairlead Bayview Corporate Center, LLC.

Berger Senior Sales Associate Jonathan Thiel handled the transaction, which will provide 8,300 square feet of office space throughout a six-year lease for the health insurance company in the 412,520-square-foot, 12-story Bayview Corporate Tower at 6451 North Federal Highway.

“The extensive amenities and renovations to the building, in addition to the accessible location, and ample and secure parking have proven very attractive to businesses looking to attract top talent,” Thiel said. “We used thoughtfulness and creativity to make this deal the right fit for our tenant.”

For more information about Berger Commercial Realty’s leasing services, call 954-358-0900.

Berger Commercial Realty/CORFAC International Repeats CoStar PowerBroker Award Wins in 2019 Sales and Leasing

cwilliams@achieveagency.com (Clay Williams) — Thu, 09 Apr 2020 17:51:40 GMT

Berger Commercial Realty/CORFAC International Repeats CoStar PowerBroker Award Wins in 2019 Sales and Leasing

Berger Commercial Realty/CORFAC International has earned the CoStar Power Broker Award for consecutive years in both the overall Top Leasing and Top Sales categories.

CoStar based its analysis on Berger’s overall 2019 transaction volume and measured it against all active brokers in the market. The superior numbers revealed Berger’s commercial real estate market dominance.

“We’ve assembled a focused team of South Florida’s very best commercial real estate professionals and the results speak for themselves,” Berger CEO Lloyd Berger remarked. “I’m proud of our people and their determination to deliver results—not only for our clients, but for all parties involved in our sales and leasing transactions. A truly good deal pays dividends for everyone, as well as for the community at large.”

For decades, the CoStar Group, a data/analytics leader in the commercial real estate industry, has bestowed its Power Broker award on commercial real estate professionals and firms in their respective markets that closed the highest transaction volume each year.

On the lease side, Costar calculates deals primarily upon square footage multiplied by the contract rent. On the sales side, winners are calculated based upon sales dollars. Only deals that occurred during the most recent calendar year are considered.

For more information about Berger Commercial Realty’s leasing services, call 954-358-0900.

New Bergeron Distribution Center at 100 Percent Occupancy With Berger Commercial Realty Lease

cwilliams@achieveagency.com (Clay Williams) — Fri, 03 Apr 2020 18:01:50 GMT

New Bergeron Distribution Center at 100 Percent Occupancy With Berger Commercial Realty Lease

FORT LAUDERDALE, Fla. (April 2, 2020) – With finalization of a new lease deal comprising 43,790 square feet, the Bergeron Distribution Center in western Pembroke Pines is now at 100 percent occupancy.

The new lease at the Class A industrial property was brokered for its landlord, Bergeron Park of Commerce South Family Limited Partnership, by Berger Commercial Realty/CORFAC International Senior Vice President Keith R. Graves.

“This property’s central South Florida location and easy access to major highways were certainly a factor, but it was the 32’ ceiling clearance, additional yard and truck parking space, and the building’s clean, modern design that made it a winning deal,” Bergeron Vice President of Real Estate Frank Saia noted.

The Bergeron Distribution Center, which was completed in 2017, is located at 19700 Stirling Road.

For more information about Berger Commercial Realty’s leasing services, call 954-358-0900.

Miller Construction Building Next-Generation Valero-Branded Convenience Store with Tunnel Car Wash On Palmetto Park Road Site, Boca Raton

cwilliams@achieveagency.com (Clay Williams) — Wed, 01 Apr 2020 18:24:16 GMT

Miller Construction Building Next-Generation Valero-Branded Convenience Store with Tunnel Car Wash On Palmetto Park Road Site, Boca Raton

BOCA RATON, Fla . – Miller Construction is creating a sleek new Valero convenience store, car wash and fueling station at 1255 Palmetto Park Road for the owner operator, to replace an outdated service station.

The new operation will include a flex serve tunnel car wash offering express and detail packages plus unlimited plans. The convenience store will offer made-to-order fresh food and drinks in addition to traditional convenience store products. The fueling center will include a fast charging Level 3 electric charging station and ethanol-free gasoline in addition to standard unleaded fuel.

Scheduled for completion in May, the fast-tracked project on a site just east of I-95 includes demolishing an existing one-story building and reconfiguring the site, adding new underground storage tanks. The station’s 3,733-square-foot building will feature a ground-floor convenience store with attached 65-ft. tunnel car wash, plus a mezzanine office on the second floor. Designed by OA Architecture of Miami, the structure will have the upscale, contemporary look of an automotive dealership, from an exterior clad with aluminum composite panels, to the interior’s exposed steel beams and exposed concrete block.

Additional project team members include engineering firms Kimley-Horn Associates of Delray Beach (civil), CFS Engineering Group Inc. of Miami (structural) and L Triana & Associates of Miami (MEP).

Cushman & Wakefield Arranges Sale of Dolphin Corporate Park

cwilliams@achieveagency.com (Clay Williams) — Wed, 01 Apr 2020 18:15:55 GMT

Cushman & Wakefield Arranges Sale of Dolphin Corporate Park

Innovatus Capital Partners Acquired the Two-Building Office Campus in Doral from Affiliates of Proccaci Development Corporation

MIAMI, FL, April 1, 2020 — Cushman & Wakefield has negotiated the sale of Dolphin Corporate Park, a ±164,509-square-foot office campus in Doral.

The Cushman & Wakefield Capital Markets team of Dominic Montazemi, Mike Davis, Miguel Alcivar, Scott O’Donnell, Michael Ciadella, Greg Miller, Rick Brugge and Rick Colon represented affiliates of Boca Raton-based Procacci Development Corporation in the disposition. New York-based Innovatus Capital Partners acquired the asset for an undisclosed price.

Dolphin Corporate Park is a two-building, Class A office portfolio ideally located in the gateway market of Miami. The buildings were developed in 2008 on a ±9.24-acre site at 11410 and 11430 NW 20th St.

Dolphin Corporate Park houses the only Class A multi-tenant office buildings in Miami-Dade County built to withstand a Category 5 hurricane and winds up to 185 MPH. The campus offers a surface parking ratio of 4.66 spaces per 1,000 rentable square feet and two redundant 1000 kW generators in an N+1 configuration, which deliver a 20-day, 100% ‘business as usual’ environment for all systems before requiring refueling. Each building is equipped with 20,000 gallons of diesel fuel on-site.

Dolphin Corporate Park’s strategic proximity to both Florida’s Turnpike and the Dolphin Expressway provides a tremendous transportation advantage with access to 66% of South Florida’s population within a one-hour drive of the property. The campus’ position next to the 1.4-million-square-foot Dolphin Mall presents tenants with numerous dining and retail options in addition to a multitude of nearby options in Doral and the surrounding area.

Dolphin Corporate Park was 94.2% leased at the time of sale. Notable tenants include Humana (CarePlus); the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF); ADT Security Services; the Food and Drug Administration (FDA); US Bank; Banco Santander; and Brickell Bank.

“Dolphin Corporate Park represented an exciting core-plus investment opportunity featuring an unparalleled combination of credit tenancy, best-in-class hurricane protection, fantastic transportation dynamics, a generous parking ratio and numerous nearby amenities set against the backdrop of Doral, one of Florida’s fastest growing cities,” said Montazemi.

Added Davis, “Dolphin Corporate Park stands alone in Miami in offering state-of-the-art, disaster-proof construction, a unique value proposition highly valued by the property’s entrenched, creditworthy tenancy.”

Butters Commercial Real Estate Team of JC Conte & Brian T. Ahearn, CCIM have successfully sold the Aspen Office Building in Coral Springs.

cwilliams@achieveagency.com (Clay Williams) — Wed, 01 Apr 2020 18:10:43 GMT

Butters Commercial Real Estate Team of JC Conte & Brian T. Ahearn, CCIM have successfully sold the Aspen Office Building in Coral Springs

April 1, 2020

The Butters Commercial Real Estate Team of JC Conte & Brian T. Ahearn, CCIM have successfully sold the Aspen Office Building in Coral Springs. The three story 18,400 square foot office building sold for three million dollars and was approximately 82% leased at the time of closing. “I am very pleased that Brian & JC found the perfect local buyer who recognized the long term value add opportunity that this unique asset represented. I know this was a win-win for all parties.” said the Seller, Laura Haimes.

Please contact JC Conte or Brian Ahearn for more details.

JC Conte

954.336.8001

JCConte@butters.com

Brian T. Ahearn, CCIM

954.937.4540

BAhearn@butters.com

Foundry Commercial Acquires Majority Ownership In Recapitalization, Closes In On $2B In Joint Ventures

cwilliams@achieveagency.com (Clay Williams) — Fri, 27 Mar 2020 18:34:29 GMT

Foundry Commercial Acquires Majority Ownership In Recapitalization, Closes In On $2B In Joint Ventures

(for full article by CRE Sources, click here)

When the foundation of Foundry Commercial was laid more than a decade ago, the leadership of the emerging firm set out to build a different kind of real estate company – one with a culture that is personal and unique and one that would unleash the most talented professionals in the commercial real estate industry.

“The Foundry Commercial partners – close to 40 individuals who have invested their time and capital into the company – have recently acquired majority ownership of the company, establishing a new equity relationship with an investor that mirrors our core values, as we continue our strategy of growing an integrated commercial services and development and investment platform,” said Paul Ellis, CEO of Foundry Commercial. “During the past year, we have been working closely with our original capital partner, HQ Capital, to position our company for this next season of growth. In large part, due to our strong partnership with HQ as well as the tireless commitment and dedication of an exceptional and growing base of associates, Foundry has tripled in size since our Management Led Buyout from CNL in 2015.”

The integration of Foundry’s platform – inclusive of property management, leasing, tenant representation, investment sales, construction management, and development and investment (D&I) – has provided an opportunity to partner with clients rather than compete against them. This approach serves the client-base by placing their real estate goals and objectives at the forefront 100 percent of the time.

“Foundry’s integrated model is at the heart of what sets Foundry apart from others in the industry, providing a constant drive to leverage our talent and local intelligence to solve our clients’ real estate challenges and bring them advantaged opportunities to deploy capital,” added Pryse Elam, Foundry’s President of Development & Investments. “Our team wholly understands that we are better when we’re working in lock-step, across deals and across platforms, consistently bringing more value and creativity to our clients and to investors.”

Since 2007, when the company launched, Foundry Commercial has grown to employ 354 associates and 80 brokers. Foundry completed $1.6 billion in brokerage transactions last year, has 58 million square feet under leasing and management, and has $1.4 billion in current investment activity.

“With the completion of this second management-led buyout, Foundry is positioned to expand into new asset classes, new markets, and new service lines, while strengthening our services platform to better serve our diverse client base. We’re also looking forward to advancing our D&I platform with additional investments directly into real estate joint ventures,” added Ellis.

In 2019, Foundry Commercial relocated its corporate headquarters to take over the entire fourth floor of CNL Center II at City Commons in downtown Orlando. Previously, the firm had occupied several suites on two floors of the same building but had completely outgrown both spaces. Similar moves driven by growth occurred in Atlanta and Nashville last year.

As part of the recapitalization, Gregg Ickes , Foundry’s President of Real Estate Services, has been appointed to the company’s board of directors. Additionally, Foundry’s leadership team recently approved the creation of a scholarship program, whereby dependents of the company’s associates can apply for assistance to offset higher education costs.

“Without the hard work and determination of the associates who have propelled this company to amazing heights, we know we would not have been able to achieve this milestone in such a short amount of time,” stated Ickes. “The company shares in the accomplishments of everyone on this team, and we are committed to making a lasting impact in our communities.”

Vacation Without Pay': South Florida Broker Commissions Next on the Coronavirus Chopping Block

cwilliams@achieveagency.com (Clay Williams) — Fri, 27 Mar 2020 18:30:27 GMT

Vacation Without Pay': South Florida Broker Commissions Next on the Coronavirus Chopping Block

(for full article by Daily Business Review, click here)

South Florida real estate and business brokers are seeing a hit to their commissions as the growing coronavirus pandemic triggers a widespread economic shutdown.

Brokers generate most of their income through commissions calculated as a percentage of the value of a sale, lease or business deal. Their loss hasn’t fully set in, but some commercial real estate transactions already have been postponed, especially in the region’s heavily impacted hospitality and retail sectors.

“Brokers aren’t going to make commissions because the transactions aren’t going to close,” said Neil Merin, chairman and founder at NAI/Merin Hunter Codman Inc. in West Palm Beach. ”Effectively, it’s as if the brokers have a two- or three-month vacation without pay.”

If the coronavirus toll lasts for a quarter, brokers will lose 25% of their annual commission income, Merin noted. As much as 90% of broker commissions could be either postponed or canceled during the hiatus.

Commissions are off because business deals are in a slowdown.

“All the deals that were pending are going to be greatly reduced, which is going to hurt not only those folks who work in those businesses but also the brokers that specialize in the sale of those,” said Roberta Caputo, south district president of trade association Business Brokers of Florida. “It’s going to be a huge deal for many of them.”

Most impacted will be the shuttered nonessential businesses such as hair salons and restaurants, said Caputo, managing director at business brokerage Capital Business Solutions in Deerfield Beach.

Restaurants are limited to takeout and delivery.

“It will have a negative effect without a doubt. It’s a big portion of the market, and it’s coming to a great slowdown,” Caputo said.

Just how much is at stake?

Gov. Ron DeSantis reported Tuesday that new unemployment claims have climbed from a standard range of 250 to 1,000 a day to 18,000 to 21,000 a day.

Florida recorded $70 million in restaurant business sales last year, including $25 million in Caputo’s district stretching from Port St. Lucie to the Florida Keys.

If restaurants were cut out of the real estate market for three months, $17.5 million in sales would be lost statewide and $6.25 million in the district. Broker commissions for business deals generally are 10-12%, endangering $2.1 million in statewide commissions and $750,000 in the district.

Residential Sales

The outlook for residential deals is mixed as some expect this will be a less affected market.

But Zillow Group Inc., a marketing company that lists single-family homes for sale and started a home-purchasing program in recent years, said Monday it was suspending the home-buying program. It still is marketing homes for sale, including the about 1,860 in its inventory.

“I anticipate that despite all the optimism that the residential side is showing at this time, that they too will have at least a 90-day hiatus from sales and therefore of the broker commissions,” Merin said.

But the residential impact is expected to be much less than hospitality and restaurant deals.

Commercial brokers say it’s not an utterly gloomy outlook as they transact other types of real estate as well. They aren’t fearful of the future but are prepared.

‘Rainy Day’

Just ask Realtor Vanessa D’Souza, who does commercial and residential leases and sales.

“I know that our business will suffer. I know I have certain protections in place. I always keep at least a year of my expenses put away,” said D’Souza, who is with RE/MAX and works in Coral Springs and Plantation. “You need to have a cushion because we don’t know from year to year what we are going to make.”

She is doing virtual showings and adding contract clauses that allow for cancellations in case of job or business loss.

Darcie Lunsford, executive vice president and director of office leasing at Butters Realty & Management in Coconut Creek, echoed D’Souza’s comments.

“As the market goes, so does the flow of commissions of course to the brokers. I think when you are a broker, you try to always save for a rainy day and we tend to make money in big buckets, and you just always try to plan for an unforeseen downturn,” Lunsford said.

At Chariff Realty Group, which does commercial and residential sales and leasing in prime Miami areas, a slowdown hasn’t been felt.

“Believe it or not, I am kind of shocked but our phone is ringing,” said Lyle Chariff, president-broker at Chariff Realty.

Owners who have overextended themselves with property are eager to sell, Chariff said. Many are left with shuttered tenants that can’t pay the rent.

“Without income from tenants and moratoriums coming in where you can’t evict people, you can’t foreclose,” he said. “That’s going to hurt a landlord on their cash flow.”

Chariff Realty commission trims are on retail leases that closed before the COVID-19 invasion but the tenant hasn’t opened. For these leases, part of the commission was paid when the lease was signed, and the remainder is due once the business opens.

Chariff Realty won’t go after clients that haven’t opened for the balance of the commissions but is working with them to find solutions.

“You go to the client and you say, ‘Technically you owe me the money, but let’s try to find a new tenant for this space and we will work with you,’ ” Chariff said. “ Every situation is different, but our main focus is to maintain relationships and be forthright and be in it for the long run.”

Jaime Sturgis, founder and CEO of Native Realty Co. in Fort Lauderdale, said one deal was postponed but the pipeline is strong.

A bar-restaurant lease his firm worked on for nine months is on hold, so no commission will come in unless the deal closes.

Still, Sturgis already is looking ahead to the end of the crisis.

“Everybody can’t stay inside forever. At a certain point we have to contain it, adopt standards and practices to live with it or develop a vaccine for it,” he said. “This can’t be a forever situation.”

GFA Completes Merger to Grow its Business

cwilliams@achieveagency.com (Clay Williams) — Fri, 27 Mar 2020 18:27:20 GMT

GFA Completes Merger to Grow its Business

GFA International, Inc. (GFA) a leading engineering firm in South Florida over the last 32 years, continues to expand. In a move to further strengthen its geographical footprint in the State of Florida and beyond, GFA is very excited to announce the recent merger of GFA International, Inc. (GFA) and Universal Engineering Sciences (UES) .

UES with offices in Florida, Georgia, Metro DC and the Carolinas is a 56-year-old company providing similar core services to GFA including geotechnical engineering, environmental consulting, construction materials testing and inspections, building code compliance and facilities consulting. The combined company resources include 26 offices and 1,200+ highly skilled professionals ready to service clients throughout the Southeast and Mid-Atlantic regions. “This strategic merger allows us the ability to provide our clients and their projects access to some of the best engineering talent and resources available in the Southeast and Mid-Atlantic region and service projects outside of our traditional geographical footprint” says Fred Kaub, President of GFA International, Inc.

In the near term, the two companies will operate separately but will be integrated during 2020. Seymour Israel, Mark Israel, Frank Frione, and Fred Kaub will continue to lead the combined companies.

Cushman & Wakefield Arranges ±39,553-SF Lease with Wastequip at IDI Logistics’ Pompano Business Center II

cwilliams@achieveagency.com (Clay Williams) — Tue, 24 Mar 2020 18:54:53 GMT

Cushman & Wakefield Arranges ±39,553-SF Lease with Wastequip at IDI Logistics’ Pompano Business Center II

Chris Metzger, Richard F. Etner Jr., Christopher Thomson and Matthew G. McAllister Represented Both Parties in the Lease, Which Brings the New ±133,814-Square-Foot Building to Full Occupancy

POMPANO BEACH, FL , March 24, 2020 — Cushman & Wakefield negotiated a ±39,553-square-foot lease with Wastequip at Pompano Business Center II in Broward County. The lease brings the new ±133,814-square-foot industrial facility to full occupancy less than one year after opening.

The Cushman & Wakefield Industrial Team of Chris Metzger, Richard F. Etner Jr. and Christopher Thomson represented building owner and developer IDI Logistics in the lease negotiations. Fellow Cushman & Wakefield team member Matthew G. McAllister, working with John Christenbury and Robert Bell from Cushman & Wakefield’s Charlotte, NC office, represented Wastequip in the lease negotiations.

Charlotte-based Wastequip manufactures and services steel and plastic products to collect, handle and transport waste and recyclables. The company employs more than 2,400 people in North America at 44 facilities and encompasses the ConFab brand. Pompano Business Center II is the company’s second location in Florida and first in South Florida.

Pompano Business Center II was developed in 2019 on an ±11.43-acre parcel located at 3001 West Copans Road. The asset features built-to-suit office space, 32-foot clear heights, 92 auto parking spaces, 38 trailer stalls, 30 dock-high doors, two drive-in doors and a 130-foot truck court.

The property’s central location in the tri-county South Florida market offers exceptional access to Florida’s Turnpike and Interstate 95, allowing cost-efficient distribution throughout Florida and the Southeast U.S.

Pompano Business Center II is now 100% leased to two tenants, Wastequip and The Stone Collection. The Cushman & Wakefield team negotiated The Stone Collection’s ±94,261-square-foot lease in August 2019.

“The exceptional leasing velocity at Pompano Business Center II is an indicator of the tremendous demand for large swathes of space offering market-leading finishes and amenities and immediate access to the major trade thoroughfares in the dynamic South Florida industrial market,” said Metzger.

Cushman & Wakefield is also the exclusive leasing advisor for IDI Logistics’ Rock Lake Business Center, currently under development just north of Pompano Business Center II at 3250 West 33rd Street. Rock Lake Business Center will comprise four Class A industrial buildings offering frontage on Florida’s Turnpike and 32-foot clear ceiling heights. Two of the four buildings are ready for occupancy.

The eight-member South Florida Industrial team led by Metzger, Etner Jr., Thomson and McAllister negotiated just over 12 million square feet of sale and lease transactions valued at more than $252 million in 2019. For more information, please visit www.southfloridaindustrialteam.com.

Miami Grill Building in Dania Beach, FL Sells for $1.65 Million - TREIS Brokers Sale

cwilliams@achieveagency.com (Clay Williams) — Tue, 24 Mar 2020 18:50:39 GMT

MIAMI GRILL IN DANIA BEACH SELLS FOR $1.65 MILLION

MIAMI (March 24, 2020) —Tiktin Real Estate Investment Services (TREIS), a leading commercial real estate investment sales brokerage firm, has announced the sale of a single-tenant 2,554 square-foot freestanding building occupied by Miami Grill at 1505 S. Federal Hwy. in Dania Beach. The buyer acquired the property from Malaxa Real Estate Holdings, LLC for $1.65 million in an all-cash transaction. Adam J. Tiktin and Alejandro Snyder of TREIS represented both the seller and buyer. Closing took place March 20th.

“We are still closing, and many of our clients are considering this as an opportunity to look forward and gain a foothold in the market,” stated Tiktin, broker and president, TREIS. “Fortunately, our firm enhanced our technology platforms and digital tools prior to the pandemic. Despite the current challenges, our team is committed to providing the same personalized approach, transactional expertise and aggressive strategies that our clients have always received.”

The building was originally constructed in 1993 and completely renovated in 2016. The Miami Grill has been in operation since its original construction and has five years remaining on its 10-year original lease.

Situated on .5 acres at the signalized intersection of Sheridan Street and US-1, the building benefits from tremendous visibility of more than 65,000 vehicles per day and offers excellent access.

For more information, please call 305-363-4750 or 844-4-TIKTIN or visit www.tiktinrealestate.com.

Cushman & Wakefield Arranges ±88,000-SF Lease for United Medco HQ at Coral Springs Commerce Center II

cwilliams@achieveagency.com (Clay Williams) — Tue, 24 Mar 2020 18:45:33 GMT

VCushman & Wakefield Arranges ±88,000-SF Lease for United Medco HQ at Coral Springs Commerce Center II

The Move will Allow the Pharmaceutical Company to Add 50 to 75 New Jobs

CORAL SPRINGS, FL, March 23, 2020 – Cushman & Wakefield has represented United Medco, a leading national provider of pharmaceutical products to the managed care market, in leasing an ±87,885-square-foot space in Coral Springs. The distribution and office space, located within Coral Springs Commerce Center II, will eventually serve as United Medco’s national headquarters, where the company plans to add 50 to 75 new jobs over the next several years.

Cushman & Wakefield Industrial Team of Executive Director Rick Etner, Executive Director Chris Metzger, Executive Director Christopher Thomson and Director Matthew G. McAllister negotiated the lease on United Medco’s behalf. The landlord is Exeter Property Group, a global real estate investment manager.

Coral Springs Commerce Center II is a four-building distribution park comprising ±564,651 square feet of space. United Medco will be located in Building 1, which was built in 1981 and extensively renovated by Exeter in 2019. The lease brings this Class A industrial building to 100% occupancy.

At 4250 Coral Ridge Drive, the property is strategically positioned in west Broward County, minutes from the Sawgrass Expressway, Interstate 95 and Florida’s Turnpike.

“Exeter Property Group’s investment into this property has paid off in a short amount of time,” said Etner. “We are pleased to have brought several high-quality tenants such as United Medco to this facility, resulting in the full lease-up of this Class A asset.”

Transwestern secures 125,976 SF lease with Del Valle Brands in Medley, Florida

cwilliams@achieveagency.com (Clay Williams) — Mon, 23 Mar 2020 18:57:01 GMT

Transwestern secures new 125,976 sf Industrial Lease in Miami-Dade’s Medley Submarket

Del Valle Brands Takes Full Building at 8150 NW 76th Ave

(MARch 23, 2020 – MIAMI) – Transwestern Real Estate Services (TRE) announces it represented the landlord, Seagis Property Group, in a new, long-term industrial lease totaling 125,976 square feet with Del Valle Brands at 8150 NW 76th Ave. in Medley, Florida. Del Valle Brands, a brand development and distribution company, will occupy the entire building. Transwestern’s South Florida industrial team comprised of Managing Director Thomas Kresse, Executive Managing Directors Walter Byrd and Ben Eisenberg, and Vice President Carlos Gaviria facilitated the transaction.

“Seagis invested significantly into the building since the former tenant vacated in December, and we are excited to welcome a stable tenant such as Del Valle Brands,” said Kresse. “The lease is indicative of the type of activity we have been used to seeing in Miami-Dade County amongst larger tenants.”

The free-standing building at 8150 NW 76th Ave. has Palmetto Expressway frontage and is ideally located at the southeast quadrant of the Palmetto Expressway and Okeechobee Road, offering ease of access to major thoroughfares for distribution throughout South Florida.

Lee Katsikos of The Katsikos Group represented the tenant during the lease transaction.

Cushman & Wakefield Secures ±34,950-SF Lease with Spartan Motors in Palm Beach Park of Commerce

cwilliams@achieveagency.com (Clay Williams) — Thu, 19 Mar 2020 19:03:03 GMT

Cushman & Wakefield Secures ±34,950-SF Lease with Spartan Motors in Palm Beach Park of Commerce

Christopher Thomson, Chris Metzger, Richard F. Etner, Jr. and Matthew G. McAllister Negotiated the Light Industrial Lease in the Newly-Developed Building 25

JUPITER, FL, March 19, 2020 — Cushman & Wakefield has secured a new ±34,950-square-foot warehouse and distribution lease with Spartan Motors in Palm Beach Park of Commerce.

The Cushman & Wakefield South Florida Industrial Team of Christopher Thomson, Chris Metzger, Richard F. Etner, Jr. and Matthew G. McAllister negotiated the lease on behalf of building owner NHT Palm Beach, LLC. Spartan Motors was represented by Mike Carl and Jeff Hartsook of Cresa.

Spartan Motors leased space in Building 25, a new Class A light industrial building offering build-to-suit offices, 36-foot clear heights, an ESFR (Early Suppression, Fast Response) fire safety system, column spacing ranging from 52 to 60 feet, 56 dock-high doors, two oversized ramps, grade-level loading, rail-to-site availability, a 185-foot truck court and available monument signage. The company will move into the space this summer.

The ±220,000-square-foot building was developed in 2019 on an ±18.0-acre site at 15335 Park of Commerce Boulevard in Palm Beach Park of Commerce. Building 25 is approximately 70% leased. Other tenants in the building include Niagara Bottling.

Charlotte, MI-based Spartan Motors is a leader in specialty vehicle manufacturing and assembly for the commercial and retail vehicle industries, as well as for recreational vehicle markets. The company employs approximately 2,300 people, and operates facilities in Michigan, Indiana, Pennsylvania, South Carolina, Florida, Missouri, California, Arizona, Texas and Mexico.

The master-planned Palm Beach Park of Commerce is the largest entitled industrial site in South Florida, spanning 1,200 acres with the potential for 6.5 million square feet of industrial development. The park offers in-place infrastructure and direct rail access to the Port of Palm Beach. More than 75 percent of Florida’s population resides within a one-day drive of the park.

Palm Beach Park of Commerce is already home to over 40 businesses and more than two million square feet of industrial development. Notable tenants include Walgreens, CSX, Verizon Wireless, Mountain Productions, Niagara Bottling, Florida Power & Light and McLane.

“Palm Beach Park of Commerce attracts users like Spartan Motors with state-of-the-art facilities and exceptional access to the Tri-County area and the Treasure Coast through Interstate 95 and Florida’s Turnpike,” said Thomson. “The park’s flexible zoning and larger parcels make it very attractive for manufacturers and distributors.”

Pebb Capital Selects Cushman & Wakefield to Lease Sundy Village Office

cwilliams@achieveagency.com (Clay Williams) — Thu, 19 Mar 2020 18:59:31 GMT

Pebb Capital Selects Cushman & Wakefield to Lease Sundy Village Office

John Criddle and Joseph Freitas were Named Exclusive Leasing Advisors for ±70,000 Square Feet of Office Space at the New Mixed-Use Development in Downtown Delray Beach

DELRAY BEACH, FL, March 19, 2020 — Cushman & Wakefield’s John Criddle and Joseph Freitas were named exclusive leasing advisors for ±70,000 square feet of office space in Pebb Capital’s new Sundy Village, a transformative, mixed-use development in Palm Beach County.

Sundy Village is a ±7.0-acre project to be developed in the area surrounding the Sundy House, the oldest house in Delray Beach and current site of a restaurant, boutique inn and botanical garden. The land previously housed the city’s first church, schoolhouse and bank. Portions of the site are listed on the National Register of Historic Places and will be preserved during the development process.

Sundy Village is expected to encompass ±50,000 square feet of dining and retail as well as ±70,000 square feet of Class A office space spread across four buildings. Initial office rental rates are expected to range from $45-$50 NNN.

Located at 20 W. Atlantic Ave., Sundy Village is conveniently situated in downtown Delray Beach and will serve as the premier entrance to the dynamic live-work-play Atlantic Avenue corridor, home to an exceptional array of high-end restaurants, hotels, retail and entertainment options, and within walking distance of the city’s historic and scenic neighborhoods.

“The office space at Sundy Village will accommodate a wide range of tenants in state-of-the-art, energy-efficient buildings offering a unique mix of traditional architecture and modern design with underground parking,” said Criddle. “The asset will be the most unique and exciting fully-amenitized Class A office project in the Atlantic Avenue district.”

Added Freitas, “Sundy Village’s location sets it apart from the rest of its competitors in the market. The project is less than one mile from Interstate 95, offering tenants the city’s best access to the interstate while remaining within walking distance of all that burgeoning downtown Delray Beach has to offer.”

“With leasing positioned to be underway, we’re one step closer to realizing our goal of bringing positive economic impact to this Opportunity Zone asset,” said Todd Rosenberg, co-founder and Managing Principal of Pebb Capital. “Our Class A office product, primely situated at the gateway of downtown Delray Beach, will not only foster connectivity, but provide tenants access to a lifestyle retail experience that is very unique to the area.”

Pebb Capital will break ground on Sundy Village this summer. The entire project will be completed in phases, with the final phase expected to be delivered in 2024. Pebb Capital acquired the distressed property for $40 million in October 2019.

Cushman & Wakefield Negotiates Trane Renewal and Expansion at Vista Distribution Center

cwilliams@achieveagency.com (Clay Williams) — Tue, 17 Mar 2020 19:07:27 GMT

Cushman & Wakefield Negotiates Trane Renewal and Expansion at Vista Distribution Center

Christopher Thomson, Chris Metzger, Richard F. Etner, Jr. and Matthew G. McAllister Secured a ±57,120-Square-Foot Renewal and ±5,997-Square Foot Expansion for Trane at the Palm Beach County Warehouse and Distribution Campus

WEST PALM BEACH, FL , March 17, 2020 — Cushman & Wakefield has secured a ±57,120-square-foot renewal and ±5,997-square-foot industrial lease expansion with Trane at Vista Distribution Center in Palm Beach County.

The Cushman & Wakefield South Florida Industrial Team of Christopher Thomson, Chris Metzger, Richard F. Etner, Jr. and Matthew G. McAllister negotiated the lease on behalf of Boston-based building owner Cabot Properties.

Trane renewed and expanded its lease in 6965 Vista Parkway North, a ±77,931-square-foot warehouse and distribution center developed in 2008 on a ±6.3-acre site in West Palm Beach.

The building features 18-foot clear heights, an ESFR (Early Suppression, Fast Response) fire safety system and grade-level loading and 52-foot column spacing. The asset is situated within the Vista Distribution Center campus, which is conveniently located at the northwest corner of Okeechobee Boulevard and Florida’s Turnpike with frontage on Jog Road.

Trane is an HVAC and energy solutions company dedicated to providing comfortable indoor environments through a broad portfolio of reliable, energy-efficient heating, ventilating and air conditioning systems, parts and supply. The company’s sales office at Vista Distribution Center provides commercial systems support, energy services and solutions, contracting, controls/building automation, rentals and maintenance.

6965 Vista Parkway North is currently 90% leased. Other notable tenants include Parts Authority, Services Partners, Shred-it and USI.

“Vista Distribution Center remains one the premier locations for warehouse and distribution operations in the region,” said Thomson. “The modern, state-of-the-art campus is ideally situated near the turnpike and interstate system, allowing exceptional access to South Florida and the Treasure Coast.”

Cushman & Wakefield Arranges 114,536-SF Lease with Niagara Bottling at Palm Beach Park of Commerce

cwilliams@achieveagency.com (Clay Williams) — Tue, 10 Mar 2020 19:16:27 GMT

Cushman & Wakefield Arranges 114,536-SF Lease with Niagara Bottling at Palm Beach Park of Commerce

The Class A Industrial Facility in Jupiter, FL, will Serve as Overflow Distribution Space

JUPITER, FL, March 9, 2020 – Cushman & Wakefield has arranged a 114,536-square-foot lease with Niagara Bottling, LLC at Palm Beach Park of Commerce in Jupiter. The space will serve as a warehouse and distribution center for the Ontario, Canada-based bottled water and soft drink distributor.

Cushman & Wakefield’s South Florida Industrial Team brokered both side of the deal. Executive Director Christopher Thomson, Executive Director Chris Metzger and Director Matthew G. McAllister represented the landlord, NHT Palm Beach, LLC. Executive Director Rick Etner, along with Paul Earnhart of Lee & Associates, represented the tenant.

Niagara Bottling currently operates from a 400,000-square-foot facility within Palm Beach of Commerce. The company will continue to occupy that property in its entirety, while using the new 114,536-square-foot space for overflow distribution.

The new space is located in a newly completed Class A building on a 17.98-acre site at 15335 Park of Commerce Blvd . Niagara Bottling has leased over half of the 220,000-square-foot building, which features 36-foot clear height, 56 dock high doors, two oversized ramps, truck parking and monument signage.

“Palm Beach Park of Commerce is one of South Florida’s premiere industrial parks with excellent connectivity and access to Florida’s major transportation networks, including highways, rail systems, seaports and airports,” said Thomson. “We are pleased to have helped Niagara Bottling expand its footprint here.”

Palm Beach Park of Commerce is a Class A, 1,200-acre, master-planned industrial park that will comprise 6.5 million square feet of high-quality warehouse and distribution space upon completion. With convenience to the state’s major roadways, the location provides access to approximately 13.75 million people within a 200-mile radius.

Cushman & Wakefield Arranges 70,000 SF in Leases at Centrepark in West Palm Beach

cwilliams@achieveagency.com (Clay Williams) — Tue, 10 Mar 2020 19:13:03 GMT

Cushman & Wakefield Arranges 70,000 SF in Leases at Centrepark in West Palm Beach

Transactions Include New Leases by Pulte Homes, The Weitz Company, and New-to-Market Meritage Homes

WEST PALM BEACH, FL , March 9, 2020 – Cushman & Wakefield, as the exclusive leasing advisor, has recently arranged six leases totaling over 70,000 square feet of leases at Centrepark East, a Class A office park in the heart of West Palm Beach.

The Cushman & Wakefield team of Managing Director Anthony Librizzi, Director Tara England, and Managing Principal Mark Pateman represented landlord Colonnade Properties in the following lease negotiations:

Pulte Homes signed a new 17,181-square-foot lease at 1475 Centrepark Blvd. The Atlanta-based home construction company is relocating from 4400 PGA Blvd. and was represented by CBRE’s Jamie Dingemann and Will Portfolio.

The Weitz Company signed a new 11,336-square-foot lease at 1400 Centrepark Blvd. The general contracting and construction company is relocating from another building with Centrepark and was represented by NAI Merin Hunter Codman’s Neil Merin.

Slider Engineering Group signed a new 4,685-square-foot lease at 1450 Centrepark Blvd. The consulting engineers are relocating from another building within Centrepark. Cushman & Wakefield handled the deal directly.

Meritage Homes, a new-to-market tenant, leased a 5,900-square-foot space at 1400 Centrepark Blvd. Cresa’s Dennis Smith represented the Scottsdale, Arizona-based single-family homebuilder.

Conroy Simberg has extended its lease and expanded from 16,886 to 20,773 square feet at 1801 Centrepark Blvd. The civil defense law firm was represented by Robert Banks of Banks Real Estate.

Kelly Kronenberg renewed its 10,718-square-foot lease renewal at 1475 Centrepark Blvd. The business law firm was represented by Equistone’s Tyler Harrison.

Centrepark East is a five-building, Class A office campus comprising Nature’s Way Café, fitness center, garage and surface parking, and planned SkyBike stations.

“These leases are the result of some very creative deal-making on the part of ownership, as well as our team’s ability to manufacture deals and create momentum at Centrepark that is unlike anything we are seeing in any of our other submarkets in Palm Beach County,” said Librizzi. “Centrepark is a fantastic option for companies seeking a Class A suburban building with proximity to downtown, but with more affordable rents than you’ll find in the CBD and outer core.

“West Palm Beach’s airport submarket, similar to other suburban markets in South Florida, is in high demand. Population growth has spurred a particular interest among homebuilders who are attracted to the submarket’s central location and unparalleled access to I-95,” Librizzi added.

Avison Young completes 133,140 SF of industrial leases in South Florida’s Broward County

cwilliams@achieveagency.com (Clay Williams) — Thu, 05 Mar 2020 20:29:58 GMT

Avison Young completes 133,140 SF of industrial leases in South Florida’s Broward County

Sonny’s Enterprises inks expansion, new lease deals in tight Tamarac submarket

Tamarac, Fla. – Avison Young today announces it negotiated 133,140 square feet of industrial lease transactions in Broward County, Florida. Avison Young Principals Tom Viscount and Wayne Schuchts completed the following transactions on behalf of the tenants:

Sonny’s Enterprises, an international manufacturer and marketer of conveyorized carwash equipment, signed a 41,520-square-foot long-term lease expansion to fully occupy Westpoint Distribution Center at 5607 Hiatus Road in Tamarac. Colliers’ Ryan Goggins represented the landlord, Nuveen.

Sonny’s Enterprises also signed a new 37,500-square-foot long-term lease at Tamarac Commerce Center at 6501 Nob Hill Road in Tamarac. Link Industrial Properties’ Eric Penaranda represented the landlord, GLP.

Stimwave, an online distributor and supplier of generic and brand name medicine, signed a new 26,000-square-foot lease at Park Central Business Park at 1310 Park Central Blvd. S in Pompano Beach. Duke Realty’s David Loudenslager represented the landlord.

Lightfire Group, an e-cigarette and vapor distribution company, signed a 16,120-square-foot lease renewal at Westpoint Industrial Center II at 10601 State St. in Tamarac.

Nothing Butt Cigarettes, a tobacco wholesaler and distributor, signed a 12,000-square-foot lease renewal at Westpoint Industrial Center II.

“West Broward and Pompano Beach continue to attract and retain industrial space users that value convenient access to locations throughout South Florida’s tri-county area via major thoroughfares,” said Viscount. “Our clients had a differing range of space requirements in these tightening, in-demand submarkets, and it was a pleasure working with the landlords and their representation to meet those needs.”

According to Avison Young’s year-end 2019 Broward County industrial report, West Broward, where Tamarac is located, posted the lowest vacancy rate in the county at 2.1%. Nearly 2.7 million square feet of new industrial space was completed in the county, of which 1.1 million square feet alone was delivered in Pompano Beach. The submarket still saw 456,773 square feet of net absorption, indicating robust demand.

Butters office team closes $29M sale for BHG expansion in Miramar

cwilliams@achieveagency.com (Clay Williams) — Thu, 05 Mar 2020 20:24:13 GMT

Bankers Healthcare Group Announces Plans for New Corporate Headquarters and Job Growth in South Florida

Miramar, FL – Record-breaking growth is driving Bankers Healthcare Group, a leading provider of financial solutions for licensed healthcare practitioners and other highly skilled professionals, to expand to a new corporate headquarters in Miramar, Fla., and hire new staff.

A BHG company purchased an existing 130,000-square-foot, six-floor building at 3700 Lakeside Dr. in Miramar. Terms of the sale were not disclosed. Butters Realty & Management represented BHG in this off-market purchase.

The company will soon begin remodeling the building, with plans to move in October 2020. BHG’s 260 employees will occupy the first, second, and third floors; the three other existing tenants will remain on floors four through six. BHG will retain its current location in Davie and make it available for commercial lease after the relocation.

“We founded our company’s corporate headquarters in South Florida nearly 20 years ago, and we’re thrilled to continue our growth here,” said Eric Castro, Co-Founder of Bankers Healthcare Group. “We’ve outgrown our current space and our new building can better accommodate our steadily increasing business and staff numbers.”

BHG’s new headquarters will be equipped to encourage health and wellness. Amenities will include:

Gym with personal trainers
Café with an on-site chef
Yoga/meditation room
Massage room

The space will also include a coffee shop and parking to accommodate 700 vehicles. Its central location near the Dade/Broward county line is less than 30 miles to both the Miami International Airport and Ft. Lauderdale International Airport.

BHG has plans to hire an additional 129 employees by next year, as market demand for BHG’s suite of financial solutions continues to increase.

“Miramar is excited to welcome Bankers Healthcare Group to our vibrant city. Miramar is a place where companies like BHG can employ exceptional talent. We’re pleased that this dynamic company will help to further diversify our corporate base,” said Miramar City Manager Vernon E. Hargray.

The purchase was the culmination of an extensive site selection process and complex negotiation process with the seller.

“BHG examined numerous opportunities,” said Molly McDonough, senior vice president of Butters, who worked with BHG in its search along with Butters Executive Vice President Darcie Lunsford. “We had to find a location close to BHG’s existing Davie facility with high-quality corporate infrastructure that could be renovated and occupied quickly enough to meet the company’s brisk growth trajectory. Nothing on the market worked, so we identified and pursued this asset off-market because it fit our needs.”

BHG selected G. Alvarez Studio as the architect.

“From all of us at G. Alvarez Studio, Inc., we would love to say a big congratulations to the entire BHG family! We are so excited to have been awarded this fantastic project, and working with a talented and progressive institution,” said Christian Vidal, AIA, Vice President at G. Alvarez Studio. “Since we met the team, we were quickly drawn to their enthusiasm, internal dynamics and overall workplace atmosphere. We look forward to creating a new space that further reflects and supports BHG’s unique culture, and future growth for years to come.”

Adam Tiktin of TREIS Appointed to FIU College of Business Hollo School of Real Estate Advisory Board

cwilliams@achieveagency.com (Clay Williams) — Thu, 05 Mar 2020 20:18:10 GMT

FIU COLLEGE OF BUSINESS HOLLO SCHOOL OF REAL ESTATE APPOINTS ADAM J. TIKTIN TO ADVISORY BOARD

MIAMI (March 5, 2020)—Florida International University’s College of Business (FIU Business) Hollo School of Real Estate has appointed Adam J. Tiktin to its Advisory Board, comprised of global real estate leaders committed to growing and expanding the school’s reach.

The Advisory Board oversees the Hollo School of Real Estate Council which offers guidance on the school’s curriculum, connects students with internships and job opportunities to help advance their future careers, and assists in broadening the number of companies that recruit Hollo School of Real Estate graduates. Each member of the Hollo School of Real Estate Council brings deep-seeded experience, expertise and history of success in real estate across various industry sectors such as capital markets, investment, financing, fund management, risk management and fiduciary responsibility.

Tiktin has served on the Hollo School of Real Estate Council for over one year. He will continue to serve as Chair of Membership Enrichment, aimed at elevating the experience for each board member and assisting with engagement and networking, ultimately resulting in more business and providing opportunities for members to give back to the university.

He brings 20 years of experience to the Hollo School of Real Estate Advisory Board. As President and Broker of Tiktin Real Estate Investment Services, a leading commercial real estate investment sales brokerage firm, Tiktin specializes in the sale of shopping centers and office buildings in Florida and single-tenant net lease properties nationally. Tiktin is Chairman of the 2020 International Council of Shopping Centers

(ICSC) Florida Conference & Deal Making Student Committee and previously served as Chairman of the 2016 ICSC South Florida Idea Exchange. He spent nearly 15 years at a publicly traded national brokerage firm where he left as Miami’s Top Agent. Over the course of his career, Mr. Tiktin has exclusively listed and sold over $1 billion in more than 375 transactions.

Cushman & Wakefield Arranges $18.2M Sale of Courthouse Place in Fort Lauderdale

cwilliams@achieveagency.com (Clay Williams) — Mon, 02 Mar 2020 20:42:18 GMT

Cushman & Wakefield Arranges $18.2M Sale of Courthouse Place in Fort Lauderdale

Scott O’Donnell, Greg Miller, Dominic Montazemi and Miguel Alcivar Negotiated the Sale of the ±66,426-SF Office Building in the Fort Lauderdale CBD on Behalf of an Affiliate of Highline Real Estate Capital and Sefira Capital

FORT LAUDERDALE, FL, March 2, 2020 — Cushman & Wakefield has arranged the sale of Courthouse Place, a ±66,426-square-foot office building located one block from the Broward County Judicial Complex in the Fort Lauderdale CBD.

Scott O’Donnell , Greg Miller, Dominic Montazemi and Miguel Alcivar represented HRE/SEFIRA Courthouse Place, LLC , a joint venture between Miami-based Highline Real Estate Capital and Sefira Capital , in the disposition. New Haven, CT-based ABCD Courthouse Place, LLC acquired the asset for $18.2 million ($274 per square feet).

The current sale represents a 33% increase in value recognized by the Highline/Sefira partnership over their $13.7 million purchase price when they acquired the asset in a transaction negotiated by the O’Donnell, Miller, Montazemi and Alcivar team less than three years ago.

According to Highline President David Moret, “We were able to increase the income and value of Courthouse Place by completing selected building upgrades and a spec space leasing program targeting law firms and associated businesses who were attracted to the building’s proximity to the Broward County Judicial Complex.”

Notable tenants at Courthouse Place include Krupnick Campbell Malone Buser Slama Hancock, the Florida State Attorney’s office, Legacy Bank of Florida and the Law Firm of Gary M. Singer.

Courthouse Place is located at 12 SE 7th St. on a ±0.6-acre site one block south of the 20-story, 730,000-square-foot Broward County Courthouse. This location appeals to legal tenants and offers exceptional access to Interstate 95, public transportation and Fort Lauderdale’s dynamic downtown core. There are currently ±5,379 new residential units, ±560 hotel rooms and ±174,878-square-feet of retail under construction in the Fort Lauderdale CBD, and more in the development pipeline either approved or in review.

“Courthouse Place is uniquely positioned as a high-quality office asset with a structured parking podium that is geared toward small- to mid-size legal firms who want to be within walking distance to the newly constructed Broward County Courthouse,” said O’Donnell. “The locational benefits for the property are undisputed, and the CBD south of the New River is only improving with the recent and planned developments to increase residential density, retail space and infrastructure.”

Avison Young secures new 43,895 SF lease for Global Institutes on Addictions at Omni Center in Miami

cwilliams@achieveagency.com (Clay Williams) — Tue, 25 Feb 2020 20:48:03 GMT

Avison Young secures new 43,895 SF lease for Global Institutes on Addictions at Omni Center in Miami

Innovative research center specializing in addiction management to open first location in Spring 2020

Miami – Avison Young negotiated a new 43,895-square-foot lease on behalf of Global Institutes on Addictions (GIA), a center of specialized departments at the forefront of research and treatment for addiction and substance use disorders. The tenant will take space at the Omni Center at 1501 Biscayne Blvd. in Miami. Avison Young Principals Scott Goldstein and Keith Edelman facilitated the transaction.

Founded by world-renowned professors and medical doctors, GIA applies a neurobiological and psychosocial-based precision medicine approach to addiction management. The lease at the Omni represents the Institute’s first location slated to open Spring 2020.

“The Omni Center’s hotel access, abundant covered parking, and prime downtown location were factors that drove our client’s decision to lease the space, as the amenities will appeal to GIA’s high-profile client base,” said Goldstein. “Our ability to secure the lease opportunity before it went to market and the landlord’s quick delivery of the space while providing temporary accommodations during buildout will allow GIA to seamlessly move in and open its doors in the spring.”

GIA chose Miami for its first location due to the city’s connectivity with other major cities in the U.S. and the rest of the world, which will allow the center to reach patients with diverse backgrounds and medical needs regarding addiction. The Institute plans to hire between 35 and 40 qualified and committed team members in anticipation of opening.

“Miami continues to grow as a hub for innovation,” said Edelman. “GIA taking such a significant space in the market for its first location highlights the need for creative solutions for addiction.”

Formerly Omni International Mall, the Omni Center sits adjacent to Hilton Miami Downtown and across the street from the Adrienne Arsht Center in Miami’s Arts & Entertainment District. In addition to the Miami International University of Art & Design, tenants include the Miami Passport Agency and Crystal Cruise Lines. The building also boasts a well-above-average parking ratio for the area of four spaces per 1,000 rentable square feet.

Tower Commercial’s Laurel Oswald, Cristina Glaria, and Jon Blunk represented the landlord, Resorts World Omni, LLC, during the lease transaction.

“Gia is a great example of the Omni’s unique ability to accommodate large blocks of space for a variety of users with requirements ranging from office, education, medical and retail,” said Oswald.

According to Avison Young research, Miami’s office market remained solid at the end of 2019, with unemployment reaching a new all-time low of 2.7%. The largest increase in employment was in the education and health services sector, which grew by 6.8% year-over-year.

Two new industrial leases bring Miami’s Dolphin Commerce Center to 100% occupancy

cwilliams@achieveagency.com (Clay Williams) — Mon, 24 Feb 2020 20:52:41 GMT

Transwestern negotiates industrial leases bringing miami’s dolphin commerce center to 100% occupancy

Two New Leases Total 57,000 SF at Class A Industrial Park in Doral, Florida

(FEB. 24, 2020 – Miami) – Transwestern Commercial Services (TCS) today announces it has completed two new, long-term industrial leases totaling 57,000 square feet at Dolphin Commerce Center (DCC), a Class A, five-building industrial park totaling 700,000 square feet at 11200 NW 25th St. in Doral, Florida. The transactions bring the park to 100% occupancy.

Transwestern was named the exclusive leasing and management firm for DCC in September 2019. The South Florida Industrial Leasing Team comprised of Managing Director Thomas Kresse, Executive Managing Directors Walter Byrd and Ben Eisenberg, and Vice President Carlos Gaviria represented the landlord, Principal Real Estate Investors, in the following transactions:

VS Import Services, a freight forwarding and logistics company, signed a long-term, 28,000-square-foot lease in Building 4.

Hytec Automotive Group, an automotive, heavy-duty, and high-performance parts manufacturer, signed a long-term, 29,000-square-foot lease in Building 1.

“We are very pleased to welcome both of these new tenants to DCC, which provides a Class A business park environment, convenient Turnpike access, and professional ownership and property management,” said Kresse.

Situated in Miami-Dade County’s Airport West submarket, DCC offers convenient access to South Florida’s major thoroughfares such as the Florida Turnpike and the Dolphin Expressway. DCC is also home to several national tenants, including the U.S. Postal Service and Roca Tile.

Berger Commercial Realty Represents Sample Executive Center in 23,010 Sq. Ft. Lease to Full Circle Education, LLC

cwilliams@achieveagency.com (Clay Williams) — Thu, 20 Feb 2020 21:57:59 GMT

Berger Commercial Realty Represents Sample Executive Center in 23,010 Sq. Ft. Lease to Full Circle Education, LLC

FORT LAUDERDALE, Fla. (February 19, 2020) – Berger Commercial Realty/CORFAC Senior Sales Associate Johnathan Thiel and Senior Vice President Keith R. Graves, CCIM, recently represented Sample Executive Center, LLC, the landlord, in the lease of 23,010 square feet to Full Circle Education, LLC.

The property is located at 2001 W. Sample Road, on the northeast corner of Powerline Road in Deerfield Beach, Florida.

“With proximity to major roadways, including I-95 and Florida’s Turnpike, the strategic location of this office property, coupled with building signage, made it ideal for Full Circle Education and its students,” said Thiel.

For more information about Berger Commercial Realty’s leasing services, call (954) 358-0900.

Vision and Leadership Have Made Pompano Beach a Hot Market for Investors

cwilliams@achieveagency.com (Clay Williams) — Thu, 20 Feb 2020 21:54:48 GMT

Vision and Leadership Have Made Pompano Beach a Hot Market for Investors

By James Karrat

While five decades of extraordinary growth has transformed cities from Miami-Dade up through Palm Beach County and beyond, the exuberance seemed to have skipped over Pompano Beach. Covering an area of 27.4 square miles, including three miles of beachfront, the town maintained an identity as a place one passes through on the way from Fort Lauderdale to Boca Raton. But now, those days are over. Pompano Beach has become a hot spot for commercial and residential development.

What Changed?

The answer lies in a successful joint effort by the City of Pompano Beach, the Community Redevelopment Agency (CRA), the Pompano Beach Chamber of Commerce and the Economic Development Council to craft a plan for long-term financing, redevelopment and private investment in the City’s East and Northwest Redevelopment districts. They did it right and businesses took note.

Evidence of the new Pompano Beach vitality is everywhere, starting with the redevelopment of its historic fishing pier and Pompano Beach Boulevard east of A1A, complete with a convenient new parking garage and great restaurants. Along the picturesque oceanfront promenade, children’s playgrounds, adult fitness areas and all the other amenities of an attractive public beach make it one of the most scenic and people-friendly parks in South Florida.

Heading west on Atlantic Boulevard, beautiful streetscape enhancements, lighting and a creative sail motif on the Intracoastal Bridge have attracted trendy new restaurants serving breakfast, lunch and dinner. Condominium and townhome developments are underway, some with views of canals and marinas, and at a range of price points.

On the high end, Sabbia Beach, the luxury high-rise on the ocean south of the 14th Street Causeway, sold out its units with prices starting in the $900s. Encouraged by Sabbia’s success, The Related Companies recently announced plans to move forward with the development of a luxury condominium on 2.8 oceanfront acres it purchased eight years ago.

In October, Boca Raton-based developer MAG Real Estate & Development received the green light from Pompano Beach commissioners to transform the former auto junkyard at 1621 S. Dixie Highway into Aviara East Pompano, a two-building, 228-unit apartment project featuring up to 14,000 square feet of ground floor commercial space and amenities such as a pool and gym.

With the City’s approval, the proposed Aviara complex will include 188 “flex” residential units. As a condition of receiving the flex units, the developer is now required to include a certain number of affordable housing units. Ultimately, the former junkyard eyesore will be transformed into Aviara East Pompano and become an economically productive area where people will live, work and enjoy life.

West of U.S. 1, the newly restored historic district at Atlantic Boulevard and Dixie Highway in the heart of “Old Pompano” showcases a new cultural arts center with a library, theater, banquet center and art gallery.

A Hot Commercial Market

The city’s mantra, “We're Open for Business!” is delivering results as prominent institutional investors flock to Pompano Beach in search of opportunities. Owners, operators and developers are scouring the city for industrial property investments. The CRA is fulfilling its mission by encouraging public/private partnerships in the CRA district.

What’s more, Pompano Beach offers gaming. Having a casino and racetrack in town is a big plus, considering that more than a quarter of all Americans engage in gambling as a pasttime. The Cordish Companies and Eldorado Resorts, Inc. are partnering to develop a world-class, mixed-use hospitality destination in Pompano Beach on a 223-acre site, which is one of the largest remaining undeveloped parcels in South Florida.

The development will complement and encompass the site of the existing Isle Casino Racing Pompano Park and bring new upscale retail, dining, and entertainment to Pompano Beach, including a corporate office campus, residences and a hotel. Adjacent redevelopment is likely to follow.

On its website, the City of Pompano Beach promises to be “For people who value genuine hometown qualities but also want the lifestyle a progressive, modern city offers.” Thanks to effective local leadership, the city’s vision has become its reality and Pompano Beach is now among South Florida’s top commercial real estate investment hot spots.

Avison Young negotiates new lease in the Grove for tax filing software startup's HQ

cwilliams@achieveagency.com (Clay Williams) — Fri, 07 Feb 2020 22:02:08 GMT

Avison Young represents early tech company, negotiates new 13,959 SF office lease in Miami’s burgeoning Coconut Grove submarket

Taxfyle lease underscores tech growth trends and increasing office demand in Miami

Miami – Avison Young negotiated a new 13,959-square-foot office lease with Tickmark, Inc., doing business as Taxfyle, an on-demand tax filing app that connects users to specialized tax professionals within minutes. Located within Mayfair in the Grove at 2911 Grand Avenue in Coconut Grove, Florida, the space marks Taxfyle’s expansion and relocation from Coral Gables.

Avison Young Principal and Miami Managing Director Donna Abood, Vice President Joe Abood, and Associate Peyton Dowd facilitated the transaction on behalf of the tenant.

“Over the past decade, Miami has become a highly-regarded tech hub where innovative businesses such as Taxfyle can flourish,” said Donna Abood. “Due to market’s healthy economic fundamentals and persistent job growth throughout 2019, leasing activity remains robust throughout Miami-Dade, with an increasing number of office users considering walkable neighborhoods such as Coconut Grove over Downtown Miami and Brickell.”

Founded in 2015 by CEO Richard Lavina, CTO William Sahatdjian, and COO Michael Mouriz, Taxfyle connects businesses and individuals to licensed CPAs for their accounting and tax service needs. The company has 2,000 tax professionals serving 50,000 users through the app.

“We have experienced tremendous growth since we started in 2015 which will continue to ramp up since the recent launch of our B2B products,” said Mouriz. “We’ve hired against that growth across departments including in-house customer service, tech support, sales, marketing, legal, and accounting, and Avison Young has secured the ideal space for us that will allow for the continued expansion of our team and services.”

Over the next 12 months, Taxfyle expects to hire 20 to 30 professionals in various departments.

PREMIER Design + Build Group Names Two New General Superintendents

cwilliams@achieveagency.com (Clay Williams) — Thu, 30 Jan 2020 22:06:23 GMT

PREMIER Design + Build Group Names Two New General Superintendents

January 29, 2020 (Itasca, Ill.) – PREMIER Design + Build Group (“PREMIER”) is pleased to announce that it has promoted two of its team members to the role of General Superintendent. Matt Robson has been named General Superintendent of the firm’s Midwest Division, which is headquartered in the Chicago suburb of Itasca. Chuck Rugila has been named General Superintendent of PREMIER’s Southeast Division in Plantation, Florida.

As General Superintendents, Robson and Rugila will oversee all Superintendents in their respective divisions. They will be responsible for managing field staff and field operations, reinforcing adherence to PREMIER’s safety program, and providing leadership to ensure that all projects meet established schedules and PREMIER’s highest standards.

Both Robson and Rugila previously served as Senior Superintendents. Robson has more than 30 years in the construction industry and has worked as a master carpenter, crew leader and foreman. Robson has been part of PREMIER’s Midwest team since 2012. He recently completed a 223,703-square-foot build-to-suit cross-dock facility for The Custom Companies in Northlake, Illinois.

“Matt brings a depth of construction experience and a commitment to meeting PREMIER’s strict standards to every project he leads,” said Michael Long, Senior Vice President, Midwest Market Leader for PREMIER. “These leadership qualities keep us at the top of our game in the highly competitive Chicago market,” explained Long.

Rugila joined PREMIER’s Southeast Division in 2016 and also has more than 30 years of construction experience in varied roles. Rugila has served on PREMIER projects nationwide. On the local level in Florida, he is currently supervising construction of the 180,000-square-foot Clark Street Distribution Center in Tampa for Keating Resources and recently completed a 163,000-square-foot speculative industrial facility for client TRX Investments in Hialeah Gardens.

“Our clients in the Miami market have high expectations for the team we bring to each project, whether it’s in the industrial, commercial or retail sector,” according to Omar Lopez, Director of Project Development, Southeast Market Leader for PREMIER. “Chuck has the expertise that clients desire and PREMIER is committed to delivering,” said Lopez.

PREMIER first established a reputation for its work in the industrial sector but has expanded scope in recent years to include a wide variety of project types including commercial, retail, interiors, adaptive reuse, cannabis cultivation and processing, and health and fitness facilities.

2020 Economic Outlook pictures - 1.29.20

cwilliams@achieveagency.com (Clay Williams) — Wed, 29 Jan 2020 17:39:51 GMT

Click here to view the 2020 Economic Outlook pictures - 1.29.20

Mark Vitner Economic Outlook 2020 presentation - 1.29.20

cwilliams@achieveagency.com (Clay Williams) — Wed, 29 Jan 2020 13:10:56 GMT

Click here to view the Mark Vitner Economic Outlook 2020 presentation - 1.29.20

Avison Young's Year-End 2019 CRE Market Reports | South Florida

cwilliams@achieveagency.com (Clay Williams) — Tue, 28 Jan 2020 22:23:19 GMT

Avison Young's Year-End 2019 CRE Market Reports | South Florida

SOUTH FLORIDA | Year-End 2019

Miami/Dade County

Net Absorption Experiences a Significant Jump Amid Record High Construction Completions

Miami-Dade County's industrial market reported yet another year of robust expansion in 2019. Economic fundamentals remained strong and the rise of e-commerce alongside solid international trade continue to fuel Miami's industrial market despite a slowing of the global economy. Leasing activity remained strong during the fourth quarter of 2019 as demand continues to outpace supply. Following a prolific year of construction completions, 2019 completions still managed to surpass the all-time record high set in 2018. During 2019, over 5.6 million sf of industrial product was added to the market, expanding the local inventory by nearly 3%. Due to much of the new construction being pre-leased, net absorption made a significant jump during the fourth quarter, ending the year with 3.4 million sf being absorbed.

Click Here to Download the Full Report: Miami Industrial Market Report | Year-End 2019

Office Fundamentals Solid with Global Headwinds on the Horizon

Miami's office market held steady at the end of 2019 despite the slower momentum of U.S. economic growth and global uncertainty. The overall employment outlook remains positive as the U.S. added 202,000 private sector jobs during the month of December. In Miami, the unemployment rate reached a new all-time low of 2.7% in November 2019, a solid 60-basis point (bps) drop from the trailing 12-month period ending November 2018. Leasing activity remained stable during the fourth quarter of 2019 with some of the most significant deals of the quarter being signed in Coral Gables, Brickell, and Coconut Grove. Net absorption ended the year in positive territory at 760,615 sf, and the overall vacancy rate declined to 11.63% (-0.24%) over the previous year.

Click Here to Download the Full Report: Miami Office Market Report | Year-End 2019

Broward County/Fort Lauderdale

Market Fundamentals Remain Solid as a Massive Amount of New Industrial Product Comes Online

Broward County's industrial market experienced moderate growth during 2019 as strong employment, continued population growth, and robust port activity supported the market amid a decelerating global economy. Leasing activity remained solid during the fourth quarter with notable leases being signed in the Southeast Broward and Pompano Beach submarkets. Coming off of an already impressive year in 2018, construction completions during 2019 set a new all-time record delivering a total of nearly 2.7 million square feet of new industrial space, the largest amount completed in a single year since 2002. Moving into 2020, Broward County's industrial market is positioned for continued growth as demand for well-located premium quality logistics space persists.

Click Here to Download the Full Report: Broward County Industrial Market Report | Year-End 2019

Leasing Activity Remains Strong in the Suburbs as New Office Deliveries Reach a 10-Year High

Broward County's office market ended the year with another quarter of solid growth amid a decelerating global economy. Expanding business development and strong growth in office-using employment continue to bolster demand for office space. For several consecutive quarters, Broward County has outpaced both Miami-Dade and Palm Beach Counties in rates of job creation with the unemployment rate reaching a new low of 2.6% in November 2019. Leasing activity remained solid during the fourth quarter of 2019, with six new leases over 20,000 sf taking place, most of which were located in suburban submarkets. Net absorption remained healthy at 408,745 sf at the end of 2019, up from the 291,000 sf recorded at the end of 2018. During 2019, Broward delivered 313,816 sf of new office product, the largest amount in a decade.

Click Here to Download the Full Report: Broward County Office Market Report | Year-End 2019

Palm Beach County/Boca Raton/West Palm Beach

Slower Growth Amid a Decelerating Manufacturing Sector, New Logistics Space on the Horizon

Palm Beach County's industrial market experienced slower growth in 2019 when compared to 2018 as the global economy continued to decelerate. After experiencing consistent 5% annual job growth in the manufacturing sector throughout 2019, growth declined to 1.4% in November 2019, however the decline is less severe than the 1.7% and 5.9% decline in Broward and Miami-Dade County respectively. Net absorption remained relatively flat, but ended the year in positive territory of 211,039 sf. Vacancy rates have been at historic lows for the last few years due to a limited construction pipeline, however the vacancy rate began trending upward in 2019, rising to 3.52% in the fourth quarter with the delivery of 220,000 sf of speculative space at the Palm Beach Park of Commerce.

Click Here to Download the Full Report: Palm Beach County Industrial Market Report | Year-End 2019

Economic Growth Mirrors National Trend as It Decelerates Amid Global Headwinds and Significant New Development on the Horizon

Palm Beach County's office market ended 2019 lagging slightly behind the growth set in 2018. A decelerating global economy alongside ongoing trade wars, tension in the Middle East, and uncertainty surrounding the upcoming political season have all played a role in creating weaker demand for office space. That said, there has been an office development boom, particularly in Downtown West Palm Beach, after years of keeping supply in check with a subdued construction pipeline. Two major class A office towers totaling 497,000 sf are underway downtown with a third on the horizon with the approval of the Related Companies' One Flagler Tower totaling 270,000 sf. Net absorption ended the year relatively flat, but in positive territory at 186,787 sf.

Click Here to Download the Full Report: Palm Beach County Office Market Report | Year-End 2019

Click Here for the FLORIDA OFFICE MARKET SNAPSHOT

Cushman & Wakefield Represents ICM Realty Group in ±50,000 SF of Leases Completed at Cypress Executive Center

cwilliams@achieveagency.com (Clay Williams) — Fri, 24 Jan 2020 22:48:12 GMT

Cushman & Wakefield Represents ICM Realty Group in ±50,000 SF of Leases Completed at Cypress Executive Center

John Criddle and Joseph Freitas of Cushman & Wakefield, along with Building Owner ICM Realty Group, Have Secured Leases with DataCore, Total Quality Logistics and Regional Acceptance Corporation at the Class A Office Building in Broward County

FORT LAUDERDALE, FL, January 24, 2020 – Three office leases totaling ±50,000 square feet were recently signed at ICM Realty Group’s Cypress Executive Center in Broward County.

The Cushman & Wakefield brokerage team of John Criddle and Joseph Freitas secured new leases with DataCore and Total Quality Logistics (TQL) as well as a lease renewal with Regional Acceptance Corporation.

Storage software firm DataCore leased space for its headquarters at Cypress Executive Center, relocating from Corporate Park at Cypress Creek in Fort Lauderdale. Zach Talbot and Monica Cornejo of Cresa represented DataCore in the lease negotiations.

TQL, a logistics management company, leased space at Cypress Executive Center, relocating its Broward County operations from Design Center of the Americas (DCOTA) in Dania Beach. CBRE’s K.C. Tenukas negotiated the lease on behalf of TQL.

Regional Acceptance Corporation, an auto finance company affiliated with BB&T, renewed its lease at Cypress Executive Center. The company houses a regional business center in the building.

The leases bring Cypress Executive Center to 88% occupancy. Two suites offering up to 16,072 square feet of contiguous space remain available for lease at $15.50 NNN.

“The success we’ve experienced at Cypress Executive Center is the product of an exceptional leasing team, ownership team and thoughtful building renovation” said ICM Managing Director Andrew Webb.

Cypress Executive Center is a six-story, 140,635-square-foot Class A office building located in the heart of Cypress Creek at 1901 West Cypress Road. The building offers a surface parking ratio of ±6.0 space per 1,000 rentable square feet, on-site management, individually metered suites and spacious floor plates featuring efficient designs.

Cypress Executive Center is situated just west of the Interstate 95-Cypress Creek exchange providing easy access to Interstate 95, Florida’s Turnpike, bus routes and TriRail. The property is immediately adjacent to Fort Lauderdale Executive Airport.

ICM Realty Group purchased Cypress Executive Center in early 2015 and has successfully repositioned the building as a Class A property via an aggressive building upgrade program. Improvements include the complete renovation of the building lobby, common areas, rest rooms and exterior landscaping as well as the addition of new amenities such as a tenant WiFi lounge, café and conference facility.

“ICM Realty Group’s investment in Cypress Executive Center has transformed the asset into one of the area’s premier destinations for back office operations,” said Criddle. “The building’s updated amenity package and abundant parking has helped drive lease-up, and we anticipate reaching full occupancy in short order.”

Cushman & Wakefield Negotiates $24.3M Sale of Gardens Medical Pavilion

cwilliams@achieveagency.com (Clay Williams) — Fri, 24 Jan 2020 22:26:50 GMT

Cushman & Wakefield Negotiates $24.3M Sale of Gardens Medical Pavilion

Scott O’Donnell, Michael Ciadella, Dominic Montazemi, Greg Miller, Miguel Alcivar, Anthony Librizzi and Michael Feldman Represented Gardens Medical Pavilion, LLC in the Sale of the ±75,424-Square-Foot Medical Office Tower

PALM BEACH GARDENS, FL, January 24, 2020 — Cushman & Wakefield has negotiated the sale of Gardens Medical Pavilion, a ±75,424-square-foot, Class A medical office tower in Palm Beach County.

The Cushman & Wakefield Capital Markets team of Scott O’Donnell, Michael Ciadella, Dominic Montazemi, Greg Miller and Miguel Alcivar, combined with Anthony Librizzi and Michael H. Feldman of Cushman & Wakefield’s Brokerage Services, represented Gardens Medical Pavilion, LLC in the disposition of the asset. Charlottesville, VA-based Anchor Health Properties acquired the building for $24.3 million ($322 per square foot).

Gardens Medical Pavilion is a five-story medical office tower developed in 1991 on a ±4.71-acre site at 3401 PGA Boulevard. The asset features a porte-cochère, an on-site Walgreens pharmacy and diagnostics lab, covered and underground parking for tenants, lushly landscaped grounds and prominent visibility along PGA Boulevard.

Gardens Medical Pavilion is conveniently situated one-quarter mile east of Interstate 95 and less than three miles from Florida’s Turnpike along PGA Boulevard, providing easy access for all of Palm Beach County’s affluent population. The asset is strategically located within minutes of Palm Beach Gardens Medical Center, Jupiter Medical Center and the North County Surgery Center, which creates steady demand from numerous doctors and medical practices. The property is also within walking distance to premium amenities such as the 1.4-million-square-foot The Gardens Mall, Legacy Place and the District at the Gardens.

The building was 84.3% leased at the time of sale. Occupancy increased nearly 15 percent in the 18 months preceding the sale under the guidance of Gardens Medical Pavilion, LLC. Notable tenants include Florida Cancer Specialists, the University of Miami, Gastro Group of the Palm Beaches and Pediatric Partners.

“Gardens Medical Pavilion is widely considered one of the premier medical office buildings in North Palm Beach County and is the only medical office building along PGA Boulevard,” said O’Donnell. “The property provided investors with a rare, value-add, Class A medical office opportunity with excellent leasing momentum and requiring only minor renovations in one of Palm Beach County’s strongest micromarkets.”

Cushman & Wakefield Negotiates ±76,000-SF Lease with Aero Accessories at Bridge Development Partners’ Bridge Point Miramar

cwilliams@achieveagency.com (Clay Williams) — Fri, 24 Jan 2020 22:24:57 GMT

Cushman & Wakefield Negotiates ±76,000-SF Lease with Aero Accessories at Bridge Development Partners’ Bridge Point Miramar

Aero Accessories Relocates to Bridge Point Miramar and Expands its Operations by ±48,000 Square Feet

MIRAMAR, FL, January 24, 2020 — Cushman & Wakefield has secured a ±75,995-square-foot warehouse and distribution lease with Aero Accessories at Bridge Point Miramar in Broward County.

The Cushman & Wakefield South Florida Industrial Team of Matthew G. McAllister, Chris Metzger, Richard F. Etner, Jr. and Christopher Thomson negotiated the lease on behalf of building owner Bridge Development Partners.

Aero Accessories provides advanced repair solutions for modern fuel, hydraulic, pneumatic and electro-mechanical components. The company relocated from its former ±28,000-square-foot Miramar location, nearly tripling its footprint in Bridge Point Miramar.

Aero Accessories will house manufacturing, testing and distribution operations in the new space at Bridge Point Miramar.

Bridge Point Miramar was developed in 2015 on a 20-acre site at 15501 SW 29th Street in Miramar Centre Business Park. The ±304,428-square-foot, rear-load distribution facility features Interstate 75 visibility, 32-foot clear heights, a 130-foot truck court, 46 dock-high doors, two ramp doors, 50-foot by 50-foot column spacing, an ESFR (Early Suppression, Fast Response) fire safety system and energy-efficient LED lighting.

The building is centrally located in South Florida, providing exceptional access to the region’s numerous international airports and seaports as well as the Tri-County area’s major thoroughfares — Interstate 75, Interstate 595 and Florida’s Turnpike. Numerous restaurants, shops and hotels are within walking distance of the building giving Bridge Point Miramar best-in-class amenities, which help differentiate the property from other industrial product in the market.

Bridge Point Miramar is currently 50% leased to Aero Accessories and Kellstrom Defense. ±152,573 square feet of divide-to-suit space remains available.

“Bridge Point Miramar continues to attract significant interest from aerospace and other sophisticated users requiring a modern, versatile and accessible facility capable of comfortably housing a variety of operations,” said McAllister.

Berger Commercial Realty Leases 24,000 Sq. Ft. at Merrill Industrial Center

cwilliams@achieveagency.com (Clay Williams) — Mon, 20 Jan 2020 22:53:41 GMT

Berger Commercial Realty Leases 24,000 Sq. Ft. at Merrill Industrial Center

Just Brands consolidates its three warehouses in South Florida

FORT LAUDERDALE, Fla. (January 17, 2020) – Berger Commercial Realty/CORFAC International Senior Vice President Judy Dolan recently represented Merrill Industrial Center, Inc. in leasing 24,426 sq. ft. of warehouse space to Just Brands, LLC at Merrill Industrial Center, located at 3406 S.W. 26th Terrace in Dania Beach. The deal is the result of Just Brands’ consolidation of its three warehouses in South Florida.

“Just Brands chose Merrill Industrial Center due to its ease of access and proximity to major roadways,” Dolan said. “With retail locations in Miami and eastern and western Broward County, accessibility was key.”

Merrill Industrial Center, a 134,132-square-foot, three-building warehouse park, offers convenient access to I-95, I-595, Florida’s Turnpike and State Road 84.

In the transaction, Just Brands was represented by Matt Jones of Levy Realty.

For more information about Berger Commercial Realty’s leasing services, call 954-358-0900.

Mike Nathanson joins Workspace Property Trust

cwilliams@achieveagency.com (Clay Williams) — Mon, 20 Jan 2020 22:50:59 GMT

MIKE NATHANSON JOINS WORKSPACE PROPERTY TRUST

Nathanson to manage company’s 11 South Florida properties,

over 1.1 million square feet of sought-after office space

MIRAMAR, FL – Workspace Property Trust, a commercial real estate investment firm led by longtime successful industry veterans Thomas Rizk and Roger Thomas, welcomes real estate professional Mike Nathanson as Director of Leasing for the company’s South Florida portfolio.

Nathanson will oversee the marketing and leasing strategies for more than 1.1 million square feet of office properties in and around Miramar, Boca Raton and Sunrise, Florida, while cultivating longstanding relationships with Workspace tenants and local brokerage community. His vast experience on both the landlord and tenant side will allow him to excel in his new role.

“Mike is the perfect complement to Workspace’s thriving team of professionals in our South Florida portfolio,” said Tony Nichols, Senior Vice President of Leasing. “His years of landlord leasing experience coupled with his appreciation for tenant relations will contribute to our continued growth in this portfolio under his leadership.”

Prior to joining Workspace, Nathanson was Senior Vice President at Blanca Commercial Real Estate, Inc where he played a vital role in growing and supporting the firm’s landlord and tenant representation practice areas throughout the South Florida region. With over fifteen years of commercial real estate experience, Nathanson has completed over 1.5 million square feet in commercial and industrial real estate transactions, working with clients such as BlackRock, Lincoln Property Company, Acadia, Morgan Stanley, Hunt Companies, and other institutional owners.

Nathanson graduated from the University of Florida with a bachelor’s degree in psychology and a minor in business administration. An active member in the community, his affiliations include the National Association of Industrial and Office Properties, the South Florida Office Brokers Association, the Urban Land Institute, the Greater Fort Lauderdale Alliance, Leadership Broward, University of Florida Alumni Association, and board member and Past President of the Broward County Gator Club.

Mike can be reached at 954.391.5526 or mnathanson@workspaceproperty.com.

Ivy Realty Sells Waterford Centre at Blue Lagoon for $30.4 Million

cwilliams@achieveagency.com (Clay Williams) — Thu, 16 Jan 2020 17:47:04 GMT

Ivy Realty Sells Waterford Centre at Blue Lagoon for $30.4 Million

A Private Buyer Acquired the 91,431-Square-Foot Office Building in Miami’s Waterford Business District Park

MIAMI, FL, January 16, 2020 — Ivy Realty has sold Waterford Centre at Blue Lagoon, a Class A, 91,431-square-foot office building in the recently rebranded Waterford Business District corporate park.

JB Waterford, LLC, an affiliate of Coral Gables, FL-based Patton Real Estate Group, acquired the asset for $30.4 million ($332 per square foot).

Ivy Realty originally acquired Waterford Centre in a 2014 entity sale for $21.9 million. The Greenwich, CT-based investor was represented in the disposition by the Cushman & Wakefield capital markets team of Miguel Alcivar, Dominic Montazemi, Scott O’Donnell, Mike Davis, and Stuart Kapp of Kapp Morrison LLP.

Waterford Centre at Blue Lagoon is a six-story, institutional-grade office building developed in 1999 on a 3.98-acre site at 6205 Blue Lagoon Drive in Miami’s Waterford Business District, a 250-acre master-planned, mixed-use park located directly across the Dolphin Expressway from the Miami International Airport. The park comprises 22 office buildings totaling more than 3.3 million square feet, as well as four hotels, numerous restaurants, banking facilities, a day care center and a U.S. Post Office branch.

The building was 88.8% occupied at the time of sale. Notable tenants include The Parker Company, CheckAlt, Travel Traders and Cardinia Real Estate LLC (Omnicom Group).

Ivy Realty is an active investor in the South Florida commercial real estate market. The company’s regional portfolio comprises nearly 1 million square feet of office space in Miami-Dade, Broward and Palm Beach Counties, including five other buildings in the park.

Avison Young releases its 2020 CRE Forecast w/ SFL projections

cwilliams@achieveagency.com (Clay Williams) — Wed, 15 Jan 2020 17:51:29 GMT

Avison Young releases its 2020 CRE Forecast w/ SFL projections

MIAMI

The largest amount of office space since 2010 is expected to deliver during 2020.
The coworking sector is still expected to see gains during 2020, but at a slower pace.
Industrial vacancy rates may rise past 4% as an abundance of new product delivers.
Highly anticipated retail projects are delivering in early 2020.
The industrial and multifamily sectors are leading the way in investment sales volume.

FORT LAUDERDALE

Robust population growth and persistent job creation are fueling the commercial real estate market.
Major new office deliveries in 2020 will place upward pressure on vacancy rates.
Leasing activity for industrial product is likely to pick up as large blocks of new speculative space come online.
Retail development is being driven by a boom in multifamily development.
Overall investment volume has been increasing but may remain flat in 2020 due to global economic headwinds

WEST PALM BEACH

A business-friendly environment and relocations from high-tax states in the northeast are fueling economic fundamentals in Palm Beach County.
Office vacancies may tighten in 2020 as the bulk of new office space under construction won’t deliver until 2021.
Significant new industrial developments are delivering in 2020 due to a lack of quality logistics space.
The manufacturing sector is feeling the heat from the national slowdown due to tariffs and trade negotiations.
The local retail market is strong, trailing the multifamily boom of 2018 and 2019.

Cushman & Wakefield Negotiates Two Leases Totaling ±49,723 SF at Cabot Properties’ Vista Distribution Center

cwilliams@achieveagency.com (Clay Williams) — Wed, 15 Jan 2020 17:49:16 GMT

Cushman & Wakefield Negotiates Two Leases Totaling ±49,723 SF at Cabot Properties’ Vista Distribution Center

Parts Authority and Service Partners Secured Space in the Two-Building, Palm Beach County Warehouse and Distribution Campus, Bringing Both Buildings to Full Occupancy

WEST PALM BEACH, FL, January 15, 2020 — Cushman & Wakefield has secured two new industrial leases totaling ±49,723 square feet at Vista Distribution Center in Palm Beach County.

The Cushman & Wakefield South Florida Industrial Team of Christopher Thomson, Chris Metzger, Richard F. Etner, Jr. and Matthew G. McAllister negotiated the leases with Parts Authority and Service Partners on behalf of Boston-based building owner Cabot Properties.

Vista Distribution Center is a warehouse and distribution center comprising two buildings developed in 2015 at 2211 Vista Pkwy. and 2213 Vista Pkwy. in West Palm Beach. These leases bring both buildings to full occupancy.

2211 Vista Pkwy. is a ±43,978-square-foot building featuring 24-foot clear heights, an ESFR (Early Suppression, Fast Response) fire safety system, 17 dock-high doors, one grade-level loading position and 52-foot column spacing.

2213 Vista Pkwy. is a ±44,234-square-foot building offering 24-foot clear heights, an ESFR fire safety system, nine dock-high doors, one grade-level loading position and 52-foot column spacing.

The buildings are conveniently located at the northwest corner of Okeechobee Blvd. and Florida’s Turnpike with frontage on Jog Rd.

Parts Authority, a leading national distributor of automotive replacement parts, tools and equipment, leased ±32,120 square feet at 2211 Vista Pkwy. This location will be the Parts Authority’s third warehouse and distribution center in South Florida. The Long Island-based company also has locations in Miami and Pompano Beach. Robert Smith of CBRE represented Parts Authority in the lease negotiations. A March 2020 move-in date is expected.

Service Partners, one of the largest distributors of insulation supplies in the nation, leased ±17,603 square feet in 2213 Vista Pkwy. The company, which has South Florida locations in Miami and West Palm Beach, is relocating its existing West Palm Beach warehouse and distribution center from 53rd St. to Vista Distribution Center in June 2020.

“Vista Distribution Center is an institutionally owned, state-of-the-art warehouse and distribution center centrally located in the South Florida market,” said Thomson. “These factors were significant drivers in the lease-up of both buildings.”

The eight-member South Florida Industrial team led by Metzger, Etner Jr., Thomson and McAllister has negotiated just over 12 million square feet of sale and lease transactions valued at more than $252 million to date in 2019. For more information, please visit www.southfloridaindustrialteam.com.

Avison Young’s Eric Swanson of Boca Raton Awarded CRE® Credential from The Counselors of Real Estate®

cwilliams@achieveagency.com (Clay Williams) — Tue, 14 Jan 2020 18:16:11 GMT

Avison Young’s Eric Swanson of Boca Raton Awarded CRE® Credential from The Counselors of Real Estate®

Boca Raton, Fla. – Eric Swanson, Avison Young Senior Vice President of the firm’s Boca Raton office, has been awarded the CRE® (Counselor of Real Estate) credential by The Counselors of Real Estate®, an international group of high-profile real estate practitioners who provide expert advisory services to clients on complex real property and land-related matters.

Swanson has over 30 years of executive experience in the development and construction of real estate assets in South Florida, as well as projects in California, Colorado, Ohio, and New Jersey. Swanson specializes in land, office, and industrial development. However, his portfolio also includes multi-family residential, retail, and mostly Public-Private Partnerships.

Membership in The Counselors of Real Estate is selective and is extended by invitation only, attesting to the practitioner’s expertise and proven competence in his or her chosen area of real estate. Members receive the CRE credential in recognition of proven superior problem-solving ability. Once invited to membership, Counselors must adhere to a strict Code of Ethics and Standards of Professional Practice. Counselors are recognized in the marketplace as having consistently demonstrated the highest levels of knowledge, experience, integrity, and judgment. Fewer than 1100 real estate professionals currently hold the CRE credential.

The Counselors of Real Estate, established in 1953 and headquartered in Chicago, Illinois, is an international professional organization whose members provide objective, reliable advice, and counsel on matters affecting all forms of real property in the United States and abroad. Members include ranking representatives of real estate consulting, financial, legal, and accounting firms as well as leaders of Wall Street, government, and academia.

For additional information on The Counselors of Real Estate or the CRE credential, visit the CRE website at www.cre.org

Sunbeam Polar Express Collects Toys for 5,000 Children in Miramar

cwilliams@achieveagency.com (Clay Williams) — Thu, 09 Jan 2020 18:18:12 GMT

Sunbeam Polar Express Collects Toys for 5,000 Children in Miramar

Donated by more than 80 tenants in the Miramar Park of Commerce, the toys are gifted to underserved children by the Miramar Police Department’s Operation Blue Squad

MIRAMAR, Fla. (January 9, 2020) – Sunbeam Properties & Development’s fourth annual toy drive made the holidays extra bright for underserved children in Miramar. The Sunbeam Polar Express collected toy donations from more than 80 tenants in the Miramar Park of Commerce, the largest locally owned and managed business park in South Florida. In partnership with the Miramar Police Department, the toys were delivered to more than 5,000 local children by Operation Blue Squad.

“This was the biggest year yet for our Sunbeam Polar Express,” said Sunbeam Properties & Development Vice President Maridee Bell. “This experience is truly transformative for the kids, our team and our generous tenants at the Miramar Park of Commerce. We’re truly humbled and honored to be able to give back to our community in such an impactful way.”

The Sunbeam Polar Express, a procession of vehicles decked in holiday décor, rolled into the Miramar Police Station with a full police escort of multiple squad cars and a fully armored SWAT truck, which was filled to the brim with more than a dozen new bicycles. Incorporating the theme of ‘Peace on Earth,’ Sunbeam employees dressed as hippies and rockers circa 1969 and were assisted by Miramar Police officers to unload the boxes, which took up every inch of available space.

On the heels of the Sunbeam Polar Express, the company further celebrated the season of giving by making its 11th annual contribution to the Miramar Police Athletic League’s Hangin’ with 5-0, a free, six-week summer camp and life-changing program for at-risk youth in Miramar.

The program was almost eliminated by budget cuts in 2008, but was kept alive thanks to Sunbeam Properties’ continued support, which enables more than 80 students ages nine to 14 to participate in the summer camp each year at no cost and helps bridge the gap between police officers and local youth. Sunbeam’s sponsorship has provided free, one-of-a-kind summer camp experiences for more than 850 Miramar students over the past decade.

In addition to the Sunbeam Polar Express and Hangin’ with 5-0, Sunbeam Properties & Development supports the City of Miramar through other nonprofit organizations, having donated resources for the Ansin Sports Complex and the Ansin Family Gallery in the Miramar Cultural Center. The Miramar Park of Commerce has also been the site for supply drives for America’s Moms for Soldiers, toy drives for Miramar children in need, and a food drive for the United Way of Broward County.

Cushman & Wakefield Negotiates $3.5M Sale of ±132-Acre Development Site in Fort Pierce

cwilliams@achieveagency.com (Clay Williams) — Thu, 02 Jan 2020 18:30:28 GMT

Cushman & Wakefield Negotiates $3.5M Sale of ±132-Acre Development Site in Fort Pierce

Christopher Thomson, Chris Metzger, Richard F. Etner Jr. and Matthew G. McAllister represented IDI Logistics in the Sale of the Site to FLF Holdings

FORT PIERCE, FL, January 2, 2020 — Cushman & Wakefield has negotiated the sale of a ±132.41-acre development site in St. Lucie County, FL.

The South Florida industrial team of Christopher Thomson, Chris Metzger, Richard F. Etner Jr. and Matthew G. McAllister represented Atlanta-based IDI Logistics in the disposition. FLF Holdings acquired the land for $3.5 million ($26,546 per acre) and was represented by Robert Smith of CBRE.

The site, named Crossroads Business Center, is located just south of Okeechobee Road at the convergence of Interstate 95 and Florida’s Turnpike in Fort Pierce. The property encompasses ±84.65 acres of developable land and is the second phase of Crossroads Park of Commerce, located immediately north of the site.

Initial plans for the site, under IDI Logistics’ guidance, include five industrial buildings ranging from ±140,000 to ±400,000 square feet or a single, ±1.2 million-square-foot, built-to-suit structure.

The property’s location provides immediate access to Interstate 95 and Florida’s Turnpike via Okeechobee Road. When developed, the site will offer frontage potential along Interstate 95.

“Crossroads Business Center offers users the opportunity to locate their operations in a highly visible, centrally located park in a dynamic market that continues to attract high-profile companies such as Walmart, the PGA Tour, Pepsi and Tropicana,” said Thomson.

The eight-member South Florida Industrial team led by Metzger, Etner Jr. and Thomson has negotiated just over 5.5 million square feet of sale and lease transactions valued at more than $168 million to date in 2019. For more information, please visit www.southfloridaindustrialteam.com.

Cushman & Wakefield Negotiates Sale of Two Grover Corlew Office Buildings in Metrocentre Corporate Park for $7.45M

cwilliams@achieveagency.com (Clay Williams) — Thu, 02 Jan 2020 18:22:40 GMT

Cushman & Wakefield Negotiates Sale of Two Grover Corlew Office Buildings in Metrocentre Corporate Park for $7.45M

Greg Miller, Scott O’Donnell, Miguel Alcivar and Michael Ciadella Represented Grover Corlew in the Sale of 2440–2478 and 2550 Metrocentre Boulevard

WEST PALM BEACH, FL, January 2, 2020 — Cushman & Wakefield has negotiated the sale of two medical and professional office buildings at Metrocentre Corporate Park.

The Cushman & Wakefield Capital Markets team of Greg Miller, Scott O'Donnell, Miguel Alcivar and Michael Ciadella represented Grover Corlew in the dispositions of 2440-2478 and 2500 Metrocentre Boulevard in Palm Beach County.

NRK Property, Inc. acquired 2440-2478 Metrocentre Boulevard. Metro Partners 2500, LLC purchased 2500 Metrocentre Boulevard. The buildings were sold for a combined total of $7.45 million. Kris Hustad at Touchstone Webb Realty Company represented Metro Partners 2500, LLC.

2440-2478 and 2500 Metrocentre Boulevard are single-story office buildings developed in 1991. The assets are located within Metrocentre Corporate Park, an attractive business campus that also houses a number of other medical offices, hotels and restaurants — all in close proximity to West Palm Beach’s major hospitals.

2440-2478 Metrocentre Boulevard is a ±30,482-square-foot building located on a ±4.39-acre site. The building was 100% leased at the time of sale. Notable tenants include Florida Department of Revenue, The Imaging Center of West Palm Beach and VITAS Healthcare.

2500 Metrocentre Boulevard is a ±18,020-square-foot asset situated on a ±1.4-acre site. The asset was 75% leased at the time of sale with availabilities of 1,589 and 3,055 square feet. Major tenants in the building include VIP Kids and Tradesman International.

“When we initially purchased the Metrocenter office buildings in 2014, they were under-preforming at 55% occupancy, but offered unrealized potential in terms of location and quality,” said Grover Corlew Partner Mark Corlew. “With key upgrades and strong management direction we transformed these buildings into an attractive asset for the right investor. Cushman & Wakefield’s market knowledge and highly professional marketing efforts ultimately connected us with that investor, allowing us to meet our goals.”

“Fully leased, 2440–2478 Metrocentre Boulevard provides a contractually stable and secure investment via long-term leases with limited rollover exposure, which was especially attractive to a number of 1031 and offshore investors,” said Miller. “2500 Metrocentre offers tremendous upside via the lease-up of existing vacancies.”

Metrocentre Corporate Park is ideally located in close proximity to the Interstate 95 interchange at 45th St. in central Palm Beach County. The park is one of the few premier, master-planned business campuses in West Palm Beach, offering excellent access to all of Palm Beach County and a full range of nearby amenities.

Metrocentre Corporate Park boasts a roster of long-standing medical and professional tenants with an average duration of occupancy of eight years. The hospital systems and the extensive roster of existing medical tenants in this corridor serve as a great source of potential tenancy, providing the opportunity to target and attract more medical tenants.

“True value-add office opportunities are rare, and with limited capital infusion required, Metrocentre Corporate Park is well positioned for medical and professional tenants preferring the immediate access to I-95 or the nearby JFK Medical Center,” said O’Donnell.

Cushman & Wakefield Negotiates $12.35M Sale and $7.395M Financing of Northpoint Business Plaza

cwilliams@achieveagency.com (Clay Williams) — Thu, 02 Jan 2020 18:20:53 GMT

Cushman & Wakefield Negotiates $12.35M Sale and $7.395M Financing of Northpoint Business Plaza

ATCG LLC Acquired the Four-Building Office Park in Palm Beach County from Northpoint Investments Partnership, LP

WEST PALM BEACH, FL, January 2, 2020 — Cushman & Wakefield has negotiated the sale and financing of Northpoint Business Plaza, a ±79,516-square-foot office park in Palm Beach County.

The Cushman & Wakefield Capital Markets team of Greg Miller, Scott O’Donnell, Miguel Alcivar and Michael Ciadella, partnered with Michael Falk and Scott Weprin of Colliers International, represented Northpoint Investments Partnership, LP in the disposition. ATCG LLC acquired the buildings for $12.35 million ($155 per square foot).

Jason Hochman of Cushman and Wakefield’s Equity, Debt and Structured Finance Group, assisted ATCG LLC in securing a $7.395 million acquisition loan from Citi.

Northpoint Business Plaza comprises four single-story office buildings developed in 1988 on an ±6.3-acre site at 901 Northpoint Parkway in West Palm Beach. The park is situated less than one mile from the Interstate 95 interchange at 45th Street (Exit 74). This location offers excellent access to Interstate 95, U.S. Highway 1, Florida’s Turnpike, Brightline, Tri-Rail and Palm Beach International Airport.

The buildings were 96.7% occupied at the time of sale. The average suite size is 1,807 square feet. Notable tenants included Healthy Mothers, Healthy Babies; Wood Environment & Infrastructure Solutions; Kennedy Contractors, Inc. and the Florida Department of Highway Safety.

Northpoint Investments Partnership, LP acquired the park in 2014 and subsequently completed a capital improvement program that involved extensive interior suite refurbishment, allowing them to add significant occupancy and drive up rental rates.

“Tenants are attracted to Northpoint Business Plaza due to its efficient, single-story design, which keeps common area expenses to a minimum, providing one of the most cost-effective options in northern Palm Beach County,” said Miller.

Added O’Donnell, “The property has limited competition and aligns perfectly with prospective tenants in the market.”

2019 Miami Dade Bus Tour publication - 11.7.19

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Signature Speaker event with Anthony Scaramucci pictures - 10.23.19

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2019 Broward Bus Tour Book - 10.3.19

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2018 Broward Bus Tour pictures - 09.27.18

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Chris Carmody Legislative Update Presentation - 06.12.19

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Office Update 2019 pictures - 05.12.19

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2019 Annual Charity Golf Tournament pictures - 04.15.19

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2019 Awards of Excellence pictures - 03.14.19

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2019 Economic Outlook pictures - 01.23.19

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2019 Big NAIOP ski drone video - 11.29.18

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2018 Miami Dade Bus Tour publication - 10.30.18

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2018 Miami Dade Bus Tour pictures - 10.30.18

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Signature Speaker Series with Richard Florida pictures - 10.4.18

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2018 Broward Bus Tour publication- 09.27.18

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Curtis D. Spencer E-Commerce Presentation - 04.11.18

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2018 Golf Tournament Pictures - 04.09.18

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2018 Awards of Excellence Pictures - 03.15.18

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Economic Development Event Pictures 03.1.18

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2018 Economic Outlook Event Pictures - 01.25.18

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Signature Speaker Series with Steve Forbes pictures - 11.15.17

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2017 Miami Dade Bus Tour Publication - 11.2.17

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2017 Miami Dade Bus Tour Pictures - 11.2.17

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04.05.17 City Mainstreets - Pompano Beach Pictures

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03.16.17 Awards of Excellence Photobooth Pictures

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03.16.17 Awards of Excellence Pictures

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03.02.17 Palm Beach Bus Tour Publication

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01.25.17 Economic Outlook Pictures

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2016 Miami Dade Bus Tour Publication - 11.3.16

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2016 Miami Dade Bus Tour Publication - 11.3.16

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Click here to view the 2016 Miami Dade Bus Tour Publication - 11.3.16

"Boca Rising: New towers redefine city’s eastern skyline" Presentation - 10.13.16

cwilliams@achieveagency.com (Clay Williams) — Thu, 13 Oct 2016 12:38:39 GMT

Click here to view the "Boca Rising: New towers redefine city’s eastern skyline" Presentation - 10.13.16

2016 Mid-Year/Broward Tour pictures - 7.21.16

cwilliams@achieveagency.com (Clay Williams) — Thu, 21 Jul 2016 19:06:25 GMT

Click here to view the 2016 Mid-Year/Broward Tour pictures - 7.21.16

2016 Mid-Year/Broward Tour publication - 7.21.16

cwilliams@achieveagency.com (Clay Williams) — Thu, 21 Jul 2016 19:04:07 GMT

Click here to view the 2016 Mid-Year/Broward Tour publication - 7.21.16

2016 Annual Charity Golf Tournament pictures - 04.25.16

cwilliams@achieveagency.com (Clay Williams) — Tue, 26 Apr 2016 00:20:03 GMT

Click here to view the 2016 Annual Charity Golf Tournament pictures - 04.25.16

Industrial Real Estate Outlook event pictures - 03.10.16

cwilliams@achieveagency.com (Clay Williams) — Thu, 10 Mar 2016 13:42:50 GMT

Click here to view the Industrial Real Estate Outlook event pictures - 03.10.16

2016 Awards of Excellence Pictures - 02.25.16

cwilliams@achieveagency.com (Clay Williams) — Thu, 25 Feb 2016 18:34:39 GMT

Click here to view the 2016 Awards of Excellence Pictures - 02.25.16

Economic Outlook Presentation - Mark Vitner, Wells Fargo - 01.26.16

cwilliams@achieveagency.com (Clay Williams) — Tue, 26 Jan 2016 13:45:20 GMT

Click here to view the Economic Outlook Presentation - Mark Vitner, Wells Fargo - 01.26.16

2015 Holiday Party pictures - Timpano Chophouse - 12.3.15

cwilliams@achieveagency.com (Clay Williams) — Thu, 03 Dec 2015 13:50:37 GMT

Click here to view the 2015 Holiday Party pictures - Timpano Chophouse - 12.3.15

2015 Miami Dade Bus Tour Publication - 11/5/15

cwilliams@achieveagency.com (Clay Williams) — Thu, 05 Nov 2015 20:41:12 GMT

Click here to view the 2015 Miami Dade Bus Tour Publication - 11/5/15

2015 Miami Dade Bus Tour pictures - 11/5/15

cwilliams@achieveagency.com (Clay Williams) — Thu, 05 Nov 2015 20:39:05 GMT

Click here to view the 2015 Miami Dade Bus Tour pictures - 11/5/15

2015 NAIOP Tradeshow/Expo pictures - 10/29/15

cwilliams@achieveagency.com (Clay Williams) — Thu, 29 Oct 2015 19:42:54 GMT

Click here to view the 2015 NAIOP Tradeshow/Expo pictures - 10/29/15

2015 Palm Beach Bus Tour Pictures - 9/17/15

cwilliams@achieveagency.com (Clay Williams) — Thu, 17 Sep 2015 19:44:57 GMT

Click here to view the 2015 Palm Beach Bus Tour Pictures - 9/17/15

2015 Palm Beach Bus Tour Publication - 9/17/15

cwilliams@achieveagency.com (Clay Williams) — Thu, 17 Sep 2015 18:21:13 GMT

Click here to view the 2015 Palm Beach Bus Tour Publication - 9/17/15

2015 Collegiate Challenge event video - June 2015

cwilliams@achieveagency.com (Clay Williams) — Tue, 02 Jun 2015 00:55:19 GMT

Click here to view the 2015 Collegiate Challenge event video - June 2015

2015 Annual Charity Golf Tournament pictures - 4/13/15

cwilliams@achieveagency.com (Clay Williams) — Tue, 14 Apr 2015 00:24:52 GMT

Click here to view the 2015 Annual Charity Golf Tournament pictures - 4/13/15

2015 Awards of Excellence photobooth pictures - 3/12/15

cwilliams@achieveagency.com (Clay Williams) — Thu, 12 Mar 2015 17:40:49 GMT

Click here to view the 2015 Awards of Excellence photobooth pictures - 3/12/15

2015 Awards of Excellence pictures - 3/12/15

cwilliams@achieveagency.com (Clay Williams) — Thu, 12 Mar 2015 17:38:46 GMT

Click here to view the 2015 Awards of Excellence pictures - 3/12/15

Economic Outlook presentations (01/28/15): J. Antonio Villamil Jeanette Rice

cwilliams@achieveagency.com (Clay Williams) — Wed, 28 Jan 2015 14:00:46 GMT

Click here to review the Economic Outlook presentations (01/28/15):

J. Antonio Villamil

Jeanette Rice

Broward's Off the Bus Tour- December 4th, 2013

cwilliams@achieveagency.com (Clay Williams) — Fri, 05 Dec 2014 01:01:22 GMT

Click here to view the Broward's Off the Bus Tour- December 4th, 2013

2014 Miami Dade Bus Tour publication, November 6, 2014

cwilliams@achieveagency.com (Clay Williams) — Thu, 06 Nov 2014 20:48:18 GMT

Click here to view the 2014 Miami Dade Bus Tour publication, November 6, 2014

2014 Miami Dade Bus Tour Pictures

cwilliams@achieveagency.com (Clay Williams) — Thu, 21 Aug 2014 17:51:41 GMT

Palm Beach Commercial Real Estate Event 6.19.14

cwilliams@achieveagency.com (Clay Williams) — Thu, 19 Jun 2014 17:34:36 GMT

PAC Event with Senator Bob Graham pictures - 5.22.14

cwilliams@achieveagency.com (Clay Williams) — Thu, 22 May 2014 17:43:56 GMT

2014 NAIOP's Annual Charity Golf Tournament April 7, 2014

cwilliams@achieveagency.com (Clay Williams) — Tue, 08 Apr 2014 00:31:02 GMT

Click here to see pictures from the "2014 NAIOP's Annual Charity Golf Tournament", April 7, 2014

NAIOP 2014 Awards of Excellence video!

cwilliams@achieveagency.com (Clay Williams) — Mon, 17 Mar 2014 17:46:31 GMT

Click here to view the NAIOP 2014 Awards of Excellence video!

Outlook Event event- January 15th, 2014

cwilliams@achieveagency.com (Clay Williams) — Wed, 15 Jan 2014 17:28:44 GMT

Click here to view the Outlook Event event- January 15th, 2014

naiop_s_fl

2025 Golf Tournament

This is a subtitle for your new post

04.03.25. NAIOP 2025 Awards of Excellence

Event Photos

05.16.24. Treasure Coast Update

Presentation Summary Slides

03.14.24. 2024 Awards of Excellence

Event Pictures

01.25.24 Economic Outlook Event

Event Pictures

2023 Golf Tournament

2023 Golf Tournament

11.07.23 Signature Speaker Program with Arthur Smith

2023 Signature Speaker Program with Arthur Smith

07.20.23 Mid-Year Update

Event Pictures

05.11.23 NAIOP Treasure Coast Development Event

Event Pictures

NAIOP Corporate

NAIOP Corporate News

03/30/23 Awards of Excellence

Thank you to our photography sponsor - Best Roofing

Pictures by: Mermaid and Me Photo

*Click on the pictures to enlarge/download

Click here to view the winners!

Developing Leaders Social

Diners, Dives & Conversations

Orlando Central Office Park Signs 20 New Office Tenants

Colliers Facilitates Sale of Two Education Portfolios in Florida for $238M

Colliers Facilitates Sale of Two Education Portfolios in Florida for $238M to Everglades College – Keiser University’s Parent Company

Marcus & Millichap Brokers the Sale of a 30-Unit Coral Springs Apartment Building for $8.1 Million

TCRE Named Exclusive Leasing Agent

TCRE Named Exclusive Leasing Agent for 500 S. Australian waterfront class A office building in West Palm Beach

Marcus & Millichap Brokers the Sale of a 24,949-square foot Industrial Building

Marcus & Millichap Brokers the Sale of

a 24,949-square foot Industrial Building

GATSBY FL ORIDA ONCE AGAIN TEAMS UP WITH BROKERAGE TCRE

GATSBY FLORIDA ONCE AGAIN TEAMS UP WITH BROKERAGE TCRE TO LEASE 200,000SF PGA TOWER OFFICE BUILDING IN PALM BEACH GARDENS

Real Exchange Program DL Social

What is P3? Come find out what you need to know.

2023 Awards of Excellence

2023 Awards of Excellence Sponsorships now available see below.

NAI/Merin Hunter Codman Hires Matthew Brown as Chief Operating Officer

NAI/Merin Hunter Codman Hires Matthew Brown as Chief Operating Officer

2023 BOD Voting Ballot

Cast Your Vote for 2023!

Download your Board of Directors Voting Ballot and

return to misty@naiopsfl.org

9/16/2022 Broward Bus Tour

View Publication Here:

2023 Outlook Program

Images and links from this event coming soon.

Miami Bus Tour 2023

Mardi Gras Miami - Sponsorship

Awards of Excellence 2023

Now Accepting Applications

11/30/22 A Fresh Look at West Palm Beach

NAI/MERIN HUNTER CODMAN WELCOMES WEST MARINE’S CORPORATE HEADQUARTERS

NAI/MERIN HUNTER CODMAN WELCOMES WEST MARINE’S CORPORATE HEADQUARTERS TO 1 EAST BROWARD IN DOWNTOWN FORT LAUDERDALE

Affordable Housing Project Receives Approval

Affordable Housing Project Receives Approval from Sweetwater City Commission

Marcus & Millichap Arranges $18.1 Million Industrial Asset Sale in Miami

Asset Sale in Miami

Marcus & Millichap Brokers the Sale of a Walgreens on Miami Beach for $35.25 Million

Marcus & Millichap Arranges the $9.35 Million Sale of Apartments in Hollywood, Florida

TCRE AND ALLIANCE HP COMPLETE 17 OFFICE LEASES AT FORT LAUDERDALE’S ONE FINANCIAL PLAZA, BRINGING OCCUPANCY OVER 92%

Wave of New-to-Market Tenants Coupled with Tenant Expansions

Powerhouse Scott Sherman Launches Real Estate Investment Firm

Seasoned real estate veteran Scott Sherman has officially launched Torose Equities, a Miami-based real estate investment firm with a value-add urban retail, office and mixed-use strategy

Colliers facilitates the sale of Singer Island Corporate Center for $8.56M

The Colliers South Florida Investment Services Team represented the seller in the sale of the multi-tenant office building on Singer Island

Packaging design firm Smurfit Kappa signs lease to relocate HQ to Plantation, leasing 10,763 square feet at landmark Royal Palm Office Park

Smurfit Kappa, a global leader in paper‐based packaging solutions, is relocating its United States headquarters to the 465,000‐square‐foot Royal Palm business campus at Pine

Island Road and I‐595 in Plantation.

The Butters Realty Industrial Team is proud to have represented Challenge Warehousing, Inc’s interest in their leasing of 82,198 SF with Link Logistics

The Butters Realty & Management Industrial Brokerage Team of JC Conte, SIOR, and Brian T. Ahearn, CCIM, represented the interest of Challenge Warehousing, Inc. in their Industrial lease at 1900 NE 7th Avenue, Dania Beach, FL 33004.

Developers pouring slab on 664,176-square-foot Class A industrial project in South Florida

Kings Logistics Center in Fort Pierce is one of the largest speculative industrial developments under construction in the market

Colliers facilitates the sale of South City Plaza for $51M

Affordable Housing Project
Receives Approval from
Sweetwater City Commission

The Ellsworth launches its website, TheEllsworthApts.com.
Luxury apartments to feature largest pool and outdoor entertainment area in Plantation