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Grover & Corlew Acquires 175-KSF Delray Beach Office Park

14 Apr 2015, 9:48 pm

By Balazs Szekely, Associate Editor

The Arbors Office Park in Delray Beach was picked up recently by Grover & Corlew LLC for $20.15 million, according to a recent news release.

1615 Arbors North Associates LLC, and 1625 Arbors South Associates LLC, sold the two-building, 174,816-square-foot portfolio. CBRE spoke for the sellers in the transaction.

The property is located at South Congress Ave., a few minutes from the new owner’s Delray Beach headquarters. It benefits from good visibility from Interstate 95 and frontage on one of the area’s main traffic arteries.  The office park is also close to redevelopment opportunities that include significant retail projects underway along Linton Boulevard and the prospect of mixed-use redevelopment along Congress Avenue. Amenities at the buildings include efficient floor plates that can accommodate a variety of tenant profiles and a number of high-end interior finishes such as polished marble tiles, full building-height atriums, and glass-walled balcony perches. The property has recently received approximately $480,000 worth of capital improvements.

Senior Vice President Scott O’Donnell of CBRE Investment Properties worked with CBRE’s Dominic Montazemi, Miguel Alcivar, Christian Lee, Jeffrey Kelly and Deborah Fink in marketing the property for sale. CBRE also originated a $17.2 million non-recourse bridge loan on behalf of the buyer from a mortgage REIT, the proceeds of which provided for the property’s acquisition along with additional funding for leasing and capital improvement costs. Jason Hochman, vice president of CBRE Debt & Structured Finance, collaborated with Charles Foschini and Chris Apone in securing the financing.

Photo credits: Google Maps

Duke Realty Breaks Ground on First Building of Pembroke Pines Office Park

31 Mar 2015, 9:34 pm

By Balazs Szekely, Associate Editor

Construction works have recently started on a new four-story office building in Pembroke Pines, Duke Realty Corp.’s South Florida office announced.

Duke Realty entered the South Florida market in 1999 and has developed more than 1 million square feet of suburban office properties since then. The company’s South Florida portfolio currently includes 1.3 million square feet of suburban office space and 4.9 million square feet of industrial properties, according to a press release. Duke Realty also owns, maintains an interest in or has under development, approximately 153.2 million rentable square feet of industrial and office assets, including medical office, in 22 major metropolitan areas across the nation.

The 143,535-square-foot, Class A asset is the first of a four-building portfolio and it is located on a 36-acre site at Interstate 75 and Pines Blvd., known as Pembroke Pointe. The office park is being developed on a speculative basis, and it will be accessible via SW 145th Avenue which connects with Pines Boulevard, an exit directly off I-75. The master plan will also have pedestrian and automobile connectivity to Shops at Pembroke Gardens, the neighboring retail center.

The developers seek LEED Silver certification for the first building. Built from structural steel, tilt-wall concrete panels and glass, the structure is being constructed on 36,290-square-foot floor plates in order to allow maximum flexibility in space planning. Surface parking around the building will provide 4.2 spaces per 1,000 rentable square feet.

Photo credits: Duke Realty

Banco do Brasil Americas Adds 3 New Branches in SoFla

27 Mar 2015, 10:03 pm

By Balazs Szekely, Associate Editor

The Orlando branch

Miami-based Banco do Brasil Americas has signed leases for three new South Florida branches. The offices are located in Lighthouse Point, Aventura and in Doral.

Senior Vice President Luciana Carvalho of Blanca Commercial Real Estate finalized the lease transactions with Banco do Brasil Americas. Financial terms of the agreements were not disclosed.

The tenant is a subsidiary of Banco do Brasil, SA, one of the largest financial institutions in Brazil and one of the oldest financial institutions in the world with a history of more than 200 years. Banco do Brasil has more than 50 million customers with over 5,000 bank branches. The American representative was established in 2012 and currently has five branches in operation throughout the state of Florida, with locations in Brickell, Pompano, Orlando and two in Boca Raton.

The newly inked locations include a 3,422-square-foot branch in Doral at 2600 NW 87th Avenue, which recently opened in July 2014; a 3,496-square-foot branch in Aventura at 17900 Biscayne Boulevard, set to open in the first semester of 2015; and a 1,619-square-foot branch in Lighthouse Point at 3450 N. Federal Highway, also scheduled to open in the first semester of 2015.

“With Miami widely known as the gateway to Latin America, we have seen major multinational corporations set up regional headquarters in Miami to access Latin America,” said Carvalho in a statement for the press. “Now, we’re seeing more and more Latin American companies – from Brazil, Chile, Argentina – coming to South Florida to access the U.S. market,” she added.

Image source: Blanca Commercial Real Estate

Coral Landings III Grocery-Anchored Center Sells for $33.7M

10 Mar 2015, 8:02 pm

By Balazs Szekely, Associate Editor

Coral Landings III, a 176,575-square-foot, grocery-anchored retail center between Coral Springs and Margate, has recently been sold.

HFF marketed the asset on behalf of the Fort Lauderdale-based seller, Stiles Corp. Madison Marquette Realty Services purchased the retail complex for $33.7 million, free and clear of existing debt. The investment sales team was led by Senior Managing Director Danny Finkle, Managing Director Luis Castillo, Associate Director Nat Scarmazzi and Director Analyst Kim Flores.

An HFF debt placement team led by Managing Director Mark Remington, Associate Director Jose Carrazana and Real Estate Analyst Neil Campbell also arranged $22.835 million in acquisition financing on behalf of the seller and secured a seven-year (five years of interest-only, followed by 30-month amortization), 3 percent first mortgage through Citizens Bank on behalf of the buyer.

Completed in 2011, the six-building property is currently leased to HomeGoods, Best Buy, Jo-Ann Fabric & Craft, Aldi and other national tenants. Located in one of central Broward County’s busiest retail hubs, the 23.25 acre site at Sample Road and North West 62nd Avenue (near U.S. 441) is exposed to an estimated daily traffic of 90,000 cars, according to HFF.

Stiles acquired the property via a note purchase and subsequent foreclosure in 2010, while it was still under construction. The former owner immediately secured construction financing to develop Phase II and increased occupancy from 49 percent to 85 percent during its ownership.

Image source: Google Maps

FTI Consulting Signs 17 KSF Lease at One Biscayne

3 Mar 2015, 7:54 pm

By Balazs Szekely, Associate Editor

FTI Consulting Inc. has recently moved to One Biscayne Tower from Miami Center.

The global business advisory firm signed a 17,000 square-foot lease. The transaction was negotiated by Brian Gale and Ryan Holtzman of Taylor & Mathis, the exclusive leasing agent for the 39-story, 700,000 square foot Class A office tower. The tenant, which has more than 4,200 employees in 26 countries, was represented by Tony Jones of Cushman & Wakefield.

Completed in 1974 and significantly renovated in 1990, the office asset is located in Downtown Miami’s business district, within walking distance of courthouses, hotels, restaurants and high-end retailers. It is home to tenants including Northwestern Mutual, Sedgwick, L.L.P., Harvard Maintenance, Grass Roots America, Veritext L.L.C., Foreman Friedman, ADD Inc., Young Bill Roumbus & Boles, PA, Flagler Investment, Marcus Neiman & Rashbaum, CellMark Pulp & Paper.

The property overlooking Biscayne Bay and Bayfront Park is the holder of five BOMA Office Building of the Year Awards including the 2007 Miami-Dade TOBY (The Outstanding Building of the Year) Award and the 2007 BOMA Southern Regional TOBY.

It recently underwent another series of renovations, involving the common areas. The vacant spaces and tenant corridors received new build outs, finishes and lighting. The building has also received Gold LEED certification in 2014, and more than 83,000 square feet in lease transactions were completed during the certification process.

Photo credits: Taylor & Mathis

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