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PARAMOUNT Fort Lauderdale Beach Over 60 Percent Sold Out

22 May 2015, 7:31 pm

By Balazs Szekely, Associate Editor

PARAMOUNT Fort Lauderdale Beach, a 95-unit luxury oceanfront condominium development, has more than 60 percent of its residences under contract, announced OneWorld Properties, the project’s exclusive broker.

The 18-story tower is being built at 700 North Atlantic Boulevard in Fort Lauderdale, on the site of the former Howard Johnson Hotel that was brought down last February. Being developed by Encore Housing Opportunity Fund and developer Daniel Kodsi, the project broke ground in December 2014, and it is slated for completion in winter 2016.

The high-tech development offers two-, three- and four-bedroom floor plans with up to 4.5 baths. The residences range in size from 1,910 to 3,474 square feet. Priced from $1.2 million, the condos will feature a wide array of luxury amenities including several private pools, cabanas and club privileges, a fully-equipped gym and ground-floor restaurant. Residents will have private elevator access with private vestibules, ocean views with 10-foot ceilings in all units, along with outdoor living rooms and designer kitchens including quartz countertops. The site is within walking distance of popular area restaurants, boutique shops and entertainment venues.

OneWorld Properties President and CEO Peggy Fucci attributes the elevated demand to the highly sought-after waterfront location of the asset. “Buyers are taking notice of Fort Lauderdale’s resurgence and the sophisticated oceanfront living options now available,” she said in a press release. “We have seen pent-up demand for this unique type of luxury product and are confident that sales will continue to reflect this for the remainder of the year.”

Image source: paramountresidences.com

 



Royal Palm Office Park Finalizes Six Leases Amid Complete Renovations

18 May 2015, 4:26 pm

By Balazs Szekely, Associate Editor

Royal Palm Office Park has completed six leases recently, totaling more than 55,400 square feet.

The transactions include five lease renewals with current occupants, and one new contract with a new tenant. Financial terms were not disclosed. Blanca Commercial Real Estate represented the landlord, an affiliate of Lincoln Property Co., while brokers with CBRE, JLL and Cresa spoke for four of the lessees in the transactions. The remaining leases did not involve co-brokers.

The 465,592 square foot Class A office campus is located on a 25-acre site at 900 & 1000 S. Pine Island Road in Plantation, Broward County. Just off Interstate 595, the complex is accessible via the Florida Turnpike, the Sawgrass Expressway as well as Interstates 75 and 95. The on-site amenity package includes garage and surface parking, conference center, gym, and cafe. The property is also connected to a range of shops, restaurants, hotels, recreational facilities, healthcare providers and residential areas.

The deals involved a new 10,400 square-foot lease with American General Life Insurance Co., an AIG subsidiary, along with five renewals which include agreements for 27,000 square feet with Thales USA Inc., 7,500 square feet with Setnor Byer Bogdanoff Inc., 4,900 square feet with El Ad National Properties, 2,900 square feet with Tobias Financial Advisors and 1,600 square feet with NCS Pearson.

A complete renovation of the office park is currently in progress, with upgrades to the lobbies, restrooms and corridors. New amenities are also being added, including an executive conference center/lounge supplementing the existing classroom-style conference center, and a fitness center.

Photo credits: Blanca Commercial Real Estate



KBS Realty Closes on 189K SF Financial Center at the Gardens

5 May 2015, 3:55 pm

By Balazs Szekely, Associate Editor Financial Center at the

KBS Realty Advisors of Newport Beach, Calif. has picked up a 188,772 square-foot Class A office building from institutional investors advised by JP Morgan Asset Management.

The property, Gardens, is located at the northwest quadrant of PGA Boulevard’s intersection with Interstate 95 in Palm Beach Gardens.

Cushman & Wakefield’s team of Executive Director Mike Davis, Senior Director Michael Lerner, Senior Director Rick Brugge, Director Mark Pateman, and Associate Director Tara England represented the seller. The value of the transaction was not disclosed.

“With the strong demographics and economic/employment trends continuing in south Florida, real estate fundamentals have shown strong improvement along the PGA Boulevard corridor with tenant demand shifting from the coastline and towards I-95 more amenity-rich centers as well as popular commuting routes,” said KBS Eastern Regional President Marc DeLuca. “We consider this property to be among the premier office buildings in the North Palm Beach submarket.”

The building’s flexible floor plates–ranging from 21,600 to 46,500 square feet–allow it to accommodate tenants opting for traditional layouts as well as open-office configurations, and also to incorporate areas for collaboration. Financial Center at the Gardens has numerous amenities within walking distance, including a lifestyle center with restaurants, retail and entertainment destinations and a high-end mall.

The previous ownership has upgraded several key elements of the building over the last decade or so, including the roof, insulation, air conditioning, restrooms on multiple floors, the 743 space parking garage and the lobby area along with the monument sign. The property was 92 percent leased at the time of the acquisition, mostly to corporate tenants such as Morgan Stanley, UBS and Regus.

Photo credits: Regus  



Miami-Based Integra Closes on Former Bank Atlantic HQ for $21M

28 Apr 2015, 9:30 pm

By Balazs Szekely, Associate Editor

The former Bank Atlantic headquarters has changed hands for $21 million in the largest single-tenant vacant building sale in the Cypress Creek submarket in the last five years, according to Stiles Realty.

The sales price equates to $113.51 per square foot. The seller, Branch Banking and Trust, was represented by Stiles Realty Broker Associate Kimberly Barbar. Barbar also spoke for the buyer, Integra Investments LLC, on the leasing of the property.

The new owner, Integra Investments, is a Miami-based private equity and full-service real estate development company performing acquisitions, development, construction management and asset management of real estate ventures across Florida. The company targets value-add opportunities in niche markets with a main focus on the residential, land, office, and mixed-use asset classes.

Located on a site of over 14 acres at 2100 West Cypress Creek Road in Fort Lauderdale, the property is adjacent to Fort Lauderdale Executive Airport, and it is situated just one mile west of Interstate 95 and less than five miles east of Florida’s Turnpike. The Class-A, 185,000-square foot asset was built in 2005 and includes amenities such as a state-of-the-art fitness center with showers, a wellness center and a 250-seat cafeteria.

“We are excited to be in this market and lease the property to a single tenant or multiple tenants,” Principal Victor Ballestas of Integra Investments said. “Stiles’ leasing campaign is aggressive and will target a wide range of office users,” he added.

Photo credits: Google Maps



Foreign Investor Purchases Portfolio of Nine Warehouses in $2.2M Deal

23 Apr 2015, 6:55 pm

By Balazs Szekely, Associate Editor

Doral 58th Street Warehouses, a portfolio comprised of nine warehouse properties, was sold recently.

The $2.2 million transaction was negotiated by Douglas Elliman Commercial Division Associates. CCIM Miami District Director Mitash Kripalani represented the seller, 58 Street Warehouses LLC. The buyer, whose identity was not disclosed, was a foreign investor.

The warehouses totaling 14,000 square feet are located at 10171 NW 58th Street in Doral, Fla. Built in 2008, the original development included 12 warehouses in total, and these were later converted to industrial condos. Three of the 12 were sold, leaving the remaining 9 to be marketed as an income-producing portfolio. According to a press release, the seller had made several unsuccessful attempts to sell the buildings over the past two years.

“This was a challenging sale to say the least,” said Kripalani in a statement for the press. “Being a part of CCIM and the tools it offers its members, including Site To Do Business (STDB), which is an online service for site analysis, mapping, demographic data, aerial viewing and photos, and customized business reports, really helped me showcase all aspects of this property and its location to potential buyers,” he added.

Image source: elliman.com







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