George Sacks, S&K Worldwide Team Up On Broward Project

Written by on March 5, 2014 in News - No comments

Commercial Florida Realty Services and real estate investment group S&K Worldwide Realty see demand for Broward corporate relocation and expansion office space turning upward faster than expected.

“The re-energized economy has more companies looking to relocate or expand in Broward, but their need for ample office space is colliding with market realities, especially along the I-95 corridor,” said George Sacks, Commercial Florida Realty managing partner.

Southlake PlazaTo offer users seeking signage and space along I-95 expanded options, S&K Worldwide Realty has partnered with Sacks’ firm to bring to market several contiguous spaces of 10,000 to 20,000 square feet at Southlake Plaza in Newport Center business park, Deerfield Beach.  Prospective tenants can choose to lease just the space they need, or buy either of two multi-tenant buildings, occupy a portion and gain built-in cash flow from existing credit tenants such as JPMorgan Chase and AT&T.

At one of Southlake Plaza’s two-story buildings, 1400 Newport Center Drive, for example, the partnership is marketing a 20,000-square-foot full floor in the same building where JPMorgan Chase signed a 12-year lease in 2013.  “Broward’s suburban office rents along I-95 have stabilized and begun rising,” Sacks explained.  “Companies see higher space costs ahead, whether they lease or buy.  A business that occupies its own building with credit tenants carrying some of the load, can substantially limit risk, lock in costs and locate in higher profile space,” he said.

“Growing companies need to look at the balance sheet impact of leasing, buying or constructing a single-user building,” Sacks added.  “Broward’s office inventory is not yet low enough to trigger new construction, and developable land along I-95 is rare and costly.”  More relocating and expanding firms, he said, are considering buying a multi-tenant building.

Southlake Plaza weathered the recession with strong tenancy, thanks in part to its location within the 119-acre Newport Center business park, Sacks said.  Most of the park’s buildings are owned, not leased, and corporate neighbors in the park include the University of Miami Sylvester at Deerfield Beach cancer center, MAPEI Americas, Staples’ back office operations, as well as two hotels.

According to S&K Worldwide Realty President Dirk Kuczurba, “We purchased Southlake Plaza many years ago, recognizing the opportunity to build long-term value in a property with an ideal location.”  S&K and its related companies and partnerships own, develop and manage commercial and industrial real estate throughout Europe and the U.S., and have invested more than $650 million in Florida land, office, industrial and retail facilities.



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