South Florida Office Brokers Association

Tag: jose lobon

  • PEBB Enterprises Purchases Boca Raton Office Property For $29.85 Million With Partner

    PEBB Enterprises Purchases Boca Raton Office Property For $29.85 Million With Partner

    PEBB Enterprises, in partnership with Contrarian Capital Management, has acquired the Meridian Office Center in Boca Raton. The joint venture purchased the 11.14-acre property within The Park at Broken Sound for $29.85 million. The purchase marks PEBB’s third acquisition in the prestigious business park.

    The 131,680-square-foot property consists of two single-tenant net leased buildings. Cross Country Healthcare occupies the 70,406-square-foot building located at 6551 Park of Commerce Boulevard, and Lexis Nexis occupies the 61,274-square-foot building located at 6601 Park of Commerce Boulevard.

    The transaction closed on June 30. Professional Bank handled the financing for the purchase and Christian Lee, Jose Antonio Lobon and Marcos Minaya from CBRE represented the seller in the transaction.

    “Our team is constantly looking for opportunities to expand our South Florida portfolio, especially in the thriving Boca Raton office market,” PEBB President and CEO Ian Weiner said. “We have always had great interest in properties located within The Park at Broken Sound and we are excited to be able to grow our footprint in the area.”

    The Park at Broken Sound is a 700-acre mixed-use business park conveniently located directly off I-95. It offers free shuttles to and from the city’s Tri-Rail station and has easy access to lifestyle, entertainment and recreation centers nearby.

    PEBB Enterprises also owns the 5900 Broken Sound building leased to Infinity Sales Group, and the ADT Building, which is home to the security giant’s corporate headquarters. Both buildings are in The Park at Broken Sound.

    Over the last year, PEBB has been extremely active in the Boca Raton office market with acquisitions of the 308,305-square-foot Research Park at Florida Atlantic University and the 61,188-square-foot Eighteen Zero One Building located on North Military Trail.

     

  • Palm Beach Office Campus Trades For $81 Million

    Palm Beach Office Campus Trades For $81 Million

    CBRE has facilitated the $81.15 million sale of the fee simple interest in Fairway Office Center in Palm Beach Gardens on behalf of NAI MHC and a JV Institutional Investment Manager.

    Fairway Office Center is comprised of three Class-A office buildings totaling 222,682 square feet.

    The sellers were exclusively represented by Christian Lee, José Lobón and Marcos Minaya with CBRE Capital Markets, with the assistance of CBRE’s Tom Rappa. The leasing broker for the property, Jason Sundook with NAI Merin Hunter Codman, also assisted in the marketing.

    Currently 78 percent leased, Fairway Office Center is located on a 16-acre campus at 7108, 7111 and 7121 Fairway Drive. The property is being acquired by a joint venture of Parmenter Realty Partners and an affiliate of Prime Finance, representing their second recent office acquisition in South Florida.

    “The seller did a fantastic job of institutionally maintaining the property reflected in increased rental rates as well as continued and historically high levels of occupancy. The $1.3 million in recent improvements to the buildings creates an exceptional opportunity to attract tenants. The new ownership plans to capitalize on the property’s highly desirable location and to continue to upgrade and amenitize the project,” said Minaya, a vice president with CBRE. 

    “Fairway Office Center is the only Class A office building in the North Palm Beach submarket that is adjacent to the Florida Turnpike. This strategic location, excellent connectivity and proximate amenities make Fairway Office Center an ideal office location for executives and employees alike,” added Lee, a vice chairman with CBRE.

    “These high-quality buildings benefit from excellent transit access, nearby amenities, and the strong Palm Beach County leasing market. The migration of hedge funds and other financial services firms moving into the market drove nearly 250,000 square feet of new-to-market tenants in 2021. Our planned improvements will provide the finishes and amenities these new to market tenants are looking for,” said John Davidson, President and CEO of Parmenter Realty Partners.  

    The property’s location on PGA Boulevard is proximate to in-demand retail for the micro-market inclusive of Mirasol Walk, PGA Commons and Downtown PGA, placing it within a short drive to more than 50 restaurants and bars, 250 hotel rooms, 50 retail shops and two fitness centers.

     

  • CBRE Arranges $57.5 Million Sale Of Broward County Class A Office Building

    CBRE Arranges $57.5 Million Sale Of Broward County Class A Office Building

    CBRE has facilitated the $57.5 million sale of Offices at Plantation Walk, a 173,193-square-foot, Class A office building in Plantation, to Vision Properties.

    Christian Lee, José Lobón and Marcos Minaya of CBRE Capital Markets, and Jay Adams with Newmark represented the seller, Encore Capital Management, in the transaction. Adams also handles the leasing for the property.

    Offices at Plantation Walk is a seven-story office building located within the recently delivered Plantation Walk, a $350 million, 27-acre mixed-use development that includes a full-service hotel, approximately 131,000 square feet of retail and 404 luxury multifamily units. The property, which is 92 percent leased, is supported by a five-story parking structure with a parking ratio of five spaces per every 1,000 square feet.

    Offices at Plantation Walk recently underwent a $15 million renovation, which included a redesigned lobby, new windows, elevator modernization, new bathrooms, new corridors and modern tenant buildouts.

    “The buyer is fortunate to acquire a high caliber desirable suburban office building in Broward County, considering the tremendous investor demand for high-quality assets in South Florida today,” said Lee, Vice Chairman at CBRE. “The seller completed an outstanding renovation project that helped to attract a strong list of national and regional tenants to the project. As a result, the property achieved a sale price well above $300 per square foot.”

     

    Lobón, Executive Vice President with CBRE, added, “Offices at Plantation Walk is the best amenitized office building in Broward County. Its prime location offers its tenants with walkability to retail on par with South Florida’s densest metropolitan cores.”

    Plantation Walk is situated 10 miles from downtown Fort Lauderdale and 30 miles from downtown Miami, with convenient access to Florida’s Turnpike, Interstate 595 and Fort Lauderdale-Hollywood International Airport.

     

  • Class A Office Building In Boca Fetches $99.5 Million

    Class A Office Building In Boca Fetches $99.5 Million

    KBS assisted in the acquisition of One Town Center, a 191,294 square-foot Class A office building in Boca Raton.

    The property was acquired from a joint venture between prominent commercial real estate firm CP Group, formerly Crocker Partners, and Siguler Guff & Co. for $99.5 million by Prime US REIT (PRIME), which trades on the Singapore Exchange Securities Trading Limits ticker as: OXMU. KBS serves as the U.S.-based asset manager for the portfolio, which included identifying and sourcing this asset on PRIME’s behalf.

    One Town Center is a Class A property consisting of a 10-story office building and an adjacent parking deck. CP Group has been retained as on-site property management.

    “This is one of three acquisition for the portfolio since listing on the Singapore Exchange in 2019,” says Marc DeLuca, Eastern regional president for KBS. “Acquiring One Town Center marks another strategic investment into a prime location and a premier asset. At 95% occupancy, One Town Center is one of the most desirable office properties in the Boca Raton market with strong in-place cash flow and a diverse base of creditworthy tenants.”

    Boca Raton is increasingly drawing in residents due to its proximity to Fort Lauderdale and West Palm Beach, appealing climate and lifestyle, lower taxes and relative affordability, added DeLuca.

    “Palm Beach County has seen a higher-than-normal influx of new residents as a result of the pandemic, and Boca Raton has become one of the nation’s most attractive markets for wealthy decision makers,” said DeLuca. “Companies such as Elliott Management, Citadel and Moelis have been encouraged to open satellite offices in Florida or allow their employees to be based there, and office tenants are drawn to the Boca Raton West submarket for its high connectivity, surrounding residential areas and access to great talent.”

    According to Newmark, leasing activity was up 29% from deals seen a year ago and South Florida’s unemployment rate fell to 6.3% during the first quarter of 2021, with Palm Beach County, where Boca Raton is located, remaining the lowest unemployment rate in the region at 4.5%.

    Boca Raton’s office market also features significant barriers to entry with prohibitive construction costs and no buildings currently under construction.

    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 square feet. 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 features close proximity to Florida’s Turnpike, the Boca Raton Airport, executive country clubs and housing communities, hotels and retail and dining options.

    “KBS worked with PRIME to acquire a top-quality, well-located asset in a growing submarket of one of the strongest regions in the country,” says Allen Aldridge, asset manager for One Town Center and senior vice president of KBS. “This acquisition, which is within a five-minute stroll of 2.1 million square feet of dining and retail options, is in the best location in Midtown Boca Raton. It gives us another opportunity to apply our hands-on management strategy to deliver best-in-class, well-amenitized office space and services that exceed tenants’ expectations.”

    Built in 1991 by Thomas Crocker, One Town Center features one of the two tallest buildings in the market. The property offers a plethora of on-site amenities including a high-end café, a restaurant, a fitness center and upgraded landscaping. The building is also within walking distance of numerous dining, shopping, fitness, salon and hotel amenities, with additional amenities accessible within a short drive. One of the most notable walkable amenities is the Town Center at Boca Raton, South Florida’s third-largest mall.

    KBS is planning to implement several upgrades to the property, including a lobby refresh, restroom renovations, front-entry enhancements, building out a management office, updating the fitness center and locker rooms, and bringing vacant suites up to spec suite condition.

    Chris Lee, vice chairman and Jose Lobón, executive vice president of CBRE brokered the sales transaction.

    “KBS once again leveraged its deep understanding of the market and relevant fundamentals to purchase one of the most sought-after high-quality office towers in the South Florida market,” says Lee.

    Attorneys Bruce Fischer, Tatyana Litovsky, Chrisdo Fan and Howard Chu, and paralegal Amanda Kennedy,  of global law firm Greenberg Traurig, LLP’s Orange County office, attorney  Jody Saltzman in Greenberg Traurig’s New Jersey office, and attorney Steven Landy in Greenberg Traurig’s Miami office,  represented PRIME as legal counsel in the acquisition.

    “We were very pleased to represent KBS in this significant strategic transaction on behalf of PRIME,” says Fischer, Greenberg Traurig’s Chair of the West Coast Real Estate Practice and Co-Managing Shareholder of the Orange County office, who led the Greenberg Traurig team and represented KBS.

    One Town Center is located at One Town Center Road in Boca Raton.

     

  • Fort Lauderdale Office Tower Fetches $117 Million

    Fort Lauderdale Office Tower Fetches $117 Million

    CBRE has arranged the sale of One Financial Plaza in Ft. Lauderdale.

    The 282,883-square-foot office tower is located at 100 Southeast 3rd Avenue, just steps from the heart of Downtown Fort Lauderdale’s Las Olas District.

    Alliance Partners HSP purchased the fully renovated office tower for $117 million.

    The property recently underwent a comprehensive $8 million renovation including a new lobby, security desk, fitness center, conference center, upgrades to elevator landings and restrooms, and elevator modernization. A $2 million overhaul to the exterior of the building is on-going including the relocation of the primary building entrance to the eastern side of the building along Financial Plaza Drive, expanding the exterior facade to increase the lobby area and add 2,500 square feet of new retail space, enhanced building signage above the lobby entrance, and installing new pavers and sidewalks along the entire length of Financial Plaza Drive.

    “One Financial Plaza has been among the most desirable office buildings in the CBD,” said John Osborne, Senior Vice President at Crocker Partners. “With the recent capital improvements that position is enhanced for the long-term.”

    CBRE Capital Markets Vice Chairman Christian Lee and Executive Vice President José Lobón facilitated the sale on behalf of Crocker Partners.

    “One Financial Plaza features a highly attractive core-plus business plan, providing strong in-place cash flows while offering significant upside potential. The largest tenants at the Property, leasing at least a whole floor, feature 7.8 years of weighted average lease term, while near-term upside is afforded via the lease-up of 26,861 sq. ft. of currently vacant space and the roll-to-market of 82,011 SF of leases expiring over the first 5 years.” explained Lobón.

     

    “The exterior renovations and the to-be-constructed multi-family will dramatically improve the sense of arrival and overall appeal of One Financial Plaza,” added Lee.

    The CBRE Capital Markets team also included Senior Vice President Amy Julian, with CBRE’s Debt & Structured Finance, and Senior Financial Analyst Andrew Chilgren.

     

  • West Palm Office Building Fetches $98 Million

    West Palm Office Building Fetches $98 Million

    Crocker Partners and Greenfield Partners sold the Northbridge Centre in downtown West Palm Beach for $98 million, marking one of the largest office sales in the city’s history.

    The partnership sold the 294,000-square-foot Class A office tower for $333 per square foot to Chicago-based Vanderbilt Office Properties and New York-based C-III Capital Partners, records show. The property is located at 515 North Flagler Drive.

    Boca Raton-based Crocker Partners bought the office property in a joint venture with Westport, Connecticut-based Greenfield Partners for $68 million in 2016. The joint venture then spent $15 million on renovations, including adding a new conference center, a cafe and a barista bar as well as upgrading the common areas and lobby.

    The building is known to locals as the “Darth Vader building” because of its dark windows.

    CBRE’s Chris Lee and Jose Lobon brokered the sale.

    Brett Reese of Crocker Partners said that when the partners purchased the building rents averaged about $20 per square foot, but rents now range up to $42 per square foot due to the renovations. Reese said he’s also seen a change in the tenant mix as West Palm Beach has evolved to become more of a destination for investment managers and private equity firms.

    “Since we renovated, we brought in over 10 new family offices and private equity [firms] to the building,” Reese said. “Historically it has been a building where lawyers have gravitated to given its proximity to the courthouse. It’s now changed. We are seeing more financial services.”

     

    Source:  The Real Deal

  • Downtown Fort Lauderdale Office Tower Trades For $108.5 Million

    Downtown Fort Lauderdale Office Tower Trades For $108.5 Million

    1 East Broward Owner, LLC, a joint venture between affiliates of NAI/Merin Hunter Codman and PCCP, LLC, has acquired 1 East Broward, a Class A office tower in downtown Fort Lauderdale for $108,500,000.

    The CBRE Capital Markets team facilitated the sale of the 19-story, 351,705 square foot, institutional-quality office building on behalf of the seller, Ivy Realty.

    Additionally, the CBRE Debt & Structured Finance team arranged acquisition financing of $77,465,500 with SunTrust Bank on behalf of the buyer. Vice Chairman, Christian Lee and Senior Vice President, José Lobón of CBRE oversaw the transaction on the sale effort, and First Vice President Amy Julian oversaw the financing for CBRE, working with Chief Financial Officer Dung Lam and Acquisitions Director Corey Winsett on behalf of NAI/Merin Hunter Codman. The CBRE team also included Senior Financial Analyst Andrew Chilgren. Rebecca M. Cox, SunTrust Senior Vice President, provided the financing. Kapp Morrison LLP provided legal counsel to the seller and Shutts and Bowen provided legal counsel to the buyer.

    The property is located on the northeast corner of Broward Boulevard and Andrews Avenue, in the heart of Fort Lauderdale’s rapidly expanding downtown, across from the new Brightline Rail Station. The 91% leased property includes a 19-story building and a 5-story building that are connected by a covered sky bridge to a 4-story parking structure that provides the office tenants with 772 covered parking spaces. The property recently received an extensive renovation with over $4.9 million invested since the beginning of 2013 and serves as the new U.S. headquarters for KEMET Corporation, a leading publicly-traded global supplier of electronic components. KEMET recently relocated its corporate headquarters from Greenville, SC to 1 East Broward bringing 150 additional jobs to the Fort Lauderdale CBD. KEMET joins several leading law firms who have corporate and regional headquarters at 1 East Broward including Becker & Poliakoff, Quintairos, Prieto, Wood & Boyer, P.A., McGlinchey Stafford and Hinshaw & Culbertson LLP.

    The purchaser of the property, 1 East Broward Owner, LLC is a joint venture between affiliates of NAI/Merin Hunter Codman, Inc. and PCCP, a real estate finance and investment management firm, based in New York and San Francisco that has over $6.5 billion in assets under management on behalf of institutional investors.

    Jordan Paul, CEO of NAI/Merin Hunter Codman stated, “We are excited to form this venture with PCCP. Fort Lauderdale is transforming into one of the great live, work, play environments in the United States and 1 East Broward enjoys a unique position within the marketplace. NAI/Merin Hunter Codman and PCCP plan to continue improving the property to solidify its position as one of downtown Fort Lauderdale’s premier corporate addresses and we appreciate that SunTrust was able to provide us with a loan that allows for flexibility in achieving this goal.”

    NAI/Merin Hunter Codman will take over property management and leasing at 1 East Broward.

    NAI/Merin Hunter Codman Chairman, Neil Merin who will oversee the leasing team with NAI/Merin Hunter Codman Commercial Associate Max Pawk stated, “With its strategic location adjacent to the Brightline Rail Station, the Federal Courthouse and within walking distance of both Las Olas Boulevard and all of the exciting new residential and cultural development taking place in Flagler Village, 1 East Broward offers its tenants an ideal corporate home with easy access to everything that is happening in Fort Lauderdale and South Florida.”

    Christian Lee, Vice Chairman of CBRE Capital Markets stated, “Ivy did an outstanding job executing its business plan and creating value at 1 East Broward. By virtue of the 20% rent growth we have witnessed in Downtown Fort Lauderdale since 2014, every building in the CBD affords significant upside potential as leases expire and we expect that the new ownership group will be able to continue to enhance the building and benefit from the exciting growth taking place in Fort Lauderdale.”

    Jose Lobon, Senior Vice President, CBRE Capital Markets added, “1 East Broward has benefited tremendously from its location in the burgeoning Flagler Village neighborhood of Downtown Fort Lauderdale. Not only is it the closest office tower to the recently opened Brightline train station, but it is also at the gateway to the CBD’s youngest and hippest enclave which has seen a generational transformation over the last decade, including 6,415 new multifamily units, as well as numerous art galleries, restaurants, and amenities.”

  • The Forum Office Buildings Trade In $22.5 Million Deal

    The Forum Office Buildings Trade In $22.5 Million Deal

    CBRE arranged the sale of The Forum in West Palm Beach.

    The 185,089 sq.ft. property, consisting of two multi-tenant office buildings and a four-story structured parking garage, is located at 1665 Palm Beach Lakes Blvd.

    A subsidiary of Triarch Capital Group acquired the property for $22.5 million.

    CBRE’s Miami-based Capital Markets team facilitated the sale on behalf of the seller, Crimson Peak and Panther Capital Management. Vice Chairman Christian Lee oversaw the transaction alongside Senior Vice President José Lobón and Vice President Amy Julian. The Capital Markets team representing the seller also included Financial Analysts Marcos Minaya and Joseph Chick.

    Neil Merin of NAI/Merin Hunter Codman and Jonathan Kingsley of Colliers also worked on the transaction.

    “The Forum features unparalleled connectivity to Interstate 95, great access to West Palm Beach’s major transportation hubs, the highest covered parking ratio among its peers and an unrivaled amenity base that includes an on-site hotel that will become the winter home to the Houston Astros,” said Christian Lee, vice chairman, CBRE Capital Markets.

    Located a half mile east of Interstate 95, the property offers tremendous transportation dynamics–over half of South Florida’s 6 million residents live within a one-hour drive from the property. Additionally, the property is adjacent to the Palm Beach Outlet mall.

    “The West Palm Beach submarket has seen five straight years of positive net absorption resulting in a 670-basis point decline in vacancy and 18% market rent growth,” commented José Lobón, Senior Vice President, CBRE Capital Markets. “Combined with a lack of any new office construction underway in the submarket, the outlook is positive for further vacancy decline and market rent growth.”

     

  • Boca Raton Office Complex Has New Owner

    Boca Raton Office Complex Has New Owner

    Fountain Square, a 241,000-square-foot office complex in Boca Raton, traded for $54.5 million — a 47 percent increase over what it sold for three years ago.

    Bridge Investment Group Partners of Sandy, UT bought the three-building development at 2600, 2650 and 2700 N. Military Trail from a joint venture between affiliates of Contrarian Capital Management LLC of Greenwich, CT, and NAI/Merin Hunter Codman in West Palm Beach.

    The sellers bought the property for $37 million in 2014 from JP Morgan, which paid $63.5 million in 2007.

    NAI launched a multimillion dollar capital improvement program to upgrade common areas and tenant suites. That resulted in more than 100,000 square feet of leases in the past two years and boosted occupancy from 62 percent to 90 percent.

    The owners filled the building by negotiating leases for $15 and $16 per square foot, according to Neil Merin, chairman of NAI Merin Hunter Codman. He said rents today are in the range of $22 to $23 per square foot.

    “It’s a real marker for the recovery of values in Florida,” Merin told CoStar News. “We did well — no doubt about it.”

     

    Gil Tenzer, portfolio manager and director of real estate investments at Contrarian, said, “Fountain Square represents our commitment to partnering with local operators to invest in and turn around under-performing assets with high potential.”

    Christian Lee and Jose Lobon of CBRE and Neil Merin, of NAI Merin Hunter Codman, represented the seller. The buyer did not have representation.

     

    Source:  CoStar

  • Downtown Fort Lauderdale Office Tower Trades For $282 PSF

    Downtown Fort Lauderdale Office Tower Trades For $282 PSF

    After only two years carrying the property, Brookwood Financial Partners has sold Fort Lauderdale’s Plaza 100 office building for $46.5 — $14 million more than what the company originally paid.

    Brookwood, which is headquartered in Massachusetts, just sold its 330,747-square-foot property to an affiliate of Zurich Asset Management, an alternative investment division of the international Zurich Insurance Group, records show.

    The 11-story building is located at 100 Northeast Third Avenue in downtown Fort Lauderdale. Its square footage is split by offices with 165,000 square feet of leasable space and a garage with roughly 580 parking spaces.

    According to data from the CoStar Group, it is 92.5 percent leased, with asking rents averaging $23.5 per square foot, triple net. Notable tenants include Comerica Bank, which has its signage displayed prominently on the building, and financial consulting firm RSM McGladrey.

    Brookwood came onto the scene in 2014 when it paid $32.5 million to buy Plaza 100 from an affiliate of Accesso Partners, according to county records. Accesso had paid $20.8 million four years earlier.

    The Massachusetts private equity company’s purchase price had broken down to nearly $197 per square foot. Now, the company has raked in just under $282 per foot.

    CBRE’s Christian Lee, Jose Lobon, Amy Julian and Marcos Minaya marketed the property on behalf of Brookwood.

    According to its website, Brookwood has built a portfolio worth $2.2 billion since launching in 1993. Office properties in central business districts like Plaza 100 make up a relatively small chunk of Brookwood’s real estate purchases, equating to about 8 percent of its portfolio.

    The Plaza 100 sale also came sooner than Brookwood’s typical holding period, which lasts three to five years under its current strategy.

     

    Source:  The Real Deal