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Preview: South Florida Commercial Real Estate News From CoStar Group

South Florida Commercial Real Estate News From CoStar Group

CoStar Group, Inc. is the leading provider of information services to commercial real estate property investors and sales professionals in the United States and United Kingdom. CoStar's suite of services offers access to the most comprehensive database of


Palm Beach's Royal Palm Way the Priciest Street for Offices in Florida

Fri, 15 Dec 2017 08:34:15 GMT

A bevy of financial institutions and wealth management companies wanting to be near their well-to-do clients puts Royal Palm Way in Palm Beach, FL among the most expensive streets for office space in the nation, a new analysis shows. Royal Palm ranked No. 9 in a report on most expensive office rents released this week by JLL. The street averages $61.80 per square foot - 51 percent higher than the average asking rent in the market and a 96.1 percent...

Convey Health Triples Fort Lauderdale Space

Thu, 14 Dec 2017 08:48:47 GMT

Convey Health Solutions plans to open a global headquarters and technology hub by tripling its space at One Financial Plaza in downtown Fort Lauderdale, FL. The healthcare technology company is expanding into 33,630 square feet in the 28-story tower at 100 SE 3rd Ave. The move should take place in the second or third quarter of 2018, said Ryan Nunes of JLL, who brokered the deal for Convey. Nunes said the company will relocate some employees...

DHL Renews 100,000-SF Lease in Doral

Thu, 14 Dec 2017 03:04:49 GMT

Global logistics provider DHL has renewed its lease for 100,044 square feet in the Beacon Centre business park in Doral, FL. The renewal keeps the 180,000-square-foot Building 26 at 8400 NW 25th St. fully occupied. The property is part of a four-building, 425,000-square-foot portfolio within Beacon Centre that's owned by institutional investor RREEF. "Beacon Centre is centrally located in Doral, just two miles from the cargo facilities at Miami...

Calypso St. Barth to Liquidate All Stores Nationwide

Thu, 14 Dec 2017 12:22:11 GMT

Luxury women's lifestyle brand Calypso St. Barth is liquidating and closing all of its stores following its bankruptcy filing late last month. Founded on the Caribbean island of Saint Barthélemy in 1992, the luxury lifestyle brand operated 26 boutiques in New York, Georgia, Massachusetts, Colorado, California, Florida, Arizona, Maryland and South Carolina. Valued at a total of $15 million, the inventory of resort wear, home goods, and furniture...

Senior Housing Meets Luxury Living

Wed, 13 Dec 2017 02:45:10 GMT

The first residents at the Atria at Villages of Windsor moved in on Dec. 7 to the $105 million senior housing community in suburban Lake Worth, FL. They'll have access to a salon and barber shop, a full-service restaurant, a pool and fitness center, a movie theater, an auditorium, yoga classes and chauffeured transportation for errands and other trips. "You'll never be busier not lifting a finger," the website tells prospective renters. Atria...

Technology Company Moving to Downtown Fort Lauderdale

Wed, 13 Dec 2017 02:18:51 GMT

KEMET Corp., a South Carolina-based technology manufacturer, plans to move its U.S. headquarters into 64,000 square feet at 1 E. Broward Blvd. in downtown Fort Lauderdale, FL. The company expects to relocate 150 employees from Simpsonville, SC to the 4-Star building in the first quarter of 2018. KEMET operates 23 production plants in Europe, North America and Asia, and employs 10,420 people worldwide. KEMET initially agreed to take about 51...

Multifamily Assets Give South Florida Investors a 'Solid, Secure Feeling'

Fri, 08 Dec 2017 09:42:23 GMT

Multifamily sales volume in South Florida for 2017 likely won’t reach the dizzying heights of a year ago, but brokers and analysts expect investor demand for rental properties to remain strong in 2018 and beyond. As of early December, 709 sales in Palm Beach, Broward and Miami-Dade Counties totaled $4.25 billion, compared with 755 sales and $6.3 billion in 2016, according to CoStar data. The dollar volume and number of transactions climbed steadily...

Nunes Joins JLL as EVP for Broward, Palm Beach Offices

Wed, 06 Dec 2017 08:55:41 GMT

JLL has hired former CBRE vice president Ryan Nunes as executive vice president for its two offices in Broward and Palm Beach Counties. The firm said Nunes will work with JLL managing directors Alan Kleber and Matthew Goodman in advising corporate clients and executing deals. He will also serve as a member of the firm's Leadership Council. Prior to joining JLL, Nunes was a vice president at CBRE for five years, where he provided tenant advisory...

Q&A: Foreign Investors See Security in Commercial Real Estate

Wed, 06 Dec 2017 04:43:10 GMT

Alex Zylberglait, a senior managing director of investments for Marcus & Millichap in Miami, has built a niche working with foreign investors in South Florida over the past decade. The native of Argentina said the key is being able to help foreigners overcome cultural barriers. "Being from Latin America myself has allowed me to forge strong relationships with clients," he said. "They're loyal, so if you perform for them, they tend to stick...

Broad and Cassel LLP are Moving Locations in Boca Raton

Tue, 05 Dec 2017 03:54:03 GMT

Law firm Broad and Cassel LLP signed a lease for 16,408 square feet in the Lynn Financial Center building at 1905 NW Corporate Blvd. in Boca Raton, FL. The three-story building totals 85,000 square feet and delivered in 2007 in the Boca Raton West submarket. Broad and Cassel’s lease is on the third floor. Other building tenants include LFC Development and Lumbermens Underwriting Alliance. Greg Martin and Keith O’Donnell with Avison Young...

Goetz Joins Grover Corlew

Tue, 05 Dec 2017 02:48:03 GMT

Laura Goetz joined Grover Corlew as a vice president of property management in the firm's Pompano Beach, FL office. In her new role, Goetz will oversee all property management activities for the firm across a portfolio spanning three states. She will supervise and manage commercial centers as well as coordinate asset improvement projects. Goetz was previously a district property manager for Stiles Property Management in Fort Lauderdale, where...

KPMG Leases 16,000 SF in Miami

Tue, 05 Dec 2017 02:31:53 GMT

KPMG leased 16,926 square feet at the Two Brickell City Centre at 78 SW 7th St. in Miami, FL. Occupancy is scheduled for January. Two Brickell City Centre is a 12-story, 132,280-square-foot office building constructed in 2016 in the Brickell submarket. Stephen Rutchik and Jonathan Kingsley of Colliers International represented KPMG. Janette Driggers was the in-house contact for Swire Properties, Inc.

Las Vegas Firm Signs 20,000-SF Lease in Dania Beach

Mon, 04 Dec 2017 08:02:50 GMT

3G Productions, Inc. has agreed to a 19,913-square-foot lease at Port 95 Business Center in Dania Beach, FL. The Las Vegas-based company will use the space at 2650 SW 36th St. as an equipment warehouse and logistics center. The firm is moving from its only South Florida location at Park Centre Business Park in Miami. 3G specializes in production, audio visual installation and event staffing, sales and rentals. Port 95, a 4-Star warehouse, has...

Ross Furniture Leases 114,000 SF in Miami

Fri, 01 Dec 2017 08:46:59 GMT

Ross Furniture, a family-owned store established in 1958 in central Mississippi, signed a new lease for 114,000 square feet at 6695-6699 NW 36th Ave. in Miami, FL. The single-story industrial building totals 214,604 square feet. It was constructed in 1958 in the Hialeah Industrial submarket. Michael Waite and James Armstrong of Easton & Associates represented the landlord.

$200M Development Seen as Catalyst for Downtown Hollywood, FL

Thu, 30 Nov 2017 07:52:52 GMT

Hollywood Circle, a $200 million, mixed-use development a decade in the making, will be unveiled in stages over the next several months in downtown Hollywood, FL. The first component to be complete in the 25-story, single-building project at 1776 Polk St. will be a 50,000-square-foot Publix grocery store, which is scheduled to open Jan. 25, said Chip Abele, managing director for the developer, Hollywood-based Gold Coast Florida Regional Center...

Hidden Harbour Apartments Sells for $54 Million

Tue, 14 Nov 2017 06:33:11 GMT

Ortsac Properties purchased the Hidden Harbour Apartments at 8800 NW 78th Ct. in Tamarac, FL from Harbour Realty Partners for $54 million, or about $147,000 per unit. The property totals 320,056 square feet and is comprised of 368 units. The property was built in 1988 with renovations in 2007 and is located in the Tamarac multifamily submarket. Avery Klann, Hampton Beebe, Marc deBaptiste, Richard Donnellan and Jonathan Senn with ARA Newmark...

Waterton Associates Pays $59M for District West Gables

Tue, 14 Nov 2017 05:00:59 GMT

Waterton Associates acquired the District West Gables apartment building at 2001 Ludlam Rd. in Miami, FL from Estate Investments Group for $59.04 million, or about $267,000 per unit. Built in 2017, the multifamily property totals 460,280 square feet and is located in the West Miami multifamily submarket. Roberto Pesant of Walker & Dunlop represented the seller, Estate Investment Group. Please see CoStar COMPS #4037538 for more information...

Country Club Plaza Sells for $34.3M

Tue, 14 Nov 2017 04:49:49 GMT

Jamestown LP acquired the Country Club Plaza at 18452-18538 NW 67th Ave. in Miami Gardens, FL from RREEF Management LLC for $34.25 million, or about $340 per square foot. The property is a 100,878-square-foot shopping center constructed in 1985. Mark Gilbert, Adam Feinstein and Mitch Halpern of Cushman & Wakefield represented the seller. The buyer was represented in-house. For additional information, please see CoStar COMPS #4033577.

BHI Energy Leases 17,000 SF in West Palm Beach

Tue, 14 Nov 2017 03:46:52 GMT

BHI Energy signed a 16,693-square-foot lease at 500 Columbia Dr. in West Palm Beach, FL. The single-story, 24,857-square-foot office building was built in 2000 in the West Palm Beach submarket. Kevin Landers of Cushman & Wakefield represented the tenant. Mike Eissey of Paul Hanna Management represented the landlord, J.J.R. Properties.