Tag Archive for: butters

Butters, PEBB Enterprises Acquire Boca Raton Office Buildings

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Butters Construction & Development, Inc. and PEBB Enterprises announced the successful acquisition of two office buildings located at 2000 Glades Road and 1951 Wyndham Way in Boca Raton for $26.15 million, equating to more than $438 per square foot.

The transaction marks the first partnership between the two firms.

The two multi-tenant office buildings total 59,667 square feet in one of Boca Raton’s busiest business corridors. The buildings are currently 75% occupied, presenting significant upside potential through a targeted capital improvement program and a focused, aggressive leasing strategy aimed at capturing mark-to-market opportunities.

Butters and PEBB plan to enhance the buildings through strategic upgrades and repositioning efforts designed to attract new tenants and elevate the overall tenant experience. The partnership will leverage both firms’ deep local expertise and operational capabilities to maximize the value of the asset.

Butters brings a longstanding track record to the partnership, having built more than 28 million square feet of commercial real estate valued at over $5 billion during its 36-year history. The company has developed a wide range of office, industrial and mixed-use projects throughout South Florida and beyond.

“Partnering with PEBB on this acquisition represents a natural alignment between two firms that share a long-term vision for Boca Raton,” said Malcolm Butters, President and Co-Founder of Butters Construction & Development, Inc. “This is a well-located asset with strong fundamentals and compelling upside. We see a clear opportunity to enhance the property and capture demand from tenants seeking high-quality office space in this market.”

PEBB is one of South Florida’s most active commercial real estate investment and development firms, with a long track record of acquiring, repositioning and developing assets throughout Boca Raton and the broader South Florida market. Over the past decade alone, PEBB has completed more than 5 million square feet of transactions representing more than $3 billion in value.

“This acquisition shows our continued conviction in Boca Raton as a premier office market,” said Ian Weiner, CEO of PEBB Enterprises. “With strong demographics, limited new supply and increased leasing activity, we believe this property is well-positioned for long-term growth. We are excited to partner with Butters on our first transaction together and unlock the full potential of this asset.”

 

“This is exactly the type of opportunity we are focused on – well-located assets where we can apply a disciplined capital program and leasing strategy to create value,” said Eric Hochman, Chief Investment Officer of PEBB Enterprises. “Boca Raton continues to show strong demand fundamentals, and we see a clear path to improving both tenancy and overall performance at the property.”

Abanca provided acquisition financing for the transaction, supporting the partnership’s business plan.

Douglas Mandel of Marcus & Millichap’s Institutional Property Advisors division, along with Zach Levine and Cody Hershey, brokered the sale on behalf of the seller, BOA 520 LLC. Christopher Staller of Nelson Mullins Riley & Scarborough LLP represented the buyers in the transaction.

Butters Picks Up Boca Office Complex For $21 Million

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Butters just paid $21 million for a three-building office complex in Boca Raton, marking the real estate firm’s third acquisition in the Palm Beach County office market in the past year.

A Butters affiliate, BREF 1900 LLC, bought the 120,000-square-foot office complex at 1900-2000 Northwest Corporate Boulevard, off Glades Road and I-95, the company said. The price equates to $175 per square foot.

Records show the seller is New York-based DRA Advisors, which had paid $19 million for the property in 2008.

CBRE brokered the deal.

“There was no asking price,” said Adam Vaisman, director of acquisitions for Coconut Creek-based Butter. “Bids came in and we ended up being selected.”

Vaisman said the three buildings are currently 78 percent occupied, with tenants including Garda World; Rogers & Cowan; Milber Makris, Plousadis & Seiden; Katz & Associates and Pinkerton. The buildings have covered parking.

He said Butters plans to invest $3 million in the complex, with a goal of bringing it up from Class C to Class B, and allowing the company to raise rents by a few dollars to the low $20s per square foot. Vaisman declined to provide the buildings’ exact current lease terms. Planned capital improvements include modernizing the exterior, entrance and corridors with new carpeting, tile, paint and fixtures, as well as enhancing the landscaping.

“In the Class A market, the asking rents are upper $20s, $30s net, and we feel there is a gap between that class’s rents and the Class B rents, and we can take advantage of that,” Vaisman said. “We can raise the rents by investing some money in the buildings.”

During the past 10 months, Butters also purchased 851 Broken Sound for $6.125 million in May and 3010 Military Trail for $4.6 million in October, bringing its total office acquisition in Boca Raton to 210,000 square feet and $31.7 million.

“We just like office product in this market,” he said. “No one is building it and you can buy it below replacement cost.”

Overall in Palm Beach County, demand for office space is high, according to an Avison Young report released early this year. New construction is expected in West Palm Beach this year, such as the Gardens Innovation Center, which incorporates green building features.

 

Source:  The Real Deal

Peter Sheridan And JLL Part Ways

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Peter Sheridan has left JLL and has joined Liberty Property Trust effective May 5th.

Reportedly, Sheridan will be tasked to handle leasing activity for Liberty’s assets from the Cypress Creek market South including transactions at Miami International Tradeport.

Liberty Property Trust acquired 126 acres in Miami-Dade County in late 2011 for the development of  Miami International Tradeport in conjunction with Butters Construction & Development.

With an anticipated 1.6 million square feet of new institutional-grade warehouse and distribution space planned, Miami International Tradeport (MIT) is expected to add $135 million in value to Miami-Dade County’s tax base and create 4,000 new construction jobs with 2,000 full-time jobs upon completion.

Peter joined JLL in 2011 as Senior Vice President in Agency Leasing.

He previously worked for Premier Commercial Realty as President where he reported directly to the owners of the company regarding marketing, leasing, acquisition, management, design, and development of properties. Previous to that he worked for The Hogan Group as Regional Vice President and for Colliers International as Senior Vice President.

Peter is a member of NAIOP and holds his Florida Real Estate Brokers and Mortgage Brokers Licenses. He earned his Bachelor of Arts in Economics from Wabash College.

 

Butters To Convert Deerfield Golf Course To Business Park

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The Deerfield Country Club is set to be redeveloped into a business park.

Hillsboro Technology ParkButters Construction plans to build the Hillsboro Technology Park, a 750,000-square-foot business park on the 74-acre golf course. The park would include 450,000 square feet of industrial space and 300,000 square feet of offices. As many as 1,500 employees could work on the site near I-95 and Hillsboro Boulevard.

Hillsboro Technology Park is expected to cater to technology businesses that need distribution space and offices. The city of Deerfield Beach would receive about $1 million in fees and permits and another $1 million in annual tax revenue.

Although Butters’ proposal was met with opposition from residents, Deerfield and Broward County commissioners have approved the zoning change to accommodate the business park.

 

Source:  The Real Deal

 

Butters Inks 90,000 SF Renewal

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Richline Group Inc., a Berkshire Hathaway company, has agreed to a 10-year renewal on 90,000 square feet at 6701 Nob Hill Road. Broker Thomas Viscount, who represented Denver-based landlord Industrial Income Trust Inc., announced the transaction Friday.

The lease is valued at $7.7 million, according to Viscount, senior vice president at Butters Realty and Management LLC of Coconut Creek.

Formed in 2007, Richline manufactures and distributes necklaces, bracelets, earrings, rings and other items to thousands of jewelry outlets, according to its website. In addition to the Tamarac facility, the company has offices in Burbank, California, New York and Warwick, Rhode Island.

Jones Lang LaSalle Inc. senior vice president Nick Wigoda represented Richline.

 

Source: DBR

One For The “Dang, That Was Quick” Files

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Just two weeks after joining McCraney Property Company (MPC) as Vice President of Leasing, Darcie Lunsford has made an abrupt exit and returned to Butters, where she previously served as Director of Business Development and Marketing with Butters Group since April, 2011.

Prior to her career in commercial real estate, Lunsford spent more than two decades as a print and broadcast journalist; the last 14 she covered the commercial real estate and the economy both as a reporter and editor for the South Florida Business Journal, and Daily Business Review.