Tag Archive for: colliers

Cresa Expands Florida Footprint With New Boca Raton Office

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Cresa has opened its newest office in Boca Raton, located at 6111 Broken Sound Parkway NW.

Located in central Boca Raton, the new office encompasses approximately 2,000 SF and further enhances the firm’s presence across South Florida. Bob Schneiderman, Managing Principal (previously the Executive Managing Director of Colliers), will head up the office and plans to hire additional advisors and team members to expand the office.

“Bob brings a wealth of market intelligence and client connections to the firm, having served clients locally and around the globe for decades. He is a consummate professional and is a significant addition to our growing Florida operation and advisory platform nationally. We are thrilled to welcome him to Cresa,” said Tim Rivers, Cresa Market Lead – Florida.  

Cresa advocates for tenants in the professional services, technology, supply chain, healthcare, and additional sectors driving significant economic growth throughout the state. Notably, the firm’s Miami office completed 136 projects in 2022 alone, totaling $160 million in transactions.

 

FirstService Residential Signs 65,000-SF Lease For Long-Awaited New Regional Headquarters

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Colliers‘ Executive Vice President Robert Listokin negotiated a long-term lease on behalf of FirstService Residential for 65,430 square feet of office space in Plantation Commerce Center.

Cushman and Wakefield’s Travis Herring and Chase Kulp represented the landlord, WPIP Plantation Properties, LLC., in the deal. The four-story Class A office building is located at 1601 SW 80th Terrace in Plantation.

“The search for their southeastern U.S. headquarters has been years in the making and we’re pleased to have assisted them throughout the process of finding a suitable space,” said Listokin. “This opportunity will allow them to migrate their operations to a soon-to-be renovated and highly-accessible location that fulfilled their needs.”

The 120,923-square-foot office building features lake views, is strategically located within a 10-minute drive from Ft. Lauderdale-Hollywood International Airport and provides abundant parking with a 5.5/1,000 SF ratio. The property also offers prime building signage fronting I-595 which FirstService will be utilizing. FirstService will become the largest tenant at the property as they will occupy over two floors in the building starting in April of next year. The lease brings the property to approximately 85% occupancy as it undergoes major renovations. Ownership is currently renovating all common areas of the building, including the main lobby, corridors, elevators, and restrooms.

“As we began to witness business and markets returning to normalcy post-pandemic, we worked diligently to find them the best fit for their requirements,” said Listokin. “Our strategic search was on a timely basis since the migration of their operations also involved the recent sale of their 40,000 SF property in Boca Raton,” which Listokin also facilitated.

FirstService Residential is North America’s most prominent property management leader, partnering with more than 8,500 communities in neighborhoods across the U.S. and Canada. Their expertise includes providing exceptional property services to condominiums, cooperatives, and single-family communities; master-planned, lifestyle, and active adult communities; and mixed-use rental properties. HOAs, community associations, condos, and strata corporations rely on their extensive experience, resources, and expertise to maximize property values and enhance residents’ lifestyles.

The Broward County office market has continued its recovery in the second quarter of 2022, fueled by steady tenant demand and population growth. Heavy leasing activity was seen throughout the market, with approximately 2.1 million square feet leased in the county, and more than 134,000 square feet leased year-to-date in the Plantation submarket. As a result, the vacancy rate in Plantation dropped to 12.7%, a 20-basis point decrease quarter-over-quarter. Additionally, the Plantation office rental rate has increased 2.8 percent year-over-year to $34.27 per square foot. With ongoing favorable market conditions and limited new construction, Plantation’s office market is expected to remain strong throughout the remainder of 2022.

The FirstService Residential deal was the largest lease signed in Broward County in the second quarter of the year.

 

Recession Threatens To Slow South Florida’s Booming Office Market

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Office deals in South Florida appear to have slowed as companies reassess their growth strategies, a Colliers broker told the Business Journal.

Mark Rubin, executive managing director of Colliers’ Boca Raton office, said some companies are rethinking their expansions due to inflation and a looming recession.

“New office requests have been tempered a little bit,” Rubin said.

It’s a national trend that seems to have just arrived in South Florida, where quality office space is in limited supply. Nevertheless, there has been “a little bit of a pause” locally, he said.

“This started right before the summer with interest rates,” Rubin said. “The cost of capital went up. I don’t think there’s a significant slowdown. I think there has been a lot more reflection and readjustment.”

He’s optimistic that there will be a “little more action” after Labor Day.

“We are anticipating a strong fourth quarter in the form of sales and leasing,” Rubin said.

South Florida’s commercial market has benefitted from the migration of wealthy individuals to the region from other states. This trend accelerated during the height of the pandemic due to the regions decent weather, absence of Covid-19 regulations, and lack of a state income tax. In the office sector, rents have increased in all three counties as more out-of-state companies seek to open satellite branches in the region.

Kevin Gonzalez, senior managing director of Miami’s Colliers office, said that the Miami-Dade office market is benefitting most as out-of-state companies expand to Miami.

“The Citadel news will continue to feed the momentum that we have already been seeing,” Gonzalez said, referring to the news that billionaire Ken Griffin will move the headquarters of his Citadel companies from Chicago to the Magic City.

That’s clear in the rents office landlords are asking from tenants.

In Broward County, average asking rents were $37.06 a square foot in the second quarter, a 7.5% increase from the previous year, and a 21.5% hike from 2019. Broward’s vacancy fell by one percentage point in the span of a year to 11.7%, but it was still higher than the pre-pandemic vacancy rate of 9.4%.

Jonathan Kingsley, executive VP of Colliers’ Fort Lauderdale office, said there was robust leasing activity in the second quarter for most of Broward.

However, several call centers in the Southwest Broward and Sawgrass Park area shrank their offices or closed down entirely as they either moved employees overseas or had them work remotely, Kingsley said. In those areas, vacancy rates climbed as high as 18.3%, according to Colliers’ figures.

in Palm Beach County, the second quarter vacancy rate of 9.1% was actually lower than before the pandemic. In the second quarter of 2019, 9.6% of Palm Beach County’s office space stood empty. The average asking rents of $39.24 in the second quarter were 9.1% higher than last year, and 22% higher than rents requested in 2019.

Rubin said that vacancies in Palm Beach County are limited to older buildings. The newer buildings, mainly in downtown West Palm Beach, are targeting companies from New York and California that “are used to paying $75 to almost $100 triple net rates.”

That’s caused other office tenants to explore suburban markets outside of downtown West Palm Beach, where rents are comparatively cheaper. But those rents are generally going up as well, Rubin said.

“We got strong demand. We got limited new supply and that’s obviously pushing rental rates significantly across the board,” Rubin said.

 

Source:  SFBJ

 

Office, Retail Complex In Boca Raton Sells For $12.65 Million

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A California buyer, Brickstar Capital, has closed on the acquisition of Spanish River Plaza, located at 500 NE Spanish River Boulevard in Boca Raton.

Executive Managing Director Mark M. Rubin and Director Bastian Laggerbauer of Colliers | South Florida Investment Services Team represented the seller, Chart Organization, a real estate investment and management company based in Lynbrook, NY, in the transaction totaling $12.65 million.

“The South Florida investment market continues to achieve record pricing as opportunities to acquire solid performing properties in highly desirable locations become more limited,” said Rubin. “Investor demand remains strong and is fueled by the rising rental rates and continued low financing which captivates interest from investor groups from all over the country.”

The 56,034-square-foot office and retail complex is situated on nearly 4.5 acres directly at the intersection of South Federal Highway and Northeast Spanish River Boulevard and one block away from North Dixie Highway. The complex benefits from the newly enhanced Spanish River interchange and the potential for additional development in the future.

“The buyer has experience acquiring similar mixed-use assets and has a creative repositioning strategy planned for the complex that will appeal to the affluent demographics in Boca Raton,” said Laggerbauer.

South Florida’s growing population and accelerated pandemic recovery continue to push rental rates and capture the attention of investors. Mixed-use investors are particularly attracted to Boca Raton’s affluent population, having an average household income of nearly $124,000. This has led to record sale pricing and volume in Boca Raton, with office sale volume reaching $926.5 million for the year 2021. The average sales price for office space is currently $300 per square foot and over $330 per square foot for retail space. Additionally, the average rental rate for office space in Boca Raton has increased 6.6 percent year-over-year while the average rental rate for retail space has increased 10.2 percent year-over-year.

 

Colliers Appoints Respected Industry Vet To Lead South Florida Brokerage

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Colliers | U.S. announced that Julie Northcutt-Dunn has joined the firm as Executive Managing Director and Market Leader for the company’s business in South Florida, which includes offices in Miami, Fort Lauderdale, Boca Raton and West Palm Beach.

In her new role, Julie will directly oversee all Brokerage operations and service lines in South Florida with a focus on new business development, talent recruitment, talent retention and marketing. She will report to Ryan Kratz, President, Southeast Region | U.S. Brokerage. Kratz will remain in the South Florida market and a key member of the company’s U.S. Leadership Team. He is one of Colliers’ four Regional Presidents as he oversees 20 offices throughout the Southeast and parts of the Midwest.

“I couldn’t be more excited to join the enterprising team at Colliers during a time when our business in South Florida is thriving,” said Northcutt-Dunn. “In partnership with our deep bench of local talent and regional and national leadership, I am confident Colliers will continue to grow throughout the region.”

Northcutt-Dunn brings more than 15 years of industry experience to Colliers, most recently as Regional Sales Director of CBRE’s Midwest Division, where she filled two valuable roles: Sales Management Leader and interim Managing Director of Corporate Client Solutions. Prior to her work at CBRE, Julie held executive leadership roles in the financial services industry, including as Senior Vice President, Mortgage Executive at Fifth Third Bank.

Under Kratz’s leadership, Colliers has significantly strengthened its influence in the South Florida market. The firm acquired strategically positioned brokerage and property management firms such as Continental Real Estate Companies (CREC), with a focus on retail, and Michael Falk & Co., with a focus on office and industrial in Palm Beach county. During the same time, a number of notable professionals joined the Colliers team including Jonathan Carter, Dave Preston, Nikki Traff, Keith Edelman, Scott Goldstein, and Mark Rubin. In 2019, Kratz hired Greg Main-Baillie to lead Colliers’s fast-growing Development Services project and construction management operation.

“As the Market Leader for Colliers’ 75-broker South Florida operation for the last two years, I know that the business has grown to the size and service line complexity that requires full time market leadership by a top-tier professional,” Kratz said. “Julie’s unique, entrepreneurial spirit matches our Colliers values perfectly, and under her experienced leadership, I expect Colliers to continue to increase market share and attract top talent.”

 

Colliers International Florida Continues Expansion With Addition Of Seasoned Investment Sales Broker

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Colliers International Florida announced that Mark M. Rubin has joined the firm as Executive Managing Director based in South Florida. In this role, Rubin will focus on office, industrial, and land investment sales based from the firm’s Boca Raton office.

“As Colliers continues to grow throughout South Florida, Mark is a welcome addition to our capital markets investment sales team,” said Ryan Kratz, President of Colliers International South Florida’s Southeast Region.

Rubin has participated in over $2.5 billion of transactions across all asset classes over the course of his 28-year career. His impressive roster of clients includes institutional investors, high net worth private clients, developers, special servicers, financial institutions and offshore investors in South Florida and beyond. He has earned numerous industry awards and recognitions, including being named a “Heavy Hitter in Commercial Real Estate” by the South Florida Business Journal, NAIOP Broker of the Year finalist and a “Power Broker” by CoStar.

Rubin is an active member of NAIOP, the Business Development Board of Palm Beach County and Leadership Palm Beach County and serves on the advisory board of the Florida Atlantic University Hockey Club.

“I am excited to join Colliers International’s dynamic team of real estate professionals,” said Rubin. “Colliers’ extensive national and international platform will greatly benefit my clients, and I look forward to contributing to the overall success and growth of the company.”

Prior to joining Colliers, Rubin served as a Principal of Avison Young and member of its Florida Capital Markets team. He previously held senior leadership positions with Newmark Knight Frank, Amerivest Group, Savills Studley and JLL.

Rubin earned a Bachelor of Commerce in Administrative Management degree from Concordia University in Montreal and obtained a Master of Science in Real Estate Development and Investment from the Shack Institute at New York University.