Tag Archive for: mark rubin

Colliers Facilitates Sale Of Palm Beach Gardens Office Building

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Colliers announced the sale of 4440 PGA Boulevard, a six-story, Class A office building located in Palm Beach Gardens in an off-market transaction.

Colliers Executive Vice President Gary A. Gottlieb partnered with Executive Vice President Mark M. Rubin, Senior Vice President Bastian Schauer, and Associate Ryan Buckner of the South Florida Investment Services Team to represent the seller, Narragansett Realty II, LLC. PGA OFFICE LLC purchased the property for $15,850,000.

“This sale reflects the sustained demand for high-quality office assets in Palm Beach Gardens,” said Gottlieb. “It’s been a privilege working with the family ownership – a relationship that spans more than 30 years and multiple generations. A special thank you to the South Florida Investment Services Team who provided invaluable guidance throughout the process.”

 

“In today’s dynamic sales environment, it’s encouraging to see continued investor demand for high quality office buildings in strategic locations,” said Rubin. “Bastian and I always enjoy the great collaboration with Gary!”

Strategically located in the heart of Palm Beach Gardens, 4440 PGA is a 47,000-square-foot office building that features a classic design and prime accessibility. Initially built in 1979, the building has undergone continuous updates over the years, including a significant renovation in 2022. 4440 PGA features a newly renovated lobby and secure garage parking. Prominently positioned at the corner of PGA Boulevard and Military Trail, the property offers seamless connectivity to the region from its proximity to Florida’s Turnpike and Interstate 95. Tenants benefit from proximity to top-tier amenities such as The Gardens Mall and numerous dining options.

MOB Trades For $577 PSF In Delray Beach

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Colliers announced the sale of a fully leased medical office building for $9.67 million.

The state-of-the-art surgery center is located at 6646 W Atlantic Avenue in Delray Beach.

Colliers Executive Vice President Mark M. Rubin and Senior Vice President Bastian Schauer of the South Florida Investment Services Team collaborated with Executive Vice President Gary A. Gottlieb in representing the seller in the transaction. The buyer, Alliance Consolidated Group of Companies, LLC., was self-represented in the deal.

“With strong demand in the medical office market throughout Palm Beach County, this deal presented a compelling opportunity, supported by strong long-term tenancy in a vibrant market,” said Rubin.

The ±16,761-square-foot medical office building underwent a comprehensive renovation in 2020, transforming it into a modern healthcare facility. As part of this upgrade, a top-tier multi-specialty surgery center was added, featuring two fully equipped operating rooms and three treatment rooms. Additional capital improvements included a new HVAC system and a complete renovation of the common areas, enhancing operational efficiency and patient comfort. The building is fully occupied, with a reputable multi-specialty physician group anchoring the first floor, while the second and third floors are leased to a premier ambulatory healthcare provider.

“Ownership executed an exceptional renovation, successfully repositioning the property as a high-quality medical asset in the market,” said Schauer. “Its modern features, combined with a prime location near Delray Medical Center, offer direct access to top-tier healthcare services in a market defined by limited supply and growing demand.”

The surgery center is ideally situated in one of South Florida’s most desired and rapidly growing healthcare markets. It boasts direct frontage along Atlantic Avenue, a central east-west corridor with visibility to 41,500 vehicles per day. The property offers seamless access to Florida’s Turnpike and Interstate 95, facilitating connectivity to key healthcare hubs. Additionally, it’s well positioned for accessibility, with Palm Beach International Airport only 25 minutes away and the Fort Lauderdale Central Business District within a 35-minute drive, making it a convenient destination for patients and providers alike.

Palm Beach County’s medical office market remains a prime choice for investors, driven by strong fundamentals, high occupancy, and rising rents. Medical office properties continue outperforming other asset classes, with a 94% occupancy rate and rents surging 23.5% over the past five years. The sector has remained resilient amid economic shifts, supported by steady in-migration and increasing demand for healthcare services. This was reflected in the sale of this premier medical office surgery center at a record-breaking $577 per square foot, far exceeding the county’s 2024 average of $279 per square foot.

Margate Seeks Developer For Massive Mixed-Use Project With Plans For Nearly 1MSF Of Office Space

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A fresh call for ideas has been released by Margate’s Community Redevelopment Agency for developers to revitalize up to 51.38 acres of land that is held by the public.

A statement from Colliers and the city states that the 27 non-contiguous lots are designated for 980 residential units, 500 hotel rooms, 1.28 million square feet of retail space, 861,331 square feet of office space, and 309,659 square feet of industrial space.

According to Ken Krasnow, vice chair of institutional investor services for Collier’s Florida area, about 34 acres of that collection are undeveloped. This includes the 17-acre property that was formerly home to the Lake Shore Swap Shop at 1000 N. State Road 7.

Krasnow, along with Colliers brokers Brooke Mosier, Bastian Schauer, and Mark Rubin, are assisting Margate’s CRA with the request for proposals (RFP), which officially went out this week.

The CRA owns two commercial complexes among the plots put up for renovation, he continued, along with “various government facilities” like Margate’s city hall and library.

According to Krasnow, the city wants to create a mixed-use neighborhood with retail, dining, and entertainment options—amenities that are scarce in Margate itself. Proposals to build a new city hall, library, and community center are also welcomed.

In order to do this, the city and CRA are looking to enter into a long-term lease agreement with a developer who can offer a well-thought-out city center that can accommodate locals and tourists while adhering to zoning regulations. This includes an eight-story maximum height.

“They want something that has that kind of urban aesthetic,” Krasnow said. “It has to have a walkable feel to it, a downtown environment.”

Margate is open to proposals for some workforce housing as well, but the city is particularly interested in a developer that will build market-rate rentals or condos.

Developers have until August 13 to submit their proposals. On June 25, Colliers will hold a virtual pre-bid conference.

 

Source:  SFBJ

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.

 

Cemex To Downsize, Relocate After $13.4M Office Sale In West Palm Beach

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Cement producer Cemex USA will downsize its office space after selling its building in West Palm Beach for $13.4 million.

The Mexico-based company sold the 65,760-square-foot office complex at 1501 Belvedere Road to District Pointe LLC, a joint venture between Index Investment Group and West Palm Beach-based Verdex Construction. The price equated to $204 per square foot.

Cemex affiliate Rinker Materials constructed the building on the 4.85-acre site just west of downtown in 1983. Cemex was the sole occupant.

According to Colliers International, Cemex is leaving the property in a few months. The company has less need for office space because more people are working virtually, so it will move to a smaller office nearby.

As for the buyers, they will rebrand the building District Pointe, completely renovate it, and reposition it into a multitenant building. Verdex Construction, one of the largest general contractors in South Florida, will occupy a full floor of the building.

Mark M. Rubin and Bastian Laggerbauer of Colliers International represented the buyers, while the sellers worked with Michael Feuerman, Steve Hyatt and Daniel Silver of Berger Commercial Realty.

 

Source:  SFBJ