6 Tenants Sign On For 30,800 SF At Brickell City Tower Lease

Mars Inc. is among the newest group of tenants to sign leases at Brickell City Tower, sources told The Real Deal.

The candy, food and pet food manufacturer signed a new-to- market lease for 7,459 square feet at the Brickell office building, at 80 Southwest Eighth Street. (Mars brands include M&M’s, Skittles, Snickers, Uncle Ben’s Rice and Pedigree pet foods.)

Blanca Commercial Real Estate announced the deal as a “global consumer goods company” but declined to name it.

Danet Linares, vice chair of Blanca, told TRD that the deals show how the building is competing with older buildings directly on Brickell Avenue. She said the leases were signed in the upper $30s per square foot. Class A rents average $50 per square foot, “and that’s seen a nice increase over the past year,” Linares told TRD.

“The center [of Brickell] is shifting over to us because of Brickell City Centre and Mary Brickell Village,” she said.

NextSource Biotechnology, represented by Claudia Splinter of Trajan Investments, also signed a lease for 5,593 square feet. Law firm Beltran Brito is expanding to 3,470 square feet. Salomon, Kanner, Damian & Rodriguez, represented by Darren Campbell of Cushman & Wakefield, renewed its 2,013-square- foot lease and the Rosenfarb Law Firm renewed its 1,265-square- foot deal, according to the announcement. Scott Minchew of Scott Minchew & Company represented Rosenfarb.

The TMF Group, represented by Grant Killingsworth and Shay Pope, also signed a lease for 11,000 square feet, bringing the 288,314-square- foot building to 85.6 percent occupied. TMF is an Amsterdam-based professional services firm.

Linares and Alexander Cahlin of Blanca represented the landlord.

Linares said the commercial brokerage has been handling leasing for Brickell City Tower for about two years. The owners, a joint venture among Banyan Street Capital, Crocker Partners and Independencia Asset Management, closed on a $61 million refinance of the 33-story building in May of last year. The financing was used for renovations to the lobby, elevator and common areas

Candy maker Mars inks sweet lease at Brickell City Tower

Mars and other leases were signed in the upper $30s per square foot

Mars Inc. is among the newest group of tenants to sign leases at Brickell City Tower, sources told The Real Deal.

The candy, food and pet food manufacturer signed a new-to- market lease for 7,459 square feet at the Brickell office building, at 80 Southwest Eighth Street. (Mars brands include M&M’s, Skittles, Snickers, Uncle Ben’s Rice and Pedigree pet foods.)

Blanca Commercial Real Estate announced the deal as a “global consumer goods company” but declined to name it. Danet Linares, vice chair of Blanca, told TRD that the deals show how the building is competing with older buildings directly on Brickell Avenue. She said the leases were signed in the upper $30s per square foot. Class A rents average $50 per square foot, “and that’s seen a nice increase over the past year,” Linares told TRD.

“The center [of Brickell] is shifting over to us because of Brickell City Centre and Mary Brickell Village,” she said.

NextSource Biotechnology, represented by Claudia Splinter of Trajan Investments, also signed a lease for 5,593 square feet. Law firm Beltran Brito is expanding to 3,470 square feet. Salomon, Kanner, Damian & Rodriguez, represented by Darren Campbell of Cushman & Wakefield, renewed its 2,013- square-foot lease and the Rosenfarb Law Firm renewed its 1,265-square- foot deal, according to the announcement. Scott Minchew of Scott Minchew & Company represented Rosenfarb.

The TMF Group, represented by Grant Killingsworth and Shay Pope, also signed a lease for 11,000 square feet, bringing the 288,314-square- foot building to 85.6 percent occupied. TMF is an Amsterdam-based professional services firm.

Linares and Alexander Cahlin of Blanca represented the landlord. Linares said the commercial brokerage has been handling leasing for Brickell City Tower for about two years. The owners, a joint venture among Banyan Street Capital, Crocker Partners and Independencia Asset Management, closed on a $61 million refinance of the 33-story building in May of last year. The financing was used for renovations to the lobby, elevator and common areas. Property records show Brickell City Tower was built in 1986 and includes a 411-space parking garage. Other tenants include Uber, Regus and the South Florida Business Journal.

Eight Office Park Tenants To Create Over 100 Jobs

August 22, 2016

An estimated 113 jobs are expected to be created at the Royal Palm Office Park in Plantation after seven new tenants and one expanding tenant signed leases there over the past six months.

The transactions at 900 and 1000 S. Pine Island Road totaled 28,175 square feet. Blanca Commercial Real Estate’s Tere Blanca, Danet Linares, and Flavia Eternod represented landlord Lincoln Property Co. in the deals.

The most recent lease was for 6,157 square feet with Port Consolidated, which relocated from a space near Port Everglades, Linares said. The floor plate it leased was designed for 25 jobs, Blanca CRE said. Linares said Port Consolidated, a fuel supplier, wanted to upgrade its office space with a new look.

Royal Palm Office Park has amenities such as a free fitness center, shared conference center, training room, cafe, and an outdoor lakeside relaxation space with Wi-Fi and music.

“Tenants like the training room and conference center because they don’t have to utilize their expensive real estate for a conference center that will rarely be used,” said Linares, vice chairman of Blanca CRE. Pediatric Associates of South Florida added 7,500 square feet to the 27,000 square feet it already had in the building. Its floor plate was designed for 55 employees in the expanded space. The medical practice has 28 locations. Chris Coots of Flagler Investment represented Pediatric Associates in the deal.

The other six new tenants to the office park were:

  • Digital marketing company Digital Coco with 3,600 square feet and seven employees. It was represented by Sal Bonsignore of Colliers International.
  • Cleaning products provider Green Earth Supply with 3,010 square feet and nine employees.
  • Norwegian telecommunications company Telenor Global with 2,441 square feet and six employees. It was represented by Charlie Exelbirt of Mattis Advisors.
  • Transamerica Premier Life with 2,227 square feet and four employees. It was represented by SA Commercial.
  • Law firm Adelman & Wagner with 1,839 square feet and four employees. It was represented by Kathryn Gillespie of SVN Commercial Real Estate Advisors.
  • Law firm Frankel & Associates with 1,401 square feet and three employees. It was represented by Eddie Quinon of JLL.

Linares said Royal Palm Office Park, which totals 465,592 square feet, is 92 percent leased.

“Plantation is very centrally located right off Interstate 595,” Linares said. “It has executive and mid-level housing. It’s in the center of the Palm Beach and Miami markets so companies can tap into different employee bases.”

Neighborhood dive: Plantation blooms with development

New projects include Broadstone at Plantation, Invesca’s Strata, Mill Creek’s Cornerstone Corporate Center and redevelopment of Fashion Mall

June 10, 2016

In 1931, potato farmer Frederick Peters escaped the harsh Missouri winter to South Florida, where he purchased 10,000 vacant acres along State Road 441. Peters retained architect Russell Pancoast to come up with a master plan for a city where no house looked alike and two-thirds of the one-acre lots were dedicated to vegetable gardens and fruit trees.

Two decades later, city leaders officially adopted the name Plantation, which honored the community’s agricultural roots.

Today, Plantation is one of Broward County’s booming suburban markets for corporations looking to avoid the congestion of downtown Fort Lauderdale. The city’s major employers include American Express, Motorola, Florida Power and Light, University of Miami Sylvester Cancer Center, Bascom Palmer Eye Institute, DHL, Plantation General Hospital and Westside Regional Medical Center.

Plantation has been able to attract big name tenants to western Broward County by offering the type of amenities that cater to a corporate clientele. For instance, the city is home to the Plantation Preserve Golf Course and Club that features an 18-hole championship golf course with an Everglades-inspired wetlands situated throughout the back nine, and a 55-acre trail that bisects the front and back nines.

Signs of Change

In 2007, unable to recover from the aftermath of Hurricane Katrina and then the economic recession, the Fashion Mall in Plantation shuttered its doors, dealing a major blow to Plantation’s business district. A year later, city officials renamed the area the Plantation Midtown District, and renovated it with brick pavers, widened sidewalks, bicycle paths, bus shelters, pocket parks and street lighting. The efforts soon attracted new commercial development into the city that began with the construction of The Residences at The Fountains, a 251-unit housing complex with 5,000 feet of retail space, located behind The Fountain Shoppes on University Drive.

In 2013, Stiles Corporation completed One Plantation, a luxury apartment complex consisting of two 12-story towers with 321 units, a clubhouse and a parking garage. A year later, the company finished the redevelopment of theUniversity Shoppes which is located adjacent to the apartment complex. Renamed the Shoppes at One Plantation, the center’s tenant roster includes World of Beer, Tijuana Flats, IHOP, Fedex, McDonald’ s, and Xfinity. The entire project is a joint venture with Prudential Real Estate Investors.

“We foresee continuing, strong demand for amenity-rich rental residences just steps away from shopping, dining, services and entertainment,” said Stiles Vice Chairman Douglas Eagon in a statement. “A Stiles partnership acquired the site several years ago, recognizing its potential as a cornerstone location in the city of Plantation’s vision for Midtown.”

In response to the growing demand for amenity-abundant properties, Lincoln Property Group invested more than $4 million in renovations since acquiring Royal Palm Office Park in fall 2014.  Renovations include high-end finishes to common areas, a newly created tenant lounge and fitness center, and an upgraded state-of- the-art conference center.

In the past 12 months, Plantation’s commercial real estate market has seen 15 new companies move into the city, including Virgin Cruises, Movement Mortgage, Camso and Thornton Construction.  Investors are also taking notice of Plantation’s attractiveness, as evidenced by recent sales.

For example, Gramercy Property Trust acquired a two-building office complex totaling 246,549 square feet in March of last year for $52 million, or $211 per square foot. The property, which includes Kaplan University, previously traded for $44 million in 2010. A month later, affiliates of Indianapolis-based Duke Realty sold nine office properties to a partnership between Starwood Capital, Trinity Capital Advisors and Vanderbilt Office Properties for $178.3 million. More recently, Grand Peak Properties purchased a 481-unit community, including apartments and townhomes, called Solero at Plantation for $122.7 million in January, making it the first sale in South Florida exceeding $100 million this year.

Transportation

Plantation does not have its own public transit system. Instead, residents and visitors must rely on Broward County public buses that service the city. Plantation’s main road running north to south is University Drive, which connects to I-595. The main artery running east to west is Broward Boulevard, which can funnel motorists to I-95 and the Florida Turnpike.

Most Expensive Residential Sale

Hawks Landing, 6,841-square- foot home at 380 Sweet Bay Avenue with six bedrooms and seven-and- a-half bathrooms sold for $2.4 million in March

Commercial broker’s take

“In addition to the competitive rates, accessible location and diverse space options, Plantation also offers several amenities including ample residential offerings, a highly educated talent pool, and a top-notch education system, Danet Linares, vice chairman of Blanca Commercial Real Estate said in a statement. “This combination positions Plantation as a favorable option for companies looking to relocate to the South Florida region or those who are looking to expand their workforce with highly educated talent,” Danet Linares of Blanca Commercial Real Estate

Demographic changes from 2000 to 2015

Population: 92,560, up 10% from 2010 and up 15% from 2000

Median age: 38

Median income: $66,886, a 24% increase from 2000

Average household net worth: $577,055

Price trends

Median sales price per square foot: $151, nine percent higher than the rest of Broward County

Increase in average rent over the last year: 22% for a one-bedroom to $1,388; 25% for a two-bedroom to $1,875

Most expensive on the market: Plantation Acres, 6,903 square-foot residence with 8 bedrooms and seven bathrooms for $3.9 million.

Least expensive on the market: Townhouses at Jacaranda Condominiums, 2,080 square-foot residence with four bedrooms and two-and- a-half bathrooms for $102,500.

New development

Since fall of last year, Plantation’s luxury residential market has experienced a flurry of new projects that have either been announced or broken ground. Last October, Arizona-based Alliance picked up a 12-acre property at 6901 West Sunrise Boulevard for $7.5 million using proceeds from a $33 million Wells Fargo loan. Alliance plans to build a 250 garden-style project that surrounds a lake on the property. Called Broadstone at Plantation, it will include a community clubhouse, pool, fitness center and dog park.

In February, Plantation-based Invesca Development Group won unanimous approval from the city council to develop 147 townhomes on vacant land located at 4350 West Sunrise Boulevard. The project is called Strata. Invesca is offering two-bedroom and three-bedroom units starting in the mid-$200,000s with amenities that include fitness trails, beach volley courts, three parks, resort style pool with its own cafe and a fitness center. The developer is aiming for a 2017 completion date.

Roughly six miles west of the Strata site, Mill Creek Residential is also getting in on the multi-family action in Plantation. The firm, which specializes in luxury apartment development and management, is seeking city approval for its 58-acre Cornerstone Corporate Center at 1240 South Pine Island Road, which includes a 300-unit multifamily component.

And last month, Encore Capital Management CEO Art Falcone unveiled his bold plan to redevelop the shuttered Fashion Mall property into a walkable “small town.” After purchasing the 37-acre site at auction for $37.7 million in April 2015, Falcone plans to spend $300 million to create 224,104 square feet of new commercial and retail space, 247,305 square feet of office space, and 700 apartments, he recently told The Real Deal.

¿Cómo ser beneficiario de Habitat for Humanity?

June 1, 2016

Danet Linares, de Habitat for Humanity, nos habla de un evento muy importante para recaudar fondos para familias de bajos recursos de Miami.

First look: New Turkish consulate in Miami

March 14, 2016

Amicon Construction is putting the finishing touches on Turkey’s new Miami consulate.

Turkish-born and U.S.-based Murat Mutlu designed the 7,500-square- foot space in the Brickell City Tower, at 80 Southwest Eighth Street.

The Consulate General of the Republic of Turkey’s new consulate features a modern, monochromatic design, and ballistic-rated glass, wall paneling and doors, Amicon project manager Jay Richmond told The Real Deal. He said the cost of the buildout was more than $1 million. It includes a reception area with multiple teller stations.

“When you’re doing a high-security buildout, you’re dealing with materials from specialty manufacturers with long lead times,” Richmond said.

While the space opened in time for the Turkish election in November, the consulate is still tweaking finishes and has yet to hold a grand opening reception.

Other tenants of the 33-story office building include Uber, Verizon, Lamex Agrifoods, Inlingua Language School, Chase Bank, Moye restaurant, the Beacon Council and the Consulate General of Japan. Property records show that Banyan Street Capital owns the building.

Danet Linares, vice chair of Blanca Commercial Real Estate, is the building’s exclusive leasing agent. Linares told TRD Brickell City Tower is currently 87 percent occupied with two new leases that will bring its occupancy up to 93 percent.

The Turkish consulate signed a 10-year lease about a year ago and moved into a temporary space in the building before the new office was ready. “Their space required a complete renovation,” Linares said. Amicon also built out the space of the French consulate in the Espirito Santo building nearby at 1395 Brickell Avenue.

First look: New Turkish consulate in Miami

Buildout for the new consulate is valued at more than $1 million

March 14, 2016

Amicon Construction is putting the finishing touches on Turkey’s new Miami consulate.

Turkish-born and U.S.-based Murat Mutlu designed the 7,500-square- foot space in the Brickell City Tower, at 80 Southwest Eighth Street.

The Consulate General of the Republic of Turkey’s new consulate features a modern, monochromatic design, and ballistic-rated glass, wall paneling and doors, Amicon project manager Jay Richmond told The Real Deal. He said the cost of the buildout was more than $1 million. It includes a reception area with multiple teller stations.

“When you’re doing a high-security buildout, you’re dealing with materials from specialty manufacturers with long lead times,” Richmond said.

While the space opened in time for the Turkish election in November, the consulate is still tweaking finishes and has yet to hold a grand opening reception. Other tenants of the 33-story office building include Uber, Verizon, Lamex Agrifoods, Inlingua Language School, Chase Bank, Moye restaurant, the Beacon Council and the Consulate General of Japan. Property records show that Banyan Street Capital owns the building.

Brickell City Tower is currently 87 percent occupied with two new leases that will bring its occupancy up to 93 percent, Danet Linares, vice chair of Blanca Commercial Real Estate, told TRD. Blanca is the building’s exclusive leasing agent.

The Turkish consulate signed a 10-year lease about a year ago and moved into a temporary space in the building before the new office was ready. “Their space required a complete renovation,” Linares said.

Amicon also built out the space of the French consulate in the Espirito Santo building nearby at 1395 Brickell Avenue.