Renewals and Expansions Drive Recent Leasing Activity at One Biscayne Tower in Downtown Miami, FL

One Biscayne Tower, Downtown Miami, FL

 

Brian Gale

Miami, FL - Law firm renewals and expansions are driving recent leasing activity at One Biscayne Tower, a building that has seen over 100,000 square feet of leasing this year. 

Three law firms have signed renewals and expansions totaling nearly 55,000 square feet with an additional 21,000 square foot renewal & expansion signed by French container transportation and shipping company CMA CGM.

 Brian Gale and Ryan Holtzman of Taylor & Mathis brokered the four deals valued at $42 million, on behalf of the building owner.

The largest of these transactions is the 10 year renewal by statewide law firm, Broad & Cassel. The firm renewed their lease of 26,000 square feet on the 21st floor. 

 Even though many buildings tried courting them, their views from One Biscayne Tower couldn’t be beat.  The deal was co-brokered by Richard Linevsky of NAI Miami.

“Broad & Cassel was one of the first new tenants we brought to the building over 10 years ago,” said Taylor & Mathis Principal Brian Gale.

 “We were hired to lease One Biscayne Tower as new buildings were being built which were poaching tenants from existing buildings.

Ryan Holtzman

 “When we first signed Broad & Cassel it really helped solidify the building’s image, which turned around the leasing momentum. From there we signed several more law firm leases.

“Ten years later, we are renewing those same tenants. These renewals are testaments to the quality of the building, its ownership and of course those panoramic and unobstructed views of Biscayne Bay.”

The views were also key in securing the CMA CGM renewal and expansion. The world’s third largest container company has space overlooking the Port of Miami.

“They can actually see their cargo ships, with their products and crates from their offices,” said Gale. With an expansion of 7,000 square feet, the firm now leases 21,000 square feet at One Biscayne Tower.

The deal was co-brokered by Chris Coots and Didier Choukroun of Flagler Investment Property Group.

Barbara Liberatore

Jackson Lewis, one of the country’s preeminent workplace law firms, signed a 22,800 square foot renewal and expansion. The deal includes a 4,300 square foot expansion to their 18,500 square foot offices on the 35th floor. The deal was co-brokered by Chris Coots of Flagler Investment Property Group.

 The law firm of Pathman Lewis, LLP renewed their lease of 10,200 square feet. The deal was co-brokered by Barbara Liberatore and Matt Cheezem of CRESA.

Earlier this year Synergy Workspaces entered the Miami market leasing 26,144 square feet, a full floor, at the building.

“One Biscayne Tower has strong Ownership, efficient floor plates with terrific window line and incredible views” said Taylor Mathis Leasing Director Ryan Holtzman.  “With Bayfront Park located directory to the east, One Biscayne has endless ocean views that will never be obstructed. Our tenants love the fact that they are within walking distance to some of the best restaurants and hotels in the City in the fastest growing area in Miami.”

                                                     

 For a complete copy of the company’s news release, please contact:

 

tyoungman@assetmarketingonline.com

www.onebiscaynetower.com

www.taylormathisflorida.com

RealtyTrac Reports 29 Percent of U.S. Homes Worth an Estimated $4.7 Trillion in High-Risk Hurricane Counties;

  

Daren Blomquist

IRVINE, CA – Sept. 3, 2015 — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its 2015 U.S. Natural Disaster Housing Risk Report, which found that 35.8 million U.S. single family homes and condos with a combined estimated market value of $6.6 trillion are in counties with high or very high natural hazard risk.

Those 35.8 million homes represent 43 percent of the 83.4 million single family homes and condos in all counties analyzed for the report.

“In the interest of personal safety and protecting the value of what is likely their biggest financial asset, prospective buyers and investors should be aware of any natural disaster risk impacting a potential home purchase,” said Daren Blomquist, vice president at RealtyTrac.

 “There is no reason homebuyers need to be surprised with natural disaster risk information when wading through a stack of disclosures at the closing table given the widespread availability of this data online and even through mobile apps.”

For a complete copy of the company’s news release, please contact:

 Jennifer von Pohlmann

 Sr. Data PR Manager

 Office: 949.502.8300 ext 139

 jennifer.vonpohlmann@realtytrac.com

13th Annual Southern Lodging Summit Introduces Its First “State-of-the-Industry” Report

Chuck Pinkowski

MEMPHIS, TN, Sept. 3, 2015— Officials of the Southern Lodging Summit, an annual gathering of hoteliers specializing in development and operations in the southern United States, today released results of its first annual “State-of-the-Industry” report revealing a continued upbeat mood by attendees of the recently concluded 13th annual conference. 

Attendees were queried on such topics as the future outlook for the industry, the impact of Airbnb and which technologies will play the most important role in hotels moving forward.

“Now is an excellent time to be in the hospitality industry, and our conference attendees clearly believe the good times lie ahead for the foreseeable future,” said Chuck Pinkowski, president of Pinkowski & Company and conference co-founder. 

“Fifty-eight percent of respondents believe 2016 will be even stronger than 2015, and the remaining 42 percent opined the industry would stay at its already healthy levels.  No one responded that 2016 will be worse.

“Barring an unforeseen black swan event, our panelists and attendees were unanimous in their opinion that the future remains very bright for hoteliers both in the Southern U.S. and nationwide.”

For a complete copy of the company’s news release, please contact:

 

 Chris Daly, media

 (703) 435-6293

 chris@dalygray.com

Bull Realty Brokers $2.6 Million Hooters in Columbia, SC

Hooters, Columbia, SC

 

Nancy Miller

ATLANTA, GA (Sept 3, 2015) —Bull Realty recently brokered the sale of a corporate operated Hooters in Columbia, SC.  The sale closed on August 7, 2015 for $2.6 million at an 8.2% cap rate. 

The 5,793 square foot property has 10 years remaining on a 20-year triple net corporate guaranteed lease.

Nancy Miller, SVP and Will Jackel, VP of Bull Realty’s National Net Lease Investment Group represented the seller and brokered the transaction. 

The seller is completing a 1031 exchange and plans to leverage the sale to purchase two new net lease properties.  This was the third Hooters that the buyer, Columbia Owls, LLC has acquired.

Miller said, “There was a lot of interest in this property due to the aggressive cap rate, quality tenant and outstanding location…we received an astounding 9 offers.”

 For a complete copy of the company’s news release, please contact:

 

Melissa Henry

Communications Associate

Bull Realty, Inc.

50 Glenlake Pkwy, Suite 600

Atlanta, GA  30328

404-876-1640 x 110

Stitch Fix to Open Fourth Distribution Center in Phoenix, AZ

Bill Honsaker

PHOENIX, AZ -- Stitch Fix, an online personal styling service for the busy woman on the go, has announced plans to open its fourth distribution center in Phoenix, AZ.

The new distribution center, located on West Lower Buckeye Road, will open in November 2015 and will help the company scale operations and better serve clients located in the Southwestern US.

The company plans to hire up to 600 employees for the 365,000-square-foot facility. Stitch Fix currently operates three other distribution centers in South San Francisco, CA, Indianapolis, IN and Dallas, TX. Stitch Fix is headquartered in San Francisco, CA, with offices in Austin, TX and Pittsburgh, PA. 

“As we continue to grow and scale the company, we are looking for distribution center locations in markets that have the right amount of space, a great labor market, and allow us to better serve our clients in the region,” said Stitch Fix COO Mike Smith.

“Phoenix has the right mix of all of these elements, and will allow us to continue to scale our operations in a sustainable way.We appreciate the warm welcome we have felt from the Phoenix business community, and are looking forward to building our Phoenix team.”

 

Marc Hertzberg

JLL Managing Directors Bill Honsaker, Marc Hertzberg, Anthony Lydon and Hugh Scott, and JLL Senior Vice President Michael DeMaria, represented Stitch Fix in its lease.

Don MacWilliam and Payson MacWilliam of Colliers International represented the building owner, Exeter Property Group.

 For a complete copy of the company’s news release, please contact:

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

www.jll.com.

http://www.stitchfix.com/careers.

 

Newmark Grubb Knight Frank Completes Sale of Industrial Property in San Diego County, CA

Palomar Corporate Center, 3210 Executive Ridge Drive, Vista, CA

 

Paul Britvar

SAN DIEGO, CA  — Newmark Grubb Knight Frank (NGKF) has completed the sale of Palomar Corporate Center, a fully occupied, 66,922-square-foot industrial property in Vista, California.

Brent Bohlken, senior managing director, and Paul Britvar, associate with NGKF in the firm’s La Jolla office, completed the sale on behalf of the buyer, San Mateo, California-based TDA, Inc. The seller was D. A. Whitacre Family Trust.

Built in 1999 and located at 3210 Executive Ridge Drive, Palomar Corporate Center is situated on 3.62 acres. It is fully occupied by EarthLite as its corporate headquarters. A leading supplier of massage tables and accessories, EarthLite also uses the building for manufacturing, distribution and sales activities.

The property features approximately 15,000 square feet of finished mezzanine space, four grade-level loading doors, four dock-high loading doors, a freight elevator and 128 parking spaces.

“The buyer sought out Palomar Corporate Center because it is a stabilized, pride-of-ownership asset in a good location where vacancy is very low – about 4.5 percent,” said Bohlken. “The buyer plans to hold long-term.”

 For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

http://www.bgcpartners.com/.

www.ngkf.com.

Avison Young completes $9.25-million sale of Talega Corporate Center office building in San Clemente, CA

Talega Corporate Center, 1211 Puerta Del Sol, Talega Community, San Clemente, CA

Dan Vittone

Irvine, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed the $9.25-million sale of Talega Corporate Center, a 43,737-square-foot (sf) office building within the affluent, master-planned community of Talega in San Clemente, CA.

Avison Young Principals Dan Vittone and Alan Pekarcik, based in the company’s Orange County office, represented the seller, Providence San Clemente Commercial, LLC. Tim Walker of Lee & Associates assisted Avison Young in the sale marketing campaign. The buyer was a private investor from Los Angeles. The property was 100% leased by four tenants at close of escrow.

Talega Corporate Center is located at 1211 Puerta Del Sol at the prime intersection of Avenida Pico and Avenida Vista Hermosa. 

The property was built in 2002 and is situated within Talega Business Park, which comprises 750,000 sf of office, light industrial and R&D space as well as a medical plaza and urgent care facility on 67 acres.

The property is across the street from Talega Golf Club, and is near retail amenities, including the Plaza Pacifica shopping center and Talega Village Center.

Alan Pekarcik

“Talega Corporate Center offered the buyer all the key fundamentals when seeking a stable, long-term investment opportunity,” comments Vittone. 

“Its full occupancy, scheduled rental income growth, tight submarket, and overall quality of construction and finishes secured a strong sale price of more than $211 per square foot.”

The property is situated in the San Clemente / San Juan Capistrano / Dana Point submarket of south Orange County. The submarket currently ex­hibits a 5% office vacancy rate – one of the lowest vacancy rates in Or­ange County, which has an overall vacancy rate of approximately 12%.

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

Faris Lee Investments Completes $4.88 Million Pre-Sale of Single-Tenant/NNN CVS/pharmacy at Record-Breaking Cap Rate in San Francisco Bay Area

Christopher DePierro

IRVINE, CA, Sept. 3, 2015 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $4.88 million “pre-opening” sale of a new construction, 16,500-square-foot, free-standing CVS/pharmacy property in Vallejo, Calif.

The transaction’s cap rate of 4.3 percent is the lowest ever recorded for a single-tenant CVS-occupied property in the United States per CoStar records.

Christopher DePierro and Jeff Conover of Faris Lee Investments represented the seller, Rivers Rock Vallejo, LLC, from Southern California. The buyer, Calipine Corporation from Northern California was in a 1031 exchange and was represented by LemRx Realty Advisors. 

Located in San Francisco’s Bay Area, the freestanding building that includes a drive-thru is situated on just over 1.6 acres of land at the southwest corner of Columbus Parkway and Admiral Callaghan in the City of Vallejo.

The property is under construction and is part of a new retail project that will also include the first Chick-fil-A and Chipotle restaurants in the city. The tenant signed a new 25-year ground lease and is anticipated to open its doors in October 2015.

Jeff Conover

“This single-tenant asset sold at a very strong price and record-breaking low cap rate because it offered the buyer all the fundamentals for a secure and stable investment. 

"It has a long-term lease, passive cash flow, a strong Bay Area location, and new construction with a name brand, credit tenant. This is an ideal scenario and therefore investments like this are hotly contested,” said DePierro. 

“Another very important component to the transaction relative to the historically low cap rate is that the lease was not guaranteed by CVS corporate, but Longs Drugs Stores of California, Inc., a subsidiary of CVS. The tenant is relocating from an in-line, non drive-thru location in the adjacent center,” he added.

The property is located in the most successful shopping hub serving the cities of Vallejo, Benecia, and American Canyon.

 It offers direct access to Interstate 80, which sees more than 100,000 vehicles a day and is the main corridor linking Sacramento to the Oakland/Bay Area as well as Napa Valley.

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

Cohen Commercial Realty Brokers Sale of The Blackstone Building in downtown West Palm Beach

 

The Blackstone Building
 Downtown West Palm Beach, FL

WEST PALM BEACH, FL  —Cohen Commercial Realty, Inc. announced the closing on the sale of The Blackstone Building, an iconic retail and office project at the corner of Clematis Street and Dixie Highway in downtown West Palm Beach. Bryan Cohen and Allan Carlisle represented the seller in this transaction.

For a complete copy of the company’s news release, please contact:

Jamie Crocker

jamiecrocker@cohencommercial.com