Okee Square in West Palm Beach, FL Trades Hands for $18.4 Million

West Palm Beach, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Okee Square, a 124,000-square foot retail property located in West Palm Beach, Fla., according to Ryan Nee, vice president / regional manager of the firm’s Fort Lauderdale office. The asset sold for $18,400,000.

Douglas K. Mandel

“Okee Square is offering the new owner an opportunity to own a stabilized retail property in the surging retail market of Palm Beach County with an upside of filling the 9,000-square foot vacancy with another national tenant,” states Douglas K. Mandel, senior managing director investments, in Marcus & Millichap’s Fort Lauderdale office.

Okee Square is located at 2021-2031 Okeechobee Boulevard in West Palm Beach. The property consists of approximately 103,690 square feet of inline space as well as two outparcels; a 16,010 square foot Rooms To Go Kids and 4,300 square foot PDQ Restaurant.

Barry M. Wolfe

Okee Square’s excellent location just off Interstate 95 included 575 feet of frontage along the dense Okeechobee Road retail corridor.

Barry M. Wolfe, senior managing director investments, says, “We are continuing to see very strong demand for retail properties throughout the South Florida market.  Both local investors and buyers from out-of-area are seeing the benefit of owning well located retail assets in the Florida market. 

Alan Lipsky

"The West Palm Beach market has experienced a tremendous surge in recent years of investor interest with many investors recognizing the opportunity to benefit from the long-term growth of this particular submarket."

Mandel, Wolfe, Alan Lipsky, vice president investments, and Elon D. Gerberg, associate, all in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a partnership, and secured the buyer, a limited liability company.

Scott Meyers from Konover South procured the buyer, Myron Vogel.  Eric Fixler of Marcus & Millichap Capital Corporation collaborated in providing capital markets solutions to the buyer pool.

For more information, please contact:

Ryan Nee

Vice President / Regional Manager, Fort Lauderdale

(954) 245-3400

Bull Realty Arranges $9 Million Industrial Sale in Peachtree City, GA

Jason Callaway

ATLANTA, GA — Bull Realty brokered the sale of a 163,000 SF industrial manufacturing and distribution warehouse on 20 acres in Peachtree City, GA. The sale closed on June 1^st for $9 million. The building is 100% occupied by Wencor Group, an aviation solutions company.

The team of Jason Callaway and Davis Finney with Bull Realty represented a Private Trust in the purchase. The seller Dividend West Partners, LLC, was represented by Mark Wright CCIM with Dividend Commercial Real Estate.

Davis Finney

“In a thriving Industrial market where cap rates have fallen over the last few years, it is great to be able to locate a nice investment for clients," said Callaway. "The Atlanta area market is one of the hottest in the country seeing major investments and development, yet there are still opportunities."

For more information contact Bull Realty at 404-876-1640 or Info@BullRealty.com 

 Bull Realty, Inc. (www.BullRealty.com) is a commercial real estate brokerage and advisory firm headquartered in Atlanta, licensed in nine states providing acquisition, disposition, leasing, management and advisory services. The firm also produces and hosts America’s Commercial Real Estate Show (www.CREshow.com).

For more information, please contact:

Melissa Henry

Communications Manager

Bull Realty, Inc. 

404-876-1640 x 110

BullRealty.com

CREshow.com

ATLCREshow.com

HFF announces $24 million sale of Class A office building in Boca Raton, FL

900 Broken Sound Parkway, Boca Raton, FL

Hermen Rodriguez

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $23.675 million sale of 900 Broken Sound Parkway, a 115,986-square-foot, Class A office building in Boca Raton, Florida.

The HFF team represented the seller, a partnership between Mainstreet Capital Partners and an investment fund managed by The Davis Companies, a Boston-based commercial real estate development and investment firm. 

After a robust marketing process, HFF also procured the buyer, which is a partnership between local investors and a national investment fund that has selected NAI Merin Hunter Codman to provide management and leasing services

The property is located at 900 Broken Sound Parkway within The Park at Broken Sound, a vibrant, 700-acre mixed-use commercial/residential park.

Tracey Goo

This location is adjacent to more than 1,000 newly-built luxury residential units and is in close proximity to numerous dining, retail, and lodging amenities, including Fresh Market and Lifetime Fitness and features 515 parking spaces. 

Ike Ojala

The office building also offers a hub of connectivity to the entire South Florida region with direct access to Interstate 95 and the Florida Turnpike and easy accessibility to Boca Raton Airport, Palm Beach International Airport and Fort Lauderdale International Airport.

Originally built in 1989, the five-story property was most recently renovated in 2015 and is 79.4% leased to tenants, including CSL Plasma and Geosyntec.

The demographics of the area immediately surrounding the property feature an average household income exceeding $117,000 and more than half of the population holds a bachelor’s degree or higher. 

The HFF investment advisory team representing the seller included senior managing director Hermen Rodriguez, senior director Ike Ojala and director Tracey Goo.

“The Boca Raton location, high-quality tenancy and upside through leasing attracted a wide variety of domestic and foreign bidders,” said Rodriguez.

Paul J. Kilgallon

“The ongoing transformation of The Park at Broken Sound into a true mixed-use live-work location has resulted in strong leasing activity in the market and 900 Broken Sound is well positioned to benefit from that,” added Ojala.

Mainstreet Capital Partners is a real estate investment and management firm specializing in office and industrial acquisitions.  

Established in 1999 by Paul J. Kilgallon, Mainstreet Capital Partners seeks to align itself with investment partners by sourcing investment opportunities in the southeastern and southwestern United States. 

For more information, please contact:

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

mainstreetcapital.com.

www.thedaviscompanies.com.

Arbor Funds $10.6 Million Bridge Loan in Roseville, MI

  

Ari Short

UNIONDALE, NY– Arbor Realty Trust, Inc. (NYSE:ABR), a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets, recently funded a bridge loan in Roseville, MI.

The 266-unit multifamily property, received $10,630,000 in acquisition funding under Arbor’s bridge loan program. The deal provides a 3-year adjustable term.

Ari Short of Arbor’s New York City office originated the loan. “This execution underscores Arbor’s ability to provide tailored solutions that support our clients through every stage of their investments,” stated Short. “Our Borrower leveraged this acquisition bridge financing to increase capacity for renovations and raise overall asset value.”

Located northeast of downtown Detroit, this property is comprised of two adjoining apartment communities built between 1965 and 1972 and offers multiple 1-2 bedroom floor plans. Amenities include laundry facilities, on-site management, playground and a swimming pool.

  

For more information, please contact:

Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

DAUM Breaks Ground on Prime Panattoni Development Site in Orange County, CA

  

Rendering of Planned Orange County, CA Development Center

 ANAHEIM, CA and PLACENTIA, CA – DAUM Commercial has announced the groundbreaking of a new industrial development - Orange County Commerce Center - comprised of four buildings totaling 232,000 square feet on the border of Anaheim and Placentia, California, on behalf of its Client, Panattoni Development Company, Inc.

Chris Migliori

Panattoni, the developer of the project and one of the largest privately held, full-service development companies in the world, is developing this property in partnership with Principal Real Estate Investors.

Panattoni acquired the 10-acre land parcel, a rarity in the Orange County market, in 2017, according to DAUM’s Chris Migliori, who directed the sale.

Migliori, Executive Vice President in DAUM’s Orange County office, has been retained as the exclusive listing agent, and will be marketing the buildings for lease in the months ahead. The four buildings range in size from 47,813 square feet to 69,882 square feet.

“This is the ideal time to bring a product of this scale to market,” says Migliori, noting that of the 234 million square feet of existing industrial assets in the Orange County market, a relatively small amount is Class A product.

“Industrial demand heavily outweighs supply in the Orange County market, and investor appetite remains strong. By introducing a high-quality, Class A asset into this supply-constrained market, Panattoni has the opportunity to attract high-grade industrial tenants and investors alike, resulting in what we anticipate will be a rapid lease-up.”

Migliori points to Orange County market fundamentals and Panattoni’s proven track record in industrial development as key indicators in the success of this project.

            “This is a seasoned developer with tremendous expertise delivering first class commercial real estate assets to markets throughout the U.S.,” Migliori explains.

“This new project will be no different. The development will feature high-quality construction and in-demand industrial amenities that will benefit the supply-constrained Orange County market, making this a rare opportunity for industrial investors.”

The Orange County industrial market continues to demonstrate strong demand, with Q1 2018 posting an extremely tight vacancy rate of 1.5 percent and average asking rents that increased 5.8 percent year over year, according to Migliori.

Further, construction activity decreased during the quarter, signaling more rent growth ahead, he notes.

“The county’s fundamentals are exceptionally strong for industrial investment,” he says. “As demand continues to outpace supply, we expect an additional 4 to 6 percent increase in industrial rents in 2018.”

The development will feature state-of-the-art construction, with each building offering two stories of executive office space, 30’ minimum warehouse clearance, ESFR sprinkler systems, both dock high and grade level loading, and fully secured concrete truck courts.

The new development will also benefit from its close proximity to five major freeways (Interstate 5, State Routes 91, 57, 55 & 241 Toll Road) while providing direct access to the Ports of Los Angeles and Long Beach, which recorded their highest-ever container traffic in 2017 with a total of 16.89 million TEUs.

The project broke ground in late April and construction is expected to be completed in early first quarter 2019. The development is located at 711 & 721 S. Van Buren Street, Placentia, California and 1365 & 1367 S. Van Buren Street, Anaheim, California.

For more information, please contact:

Elisabeth Manville / Lindsay Mackay

Brower Group

(949) 955-7940

emanville@brower-group.com

www.daumcommercial.com.

www.panattoni.com.

orangecountycommercecenter.com.