Cypress Executive Center Sells for $17.5 Million in Fort Lauderdale's Uptown Business District

Cypress Executive Center, 1901 West Cypress Creek Road
Fort Lauderdale, FL

 Douglas Mandel

FORT LAUDERDALE, FL – Marcus & Millichap (NYSE: MMI) announced  the sale of Cypress Executive Center, a office building located in the Uptown Business District of Fort Lauderdale, FL.  The asset sold for $17.5 million.

ICM Cypress LP, an affiliate of Calgary-based ICM Realty Group, sold the 140,635-square-foot office building at 1901 W Cypress Creek Road to  Cypress Corporate Center LLC.

The price equates to $124 per square foot.  The property is situated on a ground lease that is owned by the City of Fort Lauderdale and has just under 50 years of lease term remaining.

Marcus & Millichap’s Douglas Mandel, Tyler S. Kuhlman and Richard Redmond had the exclusive listing to market the property on behalf of the seller. 

Tyler S. Kuhlman 

“We have sold several properties over the years that were subject to city of Fort Lauderdale ground leases, so we are very familiar with working with Airport Authority and the city of Fort Lauderdale to navigate the assumption process”, says Mandel. 

ICM purchased the building in 2015 for $10.9 million when Mandel represented the Seller. At the time, building was just 60% occupied. 

After the acquisition ICM completed a building-wide renovation, re-branding and repositioning strategy, which resulted in the building’s stabilization. 

“Our partnership with Doug’s team for the building sale was vital to executing our investment strategy”, said ICM Realty’s Andrew Webb.

Richard Redmond

“The Cypress Executive Center garnered premium pricing due to current ownerships ability to stabilize the asset, whilst significantly upgrading the buildings core amenities and successfully executing on their value-add strategy from inception,” stated Kuhlman.

Cypress Executive Center is located at 1901 W Cypress Creek Rd in Fort Lauderdale, FL. 

 It is directly across the street from the Fort Lauderdale Executive Airport in the Uptown Business District of Fort Lauderdale, which is home to numerous major national corporations such as Citrix, Microsoft and others. 

Andrew Webb

 The property was constructed in 1987 and extensively upgraded between 2015 and 2019, with over $1.3 million worth of improvements added to the building, in addition to considerable Tenant Improvements made to many of the suites during the same period.

 CONTACT:

Ryan Nee

First Vice President

District Manager

Fort Lauderdale, FL

(954) 245-3400

www.MarcusMillichap.com.

 

New Industrial Buy Marks EverWest’s Second Q4 Investment in Miami Metro

Tyler Williams

 MIAMI, FL – Denver-based EverWest Real Estate Investors has completed its second metro Miami industrial purchase this quarter with the $13.15 million ($97 per-square-foot) acquisition of 3505 NW 112th St. 

The infill industrial distribution building is located in the Gratigny Industrial Park, in Miami-Dade County.

The 136,000-square-foot building is fully occupied under a long-term lease to a national provider of packaging products and services. 

The property is proximate to both the Miami International Airport and Opa-locka Airport along the Gratingy Expressway, with convenient access to all major thoroughfares.

Joel A. Kattan 

Tyler Williams, EverWest’s Director of Southeast Acquisitions, represented EverWest in the transaction. Joel A. Kattan and Anthony Peragine of SVN Commercial Realty represented the seller.

“This was an opportunity to acquire an attractive asset within a corridor known for its high concentration of institutional ownership, consistently low vacancy rates and compelling rent growth,” said Williams. “The acquisition reflects EverWest’s appetite to scale its industrial portfolio in the Miami metro.”

The 3505 building features 22’ clear heights, ample loading positions, high                                                                     parking capacity and rail access.

The deal continues EverWest’s active investment in U.S. industrial assets. In 2020 that strategy included acquisitions in the Seattle, Nashville, Denver and Southern California metro markets, as well as a recent, 160,000-square-foot building acquisition in Miami’s Hialeah submarket.

Anthony Peragine

About EverWest Real Estate Investors LLC

EverWest Real Estate Investors LLC, a wholly owned subsidiary of GWL Realty Advisors, is a real estate investment and operating company based in Denver, Colorado. 

The company’s goal is to create significant value for investors through a combination of capital appreciation, strategic acquisition, development, capitalization, repositioning and management of commercial real estate assets.

 CONTACT:

Stacey Hershauer

Miami, FL industrial property
3505 NW 112th Street. 

focusAZ 

P 480.600.0195

www.focusaz.com

www.everwest.com

www.gwlra.com.

36-Unit Apartment Sold in Miami, FL by Marcus & Millichap

Evan P. Kristol

MIAMI, FL– Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Flamingo Garden, a 36-unit apartment property located in Miami, FL, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $4,572,000.

Evan P. Kristol, executive managing director investments along with Felipe J. Echarte, senior vice president investments in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.   

“The amount of interest produced from all parts of the country for the Flamingo Garden Apartments proves that the Marcus & Millichap platform can truly move capital across the nation to compete with local investors and maximize prices for sellers,” says Echarte 

Felipe J. Echarte

 Flamingo Garden is located at 1400 NW 95th Street in Miami, FL. 

The property consists of 10 one-story residential buildings spread out over a low density 2.85-acre site and is located in an opportunity zone. 

The property offers an excellent mix of eight one-bedroom and 28 two-bedroom apartments.

  CONTACT:

Ryan Nee

First Vice President

 District Manager

Fort Lauderdale, FL

(954) 245-3400

www.MarcusMillichap.com.

ViaWest lease kicks off TSMC Phoenix Market Entry

Canyon Corporate Plaza, 2510 and 2512 West Dunlap Avenue, Phoenix, AZ

 

PHOENIX, AZ – Less than one week after Taiwan Semiconductor Manufacturing Company (NYSE: TSM) secured 1,129 acres of land to build a $12 billion factory in North Phoenix, the company moved forward with its official market entry with a 46,735-square-foot office lease.

Located at the two-building Canyon Corporate Plaza office campus in Phoenix, the deal marks one of the largest office commitments to sign in the Valley since the start of the COVID-19 pandemic.

Canyon Corporate Plaza fountain

  Canyon Corporate Plaza will give TSMC Arizona Corporation an administrative home base as it ramps up its Phoenix market presence – a process that will culminate in a new North Phoenix manufacturing facility and up to 1,900 new local jobs over a five-year period.

With an estimated 20-year economic impact of $38.2 billion, TSMC represents Arizona’s largest-ever foreign direct investment.

Danny L. Swancey

 Owned by Phoenix-based real estate and investment company ViaWest Group, Canyon Corporate Plaza sits in the heart of the Interstate 17 corridor in North Phoenix, just 15 miles from TSMC’s future manufacturing facility.

 “This lease gives TSMC the institutional-quality office space and the geographic and operational proficiencies they need to ramp up their operations in Phoenix ahead of their plant delivery,” said ViaWest Partner Danny Swancey.

“Canyon Corporate Plaza is an iconic office campus that – like we did with Biltmore Center – is undergoing renovations that will modernize the project for 21^st century tenants.

"Our vision will establish Canyon Corporate Plaza as the premier office building within the submarket. TSMC recognizes that vision, and we are honored to play a part in their historic market entry.”

 Under its new lease, TSMC will occupy 46,735 square feet and two full floors in Canyon Corporate Plaza’s 2510 building, located at 2510 W. Dunlap Ave., immediately east of I-17. TSMC is scheduled to begin occupancy of their new space by January 1, 2021.

John Bonnell

 Managing Director John Bonnell, Executive Vice President Brett Abramson, Senior Vice President Chris Latvaaho and Managing Director Ryan Timpani from the Phoenix office of JLL represented ViaWest in the lease negotiations. David Barrett of CBRE represented TSMC.

 “Canyon Corporate Plaza offered TSMC a Class A, move-in-ready office environment that is close to single- and multi-family housing, seconds from I-17 and along the future Light Rail extension,” said Bonnell.

“These amenities, combined with the capital improvements underway by ViaWest, make this the perfect location for TSMC. The campus also has move-in-ready space that is available now for companies who are wanting to locate close to this new Phoenix manufacturing giant.”

 Canyon Corporate Plaza is located at 2510 and 2512 W. Dunlap Ave. in Phoenix.

The two-building project totals 313,444 square feet with prominent freeway signage, modern office space, lush courtyards, up to 7/1,000 parking through secure garage and surface spaces, and a unique campus environment that includes on-site food trucks.

Brett Abramson

It is surrounded by more than 9.5 million square feet of retail space, 34 hotels and 20,378 multifamily units within a three-mile radius.

 A multi-million-dollar capital improvement campaign led by ViaWest is reimagining Canyon Corporate Center, creating modern lobbies and a tenant lounge complete with roll-up doors that spill out into an indoor/outdoor amenity zone.

Ajanta Designs is leading the renovation as project architect. Reliance Build Inc. (RBI) is the general contractor. EdgeQuarters is providing interior design consulting.

 Other notable tenants at Canyon Corporate Plaza include Cognizant, SoftPro and Eduvision.

 TSMC is the world’s largest dedicated semiconductor foundry. It purchased 1,129 acres of land in early December for its new Phoenix advanced semiconductor fab, which is scheduled to break ground in 2021 and expects to begin production by 2024.

The new TSMC plant will be located in North Phoenix, near the northwest corner of the Loop 303 and the 43^rd avenue alignment.

Chris Latvaaho

About ViaWest Group

Established in 2003, ViaWest Group is a Phoenix-based, full-service commercial real estate investment, development and property management firm.

 ViaWest Group has been one of the fastest growing real estate investment companies in the Southwest U.S. over the last few years with over $400 million of acquisitions and development. 

Since inception, ViaWest has been involved in over $1 billion of acquisitions. ViaWest Group is currently seeking to acquire and develop more office, industrial, retail buildings and land parcels in the Southwestern U.S. 

 

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. 

Ryan Timpani 

JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. 

JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020.

 JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

 CONTACT:

Stacey Hershauer

 David Barrett 

focusAZ 

 P 480.600.0195

http://www.focusaz.com/

www.viawestgroup.com 

or contact Lindsay Bennett 

at (602) 957-8300 ex.116.

www.jll.com.

 www.viawestgroup.com or 

60-United Apartment Building in Lake Worth, FL Sold for $6 Million by Marcus & Millichap

 

The Floridian apartments, 4611 South Congress Avenue
 Lake Worth, FL

LAKE WORTH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of The Floridian, a 60-unit apartment property located in Lake Worth, FL, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $6,000,000.

 

Evan Richardson

Evan Richardson and Daniel J. Cunningham, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The brokers also secured and represented the buyer, a private investor.

  “By marketing the Floridian through our exclusive listing process we were able to generate several written offers and procure a cash buyer that closed just shy of the list price,” says Richardson

 The Floridian is located at 4611 S Congress Ave in Lake Worth, FL.  The property was built in 1964 of concrete block construction with painted stucco and fire-resistant concrete roofs.

 The asset consists of 57 one-bedroom/one-bathroom units and 3 studio units. The studios are approximately 450 rentable square feet while the one-bedroom/one-bathroom units are about 540 rentable square feet.

 

Daniel J. Cunningham

There is currently an on-site office that occupies one of the one-bedroom units. The property has on-site laundry facilities, an abundance of parking, and is near major area employment centers and economic drivers.

CONTACT:

 Ryan Nee

First Vice President and

District Manager

Fort Lauderdale, FL

(954) 245-3400

Dream Finders Homes Now Selling at Upscale Bella Collina in Lake County, FL

Gerry Boeneman

 MONTVERDE, FL – If luxury is what you’re looking for in a home and community, then look no farther than Dream Finders Homes’ offerings at the Tuscan-inspired Bella Collina community west of Orlando .

The Anna Maria with Bonus model is the builder’s first of seven floorplans to be built in the gated, master-planned community, according to Gerry Boeneman, president of Dream Finders Homes’ Central Florida division. “We’re excited to offer some of our most upscale plans in beautiful Bella Collina.”

Boeneman said Dream Finders Homes will offer three- to five-bedroom homes with optional bonus room on 40 and 50-foot lots in the well-appointed community of nearly 2,000 acres.

         Anna Maria with Bonus model

“Our luxury floorplans are designed to fit in perfectly with our homesites that front on either the incredible views of the Nick Faldo-designed championship golf course or some of the most supreme conservation views in all of Lake County .”

Dream Finders plans to build a total of 149 new homes ranging from 2,500 to 3,412 square feet of living area in the luxury community.  The homebuilder will build two new models with the first – Anna Maria with Bonus – slated for completion by March.  Pricing will start in the low $500,000s.

Bella Collina’s crown jewel is an expansive 75,000 square foot clubhouse that encompasses six buildings including three dining facilities, a 500-person ballroom with dedicated banquet team, a wine cellar for private ballroom events, a full-service spa and state-of-the-art fitness center. Six Har-Tru tennis courts and an oversized resort-style pool anchor the community’s outdoor amenities.  

Nick Faldo-designed championship golf course 

Located north of SR 50 just off the Florida Turnpike, Bella Collina is convenient to upscale shopping and dining in Montverde, Mount Dora and Winter Garden, 30 minutes from downtown Orlando and Walt Disney World, and 90 minutes from beaches on the Gulf of Mexico or Florida’s East Coast, via SR 429 and SR 528.

For more information about Dream Finder Homes’ new home designs at Bella Collina, please call 888-214-1164.

CONTACTS:

Gerry Boeneman, Division President, Dream Finders Homes,

888-214-1164 or Gerry.Boeneman@dreamfindershomes.com

Beth Payan, Larry Vershel Communications,

407-644-4142, 407-461-3781 or beth@larryvershel.com

 

KBS Sells 96,502 SF Building at a Class A Office Complex in San Jose, CA for $50.5 Million

Amanda Kennedy

 

SAN JOSE, CA – KBS, one of the largest investors in premier commercial real estate in the nation, announced has sold a 96,502 square-foot building at District 237, an eight building, 415,492 square-foot, Class A office/R&D complex in San Jose, California. 

Giovanni (Gio) Cordoves

The building at 350 Holger Way, owned by KBS Real Estate Investment Trust II, was sold to Thor Equities for $50.5 million.  

 District 237, formerly known as Corporate Technology Centre, is located in the North San Jose submarket of the Silicon Valley, an area of Northern California that is highly popular among office users, according to Giovanni (Gio) Cordoves, Western regional president for KBS.  

 

“North San Jose is one of the key growth markets in the United States,” says Cordoves. “This is due to its adjacency to several Silicon Valley cities with tight vacancy such as Palo Alto and Mountain View.

 

"Tech tenants in particular are drawn to North San Jose for its great value in comparison to these higher-priced markets. It’s easy to see why investors value District 237 so highly, even in the midst of a pandemic.”  

Brent Carroll

350 Holger Way, a three-story steel-frame building that was fully renovated in 2019, is 100% leased through 2027. 

The building features extensive glass lines and efficient floor plates, as well as an outdoor amenity area and upgraded exteriors, landscaping and parking lot.  

 “Due to KBS’ significant recent capital investment in this property, 350 Holger Way features best-in-class construction and appealing amenities, positioning it for favorable risk-adjusted returns in this submarket,” says Brent Carroll, asset manager for District 237 and senior vice president of KBS.

 

 “In addition, the Silicon Valley Class A office market where this asset is located is one of the best-performing markets in the country, which bodes well for the ongoing health of this property.”  

Tom Nishioka

Built in 1999 and 2001,

 District 237 is a 415,492 square-foot office complex built with eight 

one-, two-, and three-story buildings featuring excellent window lines and efficient floorplates, according to Carroll.

 

In 2018, the company sold three of the eight buildings, and earlier this year sold 100 Headquarters Drive and 200 Holger Way, 142,710 square-feet of the property, to an independent real estate fund and asset management company for $95.2 million.  

 

“Given each building’s superb visibility from over 3,000 feet of Highway 237 frontage, this is a highly sought-after property in this submarket,” says Carroll. “District 237 has become one of the most desirable assets in Silicon Valley. 

 Scott Prosser

The Highway 237 corridor enjoys positive new developments and is the prime linkage point for companies looking to attract talent from the San Francisco Bay area.”  

 Carroll notes that the collection of buildings at District 237 ranged from

 20,009 square feet to 101,194 square feet, with an average floorplate of nearly 31,500 square feet, which attracts larger, well-capitalized tenants with high credit quality. 

KBS recently repositioned and rebranded District237, which resulted in a 

combined total of 315,622 SFin new leases with three  global companies at

 the property. 

Rather than white boxing the five buildings, the company took one building and completely built out the interior which included a more open layout, updated common areas, a new tenant lounge, fitness center and private outdoor amenity areas that KBS believed would drive new leasing activity by infusing new energy into the project, Carroll says.

  

Jack DePuy

District 237 is located directly adjacent to @First retail center, which has attracted a rich mix of neighborhood amenities including Target, CVS Pharmacy, Chipotle, Coffee Bean, Chick-fil-A, Panera, Chase Bank, Marriott Courtyard, Hotel Sierra and many others. 

“350 Holger Way is well leased and located within a highly desirable and liquid submarket in the U.S.,” says Tom Nishioka, VP of asset management for Thor Equities. “We are continually looking to refresh and expand our portfolio with high-quality assets and are pleased to complete the acquisition of 350 Holger Way within District 237.”  

Russell Ingrum

The sale of the Property was brokered by the CBRE Northern California Capital Markets Team consisting of Joe Moriarty, Scott Prosser, Jack DePuy, Russell Ingrum, Brad Zampa and Mike Walker.  

 

“KBS leveraged the opportunity to reposition District 237, which has assisted in the sale of three buildings at this property within just a few months’ time during the pandemic,” says Moriarty, executive vice president.

Brad Zampa

 “The rebranding, in addition to the property’s outstanding location near dining, daily-needs retail, and lodging, have consistently placed it on the short list for office tenants seeking space in the Silicon Valley region.”  

 

Attorneys Bruce Fischer, Howard Chu and paralegal, Amanda Kennedy, of global law firm Greenberg Traurig, LLP’s Orange County office represented KBS as legal counsel in the disposition.  

 

Mike Walker

“We were very pleased to represent KBS in the disposition of 350 Holger Way at District 237,” said Fischer, Greenberg Traurig’s Chair of the West Coast Real Estate Practice and Co-Managing Shareholder of the Orange County Office, who led the Greenberg Traurig team.  

District 237 is located at 100 Headquarters Drive and 200-350 Holger Way in San Jose, California.

 

About KBS  

KBS is one of the largest investors of premier commercial real estate in the nation.

Bruce Fischer

 As a private equity real estate company and an SEC-registered investment adviser, KBS and its affiliated companies have completed transactional activity of more than $42 billion on behalf of private and institutional investors globally. 

Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates prime commercial real estate in some of the most successful epicenters in the country. 

The firm is committed in its business ethics, its business relationships and its constant focus on exceeding the expectations of its investors, partners and tenants. 

Joe Moriariy

SEC registration as an investment advisor does not imply any particular level of skill or training. For more information on KBS, please visit www.kbs.com.  

About CBRE Group, Inc.  

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). 

Howard Chu 

The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. 

CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.

Rendering of 350 Holger Way, a 415,492 SF Class A 
office/R&D complex in San Jose, CA

CONTACT:

Micaela Fehrenbach 

mfehrenbach@brower-group.com
 www.cbre.com.