Berger Commercial Realty Brokers Five-Year, 4,760-SF Lease Deal with Bank OZK at 550 Building in Downtown Fort Lauderdale, FL

The seven-story building at 550 South Andrews Avenue is adjacent to the new County Courthouse and features six floors of office space, ground floor restaurant patio space, and storefront retail space in the SOLO District of Downtown Fort Lauderdale, FL

Joseph Byrnes 

FORT LAUDERDALE, FL (March 11, 2020) – Bank OZK has become the latest tenant in Downtown Fort Lauderdale’s new 550 Building with a five-year lease for 4,760 sq. ft. of ground floor bank space brokered by Berger Commercial Realty.

“The 550 Building location rose to the top the list for Bank OZK as they recognized the value of this prime location in the burgeoning SOLO District of Downtown Fort Lauderdale,” Berger Senior Vice President Joseph Byrnes explained. 

 “Its building lobby position affords Bank OZK high exposure, easy access, and the luxury of having the highest parking ratio available in Downtown Fort Lauderdale with a 634-car parking garage.”

 Jonathan Thiel 

Byrnes, together with Berger Senior Sales Associate Jonathan Thiel and Sales Associate John Forman, handled the transaction for the 550 Building landlord, Blackhawk Properties & Investments.   

Led by Clinton Casey and Bill Rotella, The Rotella Group represented Bank OZK. 

The seven-story building at 550 S. Andrews Avenue is adjacent to the new County Courthouse and features six floors of office space, ground floor restaurant patio space, and storefront retail space.  

For more information about Berger Commercial Realty’s leasing services, please call 954-358-0900.

John Forman

About Berger Commercial Realty/CORFAC International:

Berger Commercial Realty/CORFAC International is a regional, full service commercial real estate firm based in South Florida. 

Independent and privately owned since its founding in 1998, the firm is a member of CORFAC International, a global network of independently owned commercial real estate brokerage firms.

 The firm’s property management and brokerage services include tenant/landlord and buyer/seller representation; project and construction management; receiverships; agency/project leasing; capital advisory/investment sales; retail services and more. For more information, visit 

Clinton Casey

About CORFAC International:

CORFAC International (Corporate Facility Advisors) is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail real estate leasing and investment sales, multifamily property acquisitions and dispositions, property management and corporate services. 

In association with global affiliates, CORFAC International has 60 North American offices and 20 offices in global markets.

Bill Rotella

Founded in 1989, CORFAC firms completed more than 11,000 lease and sales transactions totaling approximately 500 million square feet of space valued in excess of $8.5 billion in 2015.

 For more information on the CORFAC network, please call 224.257.4400 or visit www.corfac.com.

CONTACT:

Jennifer J.H. Pierce

 Account Director

Pierson Grant Public Relations

6451 N. Federal Highway   Suite 1200

Fort Lauderdale, FL   33308

T:  (954) 776-1999, ext. 232

E:  jpierce@piersongrant.com

www.bergercommercial.com.

Alter Launches $750 Million, 641-Acre, 1.4 Million-SF Cornerstone Mixed-Use Development for Medline's Suburban Chicago Campus in Grayslake, IL

Michael Alter

CHICAGO, IL – Alter (www.altergroup.com), one of the nation’s premier commercial real estate developers, announces the launch of Cornerstone, a $750 million, 641-acre mixed-use development at Peterson Road and Route 83 in Northwest suburban Grayslake, Illinois a near suburb of Chicago. 

The park’s inaugural facility will be a LEED-certified 1,400,000 SF facility for the medical supply company, Medline Industries, Inc. 

At completion, it will be the 5th largest warehouse in the world.

“This innovative development in central Lake County will be one of the largest master-planned projects in the United States,” said Michael Alter, President of Alter.  “The area has become a hub for biotech, pharmaceutical, and packaged goods industries. 

Grayslake Mayor
 Rhett Taylor

"The development will leverage the growth of Northern Cook and Lake Counties to be a powerful revenue generator for local and county government and schools throughout the life of the development. 

Cornerstone will enhance the quality of life, protect the environment and mitigate road congestion in central Lake County.”

The mixed-use development will include approximately 3,000,000 SF of light industrial, research-and-development and office space.  

Cornerstone will be built over 12 years in multiple phases in cooperation with the Village of Grayslake, including utility extensions and road enhancements.  

The initial phase will be a 310-acre parcel north of Peterson Road, which will be developed over the next five years.

Medline, headquartered in Northfield, plans to relocate its Libertyville operations to the new facility. 

In addition, the new facility will add 250 more jobs to the operations. The building will be completed in early 2021.

“Cornerstone will allow for opportunities that add significant benefits to the local economy such as jobs and growth in the local property tax base for schools and other taxing districts,” said Grayslake Mayor Rhett Taylor.

 Kevin Considine

“This is a great win for Lake County and Illinois,” said KevinConsidine, 

President & CEO of Lake County Partners. 

“Medline chose Cornerstone over major parks in Indiana and Wisconsin because of the quality of our labor force, our lower taxes, and our transportation infrastructure. 

"As I see it, the planning that has gone into this project will pay huge dividends to Lake County, especially Grayslake, Mundelein, Libertyville, and the Round Lake communities,” Considine said.  

“It will create 9,000 high-quality jobs close to where people live, and it will do so with minimal impact.  Traffic impact outside of the actual development will be mitigated, thanks to Cornerstone’s self-contained nature and its proximity to existing population centers and planned road improvements.” 

William A. Alter 

Winner of NAIOP’s National Developer of the Year, Alter is a national corporate real estate development firm of office, industrial, and healthcare facilities.  

Founded by William A. Alter in 1955, the company has developed close to 100,000,000 SF of speculative projects for its own portfolio and build-to-suit facilities for corporate users.  This year, Alter has 2,500,000 SF of space under development in national markets.  

Contacts:  

 Tom Silva, for Alter

(847) 778-9628

KAROLYN RAPHAEL president karolyn@wingermarketing.com 312.494.0422      www.altergroup.com.

Ware Malcomb Announces Construction Complete on New Travel Plaza at Orlando International Airport

Construction is complete on a new travel plaza developed by the Greater Orlando Aviation Authority (GOAA) at the 

Orlando International Airport  

MIAMI, FL (March 11, 2020) – Ware Malcomb, an award-winning international design firm, today announced construction is complete on a new travel plaza developed by the Greater Orlando Aviation Authority (GOAA) at the Orlando International Airport in Florida.

Ware Malcomb’s Miami office provided architecture and interior design services for the project.

The team collaborated with the Federal Aviation Administration to ensure all building materials met strict airport guidelines and requirements.

Rei Gomez

“We worked closely with GOAA to design a comfortable, convenient and welcoming place for travelers who are coming to and from the Orlando International Airport,” said Rei Gomez, Regional Manager of Ware Malcomb’s Miami office. “This thoughtfully-designed travel plaza is an exciting new addition to the airport’s outstanding facilities.”

Located at the northeast corner of Jeff Fuqua Boulevard and South Park Place next to Terminal C at the Orlando International Airport, the new 9,000 square foot travel plaza includes a 7-Eleven convenience store and gas station, as well as a food court containing Baja Fresh and Built Burger restaurants. 

The exterior design features a steel and glass canopy in the front of the building that emulates an airport terminal, while both sides of the building curve up at an angle to mimic airplane wings.

The plaza’s exterior design also includes a canopy over the gas station. In addition, Ware Malcomb provided interior architecture and design for the food court, restaurants, convenience store and gas station.

Orlando International Airport, South Terminal, Orlando, FL

A large flight board is incorporated into the food court for the convenience of travelers. The new travel plaza is directly connected to an existing cell phone lot designed for drivers picking up travelers from the airport.

The site of the new facility was previously undeveloped, requiring significant engineering work to de-water and clear the swampy area and prepare the site for construction.

 For more information, please visit waremalcomb.com/news and view Ware Malcomb’s Design video at youtube.com/waremalcomb.

CONTACTS:

Rachel Devany

VP Public Relations

 KCOMM for Ware Malcomb

Rachel@kcomm.com 

Maureen Bissonnette

 Associate Principal, Marketing

 949.660.9128

 mbissonnette@waremalcomb.com

waremalcomb.com

JLL arranges $5.6 million refinancing for Boston-area industrial building

Amy Lousararian

BOSTON, MA, March 11, 2020 – JLL Capital Markets announced today that is has arranged a $5.6 million refinancing for 271 Ballardvale St., a 56,000-square-foot, fully leased, light manufacturing industrial building off Interstate 93 in the northern Boston suburb of Wilmington, Massachusetts.

 JLL worked on behalf of the borrower, Boston-based Rhino Capital Advisors LLC, to place the 10-year, fixed-rate loan with Webster Five.

 Fully leased on a long-term basis, the one-story building was built in 1976 and features 20-foot clear height ceilings.

Brett Paulsrud 

271 Ballardvale St. is less than 18 miles north of Boston and 16 miles from Cambridge. This location has exceptional regional highway access via Interstates 93, 95 and 495, which connects the property to the entire northeast region.

 The Capital Markets debt placement team representing the borrower was led by Senior Director Brett Paulsrud and Associate Amy Lousararian.

271 Ballardvale StREET IS a 56,000-square-foot, fully leased, light manufacturing industrial building off Interstate 93 in the northern Boston suburb of Wilmington, MA

 “Given the long-term lease in conjunction with the very attractive debt terms, this asset will provide Rhino’ portfolio with strong cash flow for many years to come,” Paulsrud said. 

“It is always a pleasure to work with such a great team.”

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

 CONTACT:

Kimberly Steele

JLL Senior Associate

Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

 jll.com.  

U.S. Home Flipping Increases to Eight-Year High in 2019 While Returns Drop to Eight-Year Low

 Todd Teta

IRVINE, CA — ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), released its year-end 2019 U.S. Home Flipping Report, which shows that 245,864 single family homes and condos in the United States were flipped in 2019, up 2 percent from 2018 to the highest point since 2006.

The number of homes flipped in 2019 represented 6.2 percent of all home sales in the nation during the year, an 8-year high. That was up from 5.8 percent of all home sales in 2018 and from 5.7 percent in 2017.

While flipping activity rose, profit margins continued dropping. Homes flipped in 2019 typically generated a gross profit of $62,900 nationwide (the difference between the median sales price and the median paid by investors), down 3.2 percent from $65,000 in 2018 year and 6 percent from the post-recession peak of $66,899 in 2017.

The typical gross flipping profit of $62,900 translated into a 40.6 percent return on investment compared to the original acquisition price. That was down from a 45.8 percent gross flipping ROI in 2018 and down from 51.4 percent ROI in 2017. The latest typical return on home flips stood at the lowest point since 2011.

Christine Stricker 

“Home-flipping profits across the U.S. dropped again in 2019 as the business of buying and selling houses absorbed its worst year since the housing market was mired in the fallout from the Great Recession," said Todd Teta, chief product officer at ATTOM Data Solutions. 

"This happened as the cost of buying properties continued to rise faster than gains on resale.

 “That’s not to say that the home-flipping industry is tanking or losing its allure for investors because home flipping rates are higher than they’ve been in eight years. But profits did continue to decline again for investors.”

For more detailed information, please contact:

Christine Stricker 

christine.stricker@attomdata.com