Thursday, December 31, 2020

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.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 21st 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 43rd 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