Cushman & Wakefield Report: Record Low Vacancies Highlight Bullish South Florida Multifamily Market​

Calum Weaver Authored Cushman & Wakefield’s 2018 South Florida Multifamily Midyear Market Update​ MIAMI, September 4, 2018— Cushman & Wakefield has released its 2018 South Florida Multifamily Midyear Market Update. The semi-annual report, authored by Executive Managing Director Calum Weaver of Cushman & Wakefield’s South Florida Multifamily Team, details the state of the multifamily market in the three counties comprising South Florida — Miami-Dade, Broward and Palm Beach. The report finds record low vacancy rates in a South Florida multifamily market supported by a continuing trend of positive historic market fundamentals. Significant highlights of the report include: Through the first two quarters of 2018, there were 133 multifamily sales in South Florida valued at nearly $2 billion. While year-over-year sales activity slowed for the second year in a row, these values are still the third-highest ever recorded in the first half of any year. As a whole, sales activity in South Florida was split relatively evenly [...]

2018-09-06T16:09:06+00:00 September 6th, 2018|Capital Markets, Florida, In the News, Multifamily, Press Release|

Cushman & Wakefield Negotiates $11.5M Sale of Hollywood Medical Office Building​

Scott O’Donnell, Greg Miller, Dominic Montazemi, Miguel Alcivar and Jason Hochman Represented SF Partners in the Disposition. HOLLYWOOD, FL, July 30, 2018— Cushman & Wakefield has negotiated the sale of the Hollywood Medical Office Building, a ±57,815-square-foot facility on the campus of Memorial Regional Hospital South in Broward County. The Cushman & Wakefield Capital Markets team of Scott O’Donnell, Greg Miller, Dominic Montazemi, Miguel Alcivar and Jason Hochman along with office leasing expert Donna Korn negotiated the sale on behalf of Miami-based SF Partners. A private real estate investment company acquired the asset for $11.5 million ($199 per square foot). The Hollywood Medical Office Building was developed in 1975. The five-story structure sits on a ±1.78-acre site at 3700 Washington Street approximately one-half mile west of Interstate 95 between the Hollywood Boulevard and Pembroke Road interchanges. The property, along with Hollywood Medical Plaza II, is one of only two medical office buildings on the Memorial Regional Hospital South campus. The building was 84 percent occupied at [...]

2018-07-30T15:03:01+00:00 July 30th, 2018|Florida, In the News, Office, Press Release|

Cushman & Wakefield Leases ±53,000 Square Feet at Waterford Atrium

Jeannette Mendoza, Brian Gale, Ryan Holtzman and Andrew Trench Represented MetLife Real Estate Investors in Securing Eight Office Leases MIAMI, FL, July 17, 2018 — Through the first two quarters of 2018, Cushman & Wakefield has negotiated eight office leases at Waterford Atrium totaling 52,674 square feet. The Cushman & Wakefield office leasing team of Jeannette Mendoza, Brian Gale, Ryan Holtzman and Andrew Trench represented owner MetLife Real Estate Investors. Waterford Atrium is a three-building, 495,870-square-foot Class A office campus located at 6100 Blue Lagoon Drive (6100 Waterford), 6303 Blue Lagoon Drive (6303 Waterford) and 6505 Blue Lagoon Drive (6505 Waterford) in Miami’s Waterford at Blue Lagoon business park. Cushman & Wakefield secured a mix of new, renewal and expansion leases with Executive Data Systems, The Art of Shaving, RS&H, Odebrecht Construction, Club Med Sales, Marcelo Law Group, American Prime and Banyan Health Systems. Executive Data Systems leased 7,971 square [...]

2018-07-17T16:57:44+00:00 July 17th, 2018|Florida, In the News, Office, Press Release|

At Airport North Logistics Park: Cushman & Wakefield Negotiates 69,000-SF Expansion, 106,000-SF Build-to-Suit Breaks Ground

MIAMI, May 29, 2018 – Neutralogistics has expanded its lease at Airport North Logistics Park (ALP) by 68,787 square feet, bringing the 900,000-square-foot, Class A, master-planned industrial project to 75 percent leased. The Miami-based logistics company already occupies 105,920 square feet at Building 1 and will be expanding into Building 2. Cushman & Wakefield Executive Director Wayne Ramoski, Director Gian Rodriguez and Senior Associate Skylar Stein, as exclusive leasing agents for the property, represented the landlord, Dallas-based L&B Realty Advisors, LLC in the lease negotiations. Juan Ruiz with Blanca Commercial Real Estate represented the tenant. “The property’s premier location with unique access to expressways and other major business hubs aligns with Neutralogistics’ strategic business objectives and expansion plans over the next few years,” said Alex Tellez, Founder and CEO of Neutralogistics. The expansion, finalized in late April, marks the third lease in as many months to be signed at ALP, [...]

2018-05-30T11:28:41+00:00 May 29th, 2018|Florida, In the News, Industrial, Press Release|

Cushman & Wakefield Negotiates Recapitalization and Financing of One Boca Place

The Capital Markets Team of Mike Davis, Dominic Montazemi, Scott O’Donnell, Rick Brugge, Michael Lerner and Greg Miller Represented a Joint Venture of Crocker Partners and Wheelock Street Capital in the Recapitalization of the ±277,000-Square-Foot Office Building. Jason Hochman, Michael Ryan and Brian Linnihan secured the financing. BOCA RATON, FL, April 10, 2018 — Cushman & Wakefield has negotiated the recapitalization of One Boca Place, a marquee 277,390-square-foot office asset in Palm Beach County. The Cushman & Wakefield Capital Markets team of Mike Davis, Dominic Montazemi, Scott O’Donnell, Rick Brugge, Michael Lerner and Greg Miller negotiated the recapitalization on behalf of CP Boca Place, LLC, a joint venture of Crocker Partners and Wheelock Street Capital. New York-based investor Rockwood Capital has acquired the joint venture interests of Wheelock Street Capital. Jason Hochman, Michael Ryan and Brian Linnihan of Cushman & Wakefield’s international Equity, Debt and Structured Finance (EDSF) platform assisted in securing a floating rate loan on behalf of the recapitalized partnership. One Boca Place is the second-largest multi-tenanted office asset [...]

2018-04-30T14:06:16+00:00 April 13th, 2018|Florida, In the News|

Cushman & Wakefield’s 2018 Florida Population Report Predicts Top Growth Markets

Highest Growth Rates Expected in Fort Myers and Orlando ORLANDO, FL – Cushman & Wakefield has released its 2018 Florida Population Reports, which detail projected population growth statewide and in nine major markets throughout Florida. The overall report predicts that Florida’s population will increase by just over 450,000 people in 2018, as compared to 430,000 in 2017. In the next five years, the state’s population is expected to increase from 21 million to 23.3 million. Of the markets examined, the Fort Myers MSA will see the greatest change in year-over-year population growth, while Miami is expected to see the smallest change. Tampa ranks as the largest MSA in the state, and Orlando boasts the lowest unemployment rate. “Florida’s population grew significantly in 2017, aided by continued net migration from northern and high-tax states,” said Chris Owen, Cushman & Wakefield’s Florida Research Manager. “In addition, thousands of Puerto Rico residents also [...]

2018-04-23T18:42:59+00:00 February 22nd, 2018|Florida, In the News, Press Release, Research|

The GEO Group, Inc. Leases ±25,000 SF at Boca Village Corporate Center

Cushman & Wakefield’s John K. Criddle and Joseph J. Freitas Negotiated the New Office Lease on Behalf of Building Owner AGS Properties Corporation BOCA RATON, FL, October 27, 2017 — Cushman & Wakefield announced today that it has negotiated a new, long-term 24,914-square-foot office lease with The GEO Group, Inc. at Boca Village Corporate Center in Palm Beach County. Managing Director John K. Criddle and Senior Associate Joseph J. Freitas negotiated the lease on behalf of building owner AGS Properties Corporation. Jay Whelchel of Whelchel Partners represented GEO Group. A January 2018 move-in date is anticipated. The GEO Group, Inc. (NYSE: GEO) is the first fully integrated equity real estate investment trust specializing in the design, financing, development and operation of correctional, detention, and community reentry facilities around the globe. GEO is the world’s leading provider of diversified correctional, detention, community reentry and electronic monitoring services to government agencies worldwide with operations in the United States, Australia, South Africa, and [...]

2018-04-23T18:43:04+00:00 October 27th, 2017|Florida, In the News, Office, Press Release|

The Bainbridge Cos. Selects Cushman & Wakefield to Market Luxury Coral Springs Apartments

The South Florida Multifamily Team of Robert Given, Troy Ballard, Zachary Sackley and James Quinn Were Selected to Market Bainbridge Coral Springs, a New 250-Unit Core Multifamily Community CORAL SPRINGS, FL, October 26, 2017 — Cushman & Wakefield announced today that it has been named exclusive advisor for the disposition of Bainbridge Coral Springs, a recently completed, 250-unit core multifamily community in northern Broward County. The South Florida Multifamily team of Robert Given, Troy Ballard, Zachary Sackley and James Quinn were selected to market the asset by Wellington, FL-based owner The Bainbridge Companies. The property has been brought to market unpriced. “Pricing of similar assets are exceeding $300,000 per unit,” said Given. Bainbridge Coral Springs comprises seven, five-story residential buildings offering a mix of one-, two- and three-bedroom apartment homes with modern kitchens, stainless steel appliances, nine-foot ceilings, hardwood-style flooring, washers and dryers, oversized walk-in closets, built-in storage systems, a screened patio or balcony, USB-equipped power outlets and elevator service. The average [...]

2018-04-23T18:43:04+00:00 October 27th, 2017|Florida, In the News, Multifamily|

Puerto Rican Diaspora: Migration Flows to Florida and Economic Effects

New Cushman & Wakefield Research Report Explores the Grave Situation on the Ground in Puerto Rico, the Anticipated Puerto Rican Migration to Florida and the State’s Role in the U.S. Territory’s Recovery MIAMI, FL — Cushman & Wakefield today announced the publication of Puerto Rican Diaspora: Migration Flows to Florida and Economic Effects, a report examining the potential impact of a mass Puerto Rican migration to the U.S. mainland in the wake of Hurricane Maria. The report, authored by Chris Owen, Cushman & Wakefield Florida Research Manager, details how the widespread destruction caused by Hurricane Maria exacerbated an already dire situation on the ground in Puerto Rico and examines the role Florida will play in the U.S. territory’s recovery and the lives of hundreds of thousands of Puerto Ricans going forward. Highlights of the report can be found below: Florida officials are estimating up to 250,000 people will relocate, a number that could grow by [...]

2018-04-23T18:43:04+00:00 October 24th, 2017|Florida, In the News, Press Release, Research|

Cushman & Wakefield’s 2017 Florida Logistics Report Provides Detailed Insight into State’s Supply Chain Network

Florida’s Demand for Warehouse and Distribution Space May Soon Outpace Supply if the State’s Explosive Population Growth Continues ORLANDO, FL — Cushman & Wakefield announced today that it has published its 2017 Florida Logistics Report. The report, authored by Florida Research Manager Chris Owen and Research Analyst Michelle McMurray, highlights Florida’s vital role in the global supply chain network and the unique strengths and challenges of its major logistical centers: Miami-Dade County, Broward County, Palm Beach County, Tampa, Lakeland, Orlando and Jacksonville. Download a copy of the report here. The 2017 Florida Logistics Report also examines the road, rail, air and sea capabilities and capacities for each of Florida’s major markets and analyzes the issues of supply and demand throughout the state. Notable findings include: Capacity and efficiency improvements over the next five years at Florida ports have the potential to capture market share from out-of-state ports and change supply chain [...]

2018-04-23T18:43:10+00:00 September 22nd, 2017|Florida, In the News, Research|