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MARCH 02, 2017

DIAMOND SPONSORS


OUR BUSINESS IS GROWING YOURS .

Making long-term connections is the key to success in commercial real estate. NAIOP provides investors, developers and owners the opportunities, education and knowledge they need at every step of their careers. So, whether you’re looking to meet potential business partners, nurture existing relationships or close a deal, NAIOP gets you to your goal.

NAIOP: THE FUTURE OF COMMERCIAL REAL ESTATE STARTS HERE. JOIN US.

FIND OUT WHAT YOU’VE BEEN MISSING AT

NAIOP.ORG/JOINTHEJOURNEY


DIRECTORY Thank you NAIOP Letter.............................

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Palm Beach Bus Tour Committee..................

2

Gemstone Partner Advertisements...............

3

Professional Service Advertisements............

33

Property Advertisements.............................

37

Bus Tour Sponsors......................................

43

Market Research........................................

49

Itinerary List...............................................

92

Property Ads & Facts..................................

95


Dear Palm Beach Bus Tour Participant; Welcome to the Palm Beach Bus Tour. I am very pleased that you have joined us for this valuable industry event. As real estate professionals, your time is valuable and we have worked hard at NAIOP South Florida to assure that your bus tour experience will be informative, enjoyable, and that you will make great business connections. NAIOP South Florida is constantly improving our programming and networking events. NAIOP receives feedback from its Board of Directors, members and attendees through surveys. I personally thank all the members that help push this organization to be the best. Those of you who are current members of NAIOP are aware that our vision is straightforward - Advancing responsible commercial real estate development. At NAIOP, our members rely on a steadfast association where they can educate themselves and foster networking circles. For those of you who may not currently belong to NAIOP, when you join NAIOP you are instantly connected with thousands of colleagues, locally and across North America. Join NAIOP and you will be on the forefront of superb education and information about commercial real estate and what effects it has on our community around us. Join NAIOP and you will have access to legislative representation on Capitol Hill, Tallahassee and your local municipalities. For information about becoming more involved in NAIOP SFL please contact me. NAIOP South Florida could not do this industry event without our sponsors that generously contribute to its success and your experience throughout the day. Special thanks to One Boca Place & Tower Commercial Real Estate, Palm Beach Park of Commerce & Cushman & Wakefield and Fountain Square & NAI/Merin Hunter Codman, Inc. for going above and beyond. Finally, I want to especially thank our Palm Beach Bus Tour Committee members led by Chair C. Todd Everett from Marcus & Millichap. The committee was comprised of: Ryan Dinsdale, KD Commercial Real Estate, LLC Valerie Enlow, The Goldstein Group Jonathan Guffey, Workspace Property Trust Randy Johnson, Keystone Property Group

Rachael Rossmeissl-Stone, Eco Advisors Andy Petry, Liberty Property Trust Owen Sagar, CBRE Christopher Thomson, SIOR, Cushman & Wakefield

Enjoy your bus tour!

Jules R. Morgan Executive Director

1500 W. Cypress Creek Rd., Suite 420, Ft. Lauderdale, FL 33309

1

Tel: (954) 990-5116

Fax: (954) 990-5496


Palm Beach Bus Tour Committee C. Todd Everett, SIOR Marcus & Millichap Committee Chair

Ryan Dinsdale KD Commercial Real Estate, LLC

Rachael Rossmeissl-Stone Eco Advisors

Valerie Enlow The Goldstein Group

Andy Petry Liberty Property Trust

Jonathan Guffey Workspace Property Trust

Owen Sagar CBRE

Randy Johnson Keystone Property Group

Christopher Thomson, SIOR Cushman & Wakefield

2


NAIOP | Gemstone Partner | Diamond

You’ve built your business by serving your clients’ best interests. So have we. Our commercial clients know the value of doing business with BB&T. Our consultative approach allows us to understand your business and provide insights to drive the performance of your business forward. For more than 140 years, we’ve built relationships by creating long-lasting partnerships that extend beyond deals and transactions. Experience the difference when one of the strongest and most respected banks in the nation is also part of your community. BBT.com

Colin Orrett, Senior Vice President 786-514-5454 COrrett@BBandT.com

B A N K I N G

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I N S U R A N C E

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I N V E S T M E N T S

Member FDIC. Only deposit products are FDIC insured. BBT.com © 2016, Branch Banking and Trust Company. All rights reserved.

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CLIENT FOCUSED. RESULTS DRIVEN

FT. LAUDERDALE 954-628-5355

BOCA RATON 561-572-9887

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MIAMI 305-400-0760

WEST PALM BEACH 561-572-9887 www.tower-cre.com 4


NAIOP | Gemstone Partner | Emerald 5

PRIME WAREHOUSE LOCATION At Turnpike Crossing, you’ll find prime warehouse/distribution space in a prime location. Located in Palm Beach County on the east side of Florida’s Turnpike at Jog Road, Turnpike Crossing provides state-of-the art industrial space in an area where large blocks of distribution space are difficult to find. Call us today at 954.453.5660 to learn about build-to-suit and prelease opportunities at Turnpike Crossing.


YOUR

LOCAL PARTNER TO GLOBAL TRADE

Prologis is the leading owner, operator and developer of industrial logistics real estate with approximately 676 million square feet (63 million square meters) owned and under management in 20 countries on four continents.

Prologis – Fort Lauderdale 450 East Las Olas Boulevard, Suite 880 Fort Lauderdale, Florida 33301, USA www.prologis.com Twitter: @Prologis

NAIOP | Gemstone Partner | Emerald

Prologis Beacon Lakes: Miami, Florida

Brad Stitchberry Vice President, Market Officer bstitchberry@prologis.com Main: +1 954 587 9202 Direct: +1 954 316 1777

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NAIOP | Gemstone Partner | Emerald

Nelson Pedistal Table

Flo Monitor Supports

Eames Molded Plastic Chair

Sayl Chair

Renew Sit-to-Stand Table

think about work, differently. We provide a broad range of products to plan, design, furnish and optimize your commercial business environment. www.workscapes.com Miami • Fort Lauderdale • West Palm Beach • Orlando • Fort Myers • Tampa • Jacksonville 305.400.8101

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NAIOP | Gemstone Partner | Ruby

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NAIOP | Gemstone Partner | Ruby

BEACH MORE WORRY LESS

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Delivering Excellent Service Experiences with a Splash

COMMERCIAL REAL ESTATE SERVICES

PALM BEACH

At Colliers International, one of our core values is having fun. We are serious about our work and clients, but value an optimistic, energetic and dynamic work environment that emphasizes social as well as business interaction. We believe it’s not just what we do for our clients, but how we do it that creates memorable experiences. Our professionals bring the right solutions and people to the table to help optimize your real estate strategy and unlock your organization’s full potential. To learn more about Colliers’ peoplefirst approach, connect with us today. +1 561 804 9678 colliers.com/southflorida


For nine decades, Gunster attorneys have worked alongside Florida real estate developers providing comprehensive solutions to resolve multi-faceted challenges. Our real estate, land use, environmental, property rights and eminent domain counsel work together across the state to achieve streamlined solutions for our clients. As a proud supporter of NAIOP, we look forward to many more decades of helping to bring your vision to reality.

NAIOP | Gemstone Partner | Ruby

Optimizing Investment. Building vision.

Gunster.com | For more information contact Heidi Davis Knapik, (954) 468-1391

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Specialization • Expertise • Results

Local Market Expertise, Resources of an Industry Leader As the industry leader in real estate investment brokerage, Marcus & Millichap creates markets for properties through its relationships with a broad pool of private and institutional investors. By combining unrivaled transaction expertise, in-depth market knowledge and

NAIOP | Gemstone Partner | Ruby

the industry’s most powerful marketing platform, we maximize value for our clients.

Calgary

Vancouver Seattle

Ottawa

Portland

Toronto

Boise

San Francisco

Reno Sacramento Oakland Palo Alto

Boston New Haven Milwaukee Westchester Manhattan New Jersey Detroit Chicago O’Hare Brooklyn Cleveland Chicago Oak Brook Philadelphia Chicago Downtown Wynnewood Iowa Pittsburgh Columbus Baltimore Indianapolis Cincinnati Washington, D.C. Kansas City Richmond Hampton Roads St. Louis Louisville Raleigh Greensboro Charlotte Nashville Tulsa Knoxville Oklahoma City Memphis Columbia Atlanta Birmingham Charleston Fort Worth Dallas Mobile Jacksonville Austin The Woodlands Orlando Houston San Antonio Baton Rouge Tampa Minneapolis

Salt Lake City Denver

Fresno Bakersfield Las Vegas Encino Ventura Ontario West Los Angeles Los Angeles Long Beach Palm Springs Newport Beach San Diego Phoenix

New Mexico

To access the investment market, contact the market leader. Fort Lauderdale

Miami

Ryan Nee Vice President/Regional Manager (954) 245-3400 ryan.nee@marcusmillichap.com

Kirk A. Felici First Vice President/Regional Manager (786) 522-7000 kirk.felici@marcusmillichap.com

Offices Throughout the U.S. and Canada

NAIOP South Florida Palm Beach Bus Tour 03-02-2017 11

Fort Lauderdale Miami

Corpus Christi

www.MarcusMillichap.com

8.5”W x 11”H (Trim) (0.125” bleed) Full Page 4C


COMMERCIAL REAL ESTATE

INDUSTRIAL

APARTMENTS

RETAIL

NAIOP | Gemstone Partner | Sapphire

OFFICE

HOSPITALITY WHEN WAS THE LAST TIME YOU HAD YOUR POLICIES REVIEWED?

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  12


NAIOP | Gemstone Partner | Sapphire

Akerman proudly supports the NAIOP Palm Beach County Bus Tour Ranked nationally by The Legal 500, our real estate team offers comprehensive and fully-integrated project counsel services to clients across the United States and in Latin America. With substantial industry experience and prominent local presence, we represent clients in complex real estate transactions and financings, large-scale development and redevelopment projects, public private initiatives, and litigation.

Akerman LLP | 650+ lawyers | 24 locations | akerman.com ©2017 Akerman LLP. All rights reserved. Contact: Eric Rapkin • Fort Lauderdale, FL • 954.759.8962 • eric.rapkin@akerman.com

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A collaborative, global real estate services company owned and operated by its Principals, Avison Young takes a different approach that translates into a better client experience – and better results.

NAIOP | Gemstone Partner | Sapphire

A Different Approach to Office and Industrial Real Estate

Serving owners and occupiers in Florida with 7 offices throughout the state and 77 offices across North America and Europe. Miami

Fort Lauderdale

Boca Raton

West Palm Beach

www.avisonyoung.com Partnership. Performance.

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Experience the Power of Market Knowledge

NAIOP | Gemstone Partner | Sapphire

Berger Commercial Realty 1600 SE 17th Street Causeway, Suite 200 Fort Lauderdale, FL 33316 Main: 954.358.0900 Fax: 954.358.0901

FOR MORE INFO CALL: 954.358.0900 WHO WE ARE Berger Commercial Realty Corp. is dedicated to the consistent delivery and execution of commercial real estate services while continually embracing the clients' individual business goals. OUR HISTORY Berger Commercial Realty Corp., founded in 1998, is a full service commercial real estate firm. As a local, independent and privately owned firm, we can customize our services and quickly adapt to our clients' needs as well as the continually changing real estate markets.

Brokerage

Management Services

Berger Commercial provides comprehensive commercial real estate brokerage services to assist our clients in optimizing their real estate transactions. We also offer customized due diligence programs.

Berger Commercial provides comprehensive, cost-effective property management to both institutional and non-institutional owners.

Construction/Project Management

Berger Commercial’s integrated expertise allows owners to reach their specific financial and operational objectives, whether in completing tenant improvements or extensive capital and redevelopment projects.

BergerCommercial.com

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Berger Special Assets Berger Special Assets, a subsidiary of Berger Commercial Realty, handles a variety of distressed situations including non-performing and under-performing loans and assets.


Real Estate

MEMBER OF THE YEAR - 2011 * Board of Directors (1998 - current)

* Board of Directors (2013 - current)

• Cost Segregation Studies • Asset Protection • Peer Reviewed CPA Firm (Highest Passing Standards)

NAIOP | Gemstone Partner | Sapphire

• Complex Real Estate Funds & Structures • Tax Minimization Planning & Strategies • IRC Section 1031 (Like Kind Exchanges)

International Tax

One Turnberry Place 19495 Biscayne Boulevard Suite 850 Aventura, FL 33180 (305) 931-2225 www.BACPA.com

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NAIOP | Gemstone Partner | Sapphire

BUILDING YOUR VISION from the

GROUND

With a depth of 65 real estate attorneys and 17 offices across the U.S., we partner with clients to manage real estate transactions from concept to completion including zoning and land use, construction and development, acquisition and disposition, leasing, financing, tax planning and deal structure. Learn more about our firm at BIPC.com

Adele I. Stone Board Certified Real Estate Attorney 401 E. Las Olas Boulevard, Suite 2250 Fort Lauderdale, FL 33301 954.335.1588 | adele.stone@bipc.com

California | Delaware | Florida | New Jersey | New York | North Carolina | Pennsylvania | Virginia | Washington, DC | BIPC.com

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CBRE knows Office. Through our industry leading perspectives, scale and deep Office

NAIOP | Gemstone Partner | Sapphire

SOUTH FLORIDA ADVANTAGE. expertise, we deliver outcomes that drive business and bottom-line performance for every Florida client we serve. How can we help transform your real estate into real advantage? For more information contact or visit: MIAMI 777 Brickell Ave. Suite 900 Miami, FL 33131 T +1 305 374 1000

BOCA RATON 5100 Town Center Cir. Suite 600 Boca Raton, FL 33486 T +1 561 394 2100

FORT LAUDERDALE 200 E Las Olas Blvd. Suite 1620 Ft. Lauderdale, FL 33301 T +1 954 462 5655

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OVER 40 YEARS OF DEDICATED SERVICE TO SOUTH FLORIDA

NAIOP | Gemstone Partner | Sapphire

15 million sf and $100 million of Related Office and Industrial Project Experience Building Projects and Relationships for Distinctive Clients: • Federal Express • Prologis • Coca Cola • Liberty Property Trust • IDI Gazeley

REPUTABLE AND RANKED! 2015 ENR Top 400 Contractors 2014 ENR Top 400 Specialty Contractors 2015 South Florida Business Journal Largest Contractors 2016 Sun-Sentinel Best Places to Work

CurrentBuilders.com

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WE BELIEVE

GIVES EVERY INVESTMENT PURPOSE. EVERY PROPERTY A SOUL. EVERY TRANSACTION A PULSE. Real estate is a powerful asset. It helps define the business

of

a

company.

The

spirit

of

a

startup.

The values of an investor. We’re 43,000 employees in over 60 countries, helping our clients put ideas into action. Across industries. Within budgets. And without fail. Around the globe and in South Florida. What can we do for you? cushmanwakefield.com/action

NAIOP | Gemstone Partner | Sapphire

THE CLIENT

IDEAS INTO ACTION

NAIOP_Gemstone Ad_March 2017 - 8.5x11.indd 1

2/3/2017 3:08:06 PM

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NAIOP | Gemstone Partner | Sapphire


Located on the border of Miami-Dade and Broward Counties, Miami Lakes continues to provide for easy commuting and fast access to all the business, residential and recreational areas in South Florida. Managing over 4 million square feet of Office, Industrial and Retail Space in Miami Lakes, The Graham Companies can find you the ideal space to fit your business needs.

NAIOP | Gemstone Partner | Sapphire

A Family Tradition of Service Since 1932

Come Visit Us and Experience Today’s Miami Lakes! For leasing information please contact Steve Style, Vice President of Marketing, 305-817-4025

www.MiamiLakes.com

The Graham Companies • 6843 Main Street • Miami Lakes, Florida 33014

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GroverCorlew-8.5x11.qxp_Layout 1 2/15/17 3:42 PM Page 1

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Real Estate Investment Management Group

Acquisition | Development Management

2335 E. Atlantic Blvd., Suite 300 | Pompano Beach, FL 33062 954.516.7001 | info@grovercorlew.com | grovercorlew.com

Proud Gemstone Partner of NAIOP South Florida

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NAIOP | Gemstone Partner | Sapphire

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NAIOP | Gemstone Partner | Sapphire

Liberty Airport Center | West Palm Beach, Florida

Liberty’s industrial portfolio includes regional warehouse, national distribution centers, light manufacturing and assembly facilities, as well as R&D and flex space.

libertyproperty.com

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GET OUR INSIGHT, CLOSE DEALS FASTER.

NAIOP | Gemstone Partner | Sapphire

Serving South Florida for over 40 years

With Miller’s expert analysis, you empower clients to make well-informed choices. Working as a courtesy to you, we help you bring clients real value.

MILLERCONSTRUCTION.COM

I

954.764.6550

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SUNBEAM Ad-16NAIOP Sponsor-Rev2.qxp_Layout 1 9/22/16 3:01 PM Page 1

Sunbeam Properties Breaks Ground on New Office/Flex Building MPC-30 added 71,000 Sq. Ft. to the Miramar Park of Commerce

NAIOP | Gemstone Partner | Sapphire

A hallmark of the Miramar Park of Commerce is its unity of ownership.

Sunbeam Properties has completed construction of MPC–30, a 70,948 sq. ft. spec office/flex building at the Miramar Park of Commerce, the largest locally owned and managed business park in South Florida. Construction completed last month.

“Today, there is significant demand for highquality flex/office space with high parking ratios in southwest Broward County. However, there is a limited supply of existing properties that meet those criteria,” said Jonathan Kingsley, executive vice president of Colliers International and broker for MPC–30. “That, coupled with increasing rental rates for office and industrial space, has provided an opportunity for Sunbeam to contribute new flex space options to the market.” MPC–30 offers impact resistant glass, Miramar Parkway frontage with lighted signage, five per thousand parking ration with the ability to provide over seven per thousand, and subdivision ability to accommodate a 5,000 sq. ft. tenant. Interior features includes 14 feet of clear ceiling height, a 126-foot non-shared truck court and bays that are 130 feet deep.

“With a lack of comparable quality and welllocated alternatives, this new development will draw tenants who had to look outside of Miramar when there was no similar product available over the last two to three years,” said Kingsley. A hallmark of the Miramar Park of Commerce is its unity of ownership. With more than 60 buildings under single ownership in one location, the addition of MPC-30 along with more than 2 million sq. ft. of existing 2nd generation flex/ office space allows Sunbeam to expand and contract its existing tenants and meet the needs of new clients looking for flexibility. The world class 5.2 million sq.ft Park is home to 180 national and internation companies including Siemens, Spirit Airlines, G.E. and Nissan and more than 10,000 employees.

Building similar to MPC-30

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“We are currently at 97 percent occupancy in our flex/office product at the Park, so the timing of MPC–30 is right,” said Maridee Bell, vice president of Sunbeam Properties. “This new building offers prospective tenants a location in a campus-style setting, Miramar Parkway frontage, excellent parking, private entrances to offices, extensive glass, individual signage, round-the-clock access and full control of their electric and HVAC systems.” MPC–30 has flexible layouts with sizs ranging from approximately 5,000 to 72,000 sq. ft.

Flex/office space, corporate build-to-suits as well as a limited number of second generation spaces are available in the Park. For more information, contact Lauren Pace (lpace@wsvn.com) or Maridee Bell (mbell@wsvn.com) at 10212 USA Today Way, Miramar FL 33025 or call 954.450.7900.


SUNBEAM Ad-16NAIOP Sponsor-Rev2.qxp_Layout 1 9/22/16 3:01 PM Page 2

Equidistant from Ft. Lauderdale and Miami, MPC–30 is within minutes of I-75 just one mile east of the Red Road interchange. The high-tech, state-of-the-art facility also features frontage, exposure and convenient access to Florida’s Turnpike.

• ± 70,948 sq. ft. total • ± 5,000 sq. ft. minimum divisible • 14’ clear • Street level • Miramar Parkway frontage with lighted signage • 5:1,000 sq. ft. parking • Additional parking available • 120/208 Volt, 3-phase electric • 100% fire sprinklered

NAIOP | Gemstone Partner | Sapphire

Offering a New 70,948 Sf. Spec Office/Flex Building MPC–30 in the award-winning Miramar Park of Commerce

• Impact resistant glass

10212 USA Today Way • Miramar, FL 33025 • 954.450.7900

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NAIOP | Gemstone Partner | Sapphire

PiersonGrant-8.5x11NAIOP.qxp_Layout 1 2/7/17 4:18 PM Page 1

Motivating People to Action Delivering your message, building your brand and actively engaging your audiences since 1995

Public Relations | Social Media | Graphic Design | Websites | Advertising 954.776.1999 | PiersonGrant.com

Proud Gemstone Partner of NAIOP South Florida

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Commercial Leasing

Zoning & Land Use Real Estate Finance & Debt Restructuring Private Equity & Joint Venture Transactions Real Estate Litigation & Workouts

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Real Estate Transactions

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Your single-source

Customized solutions Integrated real estate services

NAIOP | Gemstone Partner | Sapphire

commercial real estate provider.

Unmatched performance

SERVICES Acquisitions

Construction

Property Management

Development

Architecture

Leasing & Brokerage

Financial Services

Tenant Project Management

Asset Management

since 1951 301 E Las Olas Boulevard | Fort Lauderdale, FL | 954.627.9300

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W W W. S T I L E S . C O M


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Find Your Space.

Office Space | Flex Space We aim to provide our tenants with socially responsible and environmentally conscious office and flex spaces with the amenities of large metropolitan cities and the comforts of the suburbs. workspaceproperty.com | 954-391-5503

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A2Z ROOFING, INC 954-22-ROOFS (954-227-6637)


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Green & Sustainable Commercial Building Services

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NAIOP | Property On the Map Ads

FOR LEASE

EXCEPTIONAL WATER VIEWS 500 S AUSTRALIAN AVENUE

WEST PALM BEACH, FL

Clearlake Plaza is ideally located in West Palm Beach’s Central Business District offering 1,200 SF to 7,600 SF of Class A Office space. The building is undergoing a major lobby transformation and provides a variety of amenities that include on-site property management, concierge, conferencing facilities and most importantly, stunning views of Clear Lake. Situated on Australian Avenue, Clearlake Plaza is just minutes from CityPlace, Clematis Street and Downtown West Palm Beach amenities, with easy access to Interstate 95 via Okeechobee Boulevard. Contact Tom Burst to schedule a tour today.

+1 561 693 4380

tom.burst@colliers.com

Colliers International South Florida, LLC 4500 PGA Boulevard, Suite 110 Palm Beach Gardens, FL 33418 Tel: +1 561 804 9678 Fax: +1 561 655 5950

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FOR LEASE

500 S AUSTRALIAN AVENUE | WEST PALM BEACH, FL

Property Highlights • • • • • • • •

Breathtaking views Recently renovated with modern finishes Valet parking On-site property management Structured parking with multi-floor access Suites from 1,000 SF - 7,600 SF available Efficient floor plans Aggressive rates

Contact Us

Tom Burst Senior Vice President +1 561 346 4705 tom.burst@colliers.com

NAIOP NAIOP| |Market Property Research Ads

CLEARLAKE PLAZA

Colliers International South Florida, LLC 4500 PGA Boulevard, Suite 110 Palm Beach Gardens, FL 33418 Tel: +1 561 804 9678 Fax: +1 561 655 5950

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NAIOP | Property On the Map Ads


NOTES ______________________________________________________________________________________________ ______________________________________________________________________________________________ ______________________________________________________________________________________________

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NAIOP NAIOP| |Market Property Research Ads

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NAIOP | Bus Sponsor

SPECIAL PROJECTS GROUP

FOR PROJECTS UP TO $2 MILLION…

Top-Tier Resource for Your Small Projects Rely on our Special Projects Group’s proven performance for TI, capital expenditure and service work. AWARD-WINNING QUALITY AT A COMPETITIVE PRICE With self-performing service and carpentry capabilities and relationships with top subcontractors of all sizes, we ensure quality while limiting costs. DEEP EXPERTISE Completing 340 projects under $2 million each has equipped Miller

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RAPID RESPONSE WITH SINGLE POINT OF CONTACT That means clear project scopes and

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FOUNDATION OF STRENGTH Trust Miller’s 43-year track record and deep financial, operational and procurement resources for delivery on schedule and on budget. MILLERCONSTRUCTION.COM

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CURRENT BUILDERS… 45 YEARS OF BUILDING SUCCESS Pleased to have left a lasting impression on the industrial, office and residential markets throughout the tri-county region.

NAIOP | Bus Sponsor

15 Million Square Feet and $100 million of Related Office and Industrial 40,000 Residential Units • Fed Ex, Medley and Pompano Beach • Prologis Sawgrass A&B, Coral Springs • Allure Boca Raton

• Boca Colonnade, Boca Raton • Aetna, Pompano Beach • 5500 Broken Sound, Boca Raton

2016 and 2017 NAIOP Sapphire Sponsor CurrentBuilders.com

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Itasca Construction Associates Proud Sponsor of the 2017

NAIOP | Drink Sponsor

NAIOP P A L M B E AC H C O U N T Y B U S T O U R

Oxygen Development West Palm Beach, FL

Peninsular Corporate Center Boca Raton, FL

Boca Center Courtyard Boca Raton, FL

Xfinity Store Various Locations, FL

Office - Industrial - Retail - Tenant Improvements Renovations - Build to Suit 35 Years of Serving South Florida Itasca Construction Associates, Inc. 6420 Congress Avenue, Suite 1900, Boca Raton, Florida 33487 Phone 561-241-4999 Fax 561-241-7367 www.itascaconstruction.com

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Itasca Construction Associates Quality Service Integrity South Florida (561) 241-4999

Tampa Bay (813)975-8900

Georgia (770) 449-6700

QUALITY

SERVICE Itasca Construction provides personalized service to each and every client regardless of the project size or type. Each job is the most important we do.

INTEGRITY Our reputation is our most valuable asset. Our company was founded on the principle of providing the highest levels of quality, service and integrity. We seek to build lasting relationships with companies who value these ideals and people who share this vision.

NAIOP | Drink Sponsor

The quality of the projects we build is of the highest priority in our company. The product that we produce is our pride of workmanship on public display.

35 Years of Service South Florida Itasca Construction Associates, Inc. 6420 Congress Avenue, Suite 1900, Boca Raton, Florida 33487 Phone 561-241-4999 Fax 561-241-7367 www.itascaconstruction.com

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45

NAIOP |

Koozie Sponsor


NAIOP | Water Bottle Sponsor

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Aeron NAIOP | Goodie Bag Sponsor

The Remastered

Better. Smarter. Healthier.

www.workscapes.com Miami • Fort Lauderdale • West Palm Beach • Orlando • Fort Myers • Tampa • Jacksonville 305.400.8101

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NAIOP | Lanyard Sponsor

48


MARKETVIEW

Palm Beach County Office, Q4 2016

Market indicators continue to steadily improve Total Vacancy

Lease Rate

16.5%

Net Absorption

$19.92 PSF

Completions

46,000 SF

0 SF

*Arrows indicate change from previous year. Figure 1: Total Vacancy -vs- Average Direct Asking Lease Rate (NNN)

Vacancy Rate

NAIOP | Market Research

Vacancy (%)

Asking Rate ($/SF)

30

21

25

20 19

20

18

15

17

10

16

5

15

0

14 Q4 2008

Q4 2009

Q4 2010

Q4 2011

Q4 2012

Q4 2013

Q4 2014

Q4 2015

Q4 2016

Source: CBRE Research, Q4 2016.

Major drivers fueling demand for commercial real estate in Palm Beach County include job growth, population growth and tourism.

Canadian-based company, 2006 Executive Center L.P., owner of Madisons New York Bar & Grill, plans to build a four story office building in the Glades Road/I-95 corridor in Boca Raton.

Workspace Property Trust acquired Liberty Property Trust’s portfolio of 108 office and flex buildings for approximately $1 billion. The properties are located in Florida, Arizona, Minnesota, and Pennsylvania. The Florida portfolio consisted of 46 office and flex buildings.

Q4 2016 CBRE Research

49

Average Asking Lease Rate

L E A S I N G A C T I V I TY

At the close of 2016, Palm Beach County finished strong. Total vacancy declined to 16.5%, down 200 basis points (bps) year-over-year. Class C properties witnessed the largest decline of 260 bps to a Q4 2016 rate of 9.0%. Class A properties experienced a decrease of 230 bps to a Q4 2016 rate of 11.8%. Class B vacancy decreased by 180 bps year-over-year to 21.7%. The largest new lease signed in Q4 2016 was by the Health Care District of Palm Beach County. The group plans to move its headquarters from Palm © 2017 CBRE, Inc. |

1


M A R K E T V I E W PALM BEACH COUNTY OFFICE Figure 2: Market Statistics

Boca Raton

11,447,368

14.7

14.7

(3,399)

221,709

0

19.87

Delray Beach*

1,380,872

46.2

46.2

(5,551)

18,098

0

14.16

Boynton Beach

448,063

31.7

31.7

(9,282)

(10,515)

0

15.30

Lake Worth

384,961

9.0

9.0

(1,783)

5,958

0

14.00

West Palm Beach

5,625,097

17.5

17.6

34,155

108,278

0

20.43

Royal Palm Beach

296,578

1.3

1.3

0

3,439

0

22.65

Palm Beach

541,306

10.8

10.8

8,417

7,791

0

41.55

2,688,428

8.9

8.9

16,557

77,306

0

19.79

531,540

11.3

11.3

6,535

35,972

0

18.06

Total Palm Beach County

23,344,213

16.4

16.5

45,649

468,036

0

19.92

Class A

10,382,222

12.3

11.8

48,965

238,026

0

24.61

Class B

11,379,036

21.5

21.7

(16,502)

188,282

0

16.44

Class C

1,582,955

10.2

9.0

13,186

41,728

0

14.26

Downtown West Palm Beach

2,762,596

12.6

12.6

(12,801)

(9,171)

0

26.74

North Palm Beach Jupiter

Direct Vacancy (%)

Total Vacancy ( %)

Source: CBRE Research, Q4 2016.

Q4 2016 Net Absorption (SF)

2016 Net Absorption (SF)

Under Construction (SF)

Avg. Asking Lease Rate ($/SF/NNN)

*Denotes: Calculations include former Office Depot HQ, 541,690 sq. ft. vacant.

Figure 3: Significant Q4 2016 Lease Transactions Submarket

Property

Tenant

Transaction (SF)

West Palm Beach

1661 Worthington Road

Ocwen Financial Corporation**

51,546

West Palm Beach

Flagler Waterview

Health Care District of Palm Beach County

42,386

West Palm Beach

Northbridge Centre

Lytal Reiter**

18,835

Boca Raton

3010 N Military Trail

Access Healthcare

15,439

NAIOP | Market Research

Submarket

Total Inventory (SF)

** Denotes: A renewal.

Source: CBRE Research, Q4 2016. Figure 4: Significant Q4 2016 Sale Transactions Submarket

Property

Buyer

Seller

Building (SF)

Sale Price ($)

West Palm Beach

Centrepark East & West

Colonnade Properties, LLC

JP Morgan Investment

479,145

71,500,000

West Palm Beach

Centurion Tower

C-III Capital Partners, LLC

TA Realty

143,996

26,000,000

West Palm Beach

625 N Flagler Drive

FRI Investors, Inc.

Napleton Automotive Group

108,482

23,000,000

Boca Raton

3020 N Military Trail

Katz Baskies & Wolf, LLC

Sargent Marine Inc.

30,058

7,200,000

Source: CBRE Research, Q4 2016.

Q4 2016 CBRE Research

© 2017 CBRE, Inc. |

2

50


M A R K E T V I E W PALM BEACH COUNTY OFFICE

Springs to Downtown West Palm Beach. The movein is scheduled for Q2 2017. The largest renewal inked in Q4 2016 was by Ocwen Financial Corporation for 51,546 sq. ft. at 1661 Worthington Road located in West Palm Beach.

Figure 5: Net Absorption (000’s SF)

800 600

NAIOP | Market Research

400 Demand for office space in Q4 2016 resulted in net absorption of 45,649 sq. ft., bringing year-to-date net absorption to 468,036 sq. ft. The Boca Raton and West Palm Beach submarkets were the most active year-to-date, posting 221,709 sq. ft. and 108,278 sq. ft. of net absorption, respectively. The most active industries in the office market include financial services, health and technology. Larger tenants that took possession in Q4 2016 include Integra Connect which leased 13,998 sq. ft. at Flagler Center I and Global Sticks Express, LLC which leased 10,581 sq. ft. both located in Downtown West Palm Beach. In Boca Raton, Payventures, LLC leased 10,006 sq. ft. at One Town Center. The overall average asking direct lease rate rose 9.8% year-over-year coming in at $19.92 per sq. ft., which can be attributed to increased office occupancy and steady economic growth. Yearover-year lease rate comparisons by class show average asking lease rates for available Class B properties experienced the largest increase recording a 9.2% rise to $16.44 per sq. ft. Class C space saw a 6.2% increase to $14.26 per sq. ft. and Class A properties increased 4.8% to an asking rate of $24.61 per sq. ft. D E V E L OPMENT

As the Palm Beach County economy strengthens and the market gains new jobs, there has been a greater demand for office and residential product. Increased demand has pushed residential rent higher and has some office builders remaking themselves into condo or apartment speculators. Booming residential development will bode well for the office market, supporting new residents

Q4 2016 CBRE Research

51

200 0 (200) (400) 2011

2012

2013

2014

2015

2016

Source: CBRE Research, Q4 2016. Figure 6: Average Direct Asking Lease Rate (NNN)

Asking Lease Rate ($)

Class A

Class B

Class C

25 20 15 10 5 Q4 2011 Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016 Source: CBRE Research, Q4 2016. Figure 7: Palm Beach County Sales Volume

Millions ($) 800 600 400 200 0 2011

2012

2013

2014

2015

2016

Source: CBRE Research, Q4 2016.

Š 2017 CBRE, Inc. |

3


M A R K E T V I E W PALM BEACH COUNTY OFFICE

and potential office workers moving to Palm Beach County. I N V E S TME N T S A L E S A C T I VI TY

ECONOMIC INFLUENCE

Continued employment growth for Palm Beach County is indicated by the 2.2% increase in the November 2016 report for the number of total non-agricultural jobs during the last year. This represents a net gain of 13,200 jobs. Office employment, the primary influence of office demand, is defined by the Florida department of Labor as certain categories within the financial and service employment sectors in which office workers typically occupy. According to the latest labor market statistics released in Q2 2016, there

Q4 2016 CBRE Research

OUTLOOK

Florida's steady population growth and Palm Beach County’s strong fundamentals will allow the market to continue to flourish in the year ahead. In Palm Beach County, companies are seeking prime office space in order to attract top talent and these companies are absorbing space within Class A buildings, causing rental rates to rise higher than the peak prior to the recession nine years ago. While demand steadily continues to develop with no new office supply coming online, the office market will continue to experience lower vacancy and higher rental rates.

Figure 8: Palm Beach County - Jobs by Sector Manufacturing Information Construction 3% 1% 5% Other Services 5%

Professional, Business & Technical Services 24%

Financial Activities 6%

NAIOP | Market Research

National and local investors continue to expand their portfolios in Palm Beach County. Palm Beach continues to be attractive to investors who continue to compete for deals. Twenty-four sale transactions closed in 2016, accounting for a total of 3,065,769 sq. ft. with a total sale volume of $616 million. The average price per sq. ft. came in at $201. In Q4 2016, five properties totaling 791,681 sq. ft. traded for nearly $132 million or $167 per sq. ft. A noteworthy transaction that occurred in Q4 2016 was the acquisition of Centrepark East and West office buildings located in the West Palm Beach submarket. The asset traded for $71.5 million or a blended price per sq. ft. of $150. The property is comprised of nine properties which include one high-rise, three mid-rise and five single story buildings. This transaction reflects the consistent demand for value-add assets within the West Palm Beach submarket. Centrepark was 82% occupied at the time of sale with rent projected to grow approximately 27% in the next five years. Major tenants include Ocwen Financial, SV Microwave, Conroy Simberg, Seacrest Services and Earthlink.

are approximately 53,883 companies in Palm Beach County that supply products and services. In the service producing sector of the economy, the cluster of companies providing business and financial services represents 20,224 companies. Office employment for Palm Beach County currently stands at 34,938 workers.

Total Government 10%

Leisure and Hospitality 13%

Trade, Transportation & Utilities 18% Education and Health Services 15%

Source: U.S. Department of Labor, Bureau of Labor Statistics, December 2016.

Š 2017 CBRE, Inc. |

4

52


M A R K E T V I E W PALM BEACH COUNTY OFFICE

CONTACTS

Endria Maiorano South Florida Team Lead +1 561 393 1642 endria.maiorano@cbre.com

NAIOP | Market Research

Arden Karson Senior Managing Director +1 305 374 1000 arden.karson@cbre.com John Ferguson President Southeast Division +1 404.504.7870 john.ferguson@cbre.com

Market Coverage: Includes all multi-tenant office

CBRE Boca Raton 5100 Town Center Circle Tower II, Suite 600 Boca Raton, FL 33486

buildings 30,000 sq. ft. and greater in size in Palm Beach County. Excludes: office condo, medical and government buildings.

To learn more about CBRE Research, or to access additional research reports, please visit the Global Research Gateway at www.cbre.com/research-and-reports.

Disclaimer: Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE.

53


Multifamily Research Market Report

Fourth Quarter 2016

Palm Beach County Sales Hit New High Watermark; Room for Growth Remains fordability residing in rental units for longer periods of time, particularly the younger cohorts. In order to meet the growing demand, developers are adding new apartments to the county in the greatest numbers of the cycle. New construction this year will produce short-term increases in the vacancy rate. Rent growth will not be affected to a great degree, though, supporting the seventh consecutive year of increases. Yield-driven buyers land in Palm Beach County. Strong investor interest in Palm Beach County’s multifamily market has driven transaction activity to new highs over the past 12 months. Buyers seek to capitalize on the healthy operating metrics in the market that produce favorable returns. Prices are at the cycle high, motivating

more owners to list as projected holding periods are met. Assets in West Palm Beach proper were most heavily traded of all the submarkets while Delray Beach posted the greatest increase in deal flow. The seaside town of Delray Beach has attracted more buyers for its heightened development across all property types that is revitalizing the area and drawing more residents. Favorable cap rates are also a draw to the ever-changing town. Recently traded Class C assets posted an initial yield in the mid-6 to mid-7 percent range, equal to those found in West Palm Beach. High-yielding assets can be found marketwide, supporting a broad mix of buyers in search of returns not readily available in other markets.

2016 Multifamily Forecast 0.9% increase

Employment:

in total employment

As the labor market nears full employment the pace of job growth will slow to 5,500 new positions this year, expanding headcounts 0.9 percent. In 2015, 22,300 jobs were created.

2,200 units

Construction:

will be completed

100 basis point increase in vacancy

3.3% increase in effective rents

NAIOP | Market Research

Positive demographics driving the housing market. In-migration of the retiree population has been substantial, bringing estimated growth of this segment far above the national level. The senior cohort largely supports employment in the service sector. Many employed in this sector are part of the younger generation, a number of which attend local colleges and have a high propensity to rent. The labor market is also largely supported by the growing number of biotech firms that call West Palm Beach home and provide jobs that are often higher paying. Strong incomes in the county will bode well for multifamily construction, supporting an influx of new luxury units in Boca Raton and other areas of the market. High home prices contribute to the renter pool as well, keeping many in search of greater af-

Builders will complete 2,200 apartments countywide in 2016, a slight reduction from the 2,600 units that were brought to market last year. The greatest addition will be in Boca Raton; three projects are slated for completion this year totaling 830 rentals.

Vacancy: The vacancy rate will jump 100 basis points to 5.2 percent this year behind a large supply increase scheduled in the final quarter. A decline of 50 basis points was posted last year on net absorption of nearly 3,000 units.

Rents: The pace of rent growth will slow to 3.3 percent this year, bringing the average effective rent to $1,485 per month. Last year effective rent grew at a strong pace of 9.1 percent.

54


Multifamily Research | Market Report

Economy Employment Trends Market

Vacancy RateinTrends • Over the 12 months ended September, 10,800 jobs were created, a 1.8 Market United States percent increase in the workforce. It was a slower pace than the preceding 8% 22,700 workers were hired, largely due to a tightening labor maryear when ket. Job growth over the last four quarters pushed down the unemployment 6% rate 20 basis points to 4.7 percent.

United States

6%

Vacancy Rate

Year-over-Year Change

8%

• Hiring4% over the past year was led by the professional and business services sector, with 4,800 new workers. Leisure and hospitality employers contribut2% ed 2,400 jobs, mostly at bars and restaurants.

4% 2% 0% 12

13

14

15

16*

0% • The median household income rose 3.4 percent over the year ending in the 12 to $56,200 13 14 15 third quarter annually, the highest in16* South Florida. Job gains and a tightening labor market underpinned the increase.

Outlook: The pace of job growth will slow this year as employers create 5,500

Housing and Demographics Market

Trends single-family home in Palm Beach County • The median price ofRent an existing Rent Y-O-Y Rentyear Change climbed 6.5Monthly percent during the past to $291,800. The median price is rising faster than income, straining availability for first-time homebuyers.

United States

24%

$1,600

12%

• When the cost of insurance and taxes is calculated, the monthly mortgage on $1,350 a median-priced home is $1,705 based on a 9% 10 percent downpayment. The amount is $256 higher than the average effective monthly rent in the county, 6% $1,100 maintaining the attractiveness of renting over owning in the market. Monthly Effective Rent

Median Home Price (Y-O-Y Change)

Home Price Trends

Year-over-Year Change

NAIOP | Market Research

jobs, a 0.9 percent increase. Last year, headcounts grew 3.9 percent.

18% 12% 6% 0% 12

13

14

15

16**

3%9,600 more people now call $850 • Net migration has surged in the past year, as Palm Beach County home. The senior cohort,0% which is estimated to grow 25 $600 percent in the five years, contribute 12 next13 14 will15 16* to positive net migration.

Outlook:

The high cost of homeownership in Palm Beach County will keep many in search of housing in the renter pool longer. Employment in low-earning service positions held by the younger cohort will ensure stable rental demand.

Construction Construction Trends Multifamily Permits

Average Price per Unit (000s)

Number of Units (000s)

Completions

• Over the first three quarters of the year, 1,300 units have been completed, Sales bringing the total over the Trends past 12 months to 2,160 rentals. During that time, West Palm Beach received the greatest share with 800 rentals, followed by North Palm Beach County with 760 apartments. $180

8

• The largest completion of 2016 so far has been the Quaye at Palm Beach $160 Gardens, which added 340 conventional units. The largest development completed specifically for adults older than 55 was the 237-door Sinai Residences $140 of Boca Raton.

6 4 2 0 12

13

14

15

16*

• Approximately 5,760 apartments are underway with completions occurring this $120 year and next. Most of the stock is in Boca Raton, followed by the Boynton $100 Beach/Delray Beach submarket. The 398-unit Altis Boca Raton is the largest 13 15 16** project to be12delivered during14this time.

Outlook: Builders will bring online 2,200 units in 2016, less than last year’s to* Forecast ** Trailing 12 months through 3Q

55

tal of 2,600 apartments. Developers anticipate completion of four more projects totaling nearly 900 units by year’s end.


Multifamily Research | Market Report

Vacancy

• Of the five submarkets tracked, three recorded a reduction in the vacancy rate 6% over the past 12 months. The Lake Worth/Greenacres/Wellington submarket had the tightest vacancy in the4% county, down 20 basis points from one year ago to 3.4 percent in the third quarter this year. 2% • Class C complexes, with a vacancy rate of 2.8 percent, had the tightest availability by property class in the county. After a large supply increase, Class A vacancy of 6.9 percent marks a0% increase of 180 basis points from one year ago. 12

13

14

15

Vacancy Rate Trends Market

United States

8%

Vacancy Rate

Year-over-Year Change

• Vacancy rose 40 basis points in the lastEmployment four quartersTrends to end September at 4.9 percent. Net absorption totaled 1,300 units. earlier the vacancy rate MarketOne year United States remained unchanged. 8%

6% 4% 2% 0%

16*

12

Outlook: Robust supply increases in the last quarter this year will push up the

13

14

15

16*

vacancy rate 100 basis points for the entire year to 5.2 percent. Strong net absorption in 2015 yielded a decline of 50 basis points last year.

Rent Trends Monthly Rent

• The average effective rent was highest in Boca Raton, where a year-over-year increase of 3.5 percent raised the third quarter level to $1,752 per month. Rent 18% growth accelerated at the greatest pace in the Lake Worth/Greenacres/Wellington submarket, climbing 12% 9.5 percent to $1,287 per month. • Class A apartments increased rent on average by 5.1 percent year over year to 6% ended the third quarter with an average rent $1,883 per month. Class C units of $988 per month, a 3.8 percent climb from last September. 0%

Monthly Effective Rent

24%

Y-O-Y Rent Change

$1,600

12%

$1,350

9%

$1,100

6%

$850

3% 0%

$600

13 construction 14 Outlook: Higher vacancy resulting12from new will 15 slow rent16** growth

12

13

14

15

Year-over-Year Change

Median Home Price (Y-O-Y Change)

• The average effective rent climbed 4.9 percent in September from one year Home Price earlier to $1,449 per month. Over the preceding 12 Trends months, the effective rent Market United States climbed 7.8 percent.

16*

this year, climbing 3.3 percent to $1,485 per month. Last year, the average effective rent jumped 9.1 percent.

Sales Trends • Sales surged 37 percent in the last 12 months to mark the busiest one-year period this decade. Buyers were most active in the West Palm Beach submarket, followed by Greenacres and Boynton Beach. Trends Construction

4

• Going-in cap rates dipped 10 basis points over the past year to average 5.7 2 with initial yields in the mid-4 to low-5 percent percent. Class A offerings traded range and Class C assets often changed hands with a first-year yield in low-6 0 to upper-7 percent territory. 12 13 14 15 16*

Sales Trends Average Price per Unit (000s)

Number of Units (000s)

• Asset pricing reached a cycle high Completions of $167,800 per Multifamily unit over Permits the past year, an 11 percent jump from one year ago. Class A properties averaged a per unit price of $208,200 while Class C 8 complexes traded for an average of $151,200 per unit. The Greenacres area averaged one of the lowest average prices, end6 per unit. Boca Raton registered a $223,300 ing the third quarter at $83,000 price per unit on average, the highest in Palm Beach County.

NAIOP | Market Research

Rents

$180 $160 $140 $120 $100

12

13

14

15

16**

Outlook: A large influx of new properties coming to the market will draw the attention of investors this year. Many in search of assets in the $1 million to $10 million range will look to Delray Beach and Greenacres for their appreciation potential and stable cash flows.

* Forecast ** Trailing 12 months through 3Q Sources: CoStar Group, Inc.; Real Capital Analytics

56


Multifamily Research | Market Report

Capital Markets National Multi Housing Group Visit www.NationalMultiHousingGroup.com

John Sebree

First Vice President | National Director National Multi Housing Group Tel: (312) 327-5417 john.sebree@marcusmillichap.com

Fort Lauderdale Office: Ryan Nee

NAIOP | Market Research

Vice President | Regional Manager Tel: (954) 245-3400 ryan.nee@marcusmillichap.com 5900 North Andrews Avenue Suite 100 Fort Lauderdale, Florida 33309

By WILLIAM E. HUGHES, Senior Vice President, Marcus & Millichap Capital Corporation

• The initial reading of third quarter GDP of 2.9 percent and consistent growth in employment are fanning expectations that the Federal Reserve will raise its benchmark short-term lending rate at its December meeting. Other economic data showing steady improvement in the housing market and the stabilization of oil prices around $50 per barrel offer signals that the U.S. economy is growing at a sustainable pace. • Increasing rental housing demand underpinned a decline in the U.S. apartment vacancy rate of 60 basis points to 3.5 percent year to date through the third quarter, the lowest level this cycle. Apartment builders have responded to growing demand and favorable demographic trends by ramping up construction. Completions will rise to 320,000 units this year and peak in 2017. • Capital markets remain highly competitive, offering an assortment of fixed-rate products available through commercial banks, life-insurance companies, CMBS and agency lenders. Fannie Mae and Freddie Mac are underwriting loans of 10 years at maximum leverage of 80 percent. Rates will typically reside in the high-3 to low-4 percent range, depending on underwriting criteria. Portfolio lenders will also price in this vicinity but will typically require loan-to-value ratios in the 65 to 75 percent band. Floating-rate bridge loans and financing for asset repositioning are typically underwritten with LTVs 70 to 75 percent of stabilized value (80 to 85 percent of cost) and price 300 basis points above Libor for recourse deals and extending to 450 basis points above Libor for non-recourse transactions.

Local Highlights

Prepared and edited by

Michael Murphy

Research Associate | Research Services For information on national apartment trends, contact:

John Chang

First Vice President | Research Services Tel: (602) 687-6700 john.chang@marcusmillichap.com

Price: $250 © Marcus & Millichap 2016 | www.MarcusMillichap.com

• The Boynton Beach/Delray Beach submarket is going through a notable growth phase, with seven projects totaling nearly 1,900 units under construction and slated for completion by the end of 2017. The 350-unit market-rate Cortina in Boynton Beach and the 346-door Stonybrook on the Lake in Delray Beach are the two largest complexes rising from the ground in the area. Effective rent in this submarket averages $1,526 per month, a 4.0 percent year-over-year gain. Class A units average a monthly rent of $1,885, which is 8.1 percent higher than last September. • Multiple luxury developments are underway in downtown Boca Raton; the largest is the Altis Boca Raton, which will have 398 apartments. The Altis is one of three developments that are reshaping the former Arvida Park of Commerce. The project, which is expected for completion by the end of next year, will be located in Park Place, an under-construction 64,000-square-foot shopping center that will be anchored by the Fresh Market. • Westlake recently became Palm Beach County’s 39th city and is in the beginning stages of construction. Developers will construct 4,500 single-family homes in the western portion of the county. Two additional projects have been proposed nearby, one by GL Homes that will bring nearly 4,000 homes to Indian Trail Groves, and another subdivision that would build one home per 1.25 acres on a 1,288-acre parcel. Residents in this portion of the county will be just over a 30-minute drive away from employment in West Palm Beach.

The information contained in this report was obtained from sources deemed to be reliable. Every effort was made to obtain accurate and complete information; however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein. Note: Metro-level employment growth is calculated based on the last month of the quarter/year. Sales data includes transactions valued at $1,000,000 and greater unless otherwise noted. Sources: Marcus & Millichap Research Services; Bureau of Labor Statistics; CoStar Group, Inc.; Moody’s Analytics; National Association of Realtors; Real Capital Analytics; MPF Research; TWR/Dodge Pipeline; U.S. Census Bureau.

57


MARKETBEAT

Palm Beach County Industrial Q4 2016

Economy

PALM BEACH INDUSTRIAL Economic Indicators Q4 15

Q4 16

Palm Beach Employment

604k

614k

Palm Beach Unemployment

4.5%

4.7%

U.S. Unemployment

5.0%

4.8%

12-Month Forecast

Q4 15

Q4 16

Vacancy

4.4%

4.2%

Net Absorption (sf)

1.2M

931k

Under Construction (sf)

669k

737k

Average Asking Rent*

$7.93

$10.72

12-Month Forecast

*Rental rates reflect net asking $psf/year

Overall Net Absorption/Overall Asking Rent 4-QTR TRAILING AVERAGE

600.0

$12.00

500.0

$10.00

400.0

$8.00

300.0

$6.00

200.0

$4.00

100.0

$2.00 2012

2013

2014

Net Absorption, MSF

2015

$0.00

2016

Asking Rent, $ PSF

Overall Vacancy 10% 8%

New inventory for warehouse/distribution space expanded during the year, delivering 594,672 SF of space with more than 600,000 SF of new product slated to deliver over the next twelve months. Demand varied by submarket and depended on the need of the tenant with some areas more accommodating for large-scale users with big boxes and others ideal for small bay tenants. Vacancy rates in Delray and Riviera Beach decreased to under 3.0%, while the overall market experienced a slight uptick to 4.0%, an increase of 20 BPS year-over-year. The slight increase was due to new space delivered to the market that was not yet leased or absorbed. Sale activity in Palm Beach County remained elevated as privately owned single assets under 50,000 SF dominated transactions in the market. The driving force for investment sales was the potential for future growth throughout the county on solid population and labor gains that continue to support strong market fundamentals in positive absorption and climbing rental rates.

Outlook

6% 4%

Palm Beach County’s industrial market remained positive during the year with continued high levels of absorption, increasing rental rates and low vacancy rates. All except the Jupiter submarket experienced positive absorption ending the year with 931,841 square feet (SF) of net absorption. Occupiers that absorbed space included medical suppliers, aerospace, housing and construction. Overall rental rates continued to push higher as new space came to market and demand for flex space began to heighten. Vacancy remained well below 5.0% but did experience a slight uptick to 4.2%, a 20 BPS increase year-over-year.

NAIOP | Market Research

Market Overview

Market Indicators (Overall, All Property Types)

0.0

Palm Beach County economic growth remained solid throughout 2016. Job expansion continued to impact the county’s economy with significant improvement in trade, transportation and utilities companies. Increased employment opportunities assisted in the migration to the Palm Beach County area adding over 9,000 jobs during the year. The year’s end unemployment rate of 4.7% decreased 20-basis-points (BPS) from the previous month but increased 20 BPS year-over-year.

Historical Average = 6.2%

2% 0% 2012

2013

2014

2015

2016

As quality space is absorbed, demand is anticipated to remain robust in 2017. Construction will likely keep pace with 2016 levels and accelerate as developers respond to the lack of quality space options for tenants who need more modern structures with better layouts and higher ceiling heights. Cushman & Wakefield sees positive momentum in key statistics and as new product comes to the market. cushmanwakefield.com

58


MARKETBEAT

Palm Beach County Industrial Q4 2016

TOTAL BLDGS

SUBMARKET

NAIOP | Market Research

Boca Raton

INVENTORY (SF)

YTD INVESTOR SALES ACTIVITY (SF)

OVERALL VACANCY RATE

YTD OVERALL NET ABSORPTION (SF)

YTD OVERALL OVERALL OVERALL UNDER CONSTRUCTION WEIGHTED AVG. WEIGHTED AVG. WEIGHTED AVG. CNSTR COMPLETIONS NET RENT NET RENT NET RENT (SF) (MF) (OS) (W/D) (SF)

166

7,217,431

420,145

5.4%

106,078

0

0

$8.95

$13.20

Jupiter

86

3,966,758

0

3.8%

-18,797

0

0

$0.00

$11.72

$11.82 $9.50

Delray Beach

75

2,375,667

32,370

2.9%

192,353

0

0

$0.00

$11.57

$11.23 $11.67

Boynton Beach

48

2,323,877

15,912

9.5%

20,975

53,500

0

$11.00

$12.13

Lake Worth

65

1,826,442

0

4.7%

23,600

252,000

0

$0.00

$10.21

$6.88

Riviera Beach

215

9,122,775

65,580

2.0%

153,313

0

0

$0.00

$10.23

$8.20

West Palm Beach

342

13,987,196

396,419

4.5%

454,319

431,431

594,672

$8.83

$12.13

$10.17

PALM BEACH TOTALS

997

40,820,146

930,426

4.2%

931,841

736,931

594,672

$9.43

$12.39

$9.98

*Rental rates reflect asking $psf/year

FLEX = Flex Space

TOTAL BLDGS INVENTORY (SF)

HT = High Tech/Flex

YTD INVESTORS SALES ACTIVITY (SF)

OVERALL VACANCY RATE

MF = Manufacturing

OS = Office Service/Flex

YTD OVERALL UNDER NET ABSORPTION CNSTR (SF) (SF)

736,931

W/D = Warehouse/Distribution

YTD YTD LEASING CONSTRUCTION ACTIVITY (SF) COMPLETIONS (SF)

589,349

594,672

OVERALL AVERAGE ASKING RENT

DIRECT AVERAGE ASKING RENT

$9.98

$9.97

Warehouse/Distribution

597

26,307,529

0

4.0%

699,801

Manufacturing

180

7,067,232

641,594

1.8%

163,210

0

28,800

0

$9.43

$9.43

Office Service/Flex

220

7,445,385

288,832

7.4%

68,830

0

59,083

0

$12.39

$12.52

Key Lease Transactions 2016 6715 White Drive

175,000

Two Men And A Truck

Lease

Riviera Beach

6715 White Drive

175,000

Two Men And A Truck

Lease

Riviera Beach

5415 N Austrian Avenue

21,700

BoatSmith

Lease

West Palm Beach

1016 Clare Avenue

20,047

City Soccer Club

Renewal / Expansion

West Palm Beach

3900 Consumer Street

16,630

Installed Building Products

Lease

Riviera Beach

Key Sales Transactions 2016 PROPERTY

SF

Portfolio of 32 Properties

924,345

Belvedere Business Park

108,680

Gator Industrial Portfolio

40,883

SELLER/BUYER Fred Keller Trustee/The Silverman Group McCraney Property Company/Peter Alvizos Charles Hora/The David Associates

PRICE / $PSF

SUBMARKET

$50,070,000/$54.17

Riviera Beach

$12,000,000/$110.42

West Palm Beach

$3,225,000/$78.88

Lantana

About Cushman & Wakefield

59

Cushman & Wakefield

Valerie Tatum, Senior Research Analyst

of Florida, Inc.

Tel: +1 954 377 0492

303 Banyan Blvd Boulevard

valerie.tatum@cushwake.com

Suite 301

Chris Owen, Florida Research Manager

West Palm Beach, FL 33401

Tel: +1 407 541 4417

cushmanwakefield.com

chris.owen@cushwake.com

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter. Copyright © 2016 Cushman & Wakefield. All rights reserved. The information contained within this report is gathered from multiple sources considered to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy.


Retail Research Market Report

Third Quarter 2016

Palm Beach County New Households, High Income Pave the Path for Retail in retail sales that reaffirm the population’s substantial buying power. A strong desire among merchants to have outposts in West Palm Beach will maintain a downward trend for vacancy, lifting rental rates for the fifth consecutive year. Growing desire for retail space in Palm Beach County piquing buyer interest as cash flows remain encouraging. Buyers in search of greater returns than what can be found in nearby Miami continue to turn to the mid-tier market of West Palm Beach in search of favorable yields. Investment activity has been heightened over the past two years, especially in the Delray Beach area where a recent wave of housing development has drawn the attention of buyers, compressing cap rates to low-6 percent ter-

ritory for single-tenant space. In West Palm Beach, rates for single-tenant net-lease assets can reach the mid-6 percent area. Buyers looking to acquire assets in the $1 million to $10 million range will find properties that fit their goals throughout the county, with the highest concentration in West Palm Beach. In Delray Beach, recent sales of multi-tenant assets that fall in the same price tranche traded with an average cap rate of 7.0 percent, while West Palm Beach observed a 100-basis-point premium. In the coming months investment activity will be on par with recent past. There will be strong competition for ownership in prime locations with national credit tenants and long lease terms.

2016 Retail Forecast 1.0% increase in total employment

400,000 sq. ft. will be completed

100 basis point

Employment: After generating 22,300 new jobs in 2015, local employers are set to increase the workforce 1.0 percent this year with the addition of 5,700 positions. Many jobs will be in health services and biotech as more companies vie for space in the area.

Construction: Developers will complete 400,000 square feet of retail space in 2016, 100,000 square feet more than what was finished last year. Much of the construction activity is taking place in Boca Raton while other major projects will soon break ground across the county.

Vacancy:

decrease in vacancy

Job and residential expansion is driving the need for retail space, forming downward pressure on vacancy, which will drop 100 basis points to 5.1 percent at the end of this year. Last year net absorption of 560,000 square feet compressed vacancy 40 basis points.

6.3% increase

Rents:

in asking rents

NAIOP | Market Research

Retailers follow rooftops as household growth across the county encourages new retail leases. West Palm Beach retail is upheld by a boost in new households in an area that is driven by the growing number of retirees and employers and their lifestyle and needs. As the senior cohort, which has significant buying power, continues its rapid expansion, companies based in the medical and tech fields, among others, are attracting young talent, many who are establishing their first home. Residential developers are expanding offerings countywide in response to the growing demand for housing. Retailers are following suit, steadily expanding as the number of rooftops is on the rise, most notably in Boca Raton. Construction, though, remains to be widespread as developers look to capitalize on robust growth

Following a 7.1 percent surge in average asking rent last year, rents will grow 6.3 percent in 2016 to end the year at $20.89 per square foot. This is the fastest pace of rent expansion in South Florida, though rents will remain below the 10-year peak.

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Retail Research | Market Report

Economy • West Palm Beach employment grew by 8,000 positions in the 12 months Asking Rent Trends leading up to midyear 2016, down substantially from the 21,400 jobs created Metro United States in the prior yearlong period. Cuts to the professional and business services 12% and trade, transportation and utilities sectors have offset growth in the financial activities and education and health services sectors since the start of 6% 2016.

Employment Trends Metro

United States

Year-over-Year Change

Year-over-Year Change

6.0% 4.5%

0% • Job creation was led by the education and health services field, which expanded 2.9 percent over the last four quarters from the addition of 2,700 jobs. -6% The leisure and hospitality sector also boosted the local economy, bringing on 2,000 -12% new workers to grow this sector 2.5 percent from June 2015.

3.0% 1.5% 0.0% 13

14

15

16*

positions, a 1.0 percent rise to employment and a moderation from the 3.9 percent pace of growth that was achieved in 2015 when 22,300 jobs were created. Single-Tenant Sales Trends

Retail Completions

Average Price per Square Foot

Construction $420

2.0

• In the first two quarters of 2016, construction crews completed 115,000 $360feet of retail space, with the primary focus being on the submarket square of Royal Palm Beach/Wellington, which accounted for half of new square $300 footage.

1.5 1.0

• The largest project that came to completion in the first six months of the year $240 was a 30,000-square-foot Clive Daniel home furnishings store in Boca Raton.

0.5 0

12

13

14

15

16*

$180

• More than 350,000 square feet with completion dates 12 13 14 is under 15 construction 16** extending out to 2017, with the majority of development, 122,000 square feet, occurring in Boca Raton. The largest project that will be finished this year is the Loxahatchee Groves Commons at 95,000 square feet.

Outlook: Builders will complete 400,000 square feet of retail space in 2016,

70 percent of which will finish in the second half of the year. Last year, almost 300,000 square feet was delivered with net absorption surpassing 550,000 square feet. Multi-Tenant Sales Trends

Vacancy Rate Trends United States

Vacancy $320 Average Price per Square Foot

Metro

Vacancy Rate

12%

• Growth in rooftops is supporting a strong demand for retail space. At midyear $265 vacancy plummeted 120 basis points from June of 2015 to 5.2 percent, the tightest rate since 2007 after net absorption of 1 million square feet. $210

9% 6% 3% 0% 12

13

* Forecast Source: CoStar Group, Inc.

61

12 13 14 15 percent 16*to end June at $55,700 per • Median household income climbed 3.1 year and household formation grew 3.3 percent, or approximately 20,000 new residences. With the highest level of income in the tri-county area, retail sales advanced 3.8 percent in the same time span.

Outlook: At the close of this year Palm Beach County will total 5,700 new

Square Feet Completed (millions)

NAIOP | Market Research

12

14

15

16*

• Demand was particularly strong in the Royal Palm Beach/Wellington submarket in$155 the 12 months ending at midyear. Net absorption of 245,000 square feet compressed vacancy 150 basis points year over year to close the quar$100 ter at 5.6 percent. 12 13 14 15 16** • Occupancy increased at a greater pace among multi-tenant assets in the last four quarters, pushing the vacancy rate down 100 basis points to 5.7 percent in June. Single-tenant space also fared well, dropping vacancy 120 basis points to 4.9 percent on net absorption of 730,000 square feet.

Outlook: Strong net absorption in the first half of the year will continue through the rest of 2016, shrinking vacancy 100 basis points from 2015 to 5.1 percent.


Market Report | Retail Research

Rents 6.0%

Year-over-Year Change

• Delray Beach observed robust double-digit rent expansion, primarily as a result of limited availability of4.5% single-tenant assets. This property type averaged an asking rent of $28.75 in Delray Beach, the highest in Palm Beach County. 3.0%

• Rent expansion countywide was led by advances in the single-tenant market, which jumped 10.8 percent over the last 12 months to $20.29 per square 1.5% foot. Multi-tenant assets moved up 8.4 percent to end June at $20.85 per 0.0% square foot.

Asking Rent Trends Metro Year-over-Year Change

• In the year ending June 2016, average asking rent surged 9.8 percent to Employment Trends $20.52 per square foot. Higher occupancy over the first six months of this Metro United States year was a key contributor to growth in monthly rent.

6% 0% -6% -12%

Outlook: At the end of this year retail rents will have risen 6.3 percent from 12

13

14

15

United States

12%

16*

12

13

14

15

16*

the same time last year to $20.89 per square foot. In 2015 average asking rent surged 7.1 percent on strong leasing demand.

• Pricing continued to climb, rising 2 percent year over year on strong trading 1.5 to $400 per square foot. Assets in Delray Beach, where there has been robust housing development, 1.0 climbed even higher to $448 per square foot in June. 0.5 • Asset appreciation compressed cap rates 10 basis points in the last four quarters to 6.3 percent on average. Initial yields in West Palm Beach proper 0 trended above par in this period, 12 ending 13 the quarter in the 14 15 low-7 16*percent territory. Net-lease assets with national credit tenants and long lease terms traded in the mid-4 to low-6 percent range countywide.

Single-Tenant Sales Trends Average Price per Square Foot

Square Feet Completed (millions)

• Transaction velocity of single-tenant assets in the four quarters ended June 2016 was nearly on par with the sameRetail periodCompletions last year, rising 2 percent. Buyer activity was most prominent in the northern reaches of the county, with West Palm Beach and North Palm2.0 Beach accounting for half of sales.

$420 $360 $300 $240 $180

12

13

14

15

16**

Outlook: Investors will continue to favor triple net-lease assets for ease

of management and stable cash flows. Buyers will also focus on parts of the county that have increased housing recently and observed solid job growth.

Vacancy Rate Trends Multi-Tenant Sales Trends**

Multi-Tenant Sales Trends

United States

Vacancy Rate

• Buyer activity for multi-tenant listings was also nearly on par with the prior 12% from last June but up 60 percent from June period, dropping only 3 percent of 2014. Focus was again high on the Delray Beach submarket with Royal 9% close behind. Palm Beach/Wellington following • Among multi-tenant sales, 6% pricing surged in the last four quarters, up 13 percent to end June at $306 per square foot. Growth in values was in part attributed to increased sales3% of grocery-anchored plazas as Publix has been on a buying spree of properties for which it is located in. 0%

12 13 contained 14 a grocery 15 16* were • First-year yields for community centers that anchor in the upper-6 percent territory while strip centers observed a mid-7 percent average cap rate across the county.

Outlook: As households continue to form in pockets around the county in-

vestors will be attracted to densely populated areas for well-performing assets.

Average Price per Square Foot

Metro

NAIOP | Market Research

Single-Tenant Sales Trends**

$320 $265 $210 $155 $100

12

13

14

15

16**

* Forecast ** Trailing 12-month period through 2Q Source: CoStar Group, Inc.

62


Retail Research | Market Report

Capital Markets By WILLIAM E. HUGHES, Senior Vice President | Marcus & Millichap Capital Corporation

National Retail Group Visit www.NationalRetailGroup.com

Bill Rose

First Vice President, National Director National Retail Group Tel: (858) 373-3100 bill.rose@marcusmillichap.com

Fort Lauderdale Office:

NAIOP | Market Research

Ryan Nee

Vice President, Regional Manager Tel: (954) 245-3400 ryan.nee@marcusmillichap.com 5900 North Andrews Avenue Suite 100 Fort Lauderdale, Florida 33309

• Global capital markets have remained stable over the past few weeks, even as Brexit and the continued devaluation of the Chinese yuan have induced bouts of volatility into stock and bond markets. Meanwhile, U.S. economic data has proved resilient, with increases in retail sales and steady hiring supporting a measured pace of growth. Additionally, higher bond prices have lowered prospective yields, boosting the appeal of commercial real estate. • As the current economic cycle has continued, retail vacancy descended to 5.8 percent by the end of the second quarter. A focus on net-leased construction for pre-leased tenants and mixed-use developments has limited development activity in relation to prior cycles, supporting robust increases in average asking rents. Builders will deliver 46 million square feet of retail space this year, with more than two-thirds of new supply slated as single-tenant structures. This environment will sponsor a fourth straight year of average asking rent growth, with advancement projected to exceed inflation over the same period. • Capital markets remain highly competitive, with a broad assortment of fixedrate products available through commercial banks, life-insurance companies and CMBS lenders. Loans are generally offered at terms up to 10 years at maximum leverage of 65 to 75 percent. For 10-year terms, rates will typically reside in the high-3 to mid-4 percent range, depending on leverage and underwriting criteria. Floating bridge loans and financing for repositionings are typically underwritten with LTVs above 80 percent, while pricing at 300 basis points above Libor for recourse deals and extending to 470 basis points above Libor for non-recourse transactions.

Local Highlights • Retailers in West Palm Beach will soon benefit from an influx of high-paying medical and tech jobs. Companies of the likes of Integra Connect, Jupiter Medical Center and F1 Bioventures are in the process of leasing office space in the downtown area, an area that is becoming increasingly attractive to young talent. New multifamily offerings such as the Alexander and Loftin Place are also transforming West Palm Beach, upgrading housing options for residents. Prepared and edited by

Michael Murphy Research Associate | Research Services For information on national retail trends, contact:

John Chang

First Vice President | Research Services Tel: (602) 687-6700 john.chang@marcusmillichap.com

Price: $250 © Marcus & Millichap 2016 | www.MarcusMillichap.com

• North of West Palm Beach in Palm Beach Gardens, United Technologies recently broke ground on its new $115 million headquarters that will house the climate controls and security division. The company is expected to create at least 380 jobs for the 224,000-square-foot building that is being built at the corner of I-95 and Douglas Ross Road. The site is near Florida Atlantic University and two shopping plazas. • Westlake, a Minto Communities development that just became Palm Beach County’s 39th city and is in the beginning stages of construction, will add 4,500 single-family homes to the western area of the county. In the surrounding area two more projects have been proposed, one by GL Homes that will bring 3,987 homes to Indian Trail Groves and another by Iota Capital that would build one home per 1.25 acres on a 1,288-acre parcel. Such a large influx of housing in this part of the county is bound to bring increased retail development along with it.

The information contained in this report was obtained from sources deemed to be reliable. Every effort was made to obtain accurate and complete information; however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein. Note: Metro-level employment growth is calculated using seasonally adjusted quarterly averages. Sales data includes transactions valued at $1,000,000 and greater unless otherwise noted. Triple-net rents are used. Sources: Marcus & Millichap Research Services; Bureau of Labor Statistics; CoStar Group, Inc.; Moody Analytics; Real Capital Analytics; TWR/Dodge Pipeline; U.S. Census Bureau.

63


PALM BEACH BUS TOUR ITINERARY

2017

Registration Drive Through Breakfast Drive Through Drive Through Drive Through Drive By Drive By Drive By Stop Drive By Walk Through Lunch Drive By Drive By Beer Stop Walk Through Stop Stop Drive By Walk Through Drive By Drive By Drive By Drive By Cocktails

Name of Project/Building

Sponsoring Firm

One Boca Place Lynn Financial Center Fountain Square Boca Center The Plaza One Town Center Delray Professional Center, LLC Woolbright Corporate Center Boutwell Business Center MiamiCentral, Brightline WPB Northbridge Centre 625 Flagler Palm Beach Park of Commerce Gardens Medical Pavilion PGA Station Gardens Innovation Center Turnpike Crossing Liberty Airport Center One Park Place Boca Colonnade 1 750 @ Park Allure Boca Raton Sabre Centre I 851 Broken Sound 951 Yamato One Boca Place

Tower Commercial Real Estate Avison Young NAI/Merin Hunter Codman Tower Commercial Real Estate Tower Commercial Real Estate Tower Commercial Real Estate Genet Property Group Berger Commercial Realty Corp. Panattoni Development Company All Aboard Florida Tower Commercial Real Estate FRI Investors, Inc Cushman & Wakefield Colliers International Stiles NAI/Merin Hunter Codman Duke Realty Liberty Property Trust JLL Workspace Property Trust Allison Management Inc/Brookside Realty Current Builders Grover Corlew/Butters Butters Construction & Development NAI/Merin Hunter Codman Tower Commercial Real Estate

NAIOP | Properties Itinerary

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26

Type

64


2017 Palm Beach Bus Tour

NAIOP | Property Ads & Facts

Project Name One Boca Place Project Address 2255 Glades Rd City / Zip Boca Raton Building Information

Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s) Number of Floors Floor Size Parking Ratio Minimum Available Maximum Contiguous Total Available Rental Rate / Operating Expense

Land Information

Crocker Partners Office Under Renovation 2017 1986 Renov 2011 & 2017 1 277,390 sf 4 69,347 4.00/1,000 sf 800 sf 25,000 sf 47,415 sf $29-$30NNN / $14.61/SF (2017-Est)

Owner / Developer Type (Land for Sale, Build-to-Suit) Total Acres Zoning Site Size Price

Contact Information

Contact Company Address Phone e-mail

Additional Information

Tower Commercial Real Estate

2225 Glades Road, Suite 124A, Boca Raton, FL 33431

(561) 572-9887 loswald@tower-cre.com

Multi-Million Dollar Renovation Program Underway:  A completely redesigned Lobby with new, modern finishes and refurbished elevator cabs  Completely re-designed building entrance  Rent ready spec suites under construction

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

65


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NAIOP | Property Ads & Facts

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ONE BOCA PLACE

NAIOP | Property Ads & Facts

Multi- Million Dollar Renovation Program Underway

67

NEW ATRIUM LOBBY ABOVE


PROPERTY FEATURES

For more information, please contact: JON BLUNK President 561.572.9887 jblunk@tower-cre.com www.tower-cre.com

LAUREL OSWALD Executive Director 305.867.3625 loswald@tower-cre.com www.tower-cre.com

NAIOP | Property Ads & Facts

• Prominent location on Glades Road in highly desirable Boca Raton • Multi- million dollar renovation program include a completely redesigned Lobby with new, modern finishes, refurbished elevator cabs and completely re-designed building entrance • Practically column free spaces in varying sizes offer abundant natural light, efficient layouts and floor to ceiling windows • Elegant lobby with soaring 4 story windows overlooking tropical landscaping and fountain • Rent ready spec suites under construction • Immediate access to I-95 • Close proximity to Wyndham Hotel • Steps away from numerous shopping and dining

ONE BOCA PLACE 2255 Glades Road Boca Raton, FL 33431

68


2017 Palm Beach Bus Tour

NAIOP | Property Ads & Facts

Project Name Lynn Financial Center Project Address 1905/1875/1825 NW Corporate Blvd. City / Zip Boca Raton, 33432 Building Information Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s) Number of Floors Floor Size Parking Ratio Minimum Available Maximum Contiguous Total Available Rental Rate / Operating Expense Land Information Owner / Developer Type (Land for Sale, Build-to-Suit) Total Acres Zoning Site Size Price Contact Information Contact Company Address Phone e-mail Additional Information

LFC Development Office Completed July 2007 / June 2009 3 85,000 sf / 61,905 sf / 61,977 sf 3 24,333 sf / 61,905 sf / 61,977 sf 4/1,000 2,830 sf 21,759 sf 85,096 sf $28-30.00 NNN / Opex $10.29-12.00

Avison Young – Greg Martin 500 W. Cypress Creek Road, Suite 350 Ft. Lauderdale 33309 954-903-1815 Greg.martin@avisonyoung.com

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

69


For Lease Property Video

1825/1875 N.W. Corporate Boulevard BoCa r atoN, Fl 33431

ProPerty HigHligHts • • • • • •

LEED® Gold Certified Class “A” Office Building Covered Parking Available Prominent building and monument signage opportunities Finished ceiling height of 11 feet at the ground floor and 10 feet at the second and third floors Open and column free office space allowing unparalleled efficiency and flexibility Shuttle Service to Tri-Rail Station

ContaCt: 954.903.3900 Greg Martin Principal greg.martin@avisonyoung.com

1825 Building Suite 120: 5,572 SF rental rate: $28.00 nnn oPerating exPenses: $11.05

1875 Building

NAIOP | Property Ads & Facts

Lynn Financial Center

Suite 105: 2,830 SF Suite 110: 5,559 SF Suite 120: 3,766 SF Suite 210:

4,290 SF

Suite 300: 21,759 (full floor) rental rate: $28.00 nnn oPerating exPenses: $10.29

70


For Lease

NAIOP | Property Ads & Facts

Property Video

Lynn Financial Center 1905 n.W. CorPorate Boulevard BoCa r aton, Fl 33431 ProPerty HigHligHts • • • • • • • •

87,000 SF, three-story office building Built in 2007 On site fitness center 96-seat auditorium Impressive lobby Upgraded finishes throughout Prestigious Boca Raton address Existing furniture can be made available

availaBle suites Suite 100:

6,711 -SF

Suite 300:

16,408-SF

rental rate: $30.00 nnn oPerating exPenses: $12.00

ContaCt: 954.903.3900 Greg Martin Principal greg.martin@avisonyoung.com

Keith O’Donnell Principal keith.odonnell@avisonyoung.com

THE INFORMATION CONTAINED HEREIN WAS OBTAINED FROM SOURCES BELIEVED RELIABLE; HOWEVER, AVISON YOUNG MAKES NO GUARANTEES, WARRANTIES OR REPRESENTATIONS AS TO THE COMPLETENESS OR ACCURACY THEREOF. THE PRESENTATION OF THIS PROPERTY IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, OR CONDITIONS, PRIOR TO SALE OR LEASE, OR WITHDRAWAL WITHOUT NOTICE.

71


NOTES ______________________________________________________________________________________________ ______________________________________________________________________________________________ ______________________________________________________________________________________________

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NAIOP | Property Ads & Facts

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2017 Palm Beach Bus Tour

NAIOP | Property Ads & Facts

Project Name Fountain Square 2650 & 2700 Military Trail Project Address 2600, Boca Raton, FL 33431 City / Zip Building Information

Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s) Number of Floors Floor Size Parking Ratio Minimum Available Maximum Contiguous Total Available Rental Rate / Operating Expense

Land Information

Fountain Square Owner, LLC Office Renovated 2016 1987, 1989 & 1999 3 2600: 73,384 SF; 2650: 75,075 SF; 2700: 93,066 SF 3, 4-Story Buildings 18,000 – 20,000 SF 3.55/1,000 1,060 SF 35,410 SF 49,529 SF $20.50-$21.50/$10.90 (2016)

Owner / Developer Type (Land for Sale, Build-to-Suit) Total Acres Zoning Site Size Price

Contact Information

Contact Company Address Phone e-mail

Additional Information

Richard Brockney, NAI/Merin Hunter Codman 951 Yamato Road, Suite 102, Boca Raton, FL 561 394 5200 rbrockney@mhcreal.com Building signage available for a full floor tenant. Upscale café, guard, covered parking.

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

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NAIOP | Property Ads & Facts

74


75

NAIOP | Property Ads & Facts


NAIOP | Property Ads & Facts

76


77

NAIOP | Property Ads & Facts


NOTES ______________________________________________________________________________________________ ______________________________________________________________________________________________ ______________________________________________________________________________________________

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NAIOP | Property Ads & Facts

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2017 Palm Beach Bus Tour

NAIOP | Property Ads & Facts

Project Name 1800 Boca Center Project Address 1800 N Military Trl City / Zip Boca Raton 33431 Building Information

Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s) Number of Floors Floor Size Parking Ratio Minimum Available Maximum Contiguous Total Available Rental Rate / Operating Expense

Land Information

Barings Real Estate Advisers/Crocker Partners Office Completed 2008 2008 1 145,171 sf 4 35,487 sf 4.00/1,000 sf 1,298 sf 11,188 sf 20,671 sf $35NNN / $14.95/SF (2017-Est)

Owner / Developer Type (Land for Sale, Build-to-Suit) Total Acres Zoning Site Size Price

Contact Information

Contact Company Address Phone e-mail

Additional Information

Tower Commercial Real Estate

5200 Town Center Circle, Suite 105, Boca Raton, FL 33486

(561) 288-9254 merickson@tower-cre.com

Completed in late 2008 with Cat4 rated hurricane glass exterior, start of art mechanical systems.

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

79


2017 Palm Beach Bus Tour Project Name Boca Center Tower I Project Address 5200 Town Center Cir City / Zip Boca Raton 33486 Building Information

Land Information

Barings Real Estate Advisers/Crocker Partners Office Renovated 2000 1989 1 120,588 sf 6 23,000 sf 4.00/1,000 sf 2,549 sf 10,586 sf (3rd Q 2017) 22,059 sf $35NNN / $16.54/SF (2017-Est)

Owner / Developer Type (Land for Sale, Build-to-Suit) Total Acres Zoning Site Size Price

Contact Information

Contact Company Address Phone e-mail

Additional Information

Tower Commercial Real Estate

NAIOP | Property Ads & Facts

Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s) Number of Floors Floor Size Parking Ratio Minimum Available Maximum Contiguous Total Available Rental Rate / Operating Expense

5200 Town Center Circle, Suite 105, Boca Raton, FL 33486

(561) 288-9254 merickson@tower-cre.com

Private outdoor terraces with views overlooking the dynamic courtyard, Boca Raton waterways and landscape.

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

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2017 Palm Beach Bus Tour

NAIOP | Property Ads & Facts

Project Name Boca Center Tower II Project Address 5100 Town Center Cir City / Zip Boca Raton 33486 Building Information

Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s) Number of Floors Floor Size Parking Ratio Minimum Available Maximum Contiguous Total Available Rental Rate / Operating Expense

Land Information

Barings Real Estate Advisers/Crocker Partners Office Renovated 2000 1989 1 100,880sf 6 16,484 sf 4.00/1,000 sf 3,382 sf 6,608 sf 9,990 sf $35NNN / $17.19/SF (2017-Est)

Owner / Developer Type (Land for Sale, Build-to-Suit) Total Acres Zoning Site Size Price

Contact Information

Contact Company Address Phone e-mail

Additional Information

Tower Commercial Real Estate

5200 Town Center Circle, Suite 105, Boca Raton, FL 33486

(561) 288-9254 merickson@tower-cre.com

Private outdoor terraces with views overlooking the dynamic courtyard, Boca Raton waterways and landscape.

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

81


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NAIOP | Property Ads & Facts

______________________________________________________________________________________________

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BOCA CENTER

NAIOP | Property Ads & Facts

Over 365,000 sf of Class A office space within 3 office towers

LANDMARK “CENTER“ OF BOCA RATON Multi-Million Dollar Renovations Planned

83


PROPERTY FEATURES

• Over 365,000 sf of Class A office space within 3 office towers Featuring the iconic Towers I & II framing the Boca Center courtyard and the more recently constructed 1800 Boca Center office building with its impact rated exterior window construction

• Outstanding visibility from I-95

• On-site 256-room Marriott Hotel

• Steps away from over 30 upscale shopping and dining amenities including Starbucks, Morton’s and Joseph’s Classic Market.

• Courtyard includes two fountains, a centralized stage and amphitheaterstyle seating • Multi-Million dollar renovations planned

• Separate parking garage for each office building

NAIOP | Property Ads & Facts

• The combination of office, retail and hotel offerings make Boca Center Boca Raton’s most desirable office location

• Security patrols and electronic card system access

For more information, please contact: R. MICHAEL ERICKSON Senior Managing Director 561.288.9254 merickson@tower-cre.com www.tower-cre.com

BOCA CENTER Town Center Circle, Boca Raton, FL 33486

84


2017 Palm Beach Bus Tour

NAIOP | Property Ads & Facts

Project Name The Plaza Project Address 5355 Town Center Rd City / Zip Boca Raton 33486 Building Information

Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s) Number of Floors Floor Size Parking Ratio Minimum Available Maximum Contiguous Total Available Rental Rate / Operating Expense

Land Information

Crocker Partners Office Renovated 1999 1986 1 145,344 sf 11 14,700 sf 4.00/1,000 sf 433 sf 17,523 sf 55,254 sf $30-$35NNN / $15.06/SF (2017-Est)

Owner / Developer Type (Land for Sale, Build-to-Suit) Total Acres Zoning Site Size Price

Contact Information

Contact Company Address Phone e-mail

Additional Information

Tower Commercial Real Estate

5200 Town Center Circle, Suite 105, Boca Raton, FL 33486

(561) 288-9254 merickson@tower-cre.com

Adjacent to renowned Town Center Mall, Glades Plaza and the exclusive Shops at Boca Center, providing a variety of amenities, including numerous restaurants and shops.

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

85


THE PLAZA

Multi-Million Dollar Renovations Planned PREMIER OFFICE SPACE

• 11-story, class A trophy office tower centrally located in the heart of Boca Raton • Conveniently located in the Glades Road/I-95 Business Corridor of Boca Raton

• Floor-to-ceiling windows offering tenants grand views of central Boca Raton. • Upscale lobby design and renovated common areas. • Eleven stories of polished granite and glass • Concierge service

• Security patrols and electronic card system access • On-site banking with Wells Fargo

FULL FLOOR OPPORTUNITIES AVAILABLE

For more information, please contact: R. MICHAEL ERICKSON Senior Managing Director 561.288.9254 merickson@tower-cre.com www.tower-cre.com

NAIOP | Property Ads & Facts

• Adjacent to renowned Town Center Mall, Glades Plaza and the exclusive Shops at Boca Center, providing a variety of amenities, including numerous restaurants and shops

THE PLAZA 5355 Town Center Road, Boca Raton, FL 33486

86


2017 Palm Beach Bus Tour

NAIOP | Property Ads & Facts

Project Name One Town Center Project Address 1 Town Center Rd City / Zip Boca Raton 33486 Building Information

Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s) Number of Floors Floor Size Parking Ratio Minimum Available Maximum Contiguous Total Available Rental Rate / Operating Expense

Land Information

Crocker Partners Office Completed 1991 1991 1 185,094 sf 10 21,200 sf 4.00/1,000 sf 2,069 sf 19,292 sf 53,191 sf $35-$40NNN / $13.32/SF (2017-Est)

Owner / Developer Type (Land for Sale, Build-to-Suit) Total Acres Zoning Site Size Price

Contact Information

Contact Company Address Phone e-mail

Additional Information

Tower Commercial Real Estate

5200 Town Center Circle, Suite 105, Boca Raton, FL 33486

(561) 288 9254 merickson@tower-cre.com

Located in the heart of central Boca Raton affording great access to the areas many amenities. Walking distance to Town Center Mall, Boca Center, Glades Plaza which provide many restaurants at all price points, national and boutique retail, hotels, and more. One Town Center sits approximately one mile from both Florida Atlantic University and Lynn University campuses.

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

87


ONE TOWN CENTER

Iconic Stature Visible From All Directions PREMIER OFFICE SPACE

• 10-story, class A iconic office tower centrally located in the heart of central Boca Raton • Conveniently located in the Glades Road/I-95 Business Corridor of Boca Raton

• Virtually column free space affords maximum flexibility for space planning • Excellent long range panoramic views from upper floors • Executive balconies on 9th & 10th floors

• Upscale lobby design and renovated common areas • Amenities befitting a Class A office building including a gym with lockers

• Covered parking for tenants in attached parking garage

For more information, please contact: R. MICHAEL ERICKSON Senior Managing Director 561.288.9254 merickson@tower-cre.com www.tower-cre.com

NAIOP | Property Ads & Facts

• Walking distance to Town Center Mall, Boca Center, Glades Plaza which provide many restaurants at all price points, national and boutique retail, hotels, and more

ONE TOWN CENTER 1 Town Center Road, Boca Raton, FL 33486

88


2017 Palm Beach Bus Tour

NAIOP | Property Ads & Facts

Project Name Delray Professional Center, LLC Project Address 1300 NW 17th Avenue City / Zip Delray Beach, FL 33445 Building Information

Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s) Number of Floors Floor Size Parking Ratio Minimum Available Maximum Contiguous Total Available Rental Rate / Operating Expense

Land Information

Benjamin J Genet, Manager Office 1989 1 42,723’ 2 144’ 7546’ 2238’ $22’ Modified Gross

Owner / Developer Type (Land for Sale, Build-to-Suit) Total Acres Zoning Site Size Price

Contact Information

Contact Company Address Phone e-mail

Genet Property Group 5701 N Pine Island Road, #370 Tamarac, FL 33321 954.572.9159 nancy@genetgroup.com

Additional Information Medically Zoned

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

89


Medically zoned office building in the heart of Delray Beach- Located off I95 and Atlantic Avenue just minutes from Downtown Delray’s Best Restaurants and Shopping! Glass front office suites with lake and fountain views. 

Medically zoned office suites with private bathrooms available

Private entrances and lake views from most suites

Well maintained common areas

Spaces from 400- to over 7000’

NAIOP | Property Ads & Facts

Delray Professional Center - 1300 NW 17th Avenue Delray Beach, FL 33445

For leasing information, please contact Nancy Galati, Director of Operations 954.572.9159 | Nancy@genetgroup.com | www.genetgroup.com Genet Property Group | 5701 N Pine Island Road, Suite 370 | Tamarac, FL 33321 90


2017 Palm Beach Bus Tour

NAIOP | Property Ads & Facts

Project Name Woolbright Corporate Center Project Address 1901/1903 S. Congress Ave. City / Zip Boynton Beach/ 33426 Building Information

Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s) Number of Floors Floor Size Parking Ratio Minimum Available Maximum Contiguous Total Available Rental Rate / Operating Expense

Land Information

Congress Properties & Investments, LLC Office Currently under renovations 1983 2 100,643 sf 4 12,613 sf 4 per 1,000 sf 640 sf 12,613 sf 26,410 sf $14 sf net + $7.75 per sf CAM

Owner / Developer Type (Land for Sale, Build-to-Suit) Total Acres Zoning Site Size Price

Contact Information

Contact Company Address Phone e-mail

Additional Information

Berger Commercial Realty Corp. 2240 W. Woolbright Road 561-430-2302 rdabrowski@bergercommercial.com

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

91


WOOLBRIGHT CORPORATE CENTER I & II 1901-1903 S. Congress Ave., Boynton Beach, FL 33426

Welcome new tenants Payday Payroll Services & Payday Loan Resolution ▪ Office and Medical suites available from 1,115 RSF to 4,750 RSF ▪ Full floor available on 2nd floor - 12,000 RSF ▪ Rental rate $14.00 + $7.75 PSF CAM ▪ Plenty of free surface parking, easy access 24 hours a day 7 days a week

NAIOP | Property Ads & Facts

PROPERTY HIGHLIGHTS

▪ Near restaurants, lodging, banking, shopping and beaches. South Congress Avenue Frontage. ▪ Conveniently located in close proximity to US-1, I-95 and Florida's Turnpike

92


2017 Palm Beach Bus Tour

NAIOP | Property Ads & Facts

Project Name Project Address City / Zip Building Information

Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s) Number of Floors Floor Size Parking Ratio Minimum Available Maximum Contiguous Total Available Rental Rate / Operating Expense

Land Information

Panattoni Development Company Warehouse Newly Completed 2016 2016 Two Two, 126,000 SF buildings 1 126,000 SF 1.00/1,000 SF 15,750 SF 126,000 SF 252,000 SF $7.95 NNN + $2.50 operating expenses

Owner / Developer Panattoni Development Company Type (Land for Sale, Build-to-Suit) For Lease Only Total Acres Zoning Industrial Park of Commerce Site Size Price

Contact Information

Contact Company Address Phone e-mail

Additional Information

Kirk Nelson/Jeff Kelly - CBRE 5100 Town Center Circle, Suite 600 Boca Raton,FL 33486 (561) 227-1803 Kirk.nelson@cbre.com

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

93


FOR LEASE

±11,850 SF TO ±252,000 OFFICE/WAREHOUSE SPACE FOR LEASE

BOUTWELL BUSINESS CENTER BOUTWELL ROAD AND 7TH AVENUE NORTH, LAKE WORTH, FLORIDA

+ ±18.83 Acre Commercial/Industrial Development + Currently zoned and site plan approved as an Industrial POC + Two separate buildings available consisting of a total of ±252,000 SF (each building consists of ±126,000 SF) + Ofce area built to suit from 10% to 20% + 30’ Clear Height + 52.5’ x 50’ column spacing + Hurricane Impact Glass / ESFR Fire Sprinklers + Tilt-wall Concrete Construction + Other commercial uses permitted subject to concurrency review and use approval + Ample Parking + Dock and Ramp Loading

ASKING LEASE PRICE - FROM $7.95 PSF, NNN ESTIMATED 2016 OPERATING EXPENSES: $2.50 PSF CAM

CONTACT KIRK NELSON Vice President +1 561 227 1803 kirk.nelson@cbre.com

NAIOP | Property Ads & Facts

FEATURES

JEFF KELLY Executive Vice President +1 561 393 1621 jeffrey.kelly@cbre.com

ROBERT SMITH Executive Vice President +1 561 478 0330 robert.c.smith@cbre.com CBRE | Licensed Real Estate Broker

CBRE, Inc. Licensed Real Estate Broker

94


2017 Palm Beach Bus Tour

NAIOP | Property Ads & Facts

Project Name Project Address 524 Datura Street City / Zip West Palm Beach, 33401 Building Information

Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s)

All Aboard Florida Mixed-use: Transportation, Residential, Retail New, under construction 2017-2018 2 Train Station: 60,000sqft, Residential: 290 units, Retail: 14,000sqft

Number of Floors Floor Size Parking Ratio Minimum Available Maximum Contiguous 14,000sqft Total Available 14,000sqft Rental Rate / Operating Expense

Land Information

Owner / Developer Type (Land for Sale, Build-to-Suit) Total Acres Zoning Site Size Price

Contact Information

Contact Company Address Phone e-mail

Additional Information

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

95


NAIOP | Property Ads & Facts

- COMING 2017 INN OVAT IV E. U RBAN . CO N N EC TED.

FOR OFFICE LEASING CONTACT:

TERE BLANCA LICENSED REAL ESTATE BROKER

TEL. 305.577.8851 TERE.BLANCA@BLANCACRE.COM

miamicentral.com

96


NAIOP | Property Ads & Facts

- COMING 2017 A RRIVE. CO N N EC T. IN D U LG E.

FOR LEASING, PLEASE CONTACT: RETAIL

PACO DIAZ | TEL. 305.381.6411 PACO.DIAZ@CBRE.COM

FOOD & BEVERAGE

DANNY DIAZ | TEL. 305.381.6412 DANNY.DIAZ@CBRE.COM

miamicentral.com

97

JUSTIN SCHULTZ TEL. 305.938.6555 JUSTIN@H3HOSPITALIT Y.COM


West Palm Beach Station

NAIOP | Property Ads & Facts

RESIDENCES - 290 CONNECTED, URBAN UNITS WITH GROUND LEVEL RETAIL

West Palm Beach Station

- ARRIVING 2017 gobrightline.com

98


2017 Palm Beach Bus Tour

NAIOP | Property Ads & Facts

Project Name Northbridge Centre Project Address 515 N Flagler Dr City / Zip West Palm Beach / 33401 Building Information

Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s) Number of Floors Floor Size Parking Ratio Minimum Available Maximum Contiguous Total Available Rental Rate / Operating Expense

Land Information

Greenfield Partners LLC Office Under Renovation 2017 1987 Renovation 2017 2 294,493 sf 21 13,135 sf 3.00/1,000 sf 1,090 rsf 52,540 rsf (4 floors) 86,022 sf $30-$35NNN / $15.027SF (2017-Est). Separately metered electric

Owner / Developer Type (Land for Sale, Build-to-Suit) Total Acres Zoning Site Size Price

Contact Information

Tower Commercial Real Estate Contact Company 515 N Flagler Drive, Suite 204, West Palm Beach, FL 33401 Address (561) 288-9251 Phone cthomas@tower-cre.com e-mail  Multi-Million dollar renovations planned

Additional Information

The building’s prime location at the base of the Flagler Memorial Bridge (“North Bridge”), expeditious ingress and egress to Palm Beach Island, Interstate 95 & Okeechobee Blvd. Unobstructed stunning views of the Atlantic Ocean, Intracoastal Waterway and Palm Beach Island to the north, south and east.

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

99


NORTHBRIDGE CENTRE

Multi-Million Dollar Renovations Planned PREMIER OFFICE SPACE

• 21-story, Class A iconic trophy tower centrally located in the Downtown West Palm Beach

• The building’s prime location at the base of the Flagler Memorial Bridge (“North Bridge”), provides easy ingress and egress to Palm Beach Island, Interstate 95 & Okeechobee Blvd

• Attached parking garage with a climate controlled covered sky bridge which offers convenient pedestrian travel between the Tower, Pavilion and Garage without exposure to the elements • Executive valet parking with direct access to tenant floors and the building lobby

• Amenities within the complex including two dining options, full service banking with ATM service, Paul James Salon and Palm Beach Waterfront Fitness Club • Multi-Million dollar renovations planned • On-site property management, closed circuit TV monitoring and 24/7 security guard

For more information, please contact: CONSTANCE THOMAS, CCIM Senior Director 561.371.1768 cthomas@tower-cre.com www.tower-cre.com

JON BLUNK President 561.572.9887 jblunk@tower-cre.com www.tower-cre.com

NAIOP | Property Ads & Facts

• Unobstructed, stunning views of the Atlantic Ocean, Intracoastal Waterway and Palm Beach Island to the north, south and east

NORTHBRIDGE CENTRE 515 N Flagler Drive, West Palm Beach, FL 33401

100


2017 Palm Beach Bus Tour Project Name 625 Flagler Project Address 625 North Flagler Drive, West City / Zip Palm Beach Florida, 33401

NAIOP | Property Ads & Facts

Building Information

Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s) Number of Floors Floor Size Parking Ratio Minimum Available Maximum Contiguous Total Available Rental Rate / Operating Expense

Land Information

625 Flagler Acquisitions Office Renovated 2016 1984 1 108,000SF 11 9,800SF 926SF 47,000SF 54,000SF $25.00 / $12.50

Owner / Developer Type (Land for Sale, Build-to-Suit) Total Acres Zoning Site Size Price

Contact Information

Contact Company Address Phone e-mail

Additional Information

FRI Investors, Inc 625 North Flagler Drive, West Palm Beach, Suite 501 561-615-3903 wpm@frinv.com

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

101


Ab

NAIOP | Property Ads & Facts

AvAi l Ab l e s pAc es suite 400

4,463 RsF

suite 800

14,356 RsF

suite 508

926 RsF

suite 900

16,313 RsF

suite 509

1,634 RsF

suite 1,000

16,313 RsF

No warraNty or represeNtatioN, express of implied, is made as to the accuracy of the iNformatioN coNtaiNed hereiN, aNd the same is submitted subject to errors, omissioNs, chaNge of price, reNtal or other coNditioNs, prior sale, lease or fiNaNciNg, or withdrawal without Notice, aNd of aNy special listiNg coNditioNs imposed by our priNcipals No warraNties or represeNtatioNs are made as to the coNditioN of the property or aNy hazards coNtaiNed thereiN are aNy to be implied.

FRI InvestoRs, Inc. 625 n. Flagler Dr. suite 501 West Palm Beach, FL 33401

www.frinv.com

102


NAIOP | Property Ads & Facts

Above MArket broker fees

Ocean Views

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“A destination location along Flagler Drive adjacent to Flagler Memorial Bridge immediately situates tenants of 625 Flagler in an ideal location to serve those in West Palm, Palm Beach and the surrounding communities.” -John couris, ceo of Jupiter Medical center New tenant at 625 flagler

NAIOP | Property Ads & Facts

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NAIOP | Property Ads & Facts

ter gler

located at the foot of the new $100 million north Bridge to palm Beach

propertY feAtUres • Located at the foot of the new $100 million North Bridge to Palm Beach • Lowest lease rates on Flagler Drive • 926-47,000 SF available • 11-story Class-A contemporary office building • 4-story attached parking garage • Ocean and intracoastal views • Alarmed security with closed circuit TV monitor system • Building access available 24/7/365 • On-site leasing and management • Minutes to Palm Beaches famed Worth Avenue, Clematis Street, Palm Beach County Courthouse, CityPlace, restaurants, retail shops, banking and the Palm Beach International Airport.

900-47,000 sf AvAilAble for iMMeDiAte occUpANcY!

cOntact Us FOr MOre inFOrMatiOn! FRI InvestoRs, Inc. 561.615.3903 www.625flagler.com

105

John O’Donoghue

jodonoghue@frinv.com


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NAIOP | Property Ads & Facts

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2017 Palm Beach Bus Tour

NAIOP | Property Ads & Facts

Project Name Palm Beach Park of Commerce Project Address Beeline Highway & Pratt Whitney Road City / Zip Jupiter, FL Building Information

Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s) Number of Floors Floor Size Clear Height Parking Minimum Available Maximum Contiguous Total Available Rental Rate / Operating Expense Zoning

Land Information

Owner / Developer Type (Land for Sale, Build-to-Suit) Total Acres Zoning Site Size Price

Contact Information

Contact Company Address Phone e-mail

Additional Information

TPA Group & S&K Realty warehouse Proposed 2018 2018 1 160,000 SF 1

32’ Clear with dock high loading 1.46 : 1,000 +/-10,000 SF 160,000 SF 160,000 SF Lease Rate: $5.50 PSF / OpEx: Est $2.50 PSF Zoned PIPD-IL (Planned Industrial Park Development – Light Industrial) TPA Group & S&K Realty Land for Sale & Build to Suit 945 AC $5-6.00 PSF for industrial / $9.00 PSF for Commercial Cushman & Wakefield 303 Banyan Blvd, Suite 301 West Palm Beach, FL 33401 Christopher.thomson@cushwake.com

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

107


PALM BEACH PARK OF COMMERCE

PRATT WHITNEY ROAD

NEW NAME. NEW OWNERS. NEW OPPORTUNITIES.

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At Palm Beach Park of Commerce, you’ll enjoy easy access to the region’s extensive transportation network, including major highways and airports. Palm Beach Park of Commerce is also one of the few premier business locations that offers rail service, foreign trade zone, heavy industrial options, plus a direct link to the Port of Palm Beach.

PBPC_BusTour_Ad.indd 1

Pratt & Whitney

Indiantown Rd. Indiantown Rd.

PALM BEACH

Park of Commerce

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Indian Trail

Planned Residential

Callery Judge

Palm Beach Gardens Northlake Blvd.

Northlake Blvd.

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• • • • • •

Total Park Acreage: 945 AC 585 Acres of Commercial and Industrial Vacant Land Available for Sale Sites Available from 1-100 Acres Fully Entitled / Fully-Served Business Park Rail Access Directly to Port of Palm Beach 160,000 SF Warehouse Designed and Pad Ready Foreign Trade Zone Home to Over 50 Businesses - Including Walgreens, CSX and the future home of McLane Infrastructure and Utilities In Place

Pratt Whitney Rd.

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NAIOP | Property Ads & Facts

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Port of P.B. 5 miles

P.B.I.A. 9 miles

Blue Heron Blvd.

Christopher Thomson, SIOR Cushman & Wakefield 561 227 2019 christopher.thomson@cushwake.com

Steve Garine S&K Worldwide Realty, LLC 561 212 0142 steven.garine@sk-realty.net

Cushman & Wakefield of Florida, Inc. 303 Banyan Blvd., Suite 301 West Palm Beach, FL 33401 www.cushwakesouthfl.com

S&K Worldwide Realty, LLC. 15188 Park of Commerce Blvd., Suite 6 Jupiter, FL 33478 www.sk-realty.net

2/14/2017 3:18:08 PM

108


Palm Beach Park of Commerce Jupiter, Florida ±5 to ±100 contiguous acres

PRATT WHITNEY ROAD

NAIOP | Property Ads & Facts

AVAILABLE

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Palm Beach Park of Commerce Jupiter, Florida

At Palm Beach Park of Commerce, you’ll enjoy easy access to the region’s extensive transportation network, including major highways and airports. Palm Beach Park of Commerce is also one of the few premier business locations that offers rail service, foreign trade zones, heavy industrial options, plus a direct link to the Port of Palm Beach. PROPERTY FEATURES 463 Available Acres of Commercial and Industrial Land for Sale

LEASE RATE

$5.50 NNN

SALE RATE

$5.00 to $6.00 PSF for Industrial $9.00 PSF for Commercial

Master Plan

NAIOP | Property Ads & Facts

PREMISES

110


NAIOP | Property Ads & Facts

Rail Access Directly to Port of Palm Beach

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Property Features •

Total Park Acreage: 945 AC

463 Acres of Commercial and Industrial Land Available for Sale

Sites Available from 5-100 Acres

Fully Entitled / Fully-Served Business Park

Rail Access Directly to Port of Palm Beach

160,000 SF Warehouse Designed and Pad Ready

Foreign Trade Zone

Home to Over 50 Businesses - Including Walgreens, CSX and the future home of McLane.

Infrastructure and Utilities In Place


cushwakesouthfl.com

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Centrally located in the heart of prestigious Palm Beach County, in one of the nation’s strongest growth regions, Palm Beach Park of Commerce offers everything you could want from a premier Master-Planned Business Park.

NAIOP | Property Ads & Facts

Park of Commerce

Enjoy easy access to the region’s extensive transportation network, including major highways, air and seaports, plus direct rail service with a link to the Port of Palm Beach.

For more information, please contact: Christopher Thomson, SIOR Senior Director 561 227 2019 christopher.thomson@cushwake.com

Cushman & Wakefield of Florida, Inc. 303 Banyan Boulevard, Suite 301 West Palm Beach, FL 33401 561 227 2020

Cushman & Wakefield Copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

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2017 Palm Beach Bus Tour

NAIOP | Property Ads & Facts

Project Name Gardens Medical Pavilion Project Address 3401 PGA Boulevard City / Zip Palm Beach Gardens, FL 33410 Building Information

Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s) Number of Floors Floor Size Parking Ratio Minimum Available Maximum Contiguous Total Available Rental Rate / Operating Expense

Land Information

Behringer Class A Medical Office Completed 1995 1995 1 75,375 SF 5 16,000 SF 5.27/1,000 SF 1,200 SF 11,859 SF 19,161 SF $24.00 PSF NNN

Owner / Developer Type (Land for Sale, Build-to-Suit) Total Acres Zoning Site Size Price

Contact Information

Contact Company Colliers International Address 4500 PGA Boulevard, Suite 110, Palm Beach Gardens, FL 33418 Phone 561-804-9678 e-mail tom.burst@colliers.com

Additional Information

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

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FOR LEASE

GARDENS MEDICAL PAVILION 3401 PGA BOULEVARD | PALM BEACH GARDENS, FL As a premier medical office building on PGA Boulevard, the property boasts quality office space with an emphasis on natural light-

HIGHLIGHTS • Centrally located on PGA corridor

ing and flexible floor plans in a green, office

• Direct access to major roadways • Parking ratio of 4/1,000 SF

park setting. Centrally located with one of

• Covered parking available

the highest parking ratios in the area and

• On-site pharmacy (Walgreens)

offering reasonable rates, Gardens Medical

• On-site property management

Pavilion presents the best value for office

• Suites from 1,200 SF to 11,859 SF

space in this market.

• Competitive lease rates

NAIOP | Property Ads & Facts

CLASS A MEDICAL OFFICE

CONTACT US: TOM BURST | +1 561 693 4380 | tom.burst@colliers.com COLLIERS INTERNATIONAL SOUTH FLORIDA, LLC | 4500 PGA Boulevard, Suite 110 | Palm Beach Gardens, FL 33418

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2017 Palm Beach Bus Tour Project Name PGA Station Project Address 3801- 4001 Design Center Drive City / Zip Palm Beach Gardens, 33410

NAIOP | Property Ads & Facts

Building Information

Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s) Number of Floors Floor Size Parking Ratio Minimum Available Maximum Contiguous Total Available Rental Rate / Operating Expense

Land Information

Owner / Developer Type (Land for Sale, Build-to-Suit) Total Acres Zoning Site Size Price

Contact Information

Contact Company Address Phone e-mail

Additional Information

Stiles & BBX Capital Office, Retail / Showroom, Medical Office New and Completed Existing: 2006 - 2008 New: 2018 6 Existing: 20,600 SF, 43,500 SF, 81,000 SF / New: 60,000 SF – 128,000 SF Existing: 2 stories / New: 4 stories Existing: 10,000 SF – 40,000 SF / New: 15,000 SF 4/1000 10,000 SF 128,000 SF Existing: 144,100 SF / New: 188,000 SF Existing: $22.50 NNN / New $26.50 NNN Stiles & BBX Capital Office, Retail / Showroom, Medical Office +/- 30 AC PUD +/- 4 AC Unlisted Stiles 301 E Las Olas Boulevard, Fort Lauderdale, FL 33301 954.627.9400 Dustin.Ozga@Stiles.com Matthew.Schwartz@Stiles.com

Excellent location just off I-95 with access to Florida's Turnpike. Features a proposed All Aboard Florida train station adjacent to the property.

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

115


OFFICE SPACE FOR LEASE 3801-4001 DESIGN CENTER DRIVE PALM BEACH GARDENS, FL

A

PG

vd

Bl

RCA

9

e Futur g n i k r Pa ge Gara Pod C

Blvd

11

10

PROPERTY HIGHLIGHTS >

Class A Office New Development and Existing Showroom/Office Available

>

Immediate access to I-95, within close proximity of Florida’s Turnpike

>

Pod A - Site plan approved for 60,000 SF 4-story office building

>

Located in established office park minutes from Palm Beach International Airport

>

Pod C - Build-to-suit opportunity up to 128,000 SF

>

>

Building 9 – 4001 Design Center Drive: 20,600 SF

Surrounded by upscale shopping and dining at Gardens Mall, Downtown at the Gardens and Legacy Place

>

>

Building 10 – 3801 Design Center Drive: 80,000 SF

Close to prestigious golf and country clubs including PGA National Resort

>

>

Building 11 - 3901 Design Center Drive: 43,500 SF with 12,000 SF La-Z-Boy tenant in place

>

Building and monument signage available

Major corporations located in northern Palm Beach County include Pratt & Whitney, Scripps Research Center, United Technologies, Tire Kingdom Headquarters, PGA National and FAU Research Park

Dustin Ozga

Matthew Schwartz

Dustin.Ozga@stiles.com +561 350 5563

Matthew.Schwartz@stiles.com +305 484 7184

NAIOP | Property Ads & Facts

tur e Hotel

Pod A

ure Futdical Me

Fu

Pod C

Visit PGASTATION.COM for more information 301 E Las Olas Blvd, Fort Lauderdale, FL 33301 NOTE: This offering is subject to errors, omissions, prior sale or withdrawal without notice.

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2017 Palm Beach Bus Tour

NAIOP | Property Ads & Facts

Project Name Gardens Innovation Center & 354 Hiatt Drive Project Address 348 Palm Beach Gardens, FL 33418 City / Zip Building Information

Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s) Number of Floors Floor Size Parking Ratio Minimum Available Maximum Contiguous Total Available Rental Rate / Operating Expense

Land Information

LRP Properties II, LLC Office New 2017 Mid 2017 2 348 Bldg: 37,500 SF; 354 Bldg: 26,000 SF 348 Bldg: 2-story; 354 Bldg: 1-story building 354 Bldg: ±15,000 SF ; 354 Bldg: 25,500 SF Approx 3.5/1,000 2,000 SF 63,500 SF 63,500 SF $19.50-$22/SF

Owner / Developer Type (Land for Sale, Build-to-Suit) Total Acres Zoning Site Size Price

Contact Information

Contact Company Address Phone e-mail

Additional Information

Jason Sundook, SIOR, NAI/Merin Hunter Codman 1601 Forum Place, Suite 200, West Palm Beach, FL 561 471 8000 jsundook@mhcreal.com

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

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NAIOP | Property Ads & Facts

118


119

NAIOP | Property Ads & Facts


NAIOP | Property Ads & Facts

120


2017 Palm Beach Bus Tour

NAIOP | Property Ads & Facts

Project Name Turnpike Crossing Project Address 1333 North Jog Road City / Zip West Palm Beach, FL 33413 Building Information

Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s) Number of Floors Floor Size Parking Ratio Minimum Available Maximum Contiguous Total Available Rental Rate / Operating Expense

Land Information

Duke Realty is owner/developer of this new industrial park with 2 buildings completed in 2016. The Park will have 6 buildings in total. Buildings 3, 4 and 5 will be 144,000 SF and Building 6 166,323 SF. Parking ratio is 1.4/1,000. Building 2 has 61,797 SF available. $7.75 / $2.50

Owner / Developer Type (Land for Sale, Build-to-Suit) Total Acres Zoning Site Size Price

Contact Information

Contact Company Address Phone e-mail

Additional Information Listing Agent

Stephanie Rodriguez Vice President Leasing Duke Realty Corporation 2400 N. Commerce Parkway, suite 405 Weston, FL 33326 954-453-5660 Stephanie.rodriguez@dukerealty.com Robert Smith, CBRE 561-707-5558 Robert.c.smith@cbre.com

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

121


TU

SOUTH FLORIDA’S PREMIER DISTRIBUTION LOCATION Okeechobee Blvd

91 Jog d Roa

Turnpike Crossing Location Map

'

170'

180'

'

800'

'

PROPOSED BUILDING 5 144,000 SF

800'

180'

170'

PROPOSED BUILDING 4 144,000 SF

Belvedere Road

'

605'

33

SING 13 KE CROS 1 SF 104,55

TURNPI

PROPOSED BUILDING 3 144,000 SF

180'

720'

15

SING 13 KE CROS 3 SF 124,52

TURNPI

800'

rid

a’s

Tu r

np

ike

892'-8" 191'-9"

PROPOSED BUILDING 6 166,323 SF

Flo

Southern Boulevard

98

80

Turnpike Crossing offers a rare combination of modern, first-generation warehouse space complemented by superior highway access and outstanding visibility. Located in Palm Beach County at Jog Road and the Florida Turnpike, this state-of-the-art industrial park provides quick connections to the Turnpike and I-95, and is within minutes of the airport and major ports. Two buildings have already been delivered in this dynamic park, both of which were quickly leased.

NAIOP | Property Ads & Facts

Belvedere Road

Jog Road

However, build-to-suit and prelease opportunities are is still available for up to 654,000 square feet in four buildings. For more information, call 954.453.5660 or visit dukerealty.com/southflorida.

dukerealty.com

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NAIOP | Property Ads & Facts

EXCEPTIONAL WORK ENVIRONMENT Make the newest and best-located office space in the market your client’s business home. Pembroke Pointe 880 is a Class A office building offering modern, first-generation, flexible space. Plus its location off I-75 and Pines Boulevard provides high visibility and convenient access to a host of amenities. Find out why Pembroke Pointe 880 is an exceptional place to get exceptional work done. Call us today at 954.453.5660.

123


Pompano Commerce Center is a first-class industrial campus with modern, warehouse/distribution space in a superior location. All buildings feature state-of-the-art construction and include specifications that optimize stacking capability, maneuverability and vehicle access. Plus you’ll enjoy convenient connections to Florida’s Turnpike and I-95.

NAIOP | Property Ads & Facts

DYNAMIC DISTRIBUTION SPACE Learn more about the dynamic space available in Pompano Commerce Center by calling us today at 954.453.5660.

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NAIOP | Property Ads & Facts

COMMITTED TO SOUTH FLORIDA When we find a real estate market we like, we stay. That’s why we’ve been in South Florida since 1999 and have no plans of leaving. We’ve grown our portfolio to more than 5.4 million square feet of best-in-class properties and continue to look for opportunities to expand our footprint. We have a strong attachment to this market—one we have no intention of breaking. Count on Duke Realty for your real estate needs in South Florida. For more information, visit dukerealty.com/southflorida or call 954.453.5660.

125


When you work with Duke Realty, you get more than a company that provides quality commercial real estate. You also get a partner—one that’s committed to working closely with you and your clients and forging a strong, enduring relationship. A partner that works with integrity and truthfulness and takes full responsibility for making sure you and the companies that occupy our space are 100% satisfied.

NAIOP | Property Ads & Facts

COMMITTED TO YOU & OUR TENANTS Whether buildings or relationships, you can count on Duke Realty. We stand behind everything we build. For more information, visit dukerealty.com/southflorida or call 954.453.5660.

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2017 Palm Beach Bus Tour

NAIOP | Property Ads & Facts

Project Name Liberty Airport Center Project Address 6017/6035 Southern Blvd City / Zip West Palm Beach, 33413 Building Information

Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s) Number of Floors Floor Size Parking Ratio Minimum Available Maximum Contiguous Total Available Rental Rate / Operating Expense

Land Information

Liberty Property Trust Industrial - Distribution and Manufacturing Recently Completed 2016 November 2016 Currently 2. Park will eventually total 7 buildings Building 1: 140,400 SF Building 2: 77,760 SF One 1.5/1,000 RSF 17,500 SF 140,400 SF Currently 218,160 SF $7.95 - $8.50/NNN and $2.50/RSF Operating Exp

Owner / Developer Liberty Property Trust Type (Land for Sale, Build-to-Suit) Total Acres 70 acres Zoning Site Size

Contact Information

Contact Company Address Phone e-mail

Additional Information

Liberty Property Trust 750 Park of Commerce Blvd, Suite 110, Boca Raton 561.999.0310 Psheridan@libertyproperty.com Specs for Bldg 1 140,400 SF 32’ clear height 200’ deep 54’ x 50’ column spacing 130’ non-shared truck court 42 dock high doors Impact glass, T-5 lighting, ESFR

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

127

Specs for Bldg 2 77,760 SF 24’ clear height 160’ deep 54’ x 46’ column spacing 200’ non-shared truck court 32 dock high doors Impact glass, T-5 lighting, ESFR


LIBERTY AIRPORT CENTER West Palm Beach, FL

site plan PRESERVE

130'

130'

130'

486'

486'

486'

LAKE

160'

6

180'

5

BUILDING 1 140,400 SF 32' CLEAR HT

160'

6

180'

5130'

486'

180'

4

LAKE

1,026' 180'

BUILDING 3 77,760 SF BUILDING 24' CLEAR HT 4

160'

2

486'

184,680 SF 32' CLEAR HT BUILDING 4

160'

2 486'

184,680 SF 32' CLEAR HT 5 BUILDING

87,480 SF

PRESERVE

1 130'

1

702'

3 486'

200'

24' CLEAR HT

BUILDING 2 77,760 SF BUILDING 3 24' CLEAR HT

77,760 SF 24' CLEAR HT

PRESERVE

130'

200' 200'

24' CLEAR HT BUILDING 5 87,480 SF 24' CLEAR HT 6 BUILDING 77,760 SF

BUILDING 6 24' CLEAR HT 77,760 SF 24' CLEAR HT

BUILDING 7 12,400 SF BUILDING 7 24' CLEAR HT

702'

3

486'

200'

160'

200'

4 1,026'

160'

200'

BUILDING 1 140,400 SF BUILDING 2 32' CLEAR 77,760HT SF

NAIOP | Property Ads & Facts

PRESERVE

7

12,400 SF 24' CLEAR HT

7

SO UT HE RN BO UL EVAR D SO UT HE RN BO UL EVAR D

128


NAIOP | Property Ads & Facts

S O UTH E L E VATI O N

NO RTH E L E VATI O N

f e at u r e s l i s t n

n

n

129

Class A, 70 acre master planned park 642,240 square feet of state-of-the-art distribution and manufacturing space Build-to-suit opportunities

n

24' – 32' clear height

n

Ample power available

n

T-5 lighting

n

54' bay width

n

n

1.4/1,000 RSF parking ratio 130' (single) –200' (shared) truck court

n

n

Impact glass, rear clerestory windows provide natural lighting Spaces from 12,400 square feet and up


NOTES ______________________________________________________________________________________________ ______________________________________________________________________________________________ ______________________________________________________________________________________________

______________________________________________________________________________________________ ______________________________________________________________________________________________ ______________________________________________________________________________________________ ______________________________________________________________________________________________ ______________________________________________________________________________________________ ______________________________________________________________________________________________ ______________________________________________________________________________________________ ______________________________________________________________________________________________ ______________________________________________________________________________________________ ______________________________________________________________________________________________

NAIOP | Property Ads & Facts

______________________________________________________________________________________________

______________________________________________________________________________________________ ______________________________________________________________________________________________ ______________________________________________________________________________________________ ______________________________________________________________________________________________ ______________________________________________________________________________________________ ______________________________________________________________________________________________ ______________________________________________________________________________________________ ______________________________________________________________________________________________ ______________________________________________________________________________________________ 130


2017 Palm Beach Bus Tour

NAIOP | Property Ads & Facts

Project Name One Park Place Project Address 621 NW 53rd St City / Zip Boca Raton, FL 33487 Building Information

Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s) Number of Floors Floor Size Parking Ratio Minimum Available Maximum Contiguous Total Available Rental Rate / Operating Expense

Contact Information

Contact Company Address Phone e-mail

Additional Information

Canpro Investments Ltd Office Completed

Jan 1986 1 237,331 s.f. 7 33,904 4.00/1,000 s.f. 1,042 s.f. 11,192 s.f. 24,743 s.f. $16.50-$18.50 p.s.f., NNN; OpEx $12.90 p.s.f.

Brady Titcomb 200 E Broward Blvd, Suite 1030 954-653-3222 Brady.titcomb@am.jll.com        

Tenant-ready spaces from 1,042-12,000 r.s.f. Five-story covered parking garage On-site cafe with outdoor patio seating, property management and day porter Exterior balconies, beautiful outdoor courtyard Walking distance to three hotels and restaurants Adjacent to I-95 and Tri-Rail and minutes to major airports Owned and managed by Canpro Investments for over 20 years

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

131


One Park Place

621 NW 53rd Street, Boca Raton FL 33487

RELOCATE TO ONE PARK PLACE

AT L I T T L E T O N O C O S T ! AVAILABLE Mar 2017 Apr/May 2017

To qualify, lease term must be three years or more. Relocation incentives will be paid within 30 days following tenant occupancy only against moving and relocating costs paid receipts. Canpro Investments, Ltd. reserves the right to cancel this promotion at any time, for any reason without further notice. Rental rates in One Park Place start at $16.50 NNN.

CANPRO INVESTMENT, LTD. IS EXTENDING THE RELOCATION INCENTIVE PROGRAM! Landlord will pay $5,000 towards relocation costs for new leases under 2,000 s.f. signed by May 31, 2017.

BROKER INCENTIVE! Commission to Tenant Rep Broker:

4% of the aggregate gross rent

Additional Incentive

NAIOP | Property Ads & Facts

ELIGIBLE SPACES SUITE RSF 320 1,828 340 1,886 375 1,179 395 1,042

Leases signed over 5,000 s.f.

$2.50 / s.f. Minimum five-year term ** Payments to brokers made within 30 days following receipt of invoice

ONEPARKPLACEBOCA.COM FOR MORE BUILDING INFORMATION AND IMAGES CALL US TODAY! DEALS THIS GOOD DON’T LAST FOREVER.

BRADY TITCOMB +1 954 653 3222 brady.titcomb@am.jll.com

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NAIOP | Property Ads & Facts

One Park Place 621 NW 53rd Street, Boca Raton FL 33487

One Park Place is located in the prestigious Arvida Park of Commerce, strategically between the Palm Beach International Airport and Fort Lauderdale/Hollywood Airport. One Park Place provides excellent access to I-95, Florida Turnpike and Tri-Rail as well as a host of restaurants and shops, along with on-site Property Management and on-site cafe. Additionally, One Park Place adjoins the Embassy Suites Hotel which provides One Park Place tenants convenient access to top lodging accommodations.

W W W. O N E PA R K P L A C E B O C A . C O M

133


806

BUILDING HIGHLIGHTS

• Exterior balconies, outdoor courtyard • Large space availabilities • Adjacent to hotel and restaurants • Minutes to major Interstate and airports

Asking rate: $16.50 - $18.50 p.s.f. NNN Operating expenses: $12.90 p.s.f.

SUITE

RSF

175

6,044

320

1,828

340

1,886

395

1,042

460

11,192

YAMATO ROAD

Banks Schools

NORTH MILITARY RAIL

AVAILABLE SPACE

A1A

Restaurants

95

JOG ROAD

FLORIDA’S TURNPIKE

LYONS ROAD

W W W. O N E PA R K P L A C E B O C A . C O M

CLINT MOORE ROAD

Hotels

One Park Place

794

NAIOP | Property Ads & Facts

• Tenant-ready space • Five story covered parking garage • On - site property management and day porter • Cafe with outdoor patio seating

800 845 BOCA RATON AIRPORT

GLADES ROAD PLEASE CONTACT THE LEASING TEAM: FOR MORE INFORMATION,

808

Brady Titcomb Vice President + 1 954 653 3222 brady.titcomb@am.jll.com

Scan to view property video

Lic. Real Estate Brokers

798 ©2016 Jones Lang LaSalle Brokerage, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.

811

US1

134


2017 Palm Beach Bus Tour

NAIOP | Property Ads & Facts

Project Name Boca Colonnade I Project Address 777 Yamato Rd City / Zip Boca Raton/33431 Building Information

Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s) Number of Floors Floor Size Parking Ratio Minimum Available Maximum Contiguous Total Available Rental Rate / Operating Expense

Land Information

Workspace Property Trust Office Renovated 2017 Built 1 155,608 6 25k-28K 4.5/1,000 2,359 28,087 47,025 $18.00NNN/$11.40 OPEX

Owner / Developer Type (Land for Sale, Build-to-Suit) Total Acres Zoning Site Size Price

Contact Information

Contact Company Address Phone e-mail

Additional Information

Workspace Property Trust 3350 SW 148th Ave, Suite 124, Miramar, FL 33027 954-391-5526 Jguffey@workspaceproperty.com On-site cafĂŠ On-site property Management High quality fiber optic network Available throughout building Energy Star Certified.

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

135


Find Your Space.™ 777 Yamato Road, Miramar, FL 33431

FOR LEASE

46,936 AVAILABLE SQ.FT.

Boca Colonnade I PROPERTY HIGHLIGHTS PARK AMENITIES Include covered parking, on-site café, conference facility, roving security, numerous shopping centers, hotels, eateries, banking, big box retail, and fitness centers within minutes from the park. TRANSPORTATION Tri-Rail and easy access to I-95.

PARKING: 4.5/1,000

TECHNOLOGY Comcast, FPL FiberNet, Hotwire Communications.

NAIOP | Property Ads & Facts

CAFÉ ON PREMISES

SUSTAINABILITY Several green initiatives are in place including green janitorial cleaning and recycling. WORKSPACE PROPERTY TRUST (WPT) Workspace Property Trust locally owns, manages and leases 13 buildings consisting of 1.1 million square feet of office-flex properties in and around Miramar, Boca Raton, Sunrise, and Riverview, Florida.

LEASING INFORMATION

OFFICE 3350 S.W. 148th Ave Suite 124 Miramar, FL 33027 www.workspaceproperty.com

DIRECTOR OF LEASING Jonathan Guffey T 954.391.5526 C 813.967.5068 jguffey@workspaceproperty.com

FOLLOW US ON

@workspacepropertytrust

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2017 Palm Beach Bus Tour

NAIOP | Property Ads & Facts

Project Name 750@Park Project Address 750 Park of Commerce Drive City / Zip Boca Raton, FL 33487 Building Information

Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s) Number of Floors Floor Size Parking Ratio Minimum Available Maximum Contiguous Total Available Rental Rate / Operating Expense

Land Information

750 Park of Commerce Drive LLC Office Renovated 2015 – Year Renovated 1986 – Year Built 1 137,000 sf 2 68,500 sf 4/1000 5,000 sf 30,547 sf 42,000 sf $21.95/sf NNN + $10/sf CAM

Owner / Developer Type (Land for Sale, Build-to-Suit) Total Acres 9.53 Zoning LIRP Site Size Price

Contact Information

Contact Company Address Phone e-mail

Additional Information

Brookside Realty / WBS Properties 5801 Congress Ave, #219, Boca Raton, FL 33487 561.860.9402 stevea@wbsproperties.com

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

137


of Commerce Drive, Boca Raton, Florida 33487

750@Park underwent an extensive, $6 million renovation, which elevated the 137,000-square-foot building at the entrance of Boca Raton’s prestigious Park at Broken Sound (formerly known as Arvida Park of Commerce), to a Class A, state-of-the-art office building. Owned by private real estate operators with a long-term hold strategy, no expense has been spared to set 750@Park apart with the objective to redefine its position in the marketplace as the best-in-class corporate venue for large tenants. Contemporary and distinctive, the redesign inspiration for 750@Park was done by the Award-Winning Architectural firm, Slattery and Associates and conceived by Dutra Architects Inc. Exterior renovations included the re-skinning and hardening of the entire building envelope and enlarging window lines with all new top-of-the-line hurricane impact windows. The building now also features a full backup generator system. 750@Park’s architecture is incomparable to anything else in the immediate area, set off by a stainless steel and glass portico, rimmed in high-design Alucobond, a slick metal panel composite system. Once inside the building, the main atrium mirrors the same modern discernment with a focal glass-and-steel staircase with a second-floor bridge, curtain-wall water fountains, digital display tenant directory, and a high-performance Kalwall translucent skylight system.

NAIOP | Property Ads & Facts

Cutting-Edge Office Space in Boca Raton

For Leasing Information Contact Steve Aberman Brookside Realty Corp.

5801 Congress Avenue, Suite 219 Boca Raton, FL 33487 Phone: 561.860.9402 SteveA@wbsproperties.com www.750park.com

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NAIOP | Property Ads & Facts

of Commerce Drive, Boca Raton, Florida 33487

Property Fact Sheet •

Total Building Size: 13 7,000 s f

5,000—43,000 s f Ava ila ble

$6 Million Class A Full Modernization

Full Backup Generators for Entire Building and Hurricane Impact Windows

Dramatic Atrium with Double-Glass Staircase and Fountains

Wo rld-Class Common Area Res trooms

Wa lk to Res taurants & Shops

Con venient Access to I-95 with Tri-Rail Shuttle Stop in Front of Building

$2 1.95/s f NNN plus $10/s f C AM

For Leasing Information Contact Steve Aberman Brookside Realty Corp.

5801 Congress Avenue, Suite 219 Boca Raton, FL 33487 Phone: 561.860.9402 SteveA@wbsproperties.com www.750park.com

139


of Commerce Drive, Boca Raton, Florida 33487

♦ ♦ ♦ ♦

11,674 sf Available on First Floor — Can Be Subdivided to 5,000 sf Minimum 8’ x 10’ Electric Garage Door Access Floor-to-Ceiling Windows Facing the Atrium and Exterior $21.95/sf NNN plus $10/sf Operating Expenses

Broker Bonus!

NAIOP | Property Ads & Facts

1 st Flo or Of f ice Sp ace

For Leasing Information Contact Steve Aberman Brookside Realty Corp.

5801 Congress Avenue, Suite 219 Boca Raton, FL 33487 Phone: 561.860.9402 SteveA@wbsproperties.com www.750park.com

140


NAIOP | Property Ads & Facts

of Commerce Drive, Boca Raton, Florida 33487

2n d F loor Of f ice Sp ace ♦ ♦ ♦ ♦

31,844 SF Contiguous Space Available on Second Floor — Can be Subdivided Easy Access to Elevator Floor-to-Ceiling Windows Facing the Atrium and Exterior $21.95/sf NNN plus $10/sf Operating Expenses

Broker Bonus!

For Leasing Information Contact Steve Aberman Brookside Realty Corp.

5801 Congress Avenue, Suite 219 Boca Raton, FL 33487 Phone: 561.860.9402 SteveA@wbsproperties.com www.750park.com

141


of Commerce Drive, Boca Raton, Florida 33487

4% on Gross + $1/sf Bonus Completely renovated into a Leading-Edge Class A Office Building The contemporary and airy 10,000 sf atrium draws you into a well-appointed work environment Hurricane impact glass and full backup generators create peace of mind for occupants Create your ideal office layout from 5,000 sf to 43,000 sf $21.95/sf NNN and $10/sf operating expenses (inclusive of tenant electric and janitorial services) •

• •

NAIOP | Property Ads & Facts

***BROKER BONUS***

For Leasing Information Contact Steve Aberman Brookside Realty Corp.

5801 Congress Avenue, Suite 219 Boca Raton, FL 33487 Phone: 561.860.9402 SteveA@wbsproperties.com www.750park.com

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NAIOP | Property Ads & Facts

Project Name Allure Boca Raton Project Address 6750 Congress Avenue City / Zip Boca Raton, FL 33487 Building Information

Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s) Number of Floors Floor Size Parking Ratio Minimum Available Maximum Contiguous Total Available Rental Rate / Operating Expense

Land Information

Owner / Developer Type (Land for Sale, Build-to-Suit) Total Acres Zoning Site Size Price

TR Danburg Boca LLC. Mixed-use Residential New 2017 July 2017 6 368,651

Two, seven-story buildings/One, six-story building, and two, fourstory buildings and a single story clubhouse.

491 parking spaces 282 units

NA

Contact Information

Contact Company Greystar Leasing and Management Address Attn: Linda Parker Phone 6750 Congress Avenue, Boca Raton, FL 33487 e-mail 561.241.3434 allurebrmgr@greystar.com

Additional Information

http://www.allurebocaraton.com/

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

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NAIOP | Property Ads & Facts

Current Builders offers a multi-faceted building portfolio from office/industrial to luxury rental communities. As TR Danburg’s construction partner on the Allure Boca Raton, Current Builders is pleased to be a part of the growing residential trend sweeping the Arvida Park of Commerce.

2016 and 2017 NAIOP Sapphire Sponsor CurrentBuilders.com

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NAIOP | Property Ads & Facts

Project Name Sabre Centre I Project Address 5901 Broken Sound Parkway City / Zip Boca Raton, 33487 Building Information

Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s) Number of Floors Floor Size Parking Ratio Minimum Available Maximum Contiguous Total Available Rental Rate / Operating Expense

Land Information

Owner / Developer Type (Land for Sale, Build-to-Suit) Total Acres Zoning Site Size Price

Contact Information

Contact Company Address Phone e-mail

Additional Information

Grover Corlew Office Completed, undergoing lobby renovations 1986 1 99,627 SF 6 17,000 SF 4/1000 1,779 SF 16,441 SF $17 NNN 24,993 SFOPEX is $10.50 Grover Corlew Existing Office Building 5.91 LIRP, Boca Raton 257,440 SF

Darcie Lunsford 6820 Lyons Technology Circle, Suite 100 (954) 312.2435 dlunsford@butters.com

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

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NAIOP | Property Ads & Facts

Project Name 851 Broken Sound Project Address 851 Broken Sound Parkway City / Zip Boca Raton, 33487 Building Information

Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s) Number of Floors Floor Size Parking Ratio Minimum Available Maximum Contiguous Total Available Rental Rate / Operating Expense

Land Information

Owner / Developer Type (Land for Sale, Build-to-Suit) Total Acres Zoning Site Size Price

Contact Information

Contact Company Address Phone e-mail

Additional Information

Butters Construction Office Renovated Built 1988 Renovated in 2016/2017 1 59,264 SF 2 29,446 SF 4/1000 775 SF 6,327 SF 37,529 SF $26.95

Malcom Butters, Butters Construction & Development Existing Office Building 5 LIRP 217,800 SF

Darcie Lunsford 6820 Lyons Technology Circle, Suite 100 (954) 312.2435 Dlunsford@butters.com

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

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NAIOP | Property Ads & Facts

Project Name 951 Yamato Yamato Road Project Address 951 Boca Raton, FL 33431 City / Zip Building Information

Owner / Developer Type (office, Warehouse, etc.) Status (New, Completed, Renovated) Year Build / Completion Date Number of Buildings Building Size (s) Number of Floors Floor Size Parking Ratio Minimum Available Maximum Contiguous Total Available Rental Rate / Operating Expense

Land Information

Brookwood Yamato Investors, LLC Office Renovated 2008 1984 3 North: 50,476 | South: 54,029 | West: 41,513 2 floors 20,000 SF - 27, 000 SF 4.0/1,000 2,237 SF 21,252 SF 36,290 SF $18.50-19.50 NNN/$9.95 (2016)

Owner / Developer Type (Land for Sale, Build-to-Suit) Total Acres Zoning Site Size Price

Contact Information

Contact Company Address Phone e-mail

Additional Information

Richard Brockney, NAI/Merin Hunter Codman 951 Yamato Road, Suite 102, Boca Raton, FL 561 394 5200 rbrockney@mhcreal.com Building signage available for a full floor tenant. Guard. Covered parking.

NAIOP SOUTH FLORIDA CHAPTER 1500 W Cypress Creek Rd, Ste 420, Ft. Lauderdale, FL 33309 Phone: (954) 990-5116 E-mail only to: naiop.info@naiopsfl.org

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You are cordially Invited to

NAIOP

South Florida’s

Awards of Excellence Date

March 16, 2017 Location

The Ritz-Carlton Fort Lauderdale, FL 1 N Lauderdale Florida, Fort Lauderdale, FL 33304 Time

5:30 pm - 9:00 pm Lifetime Achievement Honoree

Alice Lucia Jackson To purchase tickets, please go to www.naiops.org/events

Celebrating 40 years in South Florida


DEVELOPMENT IS MORE THAN JUST DEVELOPERS .

Commercial real estate is a complex, evolving industry. Owners, investors, developers, architects, contractors, brokers and other professionals are essential to creating the spaces where we work, learn, shop and live. As North America’s leading commercial real estate association, NAIOP brings together the dealmakers who are making it happen from the ground up. And like the industry we serve, NAIOP is evolving too. No matter what your role is in the development process, you’ll find the people, knowledge and tools to guide you – today and into the future. FIND OUT WHAT YOU’VE BEEN MISSING AT

NAIOP. WE ARE COMMERCIAL REAL ESTATE.

NAIOP.ORG/JOINTHEJOURNEY

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Palm Beach Bus Tour 2017  

Palm Beach Bus Tour 2017

Palm Beach Bus Tour 2017  

Palm Beach Bus Tour 2017

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