News Column

Real estate notebook: Renovated Boca building gets new anchor

May 17, 2014

By Paul Owers, Sun Sentinel



May 17--Whelchel Partners Real Estate Services said it has leased 50,000 square feet for new tenants at the former Compson Financial Center in Boca Raton.

The 95,000-square-foot office building at 980 N. Federal Highway recently was renamed 980 Cendyn.

Cendyn Spaces is the new anchor tenant, taking one floor at the building after moving from another location in Boca. The firm leases space to independent contractors by the hour, day, month or year.

Other new tenants include: R2 Unified Technology, Flagship Solutions, Matteis & Co. and the new restaurant M.E.A.T.

The renovated and redesigned building has seen occupancy jump to 75 percent from 25 percent in the past year.

West Palm tract auctioned for $3.47 million

A vacant parcel near CityPlace and Clematis Street in downtown West Palm Beach sold last week at auction for $3.47 million.

The buyer did not want to be identified. The sale was handled by Fisher Auction Co.

Palm Beach County has not yet recorded the sale. The seller was Rossock Fund II LP, property records show.

Zoning allows for residential, commercial or hotel development, according to Fisher.

Five registered bidders participated in the auction, which was postponed from April.

Civil engineer selected for Sinai Residences

Wantman Group Inc. said it has been chosen to provide civil engineering, surveying and construction administration for the Sinai Residences of Boca Raton.

The Jewish Federation of South Palm Beach County is building the $250 million continuing care retirement community on the north side of its West Boca campus at Glades Road and State Road 7. The federation says it has reserved 228 of the 237 independent living units.

Construction started in March, and the facility is expected to open in October 2015.

Oakland Park building sells in off-market deal

The Chase Bank Office Building, a small three-story property in Oakland Park, sold recently for $4 million. And it wasn't even for sale.

Avison Young'sDavid Duckworth represented the buyer, Corner US 1 LLC. The 27,312-square-foot building at Federal and Oakland Park Boulevard has medical and office tenants.

"We saw untapped opportunity in this asset and approached the ownership of the building directly to begin discussions for this off-market sale," Duckworth said in a statement.

Duckworth said the transaction is more evidence of robust commercial investment activity in Broward County.

Firm handles eight leases at Sunrise park

Morris Southeast Group recently completed eight office leases at the 60,000-square-foot Sawgrass Business Plaza in Sunrise.

Two of the deals were leases with new tenants, two were expansions and relocations for existing tenants and four were lease renewals.

New tenants include: Premier Design & Build Group LLC, an engineering company, (which took 1,148 square feet) and Blue Sky Environments Inc., an interior design firm (1,800 square feet).

Home Financial Group LLC (1,625 square feet) and Cybrtch Technologies (1,300) expanded their space.

The state of Florida, Sunrise Police Department, Imagine Charter Schools, AMS International and Burke Investigative Process Services all renewed their leases.

Stiles hires commercial real estate exec

The Stiles real estate firm has hired Justin Siemens as director of commercial real estate development.

Siemens will focus on development opportunities in core markets throughout Florida. The company says it's trying to grow its retail and office development pipeline across the Southeast.

Siemens will work from Stiles' Fort Lauderdale headquarters and report to Chief Development Officer Robert Breslau.

peowers@tribune.com, 561-243-6529 or Twitter @paulowers

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(c)2014 the Sun Sentinel (Fort Lauderdale, Fla.)

Visit the Sun Sentinel (Fort Lauderdale, Fla.) at www.sun-sentinel.com

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Source: South Florida Sun Sentinel (FL)


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