Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach

In other deals, Starwood’s SH Hotels will move its HQ to Coconut Grove from LA

From left: MHCommercial Real Estate Fund II's Jordan Paul, Dung Lam and Neil Merin along with the Yamato Office Center in Boca Raton and the Bridge Point Powerline Road in Pompano Beach (NAI Global, LoopNet, Getty Images)
From left: MHCommercial Real Estate Fund II's Jordan Paul, Dung Lam and Neil Merin along with the Yamato Office Center in Boca Raton and the Bridge Point Powerline Road in Pompano Beach (NAI Global, LoopNet, Getty Images)

FirstService Residential I Yamato Office Center I Boca Raton

Property management firm FirstService Residential will move its Boca Raton office to Yamato Office Center II.

FirstService will relocate in November to a 11,200-square-foot space at the building at 999 Yamato Road, according to a news release from the tenant’s broker.

Robert Listokin of Colliers represented FirstService. Jeff Kelly and John Jaspert of CBRE represented the landlord

The company is moving from 6300 Park of Commerce Boulevard, which FirstService sold to Brookfield Properties for $8.3 million last year in a sale-leaseback deal, according to the release. Listokin represented FirstService in that deal, as well.

A joint venture of MHCommercial Real Estate Fund II and an unidentified New York-based institutional real estate fund own the two-building Yamato Office Center. They paid $45.9 million for the property in May. The other building is at 1001 Yamato Road.

PlantLab I Bridge Point Powerline Road I Pompano Beach

Vertical farming company PlantLab will open its first location on the East Coast at Bridge Point Powerline Road in Pompano Beach.

Amsterdam, Netherlands-based PlantLab leased 50,570 square feet at the property at 1981 North Powerline Road, bringing the industrial campus to full occupancy, according to a news release from the tenant’s broker.

Tom Viscount of Avison Young represented PlantLab.

Bridge Development Partners built the three-building industrial complex on a speculative basis, scoring a $32.1 million construction loan for the project in 2018. Bridge Point Powerline Road spans 37 acres.

Shortly after the complex was completed in 2019, investment bank Morgan Stanley bought it for almost $69 million, property records show.

PlantLab chose this property because it is close to the company’s primary client, Sysco-owned FreshPoint, and it provides the ceiling heights necessary to maximize the amount of produce that can be grown, Viscount said in the release.

South Florida’s robust industrial market is fueled by high demand and a lack of developable land. In Broward County, the vacancy rate dropped to 3.6 percent in the second quarter, down from 6.7 percent during the same period of the previous year, according to a Colliers report.

Anchin I Boca Raton

Accounting, tax and advisory firm Anchin opened in Boca Raton, marking its first office outside of the state of New York.

Anchin, based in New York City, picked Florida for its expansion because of the company’s existing client base in the state, according to a news release. Although the new location wasn’t disclosed, Anchin’s website now lists an office at the One Boca Place building at 2255 Glades Road.

Anchin was founded in 1923.

CP Group, formerly known as Crocker Partners, and Rockwood Capital own the four-story, 277,000-square-foot building. CP originally purchased it with Wheelock Street Capital for roughly $76 million in 2014. Four years later, Rockwood bought out Wheelock’s stake.

Cargo Management Group I Doral

Freight forwarding company Cargo Management Group opened additional operations in an industrial building in Doral.

Cargo Management, based in Sweetwater, leased 49,986 square feet at 1325 Northwest 78th Avenue, according to a news release from the tenant’s broker.

Andrew Fernandez of CBRE represented Cargo Management. Ana Rivera of JLL represented landlord Seagis Property Group.

Conshohocken, Pennsylvania-based Seagis bought the 46,525-square-foot building, constructed in 1994, for $3.2 million in 2011, property records show.

In the second quarter, Miami-Dade County’s industrial vacancy rate dropped to a record low of 2.3 percent, according to a Colliers report. Asking rents increased to $11.88 per square foot from $11.24 a square foot during the same period last year.

All Florida Paper I Beacon Logistics Park I Hialeah

All Florida Paper leased Building D at Codina Partners’ Beacon Logistics Park in Hialeah.

The company will open in the 226,698-square-foot facility slated to be built at 14401 Northwest 107th Avenue, according to a Codina Partners news release.

Construction of Building D will begin in the fourth quarter, and All Florida Paper is expected to move in next summer.

Jose Juncadella and Sebastian Juncadella of Fairchild Partners represented the landlord. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield represented the tenant.

All Florida Paper, founded in 1993 by Armando Cáceres, is a national wholesaler of paper, chemicals, cleaning supplies and safety products, the release says. It also provides janitorial and sanitation distribution services.

Coral Gables-based Codina Partners, led by father-daughter duo Armando Codina and Ana-Marie Codina Barlick, is developing the master-planned, 1.3 million-square-foot Beacon Logistics Park.

EFG Capital I 701 Brickell I Miami

Brickell has quickly morphed into a prime location for financial services firms. So when it came time for one investment advisory company to decide whether to keep its space at an office tower in the district, it chose to stay.

EFG Capital renewed its lease for 32,480 square feet, spanning the entire ninth floor and a portion of the 13th floor at 701 Brickell, according to a news release from the landlord’s broker.

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Brian Gale and Andrew Trench of Cushman & Wakefield represented the building owner. Glenn Gregory of Transwestern represented the tenant.

EFG Capital is the U.S. subsidiary of Zurich-based private bank EFG International, according to EFG Capital’s website.

TIAA’s Nuveen Real Estate owns the 33-story 701 Brickell. It paid $172 million for the building in 2002, property records show. The building was constructed in 1986 on 3.8 acres.

Brickell has attracted much of the influx of financial services firms to South Florida. Billionaire Ken Griffin’s recent announcement that his hedge fund Citadel and financial services firm Citadel Securities will move their headquarters to Brickell is giving the neighborhood’s growth a boost.

Office space asking rents have reached unprecedented levels, with Class B assets such as 701 Brickell quoting over $70 per square foot, full service, brokers have said.

SH Hotels & Resorts I Coconut Grove I Miami

Starwood Capital Group’s subsidiary SH Hotels & Resorts will move its headquarters to Miami’s Coconut Grove from Los Angeles.

SH Hotels leased 5,800 square feet on the fifth floor of the Bayview Executive Plaza at 3225 Aviation Avenue. Its space will be ready early next year, the South Florida Business Journal reported.

SH Hotels scaled down its Los Angeles space to a 2,000-square-foot satellite office from its previous footprint of 5,000 square feet to 6,000 square feet.

Last year, Barry Sternlicht’s Starwood Capital completed its six-story headquarters building in Miami Beach at 2340 Collins Avenue.

SH Hotels manages 1 Hotel South Beach, which Starwood and LeFrak sold to Host Hotels in 2019 for $610 million.

Houston-based Madison Marquette owns the Bayview property. It paid $21.3 million for the building in 2019.

Bohemian Bazaar, Liv Hipp I River Landing Shops & Residences I Miami

River Landing Shops & Residences launched its Capsule retail space, which offers 4,000 square feet aimed for emerging local businesses to set up shop at affordable rents with flexible lease terms. So far, 20 businesses have a location at Capsule, according to a River Landings release.

They include artisanal household goods, crystals and jewelry store Bohemian Bazaar; Buena Vibra Soaps; women’s espadrille store Nina Bonita; menswear and shoe store Liv Hipp; clothing store Devinity Boutique; By Jessie Jewelry; clothing, handbags and shoe store Ania Designs; Sibila Jewelry; American Pop Candle; footwear and jewelry store Ilahi; Norma Restrepo Jewels; Golden Garden Designs; children’s accessories store Bella Blu Designs; Denim Raq; and womenswear by designer Danittza Zimic, according to the release.

Coral Gables-based Urban-X Group, led by Andy Hellinger and Coralee Penabad, completed the 2.2 million-square-foot mixed-use River Landing at 1400 Northwest North River Drive in 2020.

River Landing includes about 360,000 square feet of retail and other commercial space; 135,000 square feet of offices; 528 market-rate apartments; more than 2,000 parking spaces and a landscaped Riverwalk, according to the release.

In another round of recent retail leases, Pet Supermarket took 5,849 square feet, and Miami Optical Boutique took 1,140 square feet. Both signed 10-year terms and are expected to open later this year.

Eden Park, Saya/Sitka Semsch, and more I Shops at Merrick Park I Coral Gables

Brookfield Properties’ Shops at Merrick Park at 358 San Lorenzo Avenue in Coral Gables scored six new tenants.

Menswear retailer Eden Park, as well as womenswear and accessories store Saya/Sitka Semsch opened on the first floor, according to a Shops at Merrick Park news release.
Cosmetic medical treatments provider IMO Glow, which also is known as My Opinion Certified Procedural Medicine and Aesthetic Dermatology, opened on the corner of Altara Avenue and Salzedo Street.

LensCrafters Specialty Optical & Eyewear and doctor-led aesthetic clinic Sisu Clinic opened on the second level. Lafayette 148, a clothing, accessories and shoe brand, opened in mid-July in the center courtyard.

Jazwares I Lakeshore Plaza II I Sunrise

Toy manufacturing company Jazwares opened an office at Sawgrass International Corporate Park in Sunrise.

Jazwares leased 18,317 square feet on the third floor of the Lakeshore Plaza II building at 300 Concord Terrace, according to a news release from the landlord’s broker. The company, which has its headquarters elsewhere in Sunrise, has been growing, necessitating the expansion. Roughly 50 employees have moved into the new office.

Madelayne Garcia of CBRE represented the landlord. Jonathan Kingsley and Jarred Goodstein of Colliers represented the tenant.

Charlotte, North Carolina-based investment manager Barings, through affiliate TR Lake Shore Plaza, owns the 128,470-square-foot office building, which was constructed in 2008 on 8.9 acres, according to records. TR Lake Shore purchased the property for $32 million in 2013, although the entity at the time was affiliated with Cornerstone Real Estate Advisers.

In 2016, Barings’ parent company MassMutual Financial Group merged Cornerstone and other financial firms under the Barings brand, according to media reports.

Lakeshore Plaza II is 94 percent occupied by 10 tenants, the release says.

Lemongrass, P.F. Chang’s To Go I Renaissance Commons I Boynton Beach

Five restaurants leased at the Renaissance Commons mixed-use community in Boynton Beach.

El Sabor Latino opened in a 6,300-square-foot space, and P.F. Chang’s To Go will open in a 1,840-square-foot space in the fourth quarter, according to a news release from the landlord’s broker.

Slated to open in the first quarter of next year are First Watch, which took 4,100 square feet; Lemongrass, which moved from its previous Renaissance Commons space and expanded to 5,494 square feet; and Ramen Lab Eatery, which took Lemongrass’ former 2,131-square-foot space.

Eric Spritz and Daniel Solomon of Katz & Associates represented the property owners.

Renaissance Commons, on the southeast corner of East Gateway Boulevard and North Congress Avenue, includes retail, as well as individually owned residential condominiums and offices, according to a Katz spokesperson.

Cohen Commercial Properties and ALTO Real Estate Funds own the retail and restaurant real estate, the release says.