Tag Archive for: cbre

City Of Riviera Beach Looks To Redevelop 80 Acres

Riviera Beach Aerial 1_Image Provided by CBRE 770x320

The City of Riviera Beach is looking to redevelop three sites totaling approximately 80 acres across Riviera Beach.

The City intends to optimize existing City owned parcels and replace aging structures by developing a mix of residential, commercial, and retail space.

A developer and local participant workshop will be held on Jan. 24 from 2 to 4 p.m. at the Marina Event Center located at 190 E 13th St. in Riviera Beach.

The three primary sites include approximately 41 acres at 600 and 601 Blue Heron Blvd., approximately 2 acres at 2250 Broadway, and approximately 38 acres on Palm Beach County School Board property bordered by 34th St. to the North, W. 28th St. to the South, and Avenues H and J to the East and West.

The re-imagining of Rivera Beach will include a mix of civic, government, sports, and commercial mix of uses, including but not limited to: Municipal complex, new City Hall, public library, train stop /station, world class recreation center, mixed income multifamily, retail, and green and open space.

“We stand on the precipice of a transformative moment in the history of Riviera Beach,” said Jonathan Evans, City Manager for the City of Riviera Beach. “The redevelopment of our city hall and its surrounding properties is the cornerstone of the ‘Reimagine Riviera Beach’ initiative—a vision dedicated to revitalizing our city and reinforcing pride within our community. We invite partners who appreciate the City’s rich heritage to join us in reshaping Riviera Beach for generations to come.”

The City of Riviera Beach will release an Invitation to Negotiate at the end of January, which will outline specific goals related to the re-imagining of Riviera Beach.

CBRE local expert Clarissa Willis along with Lee Ann Korst, Kevin McShea, and Tess Fleming of CBRE’s Public Institutions and Education Solutions (PIES) will represent the City to solicit, negotiate and engage a developer. CBRE’s PIES Group provides real estate services to state, county, city, and educational institutions around the country.

“The scarcity of large acreage tracts of land in South Florida, coupled with Florida’s business friendly environment and in-migration, makes this project both a unique and highly opportunistic redevelopment,” said Ms. Korst, Southeast Regional Manager of CBRE’s Public Institutions and Education Solutions. “It is the development community’s opportunity to capitalize on current activity and transform Riviera Beach.”

 

Source: CRE-sources

Building Materials Firm Buys West Palm Beach Industrial Building For $31M

1300 Allendale_Image Courtesy of CBRE 770x320

The former home of a beer distributor has sold for $31 million, commercial real estate firm CBRE said.

Boise Cascade, a maker of building materials, bought the 120,000-square-foot industrial and office property located at 1300 Allendale Road in West Palm Beach, Fla. The seller was JRB West Palm LLC, according to property records.

The property is located between Interstate 95 and Palm Beach International Airport. It last sold in 2012, for $5.5 million.

 “The property will provide additional storage and service capacity for the Pompano Beach distribution center,” Boise Cascade, a publicly traded company headquartered in Boise, Idaho, said in a statement.

Built in 1987, the West Palm Beach warehouse was the longtime home of Brown Distributing Company, a beer distributor that had operated in the county for a century. Brown Distributing closed the facility in 2021 after the sale of its distribution territory to two companies, the Palm Beach Post reported last year.

Robert Smith, Kirk Nelson and Jeff Kelly of CBRE Industrial & Logistics represented the seller. Boise Cascade was represented by Gabriel Garcia-Menocal, Lucia Custer and David Oxios of NAI Miami | Fort Lauderdale and Peter Oliver of TOK Commercial.

“We fielded a lot of interest in this property, including many unique users who were interested in all or part of the property. In the end, we were able to secure an all-cash buyer who will be using the property to expand their distribution network,” Smith said in a statement.

The property sits on 9.77 acres. It features a 91,120-square-foot climate-controlled warehouse with 20 dock-high doors and two cooler rooms. The property also includes 20,000 square feet of office space.

 

Source: Commercial Observer

 

Four Acres In Downtown Fort Lauderdale Up For Grabs, Bids To Start At $52M

businessman's arm grabbing_122283321_s 770x320

The state of Florida wants to sell a downtown office building and an off-site parking lot for more than $52 million.

The properties total 4.33 acres and includes the five-story Robert Hayes Gore State Office Building, at 201 W. Broward Blvd., and the 29,185-square-foot parking lot across the street.

David Wigoda and Lee Ann Korst, both senior VPs with the CBRE Group, will market the property on behalf of the state. They will accept sealed bids for the properties until Oct. 25 at noon.

Built in 1979, the Robert Hayes Gore building is 113,710 square feet on a 3.66-acre parcel. It houses offices for the state’s Department of Juvenile Justice; the Department of Children and Families and Adult Protected Services; the Department of Management Services; and the Bureau of Fire, Arson, and Explosives Investigations.

The properties are nearby Brightline’s Fort Lauderdale station, the Broward Center for the Performing Arts, the Museum of Discovery & Science, and the Nova Southeastern University Art Museum of Fort Lauderdale. They’re also zoned as a downtown regional activity center, which is “one of the most open zoning designations in Fort Lauderdale, CBRE added in its marketing of the properties.

 

Source: SFBJ

Bridge Acquires Pompano Industrial Campus For $46.25M, Launches National Value-Add Strategy

Pompano Beach Commerce Park - Aerial 770x320

Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, has acquired Pompano Beach Commerce Park — a three-building, 336,852-square-foot industrial campus in Pompano Beach.

Following the acquisition, Bridge plans to launch a comprehensive capital improvements program at the property, inclusive of landscaping, parking lot upgrades, monument signage, and roof replacements. The acquisition will mark Bridge’s first property closing as part of a new value-add strategy.

“The acquisition of this campus in a prime submarket marks not only the latest addition to our growing portfolio, but the introduction of a new value-add strategy that will expand our capabilities and allow us to acquire existing buildings and deliver even more services to our clients in the region,” said Nick Siegel, Partner with Bridge.

Jose Lobon of CBRE National Partners represented the Seller in the transaction.

Located on Powerline Road in the Pompano Beach submarket of Broward County, Pompano Beach Commerce Park is made up of three industrial buildings — spanning 140,094 square feet, 124,894 square feet and 71,864 square feet, respectively. The facilities possess several attractive characteristics including 24-clear heights and multiple points of ingress and egress along its 800 feet of linear frontage along Powerline Road. Bridge has had previous development success in Pompano Beach, with its Bridge Point Powerline Road project spanning over 450,000 square feet less than one mile from its newest acquisition.

The campus is located less than two miles from I-95 and just 1.4 miles from the Florida Turnpike, allowing users to reach nearly all of Florida’s population of 6.2 million within just a 60-minute drive. The property also sits just 15 miles from Port Everglades and the Fort Lauderdale-Hollywood International Airport, and roughly 40 miles from the Port of Miami and Miami International Airport. The central location of the site allows its tenants to service 92% of South Florida’s 6.2 million population within a 60-minute drive time.

“South Florida is one of the most supply-constrained markets in the entire country, and Bridge has found major success in developing and operating state-of-the-art warehouse space that can help meet the immense demand from industrial users in this area,” said Kevin Carroll, Southeast Partner at Bridge.

Bridge is one of South Florida’s most active industrial real estate developers. The company has acquired approximately 700 acres in 17 separate transactions throughout Miami Dade and Broward Counties and delivered approximately 7 million square feet of Class-A industrial space across the region since entering the market in 2012. The company’s current South Florida portfolio spans more than 5 million square feet of company-owned and third-party managed properties with an additional 2.5 million square feet under construction.

 

Source: CRE-sources

 

Developers Obtain $41M Loan To Build Warehouses In Lake Park

warehouse construction plans_86916660_s

A group of developers obtained a $40.78 million construction loan to start work on a large industrial project in Lake Park.

Wells Fargo Bank provided the mortgage to ASVRF Silver Beach Road LLC, a partnership between Los Angeles-based American Realty Advisors, Atlanta-based Ridgeline Property Group, and Fort Lauderdale-based Mitchell Property Realty. It covers the 24.2-acre property located at 1600 Silver Beach Road, just east of Congress Avenue.

Called Silver Beach Industrial Park, the project will total 380,000 square feet in four buildings with 32-foot clear ceiling height.

CBRE’s Robert Smith, the leasing broker for the project, said it will break ground in December.

 

Source: SFBJ

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CRE Florida Partners Inks 32,000 SF Deal On Behalf Of DACO Worldwide Marketing Corp.

DACO Worldwide Marketing Corp. (DACO), a privately-held wholesale corporation and leader in supply chain logistics/distribution for construction materials to Central/South America and the Caribbean, has signed a 32,425-square-foot, 7-year lease at Davie Business Center-Building A, located at 3300 Davie Road in Davie, Florida.

Michael Rauch

Michael Rauch

Michael Rauch, Senior Managing Partner with CRE Florida Partners, negotiated the lease on behalf of DACO.

DACO will occupy the entire newly-completed distribution warehouse facility, which is owned and operated by Atlanta-based IDI.

The critical elements of the deal included a new ±4,500 SF office build-out as well as other amenities required in the loading dock area of the premises.

“Industrial distribution facilities in South Florida are becoming harder to source and matching our client’s needs to available product is no less difficult due to a shrinking inventory of industrial product in South Florida,” Mr. Rauch commented. “We are grateful to be able to successfully negotiate this critical lease to support DACO’s future growth.”

CBRE’s Larry Dinner represented the Landlord in the transaction.