What’s Up In The Real Estate Market…


Realtors® of the Palm Beaches and Greater Fort Lauderdale install leadership team

The Realtors® of the Palm Beaches and Greater Fort Lauderdale recently installed the 2018 Leadership Team, who took an oath to lead the 3rd largest Realtor® association in the country.

“We are thankful for those who will volunteer countless hours this year for the greater good of our association, members and the real estate industry as a whole,” said Dionna Hall, CEO of the Realtors® of the Palm Beaches and Greater Fort Lauderdale. “We are looking forward to a great year.”

The 2018 Corporate Board includes Ron Lennen, President; Jeffrey Levine, President Elect; Jarrod Lowe, First Vice President; Karen Johnson, Treasurer; John Slivon, Past President; Caroline Carrara, Eastern Broward Regional Vice President; Ronald Cika, Western Broward Regional Vice President; Jo Ann Mazzeo, Southern Palm Beach Regional Vice President; Carlos Melendez, Northern Palm Beach Regional Vice President; James Weix, Treasure Coast Regional Vice President; James Heidisch, Director; Carola Lueder, Director; J.D. McClintock, Director; Bonnie Metviner, Director; and Robert Russotto, Director.

More than 350 people attended the sold out event at the Boca Raton Resort.

Boca Raton Marriott has new owner

The Boca Raton Marriott located Boca Center has a new owner.

The 256-room hotel was sold by CWI Boca Center, managed by Carey Watermark Investors to an affiliate of AVR Realty, which is based in New York, for $69.3 million.

The new owners of the hotel located at 5150 Town Center Circle is AVR Boca Center Hotel. The sale was made through a seven-year, $60 million mortgage from two lenders. Manufacturers & Traders Trust Co. ponied up $35.8 million from Manufacturers & Traders Trust Co. and $24.2 million came from Synovus Bank.

The hotel located within the Boca Center complex previously sold for $57.7 million in 2014, and then underwent a $7 million renovation. It was build on a 2.5-acre site in 1987.

The hotel features a pool, fitness center and banquet hall space.

Lang Realty makes donation to American Red Cross Disaster Relief Fund

Lang Realty recently donated $5,000 to the American Red Cross Disaster Relief Fund as part of their campaign where a percentage of home sales were dedicated to the charity.

“This is our way of helping the many people directly affected by last year’s back-to-back hurricanes – Harvey, Irma and Maria,” said Scott Agran, president of Lang Realty. “We are very thankful for our success and grateful to be able to give back to the communities we serve.”

The mission of the American Red Cross is to prevent and alleviate human suffering in the face of emergencies by mobilizing the power of volunteers and the generosity of donors. The organization responds to emergencies every eight minutes. Their disaster relief efforts have helped people find clean water, safe shelter and hot meals when they are needed the most.

For more information visit www.langrealty.com or call 561-998-0100.

Cushman & Wakefield to lease Fountain Square Office Complex

Cushman & Wakefield has been selected as the exclusive leasing advisor for Fountain Square, a three-building, 241,759-square-foot office located at 2600, 2650 and 2700 North Military Trail.

The office leasing team of Managing Director John Criddle and Senior Associate Joseph Freitas have been retained by owner Bridge Office Fund Manager LLC, an affiliate of Bridge Investment Group LLC to lease the buildings.

Bridge Office partnered with Ascentris, a Denver-based real estate private equity firm, to purchase Fountain Square for an undisclosed price in January. The acquisition continues Bridge’s commitment to South Florida after their successful acquisitions of Bayview Corporate Tower in Fort Lauderdale and 800 Fairway in Deerfield Beach.

The new ownership group has plans in place to invest more than $6 million to enhance and improve the building image both internally and externally throughout 2018.These improvements include full lobby renovations, common area corridor renovations, implementation of a spec suite program, beautification of landscaping and the design and delivery of a covered café seating area and outdoor lounge.

Availabilities range from 600 to 13,900 square feet. Lease rates range from $23.50 to $25.00 NNN with operating expenses, including electric and janitorial, of approximately $11.00. Tenants have access to 873 surface parking spaces as well as covered parking.

“We are excited to leverage market momentum to reposition, rebrand and reintroduce one of the largest Class A office campuses in Boca Raton,” said Criddle. “Bridge’s investment in Fountain Square will truly transform this property into one of the most sought after locations in Palm Beach County to conduct business.”

Showhomes looks to expand to Boca or Delray market

With a successful Miami location, Showhomes is looking to move to Delray or Boca for its next

South Florida location.

Showhomes offers both home staging, and a Home Manager program which pairs vacant high-end homes with people who act as “live props,” keeping the home feeling warm and lived in, perfect for seasonal snowbird residencies.

“We have been looking to expand,” COO Matt Kelton said.

Currently serving  communities in 18 states, the Showhomes system is an expanding franchise with nearly 60 offices.

The company started in 1986 after the savings and loan crisis. It took vacant homes that were for sale and marketed them to executives to live in them until they were sold.

“Now, we now are a full service staging and design firm,” he said.

Looking to grow its presence, the company is looking for the right fit for the Palm Beach County market.

For more information and to learn about franchise opportunities, please visit www.showhomes.com.