What’s Up The In Real Estate Market…


Congress Office Park leasing

Cushman & Wakefield were selected by ICM Realty Group as the exclusive leasing advisor for Congress Office Park.

Congress Office Park is a three-story suburban office building featuring below-grade executive parking, ample surface parking, outdoor patio seating and lake and golf course views. The recently renovated office building is also approved for medical use.

Managing Director John K. Criddle and Senior Associate Joseph J. Freitas were selected to lease the 54,006-square-foot building by owner ICM Realty Group, which acquired the asset in 2014.

“Congress Office Park provides prospective tenants the opportunity to position their operations in a premier building and location minutes from the exciting downtown of Delray Beach,” Criddles said. “This recently renovated asset offers unique, high-end finishes and a centralized location offering exceptional access to Palm Beach County and beyond.”

The building is currently 95 percent occupied with a $16 NNN lease rate and full-service operating expenses of $10 per square foot.

Congress Office Park is located at 220 Congress Park Drive. It is a short walk from the Tri-Rail and Amtrak station and is surrounded by multifamily communities.

Polo Club Shoppes gains new tenants

The Polo Club Shoppes, 5030 Champion Blvd, is a 128,104 square-foot shopping center located in Boca Raton, Florida.

Anchored by Publix and other stores like Pet Supermarket, Hair Cuttery, Phenix Salon Suites, GNC and Subway, the shops are adding new tenants this summer.

Joining the recently opened Bolay, a gluten free build-your-own healthy bowl restaurant featuring nutrient dense super foods, seared proteins, infused teas, and cold pressed juices, which signed a 10-year lease for 2,650 square feet and opened late January 2017 are several other new businesses:

  • Tipsy SalonBar signed a 10-year lease for approximately 2,800 square feet and will be opening around the corner from Bolay in Winter 2017. Using exclusive organic nail and spa products, Tipsy offers facials, manicures, pedicures, hair salon services and other spa services in an environment that delights your body, mind and spirit.
  • Freshii, a Canadian fast-casual chain helping people live better by making healthy food convenient and affordable, recently opened their 1,200-square-foot restaurant. Freshii serves soups, wraps, burritos, salads and frozen yogurt.
  • Soon you’ll be able to get warm, made to order donuts along with premium roasted coffee from Duck Donuts, who signed a 10-year lease for 1,163 square and is set to open by Winter 2017.

For more information, visit the Polo Club Shoppes website at www.poloclub-shoppes.com

Cushman & Wakefield brings Boynton Commerce Center to full occupancy

Christopher Thomson, Chris Metzger, Richard F. Etner Jr. and Matthew McAllister Negotiated a ±16,500-Square-Foot Lease With Baker Distributing Company

Cushman & Wakefield has negotiated a 16,474-square-foot industrial lease with Baker Distributing Company at Boynton Commerce Center, bringing the 295,597-square-foot warehouse and distribution campus to full occupancy.

Executive Director Christopher Thomson, Executive Director Chris Metzger, Executive Director Richard F. Etner Jr. and Director Matthew G. McAllister represented Principal Real Estate Investors in the transaction.

Boynton Commerce Center is a four-building warehouse and distribution campus developed between 1984 and 2000. The single-story buildings were renovated in 2009 and offer 18- to 24-foot clear heights, a mix of dock-high and grade-level doors, punch-outs for additional doors, an ESFR (Early Suppression, Fast Response) fire safety system, built-to-suit space and parking.

The buildings are located on an 18.85-acre site at 1800, 1900, 2000 and 2100 Corporate Drive. This location is strategically located at Interstate 95’s Woolbright Road interchange (Exit 56).

Cushman & Wakefield began leasing the building in 2008 and has pushed occupancy from a low of 60 percent to 100 percent.

Tenants in the building include Quantachrome Instruments, Pepperidge Farm, Grafton Private Label Cosmetics, Innovative Window Concepts and AP+M.

Baker Distributing leased the final 16,474 square feet in Building One at 1800 Corporate Drive. The company’s new space features 24-foot clear heights, 2,400 square feet of office space, three dock-high-doors, one oversized ramp and an ESFR (Early Suppression, Fast Response) fire safety system.

Founded in 1945, Jacksonville, FL-based Baker Distributing Company sells and distributes HVAC, refrigeration and food service equipment for residential, commercial and marine applications. The company has over 200 locations in 22 states. This will be Baker Distributing Company’s fifth sales center in South Florida, where it operates existing branches in West Palm Beach, Riviera Beach, Pompano Beach and Doral.

Delray-based mortgage bankers arrange JV equity

Craig Romer and Chris Romer of Delray Beach-based Dockerty Romer & Co. have arranged JV Equity in the amount of $7,400,000 on behalf of their client, Meridian Development Group, for the acquisition of an office park located in Tampa.

The property, known as Beaumont Business Center is an 11-building, 252,235 square-foot office park, located adjacent to the Veterans Expressway at the Hillsborough Avenue exit. Meridian Development Group will make about $7 million in building improvements and rebrand the center as Meridian 589.

Meridian acquired the 20-acre property from Lone Star Real Estate Fund for $18.5 million. “Meridian was highly focused and professional in all areas of this transaction.” Romeo said. “This asset will be a great addition to Meridian’s portfolio which already has holdings both in the Northwest Hillsborough submarket and the larger Tampa MSA.”