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Demand growing for medical office leases

By Paul Owers, Sun Sentinel
McClatchy-Tribune Information Services

June 21--South Florida businesses are back in the market for leased medical office space, a real estate firm says.

Avison Young said it found a tenant for a new office building in Loxahatchee within 30 days of the structure's certificate of occupancy.

Prettelt Center for Family Health will move in to 5,700 square feet at Groves Medical Plaza by the end of 2014, according to the real estate firm, which represented the landlord in the transaction.

Groves, a 22,000-square-foot property at 13475 Southern Blvd., near Palms West Hospital, is the first new medical office construction in west-central Palm Beach County in recent years.

"Medical office condos were in vogue prior to the economic shift and passage of health care reform legislation," Avison Young'sGary Gottlieb said in a statement. "However, now we are seeing fervent demand for quality medical office space for lease and the brisk interest in this property is evidence of such."

Land development to start at Boca West condo

Boca Raton-based Siemens Group says it will start land development Monday at Akoya Boca West in preparation for a fall groundbreaking.

The 120-unit condominium is the first residential development inside Boca West Country Club in two decades. Ten contracts have been signed so far, and the condo is expected to open in fall 2015.

Prices range from $1.25 million to more than $2 million. The country club is between Yamato and Glades roads next to Florida's Turnpike.

Boca condo fetches $5.75 million

A resale unit at the One Thousand Ocean luxury condo in Boca Raton traded recently for $5.725 million, or $1,335 a square foot.

Unit 406, an unfurnished, four-bedroom condo, sold within four months of hitting the market, according to Senada Adzem, the listing agent.

The buyer was Mason Slaine, property records show. The seller, Steven P. Raia, paid $4.6 million in 2010.

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The developer of One Thousand Ocean, LXR Luxury Resorts & Hotels, sold out of the 53-unit condo last year.

Conrad condo-hotel selects Douglas Elliman

Douglas Elliman Development Marketing says it will handle sales and marketing for the Conrad Fort Lauderdale Beach Residences.

The 24-story oceanfront condo-hotel at 551 N. Fort Lauderdale Beach Blvd. is undergoing $30 million in renovations. CFLB Partnership paid $115 million for the property in 2013 and is relaunching sales that began earlier this year.

The 290 units are selling from $500,000, with penthouses priced at more than $1 million.

The development formerly was the Trump International Hotel & Tower, but it never opened due to the housing crash. Two buyers recently sued Donald Trump, who licensed his name to the project, saying Trump misled them about his role.

A jury sided with him, though more buyers are expected to have their day in court this summer.

Fort Lauderdale office buildings get new tenants

Stiles Realty announced five leases totaling 47,000 square feet at Commercial Place I & II in Fort Lauderdale.

Three of the deals were for tenants new to the office project: HDR Engineering, International Tourism Management Services and H5 Group.

Renewing their leases were Progressive Casualty Insurance and Presidio Networked Solutions Inc.

The two office buildings totaling more than 175,000 square feet are at 3230 and 3250 W. Commercial Blvd. The project is 88 percent occupied. Stiles worked on the transactions with Virginia-based Divaris Real Estate.

Commercial brokers to discuss downtown development

Development in downtown Fort Lauderdale will be among the topics discussed Friday at a meeting and networking session of the Realtors Commercial Alliance.

Speakers for the event are Chris Wren, executive director of the Downtown Development Authority; Patrick Brouad of Broward County Transportation; and Amie Goddeau of the Florida Department of Transportation.

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The free event is at the Greater Fort Lauderdale Realtors headquarters, 1765 NE 26th St. Networking begins at 8 a.m. and the program lasts from 8:30 to 9:45. Call 954-567-5029 for more information.

Staff researcher Barbara Hijek contributed to this report.

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

Distributed by MCT Information Services

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