Monthly Archives : July 2017

Three Ways To Overcome Self-Imposed Career Limitations
Don’t let the naysayers stop you from achieving your dream, says Carol Greenberg Brooks.

Carol Greenberg Brooks, co-founder and president of CREC, a commercial real estate firm in Florida, started the company nearly 30 years ago with her best friend, Warren Weiser. “I knew less than zero about real estate,” she says. Brooks had just graduated from the University of Miami and was deciding what to do next when Weiser asked her to help lease two large commercial properties, Continental Plaza and Grand Bay Plaza. “I fell in love with transactions, negotiating and selling a dream to people,” she says.

Brooks helped start a company in the very male-dominated real estate industry and has never looked back. “It never occurred to me that being in a man’s world would be a difficult thing to do,” she says, in part because her father introduced her to accomplished and successful women when she was growing and in part because she has a third-degree black belt in karate.

We all have fictional notions of who we are that limit what we can achieve, Brooks says. “ Recognize that you can’t be whoever you want to be but you can be yourself ,” she says. For instance, Brooks admits she will never be a linebacker or a rock star but she was able to obtain a third-degree black belt. Whatever path you choose, there will be obstacles along the way, she says, but if you’re doing something that really matters to you, then those obstacles won’t have the power to limit you.

Here Brooks offers three ways to overcome self-imposed limitations.

Find your authentic self

Think back to any point in your life when you felt the most peaceful, the happiest and most inspired and you will see a pattern. One way to figure out what is limiting you, Brooks says, is to spend some time in quiet reflection. “When you’re having a million thoughts at once and are stressed, that’s never the time to say to yourself, ‘That’s a brilliant idea,’ ” Brooks says. Our best ideas tend to happen in a place that is still and quiet.

There’s no substitute for hard work

“Whatever you decide you want to be, you have to practice, practice, practice,” Brooks says. When Brooks decided she wanted to become a black belt, she practiced six days a week for more than 15 years. “It was hard and scary but I never saw that as a limitation,” she says. “If it hadn’t been authentic as to who I am, I would never had endured the training. I would have seen a million limitation.”

Listen to your own voice

Once you know what you’re meant to do, drown out the naysayers with your own voice. “If your vision is authentic, you won’t be deterred by what people say,” she says. “If I had listened to all the reasons I couldn’t have a real estate company or be a black belt, I wouldn’t have endured.”

AEW sells West Palm office tower for $42M to Dallas investment manager and CREC

AEW sells West Palm office tower for $42M to Dallas investment manager and CREC

One Clearlake Centre, with 18 stories, is 47 percent leased

AEW Capital Management just sold a Class A office tower in West Palm Beach to a joint venture between a Dallas-based private equity real estate manager and CREC for $42.3 million, The Real Deal has learned.

Velocis and CREC acquired the 218,500-square-foot, One Clearlake Centre “at a significant discount to replacement cost,” Mike Lewis, principal of the Texas firm, said in a press release. The buyers financed the sale with a floating rate, five-year $34.84 million mortgage from Mesa West Capital, a debt fund with offices in Los Angeles and New York.

The 18-story building, at 250 South Australian Avenue, is only 47 percent leased. The property includes a five-story, 662-space parking garage. It traded for nearly $195 per square foot.

“The vacancy is really attributable not to market factors, but rather the prior ownership’s investment strategy … The prior landlord had a philosophy to not break up spaces,” Carol Brooks, president and co-founder of CREC, told TRD. “There are 7 full floors that have not been multi-tenanted. It creates a really extraordinary opportunity for us. There’s not a lot of product out there with these outsized opportunistic returns.”

The joint venture plans to start a multimillion-dollar capital improvement program to update the building, which was built in 1986. The new owners will also create a modern tenant lounge and conference center and spec office suites. CREC will handle leasing and management.

Current rents are in the low $30s per square foot, gross, said Andrew Remick, CREC vice president of acquisitions. The firm aims to push rents up about $5 per square foot. Class A trophy buildings that are more than 95 percent leased sign deals between $60 per square foot and $70 per square foot, he said.

Current tenants include Rosenbaum Mollengarden PLLC, BB&T, Keyes, Prudential, Robert Half International and Northwestern Mutual.

A majority of the leasing in downtown West Palm is by smaller tenants, CBRE’s José Lobón said.

Lobón and Chris Lee represented the seller, and Amy Julian arranged the financing. CBRE began marketing the property without an asking price a little more than three months ago. Lobón said the value-add opportunity brought in “a plethora of offers.”

Property records show AEW affiliate One Clearlake Centre LLC paid $38.6 million for the building in 2005. It’s fronts the Clear Lake on the west side of the city’s central business district. The glass office tower is also near All Aboard Florida’s Brightline station and the Tri-Rail station.

Velocis, created in 2011, owns 24 properties in Texas, Colorado, Georgia, Florida, Arizona, Virginia and North Carolina.

AEW manages investments primarily on behalf of institutional and private investors with about $64 billion worth of assets around the world, including properties in South Florida, according to its website.