Monthly Archives : June 2018

CREC Named To Exclusively Lease Neighborhood Center Kendall Market Place
Florida’s leading commercial real estate firm engaged based on extensive expertise in Kendall retail sub-market

CREC – Florida’s leading, independent, full-service commercial real estate firm – announced today that it has been appointed the exclusive leasing agent for Kendall Market Place, a leading neighborhood retail property prominently situated at the intersection of Kendall Drive and 117th Avenue.

Kendall Market Place, at 11561 North Kendall Drive, is owned by El Tablon Investments, which tapped CREC to reposition the center utilizing its deep-rooted expertise in the retail sector and Kendall submarket. This includes engaging in a strategy to diversify the tenant mix and secure a targeted brand for the available anchor space.

“The CREC brand continues to flourish in Kendall’s retail sector due to our diverse real estate experience and deep understanding of how to curate a strong tenant base,” said CREC President and Co-Founder Carol Greenberg Brooks. “Kendall Market Place is a great addition to our robust portfolio, and we look forward to achieving our defined goals.”

The property, which encompasses 53,472-square-feet, offers 11,000-square-feet of prime anchor space directly on Kendall Drive, providing exceptional street exposure and signage opportunities. Ownership is undertaking renovation plans, including substantial investment in the façade to elevate the shopping center’s aesthetics.

“We engaged CREC to lead the leasing efforts for this property based on its thorough expertise with a wide range of retail assets located on Kendall Drive; their extensive knowledge will allow Kendall Market Place’s vision to become a reality,” added Francisco Javier Tagle Cox, Partner and CEO with Vista Capital Group, the asset manager.

Current tenants include Miller Ale House, Baptist Health, Sprint, Sushi Maki and Mercantil Bank. CREC Vice President of Retail Rafael Romero and Senior Leasing Association Katie Fernandez Espinosa will oversee leasing.

About CREC

CREC is the leading, independent, full-service commercial real estate company in Florida with offices in Miami, Orlando and Jacksonville. Since its founding in 1989, CREC has provided fully-integrated real estate services, including brokerage, leasing, management, tenant representation, receiverships, workouts, as well as debt and equity financing. The company continues to uphold its mission of being “Your Florida Partner” through its commitment to providing clients with unrivaled service and a streamlined approach. Through the years, CREC has built a portfolio of more than 13 million square feet across 100-plus properties throughout Florida. For more information, visit www.crec.com.

Downtown WPB Office Tower To Begin Multi-Million Dollar Renovation

CREC in partnership with private equity real estate manager Velocis, has engaged in a multi-million-dollar strategic capital improvement program for One Clearlake Centre in West Palm Beach’s downtown core.

As a result of major upgrades underway and the overall strategy for the asset, tenant interest has escalated with the signing of four new leases – Rubenstein LawCunningham Law FirmAon and Reid Burman Lebedeker.

The 19-story, Class A office tower, located at 250 South Australian Avenue, was purchased in July 2017 as a joint venture between CREC and Velocis. At the time of acquisition, occupancy was at 47 percent for the 221,079-square-foot building. The subsequent implementation of a strong leasing strategy and launch of the extensive repositioning plan, to be completed in second quarter 2019, has already begun attracting a diverse customer base, who seek value-oriented office space in a revitalized location.

 

“We are driving a true transformation at One Clearlake Centre during opportune market conditions by delivering upgraded office space that is organically establishing its own demand,” said Carol Greenberg Brooks, president and co-founder of CREC, which also oversees leasing and management of the property. “These initial leases reflect the market’s quick and positive response to our capital plan, as well as the new ownership of CREC and Velocis. We are confident in our ability to deliver a high level of service to all of our tenants and bring best-in-class office space to the downtown area.”

 

“From the onset, One Clearlake Centre was identified for its inherent value and unique market position in the prime downtown West Palm Beach corridor, which is in the midst of a complete revitalization,” said Mike Lewis, Velocis principal. “We are greatly satisfying the goals for this asset quickly, both internally as a partnership and externally among customers. As we further establish multi-tenanted spaces that cater to market expectations, we will continue to attract substantial interest.”

Major improvements to One Clearlake Centre include new lobby areas, corridors and bathrooms, a creative tenant lounge, conference center and gym, as well as the integration of CREC’s exclusive wellness program, “Deeper Breath.”

The property offers easy access to and from Interstate 95. Additionally, TriRail and the newly-constructed Brightline station are in close proximity.

Built in 1986, One Clearlake Centre includes a 5-story, 662-space parking garage. The property is LEED Silver certified and EnergyStar rated.

 

About CREC

CREC is the leading, independent, full-service commercial real estate company in Florida with offices in Miami, Orlando and Jacksonville. Since its founding in 1989, CREC has provided fully-integrated real estate services, including brokerage, leasing, management, tenant representation, receiverships, workouts, as well as debt and equity financing. The company continues to uphold its mission of being “Your Florida Partner” through its commitment to providing clients with unrivaled service and a streamlined approach. Through the years, CREC has built a portfolio of more than 13 million square feet across 100-plus properties throughout Florida. For more information, visit www.crec.com.