Posts By : CRE Sources

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.

CREC Awarded Exclusive Lease Assignment Of West Palm Medical Office Building

CREC announced today it has expanded its portfolio in the West Palm Beach market with the brand’s appointment as the exclusive leasing agent for West Palm Medical Plaza.

At 4700 North Congress in West Palm Beach, the property is situated directly across from the north campus of JFK Medical Center, driving strong demand from health-related businesses.

With building occupancy currently at 78 percent, CREC will implement a highly-targeted strategy for the property to reach full occupancy.

A three-story building, West Palm Medical Plaza encompasses 43,797 square feet of medical office space. Notable tenants include Atlantic Kidney Centers and United Vein Centers.

CREC Vice President Robert Dabrowski and Leading Director Mark Goldstein will oversee leasing of West Palm Medical Plaza.

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.

Encore Capital Management Taps CREC As Exclusive Retail Leasing Rep For $350 Million Project

Encore Capital Management, the developer of Plantation Walk, the $350 million mixed-use office, retail, residential, and hotel destination, has named CREC to manage leasing of the project’s nearly 200,000 square feet of available retail space.

“The retail component of Plantation Walk will set the project apart from any other destination in Broward County,” said Carol Brooks, President of CREC, Florida’s leading, independent, full-service commercial real estate firm.  “We’re excited to curate a retail lineup that reflects the needs of residents as well as the visitors who will frequent the project’s signature restaurants and shops. We’re looking for a mix of local flavor and national brands that provide the community with unique, creative and compelling options that have long been lacking.”

The firm is excited to bring in a specialty grocer as well as new-concept, chef-driven restaurants, health and wellness options and other retailers that will continue to infuse energy and excitement into the project.

Once completed, Plantation Walk will create a downtown-style destination that infuses resort-level hospitality throughout a walkable, seamlessly connected community of shopping, dining, entertainment, living and working.

CREC Senior Vice President and Director of Retail Steven Henenfeld and Vice President Rafael Romero will oversee leasing and marketing for Plantation Walk. The company enjoys a long track record of reshaping the retail blueprint of lifestyle shopping destinations throughout Florida.

“CREC has proven time and time again their in-depth understanding of South Florida’s retail landscape. The team’s creative approach to identifying the right brands will play a vital role in Plantation Walk’s success and we are excited to have them on board,” said Arthur Falcone, CEO and Managing Principal of Encore Capital Management.

Encore Capital Management began construction work on the new infrastructure in November 2017, which is located on site of the former Fashion Mall.