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COMMERICAL FLORIDA SELLS 20,000 SF OFFICE BUILDING Boynton Beach, FL August 9, 2010
Boynton Beach, Palm Beach County, Florida: Peter D. Reed and George Sacks, Principals of Boca Raton based Commercial Florida Realty Services, are pleased to announce the sale of Chase Bank Building, located at 555 N. Congress Avenue, Boynton Beach, Florida. The 19,791 square foot, three-story is situated on a 2.2-acre outparcel at the northwest corner of Congress Avenue and the east entrance road to the Boynton Beach Mall. The professional office complex sold for $1,700,000. Commercial Florida represented the seller, JPMorgan Chase Bank National Association, (NYSE symbol: JPM) in the transaction. The buyer was Congress Avenue Financial Associates, LLC, an affiliate of Harbor Group International of Norfolk, Virginia. Chase will remain in the bank branch portion of the building. Other tenants in the building include: Joseph C. Gretzula, DO, FAAD, PA; Kenneth M. Kaleel, PA and Nicholas G. Kaleel, DMD, PA.
12,441 SQUARE FEET OF OFFICE TRANSACTIONS COMPLETED AT THE EXCHANGE Fort Lauderdale, Florida 07/01/10
George Sacks and Peter D. Reed, Principals of Commercial Florida Realty Services, announced the completion of two office transactions totaling 12,441 square feet, at The Exchange office complex in Fort Lauderdale, Florida. The Elephant Group, Inc. (d/b/a Savology.com) leased 9,255 square feet in the two-story 3323 Building. In addition, Brett Burks (d/b/a Primerica) leased 3,186 square feet in the one-story 3343 Building at The Exchange. Primerica was represented by Les Byron, with Sperry Van Ness Commercial Real Estate Advisors.

OFFICE VACANCIES IN SOUTH FLORIDA RISE AS COMPANIES DOWNSIZE Boca Raton, Florida 04/07/10
South Florida office vacancies are rising to their highest levels in years as tenants bargain for less space in a still weak economy. Palm Beach County's vacancy in the first quarter of the year was 24.5 percent, up from 22.1 percent during the same period a year ago, according to Cushman & Wakefield. Broward's vacancy was 19.4 percent, compared with 16.1 percent a year earlier. The dot-com bust in the early 2000s and the savings-and-loan crisis of the early 1990s were the only other times in recent memory that vacancies were so high, said Greg Martin, a senior director at Cushman & Wakefield in Fort Lauderdale. "In general, most tenants are cutting occupancy costs to help with the bottom line," Martin said. Many companies trying to downsize are using a strategy known as "blend and extend." They take less space while agreeing to add years to their leases, typically at a lower rent per square foot. Job losses at title companies and law firms have exacerbated office vacancies, said Peter Reed, a broker for Commercial Florida Realty Services in Boca Raton. "The white-collar jobs I don't see coming back," he said. "How are we going to decrease the vacancy? It's going to have to be some kind of new sector." To draw business, landlords drop rental rates and offer concessions such as free rent, said commercial real estate brokers. "It's a difficult environment for [building owners]," said Tom Capocefalo, managing director of the Studley real estate firm in Fort Lauderdale. "We're not going to see any realized increase in occupancy for the next 18 months." While tenants are postponing moves, some are taking advantage of market conditions to boost their visibility. A medical staffing company recently moved from a modest office building to a more prestigious Hollywood complex and is paying only a slightly higher rental rate, said Jonathan Kingsley, managing director of Grubb & Ellis Co. in Miami and Boca Raton. The highest first-quarter office vacancies in Broward were in Deerfield Beach, Tamarac and Margate, all hitting 32 percent, according to Cushman & Wakefield. In Palm Beach County, Delray Beach's vacancy ballooned to 42.6 percent, while Jupiter/Tequesta was at 32 percent. Copyright © 2010, South Florida Sun-Sentinel

PETER D. REED NEGOTIATES 16,163 SQUARE FEET OF LEASES Boca Raton, Florida 02/15/10
Boca Raton, Palm Beach County, Florida: Commercial Florida Realty Services is pleased to announce the completion of two lease transactions totaling 16,163 square feet. Peter D. Reed, Principal of Commercial Florida Realty Services represented Stratis Business Systems, Inc. in its 7,326 square foot lease at Teachers Insurance and Annuity Association (TIAA) new building in Boca Raton; 1800 Boca Center. Stratis will be relocating from its current office at the FAU Research Park once the office build-out is completed. The landlord was represented by, Mike Erickson at CB Richard Ellis. In addition, Reed also represented Signature Consultants, LLC in the recasting and renewing of its 8,837 square foot lease at 2101 Commercial Building in Fort Lauderdale, Broward County, Florida. Greg Martin with Cushman & Wakefield of Florida, Inc. represented the Landlord, Mainstreet Capital Partners.

OVER 26,000 SQUARE FEET SOLD OR LEASED AT SANCTUARY CENTRE Boca Raton, Florida 02/01/10
Boca Raton, Palm Beach County, Florida: George Sacks and Peter D. Reed, Principals of Commercial Florida Realty Services are pleased to announce the completion of eight transactions totaling 26,183 square feet of sales and/or leases lease at Sanctuary Centre. The sale transactions included: the sale to Euro International Mortgage of 6,342 square feet, Smart for Life - 5,921 square feet, Law Office of Eric Klein, PA - 2,996 square feet, Turtle Island Associates – 1,597 square feet and Pro-Tech Personnel – 1,290 square feet. ‘The sales program and transaction process at Sanctuary Centre is one of the best and smoothest I’ve been involved of late’ said Barry Brizel, President of Raintree Properties, who represented both The Law Office of Eric Klein and Turtle Island Associates in the purchase of their units at Sanctuary Centre. In addition, lease transactions with: Venture Partners for 3,398 square feet, Smart Travel – 2,628 square feet and Partners Community for 2,010 square feet were completed at Sanctuary Centre.

GEORGE SACKS REMARKS FOR NAIOP ECONOMIC FORECAST Ft. Lauderdale, Florida 01/28/10
My son Christopher called me from Dallas last week, he is a junior in the undergraduate business program at SMU. Chris often recommends books to me that he is reading in his courses and I often read them, and then we talk about them; it connects me to what he is doing and thinking. He recommended a short list of business books and I was off to Barnes & Noble last weekend to check them out. I ended up buying all of the books, probably several months of reading material. Read More >>

COMMERCIAL FLORIDA LEASES OVER 31,000 SF IN Q4 AT HILLBORO CENTER Deerfield Beach, Florida 01/15/10
In its first 90 days as Parkway Properties, Inc. (NYSE symbol: PKY) recently retained third-party leasing advisor; Boca Raton based Commercial Florida Realty Services has leased 31,278 square feet of office space at the 215,000 square foot five building Hillsboro Center Office Park located 600-700 West Hillsboro Boulevard in Deerfield Beach, Florida. The new leases included: GHS Solutions (6,327 SF), FLORA Research (3,579 SF), MSE Power Solutions (2,004 SF) and Seven D Wholesale (1,135 SF). Leasing efforts also included lease expansions and extensions with The Ticktin Law Group (9,898 SF), Intercontinental Warranty Services (7,146 SF) and Dr. Mitchell Hantman, DDS (1,189 SF). “We couldn’t be more pleased with the result’s we’ve had in the fourth quarter of 2009. Commercial Florida jumped in and really energized our leasing efforts at Hillsboro Center”; said Lisa Smith, Senior Vice President with Parkway Properties, Inc. “It’s been a real team effort…added Peter D. Reed, Principal at Commercial Florida Realty Services…when you’re given the tools you need to accomplish the tasks at hand the job is certainly much more feasible and that is exactly what Parkway has done here with it’s leasing program at Hillsboro Center.”

PARKWAY PROPERTIES HIRES NEW REAL ESTATE FIRM TO LEASE HILLSBORO CENTER Deerfield Beach, Florida 9/04/2009
Parkway Properties, Inc. (NYSE:PKY) recently hired Commercial Florida Realty Services, LLC as its exclusive real estate broker to lease the 215,000 square foot Hillsboro Center project. Hillsboro Center is located at 600 Hillsboro Boulevard, which is located at the southeast corner of Hillsboro Boulevard and I-95. The project features a Class-A six-story office building and four two-story, suburban-style office buildings in a campus-style setting. The project is currently 72% leased. “We selected Commercial Florida, because they are a boutique real estate firm that really understands the Deerfield Beach office submarket. We also felt that they would represent the aggressive and creative leasing style Parkway has established within our other properties across the country,” said Lisa L. Smith, Senior Vice President of Parkway Properties. “Hillsboro Center has always been a great economical alternative to the Boca Raton office market. In today’s market, companies are continuously looking to reduce their occupancy costs and Hillsboro Center offers an excellent opportunity to do that. In essence, you are in Boca for a great value,” added Peter D. Reed, Principal at Commercial Florida. Read More >>

STRATEGIES - A New Game Plan Commercial Florida partners George Sacks and Peter Reed featured in the South Florida Business Journal. 4/24/09

REAL ESTATE - Lease restructuring a widespread, growing trend Commercial Florida Principal George Sacks featured in the South Florida Business Journal. 2/20/09

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