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McClatchy-Tribune  08/24/2014 12:01 AM ET
Real estate notebook: Boca firm spends $100M on Walgreens portfolio [Sun Sentinel :: ]

Aug. 24--The Herrick Co., a Boca Raton-based real estate investment firm, said its affiliates have paid roughly $100 million for 29 Walgreens drugstores across the country.

Only one is in South Florida -- 8955 Lantana Road west of Lake Worth.

The deal follows a transaction in which Herrick acquired 63 CVS Caremark locations.

"We continue to be successful in identifying and executing on opportunities to strategically expand our portfolio," Chairman Norton Herrick said in a statement.

Earlier this year, Herrick sold a 2-acre oceanfront parcel in Pompano Beach for $10.5 million after buying it for $4.3 million in 2008.

Avison Young helps sell Riviera Beach property

The Avison Young firm announced the $3.25 million sale of Business Park One, a three-building flex/industrial package in Riviera Beach.

The buyer of the 53,000-square-foot complex at 3866 Prospect Ave. was 2020 Properties LLC. The sellers, Kenneth and Gerald Kosloski, paid $2.1 million in 1996, records show.

Avison Young's Jonathan Satter, Jon Elson and David Duckworth represented the sellers. The firm said in a statement it marketed Business Park One as an investment with potential for higher revenue through an increase in rental rates.

The buildings can be converted into industrial or office space.

Delray community to vote on clubhouse renovation

Valencia Palms, a 55-and-over community near Delray Beach, will put clubhouse renovations to a vote of residents this fall.

The renovation would include the lounge, social hall and cafe. Two card rooms and a poker room would be redecorated. The fitness center and the billiards room also would be included in the upgrades.

The 612-home Valencia Palms was built by GL Homes nine years ago. A two-thirds majority of voting residents is needed to approve the project, a spokeswoman said.

If the renovation gets the OK, the Peacock + Lewis firm will be the designer, and Hedrick Brothers Construction will be the general contractor. Work would start next summer.

Stiles boosts occupancy at Deerfield center

Stiles Realty says a little TLC helped boost the profile of the 800 Fairway office building in Deerfield Beach.

In the past six months, the firm has completed 35,734 square feet of leases at the 172,323-square-foot building.

Experian Information Solutions signed a five-year lease for 13,550 square feet and United Schools Association inked a five-year deal for 4,149 square feet. The leases bring the building to more than 70 percent occupancy.

Stiles worked on the transactions with Divaris Real Estate of Virginia.

800 Fairway is the largest multitenant office building in Deerfield Beach, according to Stiles. It's owned by American General Life Insurance Co. Stiles provides leasing and management services.

Last year, renovations at the building included an updated fitness center, a remodeled atrium lobby, an on-site cafe, secured parking and a shaded picnic area.

"This building now offers tenants better quality amenities and a more dynamic business environment," Stiles' Madelayne Garcia said in a statement.

Sunrise office park signs leases

Levy Realty Advisors announced 14,000 square feet of leases at Waterside Commerce Park in Sunrise.

Tenants signing deals at the park include Hugo Boss Retail Inc. and An Unforgettable Time, a party planner.

In the past 16 months, Levy has leased 53,432 square feet at the park on Northwest Eighth Street. The 86,000-square-foot office/warehouse park is 90 percent occupied.

Lauderdale-by-the-Sea condo gets manager

FirstService Residential has been hired to provide management services to Hampton Beach Club, a 15-story condominium in Lauderdale-by-the-Sea.

The 176-unit property is at 1800 S. Ocean Blvd. It has a pool and grill area, billiard room, two lounges and a tennis court.

FirstService manages more than 6,500 residential and commercial associations across 21 states and Canada.

Peowers@tribune.com, 561-243-6529 or Twitter @paulowers

 

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