What’s Up In The Real Estate Market…

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Delray realtor installed as Regional Director of RAPB+GFLR

Christel Silver, Broker/Owner of Delray Beach-based Silver International Realty was recently installed as the Director of South Palm Beach for the RAPB+GFLR.

The Realtors Association of the Palm Beaches and the Greater Fort Lauderdale Realtors (RAPB+GFLR) recently merged to become the third largest real estate association in the nation with 28,000 members.

“It’s an honor to be a part of this group which provides consumers with real insight on the homeownership process with data accuracy and market expertise,” Silver said.

Boca Woods to undergo $14.5 million renovation

Boca Woods Country Club will be updating its clubhouse and adding amenities.

Members approved a $14.5 million renovation that includes remodeling the clubhouse with a new porte-cochere, main lobby, connecting corridors, restrooms, meeting rooms, executive offices, and multi-use member activity areas. It also involves adding a two-story fitness center and spa above a first level golf cart storage site.

“We were thrilled with a vote of over 82 percent in favor of our exciting plans for the future” said Club President, Linda Fontana.

The renovation is estimated to take three years, during which all club services and activities will remain ongoing.

“We knew it was very important to our membership that their lifestyle and all the amenities delivered daily continue uninterrupted,” Fontana said.

General Manager David Gourlay, CCM, CCE, CAM said the plans allow the club to double the size of the existing fitness center to 12,000-square-feet.

“These brick and mortar improvements will bring our facilities up to the level of our club’s two magnificent, 18 hole golf courses and eight championship tennis courts,” Gourlay said.

Rent office space in Boca’s Saber Centre I

Looking for office space in Boca Raton with golf course views?

Check out Saber Centre I, a 101,347-square-foot office building in Boca Raton, with views of the Old Course at Broken Sound.

Cushman & Wakefield has been named the exclusive leasing advisor for the six-story, Class A office building. John Criddle and Joseph Freitas of Cushman & Wakefield were hired by G&C Sabre Investors, LLC, an affiliate of Pompano Beach, FL-based real estate investment group Grover Corlew.

Criddle and Freitas were selected to reposition and rebrand Saber Centre I as the Grover Corlew team is months away from finishing a complete lobby, common area and elevator modernization.

“The high-floor penthouse vacancy at Saber Centre I offers over 17,500 square feet of sweeping golf course views making it one of the most unique corporate locations in Boca Raton,” Freitas said.

Office space at Saber Centre I is available from $18 to $22 NNN with a notable tenant roster that includes BSN, IBM, IWS, Ring Central and Education Dynamic.

“The Park at Broken Sound is one of the few active, mixed-use infill development sites in South Florida with more than 1,000 new multifamily units and 65,000-square-feet of new retail space,” Criddle said. “Given Saber Centre I’s wide range of availabilities, premium finishes and a tightening Palm Beach County Class A office market, we believe the building is uniquely positioned to capitalize upon the park’s revitalization and active Boca Raton marketplace.”

Delray mortgage bankers arrange financing for Orlando shopping center

Delray Beach-based Dockerty Romer & Co. have arranged permanent mortgage financing for an Orlando retail center.

Nancy and Bob Dockerty arranged the $33 million deal for Dellagio Town Center. The center is nearly 110,000-square-feet that is 96 percent leased to restaurants including Flemings, Bravo, Dragonfly, Urbain 40 and Big Fin Seafood adjacent to a residential community.

Dockerty Romer & Co. worked on behalf of their client Concorde Group Holdings LLC to arrange the acquisition financing.

Citi Global Markets provided a $28 million senior mortgage, and Morrison Street Capital provided a $5 million mezzanine loan. Dockerty commented that, “both lenders worked together providing an excellent debt structure which allowed our client to execute on their business plan of acquiring this highly sought after asset.” HFF represented the seller, Blackstone.

Lang Realty names Director of Information Technology

Lang Realty recently named Danny Katz the Director of Information Technology for the company.

“I specialize in bringing technology to the real world, and especially in making it relevant to Realtors in saving them time and money,” said Katz, a Florida Realtors® faculty member. “My background and experience as an agent, combined with my years of experience working with Realtors as a trainer, helps me bring practical and cutting edge tools to our team.”

Prior to joining Lang, Katz was a Realtors® Property Resource (RPR) contract trainer for the National Association of Realtors®, covering much of the state of Florida from Orlando to Miami, both east and west coasts.

For more information visit www.langrealty.com or call 561-989-2100.

CRE Florida Partners completes Boca Raton office building sale

Senior managing partners Michael Rauch and Tom Robertson with CRE Florida Partners recently represented the owners MDS Builders in the sale of an office building located in the Boca Raton Professional Plaza.

The two-story building, 301 Crawford Blvd., sold for $2.7 million, $180 per square foot.

Built in 1979, the 15,000-square-foot building is completely occupied and recently updated and renovated.

“The property has a solid mix of local, well established tenants, very low deferred maintenance and a class “A” location, making it an attractive purchase,” Rauch said.