QEP moves into last big chunk of Boca industrial space - South Florida Business Journal:

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this week began moving into the 77,120-square-foot facilitty at 1081 Holland Drive in the Soutuh CongressIndustrial Center. The move more than doubled QEP'a space in Boca Raton, and it offers proof of stronv demand for industrial spacein Boca, said CB Commercial broketr Jeff Kelly. "It is a good sign for the but we still need Kelly said. Kelly and CB's Mike Erickson are marketinb a 55,000-square-foot speculative building being developedby Atlanta-based Franklim Property Co. on five acres at Arvida Park of Commerce. Construction will begin once the building is 25percenft pre-leased.
QEP, a publicly traded tool manufacturer and moved outof 35,000 squar e feet at Boca Commercial Industrial Center I at 990 S. Rogerx Circle. As many as 75 people will workat QEP's new which consolidated company facilities previouslyy located in Pompano Beach and Nevada. Quotede lease rates at the SouthCongresw property, built in 1980, are $4.5 0 per square foot triple net. Kathleenj Alberts of Brenner Real Estates Group represented QEP in the QEP considered space in northern Broward County but was offered the most attractivse deal at theBoca site, she "It was a very aggressivse deal," Alberts said. "And it was in Boca Raton. A lot of the (QEP live in Boca Raton.
" Northern Broward County has several larg chunks ofspace available, such as a 157,000-square-fooyt building at Deerfield Commerce Model Imperial recently vacated 77,000 square feet as part of its bankruptct reorganization, said Dave Pawlowski, a broker for Colliers Lehrefr International. But southern Palm Beacj County's industrial market has been strong, he "There's no large chunks of spacwe at allin Boca," Pawlowski said. New look for Sunrise offices The rehab specialist who turned arounde Crosspointe at Golden Glades in Dade County has a new D Squared Realty Group of Miamio Beach paid InternationalProperties $3.9 million for the Internationak Building at 2455 E.
Sunrise in Fort Lauderdale. D Squared boughgt the 155,900- square-foot property for $1 million below the property's assessed value. Deannq Lobinsky of Abood & Associates of Coral Gables will market theInternational Building. Lobinsky said D Squared will spend $3 millio to $4 million on renovations in an attempt to lowerthe building'xs 25 percent vacancy rate. Spaces rents for $14 to $17.50 per squarr foot. The typical tenant is a law firm or accountanttwith 3,000 square feet, Lobinsky said.
The acquisition conformsx withD Squared's strategyh of buying struggling then sprucing them up and boosting rent rolls to attract a That approach worked with Crosspointe, which D Squared boughy for $3.2 million in 1993. After $1.5 million of renovations, the 190,000-square-foo office complex went from half-empty to 95 percen leased. It recently sold to Henry Konkierrfor $9.25 million. "It's going to be the same kind of successe story at theInternational Building," said Michael Fay of Wood-Fay Realty who brokered the Crosspointr sale.
"I'll probably be listing that property in a few LandmarkBuilding & Design laid off six low-level fielfd employees last week, said vice president Rick But Bell said the move doesn't indicatre a slowdown in Weston's new home Bell blamed the cuts on a generakl cooling of west Broward's housinh market as the post-Hurricane Andrew influx has slowed.