Abstract:
MIAMI-The Miami Lakes, FL property has gone from 50% occupancy in
September to 94% now. It was purchased by a joint venture between Aquila
Property Co. Inc. and AMC Delancey Group Inc. Recent leases have a
combined value of about $4.7 million.
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MIAMI-With four recent leases at Lakes Plaza in Miami
Lakes, FL, the 15-year-old office building's occupancy has increased to
94% from 50% in September, when South Florida's Aquila Property Co. Inc.
acquired the property in a joint venture with AMC Delancey Group Inc.
The leases have a total approximate value of nearly
$4.7 million and are for a combined 25,945 sf. Grace Blanco of Abood
Wood-Fay Real Estate Group LLC represented Aquila in all the deals.
Recent leases at the 44,600-sf Lakes Plaza are: -
Premier Community Bank of South Florida, which inked a 10-year lease for
11,562 sf. The deal is worth approximately $2.9 million. The bank plans to
relocate its headquarters to the property and open a 3,500-sf branch on
the ground floor. - NSI Insurance, which signed a six-year renewal and
expansion lease for 9,245 sf. NSI previously leased 6,974 sf. The deal is
valued at about $1.2 million. Wayne Schuchts of CB Richard Ellis
represented NSI Insurance in this transaction. - Capital Prime Mortgage
Co., which signed a five-year deal for 4,185 sf. The lease is worth
approximately $475,000. - LMH & Associates Inc., an insurance company,
which signed a five-year lease for 953 sf. This lease has an approximate
value of $100,000.
"We are extremely pleased with the level of leasing
activity and the quality of tenants that Donna Abood and Grace Blanco of
Abood Wood-Fay Real Estate Group have been able to bring to our buildings
over the last 12 months," Jordan Paul, president of Aquila Property Co.
Inc., says in a statement. "Our strategy has been to acquire and implement
an intensive hands-on management approach on well-located,
under-performing office projects in affluent Florida communities. This
approach has worked very well for us."
"Our strong leasing and management abilities allow us
to respond creatively and decisively to reposition opportunities, thus
permitting us to acquire properties in South Florida which are
under-performing in the marketplace," says Kenneth P. Balin, president and
CEO of AMC Delancey Group, a national real estate investment, development
and management company.
