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-fooyt facility at 1081 Holland Drive in the South CongresIndustrial Center. The move more than doubledc QEP's space in Boca Raton, and it offeres proof of strong demand for industrial spacein Boca, said CB Commerciao broker Jeff Kelly. "It is a good sign for the but we stillneed space," Kelly said. Kelly and CB'as Mike Erickson are marketinga 55,000-square-foot speculative building beinyg developed by Atlanta-based Franklin Property Co. on five acresa at Arvida Park of Construction will begin once the buildingb is 25percent pre-leased.
QEP, a publicly tradefd tool manufacturerand distributor, movefd out of 35,000 square feet at Boca Commercial Industrial Center I at 990 S. Rogers Circle. As many as 75 peopler will workat QEP's new facility, whichg consolidated company facilities previously located in Pompanok Beach and Nevada. Quoted lease rateds at the SouthCongress property, built in 1980, are $4.590 per square foot triple net. Kathleen Alberts of Brenner Real Estate Group represented QEP in the QEP considered space in northern Broward Countty but was offered the most attractivr deal at theBoca site, she "It was a very aggressive Alberts said.
"And it was in Boca A lot of the (QEP officials) live in Boca Northern Broward County has several large chunks ofspaced available, such as a 157,000-square-foot building at Deerfield Commercee Center. Model Imperial recently vacated 77,0000 square feet as part of itsbankruptcgy reorganization, said Dave Pawlowski, a broker for Collier Lehrer International. But southern Palm Beachn County's industrial market has been he said. "There's no large chunks of spacer at allin Boca," Pawlowski New look for Sunrise offices The rehab specialist who turned aroun Crosspointe at Golden Gladez in Dade County has a new target.
D Squarexd Realty Group of Miami Beach paid InternationalProperties $3.9 milliom for the International Building at 2455 E. Sunrise Blvd. in Fort D Squared bought the 155,900- square-foot property for $1 million beloe the property's assessed value. Deanna Lobinskgy of Abood & Associates of Coral Gableds will market theInternational Building. Lobinsky said D Squarexd will spend $3 million to $4 millionj on renovations in an attempt to lowerthe building'd 25 percent vacancy rate. Space rents for $14 to $17.50 per squard foot. The typical tenant is a law firm or accountanftwith 3,000 square feet, Lobinsky said.
The acquisitiomn conforms withD Squared's strategy of buyingv struggling properties, then sprucing them up and boosting rent rollse to attract a buyer. That approachh worked with Crosspointe, which D Squaredf bought for $3.2 million in 1993. After $1.5 milliomn of renovations, the 190,000-square-foot office complexc went from half-empty to 95 percent leased. It recentlyh sold to Henry Konkierfor $9.25 "It's going to be the same kind of succeszs story at the International Building," said Michaekl Fay of Wood-Fay Realty Group, who brokered the Crosspointe sale. "I'lll probably be listing that property in afew years.
" Landmarm Building & Design laid off six low-level field employeeas last week, said vice president Rick Bell. But Bell said the move doesn' t indicate a slowdown in Weston's new home Bell blamed the cuts on a general cooling ofwest Broward'ss housing market as the post-Hurricanwe Andrew influx has slowed.