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Client: Gramercy Property Trust
Property Description:Â 12,315 SF Office Building Complex |Â West Palm Beach, Florida
Assignment Summary:
After several failed attempts to sell this asset, Gramercy engaged Atlantic Western to assist in the marketing and brokerage of this office building which was challenged by a complicated lease with Bank of America and sub-lease with Guardia. Atlantic Western, working with Ten-X completed an auction and the $900,000 sale within 60 days of assignment.
Client: Sabadell United Bank
Property Description:
87,000 SF Industrial/Office Complex | Palm Beach Gardens, Florida
Assignment Summary:
During 2011-12, Atlantic Western provided court appointedreceivership and management services for the Property including the repair and remediation of prior roof damage, vandalism, mold infestation, and code violations. In 2013, following the foreclosure, Atlantic Western was engaged as the exclusive listing agent and completed the $6,100,000 sale of the property within 90 days of assignment.
Client: Comerica Bank
Property Description:
15,800 sf office condominium | Wellington, Florida
Assignment Summary:
During 2010-2011, Atlantic Western was engaged to provide strategic advisory services to Comerica Bank and its legal team foreclosing on this office complex. Atlantic Western was subsequently engaged as the exclusive listing agent to provide disposition services, which resulted in the completion of an all cash sale to third party investor within six months of engagement.
Client: National City Bank & PNC Bank
Property Description:
234,500 sf Multi-Tenant Industrial Complex | Mangonia Park, Florida
Assignment Summary:
During 2010, Atlantic Western principals were appointedreceiver by the court in the foreclosure of this project. Atlantic Western provided comprehensive property management, leasing, and strategic advisory services to the lender on its $5,200,000 mortgage secured by this property, including identifying and proposing comprehensive solutions to environmental, title, drainage, entitlement and other defects impacting the real estate. Thereafter, Atlantic Western assisted the lender in its ultimate sale of its note and mortgage to a third party investor.
Client: First Bank, N.A., West Palm Beach, FL & American Financial Realty Trust, Philadelphia, PA
Property Description:
Reflections Office Towers Australian Avenue, West Palm Beach, FL 107,000 SF – Class A Office
Assignment Summary:
Originally engaged by First Bank, Atlantic Western provided strategic valuation and advisory services in preparing a business and disposition plan for this multi-tenant class A office complex, which were utilized in First Bank’s merger with Republic Security Bank, and Wachovia, and ultimately the property’s acquisition by American Financial Realty Trust (AFRT). AFRT subsequently re- engaged Atlantic Western in 2005 to provide exclusive leasing and re-sale brokerage services, which resulted in the successful leasing of over 22,000 sf of vacancy and the re-sale of the north tower for $9,800,000.
Client: Ironwood Properties
Property Description:
The Annex at Magnolia Court | 10,000 sf of Boutique Commercial Condominiums | West Palm Beach, Florida
Assignment Summary:
In 2004 the Developer engaged Atlantic Western Realty Corp. to market and pre-sell ground floor commercial condominiums ahead of construction in connection with the mixed use residential and commercial development known as Magnolia Court, in downtown West Palm Beach. Atlantic Western completed the re-sale effort ahead of schedule which resulted in the sell out of the entire project for shell values in excess of $225 psf.
Client: American Financial Realty Trust Philadelphia, PA
Property Description:
Wachovia Bank Building | Banyan St., Downtown, West Palm Beach, FL | 58,000 SF – Class B Office
Assignment Summary:
In 2004, Atlantic Western was exclusively engaged to lease this historic downtown office building. Within 12 months of engagement, such assignment was completed and building leasing increased to 100%. In 2007 Atlantic Western successfully sold the asset for $7,000,000.
Client: BC Properties, Miami, Florida
Property Description:
Lennar Corporate Center SR 836, Miami, FL | 300,000 sf - office park
Assignment Summary:
Atlantic Western was engaged to provide advisory services for this investor's acquisition and financing of this 300,000 sf, four building complex. Atlantic Western represented the buyer in the acquisition negotiations and due diligence for the $35,500,000 purchase of the property as well as arranged $24,800,000 of institutional debt for its acquisition; which assignment was completed within 60 days.
Client: Ironwood Properties, Delray Beach, Florida
Property Description:
A boutique 16,000 sf Office Building | Downtown Delray Beach, Florida
Assignment Summary:
Atlantic Western was engaged as the exclusive agent for the owner to execute a RFP/sealed bid sales program for this Medical Office Building which was 100% vacant as of closing. Atlantic Western completed the bid and sales program in 90 days providing a cash sale of $3,500,000 or $116.00 psf.
Client: Intracoastal Health Systems
Property Description:
St. Mary's Medical Office | Royal Palm Beach, FL | 30,000 sf Medical Office Building
Assignment Summary:
Atlantic Western was engaged as the exclusive agent for the owner to execute a RFP/sealed bid sales program for this Medical Office Building which was 100% vacant as of closing. Atlantic Western completed the bid and sales program in 90 days providing a cash sale of $3,500,000 or $116.00 psf.
Client: General American Life Insurance, Metropolitan Insurance Company
Property Description:
Brandywine I Office Center | Village Boulevard, West Palm Beach, Florida | 67,000 sf - mixed use - office and restaurant
Assignment Summary:
Atlantic Western was engaged to provide comprehensive receivership, property management, construction management services and leasing and sale advisory services in connection with the rehabilitation of this foreclosed office building and free standing restaurant facility. Within a period of 18 months from takeover, the entire project was stabilized, leasing increased to 80%, then successfully sold to an institutional investor.
Client: Emmes Asset Management, Inc., New York, NY
Property Description:
Powerline Industrial Center | Powerline Road, Pompano Beach, FL | 24,800 sf - multi-tenant warehouse
Assignment Summary:
As exclusive property managers, leasing and sales agents, Atlantic Western completely re-positioned this center bringing overall occupancy to 100% and subsequently executed an all cash sale to a private investment group within a two year period, generating over a 50% return on our client's investment.
Client: Apollo Real Estate Advisors, New York, NY
Property Description:
Centurion Office Tower | Forum Way, West Palm Beach, FL | 145,000 sf class A office
Assignment Summary:
As advisors to Apollo, Atlantic Western originated, underwrote and closed the $55,000,000 equity and debt refinancing of the Master Limited Partnership which owned a 700,000 sf portfolio of class A office buildings, including the Centurion Tower. Atlantic Western subsequently advised Apollo in the sale of its partnership interests to Crocker Real Estate Investment Trust.
Client: Apollo Real Estate Advisors, New York, NY
Property Description:
Glades Twin Office Towers | Glades Road, Boca Raton, FL | 100,000 sf - class A office
Assignment Summary:
As advisors to Apollo, Atlantic Western originated, underwrote and closed the $55,000,000 equity and debt refinancing of the Master Limited Partnership which owned a 700,000 sf portfolio of class A office buildings, including the Glades Twin Towers. Atlantic Western subsequently advised Apollo in the sale of its partnership interests to Crocker Real Estate Investment Trust.
Client: Apollo Real Estate Advisors, New York, NY
Property Description:
Sanctuary Office Complex | US 1, Boca Raton, FL | 179,000 sf class A office
Assignment Summary:
As advisors to Apollo, Atlantic Western originated, underwrote and closed the $55,000,000 equity and debt refinancing of the Master Limited Partnership which owned a 700,000 sf portfolio of class A office buildings, including the Sanctuary Office Complex. Atlantic Western subsequently advised Apollo in the sale of its partnership interests to Crocker Real Estate Investment Trust.
Client: Apollo Real Estate Advisors, New York, NY
Property Description:
Centrepark Office Tower | 1400 Centrepark, West Palm Beach, FL | 94,000 sf class A office
Assignment Summary:
As advisors to Apollo, Atlantic Western originated, underwrote and closed the $55,000,000 equity and debt refinancing of the Master Limited Partnership which owned a 700,000 sf portfolio of class A office buildings, including the Centrepark Tower. Atlantic Western subsequently advised Apollo in the sale of its partnership to interests Crocker Real Estate Investment Trust.
Client: Apollo Real Estate Advisors, New York, NY
Property Description:
Northpoint Office Tower | Northpoint Office Park, West Palm Beach, FL | 97,000 sf class A office
Assignment Summary:
As advisors to Apollo, Atlantic Western originated, underwrote and closed the $55,000,000 equity and debt refinancing of the Master Limited Partnership which owned a 700,000 sf portfolio of class A office buildings, including the Northpoint Tower. Atlantic Western subsequently advised Apollo in the sale of its partnership interests to Crocker Real Estate Investment Trust.
Client: Island National Bank, Palm Beach, FL
Property Description:
Prosperity Gardens Office Complex (office condominium) | Prosperity Farms Road, Palm Beach Gardens, FL | 93,000 sf - office condominium complex
Assignment Summary:
As loan advisors for Island, Atlantic Western assisted in the management and resolution of non-performing debt secured by this complex. Following the property's acquisition as REO, Atlantic Western executed a retail sales program for the remaining office condominiums which resulted in 100% sell out within 12 months.
Client: Emmes Asset Management, New York, NY
Property Description:
Worthington Office Park | Worthington Road, West Palm Beach, FL | 22,000 sf Flex-office
Assignment Summary:
As property managers, leasing and exclusive sales agents, Atlantic Western completely rehabilitated this office complex and increased occupancy from 44% to 100% within a two year period. Atlantic Western subsequently sold the asset for $900,000, returning over 50% profit on our client's investment.
Client: Emmes Asset Management, New York, NY
Property Description:
Corporate Courts Office Complex | Miami Lakes, FL | 58,000 sf 2-story Flex-office and distribution
Assignment Summary:
Atlantic Western, on behalf of its clients acquired control of this complex after protracted litigation. Following extensive exterior, structural, roof and tenant improvements, overall occupancy was increased from 40% to 75% within a one year period. As exclusive marketing agents, Atlantic Western subsequently executed the sale of the Property for $1,100,000 representing a 6.5% capitalization rate on in place income.
Client: Barnett Banks of Florida, NA
Property Description:
Square One Industrial Complex | Florida Mango Road, West Palm Beach, FL | 26,000 sf warehouse and showroom industrial
Assignment Summary:Initially acting as the court appointed receiver in connection with non-performing debt secured by this asset, following foreclosure Atlantic Western assumed control of this collateral. Within a six month period Atlantic Western completed extensive structural, environmental and physical repairs, leased the complex up from 74% to 98%, and executed the asset's sale generating a 97% recovery for the client.
Client: Coca-Cola Enterprises, Atlanta, GA
Property Description:
Industrial Warehouse and Facility | Leesburg, FL SR 44, Leesburg, FL | 22,000 sf - industrial/distribution warehouse
Assignment Summary: As exclusive sales agents for Coca-Cola, Atlantic Western was engaged to market and sell this office and distribution warehouse in a remote and undeveloped area of Lake County complex. Inspite of on-going road improvement and zoning obstacles, after extensive marketing this complex was sold to a South Florida user on an all cash basis.
Client: NationsBank, N.A., Tampa FL
Property Description:
31,000 sf vacant warehouse/office | 8 acres commercial land SR 60 | Vero Beach, FL
Assignment Summary: Engaged by NationsBank as the exclusive listing agent, Atlantic Western prepared and executed a comprehensive sales program to bulk sale this remote facility to a single user. Atlantic Western successfully sold the entire Property on an all cash basis to a regional business within six months of assignment.
Client: Midlantic National Bank, Edison, NJ
Property Description:
Crystal Corporate Center Military Trail | Boca Raton, F | 126,500 sf - class A office
Assignment Summary: Atlantic Western's staff, acting as the asset managers and advisors to Midlantic, negotiated a successful debt restructuring on this class A office complex in Boca Raton. This workout lead to the loan's successful sale to General Electric as part of a $225,000,000 portfolio sale, which was also executed by Atlantic Western's staff.
Client: Midlantic National Bank, Edison, NJ
Property Description:
Royal Palm Financial Center, Phases III and IV | US 1, Stuart, FL | Twin Office Towers
Assignment Summary: Atlantic Western's staff as asset managers for Midlantic provided the workout and REO advisory services responsible for the successful recovery through bankruptcy proceedings of this multi-phase office complex. The complex was sold as part of a $225,000,000 portfolio sale to General Electric, which was also executed by Atlantic Western's staff.
Client: Resolution Trust Corporation
Property Description:
A 100,000 s.f. multi -structure industrial and mini-warehouse project
Assignment Summary: After two years of non-earning status, and failed workout attempts by the lender, within six months of assignment, this asset was converted to a performing debt restructure. Two years after follow-up management, this was producing yields in excess of 10% with an overall occupancy of 90%.
Client: Resolution Trust Corporation/CSFB
Property Description:
A 37,000 s.f. class A office building
Assignment Summary: Directed the successful acquisition as REO through foreclosure proceedings, and in a seven month period, staff supervised the leasing and management efforts that increased occupancy from 17% to over 50%. Within 13 months, the property was successfully sold on an all cash basis for 85% of appraised value.
Client: Resolution Trust Corporation/CSFB
Property Description:
A 27,000 s.f. class A office building
Assignment Summary: Directed the successful acquisition as REO through foreclosure proceedings, and in a seven month period, staff supervised the leasing and management efforts that increased occupancy from 17% to over 50%. Within 13 months, the property was successfully sold on an all cash basis for 85% of appraised value.