Miami, FL – February 21, 2012 – (RealEstateRama) — Three CBRE real estate transactions have been recognized as outstanding achievements by the South Florida chapter of NAIOP Commercial Real Estate Development Association. CBRE’s lease transaction for KTR Cold Storage, the sale of the Weston Business Center and the proposed Miami International Tradeport development were honored during the 30th anniversary of the NAIOP South Florida Awards of Excellence on February 16.
“We are honored to receive this prestigious recognition for our superb team of professionals. It’s another tribute to the constituency of our efforts to always put the client first,” said Ken Krasnow, Managing Director at CBRE in South Florida.
The Industrial Lease Transaction of the Year was presented in connection with CBRE’s representation of KTR South Florida in the lease of a 250,000-square-foot cold storage facility in Pompano Beach, FL. CBRE’s Harry Tangalakis, Tom O’Loughlin, and Art Rasmussen were honored for representing the landlord.
The Industrial Sale of the Year award recognized CBRE’s representation of the sellers of the Weston Business Center. Described as one of South Florida’s highest quality institutional industrial properties, the center fetched the highest price for a multi-tenant industrial property in Broward County since the start of the economic downturn. The $85 million sale to New York-based TIAA-CREF by RREEF, the real estate investment management business for Deutsche Bank’s asset management division, came just 15 months after its purchase by RREEF. Following only two months of marketing, CBRE secured a nearly $20 million profit—approximately a 38 percent return on its client’s investment. CBRE’s Christian Lee, Chris Riley, Charles Foschini, Harry Tangalakis arranged the transaction.
CBRE shared the honors for Creative Transaction of the Year for its representation of the partners in Miami International Tradeport. This massive redevelopment deal, which involved the reuse of a concrete tailings disposal pit into a 1.6 million-square-foot Class A industrial park, required Butters Construction & Development to hold the property during the start of rezoning. CBRE was retained to align the project with an institutional partner capable of looking beyond near-term risk to long-term vision. CBRE brought Liberty Property Trust in to capitalize and execute this $135 million speculative development project. CBRE’s Christian Lee, Chris Riley, Charles Foschini, David Albert, and Devin White shared the honors.
CBRE was also recognized as finalists for the categories of Office Sale of the Year for One Turnberry Place arranged by Christian Lee, Charles Foschini and Christopher Apone; Industrial Sale of the Year for the Yachting Promotions Property arranged by Harry Tangalakis, Tom O’Loughlin, Scott O’Donnell and Dominic Montazemi; Industrial Lease of the Year for the Univision lease with DCT Industrial by David Albert and Devin White; as well as Broker of the Year with Jeff Kelly in the category of Office Landlord Representation and Elsa Heredia and John Vaught for Industrial Tenant Representation. Additionally, CBRE brokers Maggie Kurtz and Diana Parker were recognized for the Preferred Care Partners lease at Datran Center as finalists for the Office Lease Transaction of the Year.
The NAIOP South Florida Awards of Excellence recognize and celebrate new contributions to the South Florida commercial real estate development community, and acknowledge the achievements of outstanding businesses and individuals who have contributed to this year’s economic growth and business environment of South Florida.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
Contact:
Elizabeth Cross
Marketing Director, FL
305.428.6373
elizabeth.cross (at) cbre (dot) com
Lauren Crawford
Communications & Media Manager, FL
813.273.8482
lauren.crawford (at) cbre (dot) com
