Avison Drives Up Charter Occupancy 52%

MIAMI—Charter Place, a 101,829-square-foot office and retail complex in Coral Springs, FL, is starting to see some traction. Avison Young South Florida just inked four new leases spanning 52,782 square feet, increasing occupancy by a whopping 52%.

With the new leases, the mixed-use building's occupancy rises to 70%. Although a far cry from what the landlord would to see, it's a major improvement considering occupancy has doubled in the past 12 months.

Greg Martin, principal at Avison Young, worked with True North Management Group and Delma Properties Inc., the new ownership of Charter Place, to complete the recent transactions. As a result, the occupancy at Charter Place increased with high caliber tenants to nearly 70%.

"We were able work with new ownership to successfully leverage the unique offerings of Charter Place as the first phase of Coral Springs' new downtown in order to substantially increase the tenancy by 52 percent," Martin tells GlobeSt.com. "Now at nearly 70% occupied, Charter Place stands out as a premier, stable asset within the Coral Springs office market.”

The long-term lease transactions at Charter Place include: The Department of Revenue, which signed a new lease for 25,605 square feet; Business Financial Services, Inc., a firm offering alternative financing solutions for small business owners, which signed a new lease for 16,776 square feet; Sola Salon Studios, a company providing high-quality salon suites for independent salon professionals and business owners, which signed a new lease for 6,051 square feet; and Foundation Therapy, an establishment providing Applied Behavioral Analysis services for children and families, which signed a new lease for 4,350 square feet.

Located on the corner of Sample Road and University Drive, Charter Place is the first phase of the new Downtown Coral Springs, a public/private partnership between a local developer and the City of Coral Springs. The development offers a four-story 80,000 square foot class A, state-of-the-art building and three one-story retail/financial services buildings ranging in size from 5,700 square feet to 12,000 square feet, including several small professional spec suites available for immediate occupancy.

“Charter Place is a high quality asset which attracts and retains gold standard businesses,” says Todd Benson, vice president for Delma Properties' Florida Region. “The new additions will complement the existing marquis tenant mix including Merrill Lynch, First Southern Bank, and Wells Fargo.”