Three New Leases Signed at Coral Springs Financial Plaza

CORAL SPRINGS, FL -Coral Springs Financial Plaza has gained three new leases recently in deals worth an estimated $941,240 combined. In one transaction, Carolina Holdings–which distributes sewer lines, pipes and other related products–leased 4,243 sf of office space for five years. It is a lease renewal for the company’s South Florida regional office.

KB Financial Partners Inc., a financial services/wealth management firm, also inked a five-year deal. This one is for 2,683 sf of space. It is a new location. In a third deal, the law firm Edward Phillips leased 2,072 sf of office space for six years. The firm moved from another local office.

Brokers involved would not release exact values of the three leases; however, the gross average rental rate for office space in Coral Springs, according to Codina’s third-quarter report, is $20 per sf, a moving target. Based on this figure, the Carolina Holdings deal is worth an estimated $424,300; the KB Financial Partners lease is worth approximately $268,300; and the Edward Phillips lease is valued at an estimated $248,640.

The 130,000-sf Coral Springs Financial Plaza, at 3300 University Dr. here, is 95% occupied. Robert H. McCullough and John G. Jaspert of Codina Realty Services Inc. ONCOR International represented the property owner, Tricony Management Corp., in all three transactions. There were no co-brokers in these deals.

“The Coral Springs submarket has been unusually tight, even in this time while other markets are struggling,” Jaspert tells GlobeSt.com. “It has among the lowest vacancy rates in Broward. We’ve been very pleased with our leasing of this building.”