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Construction & Design Deals & Dealmakers

New Jersey developer inks massive HQ deal for Florida spec’ building

Less than four months after breaking ground on a speculative office building at its flagship park, Renaissance Center, New Jersey-based Vision Properties has entered into a long-term lease with the Auto Club Group for an entire office building.

Renaissance Center 6 will serve as the Florida Regional headquarters for Auto Club Group and will be completed by April 2018.  Currently the project is on time and under budget.

As site work was underway Vision Properties successfully filed a minor modification to the PD and added a fourth floor to increase the square footage from 111,600 to 150,000 s/f in order to be able to fulfill the space requirement of the tenant. Clayton Bricklemyer of Bricklemyer Law Group represented Vision Properties.

Renaissance Center Six was designed to meet modern workforce standards with a world class sustainable environment and an extensive amenity base.  Renaissance Center 6 will feature 9.6 ft. finished ceilings, a modern lobby with exposed ceiling, a full building backup generator, and dual electrical feed from two separate substations.

“This is clearly a validation of our strategy since acquiring Renaissance Center, which was to fill a void that exists in the Tampa office market,” noted Vision Properties’ Anthony Arena, Chief Investment Officer / Partner.

The property will be completed by April 2018

Renaissance Center is a five-building campus consisting of 573,053 s/f. The office park is 100 percent occupied by Well Care and Capital One. The 71-acre campus features jogging trails, a nature preserve, a 10,000 s/f food court and a two story 20,000 s/f fitness center with two indoor basketball and racquet ball courts.

“The ability for Vision Properties to increase the building size to accommodate the Auto Club Groups space requirements and work through all of the details of a complicated transaction in under six months is unheard of in today’s real estate market. These results are a testament to all parties working together diligently. Vision Properties fostered great communication and solutions acting as both the broker and the developer to make this possible,” said Rick Pifer, principal of Plante Moran Cresa. The Auto Club Group was represented by Pifer and colleague Tony Sorgiand by James Garvey and KC Tenukas of Cushman & Wakefield.  Vision Properties was represented in house by William Bertolero and Anthony Arena.  Itasca Construction Associates is serving as the general contractor and Horton Harley and Carter is serving as the architect.

“The extensive amenity package at Renaissance Center creates substantial financial benefits, including increased productivity and lower retraining costs through superior labor retention rates,” said Fred Arena, Vision Properties CEO and managing partner.

Vision Properties, under the direction of partner William Bertolero, is serving as the construction manager.

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