Avision Young, CBRE Ink Second Largest Broward Lease This Year

Avison Young announced its completion of an 87,600 square foot new lease transaction for JKG Group, a marketing support services company specializing in branding and printing, at Building 4 of Quiet Waters Business Park, a 7-building class A office campus located at 710-750 South Powerline Road in Deerfield Beach.
The deal, which is valued at $8 million, marks the second largest lease transaction in Broward County in 2014, according to a press release.
the consolidation of JKG’s three existing locations into one office space, was born out of the need to increase operational efficiencies and competitive advantage in the tri-county area.
Wayne Schuchts, Principal with Avison Young, along with Steve Caster, President of Samoset Realty, represented the tenant during the transaction.
“JKG Group was attracted to Quiet Waters Business Park primarily because of its convenient location which will allows the company to have a farther business reach throughout Broward, Miami-Dade and Palm Beach,” said Schuchts. “Due in part to the newly constructed building 4 at Quiet Waters Business Park, we were able to successfully secure an office product that met the space and quality requirements of the tenant.”
According to the most recent market reports, the County is experiencing an overall vacancy of 14.8 percent, showing steady decrease over the last two quarters.
“With vacancy rates continuing to decline as a result of tenants taking advantage of lower rental prices and limited new construction on the horizon, quality options are narrow for large space users,” continued Schuchts. “In spite of the challenges, we were strategic in finding great value at a highly sought after location for our client.”
CBRE represented the ownership, Prudential Real Estate Investors.