The Crexent Business Centers offers class A office space for small businesses, satellite offices and major corporations. The company has other locations in Bonita Springs, Davie, Fort Lauderdale, Jupiter, Wellington, Miami Lakes, Pembroke Pines, Stuart and West Palm Beach. The property, located one block east of Interstate 95 and J Turner Butler Boulevard, is owned by Atlanta-based Kaufman Realty Group. "Crexent likes to be located where decisionmakers housing is located and near major roadways," Kaufman Realty Group president Craig Kaufman tells GlobeSt.com. "They also needed a large floor plate, over 30,000 sf, to achieve critical mass for their business."
Chuck White and Scott Hannigan, of Commercial Jacksonville, represented the landlord. Oliver Barakat, of CB Richard Ellis, represented Crexent.
"We like Crexent as a tenant because it can serve as an incubator," Kaufman says. "Sometimes smaller companies can turn into larger companies and require additional space."
When Kaufman acquired Quadrant I and II in December 2006, the occupancy rate was 75%. With the Crexent lease, the buildings are 97% occupied. The acquisition of the Quadrant buildings was part of the company's strategy to acquire larger properties. The company has traditionally served small- to mid-sized tenants but is seeking larger properties to accommodate tenants of various sizes. The company has also acquired the Crescent and Gwinnett Center buildings in Duluth, GA. Kaufman is still actively seeking "value-add" acquisitions in the $10-million to $50-million range.
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