Hold over rent is when a tenant stays in their space after their lease expiration date. The landlord charges a premium for the tenant to stay in that space not being on a lease and it also hinders the landlord from making any plans on that space. That’s why there’s the upcharge for staying in hold-over.
Berger Commercial Realty Senior Vice President Judy Dolan recently represented Ultimate Fitness, LLC in subleasing 12,990 square feet of office space to Gacovino, Lake & Associates, PC at Harbor Shops, located at 1815 Cordova Road in Fort Lauderdale.
The space previously served as the headquarters for Orangetheory Fitness, which purchased a new 77,000-square-foot facility in Boca Raton for $14 million.
Gacovino Lake then leased an additional 4,667 square feet at Harbor Shops, bringing its total space to 17,657 square-feet. Headquartered in Sayville, N.Y., Gacovino Lake has litigated 20,000 personal injury cases over the last 20 years. Serving clients across the United States, the firm will operate its location at Harbor Shops as its first out-of-state branch.
A 250,000-square-foot regional shopping center, Harbor Shops’ tenants include national chains such as Publix, Total Wine, TJ Maxx, LA Fitness, Chase Bank, Massage Envy, Ross, and more.
Due diligence period usually refers to the time after signing a contract that the buyer has to inspect the property and make a decision whether they want to buy the property or lease the property or otherwise go forward with the transaction. It’s important during due diligence period that you gather all of your information. You have to get your inspections done, you have to get your environmental inspections done, you have to gather all the documents that relate to the property, you have to do your zoning checks and you generally have to be one hundred percent certain that you are going to go forward with this deal.
If you don’t gather all that information, when due diligence expires, your deposit money becomes non-refundable. Before due diligence expires, you can still walk away. It’s what’s also called a Free Look Period. It’s important to have a good broker and a good team of professionals around you to conduct all of these inspections, gather all of the documents, tell you what everything means and advise you whether you should go forward or not. A good broker will quarterback all of these players and make sure that everything is done timely and keep you on track.
The tenants of a property pay for the property taxes at a commercial space. In general, they pay their proportionate share, which would be their percentage that they occupy the building.
Berger Awarded Exclusive Sales Listing For $7.7 Million Portfolio Of 6 Broward Properties Totaling 235,000 SFAugust 18th, 2016
Berger Commercial Realty was recently awarded the exclusive sales listing for a portfolio of six properties in Tamarac totaling 234,935 square-feet of space.
Encompassing 5.39 acres of land, retail and industrial space, the properties are owned and occupied by affiliates of AMC Furniture Liquidators, which plans to consolidate operations and relocate within the South Florida market.
“This significantly sized commercial parcel is located at the epicenter of the sought-after greater Fort Lauderdale market with premier exposure and frontage on Commercial Boulevard,” Guardabassi said. “The properties may be sold as a portfolio or individually, presenting a prime redevelopment opportunity for hotel, retail, self-storage or mixed-use development.”
The portfolio consists of:
- 3705 W. Commercial Blvd., a 30,656-square-foot freestanding office/showroom and warehouse building situated on an 89,000-square-foot lot that is listed at $3.675 million and features 18-foot ceilings, dock-high loading and exterior signage opportunities;
- a 44,500-square-foot land parcel, listed at $1 million, on W. Commercial Blvd. adjacent to the other the properties;
- 3803 W. Commercial Blvd., a 10,064-square-foot retail building located on a 43,659-square-foot lot that is listed at $1.5 million and consists of a 3,500-square-foot bay and a 6,564-square-foot bay;
- 3801 NW 50th Street, a 14,280-square-foot industrial building located on a 45,181-square-foot lot that is listed at $980,000 and offers dock-high loading and 14-foot ceilings;
- 5005-5007 N.W. 37th Ave., a 3,256-square-foot warehouse situated on a 7,345-square-foot lot that is listed at $396,561 and consists of six separate bays with grade-level overhead doors;
- and 5011-5013 NW 37th Ave., a 2,000-square-foot industrial building located on a 5,250-square-foot lot that is listed at $243,438 and consists of two bays, one with a mezzanine level.
“Together and individually, these properties offer multiple opportunities for an investor and/or developer to secure a prime frontage parcel in the path of growth,” Graves said. “There are numerous hotels, banks and national retailers along the Commercial Boulevard corridor. This, coupled with a new nearby 420-unit multi-family development, Atlantic Cypress Creek, and proximity to Fort Lauderdale Executive Airport and major highways, make the portfolio a great opportunity for the long run.”
The properties are in proximity to the proposed Schlitterbahn Waterpark and treehouse-inspired deluxe hotel accommodations, which are slated for development on 64 acres of city-owned land adjacent to Fort Lauderdale Executive Airport, the former spring training home of the New York Yankees and Baltimore Orioles.
TCN worldwide is an affiliation of top real estate offices in 58 markets nationally and internationally, comprising 800 professionals. We joined TCN to further the services we can provide to our clients and provide them a one point of service for all of their real estate needs around the country.
Berger Commercial Realty brokers recently secured 23,537 square feet in lease transactions on behalf of landlords across Broward County.
Cypress Creek Business Park
Senior Vice President Joe Byrnes and Senior Sales Associate Jonathan Thiel represented Rising Tide Development, LLC in the lease expansion of 3,900 square feet of office space to Encompass Onsite, LLC and the lease renewal of 3,950 square feet of office space to Handex Consulting & Remediation, LLC at Cypress Creek Business Park.
Located at 6555 N. Powerline Road in Fort Lauderdale, Cypress Creek Business Park consists of two buildings totaling 54,600 square-feet of office and flex space. The park features ample parking, round-the-clock access, and close proximity to I-95 and Florida’s Turnpike.
Woolbright Professional Building
Sales Associate Robert Dabrowski represented Woolbright Properties & Investments, LLCin leasing 3,228 square feet of office space to Mutual of Omaha at the Woolbright Professional Building.
Located at 2240 W. Woolbright Road in Boynton Beach, the Woolbright Professional Building is adjacent to I-95 on the south side of West Woolbright Road just east of Congress Avenue. The four-story, class A office building features ample parking with covered spots, individual air conditioning units in each suite, and a security system with 24-hour entry.
Berger Commercial Realty has served as the exclusive leasing agent for the Woolbright Professional Building since 2014, when the firm was awarded a 280,000-square-foot office portfolio by Kendall Properties consisting of seven buildings on four different properties in Palm Beach County.
Executive Airport Business Center
Along with Senior Vice President Judy Dolan, Jonathan Thiel represented TCPH Broward, LLC in leasing 2,580 square feet of office space to Pointer Construction Group, LLC at the Executive Airport Business Center. Senior Vice President St. George Guardabassi represented the tenant in the transaction.
Located at 5101 N.W. 21st Ave. in Fort Lauderdale, the 73,130-square-foot Executive Airport Business Center is a class-A business park featuring a diverse tenant mix of retail, medical, telecommunications, real estate and professional service industries. The park is located directly across from Fort Lauderdale Executive Airport and offers close proximity to Commercial Boulevard, I-95 and Florida’s Turnpike.
Enterprise Commerce Center
Senior Vice President Keith Graves and Sales Associate John Forman represented Mancini & Sons Florida in extending a lease for 2,432 square feet of flex space to All Pro Painting & Waterproofing, Inc. at the Enterprise Commerce Center in Deerfield Beach.
Located at 5051 N.W. 13th Avenue, the 19,620-square-foot Enterprise Commerce Center building is a class-B warehouse and flex property featuring ample parking, 18-foot ceilings, glass front facades and overhead drive-in shipping doors.
Cypress Creek Executive Court
Joe Byrnes and Jonathan Thiel also represented Rising Tide Development, LLC in the lease expansion of 1,805 square-feet of office space to EMSL Analytical, Inc. at Cypress Creek Executive Court, located at 2700 W. Cypress Creek Road in Fort Lauderdale.
The 70,795-square-foot office park consists of four single-story buildings in a campus-style setting located two miles west of I-95 on Cypress Creek Road in the heart of Fort Lauderdale’s uptown office market.
2019 B Hollywood Blvd.
Senior Vice President Judy Dolan and Sales Associate Annette Bishop represented 2019-2030 Hollywood, LLC in leasing 1,800 square feet of retail space to Globalogie, Inc. at 2019 B Hollywood Blvd. in Hollywood. The space is located in the heart of downtown Hollywood’s shopping district on Hollywood Boulevard between Young Circle and 21st Avenue.
Miller Legg Building
At the Miller Legg Building in Fort Lauderdale, Keith Graves and Jonathan Thiel represented North Andrews Way Corp. in facilitating:
-the lease renewal of 1,443 square-feet of office space to Total Travel & Tickets, Inc.;
-the new lease of 1,406 square-feet of office space to Trident Treatment & Dewatering, LLC;
-and the new lease of 993 square-feet of office space to Specialty Broker Corporation.
Located at 5701-5775 N. Andrews Way, the 21,871-square-foot multi-tenant office building sits on a 1.76-acre lot adjacent to the Cypress Creek Tri-Rail Station and provides convenient access and exposure to I-95. The brokers represented North Andrews Way Corp. in the $2.35 million purchase of the building in January. The property is currently more than 95 percent occupied with local consulting firm Miller Legg as its anchor tenant.
A Phase 2 environmental site assessment is performed when the Phase 1 identifies recognized environmental conditions and/or recommends further investigation.
Jonathan Thiel answers: What is the difference between useable square feet and rentable square feet?August 9th, 2016
Usable square feet is a specific area that the tenant occupies in order to run its business. The rentable square feet means usable square feet plus their pro-rata share of the common area. Common areas are hallways, stairwells, elevators, bathrooms, and meeting rooms.