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Steve Hyatt answers: Who pays for changes needed to the layout, new walls, special telephone lines, and electrical work?

January 17th, 2017

In a lease situation, it is typically the landlord who pays that and that is agreed upon in the lease upfront. What you try to do is get an understanding in writing, a schedule on the back of a lease that says what following tenant improvements will be performed by landlord at their sole cost. Usually those renovation costs are born by the landlord and are incorporated into the eventual lease and lease rate.

Michael Feuerman answers: What are CAM (common area maintenance) charges?

January 10th, 2017

CAM charges are the cost that a landlord pays to operate and run a commercial property. It stands for common area maintenance and is usually interchangeable with the term operating expenses. This would include the common area maintenance, charges for cleaning up common areas, security for the property, property taxes, property insurance, repairs and maintenance. These items are all paid by the landlord and are sometimes passed through to a tenant. When it becomes important for tenants is to negotiate whether you can cap those common area charges, whether you can take advantage of decreases in common area charges and get refunds if the costs go down, and whether you can protect yourself against increases in common area charges that normally a landlord wants to pass through. Also, you can negotiate what’s included in common area charges and what’s not. We might tell a landlord that we’re not going to pay for particular items if you have enough leverage or if your broker knows where to spot those areas that can be negotiated.

Judy Dolan answers: What is grade level loading?

January 5th, 2017

Grade level loading is where the loading door to the warehouse is street level. This type of loading allows for easy vehicle access into the warehouse.

Berger Commercial Realty Facilitates $8 Million Sale of McNab Commercial Center

January 4th, 2017

FORT LAUDERDALE, Fla. (January 4, 2016) – Berger Commercial Realty President Lloyd Berger and Broker Associate Greg Milopoulos recently represented McNab Commercial Center No. 1, LLC in the $8 million sale of McNab Commercial Center to Genet Property Group. The transaction closed December 15.

“Genet Property Group was the ideal buyer for this property as they understand the value and characteristics of owning and managing small bay warehouse space. There’s no better operator of this type of product,” Berger said.

Located at 7544 W. McNab Road in North Lauderdale, the 135,000-square-foot multi-tenant industrial park was locally owned and managed by McNab Commercial Center No. 1, LLC, a partnership between commercial real estate developers Jack Loos and Austin Forman that extends more than 20 years.

McNab Commercial Center is situated on an 8.13-acre lot just west of U.S. 441 and north of Commercial Boulevard, providing convenient access to Florida’s Turnpike and the Sawgrass Expressway. The property features ample parking, grade-level overhead doors and up to 14 feet of clear ceiling height. McNab Commercial Center is currently 98 percent occupied.

Genet Property Group was represented by Levy Realty Advisors in the transaction.

Berger Commercial Realty Secures 30,000 SF In Lease Transactions

January 3rd, 2017

 

 

 

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Berger Commercial Realty brokers recently secured 30,279 square feet in lease transactions on behalf of landlords in Broward County.

 

Powerline Business Center

Senior Vice President Keith Graves represented Rising Tide Development, LLC in leasing 8,400 square-feet of office space to Auto Mobility Sales, Inc. at Powerline Business Center, located at 5601 N.W. Powerline Road. Powerline Business Center is part of a portfolio owned by Rising Tide Development.

The 82,330-square-foot Powerline Business Center is situated on six acres of land just north of Commercial Boulevard and features frontage on Powerline Road, overhead doors and convenient access to I-95 and Florida’s Turnpike.

 

Sawgrass Plaza

Senior Vice President Joseph Byrnes represented Bergeron Sawgrass Plaza, LLC in leasing 5,074 square-feet of retail space to America’s Escape Game, LLC at Sawgrass Plaza, located at 12701 W. Sunrise Blvd. in Sunrise. With the transaction, Sawgrass Plaza has reached 100 percent occupancy.

The 27,117-square-foot Sawgrass Plaza is situated on 3.66 acres at the main entrance of Sawgrass Mills Mall on the northwest corner of West Sunrise Boulevard and White Seahorse Lane, offering convenient access to the Sawgrass Expressway and I-595. This is America’s Escape Game’s first location outside of its initial site along the International Drive corridor in Orlando.

 

Executive Airport Business Center

Senior Vice President Judy Dolan and Senior Sales Associate Jonathan Thiel represented TCPH, LLC in leasing 2,467 square-feet of flex space to SKAF Group, Inc. at Executive Airport Business Center, located at 5101 N.W. 21st Ave.

The 73,130-square-foot, class-A business park is situated on 6.09 acres just north of Commercial Boulevard and southwest of Fort Lauderdale Executive Airport. The property consists of two buildings and features lush landscaping, ample parking, close proximity to I-95 and Florida’s Turnpike, and a diverse mix of tenants in the retail, brokerage, medical, telecommunications and professional service industries.

 

Enterprise Commerce Center

Senior Vice President Keith Graves and Sales Associate John Forman represented Mancini & Sons Florida #2, LLC in leasing 1,890 square-feet of industrial space to Hallmarc Group, Inc. at Enterprise Commerce Center in Deerfield Beach.

Located at 5051 N.W. 13th Ave., the 19,620-square-foot, class-A warehouse and flex building features grade-level overhead doors, ample parking, and convenient access to I-95, Florida’s Turnpike and the Sawgrass Expressway. The building is situated on 2.91 acres just east of Powerline Road and north of Green Road.

 

Harbor Walk Building

Senior Vice President Steve Hyatt represented Intervest-Harbor Walk, LLC in leasing 1,543 square-feet of office space to Fr. Meyer’s Sohn North America, LLC, an international logistics company, and 1,500 square-feet of office space to publishing company Bonnier Corporation, Inc. at the Harbor Walk Building, located at 1650 S.E. 17th Street.

The 60,360-square-foot Harbor Walk Building is situated on 1.38 acres along Fort Lauderdale’s renowned 17th Street Causeway, a major east/west corridor that connects Fort Lauderdale / Hollywood International Airport with Port Everglades and Fort Lauderdale beach. The four-story office building offers building signage opportunities, office suites starting at 750 square-feet, renovated common areas, an onsite restaurant and structured parking directly accessible from the first three floors.

 

Springtree Country Club Plaza

Senior Vice President Joseph Byrnes and Senior Sales Associate Jonathan Thiel represented DELP, LLC in leasing 1,511 square-feet of retail space to Reese Vision Care, PA and 846 square-feet of retail space to Quantum Connect Financial, Inc. at Springtree Country Club Plaza, located at 3801 N. University Drive in Sunrise.

The 57,575-square-foot Springtree Country Club Plaza is situated on 3.41 acres adjacent to Springtree County Club Golf Course. Located on North University Drive just north of West Oakland Park Boulevard, the property offers ample parking, lush landscaping and proximity to I-95 and the Sawgrass Expressway.

 

Lyons Tech 4

At Lyons Tech 4, located at 4811 Lyons Technology Parkway in Coconut Creek, Berger Commercial Realty Senior Vice President Judy Dolan and Broker Associate Greg Milopoulos represented 4811 Lyons Tech Pkwy, LLC in:

  • the new lease of 1,562 square-feet of industrial space to GMB Aquatic Services, Inc.,
  • the lease renewal of 1,562 square-feet of industrial space to Parkland Printing & Graphics,
  • the lease renewal of 1,562 square-feet of industrial space to Bottomley Aviation, Inc.,
  • and the lease renewal of 1,562 square-feet of industrial space to Tasoro, LLC.

Lyons Tech 4 is a 49,984-square-foot industrial and flex building situated on five acres at the northwest corner of Lyons Road and Johnson Road. Lyons Tech 4 is located within Lyons Technology Park, an industrial complex consisting of two buildings, each with 30 bays of approximately 1,562 square-feet. The property offers hurricane impact glass, ample parking and convenient access to I-95, Florida’s Turnpike and the Sawgrass Expressway.

 

Cypress Creek Executive Court

Senior Vice President Joseph Byrnes and Senior Sales Associate Jonathan Thiel represented Rising Tide Development, LLC in renewing a lease for 800 square-feet of office space to S.R.E.M. Corporation at Cypress Creek Executive Court, located at 2700 W. Cypress Creek Road. Cypress Creek Executive Court is part of a portfolio owned by Rising Tide Development. The 70,287-square-foot office building offers round-the-clock access, kitchens and private restrooms in most units, and close proximity to Fort Lauderdale Executive Airport and I-95.

 

Berger Commercial Realty Facilitates Sale Of Ft. Lauderdale Industrial Property

January 3rd, 2017

Berger Commercial Realty Senior Vice President St. George Guardabassi represented Ardox Corp. in the $2.1 million sale of a 45,000-square-foot industrial property to BJK Ventures, LLC d/b/a Elite Marine A/C at 1957 S. Andrews Ave. in Fort Lauderdale.

The property consists of an 18,000-square-foot warehouse featuring six street-level overhead doors and up to 18 feet of clear ceiling height. Situated on a corner lot with access from three sides, the property features 260 feet of frontage on Andrews Avenue and is located less than one mile from Broward Health and Broward County Courthouse. The property was used by Ardox Corp. for the assembly and sale of electric pumps.

 

“Elite Marine saw the advantage of the property’s prime location along Fort Lauderdale’s marine service and repair corridor,” Guardabassi said. “As a provider of air conditioning and refrigeration equipment for boats and yachts, the company benefits from the surrounding marinas and central location in the ‘Yachting Capital of the World.’”

 

The property, which was nearly demolished before it went under contract, is slated for complete rehabilitation by Elite Marine with plans to use it as a showroom, sales center, storage facility and service station for the company’s expanding inventory of parts and equipment.

Berger Commercial Realty Facilitates Sale Of AMC Liquidators Warehouse In Tamarac

December 21st, 2016

Berger Commercial Realty Senior Vice Presidents Keith Graves and St. George Guardabassi recently represented AMC Liquidators in the $965,000 sale of the AMC Warehouse to S.V.P. Tile & Marble, Inc.

“The warehouse was used for the storage of furniture by AMC Liquidators, one of the country’s premier commercial and residential furniture liquidators,” Graves said. “The buyer plans to use the property for the storage and sale of floor tile and marble.”

Located at 3801 N.W. 50th Street in Tamarac, the +14,280-square-foot, single-story warehouse features two enclosed dock-high doors, 14 feet of clear ceiling height and ample parking. The free-standing industrial building is situated on a +45,181-square-foot lot between I-95 and Florida’s Turnpike along the Commercial Boulevard corridor.

Berger Commercial-St George Guardabassi & Keith Graves

Berger Commercial Realty Facilitates Purchase Of Boca Building

December 19th, 2016

Berger Commercial Realty Palm Beach County Managing Director Michael Feuerman recently facilitated the $7.2 million purchase of the Boca Maritime Building from Boca Maritime, Inc.

With the purchase, the buyer retained Berger Commercial Realty to manage and lease the property.

“The buyer saw this property as an ideal owner-user and investment opportunity,” Feuerman said. “With a mix of medical and professional tenants already in place, the buyer will occupy a portion of the building while Berger Commercial Realty leases the remaining space.”

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The property was originally built by Boca Maritime to serve as its headquarters. With the transaction, Boca Maritime will continue to occupy space on the first floor of the building.

Located at 3020 N. Military Trail in Boca Raton, the 31,609-square-foot building is a two-story, Class-A office building situated on a 2.05-acre lot just west of I-95 between Glades Road and Yamato Road. The building features impact glass, surface and covered parking, round-the-clock access and signage fronting Military Trail.

 

Berger Commercial Realty Secures Nearly 35,000 SF In Lease Transactions

December 15th, 2016

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Berger Commercial Realty brokers recently secured 34,851 square feet in lease transactions on behalf of landlords in Fort Lauderdale.

 

Palm Crossing North

Senior Vice President Keith Graves represented SPG Palm Crossing, LLC in renewing a lease for 14,100 square feet of flex space to Anita International Corporations at Palm Crossing North, located at 3540 N.W. 56th Street. Palm Crossing North is a 58,422-square-foot campus-style industrial park featuring lush landscaping, flexible office and warehouse floorplans, ample parking and convenient access to I-95 and Florida’s Turnpike.

 

Schaefer Industrial Park

Senior Vice Presidents Keith Graves and St. George Guardabassi represented Schaefer Industries, Inc. in leasing 8,000 square feet of space to Wholesale Direct Only, Inc. at Schaefer Industrial Park, located at 3336 S.W. 13th Ave.

Schaefer Industrial Park is a 176,512-square-foot warehouse and distribution building adjacent to Fort Lauderdale / Hollywood International Airport and Port Everglades. The property is located on 10.5 acres in the Croissant Park industrial neighborhood just south of State Road 84, east of I-95 and west of US-1. The building faces I-595 and features dock-high loading, 20-foot clear ceiling height and three-phase power.

 

Prospect Park I

Along with Senior Vice President Keith Graves, Senior Vice President Joseph Byrnes and Senior Sales Associate Jonathan Thiel represented AKF3 SF Light Industrial, LLC in leasing 4,948 square feet of office space to Clarity Genetics, LLC at Prospect Park I.

Located at 5231 to 5237 N.W. 33rd Ave., Prospect Park I is a 70,874-square-foot office complex featuring a campus-style setting, flexible floorplans, round-the-clock access, and proximity to I-95, Florida’s Turnpike and Commercial Boulevard. Prospect Park I consists of six buildings and offers office suites ranging in size from 1,178 square feet to 4,719 square feet.

 

Bank United Building

Senior Vice President Keith Graves also represented 900 S.E. 3rd Ave., LLC in leasing 2,675 square feet of office space to R. Baxter, CPA, LLC at the Bank United Building, located at 900 S.E. 3rd Ave. With Bank United as its anchor tenant, the 46,695-square-foot office building is now 100 percent occupied with the transaction.

Located on 1.6 acres in the heart of Fort Lauderdale’s central business district, the Bank United Building offers onsite banking with an ATM, covered and reserved parking, flexible floorplans, and proximity to the Broward County Courthouse, Fort Lauderdale / Hollywood International Airport, I-95, US-1, State Road 84 and I-595.

 

Pierce Architectural Building

Senior Vice President Judy Dolan represented 800 Andrews Avenue Corporation in leasing 2,159 square feet of office space to The Broussard Group at the Pierce Architectural Building.

Located at 800 S. Andrews Ave., the two-story, 18,476-square-foot office building features covered parking on the first floor, signage opportunities, frontage on Andrews Avenue, and close proximity to downtown Fort Lauderdale, the Broward County Courthouse, Broward Health, the 17th Street Causeway, Las Olas Boulevard, Davie Boulevard, Broward Boulevard and I-95.

 

Prospect Park II

Along with Senior Sales Associate Jonathan Thiel, Senior Vice Presidents Joseph Byrnes and Keith Graves represented AKF3 SF Light Industrial, LLC in leasing 1,746 square feet of office space to Hunter Aerospace Supply, LLC at Prospect Park II, located at 3331 N.W. 55th Street. Prospect Park II consists of eight buildings totaling 81,925 square feet of office and flex space with bays ranging in size from 902 square feet to 5,589 square feet.

Renovated over the past two years, Prospect Parks I and II feature contemporary designs and enhanced curb appeal. The properties also offer opportunities for highly visible exterior signage and provide proximity to Fort Lauderdale International Airport and local restaurants, banks, transportation centers and more.

 

1777 S. Andrews Ave.

Broker Associate Roxanna Collins represented South Andrews Holdings in leasing 1,223 square feet of medical space to Dr. Vallejo and Dr. Miguel at 1777 S. Andrews Ave. The two-story, 11,538-square-foot office building is adjacent to Broward Health and features ample parking, a professional tenant mix, and proximity to Fort Lauderdale / Hollywood International Airport, Port Everglades, downtown Fort Lauderdale, the Broward County Courthouse, Fort Lauderdale’s beaches and the new Wave Streetcar route.

Jonathan Thiel answers: How is the commission calculated on a lease?

December 13th, 2016

Commission is calculated on a lease by the gross lease value paid to the landlord. If it’s a multi-year lease, it is paid on the gross value of the multi-year lease. For example, if a lawyer signs a three-year lease, pays $2,000 a month, the lawyer pays a $24,000 annual rent to the landlord. We take the $24,000, multiply it by three years, and you get a gross lease values of $72,000. The commercial real estate broker is compensated on the gross lease value of $72,000.