Blog

Working With Millennials in Commercial Real Estate

March 31st, 2014

By: Greg Milopoulos and Jonathan Thiel

Much has been said about Millenials, the newest generation of workers born in the 1980s and 1990s, yet we’re often misunderstood. We bring many assets to the workforce and to the commercial real estate industry, and much like other generational shifts that came before us, we’re changing the face of business. Whether we’re representing you in a commercial real estate transaction, or working alongside you at a brokerage or property management firm, here’s what you need to know about working with Millennials.

Work Ethic: Starting our careers during one of the worst recessions in U.S. history has led us to become determined workers willing to prove our worth to employers and clients alike. While studies show that Millennials seek work/life balance and flexibility, we’re also accountable, goal oriented and dedicated to succeeding.

Team Players: We were raised to value group learning and are connected to our peers in ways unimaginable just a generation ago. We seek out opportunities to partner with our colleagues and learn from mentors.  According to a 2013 research study conducted by consulting firm PwC, the University of Southern California and the London Business School, “Millennials place a high priority on workplace culture and desire a work environment that emphasizes teamwork and a sense of community.”

Adaptable: We embrace new experiences and are willing to learn all sides of the business. In the ever-changing world of commercial real estate, we’re able to quickly respond to the market and adopt new skills, tactics and best practices to sell and lease space and help our clients achieve their business objectives.

Motivated: Young commercial real estate brokers are motivated. We’re willing to follow up on every call and every lead, even the long shots. While most senior real estate brokers have already built their book of business, we are eager to acquire new clients and are willing to go the extra mile to secure new opportunities and develop our career.

Creative Thinkers: We bring new ideas and fresh thinking to the table. Known for being critical thinkers who look at situations from all angles, Millennials have boundless imagination. During brainstorming sessions, we’re willing to explore all ideas and not let past experiences hamper new possibilities.

Knack for Marketing: Complementing the range of services and depth of expertise offered by our more senior counterparts, young commercial real estate brokers are able to tap into innate digital skills and utilize the latest technologies available today to aggressively market properties to new audiences.

Colleagues, clients and mentors should take advantage of the synergistic opportunity for success that’s created when the viewpoints of veteran executives are paired with the unique traits of young commercial real estate brokers, who are helping to lead the way into the future for business people of all ages.

Greg Milopoulos is a broker associate at Berger Commercial Realty and has more than seven years of commercial real estate and construction experience. Milopoulos handles industrial and office leasing for the firm and can be reached at 954-358-0900 or GMilopoulos@bergercommercial.com. Jonathan Thiel is a sales associate at Berger Commercial Realty, where he handles leasing and sales of office, retail and industrial properties. He can be reached 954-358-0900 or JThiel@bergercommercial.com.

Berger Commercial Realty Broker Steve Hyatt Arranges $1.44 Million Sale of Apartment Complex in Fort Lauderdale’s Victoria Park Neighborhood

March 14th, 2014

FORT LAUDERDALE, Fla. (March 14, 2014) – Berger Commercial Realty announced the $1.44 million sale of a 16-unit multi-family apartment complex, known as Jasmine Court, to Madison Realty Investors, represented by Berger Commercial Realty Senior Vice President Steve Hyatt.

Victoria Park Apartments LLC sold the property, located at 816-822 N.E. 18 Ave. in the Victoria Park neighborhood of Fort Lauderdale. The complex consists of a 7,477-square-foot building and a 3,465-square-foot building for a total property size of 10,942 square feet.

“This is the second apartment complex I’ve sold recently in the southeast Fort Lauderdale submarket,” Hyatt said.  “The area is a very attractive rental market with low vacancy and appreciating rents. Victoria Park is close to downtown, shopping and the beach, making it a popular choice among renters, and my client saw an attractive investment opportunity in owning this particular property at $90,000 per apartment unit.”

Madison Realty Investors (MRI) has a presence in the Southeast, Colorado and other Rocky Mountain states. Since its founding in 1998, MRI has focused on purchasing office buildings and apartment complexes.

About Berger Commercial Realty:

Founded in 1998, Berger Commercial Realty is a full service commercial real estate firm.  A regional, independent and privately-owned firm, services include brokerage/tenant and buyer representation, property management, agency/project leasing, capital advisory/investment sales, construction/project management, and retail services. For more information, visit bergercommercial.com.

The Original Brooklyn Water Bagel Company Purchases Downtown Fort Lauderdale Site for $450,000

March 3rd, 2014

Steve Hyatt and Joseph Byrnes of Berger Commercial Realty arrange purchase of property located across from new Broward County Courthouse Complex

FORT LAUDERDALE, Fla. (March 3, 2014) – Berger Commercial Realty brokers Steve Hyatt and Joseph Byrnes recently represented H20 Bagel LLC in the purchase of a free-standing building, located at 601 S.E. 3rd Ave. in Fort Lauderdale, for $450,000 from Michael Buckley and his family.

Located across the street from the new Broward County Courthouse, the existing building will be demolished. A new free-standing Original Brooklyn Water Bagel prototype restaurant, featuring an iconic water tower, will be built on the site.

“After a thorough search of both retail lease and sale opportunities in downtown Fort Lauderdale, the Original  Brooklyn Water Bagel Company selected this site due to its highly visible corner location directly across the street from the new 741,000-square-foot Broward County Courthouse Complex, the existing Broward County School Board headquarters, and the 110 Tower,” said Berger Commercial Realty Senior Vice President Steve Hyatt.

Hyatt added that in addition to the appeal of the surrounding commercial and government office properties, the Original  Brooklyn  Water Bagel Company selected the site due to its proximity to more than 2,000 new residential units under development on the south side of the New River between Federal Highway and the SEC railroad tracks.

“This is a very convenient location for these new residents, as well as a central hub and stopping point for the new Wave Streetcar line scheduled to start service in 2016,” he said.

The Original Brooklyn Water Bagel purchase marks the eighth sales transaction Berger Commercial Realty has handled in the downtown Fort Lauderdale market in the past 16 months. The firm’s brokers have noted an uptick in area sales of small infill retail, multifamily residential, and well-located office buildings since early 2010.

“Businesses recognize that the momentum in downtown Fort Lauderdale is real, as evidenced by various new construction projects and cranes once again dotting the skyline. Smaller players see the opportunity to provide goods and services to a new wave of workers and residents, thus driving the demand for commercial real estate space,” Hyatt said.

About Berger Commercial Realty

Founded in 1998, Berger Commercial Realty is a full service commercial real estate firm.  A local, independent and privately-owned firm, Berger customizes services and adapts to clients’ needs and the ever changing real estate market.  Services include brokerage/tenant and buyer representation, property management, agency/project leasing, capital advisory/investment sales, construction/project management, and retail services. For more information, visit bergercommercial.com.

Berger Commercial Realty Hires New Senior Property Manager

February 27th, 2014
Coral Springs resident Patricia Lehmbeck to oversee more than 1 million square feet of space in Broward and palm beach

FORT LAUDERDALE, Fla. (February 27, 2014) – Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced it has hired Patricia Lehmbeck as a senior property manager.

In her new position, Lehmbeck will manage the overall operations of more than 1 million square feet of office and industrial space in Broward and Palm Beach counties. Previously employed by CBRE, she joins Berger Commercial Realty with more than 9 years of property management and accounting experience.

“We are pleased to welcome Patricia to our team of experienced real estate professionals,” said Berger Commercial Realty President Lloyd Berger. “A knowledgeable property manager, Patricia offers our clients her expertise in tenant relations and developing and implementing solutions that improve property values.”

A resident of Coral Springs, Lehmbeck received her bachelor’s degree in business management at Ottawa University in Kansas and earned a master certificate in applied project management through Philadelphia-based Villanova University’s online professional education program.

Ranked among the largest commercial  real estate firms in South Florida, Berger Commercial Realty provides comprehensive, cost-effective property management and brokerage services to both institutional and non-institutional owners. For more information, visit bergercommercial.com.

 

Fort Lauderdale Industrial Property Sells for More Than $1.2 Million

February 18th, 2014

Berger Commercial Realty Broker St. George Guardabassi Negotiates Deal

FORT LAUDERDALE, Fla. (February 18, 2014) – Berger Commercial Realty broker St. George Guardabassi handled the sale of a 17,800-square-foot industrial building to Mareleng Inc. for $1,225,000. Guardabassi represented the seller, Baer Investment Management.

The property, which will be used by a marine engineering business, features a large rectangular warehouse with three docks, drive-in ramp door, 18-foot clear height ceilings, three-phase electricity, and ample parking and a fenced side yard.

It is located at 840 N.W. 57th Place in Fort Lauderdale– north of Commercial Boulevard, south of Cypress Creek Road, and east of Powerline Road, near I-95.

About Berger Commercial Realty Corp.

Founded in 1998, Berger Commercial Realty Corp. is a full service commercial real estate firm.  A local, independent and privately-owned firm, Berger customizes services and adapts to clients’ needs and the ever changing real estate market.  Services include brokerage/tenant and buyer representation, property management, agency/project leasing, capital advisory / investment sales, construction/project management, and retail services. The company established a dedicated division, Berger Special Assets, to serve as receiver and enhance the value of distressed properties by providing expert management, leasing and sales representation on behalf of lenders and financial institutions. For more information, visit www.bergercommercial.com.

BCRC Broker Judy Dolan Arranges $1.3 million Sale of Sebring Retail Center

February 3rd, 2014

FORT LAUDERDALE, Fla. (February 3, 2014) - Berger Commercial Realty broker Judy Dolan arranged the sale of a REO fractured retail condo in Sebring for $1,375,000 on behalf of SA Challenger.

The buyers, Bernard Hutman, Herbert Wayne Hutman, and Michael Hutman, plan to rehab the retail center and keep it as an investment. The 50,850-square-foot site is located at 3750 US Highway 27 North, Sebring, FL 33870.

Dolan also handled the $20,000 sale of REO-land in the Gould’s section of Miami for an undisclosed seller. KGS Stores, Inc. bought the 7,320-square-foot site, which is vacant and zoned for commercial use, and plans to build a drive-through convenience store on the property.

Experienced in handling REO sales throughout the state, Dolan has represented banks in selling land, office and retail properties in cities such as Miami, Fort Lauderdale, Orlando, Bradenton, Clearwater Beach, Dunedin and St. Petersburg. Prior to becoming a licensed real estate broker and vice president of Berger Commercial Realty, she handled real estate transactions as a licensed Florida attorney.

About Berger Commercial Realty: Founded in 1998, Berger Commercial Realty is a full service commercial real estate firm.  A local, independent and privately owned firm, Berger customizes services and adapts to clients’ needs and the ever-changing real estate market.  Services include brokerage/tenant and buyer representation, property management, agency/project leasing, capital advisory / investment sales, construction/project management, and retail services. The company established a dedicated division, Berger Special Assets, to serve as receiver and enhance the value of distressed properties by providing expert management, leasing and sales representation on behalf of lenders and financial institutions. For more information, visit bergercommercial.com.

Steve Hyatt of Berger Commercial Realty Brokers Sale of Downtown Fort Lauderdale Office Building for More Than $2 Million

January 30th, 2014

FORT LAUDERDALE, Fla. (January 30, 2014) - Berger Commercial Realty Senior Vice President Steve Hyatt announced today the sale of a 24,000-square-foot office building in Fort Lauderdale from the AIDS Healthcare Foundation, Inc. to Sapphire Investment Fund, LLC. Located at 955 S. Federal Highway, the four-story building and adjoining parking lot sold in two separate transactions for a total of $2,025,000. 

“I had tremendous interest in this property and showed it close to 60 times,” said Hyatt, who represented the Foundation in the transaction. “The buyer is an Australian developer who plans to spend more than $2 million to extensively renovate the building for speculative office space.”  There were three other buyer groups in line as back- ups”

The high-visibility building along Federal Highway , which formerly housed the Broward County Building and Zoning department, was completely gutted on the inside prior to the sale.

“This sale marks our seventh in downtown Fort Lauderdale since October 2012, bringing our recent sales volume in the area to $26 million,” Hyatt added. “This sub-market of Broward County has seen a big surge in sales of well-located office buildings under 50,000 square feet. There is not much available product left in this size range for the owner/user or the speculative investor.”

About Berger Commercial Realty

Founded in 1998, Berger Commercial Realty is a full service commercial real estate firm.  A local, independent and privately-owned firm, Berger customizes services and adapts to clients’ needs and the ever changing real estate market.  Services include brokerage/tenant and buyer representation, property management, agency/project leasing, capital advisory / investment sales, construction/project management, and retail services. The company established a dedicated division, Berger Special Assets, to serve as receiver and enhance the value of distressed properties by providing expert management, leasing and sales representation on behalf of lenders and financial institutions. For more information, visit bergercommercial.com.

BCRC Broker Steve Hyatt Brokers Deal for Audi Fort Lauderdale Dealership to be Built on Former Fuddruckers Site

January 21st, 2014

 

FORT LAUDERDALE, Fla. (January 21, 2014) – Two parcels of land in Fort Lauderdale, purchased for $7.85 million by Q Fort Lauderdale, LLC in September, have been approved by the city for the development of a new Audi dealership and service center.

The land consists of approximately 5.65 acres located at 1200 N. Federal Highway, sold by James Fazio, and at 1400 Progresso Drive, sold by 13th Street Progresso and King Broward Holdings. Berger Commercial Realty Senior Vice President Steve Hyatt and Bill Rotella of The Rotella Group represented Q Fort Lauderdale, LLC in both transactions.

Q Fort Lauderdale is planning an upscale Audi dealership featuring a 159,000-square-foot, four-story building with a two-story glass showroom that will front Federal Highway. The land on Progresso Drive will serve as an additional off-site service and delivery center. The dealership will employ approximately 90 employees when it opens in December 2014. A March 2014 groundbreaking is planned.

Q Fort Lauderdale is part of the Qvale Automotive Group, the owners of Audi Coral Springs and Audi Lighthouse Point, as well as 12 other dealerships in the Northern California and Texas markets.  With annual sales of more than $500 million, the Qvale Automotive Group is ranked as one of the top 50 dealership groups in the United States, according to Ward’s Dealer Business.

Hyatt, a former AutoNation executive, spearheaded Audi’s three-year search for a new location in Fort Lauderdale. He was assisted by Rotella, who is also an active retail broker in the area.

Commenting on the sale, Bruce Qvale, dealer principal of the Qvale Automotive Group said, “We are very pleased and excited to be entering the Fort Lauderdale marketplace with the Audi franchise. It is one of fastest growing premium luxury franchises in the world and Fort Lauderdale is one of top markets in the whole country for luxury vehicle sales. Combined with our Audi Coral Springs dealership, we will be able to conveniently serve customers from all points in Broward County.“

About Berger Commercial Realty: Founded in 1998, Berger Commercial Realty is a full service commercial real estate firm.  A local, independent and privately-owned firm, Berger can customize services and adapt to clients needs and the ever changing real estate market.  Services include brokerage/tenant and buyer representation, property management, agency/project leasing, capital advisory / investment sales, construction/project management, and retail services. The company established a dedicated division, Berger Special Assets, to serve as receiver and enhance the value of distressed properties by providing expert management, leasing and sales representation on behalf of lenders and financial institutions. For more information, visit bergercommercial.com.

 

BCRC Broker Associate Greg Milopoulos Closes Four New Tenant-Rep Leases Totaling More Than 14,000 Square Feet of Space

January 13th, 2014

FORT LAUDERDALE, Fla. (January 3, 2014)- Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced broker associate Greg Milopoulos recently represented four tenants in signing new leases totaling more than 14,000 square feet of space in Broward and Palm Beach counties.

 

Milopoulos represented:

American Speed Factory Inc., in a lease of 8,000 square feet of warehouse space, located at 990 N.W. 11th Ave. in Fort Lauderdale, from JAFED Properties Co., represented by Randy Rauch of Rauch Heim Commercial Real Estate;

Plan B Engineering in a lease of 3,204 square feet of flex-warehouse space at the Pompano Center of Commerce, 1800 N.W. 15th Ave. in Pompano Beach, from Prologis Pompano, represented by Tom Viscount of Butters Realty and Management;

JCAL Holdings LLC in a lease of 2,025 square feet of warehouse space, located at 1700 Depot Ave. in Delray Beach, from Depot Warehouse LLC;

and Armour Settlement Services LLC in the sublease of 1,000 square feet of office space, located at 608 S.W. 4th Ave. in Fort Lauderdale, from Blue Interactive Agency LLC.

 

About Berger Commercial Realty

Founded in 1998, Berger Commercial Realty is a full service commercial real estate firm.  A local, independent and privately-owned firm, Berger customizes services and adapts to clients’ needs and the ever changing real estate market.  Services include brokerage/tenant and buyer representation, property management, agency/project leasing, capital advisory / investment sales, construction/project management, and retail services. The company established a dedicated division, Berger Special Assets, to serve as receiver and enhance the value of distressed properties by providing expert management, leasing and sales representation on behalf of lenders and financial institutions. For more information, visit bergercommercial.com.

BCRC Brokers Close Lease for 14,000 SF of Flex Space at Eastport Center in Fort Lauderdale

December 23rd, 2013

FORT LAUDERDALE, Fla. (December 23, 2013) - Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced brokers Judy Dolan and St. George Guardabassi represented landlord Eastport Center Joint Venture in leasing more than 14,000 square feet of flex space, located at 1881 W. State Rd. 84 in Fort Lauderdale, to Patterson Dental Supply, Inc., represented by Alex Brown of CRESA South Florida.

The 108,500-square-foot Eastport Center was built in 2000 and features industrial and flex space fronting State Road 84, near the Fort Lauderdale International Airport and Port Everglades with easy access to highways and centrally located in the tri-county area.

For more information on available space and custom build-outs at the Eastport Center, contact Berger Commercial Realty at 954-358-0900.

About Berger Commercial Realty

Founded in 1998, Berger Commercial Realty is a full service commercial real estate firm.  A local, independent and privately-owned firm, Berger customizes services and adapts to clients’ needs and the ever changing real estate market.  Services include brokerage/tenant and buyer representation, property management, agency/project leasing, capital advisory / investment sales, construction/project management, and retail services. The company established a dedicated division, Berger Special Assets, to serve as receiver and enhance the value of distressed properties by providing expert management, leasing and sales representation on behalf of lenders and financial institutions. For more information, visit bergercommercial.com.