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Berger Commercial Realty Facilitates $2.35 Million Purchase of Miller Legg Building

January 15th, 2016

Miller Legg Building

FORT LAUDERDALE, Fla. – Berger Commercial Realty brokers Keith Graves, CCIM, and Jonathan Thiel recently represented North Andrews Way Corp. in the $2.35 million purchase of the Miller Legg building from AVS Security Systems, Inc.

Located at 5701-5775 N. Andrews Way in Fort Lauderdale, 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 property is currently more than 95 percent occupied with local consulting firm Miller Legg as its anchor tenant.

“This purchase exemplifies the continued resurgence in the Cypress Creek commercial real estate sub-market,” said Graves. “It’s a positive indication that our local market is keeping pace with the strong momentum that has been exhibited regionally in South Florida. This single-story building and its flexible floorplans serve as an attractive investment option for North Andrews Way Corp. and offer great value for tenants in today’s market.”

The property is located along the Cypress Creek corridor and is within minutes of Florida’s Turnpike, area shopping, banking and high-tech employers.

Berger Commercial Realty Hosts Lunch and Learn for Local Business Leaders Featuring Broward County Commissioner Tim Ryan

January 13th, 2016

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FORT LAUDERDALE, Fla. (December 29, 2015) – Berger Commercial Realty, a full service commercial real estate firm based in South Florida, recently hosted its Berger Commercial University Lunch and Learn, which featured Broward County Commissioner Tim Ryan as a guest speaker.

Ryan, who ended his one-year term as county mayor the day after the event, discussed local happenings in Broward County including the proposed development of a new hotel at the Greater Fort Lauderdale / Broward County Convention Center, the county’s new animal shelter, the implications of Uber’s return to Broward, developments at the Fort Lauderdale International Airport, and the current state of the county’s water supply.

Berger Commercial Realty President Lloyd Berger and brokers Judy Dolan, Mike Feuerman and Steve Hyatt covered trends in South Florida’s commercial real estate market including transaction statistics, notable deals, and analyses of industrial, retail and office spaces throughout the tri-county area.

The event, which took place at Bistro Mezzaluna, was attended by more than 50 business leaders and commercial real estate brokers.

“Berger Commercial’s tag line is ‘Experience the Power of Market Knowledge,’” said Dolan. “Staying true to that saying, we hosted this event for commercial landlords, property owners, business leaders and fellow commercial real estate professionals to become more familiar with the local business happenings and the current state of the commercial real estate market.”

Happy Holidays from Berger Commercial Realty!

December 14th, 2015

2015

Flanigan’s Purchases Oakland Park Property for Nearly $1 Million

December 4th, 2015

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Berger Commercial Realty brokers St. George Guardabassi and Keith Graves negotiated the sale of former Ike’s Carter Pool Company building
FORT LAUDERDALE, Fla.- Berger Commercial Realty brokers St. George Guardabassi and Keith Graves recently represented Kegy & Associates, LLC in the $922,500 sale of an Oakland Park property, located at 1290 E. Commercial Blvd., to Flanigan’s Enterprises, Inc. The building formerly housed Ike’s Carter Pool Company, a local business serving Broward and Palm Beach counties since 1949. Ike’s Carter has relocated to a new facility in greater Fort Lauderdale.

Listed on the American Stock Exchange (NYSE MKT: BDL) and in business for more than 50 years, Flanigan’s Enterprises, Inc. owns and operates 23 Flanigan’s Seafood Bar and Grill restaurants and Big Daddy’s retail liquor stores throughout South Florida.

The company intends to use the new facility as storage for its catering business. The property is located less than a mile away from Flanigan’s headquarters, located at 5059 N.E. 18th Ave. in Fort Lauderdale, and just a few blocks from one of its restaurants, located at 1479 E. Commercial Blvd. in Oakland Park.

“The building that Flanigan’s purchased has the capacity to function as retail space, an office showroom, a truck terminal / transit point, or as any other overall hub for business on Commercial Boulevard, which sees between 55,000 and 65,000 cars per day,” Graves said.

Guardabassi added, “With its flexible space, central location, and proximity to other Flanigan’s properties, this site was the perfect fit for the company’s growing catering division.”

The one-story building consists of 6,451 square-feet of multi-purpose space and offers ample parking, dock-height loading, and convenient access to I-95 and Florida’s Turnpike.

Berger Commercial Realty Voted Among the Best of the Best

November 22nd, 2015

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Broker Spotlight – John Forman

November 15th, 2015

John Forman

1. According to your bio, your family members are real estate connoisseurs. How did your upbringing influence and contribute to your career path? How old were you when you began learning the ropes?
I come from a long line of real estate owners and developers. My great-grandfather, Hamilton McClure Forman, arrived in South Florida in 1910 and started the first dairy farm in the area. The farm spanned hundreds of acres and contributed to the overall economic development and history of Broward County. Hamilton was among the founding families of Broward County, along with the Stranahans, the Cromarties and the Pallicers. Sadly, the dairy farm no longer exists and the land was divided into grants and real estate parcels. Today, what would have been the farm is now the city of Davie.

My grandfather, Hamilton C. Forman, father, H. Collins Forman, and uncle, M. Austin Forman, subsequently took on the responsibilities of managing the family’s real estate ventures and investments. I knew that eventually I would have to learn the ropes to handle family affairs in the future, so I decided it would be a good idea to get involved early. I was 15 years old when I started working at our family’s accounting office as a bookkeeper. I worked there for seven years and I still help out whenever I’m available. My experience in accounting and bookkeeping was undoubtedly beneficial to my career in commercial real estate. Being able to comprehend finances and the nuances of real estate transactions was incredibly useful then, and of course is still a large component of my day-to-day responsibilities now. Ultimately, my experience growing up in the family real estate business drove me toward the commercial real estate industry.

 

2. Are there any areas of the commercial real estate leasing market in which you specialize? What is the current state of those sectors?
At the moment, my focus is on the industrial leasing market. I find the industrial sector to be one of the most interesting and dynamic areas of the leasing market. It’s also one of the most popular and in-demand types of commercial real estate in Broward County.
The overall commercial real estate market is in a healthy state. It has been experiencing slow and steady growth, which is favorable because it reduces the opportunities for ‘bubbles’ in the real estate market. Gradual growth is much more stable and beneficial to the community compared to spilt-second skyrockets and consequent crashes.
In terms of the industrial leasing market specifically, Broward County is in very high demand. There’s not much inventory left, particularly for small warehouse spaces, which have been the most popular in my experience. Because of the lack of inventory, rent prices for industrial spaces are increasing. What is currently a tenant’s market is shifting towards a landlord’s market due to the high demand for property and limited available space. Fort Lauderdale has become a hub for regional, national, and international business relations. As such a desirable location for commerce and industry, people are willing to pay premium rates for commercial real estate in the area.

 

3. What are your predictions for the future of these leasing areas?
As a result of the limited inventory of land and industrial space in Broward County, I’m anticipating the demand for industrial space will increase, however, development will be constrained for the foreseeable future. There are very lucrative opportunities for landlords and developers to purchase any available land and build new warehouses, business parks, office complexes, storage and manufacturing bays, and more. With such high demand for this type of commercial real estate, there’s almost a guarantee that available space will be quickly absorbed by tenants paying favorable lease rates.

 

4. You are very dedicated to being an active member of the community. What charitable organizations do you work with and what is the scope of your role? How is charitable service important to you?
I’m very passionate about being involved in the community and volunteering with various charitable organizations. Some of the organizations I work with include Grace Place Schools, Saints International, Operation Christmas Child, Lifework Leadership, National Christian Foundation and Teen Challenge.

At Grace Place Schools, I have the opportunity to work with at-risk teens who have experience with or are potential targets of human trafficking. With Operation Christmas Child, I work with a dedicated team of individuals to send gifts around the world to underprivileged children.

I’m also actively involved with charitable initiatives at my church, the First Christian Church of Fort Lauderdale. We run an outreach program with children from disadvantaged communities to help educate and socialize them in ways that their schools and communities are unable to provide. Additionally, I dedicate some of my time to the God Squad, a group of parishioners tasked with prayer activities and community awareness programs with the Fort Lauderdale Police Department.

Charitable service is a principal component of my life. I approach it the same way that many people approach exercise – I make time for it as often as possible and always give 110 percent. Several of the organizations I work with are faith-based. I think that my religious beliefs and community service go hand-in-hand in terms of dedication, passion, morality and philanthropy.

 

5. How do young professionals benefit from mentors or senior colleagues in the commercial real estate industry? What advice would you give other young professionals?

As a young professional, I would say that succeeding in commercial real estate is practically impossible without mentors or senior colleagues. My time working here with Berger Commercial Realty Corp. has been invaluable to my launch into the Commercial Real Estate Market. The Berger sales associates, brokers, and property managers have been incredibly patient and helpful to me as I learn the “ropes” of the industry. Being a sales associate is not one of those professions where you can pick up a book and teach yourself the logistics and become an expert overnight. To learn commercial Real Estate one must simply work in the industry and gain experience. As stated by my coworker Steve Hyatt, “Commercial Real Estate unfortunately is the school of hard knocks.”

The advice that I would offer to other young professionals interested in commercial real estate would be to do as many internships as possible. This industry requires a great deal of experience and the best way to learn is with a hands-on approach. Connections are also critical – not just to find a job at a firm, but to eventually gain clients that come to you to explore their commercial real estate options. Also, get your real estate license as soon as possible. This will not only qualify you to work in commercial real estate, but will also give you that extra push to pursue your career path.

 

Affiliate of InSite Group Acquires Four-Story Office Building on Fort Lauderdale’s 17th Street Causeway

October 12th, 2015

$7.8 million deal brokered by Steve Hyatt of Berger Commercial Realty

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Berger Commercial Realty announced today the purchase of a four-story office building on Fort Lauderdale’s 17th Street Causeway for $7.8 million.

Steve Hyatt, senior vice president of Berger Commercial Realty, represented the buyer 17 FLL Holdings, LLC, which is an affiliate of InSite Group. Paco Diaz and Gerard Yetming of CBRE Miami represented the seller, Intervest-910, LLC. The sale closed Oct. 2.

InSite Group, a boutique real estate development company, intends to relocate its headquarters from Weston and occupy approximately 15,300 square-feet on two floors of the building, located at 910 S.E. 17th St. Approximately 7,056 square-feet of space on the ground floor of the 31,000-square-foot building is available for lease.

“The buyer was drawn to both the size and highly desirable location of this property,” Hyatt said.

InSite Group owns several properties on Fort Lauderdale beach in close proximity to the office building, including the Yankee Clipper hotel, which was acquired in 2014, branded as the B Ocean Resort, and is currently operating while undergoing a major renovation to be completed in 2016.

Over the past two years, Berger Commercial Realty has sold nearly $50 million worth of properties located on the 17th Street Causeway corridor, including the $9.2 million sale of a 36,000-square-foot office building to Resolve Marine Academy in May, and the $22.1 million sale of the former Ocean World marine park in March. That site is being developed into Broadstone Harbor Beach, a 394-unit luxury apartment building.

Alliance Residential Company Purchases Land in Plantation for Development of New Multi-Family Complex

October 5th, 2015

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Steve Hyatt of Berger Commercial Realty brokers $7.5 million deal

Berger Commercial Realty announced today the $7.5 million purchase of land in Plantation that will be developed into a new apartment complex, tentatively slated as Broadstone Plantation.

Berger Commercial Realty Senior Vice President Steve Hyatt represented buyer Alliance Residential Company in the deal, which closed on Friday. The land was sold by William Murphy of Sunrise Properties and Investments #14 LLC.

Located at 6901 W. Sunrise Blvd., the 12-acre parcel currently houses a former office building. The new multi-family development will feature 250 garden-style units surrounding a lake with amenities such as a community clubhouse, pool, fitness center and dog park.

“This was an attractive acquisition for Alliance due to the property’s central location in Broward County and proximity to major employment centers,” Hyatt said.

This is the second land purchase that Hyatt has closed for Alliance this year. In March, he represented the company in purchasing 4.26 acres of land, located at 1701 S.E. 17th St. in Fort Lauderdale, from Art Institute Investments, LLC for $22.1 million. The company is developing that parcel into a 394-unit apartment complex named Broadstone Harbor Beach.

Plans for Broadstone Harbor Beach include eight stories of apartment units; high-end amenities such as a club room, pool, putting green and state-of-the-art fitness center; 2,700 square-feet of retail space; and a 4,600-square-foot retail outparcel.

Headquartered in Phoenix with a regional office in Boca Raton, Alliance is one of the largest private multi-family development companies in the United States, purchasing real estate, developing projects and managing properties in 19 states and 29 metropolitan markets throughout the country.

Hyatt has more than 30 years of real estate experience in the South Florida market. His focus areas include investment sales, land brokerage, and acquisition / disposition services for both corporate clients and private investors.

Berger Commercial Realty Brokers Close Four Lease Transactions Totaling More Than 40,000 Square-Feet Throughout Broward County

September 25th, 2015

Berger Commercial Realty brokers Judy Dolan, Keith Graves, Greg Milopoulos and Jonathan Thiel recently closed four lease transactions totaling 41,245 square-feet of space throughout Broward County.

Graves and Milopoulos represented Prologis in renewing and expanding a lease for 22,610 square-feet of industrial space to Encompass Supply Chain Solutions, Inc. at Prologis I-595. Encompass Supply Chain Solutions will occupy suites 11 and 12 in the 79,418-square-foot building located at 7060 W. State Road 84 in Davie.

Built in 2000, Prologis I-595 offers leases for industrial, warehouse, manufacturing, distribution, storage and office spaces. The multi-purpose building features 22-foot ceiling heights, heavy three-phase electrical and convenient access to I-595, I-95, Florida’s Turnpike, Port Everglades and Fort Lauderdale International Airport.

Graves also represented 6500 NW 15th Avenue, LLC in the new lease of 10,000 square-feet of flex space to Guardian Guel Technologies, Inc. at the Gateway Industrial Center. Located at 6500 N.W. 15th Ave. in Fort Lauderdale, the 28,270-square-foot building offers industrial, manufacturing and flex space and features grade-level dock loading, 19-foot ceiling heights, three-phase power, building signage and ample parking. Gateway Industrial Center is centrally located in Broward County and provides convenient access to Florida’s Turnpike, I-595 and Fort Lauderdale International Airport.

Additionally, Graves represented Walton, Lantaff, Schroeder & Carson, LLP in renewing and extending a lease for 6,755 square-feet of office space from Crocker Partners, LLC at Corporate Center in Fort Lauderdale.  Located at 110 E. Broward Blvd., the 24-story class A office building consists of 342,686 square-feet of space in the heart of downtown Fort Lauderdale.

Dolan, Graves and Thiel represented CoFe Fund 1-Plantation, LLC for the expansion lease of 1,880 square-feet of office space to BrightStar Credit Union at 1700 N.W. 66th Ave. in Plantation Technology Park. The campus-style office park is located in central Broward County just west of Florida’s Turnpike, east of University Drive and north of Sunrise Boulevard.

Berger Commercial Realty Brokers Close Two Sales in Fort Lauderdale Totaling More Than $1.8 Million

September 8th, 2015

Berger Commercial Realty brokers Roxanna Collins and Michael Feuerman recently facilitated the sales of two Fort Lauderdale properties for a combined total of $1.84 million.

Collins represented PAI Investments, LLC for the purchase of units 109, 110 and 111 from First Florida Investors II at 2800 State Road 84. Located within the Marina Mile Business Park, the units were purchased for $1.25 million and total 9,650 square-feet of industrial space. The business park is within minutes of downtown Fort Lauderdale, Port Everglades, Fort Lauderdale International Airport, I-95, I-595 and Florida’s Turnpike.picture

Feuerman represented Panhead Properties, LLC for the sale of 6800 W. Commercial Blvd. to 85 Granite Realty, LLC for $715,000. The one-story office building consists of 8,075 square-feet of space divided into five suites ranging in size from 900 to 2,500 square-feet. Located less than one mile east of University Drive, the property is within minutes of Florida’s Turnpike, the Sawgrass Expressway and I-95.

To learn more about Berger Commercial Realty’s property management and brokerage services, including tenant/landlord and buyer/seller representation; project and construction management; agency/project leasing; capital advisory/investment sales; retail services and more, call 954-358-0900 or visit bergercommercial.com.