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Berger Commercial Realty Named Exclusive Sales Agent For $19 Million Portfolio

September 29th, 2016

Berger Commercial Realty was appointed by Rising Tide Development, LLC as the exclusive sales agent for a portfolio consisting of three business parks in Fort Lauderdale.

Listed at $19.275 million, the properties span 16.24 acres and total 207,752 square-feet of office, flex and industrial space.

Senior Vice Presidents Joseph Byrnes and Keith Graves and Senior Sales Associate Jonathan Thiel will serve as the brokers for the portfolio, which includes:

• Powerline Business Center, an 82,339-square-foot grade-level warehouse, showroom and office park located at 5601 N.W. Powerline Road, which is 97 percent occupied and offers high visibility on Powerline Road;

 

• Cypress Creek Executive Court, a 70,822-square-foot business park located at 2700 W. Cypress Creek Road that is 88 percent occupied and offers ample parking and convenient access to all of Broward County and South Florida;

 

and Cypress Creek Business Park, a 54,600-square-foot, two-building, single-story office and flex park located at 6555 N.W. Powerline Road, which is 82 percent occupied and features plentiful parking, round-the-clock access and flexible floorplans.

Powerline Business Center, Cypress Creek Exec Court & Cypress Creek Business Park

“These are multi-tenant investment-grade properties with an in-place cash flow,” Graves said. “This is a great opportunity for a potential buyer to acquire premier commercial property as either an entry point into the local market or as an addition to an existing commercial real estate portfolio.”

Berger Commercial's Joe Byrnes, Keith Graves and Jonathan Thiel

Michael Feuerman answers: What are CAM charges?

September 29th, 2016

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.

Lloyd Berger answers: When is a receiver appointed and why?

September 27th, 2016

There are many reasons a receiver is appointed, the most common of which is when a lender feels that their mortgage is in jeopardy and the property value is no longer great enough to satisfy their mortgage. Other reasons a receiver may by appointed would be partnership disputes, when people can’t agree on how to operate a property, or any time an interested party does not feel like they are being properly represented.

Berger Commercial Secures More Than 35,500 SF In Lease Transactions

September 27th, 2016

Berger Commercial Realty brokers recently represented landlords at five properties across Broward County in closing seven lease transactions totaling 35,521 square-feet of space.

 

Enterprise Commerce Center

Senior Vice President Keith Graves and Sales Associate John Forman represented Mancini & Sons Florida, LLC in leasing 10,351 square-feet of industrial space to Vapor Supply, LLC at Enterprise Commerce Center. Located at 1901 Green Road in Deerfield Beach, the 76,381-square-foot Enterprise Commerce Center is a class-B warehouse property featuring ample parking, 24-foot ceilings, glass front facades and dock-level shipping doors.

Berger Commercial-Keith Graves and John Forman

 

 

1825 S. Powerline Road
Forman and Graves also represented Mancini & Sons Florida, LLC in extending a lease for 8,077 square-feet of retail space to PGH International, LLC at 1825 S. Powerline Road in Deerfield Beach. Located on a 31,240-square-foot lot on the west side of Powerline Road just north of Wiles Road, the property consists of a single freestanding building and fenced-in storage lot. The building offers 18-foot ceilings, six grade-level drive-in doors, and close proximity to I-95, Florida’s Turnpike and the Sawgrass Expressway.

 

 

Prologis I-595
Along with Broker Associate Greg Milopoulos, Graves represented Prologis-North Carolina Limited Partnership in renewing a lease for 4,500 square-feet of space to Arbon Equipment Corporation at Prologis I-595, located at 7060 State Road 84 in Davie.
Prologis I-595 is a 150,452-square-foot industrial park that consists of two buildings and features 22-foot ceilings, dock and ramp access, close proximity to Port Everglades and Fort Lauderdale International Airport, and immediate access to I-595, I-95 and Florida’s Turnpike.

greg-milopoulos

 

 

Harbor Walk Building
Senior Vice President Steve Hyatt represented Intervest-Harbor Walk, LLC in leasing 4,360 square-feet of space to E-Tags, Inc., 3,640 square-feet of space to Cleveland Construction, Inc., and 2,299 square-feet of space to Addnode, Inc. at the Harbor Walk Building, located at 1650 S.E. 17th Causeway in Fort Lauderdale.

The 60,360-square-foot Harbor Walk Building consists of four stories and features an onsite restaurant, renovated common areas, signage opportunities and a parking garage directly accessible from the first three floors of the building. The property is located along the 17th Street Causeway in close proximity to Fort Lauderdale International Airport, Port Everglades, Fort Lauderdale Beach and downtown Fort Lauderdale.

Steve Hyatt

 

 

 

Cypress Creek Tower
At Cypress Creek Tower, located at 800 W. Cypress Creek Road in Fort Lauderdale, Graves, along with Senior Sales Associate Jonathan Thiel, represented COLE International Investments, LLC in leasing 2,294 square-feet of space to Liebler, Gonzalez & Portuondo, PI.

Cypress Creek Tower consists of 62,000 square-feet of office space and stands five stories tall. It features an onsite banking facility, a computerized energy management system, and is within minutes of I-95, Florida’s Turnpike and the Cypress Creek Tri-Rail Station.

Jonathan Thiel

 

St. George Guardabassi answers: How can using a broker help me if I am looking for space to lease?

September 22nd, 2016

Usually, the cost of a real estate broker will save you money. The main reason for this is that we know the market, we’re out there in the trenches every day, we represent tenants and landlords, looking for space or trying to lease space. We know the concessions that they’re offering. We know the cost of tenant improvements. We know how to analyze a lease and how to get you the best deal. That frees up more time for you to run your business, making more money for yourself.

Berger Commercial Welcomes Lawrence Oxenberg

September 21st, 2016

LO-Headshot

 

Berger Commercial Realty recently announced that Lawrence Oxenberg has joined the team as a sales associate.

In his new role, Oxenberg is responsible for representing landlords as well as local and national independent and franchise tenants in leasing, buying and selling retail properties throughout Broward, Miami-Dade and Palm Beach counties.

Prior to joining Berger Commercial Realty, Oxenberg served as an associate at Behar Real Estate Group, Inc. in Miami for three years, where he transitioned into commercial real estate after a 17-year-long career in seafood brokerage and manufacturing.

 
“Lawrence brings to our firm a wealth of leadership, marketing and sales skills,” said Berger Commercial Realty President Lloyd Berger.

“Coupled with his experience in the local commercial real estate market over the past few years, his career in imports and exports gives him a solid understanding of business needs in South Florida.”

Prior to joining Sysco, Oxenberg served as vice president of SeaSpecialties, Inc. for ten years, where he managed sales and operations of two seafood processing plants in Pennsylvania and New York and was responsible for product distribution throughout the mid-Atlantic and Northeast regions of the United States.

Oxenberg received his Bachelor of Arts from George Washington University in Washington, D.C., in 1996.

Tim Hackett answers: What is considered an industrial property?

September 15th, 2016

An industrial property is a wide range. It can be anything from flex space, which would be a portion in a portion warehouse to heavy industrial, which would be manufacturing, such as a large factory.

Steve Hyatt answers: What do I do if I want to buy or lease property?

September 13th, 2016

First of all, I’d contact an experienced and knowledgeable broker in the specific area where you’re focused on. That broker can start you from an initial needs assessment all the way through site selection, financing, negotiation whether it’s a lease or a buy, the financing scenario, as well as even post-move logistics. To start to search we recommend usually 6 months to a year before your lease expiration because of the time it takes to either build out, finance or close a transaction.

Michael Withrow answers: What is a 1031 exchange?

September 6th, 2016

1031 exchange is not a tax avoidance, but rather a tax deferment. For example, if you have a property that you sell for $200,000 rather than paying the 20% tax rate, if that’s your tax rate you have to pay the $400,000. If you have a like property in mind, you can roll all $2,000,000 into other property and you’ll be able to keep your funds working for you. It gives you some extra leverage on the property.

Berger Commercial’s Keith Graves Renews 32,000 SF Lease

September 2nd, 2016

KG-Headshot Site

Berger Commercial Realty Senior Vice President Keith Graves recently represented SPG Palm Crossing, LLC in renewing a lease for 32,220 square feet of flex space at Palm Crossing Central to Integrated Regional Laboratories (IRL), a hospital-affiliated regional laboratory provider that offers state-of-the-art diagnostic testing, microbiology capabilities and personalized client support services.

IRL’s facility at Palm Crossing Central is the most advanced automated laboratory in Florida.

Located at 5371 N.W. 33rd Ave. in Fort Lauderdale, Palm Crossing Central is currently 91 percent leased. The 71,411-square-foot property offers a campus-style office park setting within minutes of I-95, Florida’s Turnpike, Fort Lauderdale Executive Airport, and local hotels, restaurants and banks.

In addition to its laboratory at Palm Crossing Central, IRL maintains a histology and microbiology operation in Largo and a network of hospital-based rapid response laboratories throughout the state