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BF Aerospace Inks 45,000 SF Lease Deal, Brings Prologis Industrial Park To Full Occupancy

December 9th, 2016

Berger Commercial Realty Senior Vice President Keith Graves and Broker Associate Greg Milopoulos recently represented Prologis-North Carolina Limited Partnership in leasing 45,258 square-feet of industrial space at Prologis I-595 to BF Aerospace, represented by Matthew McAllister of Cushman & Wakefield. With the transaction, the brokers have brought the 150,452-square-foot industrial park to full occupancy.

 

“Reaching 100 percent occupancy epitomizes the demand for versatile industrial space in central Broward County,” Milopoulos said.

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With offices on more than four continents around the globe, BF Aerospace is an international provider of aircraft spares and specializes in sourcing, procuring, selling, exchanging and leasing rotables and expendables.

Located at 7050 and 7060 W. State Road 84 in Davie, Prologis I-595 consists of two buildings and features 22-foot ceilings, dock and ramp access, proximity to Port Everglades and Fort Lauderdale International Airport, and immediate access to I-595, I-95 and Florida’s Turnpike.

Judy Dolan answers: What is dock high loading?

December 8th, 2016

Dock high loading is the most common type of loading in warehouses. This refers to the standard height of 48 inches from the ground to the floor of a warehouse. A standard shipping container is generally that height.

Roxanne Collins answers: What is free rent in a commercial lease?

December 6th, 2016

Free rent is a concession to sweeten the deal. It could be a concession of gross monthly rent, or net monthly rent, depending on what the negotiations are.

Michael Feuerman answers: How much does it cost to hire a broker?

December 1st, 2016

The cost to hire a broker varies from market to market. Generally speaking in South Florida, the cost to hire a broker is paid by the landlord or the seller of the property. For sale properties, it’s generally five to six percent of the full sale price. For lease properties, it’s generally four to eight percent of the full lease value over the term. That, again, is paid by the landlord or the seller. It’s not paid by the tenant or the buyer. There’s no cost to a tenant or buyer.

A lot of tenants or buyers will tell me, “Isn’t there a hidden cost? If I come in with a broker, won’t they charge me more?” The truth is, they won’t. I’ve spoken with many landlords, many sellers and they appreciate having a good professional broker in the transaction that will help keep the buyer or tenant reasonable. Let them know what the market is and it makes the transaction go more smoothly. More where they don’t have two asking prices, there’s not an asking price for people who come in with a broker and then a lower price for people who come in without a broker.

Everyone is starting at the same level. How far below that you, as a buyer or tenant, can get that or how far above, you as a landlord or seller can get it depends on how good your broker and your team is to push that one way or the other for you.

Steve Hyatt answers: Why choose a smaller regional commercial brokerage firm like Berger Commercial Realty, over a large, national real estate brokerage firm?

November 29th, 2016

Well I’ve actually worked for both, and I think it boils down to two reasons. First of all, it’s a local business. You have to have a local broker who knows the market, knows the market conditions, knows the landlords, and tenants, knows the owners, and occupiers, you need to know who … What the latest information is on a per market basis, and you don’t find that in a national firm. In addition, it’s an individual basis, it’s an individual you’re betting on that horse. Who is the best broker that can handle that, what is his track record, what’s his deal flow, what kind of transactions has he done in that particular sub-market. You’re going want to know all of those things. At Berger we’re a little bit of a hybrid. What we have is we have a strong local brokerage, with local knowledge, but we also have national footprint through our affiliation with TCN, which also just went international. Some properties do require some international exposure, depends on the type of property, but for the most, the business is local.

Robert Dabrowski answers: If there is a written lease, do I need to give notice about terminating tenancy at the end of the lease?

November 22nd, 2016

Generally speaking, it’s a courtesy to give thirty days’ written notice by either the tenant and/or the landlord, unless stipulated in the lease.

St.George answers: What are some of the mistakes people make when searching for commercial property?

November 17th, 2016

There are a number of common mistakes that people make when searching for commercial property. Many people overestimate the amount of space that they need. They also look at too large a geographic area for their space needs, and they don’t understand the true size of the offices that they require. Many times they think they need more space than they do, if you need a conference to seat 8 people, you don’t need a room that’s going to be as large as seating 12 people.

Really understanding what are your needs, and we’ll help you develop the understanding. We’ll look into that, see how large a conference room, do you need a kitchen, how many administrative staff do you have, and how does that all come together to determine what your needs are so that we can save you time and research.

Berger Commercial Negotiates More Than 20,500 SF In Lease Transactions

November 14th, 2016

Berger Commercial Realty recently secured 20,580 square-feet in lease transactions on behalf of landlords in Broward and Palm Beach counties.

 

Harbor Walk

Senior Vice President Steve Hyatt represented Intervest Harbor Walk, LLC in leasing 4,360 square-feet of office space to AJT Media, Inc. at Harbor Walk, located at 1650 S.E. 17th Street in Fort Lauderdale.

Harbor Walk is a 60,360-square-foot, four-story office building featuring renovated and updated common areas, building signage opportunities, an onsite restaurant and a structured parking garage. The building is located along the 17th Street Causeway, a major corridor that runs from east to west and connects Fort Lauderdale International Airport, downtown Fort Lauderdale, Port Everglades, Fort Lauderdale Beach and more.

 

Merrill Industrial Center

Senior Vice President Judy Dolan represented Merrill Industrial Center, Inc. in leasing 4,071 square-feet of industrial space to Cleaner Equipment, Corp. at Merrill Industrial Center, located at 3400 S.W. 26th Street.

Situated on a 2.42-acre lot, the 134,132-square-foot warehouse park consists of three buildings and offers convenient access to I-95, I-595, Florida’s Turnpike, Fort Lauderdale International Airport and Port Everglades. Merrill Industrial Center features 20-foot clear height ceilings, dock and grade-level loading, ample parking, and close proximity to the Fort Lauderdale-Hollywood International Airport.

 

Sample Executive Center

Senior Vice President Keith Graves and Senior Sales Associate Jonathan Thiel represented Sample Executive Center, LLC in leasing 3,368 square-feet of office space to International Preparatory School, Inc. at Sample Executive Center.

Located at 2001 W. Sample Road in Fort Lauderdale, Sample Executive Center is a 61,036-square-foot office building featuring ample parking, a glass front façade, lush landscaping and convenient access to Florida’s Turnpike and I-95.

 

Prospect Park II

Along with Graves and Thiel, Senior Vice President Joseph Byrnes represented AKF3 SF Light Industrial, LLC in leasing 3,186 square-feet of flex space to RCS Aviation, LLC at 3611 to 3375 N.W. 55th Street and 856 square-feet of flex space to Houston Gun Holsters, LLC at 3411 N.W. 55th Street in Prospect Park II.

Located between I-95 and Florida’s Turnpike at Commercial Boulevard, Prospect Park II is an 81,925-square-foot master-planned business park featuring ample parking, round-the-clock access and flexible floor plans for move-in ready office suites and flex bays with grade-level overhead doors. Renovated over the past two years, Prospect Park II consists of eight buildings with units ranging in size from 902 square-feet to 5,589 square-feet.

 

Executive Airport Business Center

Dolan and Thiel represented TCPH Broward, LLC in leasing 1,629 square-feet of office space to Smartwater CSI, LLC at Executive Airport Business Center, located at 5101 N.W. 21st Ave.

Executive Airport Business Center is a 73,130-square-foot, single-story office park featuring a diverse tenant mix of retail, business, medical, telecommunications and professional service industries. Situated on a six-acre lot just northeast of the Commercial Boulevard and Prospect Road intersection, Executive Airport Business Center offers close proximity to Fort Lauderdale Executive Airport, I-95 and Florida’s Turnpike.

 

Woolbright Professional Building

Sales Associate Robert Dabrowski represented Woolbright Properties & Investments, LLC in leasing 1,285 square-feet of office space to ODC Construction, LLC at the Woolbright Professional Building, located at 2240 W. Woolbright Road in Boynton Beach.

The 79,204-square-foot, class-A, four-story office building is within minutes of I-95 on the south side of W. Woolbright Road just east of Congress Avenue. The building offers abundant parking, round-the-clock access, onsite management and signage opportunities.

 

Cypress Creek Executive Court

Thiel also represented Rising Tide Development, LLC in leasing 969 square-feet of office space to Blue Ocean Advisory Partners, LLC at Cypress Creek Executive Court, located at 2700 W. Cypress Creek Road in Fort Lauderdale.

Cypress Creek Executive Court is a 70,287-square-foot office building offering frontage on Cypress Creek Road, round-the-clock access, plentiful parking and close proximity to I-95 and Florida’s Turnpike.

 

Delray Office Plaza

Dabrowski also represented Atlantic Avenue Properties & Investments, LLC in leasing 856 square-feet of office space to Horace Mann at the Delray Office Plaza in Delray Beach.

Located at 4731 W. Atlantic Ave., Delray Office Plaza is part of a three-building business park featuring lush courtyards, round-the-clock access, floor-to-ceiling glass and private entrances and bathrooms in each suite. The park is within minutes of downtown Delray Beach and offers convenient access to Florida’s Turnpike and I-95.

Steve Hyatt answers: As a Landlord, why would I want to give a tenant free rent instead of a lower rental rate when leasing office, retail, or warehouse space?

November 10th, 2016

As a landlord, the reason that you want to give free rent in lieu of a lower base rent, there’s a couple of reasons. First of all, you want to be able to offer free rent as an incentive to lure the tenant in but keep that face rent high, because that’s what your increases in future years are based on, and that’s also, when you go to either refinance or sell the building, that’s what the buyer or bank will look at is: What is the face rate? It helps keep your building up versus starting out with a lower base rent, have the increases on a smaller base over time. So you want to keep that face rate as high as possible.

Now, if you give free rent, what you want to also do is try to have the tenant pay the CAM or the operating expenses so the only out-of-pocket that you really have would be the net rent for that period of time if you have at least some cover of cost for your fixed costs.

Robert Dabrowski answers: A building I am considering is occupied by several commercial tenants. If I buy the building, can I evict them?

November 9th, 2016

You can evict month to month tenants pursuant to Florida statute.