Berger Commercial Realty Senior Vice Presidents Judy Dolan and St. George Guardabassi recently representedEast Port Center Joint Venture in leasing 7,050 square-feet of space to Cayoga America, Inc. at East Port Center.
With this transaction,East Port Center has reached 100 percent occupancy.
Located at 1881 – 1887 Marina Mile Boulevard in Fort Lauderdale, the 108,000-square-foot industrial park sits at the northeast quadrant of I-95 and Marina Mile Road and offers high ceilings, all glass storefront facades, and grade-level loading within two miles of Fort Lauderdale International Airport and Port Everglades.
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What we typically refer to as a full service lease is a lease where the rate includes all of your costs. It includes your base rent, your operating expenses, your electric, your janitorial. It typically does not include sales tax in a state like Florida that has sales tax, and it does not include your phone, it does not include your internet. It includes all of your other costs. The issue when it comes to full services leases is that you may call a landlord and they might say, “Yes, the lease is full service”, but they may be referring to something different. Lots of landlords call leases different things: triple net gross, full service, modified gross, passover base year. It’s important to have an advisor who will ask the questions and understand the difference between these lease rates, will actually read the lease and the proposal for you carefully, and advise you on exactly what you are paying and what’s not included and what to expect. You don’t want surprises. As a former practicing trial lawyer, I read all of the documents very carefully for my clients and advise them on what the rate really is.
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A LEED certified building has either been developed or undergone significant improvements utilizing green features which allow for the design, construction, operations and maintenance of health cost effective buildings. Lead certified buildings save money and resources and have a positive impact on the health of occupants while promoting renewable clean energy.
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Berger Commercial is able to provide an estimate of the value of your property. It’s because we’re in the market every day, we’re negotiating with landlords for buyers and the sellers of properties, and we know what the market value of a property is. We also use an analytical approach, we look at comparable sales of properties nearby, going back one to two years, we also look at the income and expense of the property to determine the return on investment, and finally we’ll look at the cost approach of the property to determine what it would cost to rebuild a building on that property. We take all that together with our knowledge in the market, being in the trenches every day, combine all that, and we give you an estimate of the value of your property in today’s market.
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I would say the first thing to look for is to have an open and honest assessment of the owner’s property. You go in, you tell them what you think it’s worth, what you think are the positives and negatives, and how best to position the property in the marketplace. After that, then you would go through a creative marketing plan. It can’t just be cookie cutter. It has to be specific to that property. I would go with what makes it unique. What’s that pool of buyers? Who’s going to be the most logical client for that property? After that, you come up with a dedicated marketing plan, you follow up on that marketing plan, and you have open and honest communication with that owner on all tours, inquiries, results, either monthly or in the interim, depending on the property and depending on what the owner’s wishes are. At the end of the day, you also have to have flexibility. If the property, if it’s not working, your marketing plan needs to change, you need to have that conversation with your owner.
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At 1901 Green Road, the brokers leased 9,820 square feet of industrial space to Magellan Aircraft Services, LLLP in bay F and 9,290 square feet of industrial space to Sinobec Resources, LLC in bay E.
Located within minutes of I-95, Florida’s Turnpike and the Sawgrass Expressway, the 76,381-square-foot building offers frontage on Wiles Road, wrap-around glass front facades, 24-foot ceilings and tilt-wall concrete construction.
Within the 19,620-square-foot Enterprise Commerce Center building at 5051 N.W. 13th Avenue, less than one mile east of its larger counterpart, the brokers leased 5,861 square-feet of industrial space to Boca Health & Fitness, LLC in bays A, B and C. The class A warehouse and flex property features ample parking, 18-foot ceilings, glass front facades and overhead drive-in shipping doors.
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Environment site assessment is a report that’s for real estate holdings that identified an existing or potential contamination liabilities. This analysis is also called an ESA and it addresses the underlying condition of the land and the improvements of the property. There’s also many different phases that can be done.
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Berger Commercial Realty President Lloyd Berger and Senior Vice President Joe Byrnes represented Austin Forman and William Murphy ofLauderdale Marketplace Investments, LLC in the $27 million sale of Lauderdale Marketplace to Meir Benzakenof Exclusive Management and Properties, Inc. (EMPI).
The transaction closed on May 26.
The 265,000-square-foot retail property sits on a 30-acre lot at the southeast corner of Oakland Park Boulevard and North State Road 7 in Lauderdale Lakes.
In addition to closing the sale, Berger Commercial Realty also was retained by EMPI to manage and lease the property.
Current tenants include Broward Health, YouFit Health Club, Davita Dialysis, Papa John’s, the Broward Sheriff’s Office, the Department of Veteran Affairs, and the Department of Highway Safety and Motor Vehicles.
“Joe and I have represented Lauderdale Marketplace since the late 1990s,” Lloyd Berger said. “The property is located at the center of the densest population in Broward County and receives some of the highest traffic counts in the region. EMPI plans to capitalize on the property’s credit tenants and enhance the property over the coming months. This is a great long term opportunity for EMPI and we are excited to be retained for leasing and property management.”
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