Yes, this is true because there’s many structural elements that make up a wall, both the interior and the exterior. Items like your utility lines, your electric lines, should all be taken into account when you’re thinking about doing such relocations. You should consult with your contractor or building architect prior to any demo work.
Greg Milopoulos answers: I told the broker that I just wanted to move a wall in the space. The broker said it wasn’t that easy. Why?October 25th, 2016
Berger Commercial Realty Senior Vice President Joseph Byrnes and Sales Associate John Forman represented Forman Industrial Land, LLC in leasing two acres of industrial land to SoFla Trucking, Inc. at East Rock Pit, located on Reese Road at the southwest corner of Florida’s Turnpike and I-595 in Davie.
East Rock Pit is part of a 25-acre lot that offers short and long-terms leases for land parcels that range in size from half of an acre to five acres. Featuring immediate access to Florida’s Turnpike, I-595, I-95, State Road 7 and other major highways, East Rock Pit can accommodate surplus parking, truck parking, equipment storage and more.
Headquartered in Pompano Beach, SoFla Trucking provides trucking services to the Midwest and East Coast of the United States. The company has been in operation since 2010.
Berger Commercial provides sophisticated third-party commercial real estate services for office, retail, industrial, and investment properties. We specialize in both tenant and landlord representation as well as receivership services.
A holdover tenant is a tenant who is in occupancy of their premises beyond their lease expiration date, and a lot of times if a holdover tenant is there, they may be subject to additional rent, a lot of times it’s 200% of what they were currently paying at the end of their lease.
Judy Dolan answers: Is it enough that my commercial real estate broker reviewed my lease for me? Do I need to have an attorney look at it?October 11th, 2016
Generally, commercial real estate brokers are no attorneys and not allowed to give legal advice. It is always a good idea to have your attorney review your lease to protect your interests. If you don’t want to use an attorney make sure that you read the lease completely, that understand what is required of you, and that you have negotiated what is in your best interest.
Fort Lauderdale officials will review three major development proposals for the first time Tuesday. The items will go before the Development Review Committee, although they will need city commission approval at a later date.
Up first, Riverbend Broward L.P. wants to build a 221,130-square-foot warehouse and a 130,700-square-foot commercial building at 2401 W. Broward Blvd. The company bought the 17.7-acre site just west of Interstate 95 out of foreclosure for $5.9 million in 2014.
Riverbend Broward is managed by Dev Motwani, the head of Merrimac Ventures. Motwani couldn’t immediately be reached for comment.
New office building could get parking garage
The new 550 Building office complex coming to downtown Fort Lauderdale could get a parking garage with retail to accompany it.
Blackhawk Properties and Investment previously secured approval to tear down the 32,500-square-foot Justice Building at 550 S. Andrews Ave. and replace it with a 70,000-square-foot office building. In June, the developer acquired the 17,883-square-foot site at 500 S. Andrews Ave. for $4.8 million to give it land for a parking garage. The proposal calls for 663 spaces and 14,000 square feet of ground floor retail.
Berger Commercial Realty’s Joe Byrnes, the broker for the 550 Building, said the developer saw the opportunity to acquire the land for the parking garage to provide spaces for the office building, the nearby courthouse and the public in general. He expects the retail space to attract small food operators, office services firms and perhaps medical providers.
Byrnes said the 550 Building is 25 percent pre-leased and should break ground before the end of 2016 at the same time as the parking garage. The project should be completed in the first quarter of 2018.
Aviation operator could expand
Sheltair Aviation could expand its facility at Fort Lauderdale Executive Airport.
The airport’s fixed-base operator wants to build a 204,807-square-foot complex with hangers, offices and light maintenance shops on land leased from the city at 1710 N.W. 62nd Ave. Officials with Sheltair couldn’t immediately be reached for comment.
The project would be called Sheltair Northside. On its website, Sheltair currently advertises the Westside project at Fort Lauderdale Executive Airport with 48,500 square feet of hangars and 7,500 square feet of office space.
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.
“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.”
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.
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 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.
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.
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.
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.
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.