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 CausewayOctober 12th, 2015
$7.8 million deal brokered by Steve Hyatt of Berger Commercial Realty
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 ComplexOctober 5th, 2015
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 CountySeptember 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 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.
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.
Berger Commercial Realty Closes Three Lease Transactions Totaling More Than 19,000 Square-Feet at Merrill Industrial CenterSeptember 4th, 2015
Berger Commercial Realty brokers recently closed three lease transactions totaling 19,175 square-feet of warehouse space at Merrill Industrial Center in Fort Lauderdale.
Berger Commercial Realty Vice President Judy Dolan and Sales Associate Annette Rey Bishop represented Merrill Industrial Center, Inc. in the new lease of 8,142 square-feet of space to Paradies-Broward, LLC. Paradies-Broward will occupy units eight and nine in bay C at 3406 S.W. 26th Terrace.
Dolan also represented Merrill Industrial Center in the renewal of 6,962 square-feet of space to Random Source, Inc. at 3400 S.W. 26th Terrace. Random Source occupies units eight and nine in bay A, located just two blocks from Marina Mile.
Additionally, Dolan represented Merrill Industrial center in the renewal of 4,071 square-feet of space to Resort Marketing, Inc. at 3402 S.W. 26th Terrace. Resort Marketing occupies bay B-12.
Merrill Industrial Center offers convenient access to State Road 84, I-95, I-595, Florida’s Turnpike, Fort Lauderdale International Airport and Port Everglades. The property is located centrally between Palm Beach and Miami-Dade Counties.
For more information about leasing at Merrill Industrial Center, call 954-358-0900 or visit bergercommercial.com.
Berger Commercial Realty Broker Steve Hyatt Closes Sale of Broward Lakes Business Park Property for $600,000August 21st, 2015
FORT LAUDERDALE, Fla. (August 10, 2015) – Berger Commercial Realty brokers Judy Dolan and St. George Guardabassi recently facilitated the sale of a 3,440-square-foot free-standing office building located at 212 SE 8th S. in Fort Lauderdale. Dolan and Guardabassi represented Court Park, Inc. in the sale of the property for $960,000 to Jerome Koomen of New River Executive Center, LLC.
Koomen functions as managing partner and advertising director of JWK Media Group and plans to use the building as a workplace for the print and digital advertising sales firm, which focuses on the pharmaceutical, insurance and financial industries.
Located on a 14,000-square-foot lot within walking distance of the Broward County Court House, the property features onsite parking, two HVAC units, accordion storm shutters on windows and multiple offices in varying sizes and layouts. It is situated in central downtown Fort Lauderdale between Andrews Avenue and S.E. 3rd Avenue with convenient access to US1, State Road 84, S.E. 17th Street, Davie Boulevard and Broward Boulevard.
Berger Commercial Realty Closes Three New Leases at Deerfield Beach Enterprise Commerce Center Totaling More Than 55,000 Square FeetAugust 6th, 2015
FORT LAUDERDALE, Fla. (August 5, 2015) – Broker Associate Roxanna Collins of Berger Commercial Realty, a full service commercial real estate firm based in South Florida, recently closed three new leases totaling 55,855 square-feet of industrial space on behalf of landlord Mancini & Sons Florida. The transactions were for spaces within the Enterprise Commerce Center, located at 1901 Green Road in Deerfield Beach.
Collins successfully closed:
- the new lease of 26,925 square-feet to Farm Fresh Packers, LLC in bays A, B, and C;
- the new lease of 20,171 square-feet of space to USP Motorsports, Inc. in bays E and F;
- and the new lease of 8,759 square-feet of space to BDI-USA, Inc.
The 76,381-square-foot Enterprise Commerce Center includes industrial, warehouse, and flex space. The new leases bring the building to 88 percent occupancy.
The building features 24-foot ceilings, dock-level doors, tilt-wall concrete construction and a wrap-around glass front façade. It is located on the Wiles Road extension and is within minutes of major highways, shopping, and restaurants.
The building is a part of a portfolio consisting of 220,667 square-feet in Broward County that is managed and leased exclusively by Berger Commercial Realty. Collins currently oversees leasing for the portfolio. For more information about leasing at Enterprise Commerce Center, call (954)-358-0900.