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Berger Commercial Realty Secures 53,000 Square Feet For Pharmaceutical Logistics Company

March 27th, 2017

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Michael Feuerman, tenant representation specialist and Palm Beach County managing director for Berger Commercial Realty/CORFAC International, recently closed a lease for 53,139 square-feet of industrial space for a pharmaceutical logistics company in Boca Raton.

Feuerman represented WDSrx – Woodfield Distribution, LLC in leasing the space at 6500 Park of Commerce Blvd.

WDSrx provides pharmaceutical logistics services and operates from facilities in Boca Raton, Pompano Beach and Sugar Land, Texas. With this transaction, WDSrx established its second location in Boca Raton.

 

“WDSrx is occupying the warehouse portion of the building, which is located within the Park at Broken Sound between Clint Moore Road and Yamato Road in Boca,” Feuerman said.

 

The 83,000-square-foot, class-A building offers 24 feet of clear ceiling height, tilt-wall construction, grade-level and dock-high loading areas, and immediate access to I-95 via Yamato Road. It is owned by Exeter 6500-6500 Park of Commerce, LLC.

Berger Commercial Realty Secures 41,000 Square Feet In Lease Transactions

March 22nd, 2017

 

 

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Berger Commercial Realty/CORFAC International recently secured 40,764 square-feet in lease transactions of behalf of landlords across Broward County.

Harbor Walk

Senior Vice President Steve Hyatt represented Intervest Harbor Walk, LLC in leasing 9,396 square feet of office space to IFA United -I- Tech, Inc. at Harbor Walk, located at 1650 S.E. 17th Street in Fort Lauderdale. With the transaction, the building is 95 percent occupied.

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.

 

Medical Arts Complex

At the Medical Arts Complex, located at 4701 N. Federal Highway in Fort Lauderdale, Senior Sales Associate Jonathan Thiel represented 4811 Lyons Tech Pkwy, LLC in renewing a lease for 5,095 square-feet of medical space to Meli Orthopedic Centers of Excellence, LLC. The Medical Arts Complex is a 44,220-square-foot building located adjacent to Holy Cross Hospital in eastern Broward County. The building is 100 percent occupied.

 

Executive Airport Business Center

Senior Vice President Judy Dolan and Senior Sales Associate Jonathan Thiel represented TCPH Broward, LLC in leasing 3,754 square-feet of office space to Design Solutions International, Inc. at Executive Airport Business Center.

Located at 5101 N.W. 21st Ave. in Fort Lauderdale, Executive Airport Business Center consists of 73,289 square feet of single-story office space situated on a 6.09-acre lot. The two-building property was recently upgraded with fresh paint, a resealed parking lot and revitalized landscaping. Executive Airport Business Center is located directly across from Fort Lauderdale Executive Airport at N.W. 21st Ave. and Commercial Blvd., minutes from I-95 and Florida’s Turnpike.

 

Lauderdale Marketplace

At Lauderdale Marketplace, Senior Vice President Joseph Byrnesrepresented Marketplace Plaza, LLC in:

  • the new lease of 3,000 square feet of retail space to Spartan Shipping, Inc. at 3750 W. Oakland Park Blvd.;
  • the lease renewal of 2,400 square feet of retail space to Check Cashing Store, Inc. at 3692 W. Oakland Park Blvd.;
  • the lease renewal of 2,000 square feet of retail space to Highgate, LLC at 3700 W. Oakland Park Blvd.;
  • and the new lease of 1,407 square feet of retail space at 2902 N. State Road 7 and renewal of 1,400 square-feet of retail space at 2900 N. State Road 7 to Papa John’s USA, Inc.

Lauderdale Marketplace is a 265,000-square-foot retail property that sits on a 30-acre lot at the southeast corner of Oakland Park Boulevard and North State Road 7 in Lauderdale Lakes. In 2016, Byrnes and Berger Commercial Realty President Lloyd Berger facilitated the $27 million sale of Lauderdale Marketplace. In addition to closing the sale, Berger Commercial Realty was retained to manage and lease the property.

 

Lyons Tech IV

At Lyons Tech IV, located at 4811 to 4911 Lyons Technology Parkway in Coconut Creek, Senior Vice President Judy Dolan and Broker Associate Greg Milopoulos represented 4811 Lyons Tech Pkwy, LLC in:

  • the new lease of 3,124 square feet of industrial space to Precision Contracting Services;
  • the lease renewal of 1,562 square feet of industrial space to Advanced Data Cabling & Consulting, Inc.;
  • the lease renewal of 1,562 square feet of industrial space to Associated Hydraulics Systems, Inc.;
  • the lease renewal of 1,562 square feet of industrial space to Blue Ocean Tackle, Inc.;
  • the new lease of 1,562 square feet of industrial space to Premier Automobile Sales, Inc.;
  • and the new lease of 1,562 square feet of industrial space to Scooterbuz, LLC.

Lyons Tech IV consists of 99,968 square-feet of industrial and flex space situated on 7.69 acres just north of the Sawgrass Expressway at the Lyons Road exit. The property offers a class-A business park environment, hurricane impact glass, up to 18 feet of clear ceiling height, ample car and truck parking, and convenient access to I-95, Florida’s Turnpike and the Sawgrass Expressway.

 

Cypress Creek Tower

Senior Vice President Keith Graves and Senior Sales Associate Jonathan Thiel represented Cole International Investments, LLC in extending a lease for 1,378 square feet of space to Scott B. Babbitt, P.A. at Cypress Creek Tower, located at 800 W. Cypress Creek Road in Fort Lauderdale. Cypress Creek Tower is a 62,476-square-foot, class-A office building located just west of I-95 on Cypress Creek Road.

 

Tim Hackett answers: Who pays for tenant improvements?

March 14th, 2017

Typically, the landlord pays for tenant improvements as part of the negotiation of a lease. At times, the rate of a lease or perhaps free rent is given in lieu of paying for the tenant improvements.

Berger Commercial Realty’s Judy Dolan Inks 20,000 SF in Hollywood Lease Deals

March 14th, 2017

Berger Commercial Realty/CORFAC International Senior Vice President Judy Dolan recently secured 20,486 square-feet in lease transactions on behalf of landlords in Hollywood.

Sun Art Design Building

Dolan represented Sadi Properties, Inc. in leasing 11,000 square feet of industrial space to Prime Wood Decking & Floors, LLC at the Sun Art Design Building, located at 2800-2808 N. 29th Ave. in Hollywood. The 32,000-square-foot building is located just north of Sheridan Street and west of I-95 and offers 24 feet of clear ceiling height, ample parking, and close proximity to Fort Lauderdale / Hollywood International Airport and Port Everglades.

 

Hollywood Boulevard

Along Hollywood Blvd. in the heart of downtown Hollywood, Dolan also represented:

  • Jeffrey Baxt Trust & Danielle Baxt Trust in renewing a lease for 5,532 square-feet of retail space to Spice Resto-Lounge, Inc. at 1934 Hollywood Blvd.
  • 1936-1938 Hollywood, LLC in renewing a lease for 2,750 square feet of retail space to DES Investments Group, Inc. at 1936 Hollywood Blvd.
  • and Zahava Halpern Residuary Trust in renewing a lease for 1,204 square-feet of retail space to PRLEuro Café, Inc. at 1904 Hollywood Blvd.

The properties are located just west of Young Circle on the south side of Hollywood Boulevard within walking distance of a variety of local shops and restaurants.

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Berger Commercial Realty Secures 26,000 SF In Palm Beach County Lease Transactions

March 9th, 2017

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Berger Commercial Realty/CORFAC International  brokers recently closed 11 leases totaling 26,116 square-feet at five properties in Palm Beach County.

 

Delray Office Plaza

Senior Vice President Joseph Byrnes and Broker Associate Robert Dabrowski represented Atlantic Avenue Properties & Investments, LLC in the lease renewal and expansion of 5,034 square-feet of office space to B.I. Incorporated at Delray Office Plaza. Dabrowski also facilitated the lease renewal for 1,086 square-feet of office space to Forest Hill Injury Center, Inc. at the property.

Located at 4731 W. Atlantic Ave. in Delray Beach, Delray Office Plaza is a single-story, three-building office park featuring landscaped courtyards, round-the-clock access, private entrances and bathrooms in each suite, floor-to-ceiling glass, onsite management and convenient access to I-95 and Florida’s Turnpike.

 

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Woolbright Professional Building

Senior Vice President Joseph Byrnes and Broker Associate Robert Dabrowski represented Woolbright Properties & Investments, LLC in leasing 4,278 square-feet of office space to Bella Albertson, LLC and 1,671 square-feet of office space toTobias & Associates, Inc. at the Woolbright Professional Building, located at 2240 Woolbright Road in Boynton Beach. Additionally, Dabrowski facilitated the lease expansion for 398 square-feet of office space to First Class Nursing Registry.

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.

 

Woolbright Corporate Center I

Senior Vice President Joseph Byrnes and Broker Associate Robert Dabrowski represented Congress Properties & Investments, LLC in the lease renewal of 3,620 square feet of office space to Tetra Tech, Inc. at Woolbright Corporate Center. Additionally, Dabrowski leased 1,387 square-feet of office space to Payday Loan Resolution, LLC at the property.

Woolbright Corporate Center I is a 57,566-square-foot office building located at 1901 S. Congress Ave. in Boynton Beach. The property offers ample parking, professional onsite management and maintenance, signage opportunities and convenient access to I-95.

 

Gulfstream Professional Building

Senior Vice President Joseph Byrnes and Broker Associate Robert Dabrowski represented Upper Gulfstream Properties & Investments, LLC in the lease expansion for 2,975 square-feet of office space to Real Solutions Home Health Care, Inc. and the new lease for 2,490 square feet of office space to Cutting Edge Outlook, LLC at the Gulfstream Professional Building, located at 500 Gulfstream Blvd. in Delray Beach.

The 24,904-square-foot, two-story office building is situated on a 1.43-acre lot within minutes of Bethesda Hospital and Delray Beach’s historic downtown district. The Gulfstream Professional Building offers ample parking, round-the-clock access and onsite management. The building recently underwent renovations including the installation of a new roof and landscaping improvements.

 

Woolbright Corporate Center II

Broker Associate Robert Dabrowski represented Congress Properties & Investments, LLC in leasing 1,610 square feet of office space to Payday Payroll at Woolbright Corporate Center II, located 1903 S. Congress Ave. in Boynton Beach. Along with Senior Vice President Joseph Byrnes, Dabrowski also leased 1,567 square feet of office space to Global Maritek Systems, Inc. in the building.

Adjacent to Woolbright Corporate Center I, the 58,026-square-foot Woolbright Corporate Center II consists of four stories and features ample parking, onsite maintenance and convenient access to I-95.

Steve Hyatt answers: To get started in search for commercial space, what do I need to provide to the commercial real estate broker?

March 2nd, 2017

First of all I like to have a sit down meeting with the owner, face to face, in their place of business. That way you get an idea of the type of operation they run, the kind of square footage they have, the quality of the operation, and the location. Then you go through a needs assessment with that owner, and that way you have a face to face meeting, you’re able to quantify and help guide that guide that customer along in terms of his search for property, and really how the best you can help him as a broker.

Berger Commercial Realty Facilitates Purchase Of Riviera Beach Industrial Property

February 28th, 2017

Sales Associate Robert Dabrowski of Berger Commercial Realty/CORFAC International represented Stone & Equipment, Inc. in the $480,000 purchase of a 4,397-square-foot industrial warehouse from Donnini Management Company, LLC.

Located at 1821 W. 10th Street in Riviera Beach, the warehouse is situated in a gated industrial condominium complex consisting of 12 units with ample parking. Featuring a front office, up to 17 feet of clear ceiling height, three oversized bays and exterior storage, the warehouse will be used by Stone & Equipment as a showroom and distribution center for natural stone and flooring.

Stone & Equipment is a leading manufacturer, importer, distributor and wholesaler of marble, limestone, travertine and onyx. In addition to its new location in Riviera Beach, the company has distribution facilities in Miami, West Palm Beach and Spain.

Steve Hyatt answers: What is a finish-out allowance?

February 21st, 2017

A finish out allowance is also known as a tenant improvement allowance. In most leases it’s borne by the landlord and there’s very important things to factor in, whether it’s first generation shell space or whether it’s previously occupied and second generation space. Your finish out allowance is going to include doors, walls, lighting fixtures, HVAC distribution, sprinklers, carpet, paint, all of the above. It either comes in the form of a work letter or comes in the form of a dollar amount. That dollar amount is a negotiated price between the landlord and tenant.

As a tenant you want to make sure you have the largest tenant improvement allowance that is all-encompassing, so you can get the space built out at your discretion and what you want. That needs to be agreed upon up front. If you go over your tenant improvement allowance, that either comes out of your pocket as a cash payment before you start the lease, or it gets incorporated into your lease rate. The ideal situation is to up front clarify how the landlord is delivering the space and the amount of the tenant improvement’s allowance, and get a very strong comfort level that that tenant improvement allowance will cover the cost of the build out.

Steve Hyatt answers: What is rentable square feet?

February 16th, 2017

The rentable square feet is the actual space that the tenant pays rent on and what it is it’s made up of the actual usable space, which is the envelope of space that the tenant occupies, plus their pro-rata share of the common areas, the bathrooms, the corridors, the common lobby down the stairs. The way the rentable square footage is calculated is you take the usable space and you multiply it by a percentage, which is known as either add-on factor or load factor and a lot of times, depending on the building, it could be anywhere from 15 to 30%. In most buildings, tenants like to have it more efficient, which would be a lower percentage. They don’t want large lobbies that they don’t have really any use for, but they’re paying for. The more efficient a building is, obviously, the lower the percentage and the more bang for the buck the tenant gets.

Steve Hyatt answers: I’ve heard of Triple Net or NNN Leased Properties for sale. What type of investment is that?

February 9th, 2017

It’s typically a single tenant triple net lease, which means there’s very limited responsibilities of the landlord. If anything, maybe the landlord is going to take care of the roof and the structure, and the tenant pays everything else. Essentially, it’s like handing over the keys to the property to the particular tenant. Typically, the leases are 10 to 20 years with options. The tenants that go in are usually banks, fast food restaurants, retail chains, sometimes land leases. It’s a very conservative type of investment, very hands off for the owner to have as an investment.