1031 exchange is not a tax avoidance, but rather a tax deferment. For example, if you have a property that you sell for $200,000 rather than paying the 20% tax rate, if that’s your tax rate you have to pay the $400,000. If you have a like property in mind, you can roll all $2,000,000 into other property and you’ll be able to keep your funds working for you. It gives you some extra leverage on the property.
Construction is scheduled to start in summer 2016; opening is slated for fall 2017
Commercial real estate firm awarded leasing and management assignment for the property
FORT LAUDERDALE, Fla. – Berger Commercial Realty announced it has been awarded the leasing and management assignment for a new seven-story, Class “A” office tower being developed in downtown Fort Lauderdale by Blackhawk Properties & Investments, LLC.
Located at 550 S. Andrews Ave., the new 70,000-square-foot building, which will have an attached parking garage, is slated to open in fall 2017. With a groundbreaking scheduled for summer 2016, this is the first new office building to be built south of the New River since 1989.
The property formerly housed the 32,500-square-foot Justice Building, which was purchased by Blackhawk in December 2013. The new development will be known as the 550 Building.
“The old building had a great location, but the site was underutilized,” said Lloyd Berger, founder and president of Berger Commercial Realty. “With its location next to the new 700,000-square-foot Broward County Judicial Complex, thousands of new multi-family units, and a proposed stop for the new Wave street car line, we expect that the new 550 Building will generate tremendous interest and will become one of the premier, sought-after buildings in this area for office and retail tenants alike.”
Developers of the 550 Building include Kate Murphy of Collins Capital Partners, Thomas McDonald of
Craven Thompson & Associates, and William Murphy of Douglas Management, who was part of the team that developed the current Broward County School Board building.
Designed by the award-winning architectural firm of Falkanger, Snyder, Martineau and Yates (FSMY), the building’s contemporary design will feature floor-to-ceiling impact glass, a dramatic, modern entranceway and lobby, and an urban-friendly retail and restaurant plaza on the ground floor with both indoor and outdoor café seating areas.
Commercial real estate veterans Steve Hyatt, Joseph Byrnes and Stephanie Bernota of Berger Commercial Realty are the exclusive leasing agents for office and retail space at the 550 Building.
It’s a double T beam its load bearing structure that resembles two T beams connecting to each other side by side. It creates a strong bond of the flange and it’s a structure that is capable of withstanding high wind loads while having a longer span.
Berger Commercial Realty services Dade, Broward and Palm Beach Counties. Although we are South Florida focused, we do handle properties throughout the State of Florida.
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.
St. George Guardabassi answers the question: What commercial property listing services will my property appear if I list with Berger Commercial RealtyMarch 29th, 2016
Unlike residential real estate, commercial real estate uses many different listing services. We use up to about 14 different listing services. The company pays about, nearly $100,000 a year. The two primary services that we use are CoStar and LoopNet. We also use Catalyst property search and a host of others. This is to maximize the exposure your properties will receive on the internet, and also help us to do research to understand the best place to market your property.
Gina Yehuda answers the question: What is an estoppel certificate and why is this necessary in the purchase of commercial real estate property?March 24th, 2016
An estoppel certificate is used in a real estate transaction. It’s a signed document establishing certain facts and confirming the terms of the lease which the signing party may not later dispute or recant.
Steve Hyatt answers the question “To get started in search for commercial space what do I need to provide to the commercial real estate broker?”March 21st, 2016
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.
By: Roxanna Collins
Over the course of my 30-year career, I can say with certainty that commercial real estate is one of the most dynamic industries in the world. Being a broker requires deft navigation and awareness of ever-changing market trends. Additionally, it’s important to have a solid understanding of how certain conditions will influence a deal, which vary from client to client.
So how do brokers answer the age-old question that determines the fate of an entire commercial real estate transaction – “should I buy or rent?”
Well, now is a great time to buy property instead of renting it. If you are a business owner looking for a place to “set up shop” for years to come, it is far more advantageous to purchase property and utilize its space for your business as opposed to renting from a landlord.
• Interest rates are low. If you mortgage a property, current interest rates are at four percent. If you’re renting, odds are that your landlord is seeking an eight percent return on his or her investment, passing along the costs (plus more!) to you. The landlord is an investor in their own property and needs to generate an income from it.
• Land prices are up, which results in higher rents. Lack of inventory makes what is currently available more expensive for renters.
• SBA loans with zero percent interest are available for small business owners to purchase property. Additionally, SBA loans offer 100 percent financing for qualified buyers, including financeable closing costs and financing for any improvement costs.
• Tax benefits on ownership include write-offs of mortgage interest, taxes, operating cost and closing costs plus depreciation. If you are renting, real estate taxes, insurance and common area maintenance fees are “expenses” for the landlord. These expenses are billed to you and controlled by the owner, who can get a tax deduction on them.
In the long run, it may cost you less to own a property rather than leasing it, and owning comes with the added benefit of an appreciating asset.
If you plan to stay in business for 10 or more years, it makes sense to invest in yourself and purchase property. In doing so, you’re not paying sales tax or upfront fees like first month’s rent, last month’s rent, and one month’s rent as a security deposit.
I once represented an individual who owned a business in the marine industry for more than 15 years. Because she planned on staying in business for another 15 years, I advised her to look into buying property rather than renting. She met with her lender and accountant and was able to purchase property for less money upfront than what it would have cost to renew her lease.
Examples of properties that might be more cost-effective to purchase than rent over time, which are also currently on the market, include:
Many people who rent space from a landlord continue to do so because they aren’t aware of the options or possibilities for owning property. Just by meeting with a lender and accountant, you can determine your eligibility and explore an avenue for ownership. If you are a business owner who is in it for the long haul, contact Berger Commercial Realty about how we can assist.
FORT LAUDERDALE, Fla. – Berger Commercial Realty, a full service commercial real estate firm based in South Florida, announced that Stephanie Bernota has joined the firm as a Sales Associate. She is a licensed real estate agent in the state of Florida who focuses on investment real estate.
Bernota is experienced in handling short sales, foreclosures and auctions and has closed more than 100 property transactions since 2013. She joins the firm from Stateland Brown Real Estate.
“Stephanie brings a unique perspective to the firm with her experience in brokering investment properties,” said Berger Commercial Realty President Lloyd Berger. “Additionally, she brings a proven track record of marketing properties to potential buyers and tenants.”