Lease rates for commercial properties are generally quoted on an annual per square foot basis. If you’d like to find the monthly rent for that, you take the annual per square foot rate, times it by the total square footage for the space that you’re going to be leasing, and then you divide that by 12. That will give you your monthly rent.
The new owner of a former auto repair facility in Allapattah plans to repurpose the property into an Indian clothing boutique.
The Two J’s sold the auto repair property at 2050, 2036 and 2030 Northwest 23rd Street to Vinamrata Mehta, according to a press release. The three buildings were built in 1956 and total 14,771 square feet of retail space, which means the sale breaks down to about $95 a foot for the buildings and $48 per foot for the 28,988-square-foot plot.
Berger Commercial Realty Senior Vice President Joe Byrnes and Senior Sales Associate Jonathan Thiel recently represented the seller of the Power Brake Exchange. Two J’s paid only $215,000 for the properties in 1985, records show.
Berger had the site on the market for $1.7 million. And the buyer owns other properties in Allapattah, Thiel told The Real Deal.
The corner lot was being rented out to a Miami pirate tours company.
“It’s rare to find an available corner lot in Miami’s Allapattah warehouse district, which is located just northwest of downtown Miami and about five miles east of Miami International Airport,” Thiel said in the release. “The property’s versatility also makes it unique. It can accommodate tenants in automotive, marine or retail industries thanks to its ample parking, tall ceilings and convenient access to major roads and waterways.”
Investors like Michael Simkins and the Rubell family have targeted the industrious neighborhood in recent years.
McKenzie Construction and Craft recently redeveloped a large, 1938 warehouse into its current design and craft office, facility and showroom. Simkins bought the building in March from investor/developer Alex Karakhanian.
At a recent commercial and industrial real estate presentation on Allapattah, Kohn Commercial Real Estate’s Ronald Kohn said the price for a warehouse has jumped from $50 a foot in 2013 to $120 per square foot now. The burgeoning neighborhood, he said, is hiding in plain sight.
A percentage rent is negotiated at the time of the lease. What it does is the tenant reports their sales every month to the landlord, once a certain base amount is reached, then the landlord then gets a percentage of the rest of the sales over and above that base amount. It actually works as an incentive to both the landlord in driving more tenants to the property and maintaining the property, and it helps the tenant by perhaps negotiating a lower base rent amount for them to get into the property.
You should check the zoning on a property before signing a lease or before buying a building to make sure that your use is permissible in that zoning. In order to check the zoning you can contact either the city or county building department or zoning department and they should be able to give you the answer.
Berger Commercial Realty brokers recently represented Seagis Property Group and Prologis in securing four lease extensions totaling 76,070 square feet of space in Broward County.
Fort Lauderdale Commerce Center
Senior Vice President Keith Graves represented Seagis in extending a lease for 58,820 square feet of flex space to GA Telesis Composite Repair Group, LLC at the Fort Lauderdale Commerce Center, located at 3420 N.W. 53rd Street.
Now one of the world’s largest commercial aerospace firms, GA Telesis has more than tripled in size since its first lease of 15,920 square-feet of space in 2012. Headquartered in Fort Lauderdale,GA Telesis has more than $1 billion in assets currently under management in the United States, Canada, the United Kingdom, Finland and China.
The 76,000-square-foot Fort Lauderdale Commerce Center, which is 100 percent occupied, features dock-high loading, 24-foot ceilings, a large truck court, and a fenced yard area. The business park, situated just north of Commercial Boulevard between I-95 and Florida’s Turnpike, offers convenient access to Fort Lauderdale Executive Airport, Port Everglades and Fort Lauderdale-Hollywood International Airport.
Along with Broker Associate Greg Milopoulos, Graves also represented Prologis in extending a lease for 8,400 square-feet of flex space to General Parts Distribution, LLC 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.
Prologis, a S&P 500 organization and global leader in industrial real estate development and management, retained Berger Commercial Realty to lease the property in 2013.
Palm Crossing Central
Additionally, Graves represented Seagis in extending a lease for 6,150 square-feet of flex space to Mainsail Housing of Miami, LLC at Palm Crossing Central, located at 5371 N.W. 33rd Avenue in Fort Lauderdale. Palm Crossing Central is currently 91 percent leased.
The 71,411-square-foot business complex offers ample parking, grade-level overhead doors, flexible floorplans for office or warehouse space, convenient access to I-95 and Florida’s Turnpike, and close proximity to Fort Lauderdale Executive Airport, hotels, restaurants and banking.
Palm Crossing North
Graves also represented Seagis in extending a lease for 2,700 square-feet of flex space to US Wood Flooring, Inc. at Palm Crossing North, located at 3540 N.W. 56th Street in Fort Lauderdale.
The 58,422-square-foot campus-style Palm Crossing North features 18-foot ceilings, ample parking, a landscaped park setting, dock-high loading, and convenient access to I-95 and Florida’s Turnpike. The property is currently 95 percent leased.
There are a couple of different types of prepaid rent. Typically when we have a new tenant we’ll ask for first and last month’s rent. That last month’s rent is a prepaid rent, in essence. In addition, on a month-to-month basis, if somebody pays their rent prior to the first of a month, technically on a balance sheet that’s considered prepaid rent.
I think a letter of intent is a very good idea to use. It sets forth a road map for when you get ahead to putting together a contract, purchase and sale agreement, and so I would say that’s a great idea.
Gina Yehuda answers: What type of inspections should be completed during a due diligence period when buying a commercial property?July 14th, 2016
During the due diligence and inspection period, I would highly recommend performing a property condition report, environmental assessment, physical inspections, investigating the zoning and allowable uses of the property, land and improvement surveys, analyze lease documents and perhaps various physical inspections such as roof, mechanical, electrical and plumbing inspections.
A holdover tenant is a tenant that continues to occupy the space after the lease has expired. They can continue to stay as long as they’re making their rent payments; however, they might want to check their lease because in most cases the landlord has the right to charge double the rent for a holdover tenant. If the landlord will not accept the rent payments, or if the tenant does not make any payments, then the tenant can be evicted.
Tim Hackett answers: Does a property manager make recommendations as to what repairs or improvements I need for my commercial property?July 7th, 2016
A property manager’s job would be to oversee the property which would include any services, repairs, any deferred maintenance that needs to be done.