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Berger Commercial Realty Facilitates Purchase Of 1.75 Acres For $3.6 Million

November 7th, 2016

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Berger Commercial Realty Senior Vice President Steve Hyatt represented Alco International Group, LLC, Driftwood Hospitality Management and Eurobuilding Hotels Group in the $3.6 million purchase of 1.75 acres of land at 350 E. State Road 84 in Fort Lauderdale from Sailorman Properties II, LLC, represented by Ryan Mueller of RJM Realty.

The transaction closed on October 20.

The site currently houses the Sailorman store, a retailer of marine gear and accessories. Sailorman is relocating the store to a nearby facility. The property is slated for hotel development.

In conjunction with Driftwood Hospitality Management, a provider of hotel operation services, and the Venezuelan Eurobuilding Hotels Group, which opened its first U.S. hotel with Alco International Group just north of Miami International Airport in 2013, Alco International Group will break ground on the project in 2017 with plans for completion in 2019.

Situated on the south side of State Road 84, just one block west of Federal Highway, the property is two miles from Fort Lauderdale / Hollywood International Airport and less than one mile from Port Everglades. With 366 feet of frontage on State Road 84, the property is visible to a traffic count of more than 50,000 vehicles per day.

 

“Alco International Group recognized the value of the property’s close proximity to Port Everglades and Fort Lauderdale / Hollywood International Airport, both of which are experiencing significant growth in domestic and international passenger travel,” Hyatt said. “It’s an ideal spot for a new hotel.”

 

The Sailorman site is the second property that Hyatt has sold to Alco International Group in recent years. In 2012, he brokered the $1.8 million sale of a waterfront site on the Intracoastal, which the company developed into Adagio on the Bay, a boutique-style condominium consisting of 12 luxury residences starting at $1.6 million each.

Following Adagio on the Bay’s completion in April 2015, Alco International Group broke ground on its next residential property, Adagio Fort Lauderdale Beach, a 31-unit luxury project on the Intracoastal Waterway with units ranging in price from $1.8 million to $4.7 million for penthouses. Adagio Fort Lauderdale Beach is slated for completion in 2019.

 

“Though this is Alco International Group’s third property in Fort Lauderdale, it’s our first hotel in the city,” said Alco International Group President Leonardo Coll. “Its location is what determined its fate. The site is a stone’s throw away from the airport, port, Fort Lauderdale beach, Marina Mile and downtown Fort Lauderdale, making it the perfect place to stay for all travelers, whether they are just passing through or staying for a week to explore the ‘Yachting Capital of the World.’”

Michael Feuerman answers: How can using a broker help me if I am looking for space to buy?

November 3rd, 2016

If you’re in the market to buy commercial property, having a broker is very important. A broker will serve several functions and bring you several advantages. First, they know the inventory in the market. They know what buildings are for sale. They know what buildings are off market, but might be for sale. You could approach them unofficially and make an offer. They know the quality of the building.

A broker will tell you if a building is good for your purposes, if the tenants in the building are good, if the construction is well done or not, if a building might be functionally obsolete, and another property might serve your purpose better.

A good broker will also tell you what the value is, what you ought to be paying for a property. They’ll run market comps. They’ll adjust those comps where necessary and tell you what a particular building is really worth and what you ought to pay.

A broker will then work with your lawyer, or with you directly and help you come up with contract terms before it goes to a lawyer and help you put everything into 1 document, 1 offer document, 1 contract document, make sure everything’s done to protect you.

Finally, and this is something most people don’t think of, a broker will help you think about your exit strategy before you buy. What are you going to do with this property in 3 years, 5 years, 10 years? How much should you expect to get for it? Will your mortgage be paid off at that time? Will you have a balloon, certain things that you won’t think of ahead of time, but it’s very important to go into a purchase with an exit strategy.

Berger Commercial Realty’s Roxanna Collins Reps Florida Iron Doors In 12,000 SF Lease Deal

November 3rd, 2016

Berger Commercial Realty Broker Associate Roxanna Collins represented Florida Iron Doors in leasing 12,349 square-feet of space from Ivy Quorum Property, LLC at the Quorum Business Park, located at 620 to 852 S. Military Trail in Deerfield Beach. A manufacturer and supplier of hurricane and impact resistant wrought iron doors, Florida Iron Doors relocated its facility in Pompano Beach and expanded by more than 6,000 square feet.

Additionally, Sales Associate Lawrence Oxenberg represented Noire the Nail Bar nail salon and spa in leasing 1,500 square feet of retail space from DDRAM Paraiso Plaza, LLC at Paraiso Plaza, located at 3300 W. 80th Street in Miami, and Palm Beach County Managing Director and Tenant Representation Specialist Michael Feuerman represented Guggenheim Securities, LLC in renewing its lease for 1,085 square feet of office space at One Financial Plaza, located at 100 S.E. 3rd Ave. in Fort Lauderdale.

Jonathan Thiel answers: How are commercial real estate brokers compensated?

November 1st, 2016

Commercial real estate brokers are compensated on a commission basis by the percentage of the transaction they complete. For example, a commercial real estate broker can sell a million dollar office building, and then make a percentage of that transaction. If it’s 3%, they would make $30,000 of that million dollar transaction.

Berger Commercial Realty Awarded Leasing Assignment For New Distribution Center

October 31st, 2016

Berger Commercial Realty was awarded the leasing assignment for Bergeron Family of Companies’ new Bergeron Distribution Center in Pembroke Pines.

Senior Vice President Keith Graves and Broker Associate Greg Milopoulos will serve as the exclusive leasing agents for the 170,373-square-foot, class-A distribution warehouse, which is scheduled for completion by the end of the second quarter of 2017.

Bergeron broke ground on the facility in mid-October.

Bergeron broke ground on the facility in mid-October.

“There is only so much industrial space available in Broward County,” Milopoulos said. “The Bergerons understand the need to jump ahead of the competition by building this facility on spec. When completed, the Bergeron Distribution Center will offer unparalleled commercial real estate opportunities as it can accommodate a spectrum of tenant needs including size, function, accessibility and more.”

The new development is situated on 9.1 acres at the southwest corner of Stirling Road and S.W. 196th Avenue within the existingBergeron Park of Commerce and Industry, a 300-acre, $137 million industrial park and development site. The Bergeron Park of Commerce and Industry offers convenient access to I-75, US-27, I-595 and Florida’s Turnpike, providing connectivity to South Florida’s major cities, airports, railways and seaports as well as Florida’s west coast. The Park will total approximately 2.2 million square-feet when fully built out.

Units at the Bergeron Distribution Center will start at 21,950 square-feet. The facility will feature 32-foot clear-height ceilings, clearstory windows, ample parking, a truck court, dock and ramp loading, and onsite trailer storage. The facility will consist of up to 15 percent office space.

Built-to-suit options, ranging in size from two to 60 acres within the Bergeron Park of Commerce and Industry, are also available.

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“The Park’s zoning of Light Industrial (M-1), General Industrial (M-3), and Limited Heavy Industrial (M-4) caters to a broad range of businesses,” Graves said. “The Park’s slogan, ‘For All Industries,’ points directly to the diversity of zoning that lies at the heart of the Park’s appeal to businesses of all kinds.”

 

The Bergeron Park of Commerce and Industry was originally conceived by Bergeron Family of Companies CEO ‘Alligator’ Ron Bergeron, Sr. more than 30 years ago. The Park has been maintained and expanded upon by Bergeron Family of Companies Executive Vice President Lonnie Bergeron and Bergeron Properties and Investment Corporation Vice President Frank Saia.

“Bergeron has a strong track record of development and this site definitely taps into the strengths of its home-grown roots,” Graves said. “As one of South Florida’s premier property owners and developers, they understand the importance of working with a brokerage firm that truly understands South Florida’s commercial real estate market, and we feel honored that they selected us to represent them on this important project.”

Distribution center breaks ground on west side of county

October 28th, 2016

Bergeron Properties & Investment Corp. has broken ground on a spec distribution center on the western side of Pembroke Pines.

Located on the 9.1-acre site at 19700 Stirling Road — just east of U.S. 27 — the Bergeron Distribution Center will total 170,373 square feet. This is the first phase of a $137 million business park that would total 2.2 million square feet.

U.S. 27 connects with Interstate 595 and Interstate 75 so it can be used to access Port Everglades and two international airports, in addition to Southwest Florida.

The local developer hired Berger Commercial Realty’s Keith Graves and Greg Milopoulos to handle the leasing and secure the first tenants for the project.

“There is only so much industrial space available in Broward County,” Milopoulos said. “The Bergerons understand the need to jump ahead of the competition by building this facility on spec. When completed, the Bergeron Distribution Center will offer unparalleled commercial real estate opportunities as it can accommodate a spectrum of tenant needs including size, function, accessibility and more.”

The asking rent is $6.75 per square foot, said Frank Saia, Bergeron’s VP of real estate. After the company finishes clearing the site, it will tap Itasca Construction to build the project. It should be ready in the second quarter of 2017.

The building will have 32-foot ceiling heights so operators can stack goods higher than a typical warehouse plus a truck court and loading docks. Spaces can be as small as 21,950 square feet. The building can have 15 percent office space.

The Bergeron family has developed in South Florida since 1965.

“Bergeron has a strong track record of development and this site definitely taps into the strengths of its home-grown roots,” Graves said. “As one of South Florida’s premier property owners and developers, they understand the importance of working with a brokerage firm that truly understands South Florida’s commercial real estate market.”

Developer of luxury condos plans to build hotel in Fort Lauderdale

October 27th, 2016

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A developer building luxury condos in Fort Lauderdale has purchased more land in the city — but this time for a hotel.

Through an investment firm, Grupo Alco paid $3.6 million for 1.75 acres at 350 E. State Road 84, just west of Federal Highway, 2 miles from Fort Lauderdale-Hollywood International Airport and less than a mile from Port Everglades.

“The location is very prominent,” said Leonardo Coll, president of Grupo Alco. “We think it’s perfect for a hotel.”

The 10-story hotel will have 150 to 160 rooms, Coll said. Groundbreaking is expected next year, with an opening planned in 2019, he said.

Grupo Alco is working on the project in a joint venture with Driftwood Hospitality Management and Eurobuilding Hotels Group.

The seller was Sailorman Properties II, which operates the Sailorman marine store on the property. Sailorman Properties bought the site for $425,000 in 2007, records show.

Steve Hyatt, a real estate agent for Berger Commercial Realty, said he’s working on a deal to move the store to another site nearby.

“Sailorman’s thinking was, land prices being what they are, it made sense to sell and relocate to a less-expensive location,” Hyatt said.

Grupo Alco broke ground last year on Adagio Fort Lauderdale Beach, a 31-unit condo at 435 Bayshore Drive. The units range in price from $1.8 million to $4.7 million. The building is expected to be complete in 2019.

The developer previously built Adagio on the Bay, a 12-unit condo with prices starting at $1.6 million. The site, at 1100 Seminole Drive, overlooks the Intracoastal Waterway and Hugh Taylor Birch State Park.

Adagio on the Bay was the firm’s first residential project in the United States. Coll said it has built more than 15,000 residential and hotel units, mostly in Panama and Venezuela.

His father started the firm in Venezuela in 1958. It’s now based in Fort Lauderdale.

John Forman answers: What is the difference between ceiling height and clear ceiling height?

October 27th, 2016

The difference between ceiling height and clear ceiling height is that the ceiling high as measured from the floor to the underside of the roof, and clear ceiling height is measured from the floor to the underside of the lowest hanging object on the ceiling, whether that be a light or a sprinkler or a beam.

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

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.

Berger Commercial Realty Negotiates Two-Acre Land Lease

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.