In the absolute gross lease, utility costs are included in the rent. In the absolute net lease, utility costs are not included in the rent. The modified gross or net lease falls somewhere in between because the landlord can pass through utility costs as part of the [cam 00:00:19]. Always review your lease to learn how utility costs will be considered.
A commercial property manager provides a multitude of services, everything from providing a budget for the property, to maintaining a property, to being the liaison between the tenants and the landlord, also overseeing the maintenance and services provided to a property
The purpose of a letter of intent is to outline the basic terms of the transaction before the parties enter into a formal agreement. Letter of intents, for the most part, are nonbinding agreements and can be used for sales and lease transactions.
“As is where is” is the same as “as is.” What you see and what you don’t see is what you get. In other words, you’re getting the property or space as it is today the day you sign the deal. In this day and age you can be an informed consumer and research the property or space yourself. You can also hire the proper professionals to help you with your investigation of the space or the property you’re interested in. This way with all your research in hand you can make an informed decision, and as is doesn’t have to be so scary.
First thing you’ll see when you get a package from Berger Commercial Realty is a narrative of the property. What that will do is it will tell you what’s happening at the property. The financial data that you’ll also receive will tell you how your property is performing, but the nuts and bolts are really going to be in the narratives presented by the property manager. Along with the narrative you’ll get a balance sheet, an income statement, you’ll have a rent roll, you’ll get your receivable reports, payable reports, you’ll get bank reconciliations, and we’ll also give you a general ledger so you can actually be able to see every single transaction that occurs.
FORT LAUDERDALE, Fla.– Berger Commercial Realty, a full service commercial real estate firm based in South Florida, recently hired Edward Berkheimer as vice president of property management.
With more than 35 years of experience, Berkheimer joins the firm from KTR Capital Partners / KTR Management Services, LLC, where he served as vice president of property management for nearly 10 years and supervised the company’s South Florida commercial real estate portfolio, which consisted of more than four million square-feet of space.
Prior to KTR, Berkheimer served as senior property manager at GVA Advantis from 2005 to 2006, where he managed a one million square-foot commercial business campus and handled a $57 million annual budget. He also operated as branch manager of United Rental Highway Technologies from 2003 to 2005 and was responsible for overseeing an $8 million annual budget for public roadway installations.
“It is not often that someone with Ed’s experience and skillset becomes available,” said Berger Commercial Realty President Lloyd Berger. “We are excited about the level of professionalism he will bring and welcome him to our property management team.”
Vanilla box is a term used to describe a space with a cement floor, ready-to-paint walls, working electrical outlets, lighting, plumbing, finished ceiling, heating, and air conditioning. What it doesn’t include is internal partitions.
Berger Commercial Realty Closes Sale of Land Parcel Located 100 Yards North of Broward Health Medical Center for More Than $600,000April 29th, 2016
The property is slated for redevelopment into a 5,000-square-foot office building
FORT LAUDERDALE, Fla. – Senior Vice President Steve Hyatt of Berger Commercial Realty recently represented Martha Hutchinson in the $682,813 sale of a 14,375-square-foot land parcel with commercial and residential zoning. The property was purchased by 1311 S.E. 3, LLC.
Located at 1311 S.E. 3rd Ave. within approximately 100 yards of Broward Health Medical Center in Fort Lauderdale, the property consists of a 1,842-square-foot single family home situated on .33 acres of land. It was used as a residence for the past 50 years.
“The buyer liked the property due to its proximity to 17th Street Causeway and US-1 within southeast Fort Lauderdale,” Hyatt said. “With 115 feet of frontage along S.E. 3rd Avenue, this lot is an excellent redevelopment opportunity. The buyer intends to construct a 5,000-square-foot office building to own and occupy.”
Over the past two years, Berger Commercial Realty has brokered nearly $50 million in property transactions along the 17th Street Causeway corridor, including Insite Development’s recent $7.8 million purchase of a 32,000-square-foot office building at 910 S.E. 17th Street and Alliance Residential Company’s $22.1 million purchase of the former Ocean World marine park, which is being developed into Broadstone Harbor Beach, a 394-unit luxury apartment building. Hyatt represented Insite and Alliance in both transactions.
Joseph Byrnes answers the question: If I am buying commercial real property, do I need an environmental site assessment?April 27th, 2016
Whereas environmental site assessment is not requirement of a purchase of commercial real estate, it’s a great idea to have one. Also if you get a loan for that, your bank is going to require you to have an environmental site assessment.