Chops & Hops-702-706 NE 1 Ave. -Ft Lauderdale 800x533

Ron Osborne, Managing Director/Broker of SperryCGA | RJ Realty, represented The Strachman Family in the purchase of a 8,864-square-foot retail property located at 702-706 NE 1 Ave. in Ft. Lauderdale, Florida.

The deal closed September 12.

The buyer, Judith Strachman Rev. Living Trust, purchased the property from Barkan Investments for $4,250,000

The property is currently occupied by Chops & Hops Axe Throwing Lodge, a one-of-a-kind bar that pairs the ultra-fun activity of axe throwing with world-class cocktails and live music, Ft. Liquordale Entertainment, and Crossed Keys Society, a quirky, feel-good tattoo studio and creative space.

Judith Strachman Rev. Living Trust purchased the property to complete the exchange of the sale of the Boulevard Center, a retail plaza located at 1504-1538 E Commercial Blvd. in Oakland Park, Florida, earlier this year. Osborne represented Judith Strachman Rev. Living Trust in that transaction. After an extensive search for a single tenant, NNN leased property that would offer a strong return, the trust elected to purchase the subject property which has two tenants, Chops & Hops and Ft. Liquordale, on the main floor and Crossed Keys Society on the second floor.

“With the current rents lower than what we believe market rents could be, this property has nowhere to go but increase in value,” commented Osborne. “We looked at several STNL properties over the last 4 months and could not find one in the south Florida market that would offer a reasonable return and future upside.”

The Buyer was interested in the property due to its location within Flagler Village in Ft. Lauderdale. With the redevelopment of the old SearsTown property only a short distance from the subject property’s location, the Buyer believes that the area is only going to increase in value over time.

“We had no problem obtaining financing for the property thru Locality Bank and both the Buyer and lender agree that the location is one of the hottest markets in Ft. Lauderdale,” added Osborne.

Osborne has represented The Strachman Family as trust advisor over the last 20+ years and, in the last 5 years, helped in repositioning its portfolio of management-intense multi-tenant retail properties. The family is repositioning its portfolio for the future.

The property was listed by Native Realty.

 

8301 NW 7 Ave. Miami 800x533

Ron Osborne, Managing Director/Broker of SperryCGA | RJ Realty, has completed 3 major transactions within the automotive real estate sector.

After working through a variety of property and title issues for more than a year, The Taverna Collection, an entity managed by GianMarco Taverna, purchased the Ted Vernon Specialty Automobiles location at 8301 NW 7 Ave. in Miami (pictured above) from TAM Investment Properties, LLC, Both the dealership and property were owned and operated by Ted Vernon. The properties consist of approximately 38,961 square feet of buildings and a total of 3.53 acres of land. The transaction closed at $6,500,000. Xavier Cossard PA assisted in the sale. In a separate transaction. Ted Vernon Specialty Automobiles will be relocating to Greater Orlando in the near future and the purchase will complete its 1031 exchange. This subsequent transaction, which was facilitated by SperryCGA/Flint Brokers, an affiliate office, closed on August 2.

The second transaction involved the sale/leaseback of 500 N. State Road 7 in Plantation. The property sold for $1.7 million. The seller, 500 Ventures, LLC, sold the property and a related company, Car Net Auto Sales, Inc. The tenant leased the property back for 5 years on a triple net basis. The combined value of the transaction was approximately $2.4 million. Osborne stated that the location being situated on a hard-lighted corner along with having legal conforming zoning for auto sales drove the value. The transaction marks the third transaction Osborne has completed with the same buyer, GCDC 3, LLC, for automotive properties in the South Florida area.

The third transaction was the leasing of 770 N. State Road 7, an auto repair facility located in Plantation, owned by GCDC 2, LLC. The lease is a true triple net lease transaction with an approximate lease value of $650,000 for the 5-year term. Osborne supervised the renovations of the property after it was purchased back in December 2021 for $1,450,000.

770 N. State Road 7 Plantation-After Renovation

Osborne believes strongly that any automotive property in a prime location with legal conforming zoning and an active dealer and repair license will only increase in long term value. He has multiple clients that are always looking for automotive related properties in prime location in the tri-county area.

 

2100 South Andrews Avenue 800x533

Ron Osborne, Managing Director/Broker of Sperry CGA | RJ Realty, negotiated the sale of a vacant, single tenant office building at 2100 S. Andrews Ave. in Fort Lauderdale, Florida.

The deal closed April 18.

2100 S. Andrews Ave is a free-standing office building consisting of 5,200 square feet on 17,000 square feet of land with 21 parking spaces.  It is situated on the SE corner of Andrews Ave and SE 21 St., ideally located minutes from the courthouses, Broward General Hospital, Port Everglades and Fort Lauderdale-Hollywood International Airport.

The property was listed at $2,800,000 and was purchased for $2,500,000 or $480 per square foot.  The buyer will eventually relocate some of his staff to the building from its corporate offices in Port Everglades, however, they initially intend to lease it out for 5 years.

“This is the second building purchase I negotiated for the buyer, who is affiliated with Port Consolidated for this purpose,” commented Osborne. “The buyer leased the first building in a long-term lease.”

Osborne will be offering this location for lease with a minimum of a 5-year term at $30.00 NNN.

Osborne went on to state that finding well-located, small-user office buildings with onsite parking in the greater downtown Ft. Lauderdale area is a challenge.

“We are still working with buyers looking for office, retail and industrial properties with long term upside potential,” he added.

The Seller, RFH 2100 LLC, was represented by Brian Batchelder of Berger Commercial Realty.

 

Boulevard Center 800x533

Ron Osborne, Managing Director/Broker of Sperry CGA | RJ Realty, negotiated the sale of a retail plaza located at 1504-1538 E Commercial Blvd in Oakland Park.

The deal closed March 14.

Boulevard Center is a retail strip center consisting of 5 buildings developed in the 1960s and early 1970s totaling 21,510 square feet situated on a 80,111-square-foot lot with 435 feet of frontage on East Commercial Blvd.

The property was listed at $4,950,000 and within days, multiple full price offers were received – some over list price.  The property closed within 0.5% of list price and a sub 5% capitalization rate.

“Even after the property went non-contingent and buyers were told that the property was sold, we had numerous buyers wanting to put up a backup contract,” explained Osborne.  “We are still working with those buyers looking for retail properties with long term upside.”

Bahr Investments, represented by Jonathan De LaRosa with Marcus and Millichap, purchased the asset.

Osborne added, “This trade illustrates the continued, frenzied demand for small retail properties throughout Broward County Florida.  The lack of well-located retail properties for sale throughout South Florida has driven the price points higher and the return investor will to accept lower.”

 

 

Top 5 Broker Award 800x425

Irvine, CA-based Sperry Commercial Global Affiliates announced its Sales Recognition Awards for 2021 on January 25th.

Ron Osborne of Sperry Commercial Global Affiliates / RJ Realty was recognized as a Top 5 Producer within the network.

Osborne specializes in representing Seller’s of Office, Retail, Industrial and Automotive Properties in South Florida.  He also will represent Buyers on an exclusive basis.

Currently, he has a 25,000-square-foot office building and a 21,000-square-foot retail plaza available for sale.

770 n state road 7 1000x600

Ron Osborne, Managing Director/Broker of Sperry CGA-RJ Realty, negotiated the sale of an auto repair facility located at 770 N State Road 7 in Plantation, Florida.

Osborne represented both sides of the transaction, including seller, DOXATO LLC, and Buyer, GCDC 2 LLC, in the transaction. Osborne sourced the buyer from Argentina, an entity he had previously worked with.

The property consists of a 17,000-square-foot site with a 4,408 square foot fully functional auto repair facility with 3 overhead doors with room for 7- 8 lifts. The property was formally used as a transmission shop.

The deal closed December 29, 2021.

The total transaction has a value of $1,509,000, or $342 per square foot, which includes the real estate and chattel mortgage on the equipment.

“The Seller approached a neighboring property owner and offered him the property, who is a current client,” explained Osborne. “Knowing that I am the Automotive Property specialist in the area, he referred the owner to me. Our biggest challenge in the sale was tenant’s right of first refusal on the lease, however it was written that the tenant had to match the offer exactly.  Since our Buyer presented an all-cash offer with proof of funds for the purchase price and a very large deposit, that stipulation became a non-issue.”

The deal represented Osborne’s sixth automotive transaction in Broward County in 2021, with all of the sales or leases transactions closing at the top of the market.

Sperry CGA-RJ Realty will be leasing and managing the property.

“The current tenant will be vacating sometime late January and we should be able to deliver the space first of March,” Osborne said.

Offering rent will be $28.00 NNN.

680 NE 42 St, Deerfield

Ron Osborne, Managing Director/Broker of SperryCGA/RJ Realty, negotiated the sale of an industrial property located at 680 NE 42 Street in Deerfield, Florida.

Osborne represented both sides of the transaction, including the Seller, DAMANI INVESTMENTS, LLC and Buyer, ACHIM INVESTMENT GROUP LLC.

The sale includes an 8,342-square-foot building situated on a 17,437-square-foot lot. The 1970-built building features nine 935-square-foot bays was 100% occupied at the time of the sale.

“We received multiple full-price offers from investors and owner/users and ultimately selected a pre-qualified owner/user and closed the deal in under 45 days from Contract,” commented Osborne. “There are multiple owner/users as well as investors looking for 5,000 to 75,000-square-foot facilities.”

Osborne helped obtain an SBA Loan with full approvals within one week of contract, marking the fourth SBA Loan closing in 2021 that he has assisted with. Osborne also helped the Seller complete his 1031 exchange in NC though the local SperryCGA Affiliate office.

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During the 2nd quarter, Ron Osborne, Broker/President of Sperry Commercial/RJ Realty, closed on 3 transactions valued at a total of $4,725,000.

Osborne represented the sellers in each of the deals, which include:

  • The Boat Center, a 12,500-square-foot, single-story retail building situated on 1.06 acres at 1771 S State Road 7 in Fort Lauderdale within the State Road 7 corridor. The property sold for $2,650,000. The buyer accepted the property in “AS IS” condition knowing it needed to have the roof replaced.
  • A car dealership located at 3297 W Oakland Park Blvd in Lauderdale Lakes, which sold for $1,200,000.$37.74 per square foot of land value or $814 per sq.ft. of building area. The sale includes a single-story, 1,473-square-foot retail building situated on 0.73 acres.
  • 510 Building, a 1,250-square-foot office building situated on 33,817 square feet of land, located at 510 S State Road 7 in Plantation, Florida, sold for $875,000. The buyer is buying as long term investment, and plans to redevelop the property in the future.

“The multiple offers we received exemplifies how tight our market is,” commented Osborne.  “There are plenty of buyers out there fighting for quality assets.”

 

Limousines of South Florida is extending its reach in Broward County by purchasing a car dealership in Lauderdale Lakes for $7 million.

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720 N State Road 7

Ron Osborne of RJ Realty completed another auto dealership transaction in the State Road 7 corridor in Plantation.

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