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Sperry Commercial Global Affiliates | RJ Realty’s Ron Osborne Reps Buyer In Purchase Of Davie Retail Building

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Ron Osborne, Managing Director/Broker of SperryCGA | RJ Realty, represented  GCDC4 LLC, a foreign investor, in the purchase of a 3,200-square-foot, free-standing retail building outparcel located at 9180 W. State Road 84 in Davie, Florida.

The buyer purchased the property from CR Ridge Plaza LLC for $2,400,000.00, representing a 6.2% cap rate.

The deal closed December 16.

The property is currently occupied by Metro By T-Mobile on a corporate lease with 4+ years remaining. Metro has occupied the property for 20 years.

The transaction marks the fifth in which Osborne has represented the investor in the last 12 months. They will continue to acquire prime real estate in which they find strong financial fundamentals. The last two transactions have shown the trend in adjusting capitalization rate increases as interest rates increase.

In October, Osborne represented GCDC LLC in the purchase of a 5,300-square-foot retail automotive repair facility in the same retail plaza. GCDC, LLC purchased the property from CR Ridge Plaza LLC for $2,967,9335, representing a 6.2% cap rate.

Ronald Osborne“We expect the rates to continue to increase over the next several months,” commented Osborne. “This will be in both single and multi-tenant properties. Properties that are not in prime locations will see even a greater increase in rates. We are in a shifting market from a seller’s market to a stabilized market. With the lack of liquidity, a cash buyer that does not need a loan will be able to move quickly and close on transactions at better returns than those seeking financing.”

 

“I also believe the additional cost of windstorm insurance here in South Florida will drive cap rates upward,” Osborne continued. “Buyers that pay cash or those that have a good relationship with their lenders that can waive the windstorm insurance requirement will be critical in the sale of property this coming year. We looked at several STNL properties over the last four months and could not find one in the South Florida market that would offer a reasonable return and future upside. This property offers both and the client hopes to purchase another property in the first Quarter of next year. They will be looking at both single and multi-tenant properties in 2023.”

The property was listed by Stan Johnson Company.

 

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Sperry Commercial Global Affiliates | RJ Realty’s Ron Osborne Reps Buyer In Purchase Of Ridge Plaza Auto & Tire Center

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Ron Osborne, Managing Director/Broker of SperryCGA | RJ Realty, represented the Buyer, GCDC LLC, a foreign Investor, in the purchase of a 5,300-square-foot retail automotive repair facility located at 9190 W. State Road 84 in Davie Florida.

The deal closed October 28.

GCDC, LLC purchased the property from CR Ridge Plaza LLC for $2,967,9335, representing a 6.2% cap rate.

The property is currently occupied by Ridge Plaza Auto & Tire Center. The operator has occupied the property for 38 years and has 8+ years remaining on the lease with an annual 2% rent increase.

This is the fourth transaction in which Mr. Osborne has represented this investor in the last 12 months and the first transaction in which the buyer secured financing. Osborne has a fifth purchase under contract and is scheduled to close before the end of the year on an all cash abasis with a cap rat of 6.2%.

Ronald Osborne“As a foreign investor without a US residence, it was extremely difficult to find a lender willing to make the loan even with 50% down,” explained Osborne. “Ultimately, we were able to obtain a first mortgage with the assistance of Manuel Huerta of Interamerican Bank.”

Osborne has represented GCDC, LLC for the last year and they are looking to acquire additional properties this coming year. Due to the higher cost of capital and the cost of Windstorm Insurance, they will be seeking higher returns.

“With the current cap rates lower than in other parts of the country, we believe market will see higher cap rates in the near future, especially here in South Florida, as interest rates increase and the additional cost of Windstorm Insurance,” Osborne added. “Buyers that can pay all cash or have a good relationship with the lender that will waive the windstorm insurance will be critical in the sale of property within the coming year. 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. This property offers both and we hope to purchase another property from the same group shortly.”

The property was listed by Stan Johnson Company.

 

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Sperry Commercial Global Affiliates | RJ Realty’s Ron Osborne Reps The Strachman Family In The Purchase Of Fort Lauderdale Retail Property

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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.

 

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Sperry CGA | RJ Realty’s Ron Osborne Negotiates Sale Of Oakland Park Retail Plaza

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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.”

 

 

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Extending Its Reach: Limousines of South Florida Picks Up Car Dealership In Lauderdale Lakes For $7M

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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Tennessee-Based Regional Car Dealership Inks 10-Year Lease Deal To Open First South Florida Location

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

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RJ Realty Tapped To Market Former Monarch Dodge Dealership

RJ Realty is pleased to announce that it has been selected to market for sale Haims Motors Lauderdale Lakes dealership.  The property is located at 2000 N. State Road 7.

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CRE Broker Ron Osborne Facilitates Sale Of Oakland Park Used Car Dealership

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Ron Osborne, Broker/President of RJ Realty, has negotiated the sale of a used car dealership located at 3000 W. Oakland Park Blvd. in Oakland Park.

Osborne represented the Seller, WHD Holdings LLC, an entity managed by David Rivera, in the transaction.

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Osborne Closes 2nd Sales Transaction For 2018

Ron Osborne, Broker of RJ Realty, is pleased to announce the second closing for 2018.  His client, 4770 MG Holdings LLC, purchased a single tenant building in Ft. Myers, FL.

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Ron Osborne Represents Seller In Sale Of Auto Dealership

Ron Osborne, President and Broker at RJ Realty, announced the sale of a used car lot located at 1080 NW 31 Avenue in unincorporated Broward County, across from the Swap Shop.

Osborne represented the Seller, E-Z Deal Inc., in the $920,000 purchase. The transaction closed on January 5.

This is the second transaction Osborne has closed with this Buyer, which is planning on converting the site to a high-end car wash facility.  The first transaction closed in June 2017.

Osborne, who has completed numerous car lot sales in the last 18 months, explained, “Due to the changes that many of the cities are marking in zoning has caused prices for car lots, and many similar uses, to increase geometrically provided the properties have the proper zoning.  Properties that have the correct uses are selling at a 10% -30% premium over properties that are grandfathered in for the use countywide.”

Osborne believes that this trend will continue as long as the use continues to be removed from the zoning codes along the major arteries.  Today, it is nearly impossible to find a used car lot along State Road 7 south of Sunrise for under $50 per square foot.

The property consists of a 1,970-square-foot auto showroom situated on a 23,000-square-foot lot.

The Buyer, 1080 NW 31 Ave, LLC, was represented by Erica Mizrahi of Keter Estates.

 

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