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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.”

 

 

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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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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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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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, 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.

 

Ron Osborne, Broker/President of RJ Realty, has negotiated the sale of The Gardens Mall, located at 7041-7111 W. Commercial Blvd. in Tamarac, Florida.

7041 Commercial LLC, an entity managed by Benjamin J. Genet of Genet Property Group purchased the 48,000-square-foot property from the Saul Strachman Revocable Living Trust and the Judith Strachman Revocable Living Trust for $3,200,000.

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Ronald W. Osborne, Broker/President of RJ Realty, has negotiated the sale of 1955 S. State Road 7.

1955 S SR 7 LLC purchased the asset from 1955 S. State Road 7, LLC, a company affiliated with the ownership of Apple Auto Wholesalers of Florida, the used car dealership that operated on property.

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Ron Osborne of RJ Realty announced the sale of 601 N State Road 7 in Plantation. The property consists of a 9,000-square-foot auto showroom on 1.5 acres.

Osborne represented the seller, Mount Sinai Real Estate. The property sold for $3,150,000.

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