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Ron Osborne Recognized As Sperry Commercial Global Affiliates Top Producer For 3rd Consecutive Year And Top Producing Office For The First Time

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Ron Osborne, Managing Director/Broker of SperryCGA | RJ Realty, has been recognized as a Top Producer at Sperry Commercial Global Affiliates for the third consecutive year.

Each year, the firm bestows this esteemed accolade upon the top 10 brokers who achieve the highest grossing volume.

“Over each of these years, I have consistently elevated my production levels, culminating in being honored as the 2nd highest producer in 2023,” commented Osborne. “This remarkable accomplishment is largely a result of the unwavering trust my clients have placed in my abilities, along with the invaluable support from my colleagues, family, friends, mentors, and influential figures in the business community. As I settle in to 2024, I am confident that with that continued support, I will be reach my ongoing aspiration of attaining the coveted position of Top Producer.”

The firm, RJ Realty, was also recognized as a Top Producing Office in the Sperry network of 60+ offices.  Mr. Osborne the Managing Director/Broker, attributes the honor to the hard work of his team.

The team is laser focused on clients’ needs and helping them achieve their goals. Most of RJ Realty’s clients have worked with Mr. Osborne for years and consider him and his team part of their advisory team.  The RJ Realty team always puts the client’s needs first, from assisting them in financing a new acquisition, to helping them determine the right time to exit a property.  Ron always advises his clients not to just buy for a return on the investment, but to also place location as just as important – sometimes even more than the current cap rate.

 

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Sperry Commercial Global Affiliates | RJ Realty’s Ron Osborne Closes Two Property Sales Totaling $7.55 Million

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Ron Osborne, Managing Director/Broker of SperryCGA | RJ Realty, negotiated the sales of two properties – an office property and a boat/auto dealership – totaling $7,550,000

The first transaction included the sale of the 911 Building (pictured above), a 25,000-square-foot office building located at 911 E Atlantic Blvd in Pompano Beach. The property was in contract numerous times with potential owner/users and investors, but the ultimate buyer was JSA 911 POMPANO LLC, a group affiliated with Architect Yuri Gurfel who is well known for his multifamily projects in Pompano Beach. The new owners’ 2–3-year plan is to build approximately 60 multifamily units on the site. JSA 911 POMPANO LLC paid $3.6 million for the property. The seller, 911 Atlantic LLC, or an affiliated company held a short-term 50% mortgage. The transaction closed March 30.

1771 S State Road 7The second transactions included the sale of 1771 S State Road 7 in Ft. Lauderdale, a closed boat/auto dealership, for $3,950,000, marking a 38% gain in less than two years. The property last sold in June 2021 for $2.65 million to 1771 HOLDINGS LLC, which Osborne also negotiated. The seller never moved into the building due to internal issues. Osborne sourced a buyer at full asking price within days of putting the property on the market, going under contract with ELEVATOR CONSTRUCTORS LOCAL 71 HOLDING CO INC and closing in under 45 days. The transaction closed March 24. The buyer was represented by Gus Bergamini of The Keyes Company.

Ronald Osborne-SperryCGA RJ Realty“The market is a shifting from a Seller’s market to a market-in-equilibrium and depending on future interest rate increases, it could shift to a Buyer’s market,” commented Osborne. “Demand is high for all asset classes and certain property types that are harder to locate and in demand and are trading quickly at top values like the 1771 S State Road 7 property.”

Osborne also commented that properties that have loans coming due in the next 12 to 18 months will have a harder time refinancing as interest rates have increased dramatically since March of 2022 and lenders are being more conservative with higher debt coverage ratios and lower loan-to-value ratios.

“Many property owners do not have the required funds to pay down their loans and will need to consider all options including selling,” explained Osborne. “It is better to sell now than later if this becomes a Buyers’ market as it did during the savings and loan crises or the last recession from 2007 to 2009. The properties values will adjust accordingly.”

 

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

Ridge Plaza Tire & Auto Center

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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Ron Osborne Negotiates Sale Of Deerfield Industrial Property For $176 PSF

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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