Posts

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.”

 

 

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.