Tag Archive for: berger commercial realty

Community Foundation Of Broward Acquires Downtown Fort Lauderdale Property

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Community Foundation of Broward has acquired the three-story office building at 200 North Andrews Avenue in downtown Fort Lauderdale for $5.7 million, securing a permanent home for the organization and a hub for philanthropy and collaboration.

The 23,656-square-foot property is located a short walk from the Broward County Government Center. The Foundation plans a renovation of the building to accommodate its offices, including retrofitting the building to meet current hurricane-resistance standards, which will begin in 2027, with move-in planned for early 2028.

Steve Hyatt, Senior Vice President with Berger Commercial Realty, represented Community Foundation of Broward in the acquisition. The seller, Curtis T. Bell Trust, was represented by Gary Glusman and Harry Chakalson of NEG Realty.

“This acquisition represents an important long-term investment for both the Community Foundation of Broward and downtown Fort Lauderdale,” said Hyatt. “The Foundation has had an extraordinary impact throughout Broward County, and 200 North Andrews gives it a permanent home where it can continue bringing people together, supporting local organizations and strengthening the community for years to come.”

Founded in 1984, Community Foundation of Broward has provided more than $250 million in grants throughout Broward County. The purchase of 200 North Andrews Avenue will not impact the Foundation’s annual grantmaking, thanks to the generous support of the Frederick A. DeLuca Foundation. The move will place the organization in the heart of downtown Fort Lauderdale as significant public investment and redevelopment continues in the surrounding area.

The transaction also holds personal significance for Steve Hyatt and his wife Paige, who have been longtime supporters and are former board members of the Community Foundation of Broward. In recognition of that longstanding relationship and the Foundation’s work in the community, Hyatt and Berger Commercial Realty represented the Foundation on a pro bono basis for this acquisition.

The sale closed September 11.

Berger Commercial Realty Facilitates Sale Of Fort Lauderdale HQ Office Building To Lennox Industries, Inc.

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Berger Commercial Realty, a leader in South Florida commercial real estate services, is proud to announce the successful $16 million sale of Health Network One, a 29,890-square-foot corporate headquarters building situated on 2.68 acres at 2201 South Andrews Avenue in Fort Lauderdale.

2001 South Andrews Avenue_Photo Provided by Berger Commercial Realty

Senior Vice President Steve Hyatt of Berger Commercial Realty represented the seller, Dino Properties, LLC, in the transaction. The buyer, Lennox Industries, Inc. (NYSE: LII), a global leader in energy-efficient climate control solutions, was represented by Christopher Dubberly, Michael Meaden, Seth Ramey, and Jacob Sanchez of CBRE’s Fort Lauderdale and Dallas offices.

Lennox plans to establish its southern region corporate headquarters and training center at the property, consolidating multiple offices into a single, centralized location. The company was drawn to the site’s turnkey, fully furnished condition, proximity to Fort Lauderdale-Hollywood International Airport, and access to major transportation routes and hospitality options, signaling a strategic commitment to South Florida.

“This sale represents a win-win for both parties,” said Hyatt. “We’re proud to have represented Dino Properties from their initial acquisition of this property through its transformation into a highly desirable corporate headquarters building, and now its sale to a world-class company like Lennox. “We expected the highest offer to come from a developer, but Dino’s exceptional work on the building made it highly appealing to an end user, providing a move-in-ready situation for the buyer and a quick deal for the seller.”

Originally constructed in 1949 and completely gut-renovated in 2014 into a modern, tech-inspired office space, the building stands as a prime example of adaptive reuse development in Fort Lauderdale. Previously a distribution center for Hughes Supply Company, the property was reimagined by Dino Properties with a forward-thinking design that attracted multiple offers from developers before Lennox’s acquisition.

The sale underscores the ongoing gentrification and redevelopment of the South Andrews Avenue corridor, an area once dominated by industrial and service businesses that is now experiencing rapid growth with new multifamily, retail, and hotel projects underway.

Berger Commercial Realty’s Keith Graves, Lawrence Oxenberg Negotiate 10,500 SF Office Lease Deal

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Berger Commercial Realty/Corfac International Senior Vice President Keith R. Graves, CCIM, SIOR and Vice President Lawrence Oxenberg negotiated a 10,488-square-foot office lease on behalf of the landlord, 900 SE 3rd Ave., L.P.

Bowman Consulting Group, Ltd., an engineering services company, will occupy the space at 900 SE 3rd Ave in Fort Lauderdale, relocating from its offices at 910 SE 17th St. in Fort Lauderdale. Brady Titcomb with JLL represented Bowman Consulting in the lease negotiation.

The 2000-built, 3-story boutique/professional office building, which totals 46,816 square feet, is located immediately next door to the new U.S. Federal Courthouse currently under development and within immediate proximity to the Broward County Courthouse, offering great access to SR 84/I-595, U.S. 1 and other governmental offices. The building is undergoing extensive renovation.

 

Berger Commercial Realty’s Steve Hyatt, Brian Batchelder Negotiate Sale Of Pompano Beach Office Building For $12,750,000

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Berger Commercial Realty/Corfac International Senior Vice President Stephen Hyatt and Vice President Brian Batchelder represented the Seller, Federal Tower, Inc., in the sale of Federal Tower, located at 1600 South Federal Highway in Pompano Beach.

Buyer Vera Fund, LLC paid $12,750,000 for the 68,711-square-foot office building, equating to nearly $186 per square foot. The buyer was represented by Nick Polyushkin, CEO and Founder of Vera Realty.

The transaction closed January 24.

Built in 1976, the iconic blue glass building is a highly prominent, 11-story Class B office building situated on 2.3 acres, with a strong history of high occupancy with long term tenants. It is located on the southern border of Pompano Beach and northern border of Fort Lauderdale within close proximity to two major hospitals – Imperial  Point Hospital and Holy Cross Medical  Center – and to upscale residential neighborhoods of Bay Colony and Imperial Point.

The Buyer plans to renovate the building and attract additional medical and small office tenants. There is also potential for long term redevelopment of the entire site.

“Well-located office buildings with a larger percentage of medical-related tenants continue to be a favorite asset class,” explained Hyatt.  “For obvious reasons,  medical real estate has not been impacted by the post Covid- work-from-home trend that has negatively affected other office assets.”

This is the third property that Hyatt and Batchelder have sold on behalf of this client.

 

Berger Commercial Realty/CORFAC International Attains Full Occupancy Milestone For Prominent 183,000-SF Office Building Portfolio

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Berger Commercial Realty/Corfac International brokers Vice President Brian Batchelder and Senior Vice President Joseph P. Byrnes have successfully concluded a lease agreement on behalf of Woolbright Properties & Investments, LLC and Congress Properties & Investments, LLC, resulting in 100% occupancy of the three-building, four-story Class B office portfolio in Boynton Beach.

The finalization of the 3-year lease agreement with Nurse One Home Health, LLC stands as a pivotal moment, leaving the entire three-building portfolio with zero vacancy. This accomplishment underscores the portfolio’s status as highly desirable to medical and office tenants.

In a market where CoStar data signals a current 15.6% vacancy rate, their success stands out as a testament to their strategic leasing efforts and market knowledge. This is particularly significant considering the challenging market conditions, highlighting their ability to outperform and excel.

“The office projects are strategically located in the central business district of Boynton Beach, facilitating the attraction of tenants from the West Palm Beach and Boca Raton submarkets. Through dedicated effort and perseverance, we successfully achieved full occupancy for both buildings”, said Batchelder.

2240 w woolbright-boynton beach_photo courtesy of Berger Commercial Realty

2240 W Woolbright

1901-1903 s congress ave-boynton beach_photo courtesy of Berger Commercial Realty

The highlighted office buildings include a 77,000-square-foot structure located at 2240 W Woolbright Road, established in 1985, and two adjacent buildings at 1901 and 1903 South Congress Avenue, constructed in 1983 and 1985, respectively, with a combined space of 106,000 square feet.

Positioned strategically in close proximity to major transportation arteries such as US-1, I-95, and Florida’s Turnpike, these coveted office spaces offer unparalleled convenience to tenants. Moreover, the prime location facilitates easy access to a diverse range of amenities, including various restaurants, banking facilities, and multiple shopping centers.

 

CBRE, Berger Arrange Two New Fort Lauderdale Office Leases Totaling 16,000 SF

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CBRE has arranged two new office leases at Cypress Corporate Center in Fort Lauderdale totaling over 16,000 square feet.

Morgan Fidelity Associates, a national insurance brokerage company, signed a lease for 9,906 sq. ft., and Control Point Associates, a national land surveying and consulting firm, signed a lease for 6,166 sq. ft. They will be occupying spaces on the fifth floor in the first half of 2024. Both leases are relocations for the respective companies.

CBRE’s Gordon Messinger, Joe Freitas, and Max Pawk represented Cypress Corporate Center ownership, HS Capital, in each of the transactions. Both Morgan Fidelity Associates and Control Point Associates were represented by Michael Feuerman and Daniel Silver with Berger Commercial Realty.

Cypress Corporate Center is a six-story office building located at 1901 W. Cypress Creek Road. HS Capital recently acquired the building and has completed renovations, which include updates to the lobby, restrooms, common areas, building exterior, and landscaping. Additionally, there is a new tenant lounge, conferencing facility, and a micro-market open for breakfast and lunch options.

“HS Capital’s enhancements to Cypress Corporate Center have made it one of the most desirable buildings in the submarket with high visibility, the best parking ratio in submarket, and a deep talent pool,” said CBRE Executive Vice President Gordon Messinger.

According to a recent CBRE report, Class A office space in Fort Lauderdale’s Cypress Creek submarket has a direct vacancy rate of 14.1%, the second lowest rate in the region.