Tag Archive for: steve hyatt

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 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’s Steve Hyatt Negotiates Sale Of Fort Lauderdale Office Building For Company HQ

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Berger Commercial Realty/Corfac International Senior Vice President Stephen Hyatt represented the seller, Rawworld Enterprises LLC, in the sale of its office/retail property located at 2495 East Commercial Boulevard in Fort Lauderdale.

Tricoastal Construction LLC paid $2,250,000 for the asset. The high-end residential construction company plans to convert the former vegan restaurant and dance studio to its corporate offices.

“The property generated substantial activity due to its excellent condition and prime location,” explained Hyatt. “It sold and closed in less than 4 months.”

The 6,657-square-foot building, which features Class A finishes throughout, is situated on .23 acres with 100 feet of frontage on E Commercial Blvd.

This is the second property that Hyatt has sold for this owner in the past two years.

 

Cemex To Downsize, Relocate After $13.4M Office Sale In West Palm Beach

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Cement producer Cemex USA will downsize its office space after selling its building in West Palm Beach for $13.4 million.

The Mexico-based company sold the 65,760-square-foot office complex at 1501 Belvedere Road to District Pointe LLC, a joint venture between Index Investment Group and West Palm Beach-based Verdex Construction. The price equated to $204 per square foot.

Cemex affiliate Rinker Materials constructed the building on the 4.85-acre site just west of downtown in 1983. Cemex was the sole occupant.

According to Colliers International, Cemex is leaving the property in a few months. The company has less need for office space because more people are working virtually, so it will move to a smaller office nearby.

As for the buyers, they will rebrand the building District Pointe, completely renovate it, and reposition it into a multitenant building. Verdex Construction, one of the largest general contractors in South Florida, will occupy a full floor of the building.

Mark M. Rubin and Bastian Laggerbauer of Colliers International represented the buyers, while the sellers worked with Michael Feuerman, Steve Hyatt and Daniel Silver of Berger Commercial Realty.

 

Source:  SFBJ

Berger Commercial Realty Sells Cypress Creek Corporate Corridor Building

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The Cypress Creek Center, among the most desirable buildings in the popular Cypress Creek corporate corridor, was sold for $4.8 million on March 11.

Berger Commercial Realty/CORFAC Senior Vice President Steve Hyatt and Vice President Brian Batchelder represented the seller, Bright Angel, Inc.  Previously, Berger Commercial Realty represented the seller in the successful sale of a commercial warehouse property during 2019.

South Florida Innovative Office, LLC, the Cypress Creek Center buyer, intends to take over the building’s leasing and management, as well as renovate the common areas.  Built in 1997, the building was remodeled in 2018.

“This is South Florida Innovative Office’s first entry into the Broward office market and they’re looking to acquire more,” Hyatt said.  “The Cypress Creek Center has been well-maintained and provides a solid basis for a long-term, stable investment in an established market.”

With 38,707 square feet situated on 1.75 acres with industrial zoning, the three-story Class B building is located at 1000 N.W. 65th St. in Fort Lauderdale centrally between I-95 and Florida’s Turnpike.

 

Berger Commercial Realty Negotiates 5-Year Lease Deal At Tides At Bridgeside Square

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Berger Commercial Realty/Corfac International Senior Vice President Steve Hyatt and Sales Associate John Forman represented the landlord, Shula Spirit Investments, LLC in a 5-year, 2,485-square-foot lease deal at Tides At Bridgeside Square, located at 3020 NE 32 Avenue in Fort Lauderdale.

The tenant, 3033 Group, LLC, has leased the offices on behalf of its iconic entities, Shooter’s Restaurant and The Grateful Palate. The space will serve as management offices.

“Based on location and current space needs, this was an ideal situation for both very successful and locally owned restaurant groups,” commented Hyatt.

The Tides At Bridgeside Square is a professional Class A office building located in Central Fort Lauderdale at Oakland Park Boulevard and Florida State Road A1A, minutes from the ocean and intracoastal waterways. The 2001-built property features 24-hour security, impact windows and includes the option to use all of the residential amenities.