cash

Michael Rauch, Senior Managing Partner with CRE Florida Partners and Rauch | Robertson & Co., recently negotiated the sale of an industrial property located at 741 NE 42ndStreet in Oakland Park.

The property, which sold for $1,440,000, or $96 per square foot, is a free-standing industrial building with a 1-acre adjacent outside storage yard. The building features 22’ clear ceiling height and several grade level overhead doors.

“This acquisition represents the ‘up-leg’ purchase of an IRC1031 tax free exchange,” explained Rauch. “We are very pleased to have successfully represented this buyer in both the ‘down-leg’ sale and ‘up-leg’ purchase phases of this tax free exchange.”

Rauch represented the buyer in the transaction.

 

 

 

 

Michael Rauch and Tom Robertson, Senior Managing Partners with CRE Florida Partners, represented the owner, The General Electric Company (GE), in the sale of a laboratory/ manufacturing building located in Newport Center at 1121 W Newport Center Drive in Deerfield Beach.

The property sold for $3,000,000, equating to $128 per square foot on a 7% capitalization rate.

The 23,360-square-foot asset has been owned and operated by GE since 1998, when it developed the proprietary processes for manufacturing synthetic diamonds.

The tenant, Sandvik Inc., is a world leader in the development and production of synthetic diamond and cubic boron nitride products for industrial applications such as cutting, machining, oil and gas drilling, grinding, rock drilling and wire drawing. Sandvik is a publically-traded International company with over 47,000 employees worldwide.

Tom Robertson

Tom Robertson

“This is the third asset in South Florida that we have exclusively represented for GE,” commented Robertson. “Inventory is low and CRE Florida Partners is currently working with several buyers looking for similar properties in Broward and Palm Beach counties.”

 

Michael Rauch

Michael Rauch

“Identifying quality industrial/distribution investment properties in South Florida continues to be a challenge and we are continuously sourcing these properties for our clients,” added Rauch.

Tom Robertson & MIchael Rauch

Tom Robertson & MIchael Rauch

Tom Robertson and Michael Rauch, Senior Managing Partners with CRE Florida Partners, negotiated the sale of two industrial properties for a total of $2.6 million.

Robertson and Rauch represented the seller, 1311 NW 65th Place LLC, in the sale of an industrial property located at 1311-1309 NW 65th Place in Ft. Lauderdale. Built in 1982 on 1.01 acres, JMG 1994 LLC purchased the ±20,146-square-foot building for $2,000,000, or $100.00 per square foot. The building features heavy power and an AC warehouse with 4 dock high loading doors.

1101 S. Dixie Highway, Pompano Beach

1101 S. Dixie Highway, Pompano Beach

In a separate transaction, Michael Rauch represented the buyer and seller in the sale of an industrial property located at 1101 S. Dixie Highway in Pompano Beach. The buyer, Noebell Holdings, LLC, a fresh seafood distribution company, purchased the ±6,406 square-foot building for $600,000, or $93.66 per square foot, and has occupied the facility. The seller owned the property for over 10 years as an investment.

“Industrial distribution facilities are becoming harder to source and match our buyer’s needs to find available user/owner or investment industrial properties due to a shrinking inventory in South Florida’s market,” Robertson commented.

CRE Florida Partners is currently working with several buyers looking for 20,000 – 40,000 SF industrial buildings in Broward and Palm Beach County.

Michael Rauch

Michael Rauch

Michael Rauch, President and Managing Partner of CRE Florida Partners recently completed the sale of two freestanding office properties in Dania Beach. Both office properties located at 3201 Griffin Road.

Rauch originally sold the property to the ownership of Gulfstream International Airlines in 2005, which was used by the airline until 2010 as the company’s corporate headquarters. Gulfstream was sold in 2010 to Silver Airways. The owner of Gulfstream retained the buildings. Rauch was retained in 2012 to lease and stabilize the property for sale.

3201 Griffin Road-Dania Beach 2The asset was purchased by Miami-Dade investment group Salomon Investment Inc. as part of an IRC1031 exchange. Salomon purchased the ±30,379 SF office property for $3,120,000 or ±$103 per square foot on a ±6.5% capitalization rate. At the time of sale, the property was approximately 93% occupied.

“The sale of the Gulfstream International Airlines property represents the conclusion of several years of asset-repositioning for an investment sale,” commented Rauch. “The sales price also reflects a slow trend in strengthening office values in South Florida, which is badly needed and long overdue,” he added.

The deal closed March 31.  The buyer represented itself in the transaction.

Tom Robertson and Michael Rauch

Tom Robertson and Michael Rauch

Tom Robertson and Michael Rauch, Senior Managing Partners with CRE Florida Partners, represented History and Heraldry (H&H) in the sale of their industrial real estate facility located at 4001 NW 124th Avenue in Coral Springs.

Advanced Care Solutions, a supplier and distributor of medical supplies and equipment, purchased the ±24,258-square-foot Class A industrial asset for $2,900,000, or $120 PSF.

The 2005-built property features tilt wall construction, 24’ warehouse clear height, fully-sprinkled with dock and grade-loading doors, elevator served, and heavy power on 1.51 acres.

“Industrial distribution facilities in South Florida are becoming harder to source and this purchase represented a very good match for both Seller and Buyer,” commented Rauch.

“It’s a very vibrant time for warehouse properties to be sold in South Florida. The availability of well-located industrial buildings is dwindling daily,” added Robertson.

 

DACO Worldwide Marketing Corp. (DACO), a privately-held wholesale corporation and leader in supply chain logistics/distribution for construction materials to Central/South America and the Caribbean, has signed a 32,425-square-foot, 7-year lease at Davie Business Center-Building A, located at 3300 Davie Road in Davie, Florida.

Michael Rauch

Michael Rauch

Michael Rauch, Senior Managing Partner with CRE Florida Partners, negotiated the lease on behalf of DACO.

DACO will occupy the entire newly-completed distribution warehouse facility, which is owned and operated by Atlanta-based IDI.

The critical elements of the deal included a new ±4,500 SF office build-out as well as other amenities required in the loading dock area of the premises.

“Industrial distribution facilities in South Florida are becoming harder to source and matching our client’s needs to available product is no less difficult due to a shrinking inventory of industrial product in South Florida,” Mr. Rauch commented. “We are grateful to be able to successfully negotiate this critical lease to support DACO’s future growth.”

CBRE’s Larry Dinner represented the Landlord in the transaction.

Tom Robertson and Michael Rauch

Tom Robertson and Michael Rauch

Michael Rauch and Tom Robertson, Senior Managing Partners with CRE Florida Partners, closed over 603,110 square feet of office, industrial and land sale and lease transactions valued at $25,162,500 in 2015.

Noteworthy deals that CRE Florida Partners closed include:

  • Nashville, Tennessee-based Hospital Corporation of America (HCA) (NYSE: HCA), a for-profit operator of health care facilities and largest such operator in the world, leased 22,700 square feet in a new, state-of-the-art, medical buildings at Lake Whitney Medical and Professional Park, located at 291 NW Peacock Blvd. in Port St. Lucie West, within Lake Whitney Medical and Professional Campus. The deal closed in June 2015. Tom Robertson represented the landlord in the deal.
  • Brookdale Corp. (NYSE: BKD), which merged with “Nurse On Call,” provides home healthcare solutions through skilled nursing and rehabilitation, leased 11,351 square feet at Lake Whitney Medical and Professional Park, representing an expansion of its facilities. Brookdale Corp., with nearly 50,000 associates and more than 600 retirement communities, is the largest owner and operator of senior living communities throughout the United States. The deal closed in June 2015. Tom Robertson represented the landlord in the deal.
  • Sand & Steel Properties LLC purchased an industrial property located at 3411 SW 11th Street in Deerfield Beach, FL. for $1,840,000 or $86.94 per square foot. The 21,165-square-foot facility, which is situated on 1.3 acres, was built in 1987 and fronts on both 10th and 11th Street. Robertson, who represented the leasing interests for the property on behalf of the seller, 3411 Building LLC, since 2002, represented the seller in the transaction. The deal closed in October 2015.
  • Rauch and Robertson represented the seller in the sale of an industrial property located at 2150 NW 33rd Street in Pompano Beach, FL. The 1988-built, 15,656-square-foot facility, which is situated on 1.02 acres, is located within the Whispering Lakes Industrial Park near Sample Road and Powerline Road in Pompano. Allied Bingo Supplies of Florida, Inc. purchased the property from ACE Investment Holdings, LLC for $1,430,000, or $91.34 per square foot. The deal closed in December 2015.

“We anticipate this level of activity of lease and sale transactions to continue in 2016 within Broward and Palm Beach County markets – and certainly within the Pompano Beach area,” commented Rauch.

“As a result of the limited supply of investment product in the area and overpriced assets in Miami, Broward and Palm Beach continue to see steady demand and explosive growth and we expect it to outperform other markets across the U.S.,” added Robertson.

CRE Florida Partners is seeking leasing and investment sales professionals for its growing commercial real estate expansion in Dade, Broward and Palm Beach counties.

Multiple positions are available within these and other Florida markets that offer a unique ground floor career opportunity to work closely with the firms Founder’s Tom Robertson and Michael Rauch to move their vision for the CRE Florida Partners brand forward.

Commission and benefits are commensurate with experience. Florida Real Estate License and Commercial Real Estate experience a must! Only qualified candidates should apply.

Interested parties should send resumes to mail@crefloridapartners.com.

Links:  CRE Florida Partners 2015 Transactions and Subject Property Photos

Tom Robertson

Tom Robertson

Michael Rauch

Michael Rauch

Michael Rauch and Tom Robertson, Senior Managing Partners with CRE Rauch, Lupo, Robertson & Co. have facilitated the sale of two freestanding office/retail properties in Pompano Beach.

2300 E. Atlantic Blvd.

2300 E. Atlantic Blvd.

East Village 2300 LLC, an entity owned by RMA Real Estate Services purchased 2300 E. Atlantic Boulevard, a 9,705-square-foot office building situated on nearly half an acre, for $975,000.

2125 E. Atlantic Blvd.

2125 E. Atlantic Blvd.

2125 E. Atlantic Boulevard, previously owned and occupied by attorney Charlotte Burrie, was purchased by Adache Real Estate for $420,000, or nearly $125 per square foot. The 1961-built office building, which is situated on ±0.16 acres, totals 3,368 square feet.

Both properties front Atlantic Boulevard, east of Federal Highway.

“The 2125 property has been the Law Offices of Charlotte and Donald Burrie since 1973. Vice Mayor/Commissioner Burrie recently retired from her law practice,” Michael Rauch commented. “RMA acquired 2300 from a Canadian Holding Company and intends to reposition the property within the Atlantic Boulevard East CRA District,” he added.

Rauch and Robertson represented the sellers in both transactions.

Tom Robertson, Senior Managing Partner with CRE Rauch Lupo Robertson, CRE Florida Partners Company, recently completed the sale of an industrial property located at 3411 SW 11th Street in Deerfield Beach.

3411 SW 11th Street Deerfield BeachSand & Steel Properties LLC purchased the asset for $1,840,000 or $86.94 per square foot.

The 21,165-square-foot facility, which is situated on 1.3 acres, was built in 1987 and fronts on both 10th and 11th Street.

“The property’s close proximity to Sawgrass Expressway and I-95 via SW 10th Street certainly added tremendous value to the offering,” said Robertson. CRE Florida Partners is currently working with several buyers looking for 20,000 – 40,000 SF Industrial buildings in Broward and Palm Beach County.

Tom Robertson

Tom Robertson

Robertson, who represented the leasing interests for the property on behalf of the seller, 3411 Building LLC, since 2002, represented the seller in the transaction.

“This transaction is one of the best examples I’ve seen of the way our firm handles long term relationships with our clients. Tom managed this property through lease up and sale with skill and patience,” added CRE Rauch Lupo Robertson Senior Managing Partner Michael Rauch.

lake-whitney-professional-parkMiller Construction Company has launched construction of the 43,264- square-foot third phase of Lake Whitney Medical and Professional Campus in St. Lucie West for owner Willard Development.

Construction of two mirror-image office buildings at 291 and 293 N.W. Peacock Boulevard is underway within the 15-acre lakefront business campus. The two-story, reinforced concrete and structural steel buildings will each provide 21,632 square feet of space.

Completion is scheduled for December, according to Miller Construction Company Sr. Vice President Brian Sudduth.

Tom Robertson

Tom Robertson

Geared for healthcare and professional office uses, suites ranging from 1,133 square feet are available, with Tom Robertson, principal of CRE Florida Partners and Rauch, Lupo, Robertson & Co., handling the leasing.  Robertson has been representing the Lake Whitney property since 2006.

Lake Whitney Medical and Professional Campus’ first two phases are fully occupied by companies including WellMed, Kindred Health Care, Nurse on Call, Spine and Sport Rehab Institute, the Florida Department of Education and E/G of Florida Insurance and Risk Management. Hospital Corporation of America (HCA) has leased one of the two buildings currently under construction, for physician offices and medical specialty services.Geared for healthcare and professional office uses, suites ranging from 1,133 square feet are available, with Tom Robertson, principal of CRE Florida Partners and Rauch, Lupo, Robertson & Co., handling the leasing.  Robertson has been representing the Lake Whitney property since 2006.

Located in the heart of St. Lucie West’s retail, restaurant and entertainment district, the business campus offers direct access to and from St. Lucie West Boulevard, I-95 and Florida’s Turnpike. The site is close to Martin Health System’s Tradition Medical Center, Lawnwood Regional Medical Center and Heart Institute and St. Lucie Medical Center.

In June, Nashville, Tennessee-based Hospital Corporation of America (HCA), a for-profit operator of health care facilities and largest such operator in the world, and Brookdale Corp., which merged with “Nurse On Call,” which provides home healthcare solutions through skilled nursing and rehabilitation. announced leases at the new, state-of-the-art, medical buildings.

LakeWhitneyPhaseIII - Side ViewNashville, Tennessee-based Hospital Corporation of America (HCA) (NYSE: HCA), a for-profit operator of health care facilities and largest such operator in the world, announced that it has leased a new, state-of-the-art, medical buildings at Lake Whitney Medical and Professional Park, located at 291 NW Peacock Blvd. in Port St. Lucie West, within Lake Whitney Medical and Professional Campus.

The Campus is situated on over 15 lake-front acres in the heart of St. Lucie West’s retail, restaurant and entertainment district. The new location will help HCA service its clients in St. Lucie County. The 22,700-square-foot space will be split between primary care doctors and specialty services such as OB-GYN and cosmetic surgery.

Tom Robertson

Tom Robertson

Tom Robertson, principal of CRE Florida Partners and Rauch, Lupo, Robertson & Co., represented the landlord in the deal. J. Forbes, CCIM with Barron and Associates represented HCA.

Brookdale Corp. (NYSE: BKD), also leased 11,351 square feet at Lake Whitney Medical and Professional Park, representing an expansion of its facilities.  Brookdale Corp., which merged with “Nurse On Call,” provides home healthcare solutions through skilled nursing and rehabilitation.  Brookdale Corp., with nearly 50,000 associates and more than 600 retirement communities, is the largest owner and operator of senior living communities throughout the United States.

Robertson represented the landlord while Brian Lightle with LBR Inc. represented the tenant in the deal.

Robertson commented, “We see a trend of national companies returning to St. Lucie County, especially with the appeal of Lake Whitney Office/Medical Park in the St. Lucie West market.”

The 20-acre, 165,000-square-foot medical office campus offers ideal live/work amenities including superb highway access, retail amenities within walking distance and luxurious residential communities coupled with top quality office space.

LakeWhitneyMedical&ProfessionalOffices

The campus’ two newest buildings front Peacock Blvd and are just minutes from Exit #121 on I-95, near the NY Mets Training Facility. The two new buildings are currently under construction and should be operational in January 2016.

Michael Rauch, President of Rauch, Lupo Robertson & Co. and CRE Florida Partners commented, “These two new lease transactions represent a significant commitment for both HCA and Nurse on Call and clearly demonstrates the confidence that these and other companies are making in the medical industry in an improving local market.”

Robertson has been representing the Lake Whitney property since 2006.

Michael RauchThe Board of Directors of CRE Florida Partners and Rauch Lupo Robertson & Co. (“CRE”) have appointed Michael Rauch, a principal and Senior Partner of the firm, to the office of President.

Together with the firm’s Managing Partners including Tom Robertson in Boca Raton, CRE is structuring for growth as the commercial real estate market begins a recovery. The firm is seeking to hire leasing and investment sales professionals in Dade, Broward and Palm Beach counties in 2014.

“This is an exciting step forward for us and we plan to focus our attention on continuing to improve our service capability for our clients in 2014 and beyond under Michael’s leadership,” stated Robertson.

Currently with offices in Pompano Beach, Boca Raton, and St. Lucie West, CRE will expand in Florida through acquisition or new partnerships and will add key salaried and commissioned professionals in Dade, Broward and Palm Beach counties (and additional markets) this year.

Raucha veteran commercial broker and real estate trust manager with over 34 years of experience, brings a substantial amount of knowledge to the firms operations.

“We are growing and improving our core competencies in all areas of our business, but at a sustainable pace that will balance our ability to fund expansion from operations. Our associates and staff are the best in the business and the foundation of our success and we locate our offices within the MSA’s we serve and are never far from the clients we value and respect,” Rauch commented.