Posts

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

Tom Robertson

Michael Rauch

Michael Rauch

Michael Rauch and Tom Robertson, Senior Managing Partners with CRE Rauch, Lupo, Robertson & Co. recently completed the sale of an industrial property located at 2150 NW 33rd Street in Pompano Beach.

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.

2150_NW_33_Street - 2Allied Bingo Supplies of Florida, Inc. purchased the property from ACE Investment Holdings, LLC for $1,430,000, or $91.34 per square foot.

Rauch and Robertson represented ACE Investment Holdings in the transaction. After multiple offers, the acquisition took just over 45-days to complete.

“Our firm is currently working with several prospective buyers that are actively looking for industrial user properties between 15,000 and 25,000 square feet with dock or ground level loading,” commented Robertson. “This is an optimum time for an owner to consider selling.”

“The industrial market In Broward County has been tightening since 2013 as values and rents have increased steadily over this period,” added Rauch. “This tightening has made it more difficult for owner/users to find a suitable property and has been the primary reason for the increasing values.”

 

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.

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.

 

Two investment groups have purchased two buildings located at 715 SW 17th Avenue and 725 SW 16th Avenue in Delray Beach.

Tom Robertson

Tom Robertson

Tom Robertson and Michael Rauch, Senior Managing Partners with CRE Rauch, Lupo, Robertson & Co., a CRE Florida Partners Company, procured both investors for the buildings.

The buildings, with a combined vacancy of more than 20%, traded for $55-$66 PSF.

Michael Rauch

Michael Rauch

“This was a particularly challenging closing due to the REO status of the 715 SW 17th Ave. property. Fortunately we were able to navigate the requirements on behalf of the buyer, HRA Properties and CREIG Corporation, resulting in a successful trade,” commented Rauch.

The high profile building, 725 SW 16th Avenue, is located East of I-95 and North of Linton Boulevard at SW 16th Avenue. Both of the buildings required significant capital investment to bring them into a “ready to lease” condition.

Robertson added, “Both transactions are great examples of private investors seeking well-located, value-added opportunities with some vacancy to provide upside through lease-up.  Palm Beach County’s industrial vacancy rate is approaching 7%, down from 9% earlier this year, with net absorption of nearly 37,000 SF in the third quarter, creating an even greater desire for investment in the county and greater South Florida area.”

The owners of the properties, MF Associates East Delray, LLC (725 SW 16th St.) and CREIG Corp. (715 SW 17th Ave.) were also represented by Robertson.

CRE Rauch, Lupo, Robertson & Co. represented tenant Atlantic Pediatric Partners (APP) as well as the landlord, South Florida Business Ventures III (SFBVIII), in the site selection of a new state of the art medical facility in Lighthouse Point, Florida.

The ten-year lease was executed in August 2013 between APP, the parent company of South Florida Pediatric Partners (SFPP) and the landlord SFBV III.

APP is an eight-office regional pediatric medical practice throughout Florida.

4701 N. Federal Highway, Lighthouse PointThe search for a new home for APP began in the fourth quarter of 2012.  The process was lengthy due to very specific location requirements for the practice. The new facility, located at 4701 N. Federal Highway, in Lighthouse Point is approximately 4,600 SF and will be home for 4 of the 25 physicians in the practice. Occupancy is scheduled for December 1, 2013.

“Warren Izard, a principal with South Florida Business Ventures III, worked very closely with us and understood our needs for this specialty medical practice,” said Michael Rauch, Managing Partner at CRE Rauch, Lupo, Robertson & Co.

“While the process to understand and define APP’s needs was very detailed the group worked well together as a team,” commented Izard.

South Florida Business Ventures is a regional landlord and owns several office and medical investment buildings in South Florida.

 

 

Tom Robertson, Senior Managing Partner with CRE Rauch Lupo Robertson, a CRE Florida Partners company, recently closed on the sale of an industrial multi-tenant investment property located at 170 Commerce Road in

170 Commerce Road, Boynton Beach

Boynton Beach, FL to Highridge Properties LLC.

Although the purchase price has not been disclosed, the 20,352 square foot facility, which was built in 2001, was valued in 2012 at nearly $1.4 million.
“The property’s close proximity to I-95 via Gateway Blvd. certainly added tremendous value to the offering. This property in particular never had a vacancy for more than 60 days and the additional 150,000 square feet we represent for sale and lease within the highly-desirable Commerce Road corridor is no different,” said Robertson.Robertson represented the landlord, Commerce Road Realty Co., Ltd., in the transaction. He also handled the property leasing for the past several years.

“Industrial continues to draw significant interest, specifically well-located product with great access,” added CRE Rauch Lupo Robertson Senior Managing Partner Michael Rauch.

CRE Rauch Lupo Robertson, a CRE Florida Partners Company, has been appointed exclusive sales agent for 1432 E. Newport Center Drive, a 15,268-square-foot R&D office and warehouse building in Deerfield Beach, Florida.

The single-story facility is situated within Newport Center, a large, master-planned professional business park located 5 minutes from Interstate I-95, just south of SW 10th Street, with easy access to the Sawgrass Expressway.  The park features two hotels, a daycare center, and is home to many notable tenants including JPMorgan Chase, UM Sylvester, Quest Diagnostics, and Mapei Corporation.

The building, which was built in 1996, features 15,268 square feet of available R&D office and warehouse space, with 18’ clear ceiling heights.

“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,” said Tom Robertson, Senior Managing Director of CRE Rauch Lupo Robertson.

Michael Rauch, Senior Managing Director of CRE Florida Partners added, “With its location stand-by generator, 1,000 gallon propane tank and large-lighted monument signage, we’re confident the property will appeal to a broad base of buyers.”

The properties are being marketed by both Mr. Robertson and Mr. Rauch.

Robertson represented seller General Electric Superabrasives US Inc. in the sale of the 22,000 SF building located at 1111 W Newport Center Drive in 2010 and represented seller Stryker Medical Device Inc. in the sale of the 11,000 SF building located at 1425 E. Newport Center Drive in 2009.