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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.

DACO Worldwide Marketing Corp., a wholesale building supplies distributor, has signed a 11,350 square foot, 3-year lease at Pembroke Commerce Center, located at 3866 Pembroke Road in Pembroke Park.

Michael Rauch and Tom Robertson, Senior Managing Partners with CRE Rauch Lupo Robertson, a CRE Florida Partners Company, negotiated the lease on behalf of the tenant.

This is the third location for the Jacksonville-based company.  Rauch was responsible for bringing the firm to Ft. Lauderdale in 2010.

“This was a tough requirement that required special outside storage, product staging areas and logistics proximity to the Port of Miami, Port Everglades and FTL International Airport. DACO is a regional credit tenant and is expanding in Florida and the Central American and Caribbean markets. We are their exclusive representative in the America’s region,” commented Rauch.

The Class A corporate industrial park, which is owned by landlord Pembroke Commerce Center II, is located 1/2 mile west of I-95 on Pembroke Road at SW 40th Avenue. In addition to easy access to I-95 from Pembroke Road, Hallandale Beach Boulevard and the Turnpike, this location benefits from its close proximity to both Miami and Ft. Lauderdale International Airports and Port Everglades.

Tom Robertson, Sr. Managing Partner of CRE Florida Partners LLC, added, “This assignment represents our commitment to serving our international commercial real estate clients and our expanding partnerships in Europe are a testament to this commitment.”

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.