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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. 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.

Michael Rauch and Tom Robertson, principals of  CRE Rauch, Lupo, Robertson & Co. have facilitated the sale of 1280-1288 SW 29th Avenue in Pompano Beach, Florida.

The ±42,897 square foot USDA facility was sold to Murvest Fine Foods, a purveyor of meat and specially food products in Ft. Lauderdale, for $3,075,000.

Murvest acquired the facility to continue its next phase of expansion. The facility contains over ±32,000 SF of food processing space including freezers, coolers, cooking and dry storage areas plus approximately ±10,000 SF of air conditioned warehouse. The building was built in1984 and was Boston Market’s main south Florida commissary during the 1990’s. The acquisition by Murvest took over a year to complete.

The acquisition by Murvest took over a year to complete. “We are very pleased to have finally acquired the property, originally one of the most well designed USDA plants in south Florida,” said John Murphy, Murvest’s owner. “While there is much work yet to be done we are confident the facility will serve our needs well”, he said.

“The industrial market is certainly improving even for specialized buildings such as this one and both buyer and seller representation assignments are increasing for CRE”, stated Rauch. Robertson added, “We worked long and hard to complete this transaction and a lot of credit should be given to the buyer and seller for completing a difficult sale.”

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.