5301 North Powerline Road
Powerline Road, a limited liability company, has paid $1.5 million for a 23,911-square-foot flex building in Fort Lauderdale, in a short sale brokered by CBRE. “It is encouraging to see suppliers related to the housing/construction industry back in the market,” said Harry Tangalakis, senior vice president with CBRE, which represented Frenzel Enterprises, the owner and occupant. [more]
Fort Lauderdale's Riverbend Building
The Center for Allied Health & Nursing Education has signed a 17,225-square-foot lease at the Riverbend Building in Fort Lauderdale, according to Cushman & Wakefield. The tenant, which is part of New Jersey-based education services company SSS Education, signed a seven year lease. It was represented by Cushman’s Caroline Fleischer. Flagler Real Estate Services’ Molly McDonough represented the landlord, TrueNorth. The property is located at 2307 West Broward Boulevard. “This was an atypical transaction — not your typical ‘cookie cutter’ deal,” Fleischer said. “With existing locations in Tampa and Jacksonville, Allied wanted to ensure its success in a new market, requesting the flexibility of a short-term lease.” — Alexander Britell
Fort Lauderdale’s resale condominium sales activity fell 46 percent in the first quarter, while the median sales price rose 23 percent in the first quarter, according to a report from Condo Vultures. Activity in the downtown Fort Lauderdale and beach market totaled 130 resales in the first three months of the year, compared to almost 240 in the same period last year. [more]
Foreclosures in the Miami-Fort Lauderdale-Boynton Beach metropolitan area rose 37 percent in the first quarter compared to the same quarter in 2011, part of an upward trend that could dim recent gains in Miami’s residential pricing. There were a total of 25,883 properties with foreclosure filings in the first three months of this year, the second-highest total in the nation. [more]
Fresh Market in Fort Lauderdale
The Fresh Market in Fort Lauderdale has been sold for $6.82 million, according to Marcus & Millichap, which represented the seller, a developer, in the transaction. The sale of the 19,1760-square-foot property represented an average price of $356 per square foot. “This newly-developed, state-of-the-art facility is located in an affluent area of South Florida,” said Lior Regenstreif, a vice president investments and senior director at Marcus & Millichap’s Net Leased Properties Group. [more]
FAU in Fort Lauderdale
Boca Raton-based Florida Atlantic University is shuttering its downtown Fort Lauderdale campus, the South Florida Business Journal reported. The downtown campus, which teaches courses in architecture and design, will close by June 2013 in a cost-cutting move aimed at saving just under $2 million. The school will also be shutting down a campus in Port St. Lucie this year. Last year, the school opened a new $70 million football stadium on its Boca Raton campus. [SFBJ]
Improved hiring and reduced construction of new space should mean a downward trend for Fort Lauderdale’s office vacancy rate, according to a report from Marcus & Millichap. Vacancy in the area is projected to fall by 80 basis points to 19.3 percent this year, after a 60-basis-point drop in 2011. Rents are expected to rise by 1.2 percent his year, up to $25.78 per square foot. [more]
A home for sale in Fort Lauderdale
Miami and Fort Lauderdale are both among the most-searched-for cities by those looking to buy homes nationwide, the Miami Herald reported. Numbers from Realtor.com showed that Fort Lauderdale ranked 17th, and Miami ranked 18th. Another Florida metro area, Tampa-St. Petersburg-Clearwater, was ranked fifth. That comes in line with data reported earlier this year by Trulia, which showed Florida as having seven of the top 10 metro areas in terms of online demand. [Miami Herald]
Data firm Peak 10, which is based in Charlotte, has expanded its existing Fort Lauderdale facility by 11,000 square feet, according to the South Florida Business Journal. The company now has a total of 66,000 square feet in its portfolio in the area. “Our growth has dictated additional expansion,” said regional vice president Stefan Pittinger. “The South Florida IT community has really embraced us and just raw demand has created the need to expand in South Florida.” [SFBJ]
Barry Wolfe
Marcus & Millichap has named Barry Wolfe the senior director of the firm’s National Retail Group in Fort Lauderdale, according to Bill Rose, national director of the retail group. Wolfe, who joined Marcus & Millichap in 2001, has closed 195 transactions with a value close to $500 million. Wolfe was previously a vice president for investments based in the Fort Lauderdale office. Prior to joining Marcus & Millichap, he was an attorney for almost 10 years. — Alexander Britell
