The Real Deal Miami

Here’s what sold between $1M and $9M this week

Offices in Fort Lauderdale and apartments in Pembroke Pines
By Sean Stewart-Muniz | August 07, 2015 12:00PM

Commercial real estate sales focused on office space this past week, as several brokerages handled sales for multi-building office plazas, particularly in Fort Lauderdale.

Two office buildings in Fort Lauderdale sell for $7.3

The Trafalgar Office Plaza in Fort Lauderdale

An office complex in Fort Lauderdale was recently sold to an Illinois-based real estate company for $7.3 million.

The sale includes the Trafalgar Office Plaza at 5300 and 5310 Northwest 33rd Avenue. It’s the home of twin office buildings that total 97,983 square feet.

RMS Properties, represented by Keith Kidwell of Sperry Van Ness, bought the office to grow its South Florida portfolio.

In May, RMS also purchased the Avion Corporate Center at 2200 West Commercial Boulevard for $3.3 million. That property is a single-building office with 69,193 square feet of space.

Keith Kidwell of Sperry Van Ness

“[RMS] is preparing renovation plans for both properties and will be ramping up an aggressive leasing campaign with exceptional broker incentives,” Kidwell said in a statement.

RMS seemingly got a good deal on both properties. In 2005, Trafalgar sold for about $15 million, while Avion traded for roughly $11 million.

The seller for both properties was Texas-based C-III Asset Management, a special servicer that started managing the buildings on behalf of a lender after the buildings fell into foreclosure. The previous owner was the Jack & Ralpha J. Crouse Family Trust, based in Sacramento, California.

The Villas at Pembroke Pines

Pembroke Pines apartments fetch $3.18M

The Villas at Pembroke Pines, a 40-unit apartment complex, was just sold to a pair of local investors for $3.18 million.

The apartments are split into two locations: 6601 and 6661 Southwest 18th Street. A company titled Sunny Investments Fl III paid $1.59 million for each. The price breaks down $79,500 per unit.

From left: Adam Duncan, Joseph Thomas and Derek Soven of Marcus & Millichap

The seller, a revocable trust in the name of Donald A. Doyle, with Donald and his wife Diana as its trustees, had owned the land since 1971 when they paid $32,000 to acquire both of them. The apartments were erected in 1973.

Adam Duncan, Joseph Thomas and Derek Soven of commercial brokerage Marcus & Millichap represented both parties in the sale.

“The buyer was able to add to their footprint in Southern Broward County allowing for continued growth of their portfolio with the acquisition,” Thomas said in a statement.

Commercial center in Fort Lauderdale trades for $4.35M

The Commerce Center at Fort Lauderdale Commerce Center

A two-building office complex in Fort Lauderdale was recently sold for $4.35 million to an investment company based in Deerfield Beach.

The Commerce Center at Fort Lauderdale Commerce Center is located at 5440 through 5450 Northwest 33rd Avenue. Its two buildings were constructed in 1986 and have 61,149 square feet of office and flex space.

The seller, a Maryland-company titled Commerce Center Development Corp., was represented by Kathleen Alberts and Reese Stigliano of the Brenner Real Estate Group. Alberts had managed the property’s leasing for the past 19 years, according to a news release about the sale.

Kathleen Alberts and Reese Stigliano of Brenner Real Estate Group

The buyer, Meridian Realty Property Warehouses, was represented in-house by Rick Zorovitch. Meridian is an investment company that’s headquartered in Deerfield Beach.

“The buyer was selling a property and 1031 exchanged it into the Commerce Center property to defer their tax liability,” Stigliano of Brenner said in a statement. “This was a strong investment.”