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

Offices in Fort Lauderdale and apartments in Pembroke Pines

TRD MIAMI /
Aug.August 07, 2015 12:00 PM

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

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.

“[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.

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.

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

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.

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.”


Related Articles

arrow_forward_ios
Mihaela Coprean and Alfonso Costa Jr.

Movers & Shakers: Falcone Group hires HUD’s former deputy chief of staff, Metropica taps biz development director & more

Movers & Shakers: Falcone Group hires HUD’s former deputy chief of staff, Metropica taps biz development director & more
Michael S. Sheitelman and Josh Bank

Movers & Shakers: HTG hires Crescent Heights’ former general counsel & more

Movers & Shakers: HTG hires Crescent Heights’ former general counsel & more
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)

Corcoran agent in Miami loses job over “racist and fear-based” marketing

Corcoran agent in Miami loses job over “racist and fear-based” marketing
Vanessa Grout with Vladislav Doronin

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 

Related switches gears on Terminal Island project, now plans low-rise offices

Related switches gears on Terminal Island project, now plans low-rise offices
Edgardo Defortuna and a rendering of La Playa de Varadero

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...