German firm sells Fort Lauderdale office for $8M

Buyer, InSite Group, will base its new headquarters there

Oct.October 07, 2015 12:00 PM

The affiliate of a German investment firm just sold an office building in Fort Lauderdale for $7.8 million.

The sale covers a four-story office building at 910 Southeast 17th Street, which sits near large commercial developments such as an Embassy Suites hotel and shopping centers. It has roughly 31,000 square feet of space, of which 7,056 square feet was available for lease at the time of the sale.

Intervest-910 LLC was the seller. Its address leads back to an Oklahoma company named Intervest Properties, which specializes in helping European and domestic investors purchase income properties, according to the company’s website. Paco Diaz and Gerard Yetming of CBRE Miami represented the company.

Intervest is also an affiliate of Dr. Ruger Holding, a German real estate investment company that was founded in 1960. It’s headed by Dr. Renatus Ruger and his two children, Rene and Diana Gerdom and Dr. Renatus Ruger.

The group has been focusing on growing its portfolio of properties both in the U.S. and in Germany since the 1990s, according to its website.

For this Fort Lauderdale office building, the group paid $4.66 million in 2007, according to Broward County property records. The group later transferred ownership to an affiliate of an Arizona company that helps facilitate 1031 exchanges.

The buyer for the deal, which closed Friday, was an affiliate of South Florida’s InSite Group. The company is a boutique investment firm that sold Miami’s B2 hotel as part of a joint venture for a substantial profit in August 2014. Steve Hyatt of Berger Commercial Realty represented the group.

According to a news release, InSite will use two floors of the building as its new headquarters, totaling roughly 15,300 square feet.

InSite currently owns several properties along the Fort Lauderdale beach, including the former Yankee Clipper Hotel.

Related Articles


Fort Lauderdale zoning board approves second hotel on B Ocean Resort site

Sagamore Hotel’s new owners’ renovation plans only partly approved

Sagamore Hotel’s new owners take out $45M mortgage

Brokerage sues for $1.26M commission on Sagamore Hotel sale

Sagamore Hotel sold to InSite Group for $63 million

Legal battle brewing for the Sagamore Hotel: two signed contracts at $70M and $63M

Daily Digest Miami

Aston Martin condo tower adds superyacht marina amenity, Sapir wants to sell Edgewater site: Daily digest

Rendering of Ten30 and Masoud Shojaee

Shoma Group launches lower-priced condo project near Lincoln Road