German firm sells Fort Lauderdale office for $8M

The office building at 910 Southeast 17th Street in Fort Lauderdale
The office building at 910 Southeast 17th Street in Fort Lauderdale

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.

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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.