One of Oklahoma’s largest CRE developers buys Dania Beach building

Centennial Bank provided an $18M loan to finance the deal

Miami /
Jun.June 06, 2019 03:30 PM
U.S. Customs and Border Protection building in Dania Beach and Johnny Allison

U.S. Customs and Border Protection building in Dania Beach and Johnny Allison (Credit: Langan)

One of Oklahoma’s biggest commercial real estate developers bought the U.S. Customs and Border Protection building in Dania Beach for $22 million.

A company tied to Richard Tanenbaum, the CEO of Gardner Tanenbaum Group, bought the 39,883-square-foot building at 1700 to 1800 Northeast Seventh Street for $551 per square foot, records show. A company tied to Flint, Michigan-based West Second Street Associates sold the property.

Centennial Bank provided an $18.1 million loan to Tanenbaum to purchase the 4.3-acre property. Centennial, which is based in Conway, Arkansas, has become one of the fastest growing banks in South Florida.

Gardner Tanenbaum Group manages over 1 million square feet of multifamily properties, 6 million square feet of industrial and office space and has an inventory of more than 250 acres in Oklahoma.

Buying and leasing real estate to government agencies can be a lucrative business, since government agencies are often long-term tenants.

West Second Street Associates bought the Dania Beach property in 2006 for $2.3 million and completed the building in 2009.

The Dania Beach Border Patrol Station covers 635 miles of coastline across Miami-Dade, Broward, Lee and Collier counties, including most of the air and sea traffic from South America and the Caribbean entering the United States, according to its website.

Dania Beach has become a popular spot for new development. The city government recently started soliciting proposals from developers to build a new city hall and a commercial complex at 100 West Dania Beach Boulevard, a 6.42-acre site where the existing city hall is located.


Related Articles

arrow_forward_ios
Bridge Industrial's Steve Poulos and Kevin Carroll with 2200 Northeast Seventh Avenue (Bridge Industrial)
Bridge Industrial nabs $28M construction loan for facility near Ft Lauderdale airport
Bridge Industrial nabs $28M construction loan for facility near Ft Lauderdale airport
Dania Preserve
SobelCo wins approval for 67-unit townhouse project in Dania Beach
SobelCo wins approval for 67-unit townhouse project in Dania Beach
Bridge Industrial's Steve Poulos with 2200 Northeast Seventh Avenue (Bridge Industrial, iStock)
Goodbye Park ‘N Fly: Bridge Industrial pays $20M for site of planned logistics facility near Port Everglades
Goodbye Park ‘N Fly: Bridge Industrial pays $20M for site of planned logistics facility near Port Everglades
Renderings of Koosh Living (Kaller Architecture of Hollywood)
Dania Beach approves 231-unit multifamily development with mostly studio apartments
Dania Beach approves 231-unit multifamily development with mostly studio apartments
Design Center of the Americas in Dania Beach with owner Charles Cohen of Cohen Brothers Realty Corporation (Scott Francis, Wikipedia)
Lease roundup: Charles Cohen’s DCOTA scores 11 new tenants for 100K sf combined
Lease roundup: Charles Cohen’s DCOTA scores 11 new tenants for 100K sf combined
Renderings of the City Place Apartments (City of Dania Beach, City Place Apartments, iStock)
Dania Beach approves multifamily development with almost all affordable housing
Dania Beach approves multifamily development with almost all affordable housing
The Gateway at Wynwood (R & B Realty Group)
Lease roundup: Danish furniture chain, mobile bill payment firm lease in Miami’s Wynwood
Lease roundup: Danish furniture chain, mobile bill payment firm lease in Miami’s Wynwood
Bryan Redmond, co-founder and CEO, Suntex Marinas (Suntex Marinas, Broward County Property Appraiser Florida)
Real Housewife of Dallas’ husband makes $49M marina move in Dania Beach
Real Housewife of Dallas’ husband makes $49M marina move in Dania Beach
arrow_forward_ios

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

Loading...