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
Royal Palm Companies CEO Daniel Kodsi with renderings of the project (LinkedIn via Kodsi, Royal Palm Companies)
Royal Palm Cos. scores $65M construction loan for Dania Beach multifamily
Royal Palm Cos. scores $65M construction loan for Dania Beach multifamily
Louis Birdman with a rendering of Harbor Landings project (Getty, FSMY)
Harbor Landings mixed-use multifamily, hotel and retail project near Seminole Hard Rock advances
Harbor Landings mixed-use multifamily, hotel and retail project near Seminole Hard Rock advances
Valerio Spinaci and 1506 Collins Avenue (Google Maps)
Triarch buys Dania Beach industrial property for $10M
Triarch buys Dania Beach industrial property for $10M
From left: 707-715 Southwest Fifth Street, Dania Beach; 2901 Northwest 18th Street, Fort Lauderdale; and 801-805 Northwest 10th Street, Hallandale Beach (Google Maps)
GDF Properties scoops up Broward multifamily portfolio for $17M
GDF Properties scoops up Broward multifamily portfolio for $17M
Dev Motwani (right) and The Estate Companies' Jeff Ardizon and Robert Suris with renderings of the project
Estate Companies scores $56M construction loan for Dania Beach mixed-use project
Estate Companies scores $56M construction loan for Dania Beach mixed-use project
Renderings of Wave 70 and Wave 90
Dania Beach approves 760-unit apartment complex next to Dania Pointe
Dania Beach approves 760-unit apartment complex next to Dania Pointe
Elion Partners' Shlomo Khoudari and Q-Med Corp's Manual Aguero with 2281 Griffin Road in Dania Beach (Photos via Google Maps; Elion Partners; Orthosensor)
Elion Partners pays $32M for Dania Beach industrial property
Elion Partners pays $32M for Dania Beach industrial property
Rendering of Oasis Pointe apartments and Cymbal Development's Asi Cymbal and Hector Torres (Getty, Aztec Group, DLT Global)
Cymbal scores $60M construction loan for Oasis Pointe apartments in Dania Beach
Cymbal scores $60M construction loan for Oasis Pointe apartments 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...