Berger Commercial Realty/Corfac International Senior Vice President Joseph P. Byrnes and Senior Sales Associate John Forman represented seller HWW Davie LLC in the $8 million sale of 4.05 acres of vacant land located on Reese Road in Davie, Florida to Atlanta-based developer ArchCo Residential LLC.
ArchCo Residential, who was represented by Chris Smiles with CBRE, is planning to develop 172-unit, mid-rise residential community.
The deal closed August 19.
“With the proximity to University Drive and the colleges, this site is the perfect location for the project that Archco Residential has planned,” commented Byrnes.
The subject property features frontage on I-595, close proximity to South Florida Education Center (Broward College, Nova Southeastern University, FAU, etc.), and close proximity to retailers and other amenities.
It will be the developer’s second project in Florida. In 2020, ArchCo Residential LLC, in a joint venture with Bluerock Real Estate, completed a 385-unit, six-story building dubbed “Motif,” located at 500 N Andrews Ave in Fort Lauderdale. at surrounding a central seven-story parking structure, with 25,000 square feet of ground- floor retail space. The project totals 372,331 square feet.
Berger Commercial represented the property owner in a lease to Amazon for a short-term commitment. Through the relationship and value that Berger brought to the owner, Berger was awarded the listing to sell the property.
About Berger Commercial Realty/CORFAC International: Berger Commercial Realty/CORFAC International is a regional, full service commercial real estate firm based in South Florida. Independent and privately owned since its founding in 1998, the firm is a member of CORFAC International, a global network of independently owned commercial real estate brokerage firms. The firm’s property management and brokerage services include tenant/landlord and buyer/seller representation; project and construction management; receiverships; agency/project leasing; capital advisory/investment sales; retail services and more. For more information about Berger Commercial Realty’s brokerage services, CALL 954.358.0900 or visit www.bergercommercial.com.
About CORFAC International: CORFAC International (Corporate Facility Advisors) is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail real estate leasing and investment sales, multifamily property acquisitions and dispositions, property management and corporate services. In association with global affiliates, CORFAC International has 60 North American offices and 20 offices in global markets. Founded in 1989, CORFAC firms completed more than 11,000 lease and sales transactions totaling approximately 500 million square feet of space valued in excess of $8.5 billion in 2015. For more information on the CORFAC network, call 224.257.4400 or visit www.corfac.com.