Fort Lauderdale, FL – August 16, 2020
Berger Commercial Realty/Corfac International Senior Sales Associate Johnathan Thiel and Senor Vice President Keith R. Graves, CCIM represented the seller, North Andrews Way Corp., in the sale of a Nexus Business Center, a single-story office building located at 5701-5775 North Andrews Way in Fort Lauderdale, Florida.
Robert Ebrahimian with Nexus Property Partners, LLC purchased the property for $3,125,000.
The deal closed August 14.
The single-story, multi-tenant office building totals 23,025 +/- square feet and is situated on 1.72 acres adjacent to the Cypress Creek Tri-Rail Station and provides convenient access and exposure to I-95. The property is currently 100 percent occupied with 6 tenants, including local consulting firm Miller Legg.
Thiel and Graves represented North Andrews Way Corp. in the purchase of the building in January 2016 from AVS Security Systems, Inc. North Andrews Way Corp. paid $2.35 million.
“When North Andrews Way Corp. took ownership of the asset, many of the property’s tenants were occupying on a month-to-month basis and there were several vacancies,” explained Thiel . “We were able to assist in stabilizing the asset, bringing it to 100% occupancy.”
Berger leased, managed and negotiated the buying and selling of the asset for the client.
“The activity and interest in this asset exemplifies the continued growth and development in the Cypress Creek commercial real estate sub-market, despite COVID-19” added Thiel. “It’s a positive indication that our local market is keeping pace with the strong momentum that has been exhibited regionally in South Florida. This single-story building and its flexible floorplans serve as an attractive investment option and offer great value for tenants in today’s market.”
The buyer intends to hold the property for investment purposes.
The property is located along the Cypress Creek corridor and is within minutes of Florida’s Turnpike, area shopping, banking and high-tech employers.
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.