Berger Commercial Realty’s Jonathan Thiel, Keith Graves Negotiate Sale Of Fort Lauderdale Office Building

Aug 26, 2020 No Comments by

Berger Commercial Realty/Corfac International Senior Sales Associate Jonathan Thiel and Senior Vice President Keith R. Graves, CCIM and 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.

Berger Commercial Realty's Jonathan Thiel and Keith GravesRobert 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.

 

“This 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.

 

 

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