Brenner’s Alberts, Weissman Rep Owner In Industrial Building Sale

Aug 17, 2015 No Comments by

Brenner Real Estate Group recently handled the sale of an industrial building based on a long relationship with the building ownership, AIC Ventures.

Brenner’s Kathleen Alberts, CCIM, Senior Vice President, Commercial Brokerage and Helen Weissman, CCIM, Senior Vice President, Commercial Brokerage, were responsible for the sale of 700 NW 57th Court, a 59,456-square-foot industrial building in Fort Lauderdale. Alberts and Weissman represented the seller, AIC Ventures’ ownership entity, NL Ventures VI New River, LLC. The buyer, New River Groll Holding, LLC, was represented by Sophia Grobler of Transcenda Realty.

The asset sold for $2,050,000.

Alberts and Weissman first connected with AIC Ventures in 2008. The duo had an owner-user client who needed to purchase an industrial building of approximately 25,000 square feet. They began searching to find available properties and in their search, found a property that was ideal that but was not listed as available. Some sleuthing in SunBiz.org revealed that the building was owned by AIC Ventures.

At that time, AIC Ventures owned two industrial buildings at both 700 and 750 NW 57th Court in Fort Lauderdale, which they had purchased as triple-net leased properties. Both buildings were originally leased by a cabinet company, New River Cabinetry. The cabinet company downsized, and in 2008, vacated the 30,000-square-foot 750 NW 57th Court building, but remained in the 700 building. Alberts and Weissman contacted AIC Ventures and they agreed to sell the vacant property. Alberts and Weissman sold the property to the tenant who was seeking the building – ironically, another cabinet manufacturer – and as a result, the Brenner duo formed a relationship with AIC Ventures.

AIC Ventures eventually evicted New River Cabinetry from the 700 NW 57th Court building. With that building vacant, and with improvements needed to the electrical systems and major cleanup required, in February 2012 AIC Ventures’ Asset Manager Tom Cramer called upon the relationship with Brenner Real Estate Group to hire property management for caretaking services for the building. Initially AIC Ventures hired a national real estate broker from Michigan to lease the vacant property.  When little action resulted, he contacted Alberts and Weissman to take over the leasing services of the 59,456-square-foot building in August 2013. The leasing agreement required that Alberts and Weissman make 50 calls per week and report with a record of each result weekly to Mr. Cramer.

 

“The reporting required was a tall order, but we were motivated to fill the building,” noted Alberts.

She also noted that the property was not an easy one to lease due to its low ceilings.

In April of 2014, Alberts and Weissman leased 39,456 square feet to Direct Office, a used furniture dealer. The use did not require high ceilings. The remaining approximately 15,525 square feet was leased in November of 2014 to Premium Global Group, LLC, a manufacturer and bottler of oil, which required manufacturing space, but not height. With the building 100% leased, Alberts and Weissman next sought a buyer on behalf of AIC Ventures’ ownership entity, NL Ventures VI New River, LLC. Their diligence produced two offers for the building purchase resulting in the aforementioned July 2015 sale, a cash transaction to investment owner New River Groll Holding, LLC.

 

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Broward County Industrial / Flex, Industrial / Flex, Industry News, NA
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