Berger Commercial Realty Corp. represented the sellers in the transaction, Third and Ninth LTD. In addition Berger was retained by the new owners, 900 S.E. 3rd Avenue LLC, to serve as the exclusive leasing and managing agent for the building. Lloyd Berger, president of Berger Commercial Realty Corp., tells GlobeSt.com that the building's Downtown location was a significant factor in the transaction. "The buyers felt it was a good investment because there are a lot of good things happening in the neighborhood."
Among developments for the neighborhood are plans to build a new Broward County courthouse. At the time of the sale, the building was 100% leased. It currently has a 2,300-sf vacancy. The buyer has no significant plans for improvements to the building at this time, Berger says.
The buyers may be capitalizing on Downtown's hot office market. According to a CB Richard Ellis market report, vacancy rates have plummeted over the past several years. In the first quarter of 2005, the vacancy rate was 18.1% and, in the first quarter 2006, it was 10.9%. Asking rental rates have also risen, with average rents at $18.10 per sf in the first quarter of 2005 and average rents at $20.20 during the first quarter 2006.
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