Berger Commercial Realty/Corfac International Senior Vice President Stephen Hyatt negotiated the sale of the Lighthouse of Broward building located at 650 North Andrews Avenue in Fort Lauderdale, Florida, and attorney George Moraitis of Moraitis, Cofar, Karney, Moraitis & Quailey handled all legal review. Both Moraitis and Hyatt represented Lighthouse of Broward, the preeminent nonprofit in Broward County serving the blind and visually impaired, in the pro bono transaction.
The transaction of the ±11,125-square-foot office property, located on a highly visible corner in the heart of the booming Flagler Village area, closed February 22. The buyer, 650 North Andrews Avenue, LLC, which was represented in the transaction by Tomas Sulichin of Related ISG and Greg Greer of CRR of South Florida, paid $12,650,000 for the property.
“The Lighthouse of Broward has been in this location since 1973 and due to the rapidly increasing value of the property in Flagler Village and the need to expand and upgrade its facility and services, the Board determined that it was prudent to sell and relocate to a newer, larger building in Central Broward to better serve the growing population of individuals who are blind and visually impaired,” explained Hyatt.
Lighthouse of Broward President and CEO Ellyn Drotzer, MSW, LCS added that a larger, more accessible space has been secured that will enable the organization to connect with additional members of the community who face vision issues.
“This is an amazing opportunity to help more people who are blind and visually impaired become more independent and productive through specialized rehabilitation, life skills training and employment opportunities,” said Drotzer. “Our new space will accommodate robust programming, additional learning opportunities and more space for client socialization. We look forward to moving into our new building next year and are grateful to both Steve and the Berger team for their expertise, and George Moraitis for his stellar legal services.”
Given the rapidly increasing value of the parcel within the fast-growing Flagler Village area, the buyer plans to replace the older, obsolete building with a luxury mid-rise apartment building. Once an industrial warehouse district, edgy Flagler Village is now home to dozens of trendy restaurants, bars, shops, galleries, and numerous newly developed apartments, many within the Fat Village Arts District. Lighthouse of Broward will remain at the location for a year post closing and will be relocating to a larger facility in central Broward.
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 is a global network comprised of privately held entrepreneurial commercial real estate firms with expertise in office, industrial and retail brokerage, tenant and landlord representation, investment sales, multifamily, self-storage, acquisitions and dispositions, property management and corporate services. Founded in 1989, CORFAC has 75 offices in the U.S., Canada, and international markets, including Australia, France, Germany, Ireland, Italy, Japan, Malaysia, Netherlands, Romania, Russia, Singapore, South Korea, Switzerland, Thailand, and United Kingdom. CORFAC offices close an average of 10,000 lease and sales transactions valued in excess of $9.0 billion annually, totaling 500 million square feet closed and 65 million square feet managed worldwide.
About the Lighthouse of Broward: The Lighthouse of Broward provides free specialized rehabilitation, life skills training, and employment opportunities to enhance the independence, productivity and dignity of children and adults who are blind or visually impaired. For more information, visit www.lhob.org or call (954) 463-4217.
