First Transit signs long-term sub-lease on vacant property following sale
Dania Beach, FL – January 11, 2016 – CBRE arranged the sale and subsequent sub-lease of a vacant property that had been the regional headquarters for Dollar Thrifty Automotive Group (DTAG) before the company’s acquisition by Hertz Global Holdings in 2013. The 4.3-acre property located at 1600 NE 7th Ave. in Dania Beach, Florida includes 6,600 square feet of office space and a 5,300 square-foot automotive maintenance building. It was acquired from Shoppes of Wiles Rd., LLC by Passen Enterprises, LLC for $10.5 million. CBRE’s Allen Lindow, CCIM, represented the seller, and on behalf of Hertz, found a new tenant for the property at the same time.
First Transit, which provides contract public transit and paratransit services, signed a long-term sub-lease on the entire property and will occupy in December.
“We were originally engaged by Hertz to sublease the property,” said Mr. Lindow. “The sale was a separate and unrelated off-market transaction with an investor who had been seeking an opportunity to identify a replacement property as part of a 1031 exchange. The scarcity of this kind of untraditional product coupled with continued demand for exchange properties in South Florida has resulted in compressed cap rates to the point where buyers are proactively looking for off-market deals such as this.”
Built originally as a build-to-suit in 2000, the rental car facility is located minutes from Fort Lauderdale/Hollywood International Airport and Port Everglades with access to I-595, I-95, and Florida’s Turnpike. Excess acreage provides for abundant surface parking, and future expansion.
The office/administration building features three separate entrances, high-impact hurricane windows, two breakrooms, four restrooms and locker rooms, and security and fire alarm systems. In addition to the office space and auto maintenance building, the property also hosts a car wash with two stations and a fuel island of approximately 2,400 square feet with two 2,000-gallon above-ground tanks.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
