Insurance Carrier Inks 29,000 SF Lease

Universal Property & Casualty Insurance Co. has signed a lease for new office space in Fort Lauderdale and also has a purchase contract on the building.
The Fort Lauderdale-based company is the largest private property insurer in Florida.
It signed a lease for 29,018 square feet at $51,932 a month for 10 years at 1100 West Commercial Blvd. The building is owned by Commercial Station LLC, an affiliate of Brenner Real Estate Group.  Kathleen Alberts, CCIM, Senior Vice President, Commercial Brokerage, Suzanne Lopez, Commercial Associate, and Roxanna Collins, RPA, Regional Asset Manager, with Brenner, represented the property and Universal represented itself in the transaction.
Universal Property said the building would be used for additional office and storage space. Its headquarters is nearby at 1110 W. Commercial Blvd.
Universal Property also signed a purchase agreement for the building for $5.99 million that would close on either Feb. 5 or after Universal Property’s assumption of Commercial Station’s mortgage. The rent paid by Universal Property would count as credit toward its purchase price.
Commercial Station paid $4 million in 2000 for the 36,084-square-foot building and took out a $5.38 million mortgage in 2005.
Universal’s stock has rebounded since it was fined $1.3 million by Florida regulators in May for improper market conduct.
 
Source: SFBJ