Michael Scarpino, CCIM, Senior Associate with NAI Rauch Weaver Norfleet Kurtz & Co., announced today that he negotiated the purchase of 2101 Commercial on behalf of NRNS Acquisition 2101 Commercial, LLC for $10.75 million or $113.97 per square foot.
“This is a great acquisition for the buyer, local entrepreneur Howard Dvorkin,” commented Scarpino. “This is the second building he now owns along the Commercial Boulevard corridor, along with Commerce Point, a four-story office building slightly to the west of 2101 Commercial.”
The new acquisition is a 5-story, 94,320-rentable-square-foot, Class “A” office building located within the Cypress Creek office market. 2101 Commercial is strategically located on the north side of West Commercial Boulevard, immediately adjacent to the south end of the Fort Lauderdale Executive Airport, between I-95 and Florida’s Turnpike.
There is great upside to this property with a vacancy slightly over 30%, and it is the new owner’s intent to bring the building up to full occupancy by offering a well-appointed building to tenants looking for a higher grade of finish and overall look to their space. Over time, the buyer will be making upgrades to the building and the parking areas, as needed.
William Kahn, an office leasing specialist with NAI Rauch Weaver Norfleet Kurtz & Co., will be responsible for the leasing of the property for the new owner.
The seller, RFP Mainstreet 2101 Commercial, LLC, was represented by Warren Weiser, Chairman, Harry Blyden, Senior Vice President, and Mark Goldstein, Principal, of Continental Real Estate Company (CREC).
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