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NGKF Capital Markets announces the recent completion of the $13.75 million Class B sale of 1100 West McNab Road in Fort Lauderdale, Florida. This location will remain the headquarters of the single tenant, ChildNet, the community-based care lead agency for Broward and Palm Beach counties.
NGKF Capital Markets Executive Managing Directors Adam Greenberg and Michael Lapointe and Managing Director Michael Lohmann represented the seller in the investment sale of the two-story, 82,854-square-foot building, which sits on 6.85 acres. The buyer, Clark-Ohio Associates, Inc., purchased the asset from Case Holding Company, Inc.
Greenberg, who led the Case Holding Company team in the sale, said, “This transaction was particularly attractive to the IRC §1031 exchange purchaser, due to the asset being a single-tenant and long-term net lease. It was exactly what the tax-deferred exchange buyer was looking for.”
The NGKF Capital Markets team based in South Florida comprises Greenberg, Lapointe and Lohmann, along with Senior Financial Analyst Scott Gordon and Senior Transaction Specialist Stephanie Ceballos. Together, the team has executed more than $2.5 billion in institutional and private client transactions, over $1.5 billion in financing and brokerage transactions and has traded over $750 million of residential and commercial loans and REO product. The team is recognized within Newmark Grubb Knight Frank’s (NGKF) national platform and is currently one of the top capital markets groups within NGKF’s Southeast region, having closed more than 30 deals in 2015.
About ChildNet
ChildNet was chosen by the Florida Department of Children & Families to serve as the Community Based Care (CBC) lead agency in both Broward and Palm Beach counties. As such, it is the single private non-profit entity responsible for administration of the local child welfare system in each county. It fulfills this responsibility by managing comprehensive networks of child welfare service providers and, in Broward, by also serving as the single centralized child welfare case management provider. The agency’s mission is to protect abused, abandoned and neglected children in the communities it serves. Fulfillment of this mission requires constant input and support from community stakeholders and service providers. For more information, visit www.ChildNet.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.