Internet Billing Signs 50,000-SF Lease for Estimated $8.5M

MIAMI-A vacant 50,000-sf, single-story office building that wasn’t even listed after the tenant moved out turned out to be the property Tamarac, FL-based Internet Billing Co. LLC was looking for to expand its global e-commerce solutions business.

IBC took the space at 2200 SW 10th St., Deerfield Beach, FL for nine years at an estimated aggregate rent of $8.55 million, based on an estimated first-year rent of $19 per sf. Participating brokers didn’t disclose lease terms.

But Miami-based RealData Information Systems Inc. puts the average quoted rent for class A, B and C space in north Broward County at $18.74 per sf, giving the contract an estimated aggregate value of $8.55 million. Deerfield Beach is just below Boca Raton at the south Palm Beach county border.

IBC grabbed the space after existing tenant Barpoint.com relocated in a downsizing move. “This building wasn’t even listed,” IBC CEO Garrett Bender says in a prepared statement. “This is an example of a real estate professional locating a space entirely based on professional contacts.” The property is just off the eastern terminus of the Sawgrass Expressway.

Ken Morris, president, Morris Southeast Group/Corfac International of Plantation, FL represented the tenant. Chris Constant of Cushman & Wakefield of Florida Inc. negotiated for the owner, FG 2000 Partners LLC of Deerfield Beach.