The asset totals 259,458 square feet on 14.31 acres in Broward County’s Cypress Creek submarket. CLICK ON THE HEADLINE FOR MORE
When it closes in two weeks, it will be South Florida’s largest office sale in more than a year.
Avison Young’s Florida Capital Markets Group has been exclusively tapped on behalf of a fund managed by DRA Advisors LLC to sell Pinnacle Corporate Park, a two-building, class A office portfolio at 500 and 550 W. Cypress Creek Road in Fort Lauderdale.
The asset totals 259,458 square feet on 14.31 acres in Broward County’s Cypress Creek submarket.
Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Greg Martin, and George Vail will lead the sale. The transaction team also includes Avison Young Vice President Brian C. de la Fé and Associates Berkley Bloodworth and Emily Brais.
Over the past 24 months, the Avison Young leasing team led by Martin completed 17 lease transactions totaling 91,000 square feet
“Pinnacle Corporate Park is the most desirable property in the Cypress Creek submarket due to its strong occupancy, rental rate growth, and immediate potential for lease-up,” said Crotty. “In addition to the existing value, the offering provides the opportunity to maximize land on the site in the coming years through residential development.”
Pinnacle Corporate Park coming to market represents the trend of large funds and institutional owners’ confidence to sell large office assets again, as sales declined immediately following the pandemic. The deal would be similar to the recent $78.42 million Plantation Crossroads three-building portfolio sale.
“We are seeing an uptick in demand for investors looking to deploy capital in well-located South Florida office assets,” said Duckworth. “Pinnacle Corporate Park is ideally situated near major expressways, transit, and amenities, and provides the perfect opportunity.”
Pinnacle Corporate Park is positioned in the heart of Fort Lauderdale’s Uptown Urban Village, a master plan that supports the development of a thriving, transit-supportive, mixed-use neighborhood. Its offices are less than a mile from Interstate 95 and directly accessible from the Cypress Creek Tri-Rail station.
The Related Companies is expected to close on the Phillips Point office towers in West Palm Beach for $282 million.
AEW Capital Management is selling the 448,914-square-foot office complex. The deal, which will mark the largest office sale in South Florida in more than a year, is set to close in a couple of weeks. Real Estate Alert and Bloomberg reported the deal.
A source confirmed details of the sale to The Real Deal.
Related will pay about $630 per square foot for the buildings at 777 South Flagler Drive and 201 Lakeview Avenue. Records show AEW paid $246 million for the two towers in 2015. They sit on more than 4 acres overlooking Palm Beach island.
JLL brokers Hermen Rodriguez, Ike Ojala and Matt McCormack were marketing the building for sale as of last month.
Phillips Point is about 90 percent occupied. Morgan Stanley, Gunster, and Akerman are among the tenants.
The sale comes as more financial and tech firms announce they are opening offices in South Florida. Goldman Sachs, which has a small office at Phillips Point, is considering moving its asset management division to South Florida, and reportedly has looked at spaces in Palm Beach County.
Related redeveloped CityPlace into Rosemary Square, and plans to build another office tower across from Phillips Point called One Flagler.
Source: The Real Deal
Class A Office Portfolio In Fort Lauderdale Hits The Market
/in News/by SFOBA STAFFThe asset totals 259,458 square feet on 14.31 acres in Broward County’s Cypress Creek submarket. CLICK ON THE HEADLINE FOR MORE
Related To Pay $630 PSF For West Palm Beach’s Phillips Point Office Towers
/in News/by SFOBA STAFFWhen it closes in two weeks, it will be South Florida’s largest office sale in more than a year.