The Cypress Creek Center, among the most desirable buildings in the popular Cypress Creek corporate corridor, was sold for $4.8 million on March 11.
Berger Commercial Realty/CORFAC Senior Vice President Steve Hyatt and Vice President Brian Batchelder represented the seller, Bright Angel, Inc. Previously, Berger Commercial Realty represented the seller in the successful sale of a commercial warehouse property during 2019.
South Florida Innovative Office, LLC, the Cypress Creek Center buyer, intends to take over the building’s leasing and management, as well as renovate the common areas. Built in 1997, the building was remodeled in 2018.
“This is South Florida Innovative Office’s first entry into the Broward office market and they’re looking to acquire more,” Hyatt said. “The Cypress Creek Center has been well-maintained and provides a solid basis for a long-term, stable investment in an established market.”
With 38,707 square feet situated on 1.75 acres with industrial zoning, the three-story Class B building is located at 1000 N.W. 65th St. in Fort Lauderdale centrally between I-95 and Florida’s Turnpike.
Cushman & Wakefield’s John Criddle and Joseph Freitas were named exclusive leasing advisors for ±70,000 square feet of office space in Pebb Capital’s new Sundy Village, a transformative, mixed-use development in Palm Beach County.
Sundy Village is a ±7.0-acre project to be developed in the area surrounding the Sundy House, the oldest house in Delray Beach and current site of a restaurant, boutique inn and botanical garden. The land previously housed the city’s first church, schoolhouse and bank. Portions of the site are listed on the National Register of Historic Places and will be preserved during the development process.
Sundy Village is expected to encompass ±50,000 square feet of dining and retail as well as ±70,000 square feet of Class A office space spread across four buildings. Initial office rental rates are expected to range from $45-$50 NNN.
Located at 20 W. Atlantic Ave., Sundy Village is conveniently situated in downtown Delray Beach and will serve as the premier entrance to the dynamic live-work-play Atlantic Avenue corridor, home to an exceptional array of high-end restaurants, hotels, retail and entertainment options, and within walking distance of the city’s historic and scenic neighborhoods.
“The office space at Sundy Village will accommodate a wide range of tenants in state-of-the-art, energy-efficient buildings offering a unique mix of traditional architecture and modern design with underground parking,” said Criddle. “The asset will be the most unique and exciting fully-amenitized Class A office project in the Atlantic Avenue district.”
Added Freitas, “Sundy Village’s location sets it apart from the rest of its competitors in the market. The project is less than one mile from Interstate 95, offering tenants the city’s best access to the interstate while remaining within walking distance of all that burgeoning downtown Delray Beach has to offer.”
“With leasing positioned to be underway, we’re one step closer to realizing our goal of bringing positive economic impact to this Opportunity Zone asset,” said Todd Rosenberg, co-founder and Managing Principal of Pebb Capital. “Our Class A office product, primely situated at the gateway of downtown Delray Beach, will not only foster connectivity, but provide tenants access to a lifestyle retail experience that is very unique to the area.”
Pebb Capital will break ground on Sundy Village this summer. The entire project will be completed in phases, with the final phase expected to be delivered in 2024. Pebb Capital acquired the distressed property for $40 million in October 2019.
Berger Commercial Realty Sells Cypress Creek Corporate Corridor Building
/in Done Deals, News/by SFOBA STAFFBerger Commercial’s Steve Hyatt and Brian Batchelder represented the seller. CLICK ON THE HEADLINE FOR MORE
Cushman & Wakefield Tapped To Lease New 70,000 SF Office Building In Palm Beach County
/in News/by SFOBA STAFFInitial office rental rates are expected to range from $45-$50 NNN.