The transaction was facilitated by CBRE’s Senior Vice President Amy Julian and First Vice President Andrew Chilgren.
The three-story building last changed hands in 2018 for $25.1 million.
CBRE Capital Markets’ Debt & Structured Finance Group has successfully secured a $30.2 million bank balance sheet loan to finance Cornerstone One, a premier Class A office property in Plantation.
The transaction was facilitated by CBRE’s Senior Vice President Amy Julian and First Vice President Andrew Chilgren.
Situated in the Midtown Plantation Development District, Cornerstone One benefits from the recent addition of over 3,900 multifamily apartments and 350,000 square feet of new retail space. Its strategic location at the intersection of key Broward County roadways offers exceptional transportation access, making it an attractive destination for tenants.
“Cornerstone One’s prime location and exceptional asset quality have enabled the property to execute nearly 90,000 square feet of leasing in the past two years,” said Julian.
This strong leasing momentum precedes the Owner’s planned renovations, which include a lobby overhaul, move-in ready spec suites, as well as upgrades to the outdoor patios.
“The ongoing renovations will reinforce Cornerstone One’s position as one of the leading suburban office properties in South Florida,” added Chilgren.
A Palm Beach Gardens office building just south of the Gardens Mall has been sold for $30.3 million.
OG 3001 PGA Blvd LLC, led by Robert D. Owens of Orlando’s Owens Realty Capital, transferred ownership of the 70,730-square-foot property at 3001 PGA Blvd. to APC (US) 3001 PGA LP, a Delaware-based entity with ties to Toronto’s private equity firm Roadmap Capital.
The transaction price equates to $428 per square foot.
The three-story building last changed hands in 2018 for $25.1 million. Palm Beach County has continued to see strong demand for office space, with many affluent individuals relocating to the area, often bringing their businesses along.
Constructed in 2006, the property sits on a 5.6-acre plot. Its tenants include Seacoast Bank and American Title Insurance Co.
Source: SFBJ
The SFOBA is a network of Professional Office Leasing Brokers in South Florida. Membership is by invitation only – landlord and tenant representatives are included.
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CBRE Capital Markets Secures $30.2 Million Financing Broward Office Building
/in Done Deals, News/by SFOBA STAFFThe transaction was facilitated by CBRE’s Senior Vice President Amy Julian and First Vice President Andrew Chilgren.
Office Building Near Gardens Mall Sold For $428 PSF
/in Done Deals, News/by SFOBA STAFFThe three-story building last changed hands in 2018 for $25.1 million.