Miami Investor Spends $42M for Broward County Office Bldg
Miami Investor Spends M for Broward County Office Bldg
A Miami-based investor paid a reported $42 million, or about $293 per square foot, for Pembroke Pointe 880, a four-story office building in Pembroke Pines, FL, a western suburb of Fort Lauderdale, public records show.
Midtown Capital Partners LLC bought the 143,535-square-foot property at 880 SW 145th Ave. from Duke Realty Corporation.
The building opened in 2015. It fronts Interstate 75 in Southwest Broward County, and is adjacent to the 400,000-square-foot Shops at Pembroke Gardens.
Cushman & Wakefield’s Deanna Lobinsky, Travis Herring Katherine Ridgway and Chase Kulp arranged more than 60,000 square feet of new leases this year. The building is 86 percent occupied. Global Medical Management and Elizabeth Arden are among the tenants in the building.
“The asset is exceptionally well-positioned to capitalize on the current demand for space in a tightening Broward County office market,” said Lobinsky.
Broward’s vacancy rate in the third quarter was 8.7 percent, its lowest point in the past year, according to CoStar’s quarterly office market report. The average quoted asking rental rate was $27.03 per square foot, up from $26.93 at the end of the second quarter.
Midtown Capital secured a $22.7 million mortgage on the property.
Cushman’s capital markets team of Scott O’Donnell, Mike Davis, Michael Lemer, Dominic Montazemi, Miguel Alcivar, Greg Miller and Rick Brugge represented Duke in the sale.
Please see CoStar COMPS #4084402 for additional information on this transaction.