CIP Real Estate Acquires Broward County Business Park For $99 Million

CIP Real Estate has expanded its South Florida holdings with the $99 million acquisition of Lyons Business Park in Coconut Creek.

The 26-acre property is located at 6601 Lyons Road, near Johnson Road and approximately one mile west of Florida’s Turnpike. The campus contains roughly 338,000 square feet of industrial and office space across approximately 10 buildings.

BMO Bank acted as administrative agent for a lending group that provided $66.9 million in acquisition financing. The loan is scheduled to mature in 2029.

The transaction equates to approximately $293 per square foot. Property records indicate that entities associated with Tiffany and Lee Lasser and other investors sold the campus after holding portions of it since the 1990s and early 2000s.

Lyons Business Park serves a range of businesses seeking warehouse, flex and office space in northern Broward County. At the time the sale was reported, a vacant 3,000-square-foot warehouse unit was being marketed at an asking rate of $23 per square foot.

The acquisition represents CIP Real Estate’s second purchase in South Florida over the past year. The Irvine, California-based investment firm previously paid $47 million for two small-bay industrial properties in Hialeah that were sold by TA Realty.

CIP has been positioning itself for broader growth across the region. In 2024, the company raised $300 million to support the expansion of its industrial portfolio into markets throughout the Southeast.

The Coconut Creek transaction comes as investors continue targeting established industrial and flex properties in Broward County, particularly campuses offering access to South Florida’s major transportation corridors and a diversified base of smaller tenants.

Source: Commercial Observer