Cushman & Wakefield arranged the sale of Venture Corporate Center, a three-building office campus totaling 253,742 square feet centrally located at 3440 Hollywood Boulevard and 200-300 S Park Road in Hollywood. The final sale price was $50 million.
Dominic Montazemi, Scott O’Donnell, and Mike Davis of Cushman & Wakefield represented the buyers, a joint venture between Fox Ridge Capital, TKF Real Estate Investment and Jax Capital Investments. The seller was Black Creek Capital. Jason Hochman and Ron Granite of Cushman & Wakefield secured $46.3 million in acquisition financing through Argentic Investment Management on behalf of the buyers.
“Venture Corporate Center has enjoyed long-standing stable occupancy through numerous institutional ownership cycles but only recently experienced a drop in its occupancy,” Montazemi said. “Fox Ridge, TKF and Jax Capital recognized a unique opportunity to reposition an incredibly well-located 16-acre campus within a half-mile west of I-95 in central Broward County.”
“Venture Corporate Center is a high-quality asset with long-term growth and we are excited to add it to our portfolio,” said Grant Horwitz, managing principal at Fox Ridge Capital. “This transaction aligns well with our approach of strategically targeting properties in the South Florida market given its strong economy and continuous population growth.”
At the time of the contract, occupancy at the property was 63%. Katherine Ridgway, Travis Herring, Deanna Lobinsky and Chase Kulp of Cushman & Wakefield were underway with negotiations for several prospective tenants and have been retained to continue to oversee leasing. Leasing activity has recently accelerated due to delivered building renovations including lobbies, common areas and restrooms. Additionally, the buyer plans to invest significant capital to enhance the overall tenant experience.
“Lenders have certainly recognized the strength and resiliency of the South Florida market,” said Hochman. “With a talented buyer team, we secured flexible financing that provided funds for acquisition as well as future capital and leasing costs.”
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