Cypress Creek Office Building Finds New Owner

Marcus & Millichap negotiated the sale of the leasehold interest in the Cypress Executive Center, a 140,635-square-foot office building in Fort Lauderdale.
At the time of the sale, the property was 55 percent occupied with four tenants: Liberty Power, Choice Legal Group, Whiting-Turner Contracting Co. and Humana. The ground-leased asset sold for $10,900,000.
Douglas K. Mandel, vice president investments in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a Fort Lauderdale-based limited liability company. The buyer is a limited liability company from Delray Beach.
 

“Cypress Executive Center presented a value-add opportunity to acquire a property with a history of high occupancy at a below-market price,” says Mandel. “The buyer has plans to invest in the center, improve the physical attributes and increase occupancy over time.”

Cypress Executive Center is located just west of Interstate 95 at 1901 West Cypress Creek Road.

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