CBRE arranged the sale of Merrill Lynch Plaza, a 77,878-square-foot office campus situated on approximately 1.72 acres in eastern Fort Lauderdale. The property at 2601-2611 East Oakland Park Boulevard was acquired from BE ML FLL LLC for $13.1 million.
CBRE represented the seller.
“Merrill Lynch Plaza was repositioned by a tenacious entrepreneurial seller (Berman Enterprises) from an occupancy rate of less than 40% to above 84% in just two years,” explained Senior Vice President Scott O’Donnell of CBRE Investment Properties. “The buyer, an Israeli equity source, was attracted by the long-term dynamics of this already strong office micro-market and opportunity to further improve occupancy. The buyer was astute enough to envision the property’s residential development potential as the area becomes more of a ‘live, work, play’ location over the coming years.”
Merrill Lynch Plaza consists of a three-story, 18,000-square-foot office building (2611), which is 100% net-leased to Merrill Lynch, and a six-story, fully renovated, multi-tenant office building (2601) spanning 59,878 square feet. Built in 1974, the multi-tenant building underwent a full renovation in 2007 that brought Class A finishes throughout the building. The campus has an occupancy rate of 84.9% with other major tenants that include Centennial Bank, Africa Adventure Company, Exit Ryan Scott Realty and The Darwin Agency.
The office campus lies just east of the highly traveled intersection of North Federal Highway (U.S. 1) and East Oakland Park Boulevard, less than three miles east of Interstate 95 and one mile west of the Atlantic Ocean.
CBRE’s Dominic Montazemi, Miguel Alcivar, Greg Miller, together with Jason Hochman of CBRE Debt & Structured Finance, collaborated with O’Donnell in arranging the transaction.
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