CBRE arranged the sale of Venture Corporate Center, a three-building office community located at 3440 Hollywood Blvd. and 200-300 S. Park Road in Hollywood, for $45.8 million.
The property, which is improved with three office buildings totaling approximately 253,000 rentable square feet, was acquired from MetLife Real Estate Investors by Dividend Capital Trust.
“South Florida has seen a surge in employment, adding more than 282,200 jobs over the past five years,” said CBRE Vice Chairman Christian Lee. “It’s also a market where office construction has been constrained by rising land and labor costs. As a result, exceptionally maintained and located existing properties like Venture Corporate Center are attracting strong interest.”
Venture Corporate Center comprises three four-story office buildings built between 1982 and 1986, and is 97% leased by 29 tenants.
The property’s central Broward location is just west of I-95 and 2.25 miles east of the Florida Turnpike, with proximity to the Hollywood-Fort Lauderdale International Airport, Downtown Fort Lauderdale, The Westin Diplomat Resort & Spa, The Village at Gulfstream Park and Seminole Hard Rock Hotel & Casino. The campus is situated on 17 acres.
CBRE’s José Lobón and Marcos Minaya, together with Charles Foschini and Christopher Apone of CBRE Debt & Structured Finance, collaborated with Mr. Lee in arranging the transaction.
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