KBS has sold a two-building, 149,103 square-foot Class A office campus in Weston.
The property, Weston Corporate Center, was sold to an affiliate of Banyan Street Capital for $52.25 million after KBS completed an extensive series of upgrades to both buildings.
“KBS is well-known for its ability to identify superior assets in top markets across the country with strong population and economic growth,” says Marc DeLuca, Eastern regional president for KBS. “South Florida’s Broward County, where Weston Corporate Center is located, boasts an impressive 13.2% population growth over the last decade, unemployment rate that outperforms the metro and a diverse and educated workforce. The region continues to attract major corporations such as Chewy.com, Citrix and Spirit Airlines, the 7th largest U.S. carrier, which recently announced its plans to establish its company headquarters in the area. KBS’ forward-looking approach allowed the firm to identify and acquire one of the most prestigious assets in this market early on and invest in improvements that have further enhanced its appeal to office investors and high-end users.”
KBS acquired Weston Corporate Center in 2015 and implemented comprehensive upgrades to the property over the last three years. These upgrades include refreshed atrium lobbies with new furniture and a coffee bar for tenants and a full renovation of all the multi-tenant restrooms in both buildings. In addition, the company has implemented significant structural enhancements including a new roof section on Weston Corporate Center I, substantial HVAC and LED lighting upgrades, a resealed and restriped parking lot and an updated exterior lakeside sitting area.
“As one of Weston’s only two institutional-quality office parks, Weston Corporate Center was already attracting blue-chip tenants whose decision-makers live in the area,” says Allen Aldridge, asset manager for Weston Corporate Center and senior vice president and co-director of asset management at KBS. “The upgrades that KBS has implemented, in addition to its ideal location in one of the most desirable submarkets in the state of Florida, make this property even more compelling for Southwest Broward County office users.”
Christian Lee and José Lobón of CBRE served as KBS’ exclusive advisors and representatives for the sale of Weston Corporate Center.
“Weston Corporate Center is considered one of the top suburban office properties in Broward County among companies seeking best-in-class space for their teams,” says Lee, vice chairman. “Through its deep understanding of this market, KBS has chosen improvements that position the property to continue attracting top tenants in the region.”
According to CBRE, Broward County is outperforming the South Florida metro overall with an unemployment rate of 5.3% in Q1, 110 basis points below the average. The number of office tenants in the market is growing, pointing to an upward shift in leasing activity by the second half of 2021.
Built in 1997 and 1998, Weston Corporate Center consists of two four-story buildings. The property, which boasts a market-leading 4.7 per 1,000 sf parking ratio, is 94% leased to a variety of credit and nationally recognized corporate tenants.
Uniquely positioned in close proximity to Southwest Broward County’s main thoroughfares including I-75, I-595, I-95 and Florida’s Turnpike, Weston Corporate Center is a short distance away from world-class shopping at Weston Town Center and Sawgrass Mills, the largest single-story mall in the U.S. and the second largest in Florida. The asset is also within a 15-minute drive of over 100 food and beverage options.
Attorneys Bruce Fischer, Howard Chu and paralegal, Amanda Kennedy, of global law firm Greenberg Traurig, LLP’s Orange County office, together with attorney Brenda Saavedra in Greenberg’s Miami office, represented KBS as legal counsel in the disposition.
“We enjoyed working with KBS on the successful disposition of Weston Corporate Center,” said Fischer, Greenberg Traurig’s Chair of the West Coast Real Estate Practice and Co-Managing Shareholder of the Orange County Office, who led the Greenberg Traurig team.
Weston Corporate Center is located at 2500 Weston Rd. and 2700 S. Commerce Parkway in Weston.
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