Pembroke Pines Medical Office Complex Gets $22 Million In Refinancing
Paul Ahmed and Mackenzie Lampman with CBRE Capital Markets worked on behalf of the borrower, a private investor, to arrange a seven-year, fixed-rate loan from Bank United.
Paul Ahmed and Mackenzie Lampman with CBRE Capital Markets worked on behalf of the borrower, a private investor, to arrange a seven-year, fixed-rate loan from Bank United.
New ownership plans to spend north of $10 million in capital improvements to the property throughout 2022, including renovations to the lobby areas, corridors, and restrooms of Tower I, II and III. Additionally, they will be enhancing tenant amenities with a conference center, lounge, and state-of-the-art gym.
The complex is 90 percent leased to 40 tenants from a variety of industries including healthcare, law, finance and engineering.
The three Class-A office buildings total 222,682 square feet.
The office park last sold in 1996 for $15,875,000.
Christian Lee, José Lobón and Marcos Minaya of CBRE Capital Markets, and Jay Adams with Newmark represented the seller, Encore Capital Management, in the transaction.
The deal equates to about $318 a square foot for the nearly 243,000-square-foot complex.
The property consists of a 9-story office tower, a 2-story medical office building and a development pad.
The 24%-leased newly constructed warehouse was sold to TA Realty.
The property is currently 73% leased to a well-diversified roster of national credit and regional corporate tenants in the financial, healthcare, technology and insurance sectors. CLICK ON THE HEADLINE FOR MORE
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