Institutional Property Advisors Facilitates Broward County Office, Mixed-Use Asset Sale
The property sold for $40 million.
The property sold for $40 million.
The sale is one of the largest condominium-to-multifamily rental conversions in Florida.
The transaction marks the first partnership between the two firms.
The 43,878-square-foot professional building located within PGA Station sold for $15.5 million.
“The building was 84% leased at the time of sale, and with approximately 40% of the rentable square footage set to roll over in the next four years, new ownership has a compelling opportunity to drive significant net-operating income growth over the next decade,” said Douglas Mandel, IPA executive managing director investments.
Built in 1984 and 1985 on 5.5 acres, the Deerfield Financial Centre comprises 60 office suites ranging in size from 120 square feet to over 4,750 square feet.
The building sold for $15.3 million.
The asset traded for $21.5 million.
IPA’s Kirk Olson and Drew A. Kristol represented the seller and procured the buyer.
The two-building, 74,103-square-foot industrial asset sold for $12.4 million.
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