Cushman & Wakefield negotiated the sale of Business Plaza at Corporate Park, a two-building office park located in the heart of Fort Lauderdale’s Uptown Business District.
Executive Director Scott O’Donnell, Senior Director Dominic Montazemi, Director Miguel Alcivar and Senior Associate Greg Miller represented Boca Raton-based seller 6400 Associates, LLC in the transaction. Coconut Creek-based TMT Properties, Inc. acquired the asset for $7.1 million, or $104 per square foot.
Developed in 1982, Business Plaza at Corporate Park comprises two single-story office buildings totaling 68,153 square feet. The property sits on five acres at 6400–6472 NW 5th Way.
Major tenants include Comprehensive Home Care, Skillstorm Commercial Services, Southeast Renewable Fuels, Malcolm Drilling, American Renal Associates and U.S. Security Associates. The park was 86 percent occupied at the time of sale.
“Business Plaza Corporate Park offered investors strong in-place yields with significant room for upside by leasing vacancies and pushing rental rates as the Uptown Business District’s conversion into the Uptown Urban Village becomes increasingly imminent,” said O’Donnell. “Greater connectivity and enhanced pedestrian activity will enhance the area’s existing status as a major business hub driven by its central location within South Florida and excellent access to I–95.”
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