Avison Young’s Florida Capital Markets Group closed the $58,875,000 sale of Pinnacle Corporate Park, a two-building, class A office portfolio at 500 and 550 W. Cypress Creek Road in Fort Lauderdale.
The portfolio totals 259,458 square feet on 14.31 acres in Broward County’s Cypress Creek submarket. At $226 per square foot, the sale represents the highest price per square foot in Cypress Creek over the past decade.
On behalf of the seller, a fund managed by DRA Advisors LLC in a joint venture with Banyan Street Capital, Avison Young facilitated the disposition to Pinnacle Corporate Park LLC managed by St. Petersburg, Florida-based Feldman Equities. Pinnacle Corporate Park is Feldman Equities’ first investment property in South Florida. The buyer purchased the property with capital raised through crowdfunding using online platform Crowdstreet.com and plans to invest over $3 million in renovations and fully furnished suites that will allow new tenants to move in quickly.
Avison Young Principals John K. Crotty, CCIM, and David Duckworth led the sales team, which also included Principal and Miami Managing Director Michael T. Fay, Principal Greg Martin, Principal George Vail, Vice President Brian C. de la Fé, and Associate Berkley Bloodworth.
“Pinnacle Corporate Park received intense interest and multiple competitive offers due to its strong occupancy, rental rate growth, lease-up potential, and ideal location just minutes from Interstate 95 and walking distance from the Tri-Rail,” said Crotty. “Although 100% of the property is in use, our Capital Markets team creatively marketed the development potential in the existing parking lot, therefore uncovering the land’s intrinsic long-term value, enhancing overall interest, and ultimately achieving a record price-per-square-foot.”
Avison Young contributed greatly to the increased value of Pinnacle Corporate Park over the past seven years, as the leasing team led by Martin accomplished significant lease-up of the property and ensured 100% tenancy retention during the pandemic. The corporate building is 83% occupied with a diversified mix of tenants, including professional and financial services, healthcare, and technology firms. Following the sale, Avison Young retained the leasing assignment.
“The Pinnacle Corporate Park sale represents the trend of large funds and institutional owners’ confidence to buy and sell large office assets as pandemic-driven concerns wane,” said Duckworth. “In Broward County, we see a strengthening uptick in investor demand for well-located suburban office assets as corporate decision-makers and C-suite executives relocate to South Florida, bringing businesses and money to invest.”
Pinnacle Corporate Park is in the heart of Fort Lauderdale’s Uptown Urban Village, a master plan that supports the development of a thriving, transit-supportive, mixed-use neighborhood. Its offices are less than a mile from Interstate 95 and directly accessible from the Cypress Creek Tri-Rail station.
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