KBS Realty Advisors just snapped up Weston Corporate Center I and II, a class A development.
The assets are located three miles south of the intersection between Interstate 75 and Interstate 595.
Built in 1997 and 1998, Weston Corporate Center I and II are mirror image towers that span 149,103 square feet. The asset is 100% occupied.
“We believe Weston Corporate Center I and II’s central location in the amenity-rich region of Broward County is irreplaceable and is an attractive draw to tenants,” says KBS regional president Marc DeLuca. “The property’s desirable location has attracted an elite mix of tenants, including GSA, Wells Fargo, Ricoh, DHL, Raymond James and Boston Scientific.”
The Weston Town Center, the largest retail complex in the city, is nearby. The center is also is next to a number of other smaller retail centers with restaurants, service-oriented retail, boutique shops, and entertainment.
CBRE’s Christian Lee, who led the Miami-based CBRE Capital Markets team that arranged the sale, told GlobeSt.com the property drew coast-to-coast attention. That, he says, is in large part because it is one of only two institutional-quality office properties in the county’s top-performing submarket.
“Employers love Weston because it offers unrivaled transportation dynamics,” says Lee. “Some 80 percent of South Florida’s 5.9 million people are within a 60-minute commute of this property, so employers can draw from across the tri-county region.”
The Miami-based CBRE team representing the seller also included senior associate José Lobón, and Andrew Chilgren, financial analyst with CBRE’s Capital Markets Institutional Group. CBRE vice chairman Charles Foschini and first vice president Chris Apone with CBRE’s Debt & Structured Finance Group, also worked on the deal.
Lobón, who joined CBRE in 2011, was recently promoted to Vice President.
This year, the Miami-based Capital Markets team closed on several landmark office and industrial properties including the $111 million sale of 800 Brickell, the $140 million sale of 777 Brickell, the $95.75 million sale of Centergate at Gratigny, and the $100.7 million sale of Douglas Entrance.
Lobón, who resides in Miami, holds a B.A. from Middlebury College (2003) in History of Art & Architecture and Spanish, and a Master’s in Business Administration (2010), with a concentration in Real Estate & Finance, from the University of North Carolina at Chapel Hill Kenan-Flagler Business School.
KBS is planning renovations at Weston Corporate Center I and II. The firm will invest in a roof replacement, full lobby and bathroom renovations, new common area ceiling grids and lighting, repainting of the building and updating of the parking lots.
“Weston has built a thriving business community that is appealing to Weston and non-Weston residents,” says KBS vice president Shannon Hill. “We believe that our proposed renovations and nearby amenities will create a great deal of value and experience for our tenants.”
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