The Real Deal Miami

Class B office properties in Broward listed for $12M

Office buildings last sold for a combined $6.6M in 2010 and 2011

September 09, 2015 04:30PM
By Katherine Kallergis

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3800 Inverrary Boulevard in Lauderhill and listing agent Donald Shapiro

3800-3810 Inverrary Boulevard in Lauderhill and listing agent Donald Shapiro

A group of Miami-based investors put two Class B office properties on the market, The Real Deal has learned. 

The office parks  one in Lauderhill and one in Fort Lauderdale  are listed for a combined $12.2 million, listing agent Donald Shapiro told TRD. The first property, at 3800-3810 Inverrary Boulevard in Lauderhill, spans 118,203 square feet and includes 300 parking spaces. It’s on the market for $8.5 million, Shapiro, of Real Estate Sales Force, said.

CDM Property Investments is the owner. Florida corporate records list Robert Siu, Javier Cruz, Robert Jimenez, Pablo Andrade and Natasha Andrade for the LLC. CDM paid $4.6 million for the 5.2-acre site in 2011, according to Broward County property records. It was developed in 1982, and rents range from $10 to $18 per square foot, Shapiro said

The second property, at 2901 West Cypress Creek Road, is on the market for $3.7 million, he said. It includes 39,932 square feet of office space and has a 4:1 parking ratio. JV Cypress owns the 2.8-acre site. The LLC lists Siu and Cruz. The company paid $2 million for the building in 2010, according to property records. It also includes a paved parking lot.

Nearby is the former BankAtlantic headquarters, which sold in April for $21 million.

Occupancy for both properties has grown from 20 percent to about 50 percent since they last sold. A technology company or private school could use the vacant space as its headquarters, Shapiro said.

“This is a great opportunity for a foreign buyer or large company looking to park their headquarters,” he said. “The properties have great upside and are in excellent condition.”