The Real Deal Miami

Fort Lauderdale offices sell for $104 per square foot

Cushman represented the seller in $7.1 million sale of Business Plaza at Corporate Park

September 04, 2016 01:15PM

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Scott O'Donnell

Scott O’Donnell

Business Plaza Corporate Park, a two-building office park in northwest Fort Lauderdale, sold for $7.1 million, or $104 per square foot. It was 86 percent occupied when the sale closed.

“Business Plaza Corporate Park offered investors strong in-place yields with significant room for upside by leasing vacancies and pushing rental rates,” Cushman & Wakefield executive director Scott O’Donnell said in a written statement. The two-building property is located in “major business hub driven by its central location within South Florida and excellent access to I–95.”

O’Donnell, Cushman & Wakefield senior director Miguel Alcivar and senior associate Greg Miller represented the seller, Boca Raton-based 6400 Associates, LLC. The new owner is Coconut Creek-based TMT Properties, Inc.

The property’s biggest tenants include American Renal Associates, Comprehensive Home Care, Malcolm Drilling, Skillstorm Commercial Services, Southeast Renewable Fuels and U.S. Security Associates.

The two office buildings at Business Plaza at Corporate Park have a total of 68,153 square feet of space. They occupy a five-acre site at 6400-6472 Northwest 5 Way.