The Real Deal Miami

Fort Lauderdale call center sells for $7.1 million

December 07, 2012 11:15AM

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Scott O’Donnell

A call center in Fort Lauderdale occupied by FedEx has been sold for $7.1 million, according to CBRE, which marketed the asset for sale on behalf of seller Fed Florida Investors, an entity managed by Philadelphia-based BPG Properties. The 49,000-square-foot property was purchased by Coconut Grove Park. “The disposition was challenging as less than five years remained on the lease with FedEx,” said CBRE senior vice president Scott O’Donnell. “We aggressively marketed the asset and identified an offshore equity source who was able to get comfortable with the risks associated with the tenant’s lease expiration due to the quality of the real estate and strong credit of the tenant.” The property is located at 5431 NW 33rd Avenue in Fort Lauderdale. Zac Gruber of Intrepid Realty and John Sturgis of Agora Realty represented Coconut Grove Park. — Alexander Britell

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