Fort Lauderdale business park sells for $38M

TRD MIAMI /
Nov.November 04, 2013 04:30 PM

The Pinnacle Corporate Park in Fort Lauderdale has changed hands for $38.1 million.

Milwaukee-based Northwestern Mutual Real Estate Investments sold the 500-550 Northwest 62nd Street business park last week for about $140 per square foot, according to Broward County records. The real estate arm of Northwestern Mutual Life Insurance originally developed the 270,000-square-foot complex 27 years ago. It paid $9.47 million for the 14.3-acre site in 1985.

Calls to Northwestern executive Anthony Polston, who signed the deed on behalf of the company, were not immediately returned.

A company managed by New York-based DRA Advisors is the buyer. The DRA-managed company obtained a $27 million loan from Wells Fargo Bank for the acquisition.

DRA is a registered investment advisor that specializes in real estate investment and management services for institutional and private investors. The company has $11 billion in assets under management.

An active investor in South Florida real estate, DRA’s regional portfolio includes the Broward Financial Centre in Fort Lauderdale, the 1900-2000 Offices in Boca Raton and Plantation Marketplace in Plantation.

Pinnacle is DRA’s most significant South Florida acquisition in more than a year. In October 2012, the company paid $28.5 million for the Polo Club Shoppes in Boca Raton.

DRA executive Matthew Shore, who handles the company’s East Coast office and industrial acquisitions, declined comment on the Pinnacle purchase.

A Class A business park, Pinnacle is located within Fort Lauderdale’s dense Cypress Creek office market.

Cypress Creek has been a recent target for major office investors based outside of South Florida. In September, San Francisco-based Stockbridge Capital Group paid $33 million for Cypress Park West I and II at 6700 and 6750 North Andrews Avenue. Last Thursday, Stockbridge obtained a $25 million loan from JPMorgan Chase Bank for the acquisition of the two buildings totaling nearly 425,000 square feet.

The broader Cypress Creek office market faces occupancy challenges as 2013 winds down.

Cypress Creek vacancies totaled 25.5 percent at the end of the third quarter, according to Marcus & Millichap Real Estate Investment Services. Its vacancy rate is highest in Broward County by more than five percentage points. Nearly 200,000 square feet at the BankAtlantic Corporate Center was vacated during the first quarter of 2013 as part of BB&T’s acquisition of BankAtlantic.


Related Articles

arrow_forward_ios
Mike Napoli and 2501 Delmar Place (Getty, Coldwell Banker)

He’s out: Baseball’s Mike Napoli sells waterfront Fort Lauderdale mansion for $7M

He’s out: Baseball’s Mike Napoli sells waterfront Fort Lauderdale mansion for $7M
4 West Las Olas

Fort Lauderdale developers score $92M bridge loan for rental tower

Fort Lauderdale developers score $92M bridge loan for rental tower
John Moran Jr. and 5 Isla Bahia Terrace, Fort Lauderdale

Warehousing CEO pays $8M for waterfront Fort Lauderdale house

Warehousing CEO pays $8M for waterfront Fort Lauderdale house
Kolter’s Bobby Julien and a rendering of the project (Kobi Karp)

Kolter wins approval for oceanside Fort Lauderdale condo development

Kolter wins approval for oceanside Fort Lauderdale condo development
Michael Wekerle & 1000 Riviera Isle Drive (Credit: Google Maps and Isaiah Trickey/FilmMagic via Getty Images)

Fort Lauderdale estate built for Anheuser-Busch CEO hits the market at $19M

Fort Lauderdale estate built for Anheuser-Busch CEO hits the market at $19M
Jared Galbut, Bodega Taqueria

Menin plans major expansion of Bodega Taqueria

Menin plans major expansion of Bodega Taqueria
100 Las Olas & Pietro Belmonte, Marc Brandt, Gigi Giusti

Douglas Elliman takes over sales of 100 Las Olas from OneWorld Properties

Douglas Elliman takes over sales of 100 Las Olas from OneWorld Properties
Dev Motwani & 317 North Federal Highway

Dev Motwani buys Fort Lauderdale dev site for $14M

Dev Motwani buys Fort Lauderdale dev site for $14M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...