Fort Lauderdale business park sells for $38M

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
Safe Harbor Marinas CEO Baxter Underwood and Lauderdale Marine Center at 2001 Southwest 20th Street  (LinkedIn, Google Maps)
Safe Harbor pays $340M for Fort Lauderdale mega-marina
Safe Harbor pays $340M for Fort Lauderdale mega-marina
2412 Laguna Drive, Fort Lauderdale (Google Maps)
Baltic Hotel Group owner sells waterfront Fort Lauderdale mansion for $23M
Baltic Hotel Group owner sells waterfront Fort Lauderdale mansion for $23M
Eddie Irvine with 424 Rivo Alto Drive, Miami Beach and Johnny Gray with 176 Spyglass Lane, Jupiter (Getty, Google Maps)
South Florida by the numbers: Formula One revs up Miami real estate
South Florida by the numbers: Formula One revs up Miami real estate
830 Northeast 41 Court and Mindful Capital Group executives Jeffrey Pechter and Patrick Carney (Google Maps)
Mindful Capital buys Deerfield Beach industrial complex for $6M
Mindful Capital buys Deerfield Beach industrial complex for $6M
Alliance Consolidated executive Ben Reinberg and the Hallandale Beach medical office building (Alliance Consolidated Group of Companies)
Alliance Consolidated sells Hallandale Beach medical office building for $6M
Alliance Consolidated sells Hallandale Beach medical office building for $6M
Charles Urso and 6001 North Powerline Road in Fort Lauderdale (LinkedIn, Google Maps)
Urso Family Realty sells Fort Lauderdale warehouse for $11M
Urso Family Realty sells Fort Lauderdale warehouse for $11M
Robert M. White, Jr. and 2900 Northeast 24th Court in Fort Lauderdale (Compass)
Real Capital Analytics founder buys waterfront Fort Lauderdale home for $5M
Real Capital Analytics founder buys waterfront Fort Lauderdale home for $5M
Kolter Urban President Bob Vail. (Levy PR, Kolter Urban)
Kolter Urban launches sales of Fort Lauderdale Beach condo towers
Kolter Urban launches sales of Fort Lauderdale Beach condo towers
arrow_forward_ios

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

Loading...