BB&T sells 14-acre office site in Fort Lauderdale for $21M

Last sold for $12M in 2002 and underwent renovations in 2005

Apr.April 16, 2015 02:00 PM

Integra Investments picked up a Cypress Creek office building for $21 million, The Real Deal has learned.

BB&T sold the former BankAtlantic headquarters, a 185,000-square-foot office building at 2100 West Cypress Creek Road next to the Fort Lauderdale Executive Airport on Tuesday, according to Broward County records.

“It’s a well-positioned building in a good market that’s been on sale for a little while,” Victor Ballestas, principal of Integra told TRD. “Our plan for now is to clean it up and re-tenant it.”

Kimberly Barbar of Stiles was the listing agent for the 14-acre site. The two-story building was renovated in 2005 and includes two gyms, a cafeteria, health center and 687 parking spaces, according to Stiles. Banesco USA granted the buyer a $19 million mortgage, records show.

The property last sold to BankAtlantic (now BB&T) in June 2002 for $12 million, Broward property records show. It features a flat gravel roof, two loading areas each with two dock-high loading doors and a closed loop HVAC system. After BB&T acquired BankAtlantic in 2012, the company kept the building empty, Ballestas said.

An LLC tied to Miami-based Integra Investments was the buyer. Integra recently announced plans to develop Aventura ParkSquare, a mixed-use development with a health and wellness angle. The project will include, office, retail, hotel and residential component.

In March, an office building across the street from the Fort Lauderdale Executive Airport sold for $10.9 million — $4 million less than its last sale price.

Related Articles

Victor Ballestas and Eduardo Otaola with a rendering of 1674 Meridian Avenue

Integra Investments, partner buy Miami Beach office building near Lincoln Road

From left: Kyle Jones of Stiles Corp., Mark Corlew of Grover Corlew, Christian Lee of CBRE, Rod Loschiavo of Colliers International South Florida, and Greg Martin of Avison Young

South Florida office market has upside potential for developers, investors: panel

Rendering of Boca Beach House

Developers launch sales of Boca Beach House condo project

Stiles and Shorenstein score $204M in financing for The Main Las Olas

Integra completes $300M Aventura ParkSquare project

Stiles sells Fresh Market-anchored shops for $18M

Miami-based firm pays $14m for affordable housing sites on Stock Island

Integra Investments buys Lauderdale Lakes dev site