The Real Deal Miami

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

Last sold for $12M in 2002 and underwent renovations in 2005
By Katherine Kallergis | April 16, 2015 02:00PM

2100 West Cypress Creek Road in Fort Lauderdale

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.