BlackRock sells Weston Corporate Center for $47M
KBS Realty Advisors has purchased the lakefront Weston Corporate Center I and II, according to Broward County records.
Affiliates of New York-based BlackRock Realty Advisors sold the 149,103-square-foot office park for $46.74 million last week. The fully leased buildings are located at 2500 Weston Road and 2700 South Commerce Parkway, three miles south of the intersection between I-75 and I-595. They were built in 1997 and 1998, property records show.
CBRE’s Christian Lee, José Lobón, Andrew Chilgren, Charles Foschini and Chris Apone represented the seller, according to a press release.
KBS will renovate the property to include roof replacement, full lobby and bathroom renovations, new common area ceiling grids and lighting, repainting the building and updating the parking lots.
“Weston is the preferred micro market within Southwest Broward County, which in turn is the most desirable suburban office market in South Florida” Christian Lee, vice chairman with CBRE’s Capital Market Institutional Group, said in the release. “It features the region’s most comprehensive system of roadway infrastructure allowing it to pull from a massive swath of population — as a matter of fact, 80 percent of South Florida’s 5.9 million people can get to the property within a 60 minute commute.”
KBS is a private equity real estate company and an SEC-registered investment adviser. The firm has completed more than $32 billion in transactions since it was founded in 1992.
BlackRock paid a combined $34.5 million for the 3.43-acre properties in September and October of 2005, according to Broward County property records.