Fort Lauderdale offices sell for $104 per square foot

Cushman represented the seller in $7.1 million sale of Business Plaza at Corporate Park

Sep.September 04, 2016 01:15 PM

Business Plaza Corporate Park, a two-building office park in northwest Fort Lauderdale, sold for $7.1 million, or $104 per square foot. It was 86 percent occupied when the sale closed.

“Business Plaza Corporate Park offered investors strong in-place yields with significant room for upside by leasing vacancies and pushing rental rates,” Cushman & Wakefield executive director Scott O’Donnell said in a written statement. The two-building property is located in “major business hub driven by its central location within South Florida and excellent access to I–95.”

O’Donnell, Cushman & Wakefield senior director Miguel Alcivar and senior associate Greg Miller represented the seller, Boca Raton-based 6400 Associates, LLC. The new owner is Coconut Creek-based TMT Properties, Inc.

The property’s biggest tenants include American Renal Associates, Comprehensive Home Care, Malcolm Drilling, Skillstorm Commercial Services, Southeast Renewable Fuels and U.S. Security Associates.

The two office buildings at Business Plaza at Corporate Park have a total of 68,153 square feet of space. They occupy a five-acre site at 6400-6472 Northwest 5 Way.

Related Articles

From left: Denny St. Romain and Jubeen Vaghefi

Movers & Shakers: Longtime JLL brokers join CushWake & more

Atria Willow Wood

SoFla senior housing developers brace for coronavirus impact

Mayor Dean Trantalis (Credit: Larry Marano/Getty Images)

Restaurants, bars and gyms to shut down immediately in Fort Lauderdale

Gov’t Meetings Canceled or Moved Online Due To Coronavirus (Credit: iStock)

Miami, Miami Beach and Fort Lauderdale cancel city meetings

Coronavirus closures hit South Florida restaurants and stores

Coronavirus closures hit South Florida restaurants and stores

Howard Wurzak’s development firm is suing over delays and defects at the double branded Dalmar and Element hotel

Fort Lauderdale hotel developer sues Tutor Perini, seeking nearly $12M for alleged delays, defects

Joseph P. Thomas, Adam Duncan and Tyler Carbonelli with the Fort Lauderdale properties

California investors buy multifamily portfolio in Fort Lauderdale

Scott Antoniak, Chief Executive Officer of Slate Office REIT, 5900 North Andrews Avenue (Credit: Google Maps)

Toronto REIT to buy Cypress Creek office building for $46M