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The Real Deal Miami

Hollywood investment firm picks up Fort Lauderdale office building

Delma Properties sold the building 75% leased
January 05, 2018 09:45AM

Lakeside Plaza and Dominic Montazemi (Credit: Cushman & Wakefield)

A Hollywood-based real estate investment firm just scooped up an office building in Fort Lauderdale for $17.7 million, according to a press release.

Naya USA Investment & Management LLC bought the 119,370-square-foot Lakeside Plaza at 6301 Northwest Fifth Way for about $150 per square foot.

Lakeside IV, a company tied to Delma Properties Inc., is the seller. Records show Delma bought the property in 2005 for $15.8 million. The real estate firm is headquartered in New York City and has property management offices in Miami, Fort Lauderdale and Baltimore.

Cushman & Wakefield’s Dominic Montazemi, Scott O’Donnell, Greg Miller and Miguel Alcivar, represented the seller. Travis Herring and Deanna Lobinsky of Cushman’s office leasing team also worked on the deal.

The five-story building is located within Corporate Park at Cypress Creek. At the time of sale, Lakeside Plaza was about 75 percent leased to tenants including Bosch Security Systems, the Early Learning Coalition and Allied Universal, according to the release. Records show it was developed on a 6-acre lot in 1984.

The business park is in Fort Lauderdale’s uptown neighborhood, which surrounds the Cypress Creek Tri-Rail Station. Envision Uptown , a nonprofit group of city planners and leaders, is trying to establish the neighborhood as a transit working hub. Microsoft Latin America’s headquarters is also located in the urban village.

In October, Naya USA and Coast Capital Partners paid $40 million for Lennar Corp.’s Miami headquarters. – Amanda Rabines