The Real Deal Miami

South Florida’s biggest office sales in July

Four of the five largest deals were in Broward
By Keith Larsen |
Research by Laura Hanrahan
August 17, 2018 09:45AM

South Florida’s biggest office sales in July

Broward County’s office market was hotter than its sister counties to the north and south.

Four out of South Florida’s five biggest sales occurred in Broward – likely due to the limited supply of office properties.

While there was a lot of activity in Broward, none of the deals surpassed $20 million. The Green Companies made the largest purchase of the month in Plantation, a market that’s had one of the lowest vacancy rates in the county for Class A office space at 5.57 percent in the first quarter of this year, according to Avison Young.

The July investment sales figures were compiled from Miami-Dade, Broward and Palm Beach County property records.

Southpointe – The Green Companies | $18.5M

The Green Companies paid $18.5 million for a nearly 80,000-square-foot Class A office building in Plantation.

Boston-based TA Realty sold the four-story building called Southpointe at 7901 Southwest Sixth Court for $232 per square foot. 

The Southpointe building was 98 percent leased at the time, according to a press release. Avison Young’s David Duckworth, John Crotty, Michael Fay, Greg Martin and Brian de la Fé represented TA Realty.

TA Realty purchased the building in 2007 for $16.25 million.

The Green Companies is a Miami-based, family owned real estate business. Its portfolio includes the Dadeland Centre offices in Miami.

299 Alhambra Circle – URBIN | $12.5M

A co-working space operator called URBIN bought an office building in Coral Gables for $12.5 million.

URBIN bought the 52,719-square-foot office building at 299 Alhambra Circle for about $237 per square foot.

The five-story office building was sold by Coral Gables Financial Center, managed by Shawn Khosravi, who also is an investor in URBIN.

URBIN has raised $23 million from investors including Location Ventures and Jonathan Vilma, a former University of Miami football player who played for the New Orleans Saints and the New York Jets, according to the South Florida Business Journal. Other investors include Vivian Bonet, Luis Estrada, Carlos Lopez and Daniel Motha. URBIN reportedly plans to raise another $50 million by the end of 2018.

Randstad Building – Spectrum Investors | $11.5M

Spectrum Investors bought an office building in Fort Lauderdale that houses the staffing firm Randstad Associates for $11.53 million.

The Hillsboro Beach-based company purchased the 136,155-square foot building at 2050 Spectrum Boulevard from a subsidiary of Randstad for $85 per square foot. The building was built in 1990 on a 266,646-square-foot lot right off Commercial Boulevard.

Randstad is a professional staffing firm that employs 5,500 people in North America. Spectrum Investors is managed by Sheldon Gross.

Hollywood Medical Office Building – AW Property | $11.5M

Miami-based AW Property Co. paid $11.5 million for a medical office building in Hollywood.

SF Partners sold the 58,000-square foot, five-story facility at 3700 Washington Street for about $200 per foot. The Hollywood Medical Office Building, developed in 1975, is on Memorial Regional Hospital South’s campus.

Cushman & Wakefield represented SF Partners. The property last sold in 2015 for $8.3 million. 

Tenants include Oncology Associates of South Florida, Pinnacle Healthcare System, and Reyes & Reyes MD. The building was 84 percent occupied at the time of the sale.

2880 West Cypress Creek – Rita and Donald Young | $4.2M

Rita and Donald Young bought an office building in Fort Lauderdale from BRN Development LLC for $4.23 million.

The Youngs purchased the 15,854-square-foot office building at 2880 West Cypress Creek Road for $267 per square foot. It was built in 2004, according to LoopNet. BRN Development, which lists its manager as Brennan Smith, bought the property in January 2017 for $2.1 million.

Rita and Donald Young are based in Jupiter, according to property records.