Office complex near Fort Lauderdale airport sells for $7M

The three office buildings are 91% occupied

Miami /
Jan.January 17, 2020 05:00 PM
2001-2005 West Cypress Creek Road, Alex D. Zylberglait

2001-2005 West Cypress Creek Road, Alex D. Zylberglait

An office complex next to Fort Lauderdale-Hollywood International Airport sold for $7.2 million.

Capital Cypress LLC, managed by Jonathan Cohen and Fanny Cohen, purchased the Cypress Creek Professional Buildings at 2001-2005 West Cypress Creek Road. Bananco LLC, led by Aziz Ali, sold the property.

The three buildings total 49,867 square feet, equating to a sale price of $144 per square foot, records show.

Alex D. Zylberglait and Michael Crocchiola of Marcus & Millichap represented the seller.

2001 & 2003 Cypress Creek were built in 1975 while 2005 Cypress Creek was built in 1985. The buildings are between I-95 and Florida’s Turnpike.

The office buildings are 91 percent occupied by a technology company, doctors, dentists and accountants, according to marketing materials from Marcus & Millichap. The building has a value-add opportunity with 4,637 square feet of vacant space.

Investors’ interest in properties near Fort Lauderdale-Hollywood International Airport remains high. Privé Group recently purchased a Hampton Inn near the airport for $17.3 million. Spirit Airlines is seeking to build a new headquarters, projected to cost $250 million, in Dania Beach, just south of Fort Lauderdale-Hollywood International.


Related Articles

arrow_forward_ios
Clockwise from top: Kenneth, Robert and Bradley Fishel with Aventura Corporate Center (Getty)
Renaissance Properties sells Aventura office complex for $140M
Renaissance Properties sells Aventura office complex for $140M
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Brightline CEO Patrick Goddard with the Northwest Second Street development site (Goddard via LinkedIn, Google Maps)
New buyer aboard: Brightline parent sells sites near Fort Lauderdale station
New buyer aboard: Brightline parent sells sites near Fort Lauderdale station
Rendering of the project and the location for the development (Google Maps, Native Realty)
Former Fort Lauderdale church site to be reborn with offices, retail
Former Fort Lauderdale church site to be reborn with offices, retail
Landlords keep raising office space rents despite a grim outlook for vacancy rates (Getty)
Miami office vacancy rates reach Great Recession levels
Miami office vacancy rates reach Great Recession levels
CP Group Managing Partner Angelo Bianco with One Town Center (CP Group)
Singaporean REIT pays $100M for One Town Center office building in Boca Raton
Singaporean REIT pays $100M for One Town Center office building in Boca Raton
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
5900 Northwest Broken Sound Parkway and Pebb Enterprises President and CEO Ian Weiner (CBRE, Pebb)
Pebb Enterprises buys Boca Raton office building for $15M
Pebb Enterprises buys Boca Raton office building for $15M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...