Argentine investor pays $11M for Davie office complex

The property was once in foreclosure

Feb.February 12, 2020 11:30 AM
From left: Bastian Laggerbauer and Harry Blyden, with 5400 South University Drive

From left: Bastian Laggerbauer and Harry Blyden, with 5400 South University Drive

An Argentine investor paid $10.7 million for an office complex in Davie that was once in foreclosure.

Reflin 22 WG LLC, managed by Sergio Viaggio, purchased the 54,578-square-foot University Office Park at 5400 South University Drive for $196 per square foot, records show. University Park Holdings LLC, managed by Palm Property Management, sold the three office buildings.

5400 South University Drive

5400 South University Drive

University Park Holdings LLC acquired the property out of foreclosure in 2014.

Harry Blyden and Bastian Laggerbauer of Colliers International Florida represented the seller.

The property is between Griffin Road and Stirling Road. In the past two years, the owners invested more than $1 million, including completing tenant improvements for more than 30,000 square feet of the office space, according to a release.

The office complex is 96 percent leased to 34 tenants, including Allstate Insurance, Chubb Insurance and Sherwin Williams.

Davie largely consists of residential properties, but the city has seen an uptick in commercial investment in recent years.

In August, Prive Group paid about $17 million for eight buildings within an office park in Davie. In June, Ceiba Groupe scored a $45.75 million construction loan for a mixed-use development in Davie known as Suede Downtown Davie.

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