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Feldman Equities buys Fort Lauderdale office complex for $59M
Property last traded for $38M in 2013
Feldman Equities bought the Pinnacle Corporate Park office complex in Fort Lauderdale for $58.9 million.
The Tampa-based investor bought the two buildings at 500 and 550 West Cypress Creek Road from a fund managed by DRA Advisors in joint venture with Banyan Street Capital, according to a news release. The deal breaks down to $226 per square foot. Brokers for the seller said it ranks as the highest price per square foot in Fort Lauderdale’s Cypress Creek submarket over the past decade.
Avison Young’s John Crotty and David Duckworth represented the seller in the deal. They credited the sale’s high value to their marketing of the parking lot as developable.
The 259,458-square-foot Class A buildings are on 14.3 acres, according to the release. They were built in the 1980s, records show.
Feldman Equities, led by Larry Feldman, plans $3 million in capital improvements, including creating fully furnished suites where tenants can move in quickly, the release says.
Feldman has office properties throughout Florida but this is its first South Florida real estate investment. It raised capital for the purchase through online crowdfunding platform Crowdstreet.com, according to the release.
Pinnacle Corporate Park is now 83 percent leased, including to engineering groups Chen Moore and Associates, and T. Y. Lin International Group, as well as financial consultant Lobel Financial, and tax preparer Ardis Creative Services Partners.
Avison Young’s Greg Martin has led the property leasing team over the past seven years. The group will continue leasing the property.
An affiliate of New York-based DRA Advisors, led by David Luski, bought the complex for $38.1 million in 2013. The firm focuses on value-add investments. Joint venture partner Banyan Street Capital, based in Miami and led by Rudy Prio Touzet, is an office owner and operator, according to its website.
In May, Banyan Street Capital, in joint venture with Miami-based Independencia Asset Management, bought the two-building Weston Corporate Center for $52.25 million.
Several other big office deals closed last month. Miami Dolphins owner Stephen Ross’s Related Companies bought the CityPlace Tower in downtown West Palm Beach for $175 million. Also, investor and motivational speaker Grant Cardone bought the Harbour Centre at Aventura for $93 million, with plans to rename it The 10X Center.