Feldman Equities buys Fort Lauderdale office complex for $59M

Property last traded for $38M in 2013

Miami /
Jun.June 04, 2021 09:45 AM
Feldman Equities exec Larry Feldman and the Pinnacle Corporate Park office complex (Avison Young, iStock)

Feldman Equities exec Larry Feldman and the Pinnacle Corporate Park office complex (Avison Young, iStock)

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.





    Related Articles

    arrow_forward_ios
    From left: Harbor Group International's Jordan E. Slone and T. Richard Litton Jr. (sellers); Cottonwood Residential's Daniel Shaeffer and Chad Christensen; 4411 North Federal Highway in Pompano Beach (Cottonwood Residential, Harbor Group International, Google Maps, iStock)
    Cottonwood buys Pompano Beach apartment complex for $95.5M
    Cottonwood buys Pompano Beach apartment complex for $95.5M
    From left: Rockpoint Group's co-founders Bill Walton and Keith Gelb in front of 1221 Brickell Avenue (Rockpoint Group, Google Maps, iStock)
    Rockpoint sells 1221 Brickell office tower for $287M, marking a six-year record price
    Rockpoint sells 1221 Brickell office tower for $287M, marking a six-year record price
    From left: The Estate Companies' managing principal Robert Suris and principal Jeffrey Ardizon along with a rendering of Soleste Pompano Beach and a sitemap for Soleste Hollywood Boulevard (The Estate Companies)
    Estate Companies’ Pompano Beach, Hollywood apartment projects advance
    Estate Companies’ Pompano Beach, Hollywood apartment projects advance
    Brookfield Properties' Jared Chupaila and Pembroke Lakes Mall in Pembroke Pines (Brookfield Properties, LoopNet, iStock)
    Saddled with $260M debt, Pembroke Lakes Mall could be in trouble: Morningstar
    Saddled with $260M debt, Pembroke Lakes Mall could be in trouble: Morningstar
    First Industrial Realty's Peter E. Baccile with 1801 North Andrews Avenue (First Industrial Realty Trust, Colliers, iStock)
    First Industrial picks up Pompano Beach manufacturing facility for $25M
    First Industrial picks up Pompano Beach manufacturing facility for $25M
    Anchor Health’s Ben Ochs and Starwood's Barry Sternlicht with 8100 Southwest 10th Street (Anchor Health Properties, Getty, Colliers)
    Starwood sells UM-leased medical office building in Plantation for $46M
    Starwood sells UM-leased medical office building in Plantation for $46M
    Starwood's Barry Sternlicht and Don Peebles III (Getty, Starwood, Integra, Comras JV)
    Miami Beach gives green light to controversial Peebles, Sternlicht office projects near Lincoln Road
    Miami Beach gives green light to controversial Peebles, Sternlicht office projects near Lincoln Road
    Skye Louis' Jud Henry with Keyes' Steven Reibel and Mike Pappas (LinkedIn, The Keyes Company, iStock)
    Keyes acquires 140-agent brokerage in Broward, Palm Beach
    Keyes acquires 140-agent brokerage in Broward, Palm Beach
    arrow_forward_ios

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

    Loading...