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Coral Springs investor picks up Plantation office building for $13M
German firm Rüger Holding sold Plantation Corporate Center
A German real estate firm cashed out of a Broward office building for $12.7 million.
An affiliate of Rüger Holding sold Plantation Corporate Center at 2 University Drive in Plantation, according to the brokers involved in the deal. The buyer is MMB Commercial Properties Company, a Coral Springs firm managed by Radomir Penjevic, according to corporate records.
Alex D. Zylberglait and Michael Crocchiola with Marcus & Millichap represented the seller and the buyer, a press release states.
The Rüger Holding affiliate bought the 59,070-square-foot office building in 2007 for $6.5 million, according to records. The building was completed in 1985 and was renovated in 2019, the release states.
The 3.1-acre property is in a highly traveled intersection of Plantation and is directly across from the Westfield Broward Mall, according to the release. In a statement, Zylberglait said Plantation Corporate Center is 88 percent occupied. Tenants include National Transport, Stevens & Goldwyn PA and CareStaff Partners.
Suburban office markets like Plantation performed well in the most recent quarter, accounting for a majority of new leases in Broward, according to a Cusman & Wakefield report. Plantation had a 16.2 vacancy rate, slightly lower than the 16.9 vacancy rate for the overall Broward office market, the report shows. The average asking rent in Plantation was $33.15 a square foot during the fourth quarter of last year, compared to $35.30 for all of Broward during the same period.
Plantation has experienced a handful of significant deals involving retail, office and multifamily properties in the past six months. Real estate firm GID paid $72.7 million for Windsor 335, a newly built, 248-unit apartment complex last month. In December, MMG Equity Partners acquired Plantation Community Plaza, a 35,850-square-foot retail building, for $17 million.
In October, Vision Properties paid $57.5 million for a seven-story, Class A office building that is part of the Plantation Walk mixed-use development. And a month earlier, Abacus Capital bought the 376-unit St. Tropez Apartments for $125.4 million.