Alter, Southern Joint-Venturing $33 Million Park

Cypress Creek Concourse, a planned 48-acre, $33 million office park is slated to break ground shortly on the first of two four-story, 100,000 sf buildings and a 50,000-sf one-story structure at Cypress Creek Boulevard and NW 12th Avenue near Fort Lauderdale Executive Airport.

The joint venture’s players are The Alter Group of Chicago and Miami’s Southern Facilities Development. CB Richard Ellis Inc. is the exclusive leasing agent. Projected rents in the four-story buildings are $18 psf triple net and $14 psf triple net in the one-story facility.

Southern Facilities principals invited Alter to work the deal. Southern has been monitoring the site’s development potential since 1998 when it acquired options from the city to buy the dirt. The options cost $79,200 annually or 1% of the land’s 1998 appraised value. The 48 acres have a 1998 fair market value of $7.9 million or $164,583 per acre ($3.78 psf).