Broward Trade Centre is a 102,000-sf, six-story office building located at 200 W. Cypress Creek Rd. in the Cypress Creek submarket. The seller was Trade Centre Associates Ltd. Partnership, a large institutional investor based in Delaware. Lee Wheeler of Codina Realty Services represented Trade Centre Associates Ltd. Partnership in the sale. The sale closed July 9.
"This purchase represents Liberty Property Trust's confidence that the Cypress Creek office market will once again emerge as the leading corporate market within Broward County," Mitchell Millowitz, a senior director of office brokerage for Cushman & Wakefield locally, says in a statement. Millowitz represented Liberty Property in the transaction.
The exact purchase price was not disclosed. However, "The building has been vacant since 2001, so they were able to achieve a very aggressive price," Millowitz tells GlobeSt.com.
In a planned six-month redevelopment project, the REIT is going to renovate the class B building's interior and exterior and redevelop the property into a state-of-the-art, class A office building, according to Ralph Kittrell, vice president of the South Florida region for Liberty Property.
"Basically, they'll be bringing the building back to a shell condition and starting anew on each floor and the ground floor lobby," Millowitz says.
"The building's location at Interstate 95 and Cypress Creek Road offers large corporate users excellent visibility," Kittrell says in a statement. "In addition, we will offer brand new space at very aggressive rental rates."
Liberty Property, based in Philadelphia, specializes in office and industrial properties. The REIT owns 1.5 million sf of office and industrial space in Broward and Palm Beach counties in South Florida. And that number should grow. According to Kittrell, Liberty Property plans to grow its South Florida presence, including entering Miami-Dade County.
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