The properties are located on approximately 17 acres and include an office, showroom and warehouse space. The portfolio is located within a one-mile radius of the Cypress Creek office and industrial submarket and are referred to as Cypress Creek Executive Court at 2700 W. Cypress Creek Rd., Powerline Business Center at 5601 N. Powerline Rd. and Cypress Creek Business Park II at 6555 N. Powerline Rd.
Douglas Mandel, Marcus & Millichap associate vice president of investments and associate director of the company's National Office and Industrial Properties Group in Fort Lauderdale, senior associate and member of the firm's NOIPG Ben Holzhauer, vice president of investments Richard Matricaria and vice president of investments and director of the firm's NOIPG in Miami Adam Tiktin represented both the buyer and seller.
Mandel tells GlobeSt.com that Mizzen recently sold its interest in U Store It and the acquisition is part of a 1031 exchange. "The seller has disposed of all of its assets in Broward County and is focusing on Palm Beach County and development," Mandel says.
Mandel adds that that the portfolio was 96% occupied at the time of the sale. "The Broward Office Flex Portfolio offered the buyer the opportunity to acquire approximately 20% of the competing office flex space with this central, infill suburban office market," Mandel says. "Continued population and business growth in the market, as well as economic recovery and land constraints, will increase demand for these office properties."
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