FORT LAUDERDALE, FL—Talk about a fast sale. Cypress Creek Tower, a 61,917 square-foot five-story office building in Fort Lauderdale, FL, sold within six weeks of listing. LNR sold the office asset to Cole International Investments for just over $6 million.

Avison Young's Michael T. Fay, principal and managing director of the Miami office, and John K. Crotty, principal represented the seller. Avison is also the exclusive leasing and management firm for the asset and repositioned the office building in preparation for the sale, signing new leases with Mercantil Commerce Bank and Clearchoice Dental totaling 11,642 square feet.

“Investors have taken note of South Florida's strengthening office market as an opportunity to bolster their real estate portfolios,” says Fay. “Due to dropping vacancy rates experienced throughout the Broward County office market, more and more office properties are being picked up quickly by investors seeking the potential of a hefty ROI as a result of a market conducive to increasing rents.”