MIAMI—100 South Pine Island, a 42,511-square-foot office building in the Fort Lauderdale suburb of Plantation, FL, has traded hands. The sale price: $5.8 million, or $136 per square foot.
Cushman & Wakefield senior associate Greg Miller, executive director Scott O'Donnell, senior director Dominic Montazemi, and director Miguel Alcivar represented IR–100 South Pine Island Building in the disposition. Beth Azor acquired the office asset.
“This offering presented a stabilized investment opportunity with future redevelopment potential given its 'main and main' location within the heart of the city of Plantation,” Miller tells GlobeSt.com. “Its proximity to Broward County's Clerk of Courts and Westside Regional Medical Center, combined with the future redevelopment of the former Plantation Fashion Mall, should allow for strong rent growth over the next few years.”
Built in 1979, 100 South Pine Island is a 2.82-acre site at the intersection of West Broward Boulevard and South Pine Island Road. The two-story office building recently underwent common area renovations and had a new roof installed in 2010. The asset is 92% occupied by tenants including New Horizons Computer Training.
100 South Pine Island sits at one of the most prominent intersections in South Florida and offers quick access to Interstates 95 and 59. The Westfield-Broward Mall and The Fountains Shopping Mall are nearby.
According to Cushman & Wakefield's Q1 2016 Broward County Office MarketBeat Report, Plantation is one of Broward County's top performing office submarkets, exhibiting below-average occupancy along with above-average rents and leasing activity.
“Due to its live-work-play appeal, Fort Lauderdale's office market continues to mature and tighten with more and more investors and businesses recognizing it as a quality workforce- and Millennial-attracting city,” Avison Young's Greg Martin tells GlobeSt.com. “Coupled with the fact that Broward County overall is experiencing significant population growth and decreasing unemployment, this trend is contributing to the uptick in office demand, growth and vibrancy of Fort Lauderdale's nearby submarkets and suburban areas as well.”
Plantation has seen plenty of office traction lately. Gramercy Property Trust recently brought in in a new leasing team for its Plantation Corporate Center, a 122,167-square-foot office building at 1601 Southwest 80th Terrace. Meanwhile, the dormant Fashion Mall site in Broward County's Plantation, FL is getting a new lease on life. Developers are sharing a vision for revitalizing the mall.
MIAMI—100 South Pine Island, a 42,511-square-foot office building in the Fort Lauderdale suburb of Plantation, FL, has traded hands. The sale price: $5.8 million, or $136 per square foot.
Cushman & Wakefield senior associate Greg Miller, executive director Scott O'Donnell, senior director Dominic Montazemi, and director Miguel Alcivar represented IR–100 South Pine Island Building in the disposition. Beth Azor acquired the office asset.
“This offering presented a stabilized investment opportunity with future redevelopment potential given its 'main and main' location within the heart of the city of Plantation,” Miller tells GlobeSt.com. “Its proximity to Broward County's Clerk of Courts and Westside Regional Medical Center, combined with the future redevelopment of the former Plantation Fashion Mall, should allow for strong rent growth over the next few years.”
Built in 1979, 100 South Pine Island is a 2.82-acre site at the intersection of West Broward Boulevard and South Pine Island Road. The two-story office building recently underwent common area renovations and had a new roof installed in 2010. The asset is 92% occupied by tenants including New Horizons Computer Training.
100 South Pine Island sits at one of the most prominent intersections in South Florida and offers quick access to Interstates 95 and 59. The Westfield-Broward Mall and The Fountains Shopping Mall are nearby.
According to Cushman & Wakefield's Q1 2016 Broward County Office MarketBeat Report, Plantation is one of Broward County's top performing office submarkets, exhibiting below-average occupancy along with above-average rents and leasing activity.
“Due to its live-work-play appeal, Fort Lauderdale's office market continues to mature and tighten with more and more investors and businesses recognizing it as a quality workforce- and Millennial-attracting city,” Avison Young's Greg Martin tells GlobeSt.com. “Coupled with the fact that Broward County overall is experiencing significant population growth and decreasing unemployment, this trend is contributing to the uptick in office demand, growth and vibrancy of Fort Lauderdale's nearby submarkets and suburban areas as well.”
Plantation has seen plenty of office traction lately. Gramercy Property Trust recently brought in in a new leasing team for its Plantation Corporate Center, a 122,167-square-foot office building at 1601 Southwest 80th Terrace. Meanwhile, the dormant Fashion Mall site in Broward County's Plantation, FL is getting a new lease on life. Developers are sharing a vision for revitalizing the mall.
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