{"id":1591,"date":"2019-02-19T10:15:35","date_gmt":"2019-02-19T15:15:35","guid":{"rendered":"https:\/\/www.meyer.media\/?p=1591"},"modified":"2019-02-19T09:24:55","modified_gmt":"2019-02-19T14:24:55","slug":"%e2%80%8ccushman-wakefield-arranges-29-25m-sale-of-broward-county-office-park","status":"publish","type":"post","link":"https:\/\/www.meyer.media\/2019\/02\/19\/%e2%80%8ccushman-wakefield-arranges-29-25m-sale-of-broward-county-office-park\/","title":{"rendered":"\u200cCushman & Wakefield Arranges $29.25M Sale of Broward County Office Park"},"content":{"rendered":"
\"Lakeshore<\/a>
Lakeshore Business Center<\/figcaption><\/figure>\n

YMP Real Estate Acquired the Four-Building Office Park from Morning Calm Management<\/em><\/strong><\/p>\n

FORT LAUDERDALE, FL, February 19, 2019<\/strong> \u2014 Cushman & Wakefield<\/a> has arranged the sale of Lakeshore Business Center, a four-building office park in Broward County\u2019s Cypress Creek submarket.<\/p>\n

The Cushman & Wakefield Capital Markets team of Mike Davis<\/a>, Scott O’Donnell<\/a>, Dominic Montazemi<\/a>, Greg Miller<\/a>, Rick Brugge<\/a> and Michael Lerner<\/a> represented Boca Raton, FL-based Morning Calm Management<\/a> in the sale. Miami-based YMP Real Estate Management, LLC<\/a> acquired the 237,682-square-foot office park for $29.25 million ($123 per square foot).<\/p>\n

Lakeshore Business Center comprises four, two-story buildings developed between 1986 and 2000. The campus is located on a \u00b117.0-acre site at 5100<\/a> and 5200 NW 33rd Avenue<\/a> and 3201-3125 West Commercial Boulevard<\/a> in Fort Lauderdale.<\/p>\n

The park\u2019s location midway between Interstate 95 and Florida\u2019s Turnpike \u2014 South Florida\u2019s two primary north-south arteries \u2014 offers nearly one-quarter mile of prominent frontage along West Commercial Boulevard in the Cypress Creek submarket.<\/p>\n

\u201cCypress Creek is Broward County\u2019s second-largest submarket and continues to be a cost effective option for tenants who are seeking easy access to South Florida\u2019s major thoroughfares and a respite from the Fort Lauderdale CBD\u2019s rapidly rising rents,\u201d explained Davis. \u201cAs average asking rents in Fort Lauderdale\u2019s CBD increase, the relative value appeal of Cypress Creek as a cost-effective option for Class A and B office space continues to grow.\u201d<\/p>\n

Lakeshore Business Center offers a superior parking ratio (4.0 spaces\/1,000 square feet) and has received more than $1.3M in capital improvements in recent years, including high-quality interior finishes; upgrades to roofs, HVAC, lobbies and corridors; and major restroom renovations.<\/p>\n

Further improvement and development potential is possible for new ownership. Sixteen percent of Lakeshore Business Center\u2019s total square footage is warehouse space, which could be repurposed to office. The site also offers near-term outparcel development opportunities and the potential for a covered land play, leading to future redevelopment.<\/p>\n

Lakeshore Business Center was 79% leased at the time of sale, with leasing velocity increasing dramatically in recent years. Notable tenants include Hair Visions International, ECI Telecom and Kirlin Florida.<\/p>\n

\u201cLakeshore Business Center provides YMP with tremendous upside potential through the lease-up of 50,000 square feet of vacant space,\u201d said O\u2019Donnell. \u201cPrior ownership had leased 78,000 square feet of new space plus 58,000 square feet of renewals in the past three years, which made up 44% of the entire submarket\u2019s absorption during that period.\u201d<\/p>\n

About Cushman & Wakefield<\/strong><\/p>\n

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit\u00a0www.cushmanwakefield.com<\/a> or follow @CushWake<\/a> on Twitter.<\/p>\n

Media Assets<\/strong><\/p>\n

Lakeshore Business Center Photo<\/a>
\nMike Davis Headshot<\/a>
\nScott O\u2019Donnell Headshot<\/a>
\nDominic Montazemi Headshot<\/a>
\nGreg Miller Headshot<\/a>
\nRick Brugge Headshot<\/a>
\nMichael Lerner Headshot<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Cushman & Wakefield Capital Markets team of Mike Davis, Scott O\u2019Donnell, Dominic Montazemi, Greg Miller, Rick Brugge and Michael Lerner has arranged the sale of Lakeshore Business Center, a four-building office park in Broward County\u2019s Cypress Creek submarket.<\/p>\n","protected":false},"author":1,"featured_media":1581,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[2239,2237,2238,772,192,49,4,2232,87,2241,29,41,144,2240,2242,2236,101,100,2235,26,102,2233,88,368,2234],"class_list":["post-1591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pr","tag-3201-3125-west-commercial-boulevard","tag-5100-nw-33rd-avenue","tag-5200-nw-33rd-avenue","tag-brokerage","tag-broward-county","tag-commercial-real-estate","tag-cushman-wakefield","tag-cypress-creek","tag-dominic-montazemi","tag-eci-telecom","tag-florida","tag-fort-lauderdale","tag-greg-miller","tag-hair-visions-international","tag-kirlin-florida","tag-lakeshore-business-center","tag-michael-lerner","tag-mike-davis","tag-morning-calm-management","tag-office","tag-rick-brugge","tag-sale-disposition","tag-scott-odonnell","tag-south-florida","tag-ymp-real-estate"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.meyer.media\/wp-content\/uploads\/2019\/02\/lakeshore-business-center-photo.jpg?fit=3000%2C1909&ssl=1","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p79IL5-pF","_links":{"self":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts\/1591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/comments?post=1591"}],"version-history":[{"count":1,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts\/1591\/revisions"}],"predecessor-version":[{"id":1592,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts\/1591\/revisions\/1592"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/media\/1581"}],"wp:attachment":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/media?parent=1591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/categories?post=1591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/tags?post=1591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}