Cushman & Wakefield Negotiated the Sale of 100 South Pine Island to Beth Azor on behalf of IR–100 South Pine Island Building LLC
Cushman & Wakefield announced today that it has negotiated the sale of 100 South Pine Island, a 42,511-square-foot office building in Plantation.
The brokerage team of Senior Associate Greg Miller, Executive Director Scott O’Donnell, Senior Director Dominic Montazemi and Director Miguel Alcivar represented IR–100 South Pine Island Building LLC in the disposition valued at $5.8 million ($136 per square foot). The buyer was Beth Azor.
100 South Pine Island was built in 1979 on a ±2.82-acre site at the intersection of West Broward Boulevard and South Pine Island Road. The two-story building recently underwent common area renovations and had a new roof installed in 2010. The asset was 92 percent occupied at the time of sale and offered a diverse tenant roster including New Horizons Computer Training.
100 South Pine Island’s location at one of South Florida’s most prominent intersections provides convenient access to Interstate 95 and Interstate 595 and is well-supported by retail amenities such as The Westfield-Broward Mall and The Fountains Shopping Mall.
“This offering presented a stabilized investment opportunity with future redevelopment potential given itsMain and Mainlocation within the heart of the city of Plantation,” said Miller. “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.”
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.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
