The Capital Markets Team of Scott O’Donnell, Dominic Montazemi, Miguel Alcivar and Greg Miller represented 6400 Associates, LLC in the $7.1 Million Sale
Cushman & Wakefield announced today that it has negotiated the sale of Business Plaza at Corporate Park, a two-building office park located in the heart of Fort Lauderdale’s Uptown Business District.
Executive Director Scott O’Donnell, Senior Director Dominic Montazemi, Director Miguel Alcivar and Senior Associate Greg Miller represented Boca Raton-based seller 6400 Associates, LLC in the transaction. Coconut Creek-based TMT Properties, Inc. acquired the asset for $7.1 million ($104 per square foot).
Developed in 1982, Business Plaza at Corporate Park comprises two single-story office buildings totaling 68,153 square feet. The property sits on five acres at 6400–6472 NW 5th Way. Its location offers an exceptional amenity base of hotels, restaurants, entertainment facilities and easy access to local transportation, which enhances pedestrian activity reflective of a major economic center and transportation hub.
Major tenants include Comprehensive Home Care, Skillstorm Commercial Services, Southeast Renewable Fuels, Malcolm Drilling, American Renal Associates and U.S. Security Associates. The park was 86 percent occupied at the time of sale.
“Business Plaza Corporate Park offered investors strong in-place yields with significant room for upside by leasing vacancies and pushing rental rates as the Uptown Business District’s conversion into the Uptown Urban Village becomes increasingly imminent,” said O’Donnell. “Greater connectivity and enhanced pedestrian activity will enhance the area’s existing status as a major business hub driven by its central location within South Florida and excellent access to I–95.”
Including this transaction, the South Florida Commercial Team of O’Donnell, Montazemi, Alcivar, Miller and debt financing partner Jason Hochman have closed more than $235M in sales and financing this year. Please visit www.
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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 and occupiers 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
