Pinnacle Corporate Park Sells for Nearly $60 Million
The office buildings in Fort Lauderdale’s Cypress Creek business area set a new commercial real estate record
Selling for $226 per square foot totaling $58,875,000, Pinnacle Corporate Park now represents the highest price per square foot commercial real estate sale in the Cypress Creek business district area within the last decade.
The sale of the two-building, class A office property continues the record trend South Florida real estate has been witnessing lately.
“The Pinnacle Corporate Park sale represents the trend of large funds and institutional owners’ confidence to buy and sell large office assets as pandemic-driven concerns wane,” says David Duckworth, who led the sales team from Avison Young. “In Broward County, we see a strengthening uptick in investor demand for well-located suburban office assets as corporate decision-makers and C-suite executives relocate to South Florida, bringing businesses and money to invest.”
Feldman Equities, a real estate investment firm in St. Petersbug, Florida used a crowdfunding platform (Crowdstreet.com) to raise funds for the purchase of Pinnacle Corporate Park. The company plans to infuse $3 million in capital improvements to the corporate buildings.
“Pinnacle Corporate Park received intense interest and multiple competitive offers due to its strong occupancy, rental rate growth, lease-up potential, and ideal location just minutes from Interstate 95 and walking distance from the Tri-Rail,” says Avison Young Principal John K. Crotty. “Although 100% of the property is in use, our Capital Markets team creatively marketed the development potential in the existing parking lot, therefore uncovering the land’s intrinsic long-term value, enhancing overall interest, and ultimately achieving a record price-per-square-foot.”