Why Investors Are Digging Deep For Broward Office
Investors are looking hard for South Florida office properties, and not just in the marquee addresses in Miami. Broward County's in play, too.
Avison Young principal and managing director Michael Fay tells us that as vacancies drop in Broward County, more office properties are being picked up quickly by investors seeking a potentially hefty ROI. That's possible because the current climate is "conducive to increasing rents,” he says.
Recently Michael and colleague John Crotty repped LNR in its sale of the 62k SF Cypress Creek Tower, a five-story office building at 800 West Cypress Creek Rd in Fort Lauderdale to COLE International Investments. The property sold within six weeks on the market. “Investors have taken note of South Florida’s strengthening office market to bolster their portfolios," Michael added. The duo earlier oversaw the sale of the 92k SF Courthouse Commons in West Palm Beach.
Berger Commercial Realty VP Joseph Byrnes, who recently repped Poal Wk Taft LLC in its sale of 6565 Taft St in Hollywood, says that the asset drew a great deal of interest "from the moment we put it on the market," with a contract secured in less than 60 days. "The property has and will continue to have high-quality tenants with long-term leases," he notes.
The four-story, 50k SF office building is the last and largest of nine office buildings to be sold from the Taft Office Complex, which spans several blocks from 6363 to 6565 Taft St. Built in the late 1980s, the building is 90% occupied, with Infinity Insurance, City College and the US government as key tenants.
