Dealmaker: Cushman & Wakefield Closes $121M in Office Sales
Cushman & Wakefield closed $121 million in south Florida office property sales.
Cushman & Wakefield arranged the sale of Bayview Corporate Tower, a 12-story Class A office building in Fort Lauderdale. Dominic Montazemi, Mike Davis, Scott O’Donnell, Greg Miller, Mike Ciadella and Miguel Alcivar represented the seller, Bridge Investment Group LLC’s subsidiary Bridge Office Fund Manager, in the $83 million transaction.
“The buyer has an exciting opportunity to lease-up the remaining 46,000 square feet of vacant space in one of Florida’s fastest-growing cities and Broward County’s largest employment hub,” Montazemi said.
Bayview Corporate Tower, located at 6451 North Federal Highway, totals 413,833 square feet. The property is within walking distance of dining and retail amenities along North Federal Highway as well as numerous luxury residential developments. The property has attracted and maintained a tenant roster comprising numerous tenants, including Whole Foods, CHG Healthcare, Envision Pharmaceuticals and Kovack Securities.
The property recently received $5 million in renovations with extensive common area and restroom renovations and a new roof. It offers a tenant amenity center that includes flexible on-site coworking space, a health-club level fitness center, conference center, café, and tenant lounge and game room.
Cushman & Wakefield also arranged the $58.4 million sale of Florida Crossroads Logistics Center, a 617,055-square-foot industrial building in Ocala.
Mike Davis, Stewart Calhoun, Rick Brugge, Rick Colon and Casey Masters of Cushman & Wakefield represented the seller, a joint venture led by Red Rock Developments and Wharton Industrial, in the transaction. An affiliate of Lexington Realty Trust, an industrial real estate investment trust, acquired the property.
Newly built, the Center sits on 46.08 acres and is fully leased on a long-term triple-net lease. The property is located at 3400 NW 35th Street at the intersection of Interstate 75 and US Highway 27, with 1,500 square feet of linear frontage on Interstate 75. The building features 36’8” min clear height, cross dock configuration, 52’ x 56’ column spacing, 200’ deep truck court, up to 221 trailer parks, 120 dock door positions, full HVAC and ESFR sprinklers.