Dealmaker: Avison Young Closes $59M Office Portfolio Sale
Avison Young’s Florida Capital Markets Group sold Pinnacle Corporate Park, a two-building Class A office portfolio in Fort Lauderdale, Fla., for $58.8 million.
The portfolio at 500 and 550 W. Cypress Creek Road totals 259,500 square feet on 14.3 acres in Broward County’s Cypress Creek submarket. At $226 per square foot, the sale represented the highest price per square foot in Cypress Creek in the past decade.
Avison Young represented the seller, a fund managed by DRA Advisors LLC in a joint venture with Banyan Street Capital. Pinnacle Corporate Park LLC, managed by Feldman Equities, St. Petersburg, Fla., acquired the portfolio, its first South Florida investment. The buyer purchased the property with capital raised through crowdfunding using online platform Crowdstreet.com and said it plans to invest more than $3 million in renovations.
Avison Young Principals John Crotty and David Duckworth led the sales team, which also included Principal and Miami Managing Director Michael Fay, Principal Greg Martin, Principal George Vail, Vice President Brian C. de la Fé and Associate Berkley Bloodworth.
Crotty said Pinnacle Corporate Park has strong occupancy, rental rate growth and lease-up potential and a good location minutes from Interstate-95 and walking distance from the regional Tri-Rail train station.
“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,” Duckworth said. “In Broward County, we see a strengthening uptick in investor demand for well-located suburban office assets as corporate decisionmakers and C-suite executives relocate to South Florida, bringing businesses and money to invest.”