Canadian Investor Nabs Miami-Area Office for $21M

The 101,941-square-foot property is situated at one of the busiest intersections in Broward County, Fla., which has an annual average daily traffic count of more than 36,000 vehicles.
One Charter Place, at 3201 N. University Drive
One Charter Place, at 3201 N. University Drive

A partnership between True North Management Group and Delma Properties Inc. has sold One Charter Place, a Class A office building in Coral Springs, Fla. Groupe Petra, a Canadian real estate management firm, acquired the property for $21.2 million and assumed a $15 million mortgage loan originated by Apollo Bank. HFF brokered the transaction on behalf of the seller, and also procured the buyer.

One Charter Place is located at 3201 N. University Drive, at the junction with Sample Road. According to the Florida Department of Transportation, the intersection sees an annual average daily traffic count of more than 36,000 vehicles, making it one of the busiest in Broward County. Multiple bars and restaurants are within walking distance, as well as several new multifamily developments and two hotels. The Fort Lauderdale Executive Airport is about 15 minutes away by car.

The four-building property was completed in 2007 and received a cosmetic renovation in 2015. The asset encompasses 101,941 square feet—including some 6,000 square feet of ground floor retail space—, with lease options ranging from 1,185 square feet of divisible space to 4,772 square feet of contiguous space. One Charter Place’s current tenant roster includes Wells Fargo, the Florida Department of Revenue, United Realty Group, among others. There are currently three vacant spaces, totaling 5,957 square feet, according to Yardi Matrix.

Image courtesy of Yardi Matrix