C&W Arranges $18M Office Sale in Fort Lauderdale
- Jan 05, 2018
Naya USA Investment & Management LLC has acquired Lakeside Plaza, a 119,370-square-foot office building in Fort Lauderdale, Fla., in a transaction valued at $17.6 million.
Dominic Montazemi, Scott O’Donnell, Gregg Miller and Miguel Alcivar from Cushman & Wakefield’s South Florida commercial team in conjunction with the office leasing team of Travis Herring and Deanna Lobinsky negotiated the sale on behalf of New York-based Delma Properties Inc. Jason Hochman—representing Cushman & Wakefield’s international Equity, Debt and Structured Finance (EDSF) platform—assisted in securing a $12.4 million acquisition loan on behalf of Naya USA Investment & Management LLC.
Located at 6301 NW 5th Way in Corporate Park at Cypress Creek in the heart of Fort Lauderdale’s Uptown Business District, the five-story property features a glass curtain wall system with aluminum framing and floor-to-ceiling tempered, reflective glass. Lakeside Plaza offers lakefront views and direct access to a pedestrian walkway to the rest of the office campus. The property’s location offers unparalleled access to Interstate 95, the Cypress Creek Tri-Rail Station and the Fort Lauderdale Executive Airport.
According to Cushman & Wakefield, Lakeside Plaza was 74.8 percent occupied at the time of the sale. Notable tenants include Bosch Security Systems, the Early Learning Coalition and Allied Universal.
“Lakeside Plaza offers significant upside potential through leasing vacancies and pushing rental rates as the Uptown Business District’s conversion into the Uptown Urban Village comes to fruition,” said Montazemi in prepared remarks. “Greater connectivity and enhanced pedestrian activity will enhance the area’s existing status as a major economic center and transportation hub. As this transformation occurs, substantial appreciation of property values can be expected,” said Anthony Milelli, executive vice president & COO at Delma Properties Inc., in a prepared statement.
Cushman & Wakefield recently facilitated the sale of The Plant, a 56,831-square-foot shopping center located in the south-eastern outskirts of Phoenix.
Image courtesy of Cushman & Wakefield