Fort Lauderdale-Area Office Asset Trades for $9M
- May 29, 2017
Cushman & Wakefield negotiated the sale of Executive University Courts, a 97,125-square-foot office campus in Lauderhill, Fla. The property commanded $9.3 million.
The advisory team led by Managing Director Dominic Montazemi, Senior Associate Greg Miller and Executive Director Scott O’Donnell represented the seller, Kas University LLC, an affiliate of Miami-based SF Partners. According to public records, MYP Executive LLC purchased the property, receiving nearly $7 million in acquisition financing from Atlantic Coastal Bank.
Located at 4300 N. University Drive in central Broward County, Executive University Courts comprises six two-story interconnected office buildings constructed in 1987. The property underwent upgrades in the past three years, which helped increase occupancy from 50 to 84.1 percent. Notable tenants include Strax Rejuvenation, Optimum Education Group and Authorized Recovery.
The location provides visibility and easy access via Florida’s Turnpike and Sawgrass Expressway. Yardi Matrix data shows that the property last traded in 2013, when SF Partners acquired Executive University Courts from Boxer Property for $5.3 million.
“The property’s visibility and above-average parking, as well as the strong population density in the immediate submarket, are tremendous demand drivers for potential tenants,” said Montazemi, in a prepared statement. “The layout of the buildings also provides tenants direct access to their suites and an enhanced level of privacy,” he added.
Image courtesy of Yardi Matrix