The buyer plans to construct two 120,000-sf class A office buildings at the site. Construction in scheduled to begin in May. CB Richard Ellis vice president Rick Miller brokered the transaction.
"This is a very important acquisition for the Southwest Broward submarket. Given that the office sector south of Interstate 595 has experienced single-digit vacancy since 2003, the timing for this project is perfect," Miller says. "Miramar has rapidly become an excellent location for corporate offices because of its ease of access for Broward and Miami-Dade County residents."
According to a CB Richard Ellis Q3 office market report for Broward County, Southwest Broward County is currently experiencing a 6.2% vacancy rate with 203,579 sf of absorption year-to-date and average asking rental rates of $20.13 per sf.
Other office properties Liberty Property Trust owns in Miramar include buildings at 3350 SW 148th Ave., 3400 Lakeside Dr. and 3450 Lakeside Dr.
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