Alpha Millennium was represented in the transaction by Sperry Van Ness brokers Alan Kaye and Joel Kattan. The buyer was represented by Ted Lang, of Lang Real Estate. Kaye tells GlobeSt.com that the property was sold because the majority of the seller's portfolio is located in close proximity within Miami. "The seller can walk to most of his properties from his office," Kaye says. "This was the first property the seller had acquired in Broward County and it was inconvenient to manage."
Kaye and Kattan were also responsible for leasing the property prior to its sale. At the time of the sale, the property was 100% occupied. "We leased 17% or 18% of the property prior to its sale," Kaye says.
Built in 2002, the property is situated on approximately four acres near Interstates 75 and 595 and the Fort Lauderdale International Airport. Tenants include Comerica Bank, Don Pan, Moon Thai and Prudential WCI. The buyer acquired the property as a long-term investment.
"The buyer was looking for high-quality buildings where it can invest its money," Kaye says. "The buyer was attracted to the building because of the demographics and disposable income of Weston. It's becoming a market where people want to work and shop close to where they live."
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