An affiliate of Banyan Street Capital has acquired a two-building office complex in Weston, Fla., for $52.25 million. The sale followed a series of upgrades the seller, KBS, made to the 149,103 square-foot property.
KBS acquired the property, Weston Corporate Center, in 2015 and has been making upgrades over the last three years, refreshing the atrium lobbies, adding a new roof section on Weston Corporate Center I and upgrading the HVAC and LED lighting.
"As one of Weston's only two institutional-quality office parks, Weston Corporate Center was already attracting blue-chip tenants whose decision-makers live in the area," Allen Aldridge, asset manager for Weston Corporate Center and senior vice president and co-director of asset management at KBS, said in prepared remarks. "The upgrades that KBS has implemented, in addition to its ideal location in one of the most desirable submarkets in the state of Florida, make this property even more compelling for Southwest Broward County office users."
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Christian Lee and José Lobón of CBRE represented KBS' in the sale. Attorneys Bruce Fischer, Howard Chu and paralegal, Amanda Kennedy, of Greenberg Traurig, LLP's Orange County office, together with attorney Brenda Saavedra in Greenberg's Miami office, represented KBS as legal counsel in the disposition.
Built in 1997 and 1998, Weston Corporate Center consists of two four-story buildings. The property is 94% leased.
According to CBRE, Broward County is outperforming the South Florida metro overall with an unemployment rate of 5.3% in Q1, 110 basis points below the average. The number of office tenants in the market is growing, pointing to an upward shift in leasing activity by the second half of 2021.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
