JV Partners Buy Florida Office Campus for $50M

HOLLYWOOD, FL – The joint-venture partnership of Fox Ridge Capital, TKF Real Estate Investment and Jax Capital Investments has acquired a three-building office campus in Hollywood, FL for $50 million.

The 16-acre campus, Venture Corporate Center, was purchased from Black Creek Capital.

Totaling 253,742 square feet, Venture Corporate Center was 63% occupied at the time of the sale. The property is located at 3440 Hollywood Boulevard and 200-300 S Park Road.

The campus’s leasing activity has recently accelerated due to renovations to the properties’ lobbies, common areas and restrooms. The buyers additionally plan to invest significant capital in effort to enhance overall tenant experience.

For the transaction, Cushman & Wakefield’s Jason Hochman and Ron Granite secured $46.3 million in acquisition financing through Argentic Investment Management on behalf of the buyers. Cushman & Wakefield’s Dominic Montazemi, Scott O’Donnell and Mike Davis represented the buyers in the transaction.

Cushman & Wakefield’s Katherine Ridgeway, Travis Herring, Deanna Lobinsky and Chase Kulp were previously in negotiations with prospective tenants and the team has been retained to continue to oversee leasing.

“Venture Corporate Center has enjoyed long-standing stable occupancy through numerous institutional ownership cycles but only recently experienced a drop in its occupancy,” says Montazemi. “Fox Ridge, TKF and Jax Capital recognized a unique opportunity to reposition an incredibly well-located 16-acre campus within a half-mile west of I-95 in central Broward County.”

“Venture Corporate Center is a high-quality asset with long-term growth and we are excited to add it to our portfolio,” states Grant Horwitz, managing principal at Fox Ridge Capital. “This transaction aligns well with our approach of strategically targeting properties in the South Florida market given its strong economy and continuous population growth.”