The complex has an aggregate of 61,613 sf and has recently undergone a capital improvement program, according to Grant Savage, VP in the Miami office of Grubb & Ellis' investment services group. He and Brian DiRienzo, a G&E VP in the same office, represented the seller, identified as PPP LLC. Savage says PPP LLC is a group of investors. Norman Nierenberg and Erroll Eisinger of Miami-based N&E Equity, represented the buyer, also an investment group identified as Plantation Professional Park LLC.
Savage says this is a strong office market, "and the park provides a stable income from medical tenants on long-term leases. In addition, it contains one acre of excess land that allows for future development of an additional 18,000 sf of medical office space." The current rental rate in the park is approximately $15 per sf, triple-net, according to Savage.
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