MIAMI—Executive University Courts, a 102,120-square-foot class B office complex in Lauderhill, FL, traded for $5.3 million. 4300 Lauderhill LLC, which purchased the property just two months ago after foreclosure, sold the office asset to KAS Partners LLC.
CBRE represented both the buyer and the seller. KAS chose to retain CBRE to lease the property, which is located at 4300 North University Drive.
“Despite a history of high occupancy, Executive University Courts was only 62% occupied at the time of sale as a result of a long foreclosure process,” says Scott O'Donnell, senior vice president with CBRE's Private Capital Group South Florida Commercial Team. “However, as one of only two significant office assets in this submarket, the buyer recognized the potential for appreciation and opportunity to add to an existing office portfolio.”
Built in 1987 and renovated in 1999, Executive University Courts is offers six two-story interconnected office buildings surrounding a landscaped inner courtyard with a water feature. The property sits between the Sawgrass Expressway on the west and the Florida Turnpike on the east at the southeast corner of 44th Street.
“The sale represents the continued trend of value-add investors identifying functional office assets that have been financially challenged, but leasable through capital infusion and active management,” says O'Donnell. Boca Raton-based CBRE vice president Deborah Fink will oversee leasing for the property.
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