MIAMI—Invesco Real Estate just sold Lakeside Office Center, a five-story, class A office building in Plantation, FL. Brookwood Financial Partners of Beverly, MA snapped up the 134,443-square-foot office property at 600 N. Pine Island Road for $21.5 million.
CBRE represented Invesco in the sale, and secured $14.7 million in financing on behalf of the buyer. The property was 75% leased at the time of sale.
Built in 1986 and renovated in 2006, Lakeside Office Center sits on 12.43 acres of land in one of South Florida's hottest suburban office locations, with access to Downtown Fort Lauderdale, Miami, and West Palm Beach, as well as area airports, via major highways. The building offers 554 parking spaces.
“Lakeside offers great upside potential through the lease-up of vacant space and the development potential of excess land on the property,” sys CBRE vice chairman Christian Lee. CBRE vice chairman Charles J. Foschini, first vice president Christopher Apone, and associate Marcos Minaya worked with Lee on the deal.
CBRE also arranged a floating-rate bridge loan of $14.7 million at an aggressive rate on behalf of Brookwood. The financing represents a 68% loan-to-value ratio. Sandra Anderson with Jones Lang LaSalle, who leased the property for the seller and now represents the new owner, also worked on the deal.
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