MIAMI—Pinnacle Corporate Park 1 and II—two class A suburban office buildings totaling 262,434 square feet in Fort Lauderdale, FL—have traded hands. Northwest Mutual sold the office assets to a joint venture between Banyan Street Capital and DRA Advisors for $38.1 million free and clear of existing debt.
HFF managing director Hermen Rodriguez, director Ike Ojala, and senior real estate analyst Jorge Portela represented the seller. That brings HFF's office transaction closings to more than $48 million across all capital markets platforms in the state of Florida in 2013.
“Pinnacle Corporate Park has an exceptional office location thanks to its proximity to Fort Lauderdale's central business district, Interstate 95 and the Tri-Rail, and the property is in exceptional physical condition,” says Rodriguez. “The offering received strong interest from a wide variety of investors, driven by the property's physical attributes and strong rent-roll.”
Pinnacle Corporate Park sits just off Interstate 95 at 500 and 550 West Cypress Creek Road next to the Cypress Creek Tri-Rail station. The properties are 85% occupied to a diverse tenant roster including University of Phoenix, CastlePoint Insurance, Oracle, and Fannie Mae.
Banyan is a private commercial real estate investment firm that currently holds interests in more than 9 million square feet of office space. DRA is a New York-based registered investment advisor that currently manages more than $11 billion in assets, including 15 million square feet of office space, 22 million square feet of industrial properties, 4 million square feet of retail space and 40,500 multifamily units.
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