FORT LAUDERDALE, FL—Even class B net leased assets are gaining traction in South Florida's commercial real estate market. The AT&T Regional Service Center, a class B, 79,412-square-foot warehouse/office facility, just sold for $6.875 million.
Located at 3499 Northwest 53rd Street in Fort Lauderdale, FL, the one- and part two-story office-warehouse facility features 23% corporate office space, 24-foot clearance, and six dock-high loading doors.
CJ Partners of Florida acquired the property from Triton Broward of Delaware. CBRE's J. Scott O'Donnell, Dominic Montazemi, Miguel Alcivar, Jason Hochman, Harry Tangalakis, Tom O'Loughlin, and Larry Genet represented the seller.
“This building is set in a highly desirable corporate park and provides easy access for employees via nearby I-95 and the Florida Turnpike,” says O'Donnell. “This deal was highly pursued because of the recently extended eight-year 'net' lease with 2.5% annual base rent increases.”
The AT&T Regional Service Center is located in Broward County, just west of the Fort Lauderdale Executive Airport in the Fort Lauderdale Commerce Center corporate park. It serves as the training, storage and dispatch location for U-verse installers and is currently 100% net leased to BellSouth Telecommunications, LLC, a wholly-owned subsidiary of AT&T. BellSouth has been a tenant for more than 14 years.
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