One of the Most In-Demand Office Submarkets

FORT LAUDERDALE, FL—Talk about a fast sale. Cypress Creek Tower, a 61,917 square-foot five-story office building in Fort Lauderdale, FL, sold within six weeks of listing. LNR sold the office asset to Cole International Investments for just over $6 million.

Avison Young's Michael T. Fay, principal and managing director of the Miami office, and John K. Crotty, principal represented the seller. Avison is also the exclusive leasing and management firm for the asset and repositioned the office building in preparation for the sale, signing new leases with Mercantil Commerce Bank and Clearchoice Dental totaling 11,642 square feet.

“Investors have taken note of South Florida's strengthening office market as an opportunity to bolster their real estate portfolios,” says Fay. “Due to dropping vacancy rates experienced throughout the Broward County office market, more and more office properties are being picked up quickly by investors seeking the potential of a hefty ROI as a result of a market conducive to increasing rents.”

Cypress Creek Tower is a class B office building that's 75% occupied. The building sits on the south side of the busy Cypress Creek corridor with direct frontage on Cypress Creek Road. Traffic counts exceed 57,000 cars per day.

The office tower is directly off Interstate 95. The asset is also close to Florida's Turnpike and the Cypress Creek Tri-Rail Station. Area amenities include restaurants, retail, banks, childcare options, and fitness centers

“The second largest office submarket in Broward County with 3.7 million square feet of office product, Cypress Creek is one of the most in-demand submarkets,” says Crotty. “Buyers are willing to invest in properties within markets where there is positive growth and strength, and the Cypress Creek Tower transaction is a clear example.”