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FORT LAUDERDALE, FL-Exchange of Fort Lauderdale LLC, headed by Scott Brenner, president of locally based Brenner Real Estate Group, bought Exchange Office Park from Chicago-based CMD Realty Investors Inc. for $21 million, or just shy of $120 per sf. The new owner plans conversion of the six-building complex to Exchange Office Condominium.

John F. Bell, SVP in the Miami office of Trammell Crow Co., represented CMD in the transaction. “The bidding was very competitive,” he says, “and the sales price of the Exchange is validation of the investment community’s belief that the Cypress Creek office market is on the verge of rent spikes.”

TCC and Brenner’s group are handling sales and marketing of the condo units jointly, and the starting price for units is $205 per sf. Don Cartwright, TCC’s South Florida area director, says interest from the condo buyer market is already strong. “In addition to building equity and creating value while paying lower occupancy costs,” he says “ownership also offers certain tax benefits, such as interest and depreciation deductions and no sales tax on monthly mortgage payments.”

The park, located at 3303-3363 W. Commercial Blvd. in the Cypress Creek submarket, was built in 1985. It has an aggregate of 175,015 sf and is currently 81% leased. Among the tenants are Hewlett Packard, RJ Reynolds Tobacco Co., HSBC Bank and Foot Locker. The average asking rental rate for Cypress Creek office space ranges from $18.07 per sf for class B properties to $23.58 per sf in class A buildings, according to a first-quarter 2005 report from the Miami office of Grubb & Ellis.

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