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HOLLYWOOD, FL-Brenner Real Estate Group has paid $20.1 million, or $146 per sf, for Emerald Hills Executive Plaza I and II. The two-building office complex at 4501-4651 Sheridan St. has an aggregate of 137,672 sf. This is Brenner’s third Broward County office property acquisition and expands its office condo portfolio to 310,924 sf.

The 63,342-sf, six-story Plaza I building in the complex is currently 93% leased and will remain a rental building. Scott Brenner, president of Brenner, tells GlobeSt.com the rental rate is between $14.50 per sf and $15.50 per sf, triple-net, depending on location and size. The four-story, 74,330-sf Plaza II building is 90% occupied, he says, and it will be converted to office condos.

Suites for sale range in size from 870 sf to 19,650-sf full floors. The pricing, Brenner says, is $250 per sf. “We recognize that office ownership has a strong appeal in today’s market, with its advantages of stabilizing operating costs and equity build-up.” Brenner’s other recent purchases for conversion to office condos are Pine Island Commons, a three-story building in Plantation, and the Exchange, a six-building office complex in Fort Lauderdale.

Brenner represented the buyer, Emerald Hills Executive Plaza LLC, a private investment firm consisting of Brenner and partners, in negotiating this purchase. Jay Caplin of the area office of Cushman & Wakefield, represented the seller, ACP/Emerald Hill LLC.

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