X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the TIC market, click here.)

FORT LAUDERDALE, FL-Cabot Acquisition LLC, a Boston-based tenant-in-common investor, has paid just under $25.6 million for two office buildings in the Cypress Creek submarket. They are the three-story Zimmerman Corporate Center at 2200 W. Commercial Blvd. and the two-story Trafalgar Plaza at 5300 NW 33rd Avenue.

Zimmerman Corporate Center is a 68,903-sf building that was constructed in 1984 and is currently 97% leased. The seller, identified as Avion Corporate Center LLC, got a price of $163 per sf. Trafalgar Plaza LLC obtained $145 per sf for its 98,602-sf building, which was constructed in 1985 and is 87% occupied.

The tenant rosters in both buildings are a mix of corporate and professional tenants, according to John Bell, SVP in the Miami office of Trammell Crow Co. He represented the sellers in both transactions, and Cabot spoke for itself. Both sellers are Plantation-based private groups.

“The Cypress Creek office market is experiencing an uptick in leasing activity,” Bell says, and, “as market fundamentals improve, there is the expectation of near-term rent spikes.” He tells GlobeSt.com that asking office rent rates in the submarket now range between $13 per sf and $17 per sf, net.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.