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PLANTATION, FL-Dallas-based Invesco Realty Advisors has acquired the 134,443-sf Lakeside Office Center at 600 N. Pine Island Rd. for $30.4 million. The seller was a New York-Houston joint venture.

CB Richard Ellis institutional group executive vice president Christian Lee, CBRE/Melody South Florida office senior director Charles Foschini and CB Richard Ellis investment properties group associate Christopher Apone represented the seller in the transaction, New York-based DRA Advisors and Fort Lauderdale-based Mainstreet Capital Partners.

Built in 1986, Lakeside Office Center is a class A mid-rise office building. It is situated on a lake frontage surrounded by landscaping. The building, which was renovated in 1998 and 2006, has a variety of tenants, including Coldwell Banker, Merrill Lynch, Vanity Fair and the University of Phoenix. Space rents for $17.50 per sf.

Lee tells GlobeSt.com that DRA Advisors and Mainstreet had originally acquired the property with the intent of renovating it and increasing its occupancy. The property was 99% leased at the time of the sale. “Their objectives had been met and it’s a fantastic time to sell property right now,” Lee says.

Lee adds that Invesco intends to hold onto to the property over the long-term. “Invesco was looking was high-quality real estate in the southeast area with stabile income streams,” he says.

Lakeside is the latest sale in an area that is experiencing strong office fundamentals. Like much of Broward County, Plantation is experiencing low vacancy rates and positive absorption. According to a CB Richard Ellis Q3 Broward County office market report, there is 1.37 million sf of class A office space in Plantation with a 3.3% vacancy rate. Year-to-date, there has been 6,646 sf of absorption with average asking rental rates at $17.63 per sf.

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