Pembroke Pointe 880 Office Building Sells for $42 Million to Midtown Capital Partners
The sale price breaks down to $293 per square foot.
December 19, 2017 at 02:50 PM
2 minute read
The Pembroke Pointe 880 office building in Pembroke Pines has been sold for $42 million, Broward County property appraiser's records show.
Pembroke Pointe Office LLC, an affiliate of Miami-based real estate investment and management firm Midtown Capital Partners, bought the 143,535-square-foot, Class A office building from Duke Realty, an Indianapolis-based developer, owner and manager of industrial and office buildings.
The price breaks down to $293 per square foot.
Built in 2015, Pembroke Pointe 880 is at 880 SW 145th Ave., just east of the Interstate 75 northbound lanes and just south of Pines Boulevard. I-75 on- and off-ramps are a short drive from the building.
Commercial real estate services firm Cushman & Wakefield played a dual role in the transaction, representing the seller and helping the buyer secure a loan.
Its Capital Markets team of executive director Scott O'Donnell in Boca Raton, executive managing director Mike Davis in Tampa, executive director Michael Lerner in Orlando, managing director Dominic Montazemi in Boca Raton, director Miguel Alcivar in Miami, senior associate Greg Miller in Boca Raton and executive director Rick Brugge in Tampa represented Duke Realty.
Jason Hochman, senior director in Boca Raton and also part of Cushman & Wakefield's international Equity, Debt and Structured Finance platform, assisted the buyer in securing a $22.7 million, long-term loan for the purchase.
Cushman & Wakefield in the past also leased the building on behalf of Duke Realty.
Pembroke Pointe 880 was 86 percent leased when it was sold.
Some of its tenants are Global Medical Management, which provides managed care and cost containment services to health care payers and their members throughout the world; Elizabeth Arden, the cosmetics and fragrance company; CES Consultants Inc., an engineering and consulting firm; Kronos Inc., a workforce management firm; and Evolution Lighting LLC, a lighting company.
Pembroke Pointe 880 is about 24 miles from Fort Lauderdale-Hollywood International Airport and about 18 miles from Miami International Airport.
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