Cushman & Wakefield Negotiates $42M Sale and Financing of Pembroke Pointe 880
PEMBROKE PINES, FL, December 15, 2017 — Cushman & Wakefield announced today that it has negotiated the sale of Pembroke Pointe 880, a 143,535-square-foot Class A office building Broward County. The Cushman & Wakefield Capital Markets team of Scott O’Donnell, Mike Davis, Dominic Montazemi, Miguel Alcivar, Greg Miller, Michael Lerner and Rick Brugge represented Duke Realty in the disposition. Pembroke Pointe Office LLC, an affiliate of Midtown Capital Partners LLC, acquired the asset for $42 million ($292 per square foot).
Jason Hochman of Cushman & Wakefield’s international Equity, Debt and Structured Finance (EDSF) platform assisted in securing a $22.7 million, long-term acquisition loan on behalf of the buyer.
Pembroke Pointe 880 was developed in 2015. The building features 36,111-square-foot floor plates designed for maximum efficiency and space utilization; upscale lobby and common areas; ample parking for tenants (5.5 parking spaces per 1,000 rentable square feet); and Interstate 75 frontage with high-visibility signage opportunities.
Pembroke Pointe 880 was 86 percent leased at the time of sale. Notable tenants include Global Medical Management, Elizabeth Arden, CES Consultants, Inc., Boxy Charm, Kronos Incorporated, Corestaff, Devry Education Group and Evolution Lighting LLC.
The asset’s central location at 880 SW 145th Avenue in southwest Broward County provides convenient access to Interstate 75, Fort Lauderdale Hollywood International Airport and Miami International Airport. The park is supported by numerous local retail and dining service providers, including the adjacent ±400,000-square-foot Shops at Pembroke Gardens.
Capitalized with off-shore equity sources, Midtown Capital Partners LLC appreciated this extremely wellconstructed office asset recently developed by Duke Realty,” said O’Donnell. “The property is prominently located along I–75 in a very strong suburban office market, thereby attracting significant buyer interest.”
Cushman & Wakefield assisted Duke Realty in achieving maximum value for the asset through an aggressive leasing campaign led by the office leasing team of Deanna Lobinsky,Travis Herring, Katherine Ridgway and Chase Kulp. The team, which was selected to lease the building by Duke Realty in October 2016, secured more than 60,000 square feet of new office leases in 2017.
“We have seen tremendous interest from prospective tenants at Pembroke Pointe 880 in the past 14 months, and we anticipate further activity moving forward,” said Lobinsky. “The asset is exceptionally well positioned to capitalize on the current demand for space in a tightening Broward County office market.”
About Duke Realty
The South Florida office of Duke Realty owns and operates 6.4 million square feet of industrial and office properties. On a nationwide basis, Duke Realty Corporation owns and operates approximately 144 million rentable square feet of bulk distribution real estate in 21 major U.S. metropolitan areas. Duke Realty is publicly traded on the NYSE under the symbol DRE and is listed on the S&P 500 Index. The company maintains a Baa1 rating from Moody’s Investor Service and a BBB+ rating from Standard & Poor’s Financial Services. More information about Duke Realty Corporation is available at www.dukerealty.com. Duke Realty also can be followed on Twitter, LinkedIn, Facebook and YouTube.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.