Friday, November 8, 2013

HFF closes $38.1 million sale of Pinnacle Corporate Park I and II in Fort Lauderdale, FL





Hermen Rodriguez
MIAMI, FL – HFF announced it has closed the sale of Pinnacle Corporate Park I and II, two Class A suburban office buildings totaling 262,434 square feet in Fort Lauderdale, Florida.

HFF marketed the property on behalf of Northwestern Mutual.  A joint venture between Banyan Street Capital and DRA Advisors purchased the offering for $38.1 million free and clear of existing debt.

Pinnacle Corporate Park is situated just off Interstate 95 at 500 and 550 West Cypress Creek Road adjacent to the Cypress Creek Tri-Rail station.
  
Ike Ojala
The properties are 85 percent leased overall to a diverse tenant roster including University of Phoenix, CastlePoint Insurance, Oracle and Fannie Mae.  

The HFF team representing the seller was led by managing director Hermen Rodriguez, director Ike Ojala and senior real estate analyst Jorge Portela.

“Pinnacle Corporate Park has an exceptional office location thanks to its proximity to Fort Lauderdale’s central business district, Interstate 95 and the Tri-Rail, and the property is in exceptional physical condition,” said Rodriguez.


“The offering received strong interest from a wide variety of investors, driven by the property’s physical attributes and strong rent-roll,” added Ojala.

                HFF’s investment sales team closed more than $2.8 billion in office building sales nationally in the first half of 2013.  HFF closed more than $48 million in office transactions across all capital markets platforms in the state of Florida during this time.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com


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