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Brenda Saavedra
|
WESTON, FL, May 10, 2021 – KBS, one of the
largest investors in premier commercial real estate in the nation, announced today that it has
sold a two-building, 149,103 square-foot Class A office campus in Weston,
Florida.
The
property, Weston Corporate Center, was sold to an affiliate of Banyan Street Capital for $52.25 million
after KBS completed an extensive series of upgrades to both buildings.
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| Marc DeLuca |
“KBS is well-known for its ability to identify superior assets in
top markets across the country with strong population and economic growth,” says
Marc DeLuca, Eastern regional president for KBS.
“South Florida’s Broward County, where Weston
Corporate Center is located, boasts an impressive 13.2% population growth over
the last decade, unemployment rate
that outperforms the metro and a diverse and educated
workforce."
The
region continues to attract major corporations such as Chewy.com, Citrix
and Spirit Airlines, the 7th largest U.S. carrier, which recently announced its
plans to establish its company headquarters in the area.
KBS’ forward-looking approach allowed the
firm to identify and acquire one of the most prestigious assets in this market
early on and invest in improvements that have further enhanced its appeal to
office investors and high-end users.”
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Christian Lee
|
KBS acquired Weston Corporate Center in 2015 and implemented
comprehensive upgrades to the property over the last three years.
These upgrades include refreshed atrium
lobbies with new furniture and a coffee bar for tenants and a full renovation
of all the multi-tenant restrooms in both buildings.
In addition, the company has implemented
significant structural enhancements including a new roof section on Weston
Corporate Center I, substantial HVAC and LED lighting upgrades, a resealed and
restriped parking lot and an updated exterior lakeside sitting area.
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José Lobón
|
“As one of Weston’s only two institutional-quality office parks,
Weston Corporate Center was already attracting blue-chip tenants whose
decision-makers live in the area,” says Allen Aldridge, asset manager
for Weston Corporate Center and senior vice president and co-director of asset management at
KBS.
“The upgrades that KBS has implemented, in addition to its ideal
location in one of the most desirable submarkets in the
state of Florida, make
this property even more compelling for Southwest Broward County office users.”
Christian Lee and José Lobón
of CBRE served as KBS’ exclusive advisors and representatives for the sale of
Weston Corporate Center.
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| Bruce Fischer |
“Weston Corporate Center is considered one of the top suburban
office properties in Broward County among companies seeking best-in-class space
for their teams,” says Lee, vice chairman. “Through its deep understanding of
this market, KBS has chosen improvements that position the property to continue
attracting top tenants in the region.”
According to CBRE, Broward County is outperforming the
South Florida metro overall with an unemployment rate of 5.3%
in Q1, 110 basis points below the average. The number of office tenants in the
market is growing, pointing to an upward shift in leasing activity by the
second half of 2021.
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Howard Chu
|
Built in 1997 and 1998,
Weston Corporate Center consists of two four-story buildings.
The property,
which boasts a market-leading 4.7 per 1,000 sf parking ratio, is 94% leased to
a variety of credit and nationally recognized corporate tenants.
Uniquely positioned in
close proximity to Southwest Broward County’s main thoroughfares including
I-75, I-595, I-95 and Florida’s Turnpike, Weston Corporate Center is a short
distance away from world-class shopping at Weston Town Center and Sawgrass
Mills, the largest single-story mall in the U.S. and the second largest in
Florida.
The asset is also within a 15-minute
drive of over 100 food and beverage options.
Weston Corporate Center, 2500 Weston Road and 2700 South Commerce Parkway, Weston, FL
Attorneys Bruce Fischer, Howard Chu and paralegal, Amanda
Kennedy, of global law firm Greenberg Traurig, LLP’s Orange County
office, together with attorney Brenda Saavedra in Greenberg’s Miami
office, represented KBS as legal counsel in the disposition.
CONTACT:
Katie Haga
khaga@brower-group.com
www.kbs.com.
