CBRE Closes Sale Of Executive Airport Business Center

CBRE arranged the sale of the 73,216-square-foot Executive Airport Business Center in Fort Lauderdale.
The 6.09-acre site with two single-story office/service buildings at 5101 NW 21st Avenue was acquired for $4.6 million by TPCH Broward, LLC, a joint venture between Triton Capital, LLC and CP Highlands Fund LP, both Chicago-based investment firms.
CBRE represented the seller.
 

“This trade represented one of the few lender dispositions remaining in the market,” said First Vice President Dominic Montazemi of CBRE Investment Properties (pictured above). “TPCH Broward, LLC appreciated that rents are more than $6 per square foot below the last peak levels, thereby providing upside as the leasing environment improves.”

This is Triton Capital, LLC’s second acquisition in 18 months in South Florida.
 

“TCPH Broward, LLC has raised additional capital that it intends to use to fund more acquisitions in this market,” said John Bucheleres, President of Triton Capital, LLC.

Strategically and centrally located within the Uptown Business District of Fort Lauderdale, the Executive Airport Business Center was built in 1987 on land subject to a land lease with the City of Fort Lauderdale. The property was more than 91% leased to 14 tenants at closing.
The property is surrounded by a scenic lake to the west and a wooded area to the north. Adjacent to Fort Lauderdale Executive Airport, among the country’s busiest general aviation airports, the property also boasts exceptional access to Interstate 95 and the Florida Turnpike.
CBRE’s Scott O’Donnell, Miguel Alcivar, Peter Stevens, and Jarred Goodstein collaborated with Montazemi in arranging the transaction along with Jason Hochman of CBRE Debt & Structured Finance.

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