Colliers International South Florida‘s Ryan Goggins and Jarred Goodstein has represented seller 3521 West Broward Associates, LP, an entity of Hotwire Communications, in the sale of 3521 West Broward Boulevard in Lauderhill.
The $2 million transaction closed March 16.
The sale of the asset represents the next phase of Hotwire Communications’ strategic South Florida consolidation into their headquarters building at 2100 West Cypress Creek Road in Cypress Creek.
The buyer, Oakland Park, LLC, a subsidiary of Chrysalis Health, was once a tenant in the three-story, 42,040 square foot building. They plan to occupy a portion of the building and may lease the balance of the building to other tenants.
“As office rental rates rise across South Florida, we are seeing increased numbers of tenants in the market that are interested in purchasing an asset, particularly if they can offset their occupancy costs with rental income,” noted Colliers Senior Associate Ryan Goggins. “Further, the trend of owner-occupied assets gives these tenants the flexibility to accommodate their future business needs on their own terms.”
Case in point: Hotwire Communications purchased their now-headquarters location at 2100 West Cypress Creek Road in February 2016 with plans to occupy most of the building as their own corporate headquarters and for the backbone of their fiber optics telecommunications business. With surplus space, available, the company retained the Colliers International South Florida team of Jonathan Kingsley, Jarred Goodstein and Ryan Goggins to lease out the remaining space.
The fully-furnished building offered shared amenities, such as a gym, cafeteria and on-site conference facilities. The Colliers team successfully negotiated more than 57,000 square feet of office space leases, bringing the building occupancy to 100%.
Moreover, the headquarters opportunity, with future flexibility for growth, created efficiencies that merited the disposition of Hotwire Communications’ existing office at 3521 West Broward Boulevard, creating a similar owner-occupier opportunity to the new buyer.
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