Developer Acquires 145K SF Office Building, To Be Razed To Make Way For $200 Million Mixed-Use Project

Apr 10, 2018 No Comments by

Developer PreDevCo just paid $7.8 million to buy the Coral Springs Financial Center, part of its plans to eventually develop a mixed-use project on about 8.5 acres of land in Coral Springs.

The trade for the 145,000-square-foot office at 3300 University Drive breaks down to about $54 per square foot. The seller, 3300 CSFP LLC, is a Miami Beach company led by Asset Recovery Corp.’s John Olsen. Records show the deal included $5.7 million in seller financing.

Coral Springs Financial Center, built in 1975, was about 40 percent occupied, according to a release. Marcus & Millichap’s Drew A. Kristol and Kirk D. Olson represented the seller.

The office building is one of three properties Boca Raton-based PreDevCo is assembling in order to build, Coral Springs Citi Center, $200 million mixed-use project designed by Dorsky + Yue International Architecture. The development includes more than 500 residential units, 230,000 square feet of commercial space, and an 8-story, 150-room hotel.

Principal at PreDevCo Rod Sheldon said the firm bought the second parcel from Amera 3300 Land in an off-market deal, and declined to comment on the price. The 276,000-square-foot parcel surrounds the Coral Springs Financial Center. The developer is in the middle of closing on the last piece of land — an adjacent city-owned parcel, which spans about an acre, Sheldon said.

The development would be part of the city’s vision for a new downtown district in Coral Springs at University Drive and Sample Road.




Get the latest industry news and information from CRE-sources delivered right to your email inbox!
And we promise…no more than one email each morning.



Go Ahead...Share!
  • email
  • Print
  • LinkedIn
  • Twitter
  • Facebook
  • Google Bookmarks
  • RSS
  • Add to favorites
Broward County Multifamily, Broward County Office, Broward County Retail, Industry News, Multifamily, NA, Office, Retail
No Responses to “Developer Acquires 145K SF Office Building, To Be Razed To Make Way For $200 Million Mixed-Use Project”

Leave a Reply