Six Weeks Brings A Buyer For Cypress Creek Tower

Cypress Creek TowerAvison Young the sale of Cypress Creek Tower, a 61,917 square-foot five-story office building at 800 West Cypress Creek Road in Ft. Lauderdale, which sold within just six weeks of being listed.
Avison Young’s Michael T. Fay, Principal and Managing Director, Miami, and John K. Crotty, CCIM, Principal also with Avison Young, represented the seller, LNR, during the $6,037,500 disposition to COLE International Investments, LLC.
 

“Investors have taken note of South Florida’s strengthening office market as an opportunity to bolster their real estate portfolios,” said Fay, whom with Crotty also closed the recent sale of Courthouse Commons, a 92,585-square-foot five-story class A building in West Palm Beach, for $18,000,000. “Due to dropping vacancy rates experienced throughout the Broward County office market, more and more office properties are being picked up quickly by investors seeking the potential of a hefty ROI as a result of a market conducive to increasing rents.”

In addition to seller representation during the transaction, Avison Young is the exclusive firm overseeing leasing and management of Cypress Creek Tower which allowed the team to work closely with asset management – spearheaded by John Mitchell, Senior Vice President with LNR – to strategically position the property in preparation for the disposition, as demonstrated with the signing of new leases with Mercantil Commerce Bank and Clearchoice Dental totaling 11,642 square feet.
 

“The second largest office submarket in Broward County with 3.7 million square feet of office product, Cypress Creek is one of the most in-demand submarkets,” said Crotty. “Buyers are willing to invest in properties within markets where there is positive growth and strength, and the Cypress Creek Tower transaction is a clear example.

Cypress Creek Tower is a class B, 75 percent-occupied building situated on the south side of the busy Cypress Creek corridor with direct frontage on Cypress Creek Road boasting a traffic count of 57,000 cars per day. Conveniently located directly off of I-95, the property is also within close proximity to Florida’s Turnpike and the Cypress Creek Tri-Rail Station.

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