235,000 SF Office/Flex Portfolio Acquired For $18 Million

Nov 30, 2015 No Comments by

Morning Calm Management has acquired Lakeshore Business Center, a 234,954 square foot office/flex portfolio located on Commercial Boulevard in Uptown Fort Lauderdale.

The office campus, with four buildings at 5100 and 5200 Northwest 33rd Avenue, and 3201 and 3125 Commercial Boulevard, is 53% leased and was acquired from the seller, NTS, by a joint venture between Morning Calm Management and Blue Vista Capital Management on November 20 for $18,050,000.

Lakeshore Business Center is located between Interstate 95 and Florida’s Turnpike.

 

“Through our hands-on approach to management and leasing, we are confident we will provide a compelling value proposition to both prospective tenants and existing tenants at Lakeshore Business Center, and deliver superlative returns to our investors,” said Mukang Cho, CEO and Principal of Morning Calm Management.

Current tenants include Embry-Riddle Aeronautical University, the world’s largest, fully accredited university specializing in aviation and aerospace, ECI Telecom, a global provider of networking equipment, and Evolis, a worldwide leader in badge and card printer solutions.

The buildings present considerable upside potential to Morning Calm, with an available 111,296 of space ready to be leased.  Built in 1986 and 1989, Lakeshore I and Lakeshore II received substantial renovations to common areas, including lobbies, corridors and restrooms, in 2011.  Lakeshore III was constructed in 2000.

 

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