Broward Office Park Sells For $9.85 Million

CBRE arranged the sale of Oakland Commerce Center, a 12-building office/mixed-use complex on 12 acres off of I-95 in Oakland Park.

Rafael Hernandez of Boca Raton acquired the property located at 3401-3411 N. Powerline Road and 3115-3223 N.W. 10th Terrace from Oakland Center Associates, LTD., for $9,850,000.

The property was 74% occupied at the time of sale. CBRE represented the seller.

“Although Oakland Commerce Center is a small bay office-service project located in a secondary market location, we received strong interest from buyers who are beginning to recognize that the market has bottomed out for ‘Main Street’ tenants and growth can be reasonably projected into the foreseeable future,” said Scott O’Donnell, Senior Vice President with CBRE’s Private Capital Group in Boca Raton. “The seller,” he continued, “persevered through vacancy issues during the recession, and via a combination of timely decision-making, creativity and flexibility, was able to bring the asset back to an occupancy level that enabled them to exit profitably while still offering additional upside potential for the buyer.”

Built between 1982 and 1986, Oakland Commerce Center is an office/office-service/mixed-use property comprising 12 buildings in a 12-acre, campus-like setting poised for future redevelopment. The property has 1,500 feet of frontage along I-95.

Occupants are a diverse mix of cost-conscious tenants whose business needs benefit from the central Broward location with close proximity to I-95. The CBRE professionals involved in this transaction included O’Donnell, Dominic Montazemi and Miguel Alcivar, all with CBRE’s Private Capital Group.

The Private Capital Group (PCG) South Florida Commercial Team nspecializes in the disposition of office, industrial and land properties in South Florida. Since 2011, the team has completed 59 transactions representing over $398 million in asset pricing. Since partnering in 2003, the South Florida PCG team has delivered exceptional service to their clients which has resulted in market leading share reflected in the team’s national “Top 10” ranking in 2009, 2010, 2011 and  2012.

Montazemi, pictured right, was recently promoted to First Vice President.

“Private capital investment sales is the lifeblood of the South Florida economy, and with improving fundamentals, has become even more critical over the past few years,” said Ken Krasnow, CBRE Managing Director.  “Dominic has evolved from being an integral member of the PCG team to becoming a team leader, and this recognition was hard-earned and well-deserved.”

Dominic is a Co-Chair of the Membership Development for RMA South Florida – Young Professionals. He earned his bachelor’s degree from the University of North Carolina at Chapel Hill.