Plantation Office Property Trades

The Lakeside Office Center here has been acquired by Brookwood Financial Partners of Beverly, Massachusetts.
The property is a five-story, multi-tenant, 134,443 square foot office building. The building, located at 600 N. Pine Island Road in Plantation, sits on a 12.43-acre parcel, was constructed in 1986 and renovated in 2006, and is located approximately eight miles from downtown Fort Lauderdale.
No terms of the transaction were disclosed.
The building was 83% occupied at the time of the sale, according to LoopNet.
“The property provides excellent exposure and proximity to a critical mass of business infrastructure, executive neighborhoods, restaurants, entertainment venues and retail centers,” state Thomas W. Brown, Brookwood’s Director of Acquisitions. “We are acquiring the property at an attractive purchase price at a time when the Plantation submarket is beginning to stabilize, and intend to add value to Lakeside by increasing the property’s occupancy through leasing up the remaining 33,000 rentable square feet of vacant space.”
Brookwood plans to renovate the lobby, building entrance and select common areas and perform upgrades to the mechanical systems and elevators of the building, which they believe will make the property even more attractive to new tenants.
CBRE represented the seller in the transaction, while Brookwood was self-represented.  The building was being marketed for lease by Jones Lang LaSalle.
Since 1993, Brookwood has acquired 123 properties totaling over 11 million square feet of office, retail, flex and research and development space as well as 143 hotel rooms, 138 condominium units, 572 apartment units and 1,360 residential building lots.
 
Source:  GlobeSt.