School Purchases Coconut Creek Building For $4.9M

Nov 24, 2013 No Comments by

CBRE arranged the sale of a 32,635-square-foot, two-story building at 3700 Coconut Creek Parkway in Coconut Creek.

The South Florida Academy of Learning acquired the property from the Technological University of America for $4,895,250. Representing the seller, CBRE’s Office Brokerage team and Private Capital Group collaborated to identify both users and investors.

The property will become the new home for the South Florida Jewish Academy, presently located at 4640 N.W. 74th Place in Coconut Creek.

“This property has a number of features that make it ideal for an educational user,” said CBRE Senior Vice President Deanna Lobinsky. “The South Florida Jewish Academy was attracted to the sophisticated turn-key finishes and the ability to expand their outdoor facilities.” 

Added CBRE Vice President Dominic Montazemi, “Users like educational institutions are identifying this low interest rate environment as an opportunity to purchase and/or build facilities for long-term ownership.”

Built in 1976, and renovated in 2008, the property at 3700 Coconut Creek Parkway is situated on roughly 3.15 acres and includes 17 classrooms, two laboratories, a library, data center, auditorium, cafe and faculty room. It also offers significantly above-market parking ratio of 6/1,000 square feet. With approximately 230 feet of frontage, the property has great curb appeal and signage opportunities.

In addition to Lobinksy and Montazemi, the CBRE professionals involved in the transaction were First Vice President Travis Herring and Associate Katherine Ridgway, with CBRE’s Brokerage Services; and Senior Vice President Scott O’Donnell, Vice President Jason Hochman and Associate Miguel Alcivar, with CBRE’s Private Capital Group.

 

CBRE’s PCG South Florida Commercial team, which specializes in the disposition of office, industrial and land properties in South Florida, has completed 54 transactions since 2011 representing over $356 million in asset pricing.

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