The Team of Greg Miller, Scott O’Donnell, Dominic Montazemi and Miguel Alcivar Represented Equitrust Life Insurance Company in the Sale of the ±63,000-Square-Foot Office Campus to J.I. Kislak Inc
The brokerage team of Senior Associate Greg Miller, Executive Director Scott O’Donnell, Senior Director Dominic Montazemi and Director Miguel Alcivar represented Illinois-based investor Equitrust Life Insurance Company in a disposition valued at $5.15 million ($81 per square foot). J.I. Kislak Inc. was the buyer.
Plantation Professional Park is a six-building office campus built between 1987 and 1989 on a ±7.84-acre site at 6710-6834 West Sunrise Boulevard in Plantation, Florida. The one-story buildings comprise a functional medical and professional office campus located three miles from Westside Regional Medical Center. The site also includes a vacant pad previously approved for an additional two-story, 22,000-square-foot medical office building.
Plantation Professional Park is located in one of the most desirable office submarkets in Broward County and offers convenient highway access to Florida’s Turnpike and Interstate 95 as well as prominent visibility along Sunrise Boulevard.
“Plantation Professional Park provides new ownership with a tremendous value-add opportunity,” said Miller. “New developments in the immediate area, such as the 250-unit luxury apartment complex, Broadstone Plantation, and Magic Leap’s move to Plantation Pointe Office Park, will provide momentum to Kislak’s planned capital improvement and lease-up strategy.”
According to Cushman & Wakefield research, Plantation is one of Broward County’s top performing office submarkets, exhibiting below-average occupancy along with above-average rents and leasing activity.
“The Broward office market will continue to tighten as prime rents trend higher, fueled by strong tenant demand and a declining supply of high-quality space,” wrote Senior Research Analyst Valerie Tatum in the firm’s Q1 2016 Broward County Office MarketBeat Report. “With no new office product and limited existing Cass A space, Cushman & Wakefield sees demand for quality Class B space to strengthen and key fundamentals to improve market-wide.”
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