Dominic Montazemi, Greg Miller and Scott O’Donnell Represented Kas University LLC in the Disposition of the ±97,000-SF Broward County Office Building
LAUDERHILL, FL, May 30, 2017 — Cushman & Wakefield announced today that it has negotiated the sale of Executive University Courts, a 97,125-square-foot office campus in Broward County.
Managing Director Dominic Montazemi, Senior Associate Greg Miller and Executive Director Scott O’Donnell represented Kas University LLC in the disposition. MYP Executive, LLC acquired the asset for $9.3 million ($96 per square feet).
Executive University Courts comprises six, two-story inter-connected office buildings built in 1987. The buildings’ garden layout offers private tenant access to suites from a lushly landscaped courtyard with a tranquil water feature. Ownership’s modest capital improvements in the buildings have helped push occupancy from 50.0 percent to 84.1 percent in just three years. Notable tenants at Executive University Courts include Strax Rejuvination, Optimum Education Group and Authorized Recovery.
Executive University Courts sits on a 5.9-acre site at 4300 North University Drive in central Broward County. This highly visible location is easily accessible via Florida’s Turnpike and the Sawgrass Expressway.
“The property’s visibility and above-average parking, as well as the strong population density in the immediate submarket, are tremendous demand drivers for potential tenants,” said Montazemi. “The layout of the buildings also provides tenants direct access to their suites and an enhanced level of privacy.”
“There is also significant potential to capture additional medical tenancy,” added Montazemi, noting there are four hospitals with over 1,000 beds within four miles of the campus. “Given the asset’s proximity to local hospitals, private access to suites, and restrooms within the tenant spaces, there is a strong case for adding value by strategically leasing additional space to medical-related tenants.”
The South Florida Commercial Team of O’Donnell, Montazemi, Miguel Alcivar, Miller and Jason Hochman closed more than $524 million in sales and financing in 2016. Please visit www.southfloridacommercialteam.com for more information about the team.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.