The South Florida Commercial Team of Dominic Montazemi, Scott O’Donnell, Gregg Miller and Miguel Alcivar Negotiated the Disposition of the ±120,000-Square-Foot Fort Lauderdale Office Building. Jason Hochman helped in securing the acquisition financing.
FORT LAUDERDALE, FL, January 5, 2018 — Cushman & Wakefield announced today that it has negotiated the disposition of Lakeside Plaza, a 119,370-square-foot office building in Fort Lauderdale’s Uptown Business District.
Cushman & Wakefield’s South Florida Commercial Team of Dominic Montazemi, Scott O’Donnell, Greg Miller and Miguel Alcivar, in conjunction with the office leasing team of Travis Herring and Deanna Lobinsky, negotiated the disposition on behalf of New York-based Delma Properties Inc. Hollywood, FL-based Naya USA Investment & Management LLC acquired the asset for $17.65 million ($147.85 per square foot).
Team member Jason Hochman, representing Cushman & Wakefield’s international Equity, Debt and Structured Finance (EDSF) platform, assisted in securing a $12.4 million acquisition loan on behalf of Naya USA Investment & Management LLC.
Lakeside Plaza is a five-story, 119,370-square-foot office building developed on a six-acre site at 6301 NW 5th Way in Corporate Park at Cypress Creek. The property features a glass curtain wall construction with aluminum framing; floor-to-ceiling tempered, reflective glass; lakefront views; and direct access to a pedestrian walkway providing access to the rest of Corporate Park.
Lakeside Plaza is situated in the heart of Fort Lauderdale’s Uptown Business District, one of the preeminent office locations in all of South Florida due to its burgeoning workforce, superior connectivity and future development potential. This location offers unmatched access to Interstate 95, the Cypress Creek Tri-Rail Station and the Fort Lauderdale Executive Airport. The Uptown Business District is poised for additional development and redevelopment that will transform it into the envisioned Uptown Urban Village, a walkable neighborhood of offices, residences, retail and hospitality.
“Lakeside Plaza offers significant upside potential through leasing vacancies and pushing rental rates as the Uptown Business District’s conversion into the Uptown Urban Village comes to fruition,” said Montazemi.
“Greater connectivity and enhanced pedestrian activity will enhance the area’s existing status as a major economic center and transportation hub. As this transformation occurs, substantial appreciation of property values can be expected,” added Anthony Milelli, Executive Vice President and Chief Operating Officer at Delma Properties Inc.
The South Florida Commercial Team of O’Donnell, Montazemi, Alcivar, Millar and Hochman closed more than $625 million in sales and financing over the last 18 months. Please visit www.southfloridacommercialteam.com for more information about the team.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. 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. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.