A fund managed by DRA Advisors LLC has entrusted Avison Young’s Florida Capital Markets Group to sell Pinnacle Corporate Park, a two-building, class A office portfolio at 500 and 550 W. Cypress Creek Road in Fort Lauderdale, Florida. Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Greg Martin, and George Vail will lead the sale. The transaction team also includes Avison Young Vice President Brian C. de la Fé and Associates Berkley Bloodworth and Emily Brais.
The asset totals 259,458 square feet on 14.31 acres in Broward County’s Cypress Creek submarket. Pinnacle Corporate Park is positioned in the heart of Fort Lauderdale’s Uptown Urban Village, a master plan that supports the development of a thriving, transit-supportive, mixed-use neighborhood. Its offices are less than a mile from Interstate 95 and directly accessible from the Cypress Creek Tri-Rail station.
“Pinnacle Corporate Park is the most desirable property in the Cypress Creek submarket due to its strong occupancy, rental rate growth, and immediate potential for lease-up,” said Crotty. “In addition to the existing value, the offering provides the opportunity to maximize land on the site in the coming years through residential development.”
Pinnacle Corporate Park coming to market represents the trend of large funds and institutional owners’ confidence to sell large office assets again, as sales declined immediately following the pandemic. The deal would be similar to the recent $78.42 million Plantation Crossroads three-building portfolio sale.
“We are seeing an uptick in demand for investors looking to deploy capital in well-located South Florida office assets,” said Duckworth. “Pinnacle Corporate Park is ideally situated near major expressways, transit, and amenities, and provides the perfect opportunity.”