DAVIE, Fla. (Feb. 5, 2020) – Colliers International Florida’s Capital Markets and Investment Services Group has arranged the $10.7 million sale of University Office Park, a 54,578 square foot property consisting of three newly renovated single-story office buildings in Davie, Florida.
The Colliers Team included Executive Director Harry Blyden and Senior Associate Bastian Laggerbauer who represented the seller, University Park Holdings LLC on an off-market basis. University Office Park was purchased by Reflin 22 WG LLC – an Argentinian Buyer, active in the South Florida marketplace. Strategically located on 5400 South University Drive, the property presented a unique opportunity to acquire a heavily trafficked asset on the East side of South University Drive, between Griffin Road to the North and Stirling Road to the South, with a wide array of retail and dining destinations nearby and convenient connectivity throughout South Florida via access to I-595 and the Florida Turnpike.
The property sits on eight lushly landscaped acres of land, including a 1.8-acre lake. At the time of sale, the property was 96 percent leased to 34 tenants including Allstate Insurance, Chubb Insurance (Combined Insurance) and Sherwin Williams. “University Office Park offered a 96 percent occupied, newly renovated and rare investment opportunity in the submarket,” said Blyden. “With demand for this type of product far outweighing the supply with limited to no pipeline of new inventory due to low availability and high cost of land and construction costs - especially for ground floor space under 2,000 square feet - we were able to leverage our extensive relationships with buyers in the marketplace to quickly match the opportunity with a suitable investor after a brief off-market period."
In the past two years, University Office Park has undergone more than $1 million worth of investments including new roofs, painting and sealing for all three buildings, landscaping and sprinkler systems, new signage, A/C units, and tenant improvements for more than 30,000 square feet of the office space.
“South American money is continuously flowing into the South Florida marketplace, making it a safe harbor to international investors, further strengthening values of local assets and maintaining a steady demand for Core/Core+ assets of both, value-add and stabilized characters,” added Laggerbauer.
The Capital Markets group provides counsel to their clients to determine optimal investment strategies, debt and equity finance, investment services as well as valuation and appraisal services, while actively maintaining relationships with hundreds of national and international capital solutions providers.
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