Brookdale Group Pays $38M for Metro Miami Office Asset

Cornerstone Corporate Center I. Image courtesy of JLL Capital Markets

The Brookdale Group has acquired Cornerstone Corporate Center I, a 170,172-square-foot, Class A office building in Plantation, Fla. Public records show that the asset changed hands for $37.9 million.

JLL Capital Markets brokered the deal on behalf of the seller, AFL-CIO Building Investment Trust, advised by PNC Realty Investors, and also procured the buyer. According to CommercialEdge data, the property had previously traded in 2000 for $32.8 million.

Located at 1200 S. Pine Island Road, the office building is part of the Cornerstone Corporate Center campus, providing connectivity to Interstate 595. Fort Lauderdale-Hollywood International Airport is some 11 miles from the property.

Completed in 1992 on a 9.1-acre site, Cornerstone Corporate Center I features a covered parking deck, recently renovated gym and café. An array of retail and dining destinations are also nearby. Marriott International, Morgan Stanley and MetLife are among the tenants at the 80 percent-leased property.

The JLL Capital Markets Investment Sales and Advisory team that assisted the seller was led by Senior Managing Director Hermen Rodriguez, Managing Director Ike Ojala, Senior Director Matthew McCormack, Associate Max Lescano and Analyst Blake Koletic. Despite the increasing interest rates, there is still substantial investor demand for suburban office buildings in South Florida, Rodriguez said in a prepared statement.