Broward County Business Center Commands $13M
The asset consists of two connected buildings mixing industrial and office spaces. The previous owner renovated the property after acquiring it in 2015.
By Timea Papp
Sunrise Business Center in Sunrise, Fla.
CBRE arranged the sale of Sunrise Business Center, a 124,487-square-foot office and warehouse complex in Sunrise, Fla. Elion Partners sold the multi-tenant property to Cabot Properties for $13 million.
Located at 5001-5035 N. Hiatus Road and 5000 NW 108th Ave. on an 8.22-acre site, the two attached industrial buildings were completed in the mid-1980s. According to public records, the facility last traded in March 2015, when Elion Partners acquired it for $9.9 million.
Recent Exterior Upgrades
Sunrise Business Center was 95 percent leased to nine tenants at the time of the sale. The previous owner invested in exterior renovations of the property shortly after purchasing it. CBRE’s David Wigoda, senior vice president of office and industrial capital markets, worked on behalf of the seller in the transaction.
“Although it attracted many potential buyers, the challenge was finding a buyer that wanted the product type mix of smaller bay office and warehouse spaces and one larger distribution space. Cabot Properties saw value in how the product types complimented each other,” said Wigoda, in a prepared statement.
Image courtesy of Elion Partners
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