Starwood Property Trust Sells Broward County Asset

By Timea Papp

Millenium Plaza

CBRE has completed the $13.5 million sale of Millennium Plaza, a two-story mixed-use property in Weston, Fla. According to public records, Starwood Property Trust sold the asset to KDC Associates LLC, while Transamerica Life Insurance Co. provided $7 million in acquisition financing. The long-term loan is scheduled to mature in May 2043.

Located at 2780-2818 Weston Road, at the Southeast corner of Weston Road and Commerce Parkway, the 41,058-square-foot building encompasses approximately 23,600 square feet of office space and 17,400 square feet of retail space. Millennium Plaza’s tenant roster spans across office, service and retail industries, including restaurants such as Moon Thai & Japanese, BurgerFi and Bellini Italian Bistro.

The CBRE team of Senior Vice Presidents David Donnellan and David Wigoda, alongside Senior Financial Analyst Patricia Friend and Financial Analyst Sean Kelly, represented the seller in the Broward County transaction. Recently, CBRE brokered the $11.4 million sale of a 128,973-square-foot retail center in Winter Garden, Fla.

“Affluent demographics, strategic regional highway access, and a well-defined master plan that limits commercial development make Weston one of South Florida’s most highly coveted submarkets,” Donnellan said in prepared remarks.

Image courtesy of CBRE