Office Property in Fort Lauderdale Sells for $5.8 Million
Sale of 2900 W Cypress Creek Rd, Fort Lauderdale, FL, USA
On August 2, 2021, a 43,444 square foot office property located at 2900 W Cypress Creek Rd, Fort Lauderdale, FL, USA was sold for $5.8 million. The property was sold by the seller, who had owned the property for several years and was looking to divest their real estate holdings. The buyer was a private investor who was looking to add to their portfolio of commercial real estate assets.
The property is located in a prime location in Fort Lauderdale, with easy access to major highways and airports. The building was constructed in the 1980s and has been well-maintained over the years. It features ample parking and a modern lobby area.
The sale price of 5.8 million translates to a price per square foot (PPSF) of 133. This is in line with recent sales of similar office properties in the area, indicating that the market for commercial real estate in Fort Lauderdale remains strong.
The brokers involved in the transaction were not disclosed. However, it is likely that the seller and buyer each had their own representation. The brokers would have played a key role in negotiating the terms of the sale, including the purchase price and any contingencies.
Overall, the sale of this office property in Fort Lauderdale is a positive sign for the commercial real estate market in the area. With strong demand for office space and a limited supply of available properties, prices are likely to remain stable in the near term.