Larry Feldman, director of Feldman Equities, and the Pinnacle Corporate Park office complex (Avison Young, iStock)
Feldman Equities has purchased the Pinnacle Corporate Park office complex in Fort Lauderdale for $58.9 million.
The Tampa-based investor purchased the two buildings at 500 and 550 West Cypress Creek Road from a fund managed by DRA Advisors in a joint venture with Banyan Street Capital, according to a press release. The deal breaks down to $226 per square foot. The seller’s brokers said it was the highest price per square foot in Fort Lauderdale’s Cypress Creek submarket in the past decade.
John Crotty and David Duckworth of Avison Young represented the seller in the case. They attributed the high value of the sale to their marketing of the parking lot as developable.
The 259,458 square foot Class A buildings span 14.3 acres, according to the statement. They were built in the 1980s, records show.
Feldman Equities, led by Larry Feldman, plans $3 million in capital improvements, including the creation of fully furnished suites where tenants can move in quickly, the statement said.
Feldman owns office buildings throughout Florida, but this is his first real estate investment in South Florida. He raised capital for the purchase through online crowdfunding platform Crowdstreet.com, according to the statement.
Pinnacle Corporate Park is now 83% leased, including engineering groups Chen Moore and Associates and TY Lin International Group, as well as financial consultant Lobel Financial and tax preparer Ardis Creative Services Partners.
Avison Young’s Greg Martin has led the real estate leasing team for the past seven years. The group will continue to lease the property.
A New York-based subsidiary of DRA Advisors, led by David Luski, bought the resort for $38.1 million in 2013. The firm focuses on value-added investments. Miami-based joint venture partner Banyan Street Capital, led by Rudy Prio Touzet, owns and operates offices, according to its website.
In May, Banyan Street Capital, in joint venture with Miami-based Independencia Asset Management, purchased the two-building Weston Corporate Center for $52.25 million.
Several other large office contracts were concluded in the past month. Affiliates of Miami Dolphins owner Stephen Ross have purchased the CityPlace tower in downtown West Palm Beach for $175 million. Additionally, investor and motivational speaker Grant Cardone purchased Harbor Center from Aventura for $93 million, with plans to rename it The 10X Center.
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