Cushman & Wakefield announced today that it has negotiated the trade of four freestanding office buildings in downtown Fort Lauderdale for more than $4.6 million.
The office brokerage team of Executive Director Jeff Holding, Senior Director A.J. Belt and Associate Christina Stine arranged the disposition of 17 Rose Drive and 112 Rose Drive as well as the acquisition of 1508 East Las Olas Boulevard and 2312 South Andrews Avenue. The four buildings, totaling 12,240 square feet, traded for an average price of $377 per square foot.
17 and 112 Rose Drive
Holding and Belt negotiated the sale of 17 and 112 Rose Drive on behalf of Northrop & Johnson, a New York-based yachting brokerage specializing in the sale, purchase, charter, management and marketing of some of the world’s most luxurious vessels. The buildings were acquired by the South Florida-based law firm of Wintter & Associates, P.A. for a total of $1.9 million ($329 per square foot). Northrop & Johnson is relocating to Lauderdale Marina.
17 Rose Drive is a two-story, ±4,096-square-foot office building situated on a 0.55-acre site with beautiful views of the Tarpon River. The office building features luxurious finishes, a riverfront patio and pool and approximately 20 parking spaces. 112 Rose Drive is a single-story, ±1,752-square-foot office building on a 0.17-acre site. 112 Rose Drivefeatures numerous upgrades, an on-site storage facility, five parking spaces and surplus land.
The buildings’ position along Andrews Avenue provides excellent exposure and exceptional access to Fort Lauderdale’s CBD, the Broward County Courthouse, dining, shopping, major interstates and the Fort Lauderdale-Hollywood International Airport.
“Our team’s proactive marketing efforts enabled us to identify several interested buyers of these properties and we were able to leverage that acquisition interest into completing a tremendous disposition for our client,” said Holding.
Holding and Belt represented Fratarcangeli Wealth Management in its acquisition of Centennial Bank’s former branch at 1508 East Las Olas Boulevard for $1.8 million ($503 per square foot).
Fratarcangeli Wealth Management is a full-service financial practice affiliated with the Wells Fargo Advisors Financial Network. The company, which also has offices in Birmingham, MI, and New York, formerly leased space at 200 East Las Boulevard.
1508 East Las Olas Boulevard was developed in 1959 on a 0.15-acre site. The concrete block building features 12-foot ceilings, dual air conditioners, hurricane shutters and private parking in the rear of the building. The asset’s location on Fort Lauderdale’s most iconic thoroughfare provides unparalleled access to the city’s thriving CBD as well as upscale barrier island neighborhoods and the Atlantic beaches.
“The demand for freestanding office buildings in the Fort Lauderdale market remains high,” said Belt. “Businesses of all sizes are clamoring to locate in and around the burgeoning Fort Lauderdale CBD. This is the perfect location for Fratarcangeli Wealth Management.”
Holding, Belt and Stine also negotiated the acquisition of 2312 South Andrews Avenue on behalf of buyer Keith & Associates, a multi-disciplined consulting engineering firm headquartered in Pompano Beach, FL. The sellers were Adolphine and Eliot Lazowick.
Keith & Associates, which has additional Florida offices in Doral, Delray Beach and Orlando, specializes in civil engineering; traffic engineering; comprehensive planning; surveying and mapping; subsurface utility engineering; landscape architecture; Building Information Models/Virtual Design and Construction (BIM/VDC); and construction management services. 2312 South Andrews Avenue will serve as a second Broward County office.
Built in 1968, 2312 South Andrews Avenue features a large conference room, perimeter offices, ample parking and excellent roadway exposure. The building is located just south of downtown Fort Lauderdale providing easy access to Interstate 95 and Interstate 595 as well as Fort Lauderdale/Hollywood International Airport and Port Everglades. Keith & Associates plan significant interior and exterior upgrades.
“When Paul Weinberg of Keith & Associates hired our team to advise and assist them in purchasing their first downtown Fort Lauderdale location, we were excited to work with this well-respected South Florida based organization,” said Stine. “Our team was tasked with procuring a location that offered Keith & Associates convenient interstate access, exposure, and the square footage they desired. We ensured our client was aware of every opportunity officially and unofficially listed in the downtown market that fit their parameters.”
Added Stine, “When Keith & Associates ultimately chose 2312 South Andrews as the preferred location, our team’s experience and direction enabled our client to close ahead of several other interested buyers.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.
