CBRE Facilitates Sale of Cypress Creek Business Park in Fort Lauderdale, FL

CBRE has announced the sale of Cypress Creek Business Park, two office/flex buildings totaling 55,825 square feet in Fort Lauderdale, Fla., to Adler Development Acquisitions, LLC for $5.6 million.

Tom O’Loughlin, Larry Genet and Michael Oretsky with CBRE represented the seller, Mississippi-based EastGroup Properties, in the transaction.

Located at 6555 Powerline Road, the two buildings have multiple suites ranging from 2,000 square feet to 4,000 square feet. Constructed in 1985, the property received recent capital upgrades, including new roofs, landscaping, renovated suites, exterior LED lighting, and striped and sealed parking lots.

“EastGroup Properties has expertly maintained the business park for years, but we knew it was their long-term goal to shift their full attention to their core industrial portfolio. The value-add property is on a long-term ground lease with the City of Fort Lauderdale, which added additional complexity to the disposition of the buildings,” said CBRE’s Larry Genet.

He added, “Cypress Creek Business Park features market-driven specifications that small office-flex tenants actively seek, and that most competitive parks do not offer, such as 16-foot clearance heights, ample parking, and grade level doors within certain suites. The new buyer plans to reposition the property to take advantage of the post-COVID rebound in office demand.”

“We’ve seen unprecedented demand for our infill buildings and the dynamic market conditions presented an attractive opportunity to monetize a service center that no longer fit our core portfolio composition,” said Alex Vargas with EastGroup.

The property provides immediate access to Powerline Road and is close to Interstate 95 and Florida’s Turnpike interchanges.