Avison Young Brokers $58.9M Sale of Pinnacle Corporate Park in Fort Lauderdale
FORT LAUDERDALE, FLA. — Avison Young has brokered the $58.9 million sale of Pinnacle Corporate Park, a two-building, Class A office portfolio located at 500 and 550 W. Cypress Creek Road in Fort Lauderdale. The portfolio totals 259,458 square feet on 14.3 acres in Broward County’s Cypress Creek submarket.
Avison Young arranged the sale on behalf of the seller, a joint venture between a fund managed by DRA Advisors LLC and Banyan Street Capital. The buyer, an affiliate of St. Petersburg, Fla.-based Feldman Equities doing business as Pinnacle Corporate Park LLC, purchased the property with capital raised through online crowdfunding platform called Crowdstreet.com. Pinnacle Corporate Park is Feldman’s first investment property in South Florida. The buyer plans to invest over $3 million in renovations.
Pinnacle Corporate Park’s tenants include Vertiv, Jacobs Engineering, Trustbridge, I Pipeline and AmTrust. The property is in the center of Fort Lauderdale’s Uptown Urban Village, a master plan that supports the development of a mixed-use neighborhood. The offices are less than one mile from Interstate 95 and close to the Cypress Creek Tri-Rail station.
John Crotty, David Duckworth, Michael Fay, Greg Martin, George Vail, Brian de la Fé and Berkley Bloodworth of Avison Young led the sales team. The buyer is retaining Avison Young’s leasing team led by Greg Martin to handle leasing at Pinnacle Corporate Park, which retained all of its tenants amid the COVID-19 pandemic. The corporate building is 83 percent leased to a mix of tenants, including professional and financial services, healthcare and technology firms.