{"id":31273,"date":"2021-06-11T08:18:04","date_gmt":"2021-06-11T05:18:04","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=31273"},"modified":"2021-06-11T08:18:04","modified_gmt":"2021-06-11T05:18:04","slug":"feldman-acquires-pinnacle-corporate-park","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/feldman-acquires-pinnacle-corporate-park\/","title":{"rendered":"Feldman Equities Acquires Fort Lauderdale Office in $59 Million Deal"},"content":{"rendered":"

Feldman Equities \u2014 a commercial real estate developer and owner based in Tampa, Fla. \u2014 closed a $59 million deal for a two-building office space in Fort Lauderdale<\/a>. The seller \u2014 a joint venture between DRA Advisors and Banyan Street Capital \u2014 received roughly $226 per square foot for Pinnacle Corporate Park, a record price for the Cypress Creek submarket in the last decade<\/a>.<\/p>\n

The acquisition relied on crowdfunding, with Feldman Equities collecting some $15.4 million from investors outside of the company. Avison Young handled the negotiations with a team comprised of principals John K. Crotty, David Duckworth, Greg Martin and George Vail; Miami managing director Michael T. Fay; Vice President Brian C. de la F\u00e9; and associate Berkley Bloodworth.<\/p>\n

The transaction marks Feldman\u2019s first foray into the South Florida market, having previously focused its investments in the Orlando, Tampa and Sarasota areas. The company\u2019s interest in the 259,500-square-foot Pinnacle Park was due to the property\u2019s ideal location within Fort Lauderdale\u2019s Uptown Urban Village, as well as its access to I-95 and Cypress Creek Tri-Rail station.<\/p>\n

\"Fort<\/p>\n

The office complex\u2019s abundant surface parking was also major contributor to the final price<\/a>, according to Crotty. \u201cOur capital markets team creatively marketed the development potential in the existing parking lot, therefore uncovering the land\u2019s intrinsic long-term value, enhancing overall interest, and ultimately achieving a record price-per-square-foot,\u201d he said.<\/p>\n

Additionally, the property has proven extremely resilient throughout the last couple of years, having maintained 100% collections throughout the pandemic and boasting an 83% occupancy rate at the time of sale. The tenant roster includes the likes of engineering groups Chen Moore and Associates, and T. Y. Lin International Group; software company Vertiv; and financial and tax consultants Ardis Creative Services Partners and Lobel Financial.<\/p>\n

According to Principal Duckworth: \u201cThe Pinnacle Corporate Park sale represents the trend of large funds and institutional owners\u2019 confidence to buy and sell large office assets as pandemic-driven concerns wane, \u201d Duckworth said. \u201cIn Broward County, we see a strengthening uptick in investor demand for well-located suburban office assets as corporate decision-makers and C-suite executives relocate to South Florida, bringing businesses and money to invest.\u201d<\/p>\n

Feldman has announced $3 million in capital improvements at Pinnacle Park, with plans to revamp common areas and build out spec suites, in anticipation of a return to offices.<\/p>\n

Other major transactions recorded in the South Florida market included the purchase of CityPlace Tower in downtown West Palm Beach for $175 million and Harbour Centre at Aventura in Miami, for $93 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

Feldman Equities closed a $59 million deal for a Pinnacle Corporate Park in Fort Lauderdale, Fla. The seller \u2014 a joint venture between DRA Advisors and Banyan Street Capital \u2014 received roughly $226 per square foot for the property, a record price for the Cypress Creek submarket in the last decade.<\/p>\n","protected":false},"author":56,"featured_media":31276,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,38,4014,39],"tags":[],"class_list":["post-31273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-featured","category-office","wpautop"],"acf":[],"yoast_head":"\nFeldman Pays $59M for Ft. 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