CRE-sources | South Florida Commercial Real Estate News
Senior Vice President Keith R. Graves, CCIM and Senior Sales Associate Jonathan Thiel represent the seller, Cypress Executive Center, LLC, when selling 2900 W. Cypress Creek Road, a 42,438-square-foot, two-story office building in the 2900 W. Cypress Creek Road in Fort Lauderdale.
MMB Commercial Real Estate, Inc. paid $ 5,800,000 for the property, which sits on 2.28 acres. MMB Commercial was represented by Jerry de los Reyes Patricio with Miami lifestyle property in the transaction.
The deal was closed on July 30th.
“The property was acquired in part due to stable rental prices, the building is strategically located in the middle of the Tri-County area and investors are currently seeing opportunities to increase value in the commercial property market in South Florida,” commented Thiel.
At the time of sale, 96% of the property was rented to a mix of office and medical tenants.
The toll hotel with a facade on Cypress Creek Road is adjacent to the Fort Lauderdale Executive Airport, minutes from I-95, Florida’s Turnpike and the US 441 / SR 7 corridor.
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