MIAMI -HFF announced today that it has closed the sale of Pinnacle Corporate Park I & II, two Class A suburban office buildings totaling 262,434 square feet in Fort Lauderdale, Florida.
HFF marketed the property on behalf of Northwestern Mutual. A joint venture between Banyan Street Capital and DRA Advisors purchased the offering for $38.1 million free and clear of existing debt.
Pinnacle Corporate Park is situated just off Interstate 95 at 500 and 550 West Cypress Creek Road adjacent to the Cypress Creek Tri-Rail station. The properties are 85 percent leased overall to a diverse tenant roster including University of Phoenix, CastlePoint Insurance, Oracle and Fannie Mae.
The HFF team representing the seller was led by managing director Hermen Rodriguez, director Ike Ojala and senior real estate analyst Jorge Portela.
“Pinnacle Corporate Park has an exceptional office location thanks to its proximity to Fort Lauderdale’s central business district, Interstate 95 and the Tri-Rail, and the property is in exceptional physical condition,” said Rodriguez.
“The offering received strong interest from a wide variety of investors, driven by the property’s physical attributes and strong rent-roll,” added Ojala.
HFF’s investment sales team closed more than $2.8 billion in office building sales nationally in the first half of 2013. HFF closed more than $48 million in office transactions across all capital markets platforms in the state of Florida during this time.
Banyan Street Capital is a private real estate investment firm with a reputation as a premier owner and operator of office buildings in the southeast United States. Founded in 2007, the firm currently holds interests in more than nine million square feet of office space.
DRA Advisors LLC is a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, foundations, and insurance companies. Founded in 1986, the firm currently manages more than $11 billion in assets, including 15 million square feet of office space, 22 million square feet of industrial properties, four million square feet of retail space and 40,500 residential units.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.