Stiles Realty Brokers $21 Million Sale of Former BankAtlantic Headquarters in Fort Lauderdale
Posted on 4/20/2015Stiles Realty, a division of Fort Lauderdale-based full-service commercial real estate developer Stiles, announced today the sale of the former BankAtlantic headquarters located at 2100 West Cypress Creek Road in Fort Lauderdale. The $21 million sales price equates to $113.51 per square foot.
The Class A 185,000-square foot property was the largest single-tenant vacant building sold in the Cypress Creek submarket in the last five years. With this sale, the submarket experienced the highest number of sales compared to any other Broward submarket during that same timeframe.
Stiles Realty Broker Associate Kimberly Barbar represented the seller, Branch Banking and Trust. Barbar has also been retained to represent the buyer, Integra Investments, LLC, on the leasing of the property. .
"The owner spared no expense when developing this property, adding highly sophisticated features throughout as well as a full range of quality amenities," said Barbar. "Integra has the option of leasing the building to a single tenant or to multiple tenants. All options are available to prospective tenants."
According to Barbar, finding a buyer was particularly challenging due to the property's single-tenant use, but amenities such as a state-of-the-art fitness center with showers, wellness center and 250-seat cafeteria created marketing appeal that is unrivalled by other properties in the market.
Barbar noted that the asset's location in a growing submarket that includes several of Broward County's most prominent employers, such as Citrix, Nipro and Microsoft, as well as its potential as a Class A multi-tenant office property made it a highly attractive investment for the buyer.
Victor Ballestas, a principal of Integra Investments, LLC, commented on plans for the project. "We are excited to be in this market and lease the property to a single tenant or multiple tenants," said Ballestas. "Stiles' leasing campaign is aggressive and will target a wide range of office users."
Developed in 2005, the property is situated on a more than 14 acres along Cypress Creek Boulevard, one mile west of I-95 and less than five miles east of Florida's Turnpike. It is adjacent to Fort Lauderdale Executive Airport. The area features a broad range of nearby amenities including upscale shopping, restaurants, hotels, and plentiful residential options.
"Integra Investments' plan will create significant value for the property when complete," said Barbar. "We are encouraged by the increasing number of users who have their eye on the Cypress Creek submarket," she added.
Stiles is a full-service commercial real estate firm with a clear mission: Invest. Build. Manage. Stiles services include development, construction, tenant improvement, realty, property management, architecture, acquisitions and financing. Headquartered in Fort Lauderdale, Stiles maintains regional offices in Miami, Fort Myers, Tampa and Orlando, Florida, and has a development office in Charlotte, North Carolina. Stiles is responsible for more than 40 million square feet of office, industrial, retail and mixed-use residential projects throughout the southeastern United States. For more information, please visit http://www.stiles.com or call 954-627-9300.