The Business Plaza at Corporate Park, a two-building office park located in Fort Lauderdale’s Uptown Business District has been sold for $7.1 million. Coconut Creek-based TMT Properties bought the property on N2 5th Way for $104 per sqf. Developed in 1982, Business Plaza at Corporate Park comprises two single-story office buildings totaling 68,153 square feet. Major tenants include Comprehensive Home Care, Skillstorm Commercial Services, Southeast Renewable Fuels, Malcolm Drilling, American Renal Associates and U.S. Security Associates. The property was 86 percent occupied at the time of sale. Cushman & Wakefield’s Capital Markets Team of Scott O’Donnell, Dominic Montazemi, Miguel Alcivar and Greg Miller represented the seller 6400 Associates.
“Business Plaza Corporate Park offered investors strong in-place yields with significant room for upside by leasing vacancies and pushing rental rates as the Uptown Business District’s conversion into the Uptown Urban Village becomes increasingly imminent,” said Scott O’Donnell, Cushman & Wakefield. “Greater connectivity and enhanced pedestrian activity will enhance the area’s existing status as a major business hub driven by its central location within South Florida and excellent access to I–95.”
