The Cinnamon Tree Plaza has changed hands with KAS CTP picking up the recently renovated office building for $4.15 million. The 40,000 sqf building is located in western Broward County at 5701 North Pine Island Road. The three-story building features a generous parking ratio, including covered, first-floor parking that could be converted into additional rentable square footage. The property sits within the Tamarac Village Community Development District, where 20 acres owned by the City of Tamarac will be developed into a mixed-use village. Cushman & Wakefield’s Capital Markets team represented both the seller, Cinnamon Tree Plaza, Inc., and buyer.
“This offering presented an exciting value-add opportunity,” added Dominic Montazemi, Cushman & Wakefield. “Apart from the additional development potential, the mixed-use village, once completed, will foster increased pedestrian activity, a sense of community and, ultimately, enhanced desirability for the asset.”
