Feldman Equities Buys Fort Lauderdale Office Park for $59M
Feldman Equities has picked up a two-building office property in Fort Lauderdale with funds raised from retail investors on CrowdStreet.
The property, located in Fort Lauderdale’s Cypress Creek submarket, sold for $58.9 million, Avison Young’s Florida Capital Markets Group said Thursday.
Pinnacle Corporate Park, located at 500 and 550 West Cypress Creek Road, totals 259,458 square feet on 14 acres. At $226 per square foot, the sale represents the highest price for a Cypress Creek office property in the past decade, Avison Young said.
The seller is a fund managed by DRA Advisors in a joint venture with Banyan Street Capital. The buyer is Pinnacle Corporate Park LLC, an entity managed by Feldman Equities of St. Petersburg, Fla.
The deal is Feldman Equities’ first in South Florida, and the new landlord plans to invest more than $3 million in renovations.
Avison Young Principals John K. Crotty and David Duckworth led the sales team. They said the property brought multiple offers — and the aggressive sale price seemed to answer concerns about whether workers will return to offices after the coronavirus pandemic.
“The Pinnacle Corporate Park sale represents the trend of large funds and institutional owners’ confidence to buy and sell large office assets as pandemic-driven concerns wane,” Duckworth said in a statement.
As for the crowdfunding strategy, Avison Young said Feldman Equities put up $4.1 million as the sponsor, and $15.4 million came from investors outside the company.