Atlanta Investor Buys Plantation, Fla., Office for $38M
By Julia Echikson April 5, 2023 5:49 pm
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Brookdale Group paid $38 million for an office building in suburban Broward County, property records show.
The eight-story building, completed in 1992, spans 224,832 square feet. Located on 9 acres at 1200 S Pine Island Road, the property sits just west of the junction of Interstate 595 Expressway and Route 817 in Plantation, Fla., about eight miles west of Downtown Fort Lauderdale.
Patrinely Group bought the building for $32.9 million in 2000. In 2010, the investor sold the property to PNC Realty Advisors, a division of PNC Bank, said Carolyn Drushel, an executive vice president at Patrinely, who declined to comment on the sale price. Last year, the bank spent $1.3 million on upgrades, per records.
The building is now 80 percent leased to tenants Marriott International, Morgan Stanley, MetLife, among others, according to JLL, which brokered the sale. The team included Hermen Rodriguez, Ike Ojala, Matthew McCormack, Max Lescano and Blake Koletic.
The property could be converted to residential. Brookdale and PNC Bank, who also owns the neighboring office building, agreed to not interfere in efforts to rezone the properties for multifamily use.
A representative for Brookdale declined to comment. The Atlanta-based investor specializes in office properties.
In another suburban office sale last week, a local investor paid $39 million for a similar property in North Miami.
Julia Echikson can be reached at jechikson@commercialobserver.com.
Updated: The article was amended to include information from JLL and the Patrinely Group.
