Prive Land Banking Acquired Flamingo Commons for $17M
BROWARD COUNTY, FL, August 7, 2019 – Cushman & Wakefield has arranged the sale of Flamingo Commons, an eight-building, 81,959-square-foot, suburban office park, for $17M. The property is situated in the town of Davie, located in the high-performing office submarket of Southwest Broward County.
The Cushman & Wakefield Capital Markets team of Greg Miller, Miguel Alcivar, Scott O’Donnell, Dominic Montazemi, and Mike Ciadella negotiated the sale on behalf of the seller, Flamingo Commons, LLC. The buyer is Prive Land Banking, a Miami-based investment firm.
Flamingo Commons was 95% occupied at the time of sale. Notable tenants include Flamingo Commons Dental, Mazzola’s West Italian Restaurant, Shades of Red Salon and The Gordon Group Luxury Cruise Planners. The property was completed between 2002 and 2006 and comprises two two-story buildings and six one-story buildings. There are two additional one-story buildings on the property that were not included in the offering.
The office park is situated on ±14.78 acres at 12401-12585 Orange Drive, at the intersection of Flamingo Road and Griffin Road. The location enjoys convenient access to major highways, inlcuding Interstate 75 within 2 miles and Interstate 595/Sawgrass Expressway within 4 miles. The property is surrounded by exceptionally strong demographics with a median household income of $106,066 and median home value of $491,176 within a one-mile radius.
“From its inception in the early 2000s, Flamingo Commons was developed with a niche executive suite strategy in mind,” said Miller. “Today, the property is well-positioned to cater to the growing number of professionals in Broward County, particularly independent and sole practitioners who are seeking flexible space in the marketplace.”
Added Alcivar, “Although the majority of the property comprises traditional private executive and corporate suites on short term business agreements – as opposed to the newer, more open coworking concepts like WeWork – the buyers were drawn to the diversity and long tenure of the tenancy, strong historical operating performance, favorable competitive position in the micro-market, and good underlying real estate.”
Further, the office park is expected to benefit from its location in the Southwest Broward County submarket, where there are limited alternatives for flexible space and no competing executive suites within five miles.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida