Cushman & Wakefield represented Coral Ridge Office Center LLC in its $7 million disposition of Coral Ridge Office Center to NRNS Acquisition 3696 Federal Highway LLC.
Cushman & Wakefield’s Scott O’Donnell, Mike Ciadella, Greg Miller and Miguel Alcivar structured this transaction “off market.”
Located at 3696 N. Federal Highway, Coral Ridge Office Center totals 32,445 square feet on approximately 1.4 acres. The building was completed in 1989 and is nearly 55% leased to five professional services tenants. The property is well-suited for professional and service-oriented occupiers seeking high exposure in a well-trafficked corridor.
“With occupancy at 55% and in-place rents significantly below market, Coral Ridge Office Center represents a compelling value-add opportunity. The buyer’s planned capital improvements create a rare opportunity to acquire a quality, highly visible South Florida office asset at an attractive basis, with meaningful upside through increased occupancy and rent growth,” said O’Donnell, Executive Managing Director at Cushman & Wakefield.
