Cushman & Wakefield announced the sale of Prisma at Cypress Creek, a 39,249-square-foot office building located in Fort Lauderdale’s Cypress Creek submarket that is managed by Maynada Capital Advisors, LLC and Ark Plus Group, LLC.
The final sale price was $7.95 million, equating to more than $202 psf.
Cushman & Wakefield’s Miguel Alcivar, Greg Miller, Scott O’Donnell, Dominic Montazemi, and Mike Ciadella represented the seller, South Florida Innovative Offices LLC, in the transaction. Prisma at Cypress Creek was acquired by BFO 1000 NW 65TH ST LLC, a user who plans to office at the building. The buyer was represented by Tom Skeba with RE/MAX.
“Prisma at Cypress Creek offers a differentiated value proposition when compared to similar office assets within the Cypress Creek submarket” said Miller, Director at Cushman & Wakefield. “Through the sellers recent repositioning of the building’s common areas with warm interior finishes and well-appointed art installations, the building has transformed into a contemporary suburban office location and was able to attract multiple new tenants under long-term lease commitments.”
The office building spans three stories and is located at 1000 NW 65th St. It was 93% leased at the time of sale to several tenants in the marketing, engineering, consumer finance, and healthcare sectors.
Prisma at Cypress Creek offers a key transportation competitive advantage through its central location within the Cypress Creek submarket and close proximity to Fort Lauderdale Executive Airport, the Tri-Rail, and major highways such as Interstate 95 and Florida’s Turnpike via Cypress Creek Road. In fact, more than five million people are accessible within a one-hour drive. The office building is also within Fort Lauderdale’s Uptown Urban Village overlay district, which is becoming a live-work-play destination for the area.
