Marcus & Millichap Inc.
08/01/2024 | Press release | Archived content
Marcus & Millichap Brokers $9.25 Million Sale of Fort Lauderdale Office Building
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Marcus & Millichap Brokers $9.25 Million Sale of Fort Lauderdale Office Building
August 01, 2024
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FORT LAUDERDALE, Fla., August 1, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 39,704-square-foot office building in Fort Lauderdale. The asset sold for $9,250,000.
"This completely repositioned, stabilized asset provides tremendous cash flow with a diversified tenant base," says Alex Zylberglait, executive managing director investments. "As one of the only true executive suites properties in this market, the asset provides flexibility to many tenants that are looking to adjust their footprint."
Zylberglait and Michael Crocchiola, investment specialists in Marcus & Millichap's Miami office, represented the buyer in the transaction, a Florida-based private investor.
Located at 2950 W Cypress Creek Rd., the three-story office building has undergone a complete transformation into a state-of-the-art executive suite office building. The property boasts high-end finishes, modernized elevators, new bathrooms and common areas, and a cybercafé. With direct frontage on West Cypress Creek Road, a major artery with high traffic counts of over 46,500 vehicles per day, this asset is strategically positioned between Interstate-95 and Florida's Turnpike. The building is near the Cypress Creek Mobility Hub, the second largest commercial district in Broward County, and home to a Tri-Rail Station.
"This completely repositioned, stabilized asset provides tremendous cash flow with a diversified tenant base," says Alex Zylberglait, executive managing director investments. "As one of the only true executive suites properties in this market, the asset provides flexibility to many tenants that are looking to adjust their footprint."
Zylberglait and Michael Crocchiola, investment specialists in Marcus & Millichap's Miami office, represented the buyer in the transaction, a Florida-based private investor.
Located at 2950 W Cypress Creek Rd., the three-story office building has undergone a complete transformation into a state-of-the-art executive suite office building. The property boasts high-end finishes, modernized elevators, new bathrooms and common areas, and a cybercafé. With direct frontage on West Cypress Creek Road, a major artery with high traffic counts of over 46,500 vehicles per day, this asset is strategically positioned between Interstate-95 and Florida's Turnpike. The building is near the Cypress Creek Mobility Hub, the second largest commercial district in Broward County, and home to a Tri-Rail Station.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.