{"id":1004463100,"date":"2020-07-14T03:19:04","date_gmt":"2020-07-14T11:19:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004463100"},"modified":"2021-05-15T08:52:13","modified_gmt":"2021-05-15T16:52:13","slug":"jv-buys-broward-countys-largest-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jv-buys-broward-countys-largest-office-tower\/","title":{"rendered":"JV Buys Broward County\u2019s Largest Office Tower"},"content":{"rendered":"
\"\"<\/a>

Bayview Corporate Tower. Image courtesy of Ten Capital Management<\/em><\/p><\/div>\n

Along with co-general partner Somerset Properties, Ten Capital Management has acquired Bayview Corporate Tower, a 413,833-square-foot Class A office building<\/a> at 6451 N. Federal Highway in Fort Lauderdale, Fla. The 12-story property reportedly is Broward County\u2019s largest office building.<\/p>\n

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READ ALSO<\/strong>: Why Suburbs, Secondary CRE Markets Will Benefit From the Next Recovery<\/a><\/p>\n

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The acquisition\u2019s price was not disclosed, but local media reported this as $82.5 million. The seller was Bridge Investment Group, of Salt Lake City, a Ten Capital spokesperson told Commercial Property Executive<\/em>. Dominic Montazemi, Mike Davis, Scott O’Donnell, Greg Miller, Mike Ciadella, Rick Brugge, Rick Colon and Miguel Alcivar represented the company’s subsidiary, Bridge Office Fund Manager, in the transaction.<\/p>\n

Over the last three years, Bayview Corporate Tower underwent a $4.8 million renovation, and it\u2019s currently is 89.2 percent leased to 21 tenants. Amenities include a caf\u00e9, a conference center, a fitness center, an amenity lounge, an outdoor picnic area, and on-site security and management, as well as panoramic views of the Atlantic Ocean and Intracoastal Waterway. Parking in a ratio of 5.0\/1,000 square feet is available in an adjacent five-story parking garage.<\/p>\n

The building is in Broward County\u2019s Cypress Creek submarket, roughly equidistant between downtown Fort Lauderdale and Boca Raton, and with convenient access to I-95. The area is characterized by a high average household income, a variety of housing options and significant multifamily development.<\/p>\n

A market in the balance<\/h2>\n

The Broward County office market has an overall vacancy of 12.3 percent in Class A space, according to a second-quarter report from Cushman & Wakefield. More than 1.1 million square feet of space is under development, versus a total inventory of 28.2 million square feet; 22 percent of the space underway is preleased.<\/p>\n

In the Cypress Creek submarket, overall vacancy is 14.7 percent on an inventory of 6.2 million square feet. Year-to-date absorption was a negative 62,000 square feet, and no additional office space is underway there. The average Class A asking rent is $33.06, again according to Cushman & Wakefield.<\/p>\n

In a prepared statement, Paul DiSandro, a Ten Capital partner and portfolio manager, noted that the lack of new office construction, plus CBD tenants seeking more affordable options, should lead to a continued decline in the submarket\u2019s vacancy.<\/p>\n

In March, Slate Office REIT agreed to acquire Cypress Financial Center<\/a> in Fort Lauderdale for $45.5 million. The 201,000-square-foot building is at 5900 N. Andrews Ave., about 3 miles west of Bayview Corporate Tower.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ten Capital Management and its co-general partner Somerset Properties are the new owners of a 400,000-plus-square-foot building in Fort Lauderdale, Fla.<\/p>\n","protected":false},"author":882,"featured_media":1004463133,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1492,21742,21747],"tags":[43553,32799,49753,36213,38386],"class_list":["post-1004463100","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-miami","category-latest","category-office","tag-bridge-investment-group","tag-cushman-wakefield","tag-paul-disandro","tag-somerset-properties","tag-ten-capital-management"],"acf":[],"yoast_head":"\nJV Buys Broward County\u2019s Largest Office Tower - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jv-buys-broward-countys-largest-office-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JV Buys Broward County\u2019s Largest Office Tower\" \/>\n<meta property=\"og:description\" content=\"Ten Capital Management and its co-general partner Somerset Properties are the new owners of a 400,000-plus-square-foot building in Fort Lauderdale, Fla.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jv-buys-broward-countys-largest-office-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-07-14T11:19:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T16:52:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/07\/Bayview-Corporate-Tower.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jv-buys-broward-countys-largest-office-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/jv-buys-broward-countys-largest-office-tower\/\",\"name\":\"JV Buys Broward County\u2019s Largest Office Tower - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jv-buys-broward-countys-largest-office-tower\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jv-buys-broward-countys-largest-office-tower\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/07\/Bayview-Corporate-Tower.png\",\"datePublished\":\"2020-07-14T11:19:04+00:00\",\"dateModified\":\"2021-05-15T16:52:13+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jv-buys-broward-countys-largest-office-tower\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/jv-buys-broward-countys-largest-office-tower\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jv-buys-broward-countys-largest-office-tower\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/07\/Bayview-Corporate-Tower.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/07\/Bayview-Corporate-Tower.png\",\"width\":800,\"height\":620,\"caption\":\"Bayview Corporate Tower. 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