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Brookdale Group Acquires Office Building In Plantation For $37.9M

Property Image
SOLD
$37,935,000
Matthew (Matt) McCormack
Ike Ojala
+ 2

Florida

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Office170,172 SF
Sold 04/04/2023
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Property Image
SOLD

Brookdale Group Acquires Office Building In Plantation For $37.9M

1200 S Pine Island Road

See Similar Deals
Office170,172 SF
Sold 04/04/2023
Matthew (Matt) McCormack
Ike Ojala
+ 2
Contact now

Summary

FLORIDA
Asset Type:Office
Price Per Square Foot:$222
Total Square Footage:170,172 SF
Transaction Type:Sale

The office property located at 1200 S Pine Island Road in Plantation has been sold in a transaction valued at $37,935,000. The property encompasses 170,172 square feet, resulting in a price per square foot of $223. The sale was facilitated by JLL brokers Hermen Rodriguez, Ike Ojala, Matthew McCormack, Max Lescano, and Blake Koletic. The buyer is Brookdale Group, while the seller is AFL-CIO Advised By PNC Bank.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $37,935,000
  • Address: 1200 S Pine Island Road, Plantation
  • Square Footage: 170,172
  • Price per Square Foot: $223
  • Buyer: Brookdale Group
  • Seller: AFL-CIO Advised By PNC Bank
  • Brokers: Hermen Rodriguez, Ike Ojala, Matthew McCormack, Max Lescano, and Blake Koletic - JLL

The involvement of JLL brokers Hermen Rodriguez, Ike Ojala, Matthew McCormack, Max Lescano, and Blake Koletic highlights the expertise and representation provided to both the buyer, Brookdale Group, and the seller, AFL-CIO Advised By PNC Bank. The successful transaction demonstrates the strong market demand for office properties in Plantation.

Players

Hermen Rodriguez
23 deals$1.8B volume(305) 448-5332
BROKER

Ike Ojala
JLL
25 deals$2B volume(305) 774-6810
BROKER

Matthew (Matt) McCormack
JLL
31 deals$2.8B volume
BROKER

Max Lescano
JLL
10 deals$982.9M volume(954) 812-6234
BROKER

Blake Koletic
JLL
17 deals$1.5B volume
BROKER

BUYER

PNC Bank
SELLER

PNC Bank
LENDER

Details

SOLD
IMAGE: Ike Ojala, Blake Koletic, Hermen Rodriguez, Max Lescano & Matthew McCormack, DATE: 04/04/2023 ADDRESS: 1200 S Pine Island Road MARKET: Plantation ASSET TYPE: Office BUYER: Brookdale Group SELLER: AFL-CIO Advised By PNC Bank BROKERS: Hermen Rodriguez, Ike Ojala, Matthew McCormack (@InstantMack), Max Lescano & Blake Koletic (@Blakekoletic) - JLL (@JLL) SALE PRICE: $37,935,000 SF: 170,172 ~ PPSF: $223

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,023,200.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$134,775.04
Cash-on-Cash Return-1.27%
Monthly Debt Service$179,831.25
Annual Debt Service$2,157,975.04