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Everglades College Acquires Office Portfolio In Fort Lauderdale, Fort Myers, Tampa, Sarasota, Lakeland, West Palm Beach & Pembroke Pines For $237.6M

Property Image
SOLD
$237,610,000
Achikam Yogev
Bastian Schauer
+ 1

Florida

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Office749,789 SF
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SOLD

Everglades College Acquires Office Portfolio In Fort Lauderdale, Fort Myers, Tampa, Sarasota, Lakeland, West Palm Beach & Pembroke Pines For $237.6M

2400 Interstate Drive

See Similar Deals
Office749,789 SF
Sold
Achikam Yogev
Bastian Schauer
+ 1
Contact now

Summary

FLORIDA
Asset Type:Office
Price Per Square Foot:$316
Total Square Footage:749789 SF
Transaction Type:Sale

The office portfolio consisting of multiple properties located at 1900 W Commercial Boulevard - Nineteen Hundred Building; 1500 NW 49th Street - Spectrum 1500 Building, 9100 Forum Corporate Parkway - Delphi Fort Myers, 5002 West Waters Avenue - Venus Investment Property, 6001 Lake Osprey Drive - LWR Commons, 6151 Lake Osprey Drive - University Commons, 2400 Interstate Drive - Olympus Lakeland (Phase I), 2380 Interstate Drive - Olympus Lakeland (Phase II), 2085 Vista Parkway - Athena Vista (Phase I), 2081 Vista Parkway - Athena Vista (Phase II), and 1640 SW 145 Avenue - Demeter Pembroke Pines has been sold.

Summary of transaction details:

  • Property Type: Office (Portfolio)
  • Transaction Amount: $237,610,000
  • Square Footage: 749,789
  • Price Per Square Foot: $317
  • Market: Fort Lauderdale, Fort Myers, Tampa, Sarasota, Lakeland, West Palm Beach, and Pembroke Pines

The buyer of the office portfolio is Everglades College, while the seller is Keenan Development, represented by Mark M. Rubin, Bastian Laggerbauer, and Achikam Yogev from Colliers International.

Players

Achikam Yogev
9 deals$393.9M volume
BROKER

Mark M. Rubin
Colliers
36 deals$885.3M volume(561) 302-2511
BROKER

Bastian Schauer
Colliers
40 deals$2.9B volume(561) 281-6656
BROKER

BUYER

William Keenan
5 deals$377.9M volume
SELLER

Details

SOLD
IMAGE: Mark M. Rubin, Bastian Laggerbauer & Achikam Yogev DATE: 02/28/2023 ADDRESS: 1900 W Commercial Boulevard - Nineteen Hundred Building; 1500 NW 49th Street - Spectrum 1500 Building, 9100 Forum Corporate Parkway - Delphi Fort Myers, 5002 West Waters Avenue - Venus Investment Property, 6001 Lake Osprey Drive - LWR Commons, 6151 Lake Osprey Drive - University Commons, 2400 Interstate Drive - Olympus Lakeland (Phase I), 2380 Interstate Drive - Olympus Lakeland (Phase II), 2085 Vista Parkway - Athena Vista (Phase I), 2081 Vista Parkway - Athena Vista (Phase II), & 1640 SW 145 Avenue - Demeter Pembroke Pines MARKET: Fort Lauderdale, Fort Myers, Tampa, Sarasota, Lakeland, West Palm Beach & Pembroke Pines ASSET TYPE: Office (Portfolio) BUYER: Everglades College SELLER: Keenan Development - William Keenan BROKERS: Mark M. Rubin (@Sofloinvestmentsales), Bastian Laggerbauer (@Bastian1992) & Achikam Yogev (@AchikamYogev) - Colliers International (@ColliersInternational) SALE PRICE: $237,610,000 SF: 749,789 ~ PPSF: $317

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

$12,672,533.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$844,178.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,126,392.62
Annual Debt Service$13,516,711.48