Weston, FL – May 11, 2021 – CBRE facilitated the successful $52.25 million sale of the fee simple interest in Weston Corporate Center, on behalf of KBS. Weston Corporate Center is a recently renovated Class A office park ideally located in Weston, FL. The property is comprised of two buildings, Weston Corporate Center I & II, that support a combined 149,103 SF.

The buyer, Banyan Street Capital in a joint venture with Independencia Asset Management, is one of South Florida's leading commercial real estate firms and a premier owner and operator of office buildings with a concentrated presence in the Eastern United States.

The seller was exclusively represented by the CBRE Capital Markets team of Vice Chairman Christian Lee and Executive Vice President José Lobón. Senior Vice President Amy Julian with CBRE Debt & Structured Finance arranged the financing on behalf of the buyer. MetLife provided the floating rate loan.

Weston Corporate Center is 94% leased to a variety of credit and nationally recognized corporate tenants and boasts a 4.7 year weighted average lease term. The property’s unique positioning in proximity to South Florida’s major thoroughfares (I-75, I-595, and the Sawgrass Expressway) provides multi-modal access that allows 92% of South Florida’s population to be within a 60-minute drive. Additionally, Weston Corporate Center boasts a market-leading 4.7 per 1,000 SF parking ratio, the highest in Weston and among the highest in Southwest Broward. The property has benefited from $2.4 million of capital improvements over the last three years.

“Weston has distinguished itself as the “Crown Jewel” of the suburban micro markets that make up Southwest Broward because of its excellent demographics and superior market dynamics. The recent improvements to the buildings create an exceptional opportunity to attract tenants and allows the new ownership to capitalize on the property’s highly desirable location,” explained CBRE Vice Chairman Christian Lee.

“The communities surrounding Weston Corporate Center are consistently ranked as one of America’s best places to live. As these executives continue to seek out the limited product that is available in the Weston micro-market, it is putting tremendous downward pressure on vacancy rates,” added CBRE Executive Vice President José Lobón.

The CBRE Capital Markets team also included Financial Analyst Tom Rappa.