Cushman & Wakefield Represents Investment Fund in $11.75M Sale of Fort Lauderdale’s 2601 Building
MHC Oakland Park Owner LLC Acquired the Six-Story Office Building from 2601 M L Fund, LLC
FORT LAUDERDALE, FL, September 6, 2019 — Cushman & Wakefield has negotiated the sale of the 2601 Building, a premier ±59,942-square-foot office asset in Broward County.
The Cushman & Wakefield Capital Markets team of Scott O’Donnell, Dominic Montazemi, Greg Miller, Miguel Alcivar, Jason Hochman and Michael Ciadella negotiated the sale on behalf of 2601 M L Fund, LLC, a Netz USA LLC holding company. MHC Oakland Park Owner LLC acquired the building for $11.75 million ($196 per square foot). Frank M. Micali, CCIM of Netz USA LLC represented the fund in the sale.
The 2601 Building is a six-story, multi-tenant office building originally developed in 1966. The property sits on a ±1.24-acre site at 2601 East Oakland Park Blvd. After suffering significant damage during Hurricane Wilma in 2005, the building was gutted and rebuilt in 2007 with new roofs, mechanical systems and modern interior build-outs.
The 2601 Building is centrally located in Fort Lauderdale’s affluent Coral Ridge neighborhood and ideally situated just 800 feet east of Federal Highway (U.S. 1), one mile west of the Atlantic Ocean, 2.75 miles east of Interstate 95 and 3.5 miles north of the downtown Fort Lauderdale. The site comprises four parcels, with three parcels totaling ±0.68 acres dedicated to parking.
“Having been recently rebuilt to best-in-class standards, the 2601 Building represented a rare opportunity to acquire a boutique office asset in land-constrained east Fort Lauderdale while offering investors a secure and stable in-place income stream,” said O’Donnell.
“The property attracts a unique roster of tenants, specifically those seeking less than 5,000 square feet of high-quality office space at a fraction of the price of downtown Fort Lauderdale,” added O’Donnell. “Being adjacent to the abundance of executive housing within the Coral Ridge neighborhood further benefits the property, providing immediate access for entrepreneurial decision makers who dominate the building’s occupancy.“