Bank of America Plaza in Plantation, Florida, acquired for $13.85 million
November 8, 2018
Miami Lakes and Plantation, Fla. – The Kislak Organization has acquired the Bank of America Plaza at 1776 North Pine Island Road in Plantation, Florida, for a purchase price of $13.85 million. The three-story professional office building with gross square footage of 85,200 is located on 4.8 acres.
“This investment is a great fit for our strategy of acquiring high-quality commercial real estate in top South Florida submarkets, said Tom Bartelmo, president and CEO of the Kislak Organization. “We like the property’s strong current income and opportunity for enhancements that will draw additional professional office tenants.”
On behalf of Transatlantic Investment Management Inc., Avison Young Principals David Duckworth, John K. Crotty, CCIM, and Michael T. Fay, facilitated the disposition to the Kislak Organization.
“Plantation continues to see low office vacancy rates, high absorption, and impressive rent growth, solidifying it as one of the most desirous suburban submarkets in Broward County for tenants and investors,” said Duckworth. “The property was a value-add opportunity despite its high occupancy due to the below-market, in-place rents.”
“We were pleased to work with Avison Young on the acquisition and financing of this well-located, multi-tenant office building,” said Bartelmo. For the acquisition, Kislak also engaged the Florida Capital Markets Group to secure a $12.05 million loan.
At 80 percent loan-to-value, the loan was negotiated by Avison Young Principal George Vail and financed through Popular Bank for a 10-year term with a 2-year interest-only period, after which it will transition to a 25-year amortization schedule. The interest rate was 4.6 percent.
The Kislak office portfolio includes the Kislak Building in Miami Lakes, Florida, Plantation Professional Park in Plantation, Florida; and Rockland Harbor Park in Rockland, Maine. Capital improvements and leasing are underway at the Bank of America Plaza and Kislak is actively seeking additional value-add office opportunities in South Florida.
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