PEBB Enterprises Closes Office Property Sale In Fort Lauderdale’s Cypress Creek
PEBB Enterprises completed the disposition of the 6400 Building in Fort Lauderdale’s Cypress Creek neighborhood.
The $11.93 million transaction closed on Dec. 17.
JS Florida Ventures, LLC and HS Florida Ventures, LLC purchased the 55,241-square-foot office building at 6400 N. Andrews Ave. The building is 89% leased and is situated adjacent to a Marriott hotel and in close proximity to I-95.
Cypress Creek is a highly desirable office submarket due to its central location, connectivity to major highways and critical mass of retail and dining.
“This sale concludes a successful long-term investment for our company, as we owned the asset for more than 20 years,” PEBB CEO Ian Weiner said. “We are actively pursuing several new office acquisition opportunities in South Florida, and this was the right time to execute the 6400 Building disposition. PEBB remains bullish about the region’s office market and continues to target opportunities aligned with its long-term strategy of acquiring well-located commercial assets with repositioning and/or redevelopment potential.”
Cushman & Wakefield’s Scott O’Donnell, Mike Ciadella, Greg Miller and Miguel Alcivar represented PEBB in the 6400 Building sale.
PEBB’s portfolio of office assets includes, among others, The Eclipse (formerly known as the Office Depot headquarters), in partnership with BH Group, and the Research Park at FAU, in partnership with Banyan Development. Those properties are representative of several office assets that the company owns in its home base of Boca Raton and throughout South Florida.
