Monday, May 29, 2006

Broward Flex Park Commands $25.7M


RREEF acquired the 280,512-square-foot, 17.7-acre Prospect Park I, II and III in Fort Lauderdale, FL. The Chicago-based REIT purchased the 16-building portfolio for $25.7 million, or approximately $92 per square foot.

The seller, Boston-based Great Point Investors, acquired the complex in 1999 and figures to net about $10 million on the sale.

The park was built in 1982 and is comprised of three sections on NW 33rd and 35th avenues and NW 55th St. The six-building Prospect Park I totals 63,774 square feet, comprised exclusively of office space. The eight-building Prospect Park II totals 81,997 square feet, 75% of which is office space. The two-building Prospect Park III totals 134,395 square feet, 20% of which is office space. In total, the park is about 55% office space and has an average clear height of 25 feet.

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