Venture Corporate Center acquired from MetLife for $45.75 million
Hollywood, FL – August 12, 2015 – CBRE arranged the sale of Venture Corporate Center, a three-building office community located at 3440 Hollywood Blvd. and 200-300 S. Park Road in Hollywood, Florida. The property, which is improved with three office buildings totaling approximately 253,000 rentable square feet, was acquired from MetLife Real Estate Investors by Dividend Capital Diversified Property Fund Inc. for $45.75 million.
“South Florida has seen a surge in employment, adding more than 282,200 jobs over the past five years,” said CBRE Vice Chairman Christian Lee. “It’s also a market where office construction has been constrained by rising land and labor costs. As a result, exceptionally maintained and located existing properties like Venture Corporate Center are attracting strong interest.”
Venture Corporate Center comprises three four-story office buildings built between 1982 and 1986, and is 97% leased by 29 tenants.
The property’s central Broward location is just west of I-95 and 2.25 miles east of the Florida Turnpike, with proximity to the Hollywood-Fort Lauderdale International Airport, Downtown Fort Lauderdale, The Westin Diplomat Resort & Spa, The Village at Gulfstream Park and Seminole Hard Rock Hotel & Casino. A lush campus features 17 acres of mature trees, picturesque landscaping, and ample surface parking.
CBRE’s José Lobón and Marcos Minaya, together with Charles Foschini and Christopher Apone of CBRE Debt & Structured Finance, collaborated with Mr. Lee in arranging the transaction.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.