Address: 5701 N. Pine Island Road, Tamarac, Florida 33321
Building Size: 40,000 SF
Year Built: 1987
Land Area: 3.03± acres
Parking Ratio: 4.8/1,000 SF
Zoning: MXD: Mixed-Use District (Tamarac)
Parcel Number: 4941-08-02-0210 (Broward County)
Price (Price PSF): $4,800,000 ($120)
Occupancy: 86.2%
In-Place NOI: $314,962
In-Place Cap Rate: 6.6%
CBRE, Inc., acting as exclusive agent, is pleased to offer for sale Cinnamon Tree Plaza (the “Property”), which comprises a three-story, professional office building totaling 40,000 sq. ft. in Tamarac, Florida. The City of Tamarac is located in the heart of Broward County, specifically the western suburbs which have experienced tremendous business and residential growth in recent years. The Property borders the City of Sunrise, which is widely recognized as a key office submarket due to the presence of international businesses such as Google and American Express.
The Property has been owned, occupied and well maintained by the same group since 1998. The Seller is shifting focus on their investment portfolio to industrial and multi-family and, therefore, is looking to sell this boutique office asset. Not only has it been well maintained and upgraded throughout the past two decades, but it also intrinsically benefits from a central Broward County and South Florida location—just over a mile east of the Sawgrass Expressway—and an above-market parking ratio that includes covered spaces.
Investment Highlights
- Recently renovated office asset
- Situated in the path of development
- Centrally located within South Florida region
- Beautifully upgraded common areas and restrooms
- Coveted first floor covered parking with upside potential for parking revenue
- Upside potential to raise rents to market upon rollover
- Proximate to a variety of amenities
- Flexible mixed-use zoning allows for future development or redevelopment in infill Broward County location
- High population density within a five-mile radius of roughly 400,000 inhabitants
- 4.8/1,000 sq. ft. parking is extremely rare throughout the market, providing a clear advantage over competing buildings
- Potential ability to add rentable square footage by building out ground floor or through additional development on western portion of site
Contact Information
Dominic Montazemi
First Vice President
Investment Properties
+1 561 393 1622
dominic.montazemi@cbre.com
Gregory Miller
Associate
Investment Properties
+1 561 393 1605
gregory.miller3@cbre.com
Scott O’Donnell
Senior Vice President
Investment Properties
+1 561 393 1602
scott.odonnell@cbre.com
Miguel Alcivar
Senior Associate
Investment Properties
+1 305 381 6488
miguel.alcivar@cbre.com
Jason Hochman
Vice President
Debt & Structured Finance
+1 305 381 6439
jason.hochman@cbre.com
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