CBRE Capital Markets arranged the sale of 800 Fairway, a four-story suburban office building located at 800 Fairway Drive in Deerfield Beach, Florida. Fairlead Commercial, an Atlanta-based investment group, acquired the property. CBRE represented the seller in the transaction.
“800 Fairway offers tremendous upside potential through the lease-up of over 40,000 square feet of vacant space, in-place rents that are below market, and projected market rent growth of close to 40% over the next 5 years,” said CBRE Vice Chairman Christian Lee.
The Property is currently 73% leased to a well-diversified roster of national credit and regional corporate tenants in the financial, healthcare, technology and insurance sectors.
Built in 1987, 800 Fairway’s efficient multi-tenant design centers around a five-story atrium lobby and the lushly landscaped property features a generous mix of structured and surface parking, for a 3.9 per 1,000 square feet parking ratio. The former owners completed renovations to the lobby, common areas and fitness center.
Located just off I-95, at the northern end of Broward County, the property affords access to three-quarters of South Florida’s 5.7 million population within a 60-minute commute. Boca Raton, a major business center and home to three of the nation’s wealthiest gated communities, is just one exit north on I-95, putting the property within quick reach to some of the region’s most affluent professionals and key business decision-makers. It is also less than 30 minutes from the Palm Beach International and Hollywood-Fort Lauderdale International airports.
The CBRE Capital Markets team involved in the transaction included Mr. Lee, José Lobón, Marcos Minaya; and Charles Foschini and Chris Apone with CBRE Debt & Structured Finance.