Duke Realty sells Broward County office building for $42M

Duke Realty sold the two-year-old Pembroke Pointe 880 office building for $42
million to an affiliate of Miami-based Midtown Capital Partners.

The national real estate firm (NYSE: DRE) sold the 143,535-square-foot office building
at 880 S.W. 145th Ave. in Pembroke Pines to Pembroke Pointe Office LLC, an affiliate
of Midtown Capital Partners. The buyer obtained a $22.7 million mortgage from a
national life insurance company.

Cushman & Wakefield represented Duke Realty in the deal. The price equated to
$293 per square foot.

Tenants in the four-story building include Elizabeth Arden, DeVry Education Group,
Costa Cruises, and Boxy Charm. The building is 86 percent leased. It’s next to the Shops at Pembroke Gardens, which has many retailers and restaurants.

This is the second office deal in Broward for Midtown Capital Partners this year, following a $57 million deal in Plantation in August.

For Duke Realty, this is part of the company’s disposition of its office portfolio so it can focus on industrial real estate.

Alejandro Velez