CP Highlands Fund Acquires
Fort Lauderdale Property
Podolsky|Circle to Oversee Brokerage and Management Services
TCPH Broward, LLC, a joint venture between Chicago area-based commercial real estate investment groups, CP Highlands Fund, LP and Triton Capital, LLC, has closed on the acquisition of Fort Lauderdale’s Executive Airport Business Center.
This is Triton Capital, LLC’s second acquisition in 18 months in South Florida.
Built in 1987, Executive Airport Business Center – located at 5101 NW 21st Avenue, Fort Lauderdale, Florida – is a 6.09-acre site comprised of two single story office/flex assets totaling 73,289 sq. ft. The property sits adjacent to Fort Lauderdale Executive Airport, and is easily accessible from both I-95 and the Florida Turnpike.
The property was 84.6% leased at closing. Since that time, an additional space has been leased to an existing tenant, bringing current occupancy to 88.5%.
Ownership will retain Podolsky|Circle CORFAC International, an affiliate of CP Highlands Fund’s Principals Randy D. Podolsky, Alissa Adler and Adam J. Tarantur, CCIM, for asset management and accounting services. Podolsky|Circle will oversee Fort Lauderdale-based Berger Commercial Real Estate, who will act as the local property manager and exclusive leasing agent.
“The property fit our acquisition criteria and, while it is solid real estate in a great market, it will benefit from the kind of hands-on attention to detail and improved tenant relations we are known for providing,” said Podolsky.
Added John Bucheleres, a principal with Triton Capital, LLC, “This well-established real estate affords rent growth and increased occupancy during the near-term, making it a solid investment for our capital.”
TCPH Broward, LLC has immediately embarked on executing plans to renovate and modernize the exterior of the property, add tenant identification signage and address other improvements and maintenance items that had been deferred. Collectively these initiatives will enhance the image of the property and enhance tenant satisfaction.