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Office

The Corporate Park At Inverrary Office Complex

3800 Inverrary Blvd, Lauderhill, FL 33319

Listing Price: $18,000,000

Cap Rate
4.12%
Gross SF
122,972
Rentable SF
122,972
Price/Gross SF
$146.37
Lot Size
5.21 acres
Year Built
1982

Investment Overview

Marcus & Millichap is proud to present The Corporate Park at Inverrary Office Complex a four story, two building office portfolio comprising of 122,972 square feet of area, situated on 226,947 square feet or 5.21 acres of land. 3800 Inverrary Boulevard consists of approximately 73,000 square feet of rentable area and 3810 Inverrary Boulevard consists of approximately 49,000 square feet of area. 3800-3810 Inverrary was built in 1982 and underwent major renovations in 2011 and 2019. Renovations cost in excess of $3,500,000 and consisted of completely remodeling the executive suite areas, replacement of most AC units, renovating 10 of the 16 common area bathrooms, elevator refurbishment, and interior finishes in most of the suites. The asphalt drive and parking area consists of approximately 331 lined spaces. 3800-3810 Inverrary is constructed of stucco covered masonry. 3800-3810 Inverrary is approximately 93% occupied with a mix of professional tenants, with short term leases and below market rents. Inverrary Office Complex is an excellent value-add investment opportunity for an investor looking for upside in leasing and occupancy. This asset is positioned to be well received and strongly sought after by owner uses and investors alike. The subject is in the northern tip of the Plantation office submarket which has shown strong signals of rent growth. Relatively limited building supply and stable demand have created a lucrative environment for this investment. The Plantation office submarket has a high concentration of office-using employment, focused on industries such as healthcare, finance, and insurance. Some of the tenants with the largest office footprint in the Plantation submarket are Aetna and tech company Magic Leap. The Subject property is located along the north side of Inverrary Boulevard, approximately 550 feet west of Inverrary Drive in the City of Lauderhill. And is about nine miles northwest of downtown Fort Lauderdale, bordered by Tamarac to the north, Sunrise to the west and Plantation to the south. The asset is easily accessible from the Sawgrass expressway and the Florida turnpike. The major east/west roadways through the neighborhood are Commercial Boulevard, Oakland Park Boulevard and Atlantic Boulevard boasting traffic counts of over 65,000 VPD (Vehicles Per Day). The subject is zoned CO, Commercial Office, which permits a variety of professional and medical uses.

Investment Highlights

  • Excellent Value-Add Opportunity to lease-up and bring rents to market
  • Waterfront Office Complex
  • Robust Demographics With a Strong Professional, Retail and Residential Presence in the Immediate Area

Exclusively Listed By

Office

The Corporate Park At Inverrary Office Complex

Listing Price: $18,000,000

Cap Rate
4.12%
Gross SF
122,972
Rentable SF
122,972
Price/Gross SF
$146.37
Lot Size
5.21 acres
Year Built
1982

Investment Highlights

  • Excellent Value-Add Opportunity to lease-up and bring rents to market
  • Waterfront Office Complex
  • Robust Demographics With a Strong Professional, Retail and Residential Presence in the Immediate Area

Investment Overview

Marcus & Millichap is proud to present The Corporate Park at Inverrary Office Complex a four story, two building office portfolio comprising of 122,972 square feet of area, situated on 226,947 square feet or 5.21 acres of land. 3800 Inverrary Boulevard consists of approximately 73,000 square feet of rentable area and 3810 Inverrary Boulevard consists of approximately 49,000 square feet of area. 3800-3810 Inverrary was built in 1982 and underwent major renovations in 2011 and 2019. Renovations cost in excess of $3,500,000 and consisted of completely remodeling the executive suite areas, replacement of most AC units, renovating 10 of the 16 common area bathrooms, elevator refurbishment, and interior finishes in most of the suites. The asphalt drive and parking area consists of approximately 331 lined spaces. 3800-3810 Inverrary is constructed of stucco covered masonry. 3800-3810 Inverrary is approximately 93% occupied with a mix of professional tenants, with short term leases and below market rents. Inverrary Office Complex is an excellent value-add investment opportunity for an investor looking for upside in leasing and occupancy. This asset is positioned to be well received and strongly sought after by owner uses and investors alike. The subject is in the northern tip of the Plantation office submarket which has shown strong signals of rent growth. Relatively limited building supply and stable demand have created a lucrative environment for this investment. The Plantation office submarket has a high concentration of office-using employment, focused on industries such as healthcare, finance, and insurance. Some of the tenants with the largest office footprint in the Plantation submarket are Aetna and tech company Magic Leap. The Subject property is located along the north side of Inverrary Boulevard, approximately 550 feet west of Inverrary Drive in the City of Lauderhill. And is about nine miles northwest of downtown Fort Lauderdale, bordered by Tamarac to the north, Sunrise to the west and Plantation to the south. The asset is easily accessible from the Sawgrass expressway and the Florida turnpike. The major east/west roadways through the neighborhood are Commercial Boulevard, Oakland Park Boulevard and Atlantic Boulevard boasting traffic counts of over 65,000 VPD (Vehicles Per Day). The subject is zoned CO, Commercial Office, which permits a variety of professional and medical uses.

Exclusively Listed By

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