KBS has sold Weston Corporate Center, a two-building, 149,103 square-foot Class A office campus in Weston, Florida to an affiliate of Banyan Street Capital for $52.25 million.
Built in 1997 and 1998, Weston Corporate Center consists of two four-story buildings. The property, which boasts a market-leading 4.7 per 1,000 sf parking ratio, is 94% leased to a variety of credit and nationally recognized corporate tenants.
KBS acquired Weston Corporate Center in 2015 and implemented comprehensive upgrades to the property over the last three years. These upgrades include refreshed atrium lobbies with new furniture and a coffee bar for tenants and a full renovation of all the multi-tenant restrooms in both buildings.
“KBS is well-known for its ability to identify superior assets in top markets across the country with strong population and economic growth,” said Marc DeLuca, Eastern regional president for KBS.
“South Florida’s Broward County, where Weston Corporate Center is located, boasts an impressive 13.2% population growth over the last decade, unemployment rate that outperforms the metro and a diverse and educated workforce. The region continues to attract major corporations such as Chewy.com, Citrix and Spirit Airlines, the 7th largest U.S. carrier, which recently announced its plans to establish its company headquarters in the area. KBS’ forward-looking approach allowed the firm to identify and acquire one of the most prestigious assets in this market early on and invest in improvements that have further enhanced its appeal to office investors and high-end users,” he added.
Uniquely positioned in close proximity to Southwest Broward County’s main thoroughfares including I-75, I-595, I-95 and Florida’s Turnpike, Weston Corporate Center is a short distance away from world-class shopping at Weston Town Center and Sawgrass Mills, the largest single-story mall in the U.S. and the second largest in Florida. The asset is also within a 15-minute drive of over 100 food and beverage options.
“The upgrades that KBS has implemented, in addition to its ideal location in one of the most desirable submarkets in the state of Florida, make this property even more compelling for Southwest Broward County office users,” added Allen Aldridge, asset manager for Weston Corporate Center and senior vice president and co-director of asset management at KBS.
