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Feldman Equities bought the Pinnacle Corporate Park office complex in Fort Lauderdale for $58.9 million.
The Tampa-based investor bought the two buildings at 500 and 550 West Cypress Creek Road from a fund managed by DRA Advisors in joint venture with Banyan Street Capital, according to a news release. The deal breaks down to $226 per square foot. Brokers for the seller said it ranks as the highest price per square foot in Fort Lauderdale’s Cypress Creek submarket over the past decade.
Avison Young’s John Crotty and David Duckworth represented the seller in the deal. They credited the sale’s high value to their marketing of the parking lot as developable.