Four-Building Portfolio in Fort Lauderdale Acquired for $18.05 Million

Morning Calm Management has acquired Lakeshore Business Center, a 234,954 square foot office/flex portfolio located in the Commercial Boulevard submarket of Fort Lauderdale, Florida.  The office campus, with four buildings at 5100 and 5200 Northwest 33rd Avenue, and 3201 and 3125 Commercial Boulevard, is 53% leased and was acquired from the seller, NTS, by a joint venture between Morning Calm Management and Blue Vista Capital Management on November 20, 2015 for $18,050,000.

Lakeshore Business Center is located in the heart of Fort Lauderdale, between Interstate 95 and Florida’s Turnpike. Its central Broward County location, adjacent to the Fort Lauderdale Executive Airport, allows for optimum connectivity to all of the region’s demand drivers, such as downtown Fort Lauderdale, Fort Lauderdale International Airport and Port Everglades. Approximately 84% of South Florida’s 5.7 million residents are within a sixty minute commute of Lakeshore Business Center.

“Through our hands-on approach to management and leasing, we are confident we will provide a compelling value proposition to both prospective tenants and existing tenants at Lakeshore Business Center, and deliver superlative returns to our investors,” said Mukang Cho, CEO and Principal of Morning Calm Management.

Current tenants include Embry-Riddle Aeronautical University, the world’s largest, fully accredited university specializing in aviation and aerospace, ECI Telecom, a global provider of networking equipment, and Evolis, a worldwide leader in badge and card printer solutions.  The building presents considerable upside potential to Morning Calm, with an available 111,296 of space ready to be leased.  Built in 1986 and 1989, Lakeshore I and Lakeshore II received substantial renovations to common areas, including lobbies, corridors and restrooms, in 2011.  Lakeshore III was constructed in 2000.  

About Morning Calm Management

Morning Calm Management is a vertically integrated real estate management and investment firm.  The company, which is headquartered in West Palm Beach, Florida with regional offices in Fort Lauderdale, Jacksonville, Columbia, Memphis, Nashville and Birmingham, owns, through its affiliates, approximately five million square feet of office and retail properties throughout the United States. 

About Blue Vista Capital Management

Blue Vista Capital Management was founded in 2002 in Chicago with a mission to co-invest with successful investors and developers of all real property types across the U.S. and select international markets.  To date, Blue Vista has participated in direct investments and joint ventures representing over $5.7 billion in total capitalization. The firm has raised in excess of $1.5 billion in equity through four closed end funds, two separate accounts and one joint venture relationship. 

Contact:

Maggie Dove

Marketing Manager

Morning Calm Management

+1 561 383 2415                    

mdove@morning-calm.com

Photos are available upon request.