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3300 N University Drive - Coral Springs Financial Plaza, Coral Springs, FL

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3300 N University Drive - Coral Springs Financial Plaza

Coral Springs, FL 33065-6309 - NW Broward/Coral Springs Submarket

Property Type:Office Sub Type:- Status:Existing , Renov 2002 Year Built:1974
Stories:10 Typical Floor:12,035 SF Building Size:123,409 SF
For Sale Price:$8,450,000 Price/SF:$68.47
Cap Rate:-
Parking:Free Surface spaces are available; Ratio of 3.34/1,000 SF Amenities:Banking

Coral Springs Financial Plaza is a landmark, ten-story office building on a 7.1 acre site with 123,622 square feet of net rentable space. The property is located in the heart of downtown Coral Springs at the highly visible intersection of University Drive and Sample Road, two of Coral Springs most prominent thoroughfares.

Sale Notes:
Marcus & Millichap is pleased to exclusively market for sale the Coral Springs Financial Center, 123,409 square-foot office building located in Coral Springs, Florida. The subject property is a rare distressed office building that is only 40% occupied currently. The property is deliverable
free and clear of existing debt. A new investor can bring the occupancy to conservative market level of 85% and achieve double-digit returns, after accounting for conservative tenant improvement and leasing commission estimates. This asking price value of $8,450,000 represents a price per square foot of $79/SF, which is in line with other competing similar class B office sales in the area.
There is the potential for a redevelopment of the entire site to retail and/or mixed use in the future. This is a prime corner that is zoned for multiple uses including retail. A developer investor has the option to knock the structure down for the purpose of redeveloping the pad site into retail bays which based on the sounding demographics and traffic counts would most certainly attract multiple national retailers who would want the high end exposure within this upscale area.

The office building is ideally situated at 3300 N University Drive, on the southwest corner of the intersection of West Sample Road and North University Drive. This intersection is highly visible and boasts an average daily traffic count of over 80,000 cars. Coral Springs is a well known growing middle and upper middle class suburban Broward county city that is home to many businesses and multiple very dense upscale family communities. The Walk of Coral Springs, a very well known and new retail destination with annual festivals and events is located just a few blocks south. Directly adjacent to the subject property is the site of the future Coral Springs City Hall development. Development is slated to begin in May 2017, and will include a large municipal parking garage and public green space.

Marcus & Millichap Inc
Drew A Kristol
(786) 522-7065

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