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CIP Real Estate buys Broward industrial and office park for $99M
The deal includes about 338,000 square feet across roughly 10 buildings, financed with a $66.9 million acquisition loan maturing in 2029.
CIP Real Estate has purchased Lyons Business Park, an industrial and office campus in Broward County, Florida, for $99 million, Commercial Observer reported, citing property records.
The 26-acre site at 6601 Lyons Road in Coconut Creek spans about 338,000 square feet across roughly 10 buildings, near the corner with Johnson Road about a mile west of Florida’s Turnpike.
BMO Bank served as an administrative agent for a group of lenders and provided a $66.9 million acquisition loan scheduled to mature in 2029, the outlet said.
Commercial Observer also reported that CIP’s purchase is its second South Florida acquisition in the past year, following a $47 million deal for two small-bay warehouses in Hialeah, and that a vacant 3,000-square-foot warehouse within the campus is currently listed for $23 per square foot.