Miami-Based Integra Closes on Former Bank Atlantic HQ for $21M

By Balazs Szekely, Associate Editor The former Bank Atlantic headquarters has changed hands for $21 million in the largest single-tenant vacant building sale in the Cypress Creek submarket in the last five years, according to Stiles Realty. The sales price equates to $113.51 per square foot. The seller, Branch Banking and Trust, was represented by [...]

The former Bank Atlantic headquarters has changed hands for $21 million in the largest single-tenant vacant building sale in the Cypress Creek submarket in the last five years, according to Stiles Realty.

The sales price equates to $113.51 per square foot. The seller, Branch Banking and Trust, was represented by Stiles Realty Broker Associate Kimberly Barbar. Barbar also spoke for the buyer, Integra Investments LLC, on the leasing of the property.

The new owner, Integra Investments, is a Miami-based private equity and full-service real estate development company performing acquisitions, development, construction management and asset management of real estate ventures across Florida. The company targets value-add opportunities in niche markets with a main focus on the residential, land, office, and mixed-use asset classes.

Located on a site of over 14 acres at 2100 West Cypress Creek Road in Fort Lauderdale, the property is adjacent to Fort Lauderdale Executive Airport, and it is situated just one mile west of Interstate 95 and less than five miles east of Florida’s Turnpike. The Class-A, 185,000-square foot asset was built in 2005 and includes amenities such as a state-of-the-art fitness center with showers, a wellness center and a 250-seat cafeteria.

“We are excited to be in this market and lease the property to a single tenant or multiple tenants,” Principal Victor Ballestas of Integra Investments said. “Stiles’ leasing campaign is aggressive and will target a wide range of office users,” he added.

Photo credits: Google Maps