CIP Real Estate Buys Broward Campus for $99M

August 3, 2026 - 22:55

A large office campus in Broward County has changed hands in a major transaction. CIP Real Estate completed the purchase of the property for $99 million, marking one of the larger commercial real estate deals in the area this year. The seller was an entity linked to the previous ownership group, which had held the asset for over a decade.

The campus, located in the western part of the county, spans roughly 400,000 square feet across multiple buildings. It has historically served as a regional headquarters for several corporate tenants, with occupancy levels remaining stable through recent market shifts. CIP Real Estate, known for value-add investments in suburban office parks, plans to upgrade common areas and modernize the building systems to attract new tenants.

Financing for the acquisition came from BMO Bank, which provided a $67 million loan. The debt package covers a significant portion of the purchase price, reflecting the lender's confidence in the asset's cash flow and the buyer's track record. The remaining equity was supplied by CIP's investment fund, which has been actively deploying capital in Florida's recovering office market.

Local brokers noted that the sale price works out to roughly $247 per square foot, a figure that aligns with recent comparable transactions in the region. The deal closed after a short due diligence period, suggesting both parties were motivated to finalize quickly. CIP Real Estate has not announced specific leasing plans, but industry observers expect the firm to target mid-sized companies looking for flexible space near major highways.

The campus sits within a growing employment corridor, close to retail amenities and residential developments. With vacancy rates in the submarket hovering around 12 percent, the new owners see room to improve performance through targeted renovations and aggressive marketing. The transaction closed earlier this month, and the property is now under CIP's management.