The Crexent Business Center

Vera Realty LLC has been retained by the Owner as the exclusive agent and advisor for the sale of Commonwealth Commons (the “Property” or “Offering”), a 19,167 square foot iconic premier office building located adjacent to the affluent Coral Ridge neighborhood of Eastern Fort Lauderdale, Florida.
The Property consists of an 96% occupied, three-story, multi-tenant office building along the heavily trafficked east-west thoroughfare of Oakland Park Boulevard.
The Property sits just off of East Oakland Park Boulevard (39,500 VPD) and enjoys proximity to one of the region’s main arteries, Federal Highway (54,000 VPD). Commonwealth Commons attracts a variety of tenants with a high-quality office experience at a fraction of the price of Downtown Fort Lauderdale, located just 3.5 miles south.
Developed in 1969 and renovated in 2003, the Property is currently operated by Crexent Business Centers, an established regional executive suite operator whose business plan has yielded diversified, stable cash flows from leasing the Property and offering services to the array of professionals and entrepreneurial businesses that are most prevalent in the market.
The central location of the asset is truly irreplaceable, as it enjoys a remarkable amenity base, including the Coral Ridge Mall and Coral Ridge County Club. The surrounding Coral Ridge area is home to a number of executives who reside in waterfront neighborhoods where housing prices typically range from $1M to over $7M and boast an average household income in excess of $122,000 within a one-mile radius. Commonwealth Commons is favorably positioned to compete for professionals in the micro-market seeking: i) smaller flexible office space; ii) synergies with other professionals, iii) strategic proximity to the growing, affluent population in Fort Lauderdale, and iv) shorter commute times, especially given there are no directly comparable existing or proposed office alternatives in the micro-market.
The offering provides a unique opportunity for an investor to acquire a well located, cash flowing office building, either taking over the operation of the executive suite business or retain the current operator. Additional potential future upside could be captured through spinning off the additional development of condo building.