CIP Real Estate Buys Broward Campus for $99M – Commercial Observer
CIP Real Estate has paid $99 million for an industrial and office park in Broward County, Fla., property records show.
Called Lyons Business Park, the property includes about 10 buildings, totaling 338,000 square feet It’s located at 6601 Lyons Road in Coconut Creek, Fla., near the corner with Johnson Road, about a mile west of Florida’s Turnpike.
BMO Bank, serving as an administrative agent for a group of lenders, supplied a $66.9 million acquisition loan, which is scheduled to mature in 2029. A vacant, 3,000-square-foot warehouse is currently on the market for $23 a square foot.
The sellers, an entity tied to Tiffany and Lee Lasser and others, appear to have owned the 26-acre campus since the 1990s and early 2000s.
The acquisition marks the second South Florida purchase for Irvine, Calif.-based CIP Real Estate in the past year, after it paid $47 million to acquire two small-bay warehouses in Hialeah from TA Realty. In 2024, the firm raised $300 million to expand its industrial footprint into the Southeast.
Representatives for CIP Real Estate did not immediately respond to a request for comment, while the sellers could not be reached for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
