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Exciting New Chapter for University Place in Coral Springs
The commercial real estate landscape in Coral Springs is witnessing a remarkable transformation following the recent sale of University Place for $30 million. This 204,810-square-foot building, previously acquired for just $12.6 million out of foreclosure, is set for a significant facelift under the ownership of EH University Place LLC, an affiliate of Essig Holdings.
Plans for Modernization
Essig Holdings, a family-owned company with diverse interests in residential and commercial property, has bold plans to upgrade University Place. The company aims to offer high-end office suites, transforming the 40-year-old structure into a prime location for businesses seeking modern and appealing work environments. Sam Essig, vice president of Essig Holdings, emphasizes the goal of setting a new standard for office space, indicating an exciting evolution for the northwest Broward County market.
Strategic Location Benefits
Strategically located at 3115 N. University Drive, the property’s proximity to vital community landmarks—including Coral Springs City Hall and Broward Health Coral Springs—adds to its allure. With amenities like a fitness center, modernized common areas, and floor-to-ceiling windows, University Place offers an attractive environment not just for existing tenants but also for potential new ones. Current tenants such as Cruise Planners and popular restaurants reflect the area’s vibrant business community.
Broward County’s Competitive Edge
Despite the influx of companies in South Florida major markets, particularly in Miami-Dade and Palm Beach counties, Broward still maintains affordability. Here, the average rent for office space was recorded at $37.34 per square foot in the fourth quarter, showcasing a modest increase compared to previous years. This price point provides a competitive edge for businesses that are priced out of the busier downtown areas, making Broward's office space a desirable option for growing companies.
Why This Matters to Florida Homeowners
The upgraded University Place could enhance property values in the surrounding community and create job opportunities, benefiting local residents. The development signals a commitment to revamping Coral Springs while maintaining its affordability amid competing markets. Homeowners should consider how such commercial developments could increase their property values, drawing more business and residents to the area, ultimately leading to economic growth.
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