CIP Real Estate has acquired an industrial and office complex in Broward County, Florida, for USD 99 million, according to available property records. The property, known as Lyons Business Park, comprises approximately ten buildings totalling 338,000 square feet. It is located at 6601 Lyons Road in Coconut Creek, Florida, near the intersection with Johnson Road, about one mile west of Florida’s Turnpike.
BMO Bank acted as administrative agent for a consortium of lenders, providing an acquisition loan of USD 66.9 million. This loan is scheduled to mature in 2029. Currently, a vacant 3,000 square foot warehouse is available on the market for USD 23 per square foot. The sellers, an entity connected to Tiffany and Lee Lasser as well as other parties, appear to have owned the 26-acre campus since the 1990s and early 2000s respectively.
This acquisition marks the second purchase in South Florida for Irvine, California-based CIP Real Estate within the past year. Previously, the company invested USD 47 million to acquire two small-bay warehouses in Hialeah from TA Realty. In 2024, the company raised USD 300 million to expand its industrial presence in the Southeastern USA. Representatives for CIP Real Estate did not immediately respond to a request for comment, while the sellers could not be reached for comment.
CIP Real Estate’s ongoing investments in the region underscore the strategic importance of the South Florida market for industrial and office properties. The acquisition of Lyons Business Park strengthens the company’s position in a growing economic area, which is attractive due to its infrastructure and proximity to key transport routes. The financing provided by a consortium led by BMO Bank also confirms confidence in the long-term value development of the acquired property.
