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EXECUTIVE AIRPORT BUSINESS CENTER PURCHASED FOR $3.4 MILLION

Fort Lauderdale, FL – December 12, 2011 – (RealEstateRama) — Sale transactions involving commercial real estate assets at significantly reduced prices continue to flood the investment properties market. Supporting this trend was KAS Airport, LLC’s $3.4 million acquisition of Executive Airport Business Center, sold out of REO group through special servicer, Berkadia.

“For KAS Airport, LLC, Executive Airport Business Center presents an opportunity to add value through leasing the vacant space, while benefiting from a good in-place net operating income,” said CBRE Senior Associate Marty Busekrus who represented the buyer in the acquisition. “With nearly 28,000 SF to lease up at market rents, KAS has the opportunity to increase NOI by nearly 35%. During due diligence, several leasing opportunities presented themselves, further demonstrating demand for the vacant space.”

The property was 62% occupied at the time of closing. The asset was returned to the lender via foreclosure in January, 2011 after having been purchased for $5 million in 1999 when occupancy hovered around 90%.

Built in 1987, Executive Airport Business Center comprises three single-story office and office/flex buildings with a total rentable square footage of 73,149. Located at 1801–1925 South Perimeter Road, the 7.1-acre site is on a land lease through the City of Fort Lauderdale.

Busekrus is part of CBRE’s Private Capital Group in the Palm Beach County office. He was joined by team members Senior Vice President Scott O’Donnell and Vice President Dominic Montazemi in providing buyer representation services to KAS Airport, LLC.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.

Contact:

Elizabeth Cross
Marketing Director, FL
305.428.6373
elizabeth.cross (at) cbre (dot) com

Lauren Crawford
Communications & Media Manager, FL
813.273.8482
lauren.crawford (at) cbre (dot) com

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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.

Contact:

Nadja Brandt
Corporate Communications, Pacific Southwest

+1 213 6133627