Cardinal Point Soars Into South FL
- Aug 16, 2018
Cardinal Point Management has acquired Coastal Tower, a 261,676-square-foot Class A office property in Fort Lauderdale, Fla. The seller, CalSTRS, traded the asset for $47.5 million, according to Yardi Matrix.
HFF secured $41 million in acquisition financing for the buyer, which plans to utilize part of the loan proceeds to renovate the LEED Silver building. New York Life Insurance Co. holds the four-year mortgage.
In January, an office building 3 miles southwest of Coastal Tower traded for nearly $18 million.
Located at 2400 E. Commercial Blvd. in the North Fort Lauderdale submarket, the structure rises 12 floors approximately 1 mile west of the Atlantic coast. The property is across the street from Holy Cross Hospital and is positioned along the North Federal Highway retail corridor.
Built in 1983, Coastal Tower is home to a mix of tenants, including USI Insurance, Collateral Management, Morgan Stanley and Mass Mutual. The building’s amenities include a fitness center, complimentary Wi-Fi, an on-site café and a covered parking ratio of four spaces per 1,000 square feet. The property was last renovated in 2008.
“After searching for opportunities for some time, we are excited to enter the South Florida office market and look to further bolster our portfolio through future acquisitions,” said Gregory Williams, principal of Cardinal Point, in a prepared statement. “The high barriers to entry coupled with strong market fundamentals and growth in greater Fort Lauderdale attracted us to the property.”
Image courtesy of Yardi Matrix