Cushman & Wakefield Closes Fort Lauderdale Office Asset Sale
- Mar 03, 2020
A joint venture between Highline Real Estate Capital and Sefira Capital has sold Courthouse Place in Fort Lauderdale, Fla., for $18.2 million. Executive Director Scott O’Donnell, Director Miguel Alcivar, Managing Director Dominic Montazemi and Senior Associate Greg Miller from Cushman & Wakefield worked on behalf of the seller. In a similar transaction, part of the brokerage team also represented the seller in a $30.4 million deal in Miami earlier this year.
Broward County public records show an entity connected to Netz Group acquired the 66,426-square-foot office property, with Ocean Bank originating a $13.7 million loan for the new owner. The acquisition financing is set to mature in 2035. The sale represents a 33 percent increase in value since the joint venture purchased the asset in 2017 for $13.7 million.
Located at 12 SE Seventh St., the eight-story building is within the Fort Lauderdale CBD, where some 5,400 residential units, 560 hotel rooms and 175,000 square feet of office are under construction, according to Cushman & Wakefield. Due to its proximity to the Broward County Judicial Complex, the tenant roster includes several law companies and associated business such as Krupnick Campbell Malone Buser Slama Hancock, the Florida State Attorney’s office, Legacy Bank of Florida and the Law Firm of Gary M. Singer. According to Yardi Matrix, the building was completed in 2008 and received cosmetic renovations in 2017.