HFF Arranges Sale, Financing for Ft. Lauderdale Office
- Mar 11, 2019
HFF Senior Managing Director Hermen Rodriguez and Senior Director Ike Ojala have brokered the sale of Trade Centre South, a 216,038-square-foot, Class A office building in Fort Lauderdale, Fla. According to Yardi Matrix, the asset sold for $41.7 million. The team represented the seller, a joint venture between DRA Advisors and Mainstreet Capital Partners.
The new owner, a partnership between Cardinal Point Management and Halstatt Real Estate Partners, funded the purchase with a $34.4 million loan from New York Life Insurance Co., which will provide additional capital for renovations. An HFF debt placement team including Senior Managing Director Chris Drew, Director Brian Gaswirth and Associate Matthew McCormack arranged the financing. Per public records, the loan is set to mature in 2023.
Located at 100 W. Cypress Creek Road, the 10-story building features four stories of parking, glass exterior walls, retail space and an integrated Cypress Creek Tri-Rail station. Trade Centre South is close to Interstate 95 and within walking distance of several restaurants, hospitality and entertainment options. At the time of sale, the asset was 87.1 percent leased to companies spanning the law, technology, government, marketing and accounting sectors.
“Cardinal Point and Halstatt continue to expand their footprint in South Florida and this acquisition allows them to have a critical mass within the greater Fort Lauderdale office submarket,” Gaswirth said in prepared remarks.
Last Year, HFF collaborated with Cardinal Point Management in the acquisition of Coastal Tower, a 261,676-square-foot office property also in Fort Lauderdale. The brokerage firm secured $41 million in acquisition financing.
Image courtesy of Yardi Matrix
If you’d like to be featured in Brokers’ Corner, send your deal to email@example.com.